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BEIJING, June 5 (Xinhua) -- Chinese Vice President Xi Jinping met here on Friday with Timor-Leste's Foreign Minister Zacarias Albano da Costa.     Xi said China and Timor-Leste had maintained smooth relations since they forged diplomatic ties in 2002. China would support Timor-Leste's development by all means, he said.     He expressed gratitude to Timor-Leste for its adherence to the one-China policy, and its support on issues concerning China's core interest. Chinese Vice President Xi Jinping (R) meets with Timor-Leste's Foreign Minister Zacarias Albano da Costa in Beijing, China, June 5, 2009    As developing countries, both China and Timor-Leste were facing the tasks of speeding up economic growth and improving people's living standards, Xi said, pledging to expand cooperation and relations between China and Timor-Leste.     Da Costa said his country valued relations with China and would push forward cooperation in political, trade, human resource development and other areas.     Chinese Foreign Minister Yang Jiechi held talks with his Timor-Leste counterpart on Friday morning.

BEIJING, May 7 (Xinhua) -- Chinese Vice President Xi Jinping has urged universities to reform and improve themselves to turn out more high-quality personnel for the society.     Universities are supposed to produce "qualified builders and reliable successors of socialism with Chinese characteristics," Xi said while touring major Beijing-based universities from Wednesday to Thursday.     Centering on the fundamental task of personnel fostering, he said, universities should reform all concepts and mechanisms that go against the mission, lift the overall quality of teachers, offer better services in helping students find jobs, beef up campus stability, and provide technical service and intellectual support for companies to weather the financial crisis.     He also urged universities to prevent and punish academic corruption.

BEIJING, June 2 (Xinhua) -- The China Investment Corporation (CIC), the country's sovereign wealth fund, announced Tuesday that it decided to buy 1.2 billion U.S. dollar common stocks in Morgan Stanley's 2.2-billion-U.S.-dollar common stock offering.     Morgan Stanley announced Tuesday it had priced a public offering of common equity of 2.2 billion U.S. dollars. The proceeds are intended to fully redeem the preferred capital of the Troubled Asset Relief Program (TARP) before the end of June.     The TARP is a program of the United States government to purchase assets and equity from financial institutions in order to strengthen its financial sector. It is the largest component of the U.S. government's measures in 2008 to address the subprime mortgage crisis.     Morgan Stanley notified the CIC of the offering in light of its healthy business relationship with CIC and the preemptive rights CIC holds. CIC plans to participate in this offering, according toa notice on its Web site.     CIC was optimistic in Morgan Stanley's future development as "Morgan Stanley is widely expected to be able to leverage on its strengthened financial position and will be on the road of resuming its successful trajectory amid the dramatic restructuring of the international financial services industry".     On December 19, 2007, CIC purchased 5.6 billion U.S. dollars mandatory convertible securities into Morgan Stanley common stock, representing approximately 9.86 percent equity ownership in Morgan Stanley.     However, after Mitsubishi UFJ Financial Group, Inc.'s investment in Morgan Stanley in October 2008, CIC's equity ownership was diluted to approximately 7.68 percent.     This new purchase would bring CIC's equity ownership in Morgan Stanley back to approximately 9.86 percent, effectively reducing CIC's overall cost basis and increasing the returns potential, said CIC.     According to a statement posted on Morgan Stanley Web site Tuesday, it has priced a public offering of approximately 80.2 million shares of common stock to the public at 27.44 dollars per share.     CIC has agreed to purchase 44.7 million shares of common stock at the public offering price while the Mitsubishi UFJ Financial Group, Inc. has agreed to buy 16 million shares, the Morgan Stanley statement said.

BEIJING, May 3 (Xinhua) -- China's retail sales climbed 9 percent from a year ago to about 12 billion yuan (1.76 billion U.S. dollars) during the three-day May Day holiday, the Ministry of Commerce said Sunday.     The estimate was based on sales from May 1 to May 3 at 1,000 major domestic retailers monitored by the ministry.     The ministry said robust sales were reported for gold, jewelry, home appliances and autos, as retailers launched promotion campaigns.     Sales of gold and other jewelry rose 19.6 percent, the ministry said, without giving specific figures.     However, it said the Beijing Caishikou Department Store, a major gold retailer in the capital, saw its sales nearly double to 14.3 million yuan on May 1 alone.     Sales of appliances, such as LCD TVs, air conditioners, refrigerators and lap-tops, increased 11.4 percent, while those of automobiles grew 9.2 percent.

BEIJING, June 16 (Xinhua) -- For the first time in more than one year, China reduced its holding of U.S. Treasury bonds, and experts told Xinhua Tuesday that move reflected concern over the safety of U.S.-dollar-linked assets.     Data from the U.S. Treasury showed China pared its stake in Treasury bonds by 4.4 billion U.S. dollars, to 763.5 billion U.S. dollars, as of the end of April compared with March.     Tan Yaling, an expert at the China Institute for Financial Derivatives at Peking University, told Xinhua that the move might reflect activity by China's institutional investors. "It was a rather small amount compared with the holdings of more than 700 billion U.S. dollars."     "It is unclear whether the reduction will continue because the amount is so small. But the cut signals caution of governments or institutions toward U.S. Treasury bonds," Zhang Bin, researcher with the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, a government think tank, told Xinhua.     He added that the weakening U.S. dollar posed a threat to the holdings of U.S. Treasury bonds.     The U.S. government began to increase currency supply through purchases of Treasury bonds and other bonds in March, which raised concern among investors about the creditworthiness of U.S. Treasury bonds. The move also dented investor confidence in the U.S. dollar and dollar-linked assets.     China, the biggest holder of U.S. Treasury bonds, is highly exposed. In March, Premier Wen Jiabao called on the United States "to guarantee the safety of China's assets."     China is not the only nation that trimmed holdings of U.S. Treasury bonds in April: Japan, Russian and Brazil did likewise, to reduce their reliance on the U.S. dollar.     However, Tan said that U.S. Treasury bonds were still a good investment choice.     Hu Xiaolian, head of the State Administration of Foreign Exchange, said in March that U.S. Treasury bonds played a very important role in China's investment of its foreign exchange reserves. China would continue to buy the bonds while keeping an eye on fluctuations.     Zhang said it would take months to see if China would lower its stake. Even so, any reduction would not be large, or international financial markets would be shaken, he said.     Wang Yuanlong, researcher with the Bank of China, said the root of the problem was the years of trade surpluses, which created the huge amount of foreign exchange reserves in China. It left China's assets tethered to the U.S. dollar, he said.     He said making the Renminbi a global currency would cut China's demand for the U.S. dollar and reduce its proportion in the trade surplus.