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HONG KONG, Dec. 4 (Xinhua) -- Hong Kong Chief Executive Donald Tsang said on Saturday the government will not slack off in its fight against drugs, despite a 20 percent drop in the number of drug abusers aged below 21 in the first half of this year.Speaking at the 2010 Fight Crime Conference, Tsang said both the government and the community attach great importance to drug problems.Although the government's efforts in beating drugs have started to deliver results, it will not slack off and will continue to allocate money to anti-drug programs, he said.Praising law-enforcement officers' professionalism in maintaining law and order in Hong Kong, Tsang said the city's crime rate continued to stay at a low level.According to Chief Secretary Henry Tang, Hong Kong's crime situation for the year's first 10 months remained stable, with overall crime dropping 3.2 percent.

BEIJING, Dec. 12 (Xinhua) -- Chinese Premier Wen Jiabao will pay official visits to India and Pakistan from Dec. 15 to 19 at the invitation of Indian Prime Minister Manmohan Singh and Pakistani Prime Minister Yousuf Raza Gilani, Chinese Foreign Ministry spokesperson Jiang Yu announced Sunday.Wen will meet and exchange views with leaders of the two countries during the visits on bilateral relations and cooperation as well as international and regional issues of common concern, Jiang said.During his visit to India, Wen will attend activities marking the 60th anniversary of the China-India diplomatic ties with Prime Minister Singh, and meet with Indian people from all circles, Jiang said.In Pakistan, Wen will attend the China-Pakistan business summit and meet friends who have contributed to the friendship of the two countries."I believe Premier Wen's visits will help further China's relations with the two countries and promote regional peace, development and stability," said Jiang.

BEIJING, Dec. 22 (Xinhua) -- China unveiled a new asset-management company that aims to restructure and merge small, uncompetitive state-owned enterprises (SOEs) on Wednesday.The new firm, China Reform Holdings Corporation Ltd., will focus on "reorganizing small-sized SOEs which do not affect national security and are not crucial to the national economy," the State-owned Assets Supervision and Administration Commission (SASAC), the SOE watchdog, said in a statement.The first-phase registered capital of the new company, which is wholly owned by SASAC, is 4.5 billion yuan (681 million U.S. dollars). SASAC has not yet revealed which companies will be involved in the reshuffling.Xie Qihua, former chairman of the Baosteel Group Corporation, China's largest steel maker, has been appointed board chairman of the new company.Liu Dongsheng, an SASAC official, will act as general manager, it said."The launch of the new company marks an important move to optimize the relocation of state economic resources and to give state capital more vitality, control and impact on key sectors," Wang Yong, deputy director of SASAC, said at the launching ceremony.He noted because the assets of the reshuffled companies took up a considerable amount of the entire state assets, the restructuring plays an active role in improving asset quality.According to SASAC' s plan, the company will participate in the share-holding reform of the reshuffled enterprises, and will also invest in emerging industries with strategic importance.Also at the launching ceremony, Wang stressed that the company is an asset management company rather than an investment group, ending rumors that it will become China's second sovereign fund after the China Investment Corporation (CIC).He noted the new company's mission is explorative and challenging, which needs to deal with it in a proactive and cautious way.In order to enhance the state company's efficiency and competitiveness, SASAC cut the number of SOEs under its direct control from 196 to 122 over the last seven years. They are expected to be further consolidated into around 100 by the end of 2010, according to SASAC plans.However, SASAC officials said it remains difficult to meet the target in time."It takes time to meet the goal," said Shao Ning, deputy director of SASAC. He added that the restructuring should take place when the time is right, and should give priority to "quality" and "good results" to ensure stability of the enterprises.In order to help the uncompetitive companies withdraw from the market in a stable manner, SASAC promised to offer support for the employers in those companies.Zhou Fangsheng, an expert on SOE issues, said it is good news for the uncompetitive SOEs to be merged into the new company with their debt relieved.But it is still quite explorative, he added.The new company is the third oversight asset management company by SASAC, besides the China Chengtong Group and the State Development & Investment Corp.Shao Ning told Xinhua that the previous two companies have their own business scope, besides dealing with non-performing assets. But the new company will only focus on asset management.Profits of China' s SOEs rose by 43 percent year on year to hit 1.81 trillion yuan (271.92 billion U.S. dollars) in the first 11 months, according to the figures released by the Ministry of Finance on Dec. 17.However, profits were concentrated in a small number of companies, such as oil producers and refiners, telecom operators and power companies which enjoy monopolies and easy bank loans.Companies in the traditional sectors, such as textiles and light industries, reported meager profits.A stronger presence of the monopolistic SOEs aroused complaints by the nation's private businesses, which had no easy access to bank credit but provided more than 80 percent of the job opportunities in the nation.China's SOEs include SOEs directly controlled by the central government and SOEs supervised by local governments, but excludes state-owned financial enterprises.

WENCHANG, Hainan, Dec. 5 (Xinhua) -- China is building a science theme park in the middle of its newest spaceport to promote space science among the country's younger generation.The theme park, covering an area of 1,800 mu (120 hectares) in Wenchang City, southern Hainan Province, is located at the Wenchang Satellite Launch Center. The project is estimated to cost 3 billion yuan (455 million U.S. dollars) and is expected to be finished in 2013, the theme park's designers said.Wenchang Satellite Launch Center, whose construction began in 2007, is planned as the launch pad for China's lunar probe rocket in 2013.At the same time, the theme park will have four exhibition sections, featuring the earth, moon, Mars and the sun. Visitors can even enter parts of the launch station and watch the actual rocket launch, theme park construction officials said.The theme park is being built by China Aerospace International Holdings Limited, a Hong Kong listed arm of the state-owned China Aerospace Science and Technology Corporation.There are currently three space launch sites in China, the Jiuquan Satellite Launch Center, the Taiyuan Satellite Launch Center and the Xichang Satellite Launch Center.

NEW DELHI, Dec. 15 (Xinhua) -- Chinese Premier Wen Jiabao on Wednesday called for further promotion of bilateral cooperation and trade links with India.Wen, who arrived here in India's capital city earlier Wednesday for a three-day official visit at the invitation of his Indian counterpart Manmohan Singh, stressed that China and India are cooperative partners instead of rivals."There is enough room in the world for China and India to develop both countries and cooperate with each other," Wen said during a speech before a bilateral business cooperation forum that attracted about 600 business elites from both countries.Hailing the sound momentum of bilateral ties, Wen said that economic and trade cooperation between China and India has witnessed unprecedented progress in recent years. He said the cooperation has entered a most vigorous and fruitful "new period.""The rapid economic growth of both sides served as important engines for world economic growth," Wen said, adding China-India trade cooperation is mutually beneficial and foresees a bright future.In 2009, two-way trade between China and India reached 43.381 billion U.S. dollars."Our trade volume has increased by 20 times in the past ten years, and our mutual investment has brought rich benefits to both sides," Wen said.Regarding India as one of China's largest overseas engineering contract markets, Wen said the two countries enjoy broad market space, and should open markets for each other to give a strong boost to economic growth.