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BEIJING, Nov. 2 (Xinhua) -- Stocks on ChiNext, the country's Nasdaq-style board for domestic start-up firms, rode on a roller coaster on the first two trading days: soaring at debut and taking a sudden turn on the second day.     Twenty stocks out of the total 28 fell by the daily limit of 10percent at Monday close, compared with an average of 106.23 percent surge on Friday, the first trading day, driven by a speculative surge for quick profits.     About 252,600 individual investors bought 423 million new shares at ChiNext on Friday, accounting for more than 97 percent of all new shares on the market.     The average price-earnings ratio for the initial public offering prices was at around 55.70 times, and then was pushed up to around 111 times, much higher than 25.98 times and 37.80 times at main boards in Shanghai and Shenzhen bourses respectively.     The bubbly opening led to warnings of risks posed by excessive speculation and inflated stock price.     Jin Yanshi, chief economist with the Sinolink Securities, said the price-earnings ratio was too high driven by the irrational buying spree. He said the frenzy would gradually cool off, and he expected a 30 percent to 50 percent drop of share prices in three to six months.     Analysts said it was typical in China that new shares would face speculation at debut and see large initial gains, followed by a continuous pullback.     China State Construction Engineering Group shares soared more than 60 percent at debut in Shanghai on July 29 from a initial public offering price of 4.18 yuan and ended at 6.53 yuan, up 56.22 percent. On Monday, its close price stood at 4.79 yuan.     It also reminded of the launch of board for small and medium-sized enterprises at Shenzhen Stock Exchange market on June25, 2004, when shares of eight new stocks rose more than 130 percent. The share prices fell by an accumulative 40 percent from the close prices on the first trading day three months later.     China made plans to launch the Nasdaq-style board for trading of start-up shares in 1999 to boost development of small and medium-sized enterprises. The plan was postponed in 2001 when the Internet bubble burst in the United States.     Since 1962, a total of 39 nations or regions have launched 75 such boards for start-up companies to raise funds. However, about half of them ended up closing due to weak market sentiment and regulatory inconsistencies, and 41 markets were operational as of the end of 2007.     The Growth Enterprise Market, kicked in Hong Kong in 1999, was a luck luster as investors were scared away by the plunge in value of technology stocks in 2001. The index fell about 90 percent since then.     By contrast, Nasdaq set up in the United States in 1971 has been a successful one, which attracted giants like Microsoft and Intel, and became the major market for overseas listing of Chinese enterprises. There are currently 116 Chinese companies listed on Nasdaq, including Baidu.     Analysts attributed the main reasons for failure of some markets to blindly lowering threshold of market entry, poor supervision and inactive transaction.     The wild fluctuation challenged the ability of regulators to control volatility in the new bourse and stirred concerns whether it would grow to be a second Nasdaq or the dazzling debut would be the last wild ride.     Shang Fulin, chairman of the China Securities Regulatory Commission said on Oct. 23 that trading on the new board may have a probability of becoming "irrational" than on other bourses.     "Preventing risk is our main task," he said. "We'll make sure risk is estimated, detected and controlled."     The Shenzhen Stock Exchange issued special suspension rules to clamp down on speculation. Trading would be suspended for 30 minutes if share price rises or falls by 20 percent from its debut level. If a stock fluctuates again beyond 50 percent of its opening price, it will be suspended for 30 minutes. The stock can also suspend a stock until three minutes before the close of trading session on a rise or drop above 80 percent.     Zuo Xiaolei, chief economist of the China Galaxy Securities, said the lesson from failure of other markets showed the key to the success of such start-up board was to strengthen supervision while completing rules, which would ward off excessive speculation and rule violations.     The government should develop more policies to attract more firms with great potential growth to make the board bigger and stronger, but threshold for access to the market should not be lowered, analysts said.

FUZHOU, Dec. 10 (Xinhua) -- Leaders of the Chinese mainland's Association for Relations Across the Taiwan Straits (ARATS) and Taiwan's Straits Exchange Foundation (SEF) will hold talks in Taiwan's Taichung on Dec. 22, according to Thursday's preparatory meeting.     The two organizations are authorized by authorities in the mainland and Taiwan to handle cross-Strait issues.     According to a preliminary agreement, ARATS President Chen Yunlin and SEF Chairman Chiang Pin-kung will meet for the fourth round of talks since they resumed negotiations in June last year following a 10-year suspension.     Zheng Lizhong, standing vice president of the ARATS, and Kao Kung-lian, vice chairman and secretary general of the SEF, decided the ARATS delegation would visit the island between Dec. 21 and 25.     The agenda was agreed on during the preparatory meeting in Fuzhou, capital of southeastern Fujian Province, which faces Taiwan across the Taiwan Strait.     The agenda includes discussion of labor cooperation in the fishing industry, cooperation in the fields of inspection and quarantine of agricultural products and standard measurement authentication, avoidance of double taxation and boosting taxation cooperation.     The two organizations are scheduled to hold a symposium on Dec.23 to introduce the mainland investment to the island.     The ARATS delegation will also tour the Taichung City, the surrounding area and the Sun Moon Lake, and leave the island at noon of Dec. 25.     Zheng said talks between the ARATS and the SEF, which negotiate issues deeply concerned by people of both sides, were "remarkable symbolization of the peaceful development of cross-Strait relations."     He said it shows the two organizations respect each other and "treat each other as equals" in promoting cross-Strait economic cooperation and improving people's livelihood.     The talks were supported and welcomed by people from both sides, Zheng said, adding the upcoming fourth round of talks would take into consideration the desire of people on both sides and the development of cross-Strait relations.     The two sides also discussed the use of relief funds donated by the mainland to Taiwan to combat Typhoon Morakot in August.     The ARATS received 450 million yuan of relief funds and has already delivered one third of it to the SEF. The rest would be sent to the SEF next week, it said.     Both sides agreed that the funds would be used in rebuilding the island's damaged bridges, schools and public facilities.

BEIJING, Nov. 17 (Xinhua) -- China and the United States are committed to working together and with other countries for a successful outcome at Copenhagen summit next month, said a joint statement issued here Tuesday after talks between Chinese President Hu Jintao and his U.S. counterpart Barack Obama.     The two sides have held a constructive and productive dialogue on the issue and maintained that international cooperation is indispensible in dealing with climate change, which poses one of the greatest challenge of the time, the statement said.     Both sides concede that transition to a low-carbon economy is an opportunity to promote continued economic growth and sustainable development in all countries.     Regarding the upcoming Copenhagen summit, the two countries expressed their willingness to strive for an agreed outcome based on the principle of common but differentiated responsibilities and respective capabilities.     "The two sides, consistent with their national circumstances, resolve to take significant mitigation actions and recognized the important role that their countries play in promoting a sustainable outcome that will strengthen the world's ability to combat climate change," said the statement.     The two countries also agreed that the outcome should include the emission reduction targets of developed countries and nationally appropriate mitigation actions of developing countries, adding that it should also substantially scale up financial assistance to developing countries, promote technology development, dissemination and transfer, and pay particular attention to the needs of the poorest and most vulnerable countries to adapt to climate change.

UNITED NATIONS, Jan. 1 (Xinhua) -- China on Friday assumed the rotating presidency of the UN Security Council for the month of January.     China will perform its duty as the rotating Council president in an objective and fair way and work with other Council members to maintain international peace and security, said Zhang Yesui, China's permanent representative to the United Nations, in a recent interview.     China will do its utmost to make sure that the Security Council works in a smooth and efficient way, Zhang added.     The Security Council presidency rotates among the Council members in the English alphabetical order of their names. Each president holds office for one calendar month. China previously assumed the presidency in October 2008.     As a permanent member of the Security Council and the largest developing country in the world, China fully participates in the work of the United Nations and plays a constructive role, Zhang said.     Under the UN Charter, the Security Council has the primary responsibility for the maintenance of international peace and security in the world at large.     The Council has 15 members: five permanent members -- China, France, the Russian Federation, the United Kingdom and the United States -- and 10 non-permanent members elected by the UN General Assembly for two-year terms.     Also on Friday, Bosnia and Herzegovina, Brazil, Gabon, Lebanon and Nigeria began their two-year terms on the 15-nation Council.     The five new Security Council members were chosen after running uncontested races for the non-permanent seats, and they were duly elected by the 192-member General Assembly during a secret ballot at the United Nations Headquarters in New York in October 2009.     The five countries joined Austria, Japan, Mexico, Turkey and Uganda, whose terms on the Council end on Dec. 31, 2010.

BEIJING, Nov. 18 (Xinhua) -- U.S. President Barack Obama had a taste of Chinese history on Wednesday by visiting the country's most iconic site, the Great Wall.     "It's magical," Obama said when walking along the Great Wall in chilly winter wind. "It reminds you of the sweep of history and our time here on earth is not that long. We better make the best of it."     Dressed in a dark winter jacket, a smiling Obama broke away from companions and walked alone along the ramp.     "I brought back the admiration for the Chinese civilization, I bring here the greetings of American People," Obama said when ascending a watchtower to enjoy a distant view at the Badaling section of the Great Wall.     Obama is the fifth U.S. president to visit the manmade wonder. Former U.S. President Richard Nixon visited the Great Wall in 1972,Ronald Reagan in 1984 and Bill Clinton in 1998. In 2002, former U.S. President George W. Bush and his wife Laura toured the same section as Obama did.     "I'm inspired by the majesty of the Great Wall and am grateful for the warmth of the Chinese people," Obama wrote on the visitor's book after his half-hour tour.     The Great Wall was the second sightseeing program for Obama during his visit to China. He toured the Imperial Palace Tuesday after nearly two hours of talks with President Hu Jintao.     Built originally as the biggest defense work in ancient China, the Great Wall today has become one of the must-see places for visiting foreign leaders to the country in the past six decades.     The Badaling section, which is in the northwestern suburb of Beijing, runs about 3,741 meters on a mountain of about 700 to 800 meters above sea level, dotted with 19 beacon towers.     The wall at the Badaling section averages seven to eight meters in height, six to seven meters in thickness, with a width of four to five meters on top.     Over the past six decades, more than 450 heads of state and government have visited the Badaling section.     The Great Wall is listed among the UNESCO's World Cultural Heritage sites given its historic status.     Separated sections of the Great Wall were built as early as 2,000 years ago by small kingdoms to defend against raids from nomadic tribes to the north.     When Emperor Qinshihuang, the country's first emperor, united China for the first time in 221 B.C., he ordered the separate sections linked together, forming a complete military defense system.     The Great Wall today was mostly rebuilt during the Ming Dynasty(1368-1644).     With its sections stretching from northeast to west China, the Great Wall now runs 6,700 kilometers long and its section at Badaling is the first part that opens to tourists.