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BEIJING, Feb. 18 (Xinhua) -- China needs to reform funding methods for scientific and technological research in order to boost the nation's innovation capabilities, said officials and researchers attending a conference in Beijing Friday.The management of the government-funded research projects should also be reformed, State Councilor Liu Yandong said at the national conference on science and technology work.Liu stressed that reform, innovation and cooperation should be the keys for China's science and technology work over the next five years, when the government would increase funding for research in new strategic industries, such as new energy, biomedicine and high-end manufacturing.Last year, central and local government spending on science and technology development totaled 380 billion yuan (57.8 billion U.S. dollars), Science and Technology Minister Wan Gang said at the conference.Over the past five years, central government spending on science and technology development had grown by around 20 percent annually.However, some researchers have complained problems in the funding system actually hinder innovation and progress.Inflexibility in the management of government funds allowed researchers little freedom to adapt projects to developments in their fields, said Li Zhenzhen, a researcher at the Institute of Policy and Management under the Chinese Academy of Sciences (CAS).Chen Jie, a research fellow of the CAS' Institute of Microelectronics, said some authorities which oversee the spending of research funds had been rather rigid."In some cases, they are more interested in spending most of the funds on new equipment than scientists," Chen said in an earlier interview with Xinhua. "Without decent pay, it is difficult to attract top scientists to work in China.""Having to solicit and lobby for funding to support the team's research projects leaves me no more than five hours a day for real research," Chen said.Top-level scientific brains are the key to the innovative capability of China, he added.A researcher attending Friday's conference echoed Chen's opinion."China manufactures 65 percent of the world's computers. But to my knowledge, we are still spending about 150 billion U.S. dollars annually to buy computer chips from overseas," the researcher told Xinhua on condition of anonymity.Wan Gang also said imported computer chips cost China more than crude oil purchases last year.But Wan believed that with breakthroughs in frontier areas such as cloning, manned space flight, moon exploration and supercomputers, China could expect a leap in science and technology development in the near future.In October last year, China successfully launched its second lunar probe, Chang'e-2.A month later, Chinese supercomputer Tianhe-1A, which can perform 2.57 quadrillion computing operations a second, was ranked the world's fastest in the TOP500 list compiled by U.S. and European researchers.

BEIJING, March 21 (Xinhua) -- Renowned Chinese liquor producer Kweichow Moutai Co., Ltd. announced Monday its annual net profit in 2010 rose 17.13 percent year on year on strong market demand.Its net profit hit 5.05 billion yuan (769.17 million U.S. dollars), the Guizhou-based firm said in its 2010 annual report filed to Shanghai Stock Exchange.The company's annual business revenue increased 20.3 percent from one year earlier to 11.63 billion yuan while earnings per share stood at 5.35 yuan.The economic rebound accelerated the development of liquor industry despite rising raw material prices, said the report.The A-share price of the upmarket distiller opened down 0.70 percent from the previous close to 189.8 yuan Monday.

BEIJING, May 19 (Xinhuanet) -- LinkedIn said Wednesday that its stock will debut at 45 U.S. dollars per share, a higher price than the company was expecting even earlier this week, media reports said.The first major U.S. social networking firm to go public, LinkedIn jacked up its initial public offering (IPO) share price for 7.84 million shares to 45 dollars just a week after it first set a target of 32-35 dollars per share.It minted LinkedIn with a market value of more than 4 billion dollars, the highest for a U.S. Internet company taking its first bow on Wall Street since Google Inc. went public nearly seven years ago.The sale could bring in more than 354 million dollars. The company's shares are expected to begin trading on the New York Stock Exchange on Thursday under the symbol "LNKD".LinkedIn has more than 100 million members in over 200 countries and territories. In 2010, the company made 15 million dollars in profit on 243 million dollars in revenue, according to its SEC filing.LinkedIn's biggest shareholder is its founder and chairman, Reid Hoffman, who owns more than 21 percent of the company.

HOUSTON, April 15 (Xinhua) -- A major contractor for the U.S. space shuttle on Friday announced plans to lay off about 50 percent of its employees this summer after NASA retires the orbiter fleet.The contractor, Houston-based United Space Alliance, said it will cut 2,600 to 2,800 jobs, including 1,850 to 1,950 employees in Florida, 750 to 800 employees in Texas, and 30 to 40 employees in Alabama, "due to the completion of tasks related to day-to-day operations of the Shuttle fleet."The cuts will be made in late July and early August after NASA completes the final flight of Endeavour, scheduled for April 29, and the flight of Atlantis on June 28."The accomplishments of this team are unmatched in human spaceflight," Virginia Barnes, the company's president, said in a news release. "It will be difficult to say goodbye to such tremendously talented and dedicated teammates, and we are committed to making this transition as smooth as possible for them."United Space Alliance has approximately 5,600 employees working at sites in Texas, Florida and Alabama, according to the the news release.

CHICAGO, Jan. 21 (Xinhua) -- Chinese President Hu Jintao left Chicago for China on Friday after concluding a state visit to the United States, during which he and his U.S. counterpart Barack Obama agreed to build a China-U.S. cooperative partnership based on mutual respect and mutual benefit.Hu, who began his four-day visit Tuesday, had extensive and in-depth discussions with Obama at the White House on Wednesday on major bilateral, regional and world issues.Chinese President Hu Jintao shakes hands with U.S. President Barack Obama during a bilateral meeting at the White House in Washington, the United States, Jan. 19, 2011.The two sides reached "important agreement on China-U.S. relations and major international and regional issues of shared interests," the Chinese president said when he and Obama met the press following their discussions."We both agree to further push forward the positive, cooperative and comprehensive China-U.S. relationship," Hu said, adding that both sides also pledged to forge "a China-U.S. cooperative partnership based on mutual respect and mutual benefit" for the benefit of the two countries and beyond.