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MANILA, Dec. 4 (Xinhua) -- A cargo ship with 24 Chinese crew aboard sank off the waters of the Philippines' Batanes province on Friday afternoon, the Philippine National Police (PNP) said Saturday.Quoting a report from the Batanes provincial police office, PNP spokesman Chief Supt. Agrimero Cruz said Saturday the Panama cargo vessel MV Hong Wei met the incident about 120 nautical miles (222 kilometers) off Itbayat island around 3:22 p.m. Friday.Cruz could not immediately say what caused the vessel to sink or the vessel's destination.A passing vessel, MV Shun Tong, and a ship from China's Taiwan region's coast guard rescued 12 crew and two passengers, respectively, said Cruz, adding that at least three ships from Taiwan region's coast guard are currently at the scene to conduct search and rescue operations for the 10 still missing crew members.A rescue vessel from the Chinese mainland is expected to arrive at the site anytime Saturday to join the search and rescue operations, said Cruz.Wang Ben, police attache of the Embassy of the People's Republic of China in the Philippines, told Xinhua that the embassy has confirmed the incident with China's Ministry of Transport. The ministry said that rescuing vessels from the Chinese mainland and Taiwan are conducting joint search and rescue operations, said Wang.The Philippines, a Southeast Asian archipelago country, is located to the south of China.

BEIJING, Nov. 10 (Xinhua) -- China's central bank moved a step further to tighten liquidity amid increasing inflation pressures as it ordered Chinese banks to set aside more reserves on Wednesday.The People' s Bank of China, or the central bank, announced it would raise the deposit reserve requirement ratio (RRR) for Chinese financial institutions that accept deposits by 50 basis points from Nov. 16, which was estimated to freeze more than 300 billion yuan (45.1 billion U.S. dollars).The order came on the eve of Thursday's release of China' s October consumer price index (CPI), which is projected, by some economists, to reach 4 percent.The RRR for the four big state-owned banks - the Industrial and Commercial Bank of China, China Construction Bank, Bank of China and Agricultural Bank of China - will stand at 18 percent once the rise takes effect.Further, Wednesday's move will raise the deposit reserve ratio for other large financial institutions to 17.5 percent and that for small-and medium-sized financial institutions to 15.5 percent.The adjustment is the fourth RRR increase the central bank has ordered for Chinese banks this year, and the first time it has done so since it hiked interest rates by 0.25 percentage points last month.Chinese experts believe combined concerns, ranging from the looming hot money inflows caused by the United State quantitative easing to the growing inflation risks and soaring assets bubbles, have caused the central bank to raise the RRR to rein in liquidity."The central bank announced interest rates hikes and the RRR rise within one month, as the U.S. 600 billion-US-dollar quantitative easing is likely to send more speculative capital flowing to the emerging markets, and domestic commodities prices continue to increase, " senior economist with the Asian Development Bank, Zhuang Jian said, adding that the RRR increase will trim the banks' credit capital, which will help curb market speculation inflows and stabilize commodities prices.China's central bank, on Oct. 20, announced a rise of its benchmark one-year lending and deposit rate by 0.25 percentage points, the first interest rates hike in three years, as the nation's CPI hit a 23-month high to 3.6 percent in September.October's CPI is due to be announced on Thursday, while economists anticipate the October year-on-year inflation is likely to rise to 4.1 percent.Further, prices of China' s edible farm produce have witnessed consecutive increases since mid-October, as prices of 18 types of vegetables in 36 large and medium-sized cities rose by 4.9 percent during the week that ended Nov. 7, according to data released Wednesday by the Ministry of Commerce.Zhang Ping, head of the National Development and Reform Commission, said Tuesday that the nation's CPI is expected to exceed the government' s annual target of 3 percent.Also, the nation's real estate prices continued the upward trend in October, though at a slower pace, with property prices in 70 major Chinese cities increasing by 8.6 percent year on year in October, down from the 9.1-percent increase in September, the National Bureau of Statistics showed Wednesday.Li Huaiding, analyst with the Guoxin Securities Co., said Wednesday's rise would contribute to scaling back liquidity, but pressures still exist in the upcoming months, and the central bank may again increase interest rates before the end of the year.Additionally, the central bank said in a report issued on Nov.2 that it would gradually normalize the monetary policy from its counter-crisis mode and tighten control over liquidity to maintain moderate credit growth in the coming months this year.

BEIJING, Dec. 9 (Xinhua) -- The new leadership of Chinese Catholics was elected during the 8th national congress of Chinese Catholics which concluded here Thursday after three days of meeting.Bishop Fang Xingyao was elected chairman of the Chinese Catholic Patriotic Association (CCPA), while Bishop Ma Yinglin will head the Bishops' Conference of the Catholic Church in China (BCCCC).Also, Liu Bainian and Jin Luxian were elected as honorary chairmen of both the CCPA and BCCCC.Further, vice chairmen and consultants to the two Chinese Catholic organizations were elected at the conference.Jia Qinglin (C), chairman of the National Committee of the Chinese People's Political Consultative Conference, poses for a group photo with the new leadership of Chinese Catholics in Beijing, capital of China, Dec. 9, 2010.The congress approved the CCPA and BCCCC reports on the past six years of work, as well as revisions of the charters of the CCPA and BCCCC.The 8th national congress of Chinese Catholics, held since Tuesday, was attended by 341 representatives from across China, including 64 bishops, 162 clergy, 24 nuns and 91 lay members.Jia Qinglin, China's top political advisor, met Thursday with delegates who attended the 8th national congress of Chinese Catholics.Congratulating the participants on the successful holding of the congress, Jia praised the efforts Chinese Catholics have made in serving China's reform and development and preventing infiltration of foreign hostile elements, according to a statement Xinhua received.Jia, who is Chairman of the National Committee of the Chinese People's Political Consultative Conference and also a member of the Standing Committee of the Political Bureau of the Central Committee of the Communist Party of China (CPC), urged the religious clerics to keep vigilant and prevent foreign hostile elements from using religion to interfere with China's domestic affairs and to safeguard the interests of the entire nation.He called on Catholics to contribute more to China's scientific development and transformation of its economic growth mode, and play an active role in safeguarding social stability and harmony.

BEIJING, Nov. 28 (Xinhua) -- China National Offshore Oil Company Limited (CNOOC) said Sunday Bridas Corporation, a joint-venture equally-owned by CNOOC International Limited and Argentina-based Bridas Energy Holdings (BEH), will acquire a 60 percent equity interest in Pan American Energy (PAE) from BP for approximately 7.06 billion U.S. dollars.The acquisition excludes PAE's assets in Bolivia, according to a statement on the website of CNOOC, China's largest offshore oil and gas producer.CNOOC International, a wholly owned subsidiary of the company, and BEH have agreed to contribute about 4.94 billion U.S. dollars to Bridas to finance 70 percent of the proposed acquisition. The contribution will be made in equal amounts of approximately 2.47 billion U.S. dollars by CNOOC International and BEH.The remaining 30 percent, or approximately 2.12 billion U.S. dollars, will be satisfied by third party loans to be arranged by Bridas and additional contributions from CNOOC International and BEH.Completion of the acquisition is conditional on, among others factors, all necessary government and regulatory approvals, and is expected to take place in the first half of 2011.In the first half of 2010, CNOOC International and BEH completed the formation of a half-half joint venture in Bridas.

SHANGHAI, Jan. 16 (Xinhua) -- The Shanghai municipal government bore unshirkable responsibility for a high-rise fire that took 58 lives two months ago, Mayor Han Zheng said Sunday at the city's parliamentary session.Though the final investigation report on the fire has not been released, the accident exposed chaos and a lack of safety supervision in the construction market, for which the government was responsible, Han said in a report to the annual session of the Shanghai Municipal People's Congress, the local legislature.Han said his government would draw lessons from the incident and strengthen management and supervision to ensure work safety.The fire on Nov. 15, 2010 engulfed a 28-story residential building in Shanghai after welding sparks set nylon netting and scaffolding on fire.Officials blamed the fire, that killed 58 people, on unlicensed welders, illegal sub-contracting and poor management.On Jan. 11, the Shanghai municipal government issued new regulations to tighten supervision of the city's construction industry.The 22-article regulations covered eight aspects, such as construction processes, risk control, contractor management and government supervision.

来源：资阳报