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st groups travel to the island after a meeting between the mainland's Association for Relations Across the Taiwan Strait chairman Chen Yunlin and the Taiwan-based Straits Exchange Foundation chairman Chiang Pin-kun in June last year. The first tourist group arrived in Taiwan on July 4.
BEIJING, May 14 (Xinhua) -- Li Changchun, a senior leader of the Communist Party of China (CPC), met here with delegates from South Asian countries Thursday, calling on the broadcast institutions in China and South Asia to forge further cooperation. ; Exchanges among broadcast institutions are a very important component of cooperation between China and South Asian countries, said Li, member of the Standing Committee of the Political Bureau of the CPC Central Committee, during a meeting with the delegates who were here to attend a China-South Asia forum on radio and television. Li said media interactions are necessary to increase mutual understanding and boost common development between the countries. The forum was attended by delegates from China and seven membercountries of the South Asian Association for Regional Cooperation,or SAARC. They shared their thoughts and views on the cooperation and development of media. The theme of the forum was "Strengthening exchange and cooperation, Promoting common development. More than 30 high-ranking officials from government bodies and senior management personnel from broadcasting organizations in SAARC member countries attended the forum.
BEIJING, May 23 (Xinhua) -- China unveiled Saturday credit rating standards for the sovereignty entity of a central government, the first sovereign credit rating standards in China, aiming broader participation in global credit rating. The standards were announced by Dagong Global Credit Rating Co., Ltd, one of the first domestic rating agencies in China. The sovereign credit rating standards would be able to evaluate the willingness and ability of a central government to repay its commercial financial debts as stipulated in contracts, said the company. The rating results could reflect the relative possibility of a central government to default as a debtor, and the rating is based on the country's overall credit value, according to Dagong. Elements of credit risks will include the country's political environment, economic power, fiscal status, foreign debt and liquidity, said the company, adding that it judges the credit of a sovereign entity on the basis of a comprehensive evaluation of its fiscal strength and foreign reserves. Compared with other rating agencies, Dagong pays more attention to the different economic stage of each country, and examines the features of its credit risks in a holistic and systematic view, according to Dagong. Jiang Yong, director of the Center for Economic Security Studies under the China Institutes of Contemporary International Relations, said the financial crisis exposed a risk of the international society relying solely on the credit rating institutions of a single country, which is the largest risk of the world economy. Luo Ping, head of the training center under China Banking Regulatory Commission, said the launch of the sovereign credit rating standards would help improve the transparency of credit rating information, and would strengthen China's position in the international financial arena.
SHENYANG, June 27 (Xinhua) -- China's steel giant, Ansteel, had got government approval to increase its stake in Australian iron ore explorer Gindalbie Metals, a spokesman with Ansteel said Saturday. The approval came Tuesday, allowing the Anshan Iron and Steel Group (Ansteel) in northeast China's Liaoning Province to increase its interest in Gindalbie from 12.6 percent to 36.28 percent to become its biggest shareholder, according to the spokesman of Ansteel. The purchase will be finished within a week. Then the two sides will invest a 534-million-Australian dollar in Karara iron ore project in western Australia, with a 50-50 ownership. Gindalbie proposed Ansteel buy more of its shares in August last year. The application was approved by the board of Gindalbie early February.
SHANGHAI, July 12 (Xinhua) -- China Eastern Airlines on late Sunday announced that it will merge Shanghai Airlines through a shares swap and the two will resume stock trading in Shanghai Monday. Shanghai Airlines will exchange one of its A shares for 1.3 shares of China Eastern after the former's shareholders are given a 25 percent risk premium, the latter said in a statement filed to the Shanghai Stock Exchange. Shanghai Airlines Chairman Zhou Chi said on June 30 that the transfer of shares will take about four to five months. Liu Jiangbo, spokesman of the working team overseeing tie-up affairs, said Shanghai Airlines will become a wholly-owned subsidiary of China Eastern and retain its brand and independent operation. Liu told Xinhua that the merger has entered a concrete stage after the announcement of the detailed merger plan. This is a major step to promote the consolidation of regional airlines and to facilitate building Shanghai into an international air and shipping hub, he said. The merger will give China Eastern, one of China's three state-owned airlines, about 50 percent market share in Shanghai. China Eastern reported a net loss of 13.9 billion yuan in 2008 because of weak travel demand in the economic downturn and wrong-way bets on fuel prices. China Eastern and Shanghai Airlines shares have been suspended from trading since June 8 while waiting for the merger talks. China Eastern last closed at 5.33 yuan and Shanghai Airlines closed at 5.92 yuan. China Eastern is listed in Hong Kong and Shanghai and Shanghai Airlines is listed in Shanghai.