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BEIJING, March 15 (Xinhua) -- China's advertisement sector generated 189.96 billion yuan (27.78 billion U.S. dollars) of revenue in 2008, up 9.11 percent over the previous year, China's State Administration for Industry and Commerce (SAIC) said Sunday.     The revenue from TV commercials reached 50.15 billion yuan, an increase of 13.22 percent over the previous year. It accounted for26.4 percent of the total, the largest share of the market.     Income from newspaper advertisements rose 6.36 percent from a year ago to 34.27 billion yuan in 2008.     The number of foreign-funded advertisement companies in China soared 27.73 percent from the previous year to 737 by the end of 2008, which accounted for 0.4 percent of the total advertisement firms across the country, according to the SAIC.

HONG KONG, April 12 (Xinhua) -- About 400 enterprises in the Chinese mainland had been selected to participate in the Renminbi cross-border trade settlement pilot program, Under Secretary for Financial Services and the Treasury of Hong Kong Julia Leung said here Saturday.     Speaking on a radio talk show here Saturday, Leung said enterprises in Hong Kong would soon be able to settle trades in Renminbi through the banks with the selected companies in the Chinese mainland.     Noting the program can reduce the risks and cost arising from fluctuations in exchange rates, she said Hong Kong banks could expand extensively their Renminbi services from individual clients to enterprises.     When asked whether the scheme includes trade financing, Leung said authorities in the Chinese mainland would announce the details soon.     "The Monetary Authority has made full preparation for the program including conducting tests on the Renminbi clearing system," Leung noted, adding that "the system can start operation once the Chinese mainland comes up with the operational details."     When asked whether the Hong Kong Special Administrative Region (HKSAR) government would change Hong Kong's linked exchange rate with the U.S. dollar, the under secretary said the system had been working effectively and the HKSAR government had no plan to change it.

BEIJING, March 14 (Xinhua) -- China will foster a number of globally competitive logistics companies by 2011, said a stimulus plan of the country's logistics industry released on the government website on Friday.     All departments and local governments are urged to make efforts to achieve the goal, according to the plan, issued by the State Council, or the cabinet.     It said local authorities should help logistics companies solve problems in their development, realize a 10-percent annual growth in their output and lower the proportion of logistics expenses in the country's GDP.     The cabinet said in a notice that the country's logistics industry was affected by the unfolding global financial crisis. The stimulus plan was designated not only to promote its industrial upgrade but support development of other industries, expand consumption and increase employment.     As a composite service industry, logistics, comprising transport, storage, information industries and freight agencies, is an important part of national economy, said the plan.     The cabinet has rolled out support plans for ten industries including steel, auto and textile, targeting industrial growth, as well as restructuring and upgrading.

BEIJING, March 10 (Xinhua) -- Yi Gang, vice governor of China's central bank, said Tuesday that China still has room to cut interest rates, but such room is "quite limited".     "China still has room to cut interest rates, but not a lot," Yi told Xinhua.     "The room for cuts is quite limited, because a zero interest rate is not the best choice for China at the moment," he said.     The People's Bank of China, the country's central bank, has cut interest rates five times and reduced required reserve ratio for commercial banks four times since last September.     The one-year benchmark deposit rate now stands at 2.25 percent.     Yi pointed out interest rates of China and the United States are actually almost the same.     The 12-month deposit rate in the U.S. stands at around 2 percent, although its key interest rate, or an inter-bank rate, is zero to 0.25, he explained.     The equivalent inter-bank rate in China is at around 0.8 percent, he added.     China's current rate still has room for manoeuvre, Yi said, but if the interest rate falls to zero, there will be no more room for using interest rates to deal with any further world economic downturn.     Su Ning, also vice governor of the central bank, told Xinhua on Monday that China still has plenty of space to manoeuvre in its monetary policy.     Su said the room for further adjustment is "smaller but still exists."     "There's a quite a lot of room for cutting the bank's reserve requirement ratio," he added.

TAIYUAN, Feb. 24 (Xinhua) -- Governor of Shanxi Province Wang Jun on Tuesday made an apology to victims and their families over the gas blast at the Tunlan coal mine that left 74 people dead and 114 others injured.     "The blast caused huge loss of life and property ... We say sorry to the victims and their families," said the senior official.     As he spoke at the investigation team meeting tears choked his eyes several times.     The Shanxi provincial committee of the Communist Party of China(CPC) and the provincial government have made a formal admission of error to the CPC Central Committee, the State Council and the State Administration of Work Safety, according to Wang. Governor of Shanxi Province Wang Jun (R) wipes tear as he makes an apology to victims and their families over the gas blast at the Tunlan coal mine that left 74 people dead and 114 others injured, in Taiyuan, north China's Shanxi Province on Feb. 24, 2009. Shanxi will start a one-year campaign on work safety of state-owned and collectively-owned mines as of March 1, he added.     Wang, who had been appointed the head and Party chief of the State Administration of Work Safety in March last year, was elected as the governor of Shanxi Province in January.     Wang served as the acting and deputy governor of the coal-rich province in north China since mid-September last year when Meng Xuenong resigned from the post of governor in the wake of a deadly mud-rock flow that killed at least 277 people.Tears well up as governor of Shanxi Province Wang Jun makes an apology to victims and their families over the gas blast at the Tunlan coal mine that left 74 people dead and 114 others injured, in Taiyuan, north China's Shanxi Province on Feb. 24, 2009.