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BEIJING, March 30 (Xinhua) -- Chinese auto maker Zhejiang Geely Holding Group is ready to inject 900 million U.S. dollars operating capital into Volvo on top of the 1.8 billion U.S. dollars purchase price, Geely chairman Li Shufu said Tuesday."We should not only inject money into Volvo, but also endeavor to improve Volvo's profit-making capability," Li said at a press conference to discuss the Volvo takeover.The Zhejiang-based Geely signed a deal with Ford Motor Co. Sunday in Sweden to acquire the U.S. auto giant's Volvo car unit.The photo taken on March 23, 2010 shows Volvo assembly plant in the suburbs of western Belgian city of Gent. China's Zhejiang Geely Holding Group signed a deal worth 1.8 billion U.S. dollars with Ford Motor Co. in Goteborg of Sweden on March 28, 2010 to acquire the U.S. auto giant's Volvo car unit"Geely is Geely, while Volvo is Volvo. Geely will not produce Volvo, and Volvo will not produce Geely," said Li, also the founder of the firm, adding that Volvo would keep its unique characteristics after the takeover.Li said Volvo's biggest problem was its small production scale and high research and development expenses, adding Volvo should try to increase production and sales to cut costs.
XIANGNING, Shanxi, April 8 (Xinhua) -- The death toll at the flooded Wangjialing Coal Mine in north China's Shanxi Province had risen to 20 as of 8:20 p.m. Thursday while 18 miners are still unaccounted for, rescue authorities said.Three more bodies were recovered late Thursday after five were found earlier in the day.As of late Thursday, about 240,000 cubic meters of water had been pumped out, much more than the presumed 130,000 cubic meters, said Liu Dezheng, spokesman of the rescue operation, late Thursday.Seven of nine working sections had been ruled out for the existence of survivors and the targeted areas were narrowed to two sections, he said.Rescue operations were resumed after a short suspension because suspected leakage from an adjacent abandoned mine prompted flooding fears and an evacuation of the rescuers.Hundreds of rescuers evacuated when the shaft ceiling began to leak Thursday morning, said Liu Dezheng.The leakage had stopped by Thursday afternoon.Some survivors telephoned their family Thursday morning, and the family members would been organized to visit them, said Hong Yu, deputy manager of China National Coal Group Corp., who owns the flooded mine.All victims would be compensated, Hong added.A total of 261 miners were working below ground when the mine flooded on March 28. Some 108 miners escaped unharmed while 153 were trapped underground.On Monday, 115 miners were brought out of the mine alive after being trapped for more than a week.
BEIJING, May 8 (Xinhua) -- Chinese President Hu Jintao, while meeting in Moscow on Saturday with Russian veterans who fought Japanese aggressor troops in Northeast China in August 1945, honored their great contributions.The honor-awarding ceremony reminds the world again that both the Chinese and Russian peoples value their friendship forged in the anti-fascist war 65 years ago.In August 1945, the Soviet Red Army marched into China's northeast provinces and joined the Chinese army in combat with the aggressors to help wrap up the eight-year Anti-Japanese War (1937-1945). Chinese President Hu Jintao (front L) meets with representatives of the Russian war veterans who helped China battle Japanese troops in the World Anti-Fascist War, in Moscow, capital of Russia, May 8, 2010According to the Russian Embassy in China, China is home to 74 memorials commemorating around 34,500 Soviet soldiers who lost their lives in the military operations 65 years ago.It has been 65 years since the end of World War II, yet history will always remember the great contributions and sacrifices made by both the Chinese and Soviet peoples.
TOKYO, June 1 (Xinhua) -- Chinese Premier Wen Jiabao described Tuesday his visit to Japan as successful, saying it has deepened trust, enhanced cooperation and consolidated the foundation for friendship between the two countries.In an interview with Japanese public broadcaster NHK, the Chinese premier called his visit to Japan "a journey of confidence and hope."Wen said he has achieved the visit's objectives of deepening mutual trust, enhancing cooperation and consolidating the foundation for friendship. "The visit is successful," he said.Important agreements were reached at his talks with Japanese Prime Minister Yukio Hatoyama, including re-establishing a hot line between the heads of the two governments, creating a maritime communication mechanism between the two defense departments and speeding up the establishment of a maritime rescue agreement, Wen said.The two sides also discussed ways to strengthen bilateral economic and trade cooperation, and identified green economy, energy and environmental protection and e-commerce as priority areas for cooperation, he said."Cooperation between China and Japan enjoys broad prospects," said Wen.The Chinese premier also called for promoting bilateral cultural and people-to-people exchanges, saying these exchanges are fundamental to the friendship between the two countries.After concluding a three-day visit to Japan earlier Tuesday, Wen is now in Mongolia for a two-day official visit.
TASHKENT, May 3 (Xinhua) -- Regional financial cooperation in East Asia has made active progress over the past year, Chinese Finance Minister Xie Xuren said after meeting with his counterparts from countries in the region.In particular, achievements were made in establishing the regional multilateral financial assistance mechanism and in promoting an Asian bond market, Xie told Xinhua on Sunday after attending the finance ministers' meeting of the Association of Southeast Asian Nations, plus China, Japan and South Korea (ASEAN+3) here.Xie said all parties concerned reached further consensus on basic parameters of a regional economic surveillance unit at the meeting.Uzbek President Islam Karimov(L) shakes hands with Chinese Finance Minister Xie Xuren in Tashkent, capital of Uzbekstan, May 3, 2010. The unit is responsible for monitoring the countries' economic and financial situations and providing advices for the regional foreign currency reserve pool, known as Chiang Mai Initiative Multilateralization (CMIM) that formally came into effect on March 24, 2010.The ASEAN+3 meeting also announced the setting up of a regional credit guarantee and investment fund with an initial grant of 700 million U.S. dollars, in an effort to promote the issuance of bond in domestic currencies within the region, Xie said.The finance ministers also agreed to create a working group to discuss future strategic fields for regional financial cooperation.