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BEIJING, May 3 -- Ma Weihua, president and chief executive officer of China Merchants Bank (CMB), said he wanted to see Chinese banks elevate their level of globalization in the context of expedited overseas expansion of Chinese companies during his bank's recent road show in the United States. He said CMB would pursue this process ambitiously but cautiously.The bank is soon to relocate its night-shift foreign exchange trading team to its New York branch, which was established in 2008, and will move on to security trading as well in the future, according to Ma during a group interview. The branch is also working on consolidating its dollar settlement business."What I'm concerned about right now is to first have my New York branch familiarized with the US market, customers and rules as soon as possible so I can expand the business steadily," Ma told the audience at a recent speech at New York University's Leonard N. Stern School of Business. "We won't consider faster expansion until we have secured our position here."Because of policy restrictions, CMB and other Chinese banks are only able to provide very limited services overseas for now. Retail banking, which CMB is best at, is still being constrained in its New York branch, its first branch in the West. But the bank is eyeing up other opportunities.The branch is attaching increasing importance to the loan business for Chinese companies during their overseas merger and acquisition activities. It just completed a big deal for a Chinese State-owned conglomerate but declined to reveal its name."The most fundamental motive to globalize our bank is to support Chinese companies' overseas growth and to provide the same quality service for foreign companies as well when they come to China," Ma said.According to Ma, over the past five years, Chinese companies' overseas direct investment saw an annual increase of 60 percent and their non-financial overseas investment grew by 68.5 percent year-on-year.In comparison, overseas assets only make up less than 4 percent of Chinese banks' total assets, while in large banks in Europe and the US, the proportion is about 40 percent, he said.

NANNING, May 15 (Xinhua) -- Three people were killed and one was missing amid heavy rains that pounded a scenic city of Guangxi Zhuang Autonomous Region for the past two days, Guangxi's flood-control and drought relief headquarters said Saturday.Continuous rainstorms triggered mud-rock flows Thursday night in Ziyuan County of Guilin City, killing three people there, the headquarters said.On Friday morning, a fisherman was swept away by rain-triggered floods in Gongcheng County of Guilin.Rainstorms had incurred property losses to about 19,000 people in Guilin as more than 30 houses collapsed, 1,100 hectares of farmland were inundated and many public facilities were damaged.The economic damage was estimated at 13.2 million yuan (1.9 million U.S. dollars).In southern province of Guangdong, three rainstorms pelted Guangzhou, the provincial capital, over the past week, with rainfall up to 440 mm, a record high in 25 years.The precipitation equalled to a quarter of the city's annual rainfall, according to meteorological statistics, said Lin Liangxun, Guangdong's chief weather forecaster.Guangdong has reported one missing. More than 35,000 people have been affected by the three rounds of heavy rains.Latest weather forecast said the rain is expected to weaken over the weekend.In the central province of Hunan, more than 8,000 people were stranded Saturday after heavy rains inundated the key roads of a town. Rescuers were transporting food and daily necessities to the region through a small chain bridge.The rain triggered mountain torrents in Xupu County on Wednesday and Thursday, causing damage to its four major bridges and the trunk roads linking Shanxi Town to the outside. Rescuers had to carry first-aid materials on their shoulders to the stranded population.Water level in the worst-hit Shanxi Town reached 2.7 meters in the street, said Zhang Shanwen, Party chief of Shanxi Town.Weather forecast said a new round of rains will hit the region on Sunday and Monday.

SHANGHAI, April 27 (Xinhua) -- Chinese Vice Premier Wang Qishan has urged continued efforts to ensure all goes well at the Shanghai World Expo.Speaking at the tenth meeting of the Expo organizing committee in Shanghai Tuesday, the Vice Premier, who heads the expo organizing committee, said security and good order are the two keys to a successful World Expo.With the expo opening on May 1, preparations must be scrupulous to ensure nothing goes wrong, he added.Yu Zhengsheng, Shanghai's Party Chief, said some problems surfaced in the six trial operations of the expo park, adding they need to be corrected in a timely manner.He said the problems should be treated in a matter-of-fact way. He said the organizers will be upfront about the problems but not exaggerate them.

BEIJING, June 2 (Xinhua) -- Monks across China on Wednesday chanted prayers for the victims of the earthquake that struck northwest China's Qinghai Province in April, exactly 49 days after the deaths, which according to Buddhist belief marks the start of the souls' reincarnation. Major temples of the three main schools of Buddhism in China all held prayer rituals for the about 2,700 victims killed in the 7.1-magnitude earthquake that hit Yushu on April 14, a statement from the Buddhist Association of China (BAC) said. About 1,000 Mahayana Buddhist monks attended the prayer session at Beijing's Guangji Temple led by Chuanyin, the BAC president, while the 11th Panchen Lama, the association's vice president, hosted another prayer session at the Lama Temple, an important Tibetan Buddhist temple in Beijing. In southwestern Yunnan Province, monks of Hinayana Buddhism gathered at the Zongfo Temple to pray. Other important temples in Shanxi, Zhejiang, Shanghai and Lhasa also held prayer rituals at the same time. The monks prayed for the victims' souls and for the survivors to overcome the hardships caused by the disaster. Xuecheng, BAC vice president and secretary general, presided over the prayer ritual at the Gyegu Monastery, the main temple in quake-hit Yushu. About 1,000 monks and local residents attended the prayer ritual at the massive cremation site for hundreds of Tibetan quake victims in Gyegu township. Many local residents arrived at the cremation site early in the morning, praying for the dead while turning prayer wheels. Some kowtowed in memory of the dead. "So many eminent monks and living Buddhas attended the prayer ritual and I believe my love is sure to enter the paradise," said Benma, who lost her husband in the quake. "Many good-hearted people have given us support and the monks have been praying day and night," she said. Xuecheng presented to local monks the 2.3 million yuan (338,000 U.S. dollars) raised by the BAC on April 16. According to the State Administration for Religious Affairs, religious circles had donated about 94.52 million yuan (13.72 million dollars) as of Tuesday, of which 70.45 million yuan came from Buddhists.

WASHINGTON, April 22 (Xinhua) -- The U.S. Commerce Department said on Thursday that it has set preliminary antidumping duties ( AD) on imports of certain seamless pipe from China, a move that might escalate trade disputes between the two countries.The department said it "preliminarily determined that Chinese producers/exporters have sold seamless pipe in the United States at 32.39 to 98.37 percent less than fair value."As a result of this preliminary determination, Commerce will instruct U.S. Customs and Border Protection to collect a cash deposit or bond based on these preliminary rates.The products covered by this investigation are suitable for the conveyance of water, steam, petrochemicals, oil products, natural gas, and other liquids and gasses in industrial piping systems.Imports of certain seamless pipe from China were valued at an estimated 182.3 million U.S. dollars in 2009, according to the U.S. Commerce Department.Commerce said that it is currently scheduled to make its final determination in September 2010.If Commerce makes an affirmative final determination, and the U. S. International Trade Commission makes an affirmative final determination that imports of certain seamless pipe salts from China materially injures, or threaten material injury to, the domestic industry, Commerce will issue an antidumping duty order.The new case followed the Commerce Department's initiation of antidumping (AD) and countervailing (CVD) duty investigation on Chinese aluminum extrusions on Wednesday.The protectionist moves by the Obama administration will ultimately hurt the U.S.-China trade relations, which are becoming more and more important due to the global financial crisis, economists warned.The onset of the global recession appears to have set off an increase in trade disputes around the world.Globally, new requests for protection from imports in the first half of 2009 are up 18.5 percent over the first half of 2008, according to the World Bank-sponsored Global Anti-dumping Database organized by Chad P. Bown, a Brandeis University economics professor.That increase follows a 44 percent increase in new investigations in 2008. And China has become the main target of the rising protectionism.