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BEIJING, May 31 (Xinhua) -- China will raise gasoline and diesel benchmark retail prices by 400 yuan (58.6 U.S. dollars) per tonne as of Monday, the National Development and Reform Commission(NDRC) announced Sunday.     The benchmark retail price for gasoline would increase by 7 percent and the price of diesel by 8 percent, said a statement on the NDRC website. It is the third oil price adjustment this year. On March 25, the NDRC, the country's top economic planner, lifted benchmark retail price of gasoline by 290 yuan per tonne and diesel by 180 yuan per tonne.     The increase was in response to the rising international crude prices under the country's the new fuel pricing mechanism, which took effect Jan. 1, according to the NDRC. China will raise gasoline and diesel benchmark retail prices by 400 yuan (58.6 U.S. dollars) per tonne as of Monday, the National Development and Reform Commission(NDRC) announced Sunday.    According to the new mechanism, China's domestic prices are to be "indirectly linked" to global crude prices "in a controlled manner." China would adjust domestic fuel prices when global crude prices reported a daily fluctuation band of more than 4 percent for 22 working days in a row.     NDRC pricing department official Xu Kuning has explained the "indirect link" as "based upon average global crude prices, while taking into account domestic production costs, taxation, and 'appropriate profits' of oil producers."     Crude prices have jumped 30 percent in May, the largest monthly rise since March 1999, boosted by expectations of a global economic recovery later this year.     Light, sweet crude for July delivery rose 1.23 dollars, or 1.9 percent, to settle at 66.31 dollars a barrel Friday on the New York Mercantile Exchange.     In Sunday's notice, the NDRC urged the two state-owned oil producers, PetroChina and Sinopec, to increase oil production to meet demand.     It also urged local pricing regulators to strengthen supervision over oil prices and crack down on any price violations.

BEIJING, June 10 (Xinhua) -- China is ready to end a de facto suspension of initial public offerings (IPOs) on the Shanghai and Shenzhen stock exchanges, after the securities regulator unveiled Wednesday the final guidelines for new IPOs.     The China Securities Regulatory Commission (CSRC) said the guidelines would take effect Thursday.     An unidentified CSRC spokesman said the commission will give approvals to applying firms any time after the guidelines become effective.     The commission announced draft guidelines on May 22 to solicit public opinions till June 5. The new guidelines aim to improve the price discovery function of the stock market, and help retail investors subscribe to newly issued stocks.     The draft said the quotation system for new issues should be revised so that issue prices faithfully reflect market demand, and lead underwriters should take steps to avoid "unreasonably" high prices.     Under the new rules, stock subscribers need to use either the online or off-line subscription system, but not both, to purchase new stocks. Institutional investors used to enjoy the privilege of subscribing through both systems, while retail investors could use only the off-line system.     Three revisions were made to the draft to follow public advices that the commission deemed reasonable.     The final version said a single investor is refined to use one account only to purchase new stocks, as some institutional investors have multiple accounts. The revision is aimed to help more smaller investors get access to new stocks.     In addition, the commission said it would consider to increase the number of tradable stocks in response to suggestions the lock-down of too many stocks would do no good to curb speculation.     However, the spokesperson said shares lock-down of large shareholders would remain in place, as it is aimed to prevent frequent changes in managerial staff that could jeopardize a firm's operation and create risks and the practice is followed on many overseas markets.     The commission also added the content about improving the "clawback" and the offering suspension mechanisms upon requests of the public. The "clawback" mechanism is used in the event that the deal is subscribed by 100 times or more.     The CSRC effectively suspended all new stock issues last September, as it halted approvals. Since then the stock market has plunged more than 50 percent from its peak 6124.04 in October 2007,compared to Wednesday's closing.     The CSRC spokesman anticipated that the first few new IPOs may not be satisfactory (in boosting the market), but he believed that the goals of the new guidelines could be achieved over time, which would play a positive role in boosting the market in the long run.     A total of 32 firms are on the waiting list to launch their IPOs on the A-share market, expecting to issue a combined more than 14 billion shares.     China State Construction Engineering Corp. is expected to issue12 billion shares.

TASHKENT, June 27 (Xinhua) -- Visiting Chinese Vice Premier Li Keqiang on Saturday called for closer economic ties between China and Uzbekistan while meeting with Uzbek First Deputy Prime Minister Rustam Azimov.     Li said China and Uzbekistan have deepened their pragmatic cooperation and achieved a lot in this regard in recent years. Besides growing trade, bilateral cooperation in areas like investment and projects outsourcing also made rapid progress, he noted, adding the two sides have improved the quality and increased the level of bilateral, pragmatic cooperation with joint projects being carried out in energy, mining, transportation, agriculture, telecom, machinery, petrochemical and other sectors. Chinese Vice Premier Li Keqiang (R) meets with Uzbekistan First Deputy Prime Minister Rustam Azimov in Tashkent, Uzbekistan, on June 27, 2009    The Chinese leader called on the two sides to capitalize on the progress of bilateral cooperation, and take full advantage of the fact that the two economies are highly complementary to each other and the two countries enjoy geographical closeness. Chinese Vice Premier Li Keqiang (5th L, rear) and Uzbekistan First Deputy Prime Minister Rustam Azimov (6th L, rear) attend the signing ceremony of cooperation agreements between the two countries, in Tashkent, Uzbekistan, on June 27, 2009He specifically said the two countries should continue to expand bilateral trade and two-way investment and spare no effort to carry out major joint infrastructure projects.     Meanwhile, the two sides should enhance cooperation in other areas and move faster on carrying out aid and loans initiatives to achieve mutually-beneficial and steady development of both economies, he added.     On broader bilateral relations, Li said the relationship between China and Uzbekistan has been developing smoothly as political trust between the two sides continues to deepen and cooperation in specific areas like economy, energy, transportation and security grows stronger day by day.     He noted China and Uzbekistan have supported each other on critical issues and worked closely within multilateral frameworks like the United Nations and the Shanghai Cooperation Organization, which has helped both sides safeguard their common interests and has had a positive impact on regional and world peace and stability.     Chinese President Hu Jintao met with his Uzbek counterpart Islam Karimov during the 2008 Summer Olympic Games in Beijing, and also on the sidelines of the summit of the Shanghai Cooperation Organization countries held in the Russian city of Yekaterinburg earlier this month.     Chinese Premier Wen Jiabao paid his first official visit to Uzbekistan in November 2007 after attending a meeting of the prime ministers of the Shanghai Cooperation Organization countries held in the Uzbek capital Tashkent.     Li said Chinese and Uzbek leaders had an in-depth exchange of views on deepening pragmatic bilateral cooperation and reached a lot of important agreements during their meetings.     He said the primary goal of his current visit is to carry out specific programs of pragmatic cooperation between China and Uzbekistan according to the consensus reached by the top leaders of the two sides with the aim of bringing more concrete benefits to the two peoples.     On his part, Azimov said the leaders and senior officials of Uzbekistan and China have met on a regular basis to build a solid base for further developing bilateral relations.     He described Li's visit to the country as an important step toward putting into practice the consensus reached by the leaders of the two countries.     He said Uzbekistan and China have made remarkable progress on energy cooperation in recent years, which reflects a new dimension of bilateral economic cooperation and will benefit both economies.     The Uzbek official said his country has been closely watching the economic development of China and would like to learn from China's successful experience.     He also praised the measures taken by the Chinese government to tackle the global financial crisis.     After the meeting, the two attended the signing ceremony of 11 government or corporate bilateral agreements on cooperation in such areas as economy, tourism and health

HONG KONG, May 18 (Xinhua) -- China will definitely be able to meet the target of achieving eight percent economic growth in 2009, a senior official of the country's top economic planning body said here Monday.     "Judging from the indicators of the first four months, I do believe it is highly possible to achieve an eight percent growth for the full year. In fact, I believe the target will definitely be met," said Xulin, head of the Department of Fiscal and Financial Affairs of the National Development and Reform Commission.     Speaking at a briefing in Hong Kong, Xu said the basic assessment was that there has been consolidation in the recovery momentum and that the minor slowdown in April, normal as it has been when considering the past experiences, did not necessarily signal a second bottom in the ongoing economic downturn.     Economic planners have been monitoring the economy closely and are prepared to put in place additional measures in the coming months if it is necessary, Xu said.     Post-earthquake reconstruction in Sichuan province was being carried out quicker than previously planned. Small and medium enterprises were receiving financing aid from guarantee programs, Xu told local as well as foreign reporters.     The National Development and Reform Commission will approve 600 billion yuan (88 billion U.S. dollars) of corporate bonds this year as the IPO market remained cool, compared with 236 billion (35 billion U.S. dollars) for 2008, Xu said.     The debt of the Chinese government was about 20 percent of gross domestic product, compared with over 190 percent for Japan, close to 100 percent for the United States and 60 percent on average for the European economies.     The Chinese government has planned a budget deficit of 950 billion yuan (139 billion U.S. dollars) for 2009, which represented about 2.8 percent of gross domestic product.     Xu said the ample resources could sustain heavy government investment to stimulate the economy for several years although "it was not necessary. "The Chinese government will spend more resources to develop public housing programs and a pension system and to push forward the health reform, so as to increase the contribution of domestic consumption to economic growth," Xu said.     "I don't think export can still play the roles as they did in past few years in driving the Chinese economy," Xu said, adding that China, as a responsible player, would like to see a moderately stable yuan.

SEOUL, May 17 (Xinhua) -- South Korean President Lee Myung-bak met Sunday with a group of 20 quake-affected children from China's Sichuan Province, encouraging them to make unremitting efforts to improve and fulfill themselves so as to become useful talented persons in the future.     Under the invitation of the President Lee, 20 children from the earth-quake hit areas visited the presidential office, Cheong Wa DAE, with their 20 friends coming from a South Korean nursery school.     Lee encouraged the quake-affected children to overcome the shock and difficulties.     "We can never loose hope. I hope you will grow up healthy and become talented persons for your country", said President Lee.     For her part, Li Xiaolin, vice-president of the Chinese People's Association for Friendship with Foreign Countries (CPAFFC), thanked President Lee's invitation, saying that they felt true love from South Korean people.     Cheng Yonghua, China's Ambassador to South Korea said "South Korea is a good neighbor that can help when China is in need." South Korean President Lee Myung-bak (R C), his wife Kim Yoon-ok (L C) and Chinese Ambassador to South Korea Cheng Yonghua (1st L) pose for a photo with Chinese youngsters at the presidential palace Cheong Wa Dae in Seoul May 17, 2009. Lee Myung-bak on Sunday met with a delegation of 20 youngsters from southwest China's Sichuan Province, which was seriously hit in the Wenchuan earthquake on May 12, 2008. The children also performed traditional Chinese dances for Lee while officials from the Sichuan provincial government presented him with a folk painting during the meeting.     Lee was in China in May last year for a summit with Chinese President Hu Jintao three months after he took office in Seoul.     South Korea doled out millions of dollars and sent dozens of workers to aid the region's recovery from the 8.0-magnitude quake.     The May 12 earthquake, the deadliest in China in decades, razed large portions of Sichuan and surrounding provinces, leaving nearly 90,000 people dead or missing.