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BEIJING, Sept. 5 (Xinhua) -- Chinese equities tumbled on Friday following a heavy slump overnight on Wall Street as concerns about the U.S. economic slump worsened. The Shanghai Composite Index sank 3.29 percent, or 74.97 points, to 2,202.45. The key index has declined more than 58 percent this year and more than 63 percent from its peak in October. In Shenzhen, the market fell 2.8 percent, or 209.4 points, to 7,264.2. Aggregate turnover expanded to 42.55 billion yuan (6.22 billion U.S. dollars) from 38.99 billion yuan on the previous trading day. Losses outnumbered gains by 827-47 in Shanghai and 702-32 in Shenzhen. Wall Street fell on Thursday with the Dow Jones down more than 340 points as disappointing jobless and retail data left investors doubtful of a U.S. economy recovery. The downturn partly contributed to a fall in China equities, analysts said. Tracking the Wall Street loss, both the Hong Kong and Tokyo exchanges plunged more than 2 percent on Friday. A resident walks past an electronic board showing the fall of Hang Sang index in Hong Kong, south China, Sept. 5, 2008. Hong Kong's benchmark Hang Seng Index closed at 19,933.28 points Friday, breaching the key psychological supporting mark of 20,000The key Shanghai index fell through the 2,245 points, which was labeled as a psychological mark by analysts. The mark was the peak of the market's last bullish period that ended in 2001. The breach increased market panic and the weak sentiment would remain until the authority could come up with detailed market-boosting measures instead of just vague market talks, a Shanghai Shiji Investment Consultant Company analyst said. Continuous retreats in the world crude oil price and other commodities heightened worries that a global slowdown would cut demand and would dent corporate profits, analysts said. Crude oil for October delivery dropped 1.46 U.S. dollars overnight to 107.89 U.S. dollars per barrel on the New York Mercantile Exchange, falling for a fifth straight day to a five-month low. In response, China National Offshore Oil Corp. (CNOOC), the country's largest offshore oil explorer, fell 4.24 percent to 13.76 yuan. China Shenhua, the country's top coal producer, shed 3.16 percent to 24.54 yuan and Yanzhou Coal Mining Company lost 4.29 percent to 12.71 yuan. Investor confidence was also dampened by news of China Merchants Securities plan to launch an initial public offering (IPO), Guosen Securities senior analyst Tang Xiaosheng said. Brokerage shares declined across the board. CITIC Securities sank 3.18 percent to 18.56 yuan, Guojin Securities slumped 7.3 percent to 27.94 yuan, while Hongyuan Securities lost 4.79 percent to 13.92 yuan. China Merchants Securities Co. Ltd. said in a prospectus released late on Thursday that it planned to issue 358.55 million A-shares on the Shanghai bourse. The application would be decided by market regulators on Monday. If approved, it would become the second domestic brokerage IPO following Everbright Securities after a five-year suspension.
XI'AN, May 20 (Xinhua) -- Chinese Vice President Xi Jinping has urged local officials to help solve living difficulties for people who have suffered from a major earthquake. Xi made the call during his inspection to northwestern Shaanxi Province, in which some counties were seriously affected by the deadly quake in neighboring Sichuan Province on May 12. At Xujiaping village, Xi comforted villagers and encouraged them to resume production as early as possible. Among all 146 households of the village, 126 were affected by the quake and half of their houses were either damaged or flattened. Xi urged local officials to offer whatever they could to help the people with rebuilding their homes. The Vice President later came to a middle school, where he told the students and teachers the government had planned for the reconstruction of all quake-ravaged areas across the country. He reminded local governments to carry out serious epidemic prevention, especially the safety of water and food after the disaster. Chinese Vice President Xi Jinping (L Front) visits a quake-affected woman during his inspection at Xujiaping Village of Xujiaping Town in Lueyang County of northwest China's Shaanxi Province,in which some counties were seriously affected by the deadly quake in neighboring Sichuan Province last week, on May 20, 2008Chinese Vice President Xi Jinping (C) talks with a vegetable peddler during his inspection at Kangming District of Lueyang County of northwest China's Shaanxi Province, in which some counties were seriously affected by the deadly quake in neighboring Sichuan Province last week, on May 20, 2008.
BEIJING, Oct. 1 (Xinhua) -- China will give more efforts to strengthen quality supervision of dairy products in rural areas, said Chen Deming, the minister of commerce, on Wednesday. "The Ministry of Commerce (MOC) always gives food product supervision in vast rural areas a priority, although it is not an easy job to carry out as in urban areas," said Chen. Chen said the MOC has urged local authorities to take tangible measures to regulate and stabilize the dairy markets in such areas. The local governments were asked to launch strict supervision and inspection over dairy products in rural shops, enterprises and wholesale markets. Tainted milk products should be removed from shelves in time. "The MOC will continue to work together with local governmental organs to ensure a sound market order, and help farmers get more knowledge about dairy products," said Chen. Meanwhile, Chen noted the country should adopt concrete measures to lift consumer's confidence. "The government should enhance inspection over product quality, while enterprises should take on more social responsibility." China's food quality has been criticized recently, as 13,000 infants nationwide were hospitalized with kidney problems and at least three were killed after drinking baby formula tainted with melamine. The chemical, which was added illegally, makes the protein content of milk appear higher than it actually is. After the Sanlu formula's problem exposure, the General Administration of Quality Supervision, Inspection and Quarantine conducted a nationwide examination of baby milk powder to find 22 companies whose formulas were tainted.
CHENGDU, May 13 (Xinhua) -- A senior official with the Sichuan Provincial government said Tuesday the death toll in the province has exceeded 12,000, and is still rising. Li Chengyun, vice governor of Sichuan, said at a news conference Tuesday afternoon that the death toll was based on incomplete figures tallied by 4:00 p.m. Tuesday. He said another 26,206 people were injured, and more than 9,400 people were buried in debris. Li also provided a breakdown of the death toll, including 161 in the Aba Tibetan and Qiang Autonomous Prefecture, 7,395 in Mianyang City, 2,648 in Deyang City, 959 in the provincial capital Chengdu and 700 in Guangyuan City. Other casualties were reported in cities including Ya'an, Ziyang and the Garze Tibetan Autonomous Prefecture. Photo taken on May 13, 2008 shows the scene of the earthquake-hit Beichuan County, about 160 kilometers northeast of the epicenter of Wenchuan County, southwest China's Sichuan Province. Beichuan County is badly damaged in Monday's quake, with great numbers of buildings collapsed and landslides around the county. The death toll climbed from an earlier tally provided by the Ministry of Civil Affairs, which put the Sichuan death toll at 11,608. Authorities said the death toll might change every hour, as they heard reports from rescuers who were seizing every minute to pull out bodies from the earthquake rubble. The earthquake, which centered on the province's Wenchuan County at 2:28 p.m. Monday, has left the province in chaos. More than 3.46 million houses were wracked, Li said. Li said he was deeply saddened by the super earthquake. He called on both officials and the masses in Sichuan to speed up efforts to fight the disaster and rescue themselves. Chinese Premier Wen Jiabao, who arrived in Sichuan Monday afternoon to oversee rescue work, ordered the clearance of rocks and mud slides that were blocking roads to the epicenter by midnight on Tuesday. "People are trapped in debris; we must use every second," he told an emergency meeting at 7:00 a.m. Tuesday. On Tuesday afternoon, a brigade of about 20 soldiers have reached Yingxiu Town of the earthquake epicenter Wenchuan, the disaster relief headquarters in the Chengdu Military Area Command said. The soldiers reported they saw more than 70 percent of the roads in the town were wracked, and nearly all bridges collapsed. A large number of people were believed to be under the debris. They said 3,000 people were known to have survived, and the town's total population is 12,000. No information on detailed casualties could be available. Li Shiming, commander of the Chengdu Military Area Command, said the soldiers had distributed food and water to children and injured people in the town, and more supplies would be airdropped to the area.
BEIJING, April 24 (Xinhua) -- Chinese Premier Wen Jiabao met here on Thursday with ex-French Prime Minister Jean-Pierre Raffarin, and urged the French government to work with China to put bilateral relations on a healthy and stable track. Wen said France was the first Western power to forge diplomatic relations with China, and also the first European Union (EU) member state to set up a comprehensive strategic partnership with China. China valued its friendship with France, which was fostered by leaders of several generations from both nations and by the two peoples, Wen said. He hoped France would work with China to push forward the healthy and stable growth of bilateral ties in line with the principles of mutual respect, equality and mutual benefits. He clarified the truth behind violent crimes in Lhasa and other places, and stated China's stance on this issue. Chinese Premier Wen Jiabao meets with ex-French Prime Minister Jean-Pierre Raffarin in Beijing, April 24, 2008. Wen applauded Raffarin's positive efforts to promote the understanding and cooperation between the two nations and the two peoples. Raffarin said France attaches importance to the comprehensive strategic partnership with China, and that France has always adhered to the one-China policy since the two nations forged diplomatic relations. To safeguard China's reunification and stability accords with the interests of all countries, Raffarin said, noting the European and French people should increase their knowledge about Tibet's real situation. The Olympics is a grand event for all the world, and the international society has the responsibility to make a positive contribution to the Beijing Games, Raffarin said. He expressed sorrow for the incidents of the Beijing Olympics torch relay in Paris, and said he wishes a success for the August Games. Raffarin said France would continue making positive efforts to advance the EU-China relations and France-China relations.