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BEIJING, May 4 (Xinhua) -- Chinese equities dropped to a seven-month low Tuesday, after the central bank said Sunday it would raise the deposit reserve requirement ratio (RRR) for most financial institutions for the third time this year.The benchmark Shanghai Composite Index lost 1.23 percent to close at 2,835.28 points.The Shenzhen Component Index fell 1.81 percent to 10,960.77 points.Total turnover shrank to 141.55 billion yuan (20.7 billion U.S. dollars) from 191.91 billion yuan on the previous trading day.Losers outnumbered gainers by 533 to 347 in Shanghai and 488 to 429 in Shenzhen.

NANJING, May 18 (Xinhua) -- A senior Chinese leader in charge of disciplinary and supervision work said Tuesday efforts should be made to remove Party and government officials' "psychological disequilibrium" to improve their legal awareness in the fight against graft.He Guoqiang, a Standing Committee member of the Political Bureau of the Communist Party of China (CPC) Central Committee, told an anti-corruption forum in Nanjing, capital of east China's Jiangsu Province, the Party should innovate to the fight against corruption.He said a great number of achievements have been made and experience accumulated to help in the fight against corruption.He, also head of the Central Commission for Discipline Inspection of the CPC, the Party's internal anti-graft body, said efforts should be made to strengthen supervision and inspection of the implementation of major decisions of the central leadership.

BEIJING, April 2 (Xinhua) -- Leaders of seven countries have confirmed their participation in the opening ceremony of Boao Forum for Asia's 2010 meeting in south China's Hainan Province on April 10, Foreign Ministry spokesman Qin Gang said Friday.The leaders are: Lao President Choummaly Saygnasone, Danish Prime Minister Lars Loekke Rasmussen, Mongolian Prime Minister Sukhbaataryn Batbold, Iranian First Vice President Mohammad Reza Rahimi, Afghan Vice President Mohammad Karim Khalili, Timor-Leste's Vice President Jose Luis Guterres and Cambodian Senior Minister and Minister of Planning Chhay Than.Qin said Chinese Vice President Xi Jinping will meet the foreign leaders on the sidelines of the forum.The forum, which will focus on Asia's green and sustainable development in the wake of global economic downturn, is to be held in Boao, a coastal resort in Hainan, from April 9 to 11.Danish Prime Minister Lars Loekke Rasmussen will also pay a working visit to China as guest of Chinese Premier Wen Jiabao, Qin said.

BEIJING, March 31 -- The shifting of a 40-year-old system of setting annual iron ore prices to a short-term pricing mechanism may shake up the Chinese steel industry by creating an even playing field for all steel mills - large and small - in terms of raw material costs.BHP Billiton said on Tuesday that it had concluded agreements with a significant number of Asian customers to shift pricing for the majority of its iron ore to short-term contracts, which are based on market prices.A worker at Liaoyang Iron and Steel Company, Liaoning province. There are 1,200 steel mills in China, but only 112 have licenses to import iron ore at long-term prices. Unlicensed firms have to buy iron ore from the spot market.Vale wants a new pricing system every quarter, said Pedro Gutemberg, director of marketing and research at Vale in Beijing on Tuesday, speaking at an industry conference"A more time-adjusted pricing mechanism is needed in order to better reflect real market prices," he said. "Benchmark prices are over. This is a market-oriented industry."That shift may be of some value to smaller steel mills."Vale has offered quarterly priced iron ore to us, which means we could buy iron ore at the same prices that large steel mills pay," said a sales manager at a small, private steel mill that doesn't have an iron ore import license.

TASHKENT, May 3 (Xinhua) -- Chinese Finance Minister Xie Xuren made three proposals to the Asian Development Bank (ADB) for its future development here on Monday.At a business session of the 43rd annual meeting for ADB Board of Governors that kicked off Monday, Xie said the ADB should fully tap its potential as a knowledge platform in seeking ways for Asia 's future development.It should also promote collective economic expansion of Asia by deepening regional economic cooperation, said Xie.Thirdly, the ADB should raise its assistance efficiency and enhance its capacity for institution building, while making active contribution to the regional prosperity and stability, he added.All Asian members are still facing difficult tasks of retaining economic growth and adjusting economic structure, because the basis for world's recovery from the global financial crisis has not been consolidated so far, said the Chinese minister.On the sidelines of ADB's first annual meeting in Central Asia, Xie also met with Uzbek President Islam Karimov, Uzbek First Deputy Prime Minister and Finance Minister Rustam Azimov and heads of delegations including Bangladesh, New Zealand and Fiji.