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In the latest move by some countries to construct new embassies or give their missions in Beijing a makeover, the Australian embassy will spend million refurbishing its already elegant building, the Australian ambassador announced Tuesday.The refurbishment will cover much of the embassy's high-traffic areas and incorporate all four levels of the Chancery building.A new 2,500-sq m annex building will also be constructed on the site, the ambassador added.The project will begin immediately after the 2008 Olympics and is scheduled for completion in 2010.Geoff Raby, the Australian ambassador to China, said the number of embassy staff had increased to 190 resident Australian diplomats and their families and 120 Chinese staff.He recalled there were about 32 Australian staff and 60 Chinese employees when construction of the embassy was completed in 1992, making it one of more iconic buildings in Beijing."The Australian embassy in China is one of our biggest embassies in the world," Raby said.It is a sign that Australia attaches more importance to its relations with China, the ambassador said.Woods Bagot, a global studio specializing design and consulting that operates in Australia, Asia, the Middle East and Europe, will implement the project with Chinese local design institute UAD and multinational engineers Arup."The (Australian) government demanded new thinking for a new diplomatic era in China," Jason Marriott, managing principal of Woods Bagot, said.The Australian embassy is located in the second diplomatic neighborhood on Dongzhimenwai Street.The first diplomatic neighborhood is near Jianguomenwai and a third one is north to Liangmahe.The United States has plans for a new embassy project in the third diplomatic neighborhood after Republic of Korea and Malaysia finish their new buildings.Wang Fan, a researcher of international relations with China Foreign Affairs University, said the embassy building and renovation boom symbolized how important China was to foreign countries' diplomatic strategies.
JINAN - Seven fishermen on two boats were rescued on Saturday off east China after their boats lost control in high gales, local rescue sources said. The engine of a fishing boat with six people aboard at the Bajiao offshore area near Yantai city, Shandong Province stopped working around 1:20 p.m. Saturday as its screw propeller was enlaced by aquatic plants amid sudden gales on the sea. A helicopter from the Beihai No. 1 Rescue Flying Squad was dispatched to the site and rescued the six in 20 minutes. The helicopter saved another fisherman on a separate boat on its way back. All the rescued fishermen were sent to Penglai, an island city near Yantai, Saturday afternoon.

BEIJING, March 10 -- Tianjin's mayor assured investors Sunday that the city's pilot program, allowing mainlanders to invest in Hong Kong-listed shares, is on track. "There's a lot of preparation involved. Risk assessment and research is under way to open the door for mainlanders to invest in the Hong Kong stock market," Huang Xingguo, mayor of Tianjin, said Sunday. "The project's going smoothly, but timing depends on central government approval. I can assure you that Tianjin's status as a pilot city (for financial reform) will not change," he said. The scheme is in line with the nation's economic development and investor demand and will be an effective way to bring in conversion of the renminbi via capital accounts, Guo Qingping, chief of Bank of China's (BOC) Tianjin branch, said on the sidelines of yesterday's NPC session. But authorities are cautious about rushing the program through, due to its complexity and risk. "One risk is hot money flowing into and out of the mainland," Guo said. BOC was originally expected to be the only financial institution providing the program, but Guo said the details are still being ironed out. The trial scheme was announced in August last year as a way to diversify mainland investor channels. But it's been put on hold amid the unfolding US subprime crisis and global stock market uncertainty. Preparation for the program includes payment systems, renminbi conversion, regulation changes as well as extensive risk assessment, Huang said. Liu Mingkang, chairman of the China Banking Regulatory Commission, told China Daily earlier that no timetable has been set for the pilot scheme, which will allow mainlanders to invest directly in Hong Kong-listed shares. The regulator stressed that more research into the system is needed. Meanwhile, a timetable is not yet available for Tianjin's new offshore financial center, which is also subject to further research, according to Guo from BOC.
Shanghai - German luxury car maker DaimlerChrysler AG is recalling 1,443 Chinese-made Chrysler 300C sedans to fix defective transmission cooling systems, China's quality watchdog said on Friday. The cars were produced between March 21 and May 29, the General Administration of Quality Supervision, Inspection and Quarantine said on its Web site. Imported Chrysler 300C cars were not affected, it added. It did not say whether any accidents or personal injuries had been linked to the defect. DaimlerChrysler's Chinese joint venture in Beijing began limited production of the 300C in 2005.
Another two closed-end stock funds have received official approval from China's securities regulator, Xinhua learned from a company source here on Friday. The China Nature Asset Management Co. Ltd's Tianzhi Fund and the Dongwu Fund run by Soochow Asset Management Co., Ltd received regulatory approval from the State Securities Regulatory Commission Friday. The Tianzhi stock fund will open through China Communication Bank, China Construction Bank, the Agricultural Bank of China, the Industrial Bank Co., Ltd, Shanghai Pudong Development Bank, CITIC Bank, Minsheng Banking Corp., Ltd, and with big brokers. The Dongwu fund is to be issued by the Industrial and Commercial Bank of China, the Agricultural Bank of China, China Construction Bank, the Postal Savings Bank, Huaxia Bank and qualified individual brokers. Both companies declined to say how much they expected to reap from the listing. Four stock funds launched by Bank of China Investment Management Co., Ltd. and AXA SPDB Investment Managers, CCB Principal Asset Management Co. and China Southern Fund Management Co., respectively, received official approval in the first half of February. Of the four, CCB Principal Asset Management's Jianxin Fund and the Nanfangshengyuan Fund run by China Southern Fund Management Co. made their debut on Feb. 18. Market analysts said the launch of these funds was expected to bring a new round of fresh capital into the sliding stock market. China's securities watchdog suspended the launch of new funds late last year in reaction to the surging domestic stock market. The Shanghai Composite Index nearly doubled last year.
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