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BEIJING, Dec. 10 (Xinhua) -- Pharmaceutical producers will risk having their operation license revoked if they use prohibited chemicals as medicine ingredients or involved in fake drug production, China's drug regulator said in a circular Saturday.The State Food and Drug Administration said it would name and shame pharmaceutical companies if they make phoney medicine and withdraw the operation licenses of pharmacies if they intentionally sell unqualified drugs.The circular came in the wake of several counterfeit medicine scandals uncovered by Chinese police in the past few months.On Nov. 4, police seized more than 65 million imitation medicinal tablets and arrested 114 suspects in a cross-provincial raid on counterfeit drugs.In October, police raided on an illegal drug production and sale network and ended up with the seizure of 190 million yuan (29.9 million U.S. dollars) worth of counterfeit drugs.The suspects were found to have used starch or corn powder as ingredients for bogus medicine, or re-packaged expired pharmaceuticals.Police also found animal feed and chemical pigments in the counterfeit products.

HONOLULU, United States, Nov. 12 (Xinhua) -- Chinese President Hu Jintao met his U.S. counterpart Barack Obama in Honolulu, Hawaii, Saturday to discuss Sino-U.S. ties and major world and regional issues.Hu and Obama were meeting before the Economic Leaders Meeting of the Asia-Pacific Economic Cooperation (APEC) scheduled for Saturday and Sunday in Hawaii.In a meeting with U.S. Secretary of State Hillary Clinton on Thursday in Honolulu, Chinese Foreign Minister Yang Jiechi said the Hu-Obama meeting has great significance for the steady development of China-U.S. relations.He noted that under the current situation, China is ready to make concerted efforts with the United States to deepen understanding, enhance mutual trust and better carry out the consensus reached by the two countries' leaders, so as to build a cooperative partnership based on mutual respect and mutual benefit.Clinton said President Obama looked forward to his meeting with President Hu.The U.S. side values its cooperative partnership with China, which is not only in the interests of both sides, but also holds great importance to the world at large, she said.Earlier this month, Hu and Obama met in Cannes, France, on the sidelines of a summit of the Group of Twenty (G20) and exchanged views on bilateral ties and the G20 summit.

BEIJING, Dec. 16 (Xinhua) -- China issued rules for pilot programs of RMB Qualified Foreign Institutional Investors (RQFII) on Friday, formally giving a green light to investment of overseas RMB funds in mainland securities markets.The move is expected to widen the investment channel of overseas RMB funds and add new momentum to the country's bid to make the RMB an international currency.Hong Kong subsidiaries of fund management companies and securities firms can use RMB funds raised in Hong Kong to invest in mainland securities within a permitted quota, according to the rules jointly released by the China Securities Regulatory Commission (CSRC), the People's Bank of China and the State Administration of Foreign Exchange.The total investment quota of RQFII pilot programs is set at around 20 billion yuan (3.15 billion U.S. dollars), according to the rules.To control risks, qualified investors should invest no less than 80 percent of the RMB funds they raised in fixed-income securities, while investment in stocks and equity funds should account for no more than 20 percent.The CSRC will join other related departments to study the possibility of further expanding the trial program after its launch, said a CSRC official who declined to be identified.The launch of the RQFII will open another significant channel for overseas RMB funds to flow back into the country, said the CSRC official.It will also help diversify investment products for overseas RMB funds and facilitate off-shore RMB business, the official said.The RMB is not fully convertible under the capital account but China has stepped up efforts to make the currency more international over the past few years.The government has encouraged the use of the RMB in cross-border trade and investment settlement and approved foreign direct investment in overseas RMB funds obtained overseas.It also allowed Hong Kong to establish an offshore yuan market and has expanded trade settlement agreements and currency swaps to create more channels for the yuan to circulate outside the mainland.

SAN FRANCISCO, Nov. 21 (Xinhua) -- Hewlett-Packard Co. (HP) on Monday reported that its profit in the most recent quarter fell more than 90 percent with sales also declining.In the company's fourth quarter of fiscal 2011 ended Oct. 31, the company posted net earnings of 239 million U.S. dollars, compared with 2.54 billion dollars in the same period a year earlier.HP's net revenue for the quarter reached 32.1 billion dollars, down 3 percent year-on-year.Excluding one-time items, HP earned 1.17 dollars per share, which topped estimates of analysts.According to Thomson Reuters, analysts had expected earnings of 1.13 dollars per share on revenue of 32.05 billion dollars.It was the first earnings report since Meg Whitman took over as chief executive officer (CEO) of the information technology giant on Sept. 22, replacing Leo Apotheker."HP has a great opportunity to build on our strong hardware, software, and services franchises with leading market positions, customer relationships, and intellectual property," Whitman said in a statement after the earnings announcement."We need to get back to the business fundamentals in fiscal 2012, including making prudent investments in the business and driving more consistent execution," she added.