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HONG KONG, June 30 (Xinhua) -- The renminbi deposits with authorized institutions in Hong Kong rose 0.8 percent in May to 53. 4 billion yuan (7.8 billion U.S. dollars), representing about 2 percent of the foreign currency deposits, the Hong Kong Monetary Authority said Tuesday.     The total deposits rose 2 percent in the same month, with the HK dollar deposits rising 2.7 percent as the expansion in demand and savings deposits exceeded the contraction in time deposits.     Foreign currency deposits climbed 1.4 percent.     Seasonally-adjusted HK dollar M1, the narrowest measure of money supply in an economy, rose 9.6 percent in May and 26.8 percent from a year earlier. Unadjusted HK dollar M3, the broader measure, grew 2.5 percent in May and 8.1 percent year on year.     Hong Kong, a southern Chinese special administrative region and free trade hub, has been trying to foster the development of RMB financial market recently with a pilot scheme using yuan for cross- border trade settlement and the issuing of yuan-denominatedbonds in Hong Kong by local and foreign banks operating in the mainland.

YINGXIU, Sichuan, May 12 (Xinhua) -- One year after a massive earthquake hit China's southwestern inland, Chinese President Hu Jintao on Tuesday mourned quake victims with a white chrysanthemum and a motivating speech calling for collective strength in face of extreme hardship.     On 2:28 p.m. Tuesday, exactly one year after the devastating quake shattered many areas in Sichuan and neighboring provinces, President Hu, in dark suit and a blue-and-white stripped tie, paid his respect at a white marble memorial wall on which a written record was inscribed. Chinese President Hu Jintao places a white chrysanthemum in front of a commemorative wall of the earthquake during the commemorative service to mark the first anniversary of May 12 Earthquake in Yingxiu Township of Wenchuan County, southwest China's Sichuan Province, May 12, 2009Beside the monument wall stands a giant granite clock, purposely made cracked, showing the exact time as the tremor occurred. The mourning venue was located among destroyed buildings, including one once belonged to the Xuankou Middle School in the 12,000-resident Yingxiu town, the epicenter of the earthquake. Two thirds of Yingxiu residents lost their lives. Among them 44 were students or teachers from the particular school. A national flag-raising ceremony is held during the commemorative service to mark the first anniversary of May 12 Earthquake in Yingxiu Township of Wenchuan County, southwest China's Sichuan Province, on May 12, 2009The former school gate was decorated Tuesday with white and yellow silk flower, a symbol of grief in the Chinese culture.     After solemn music played by a white uniform-clad military trumpeter, President Hu said, "The country mobilized the fastest, widest and strongest relief efforts when the whole Chinese nation was faced with the unprecedented challenge from the quake disaster."     Chinese Premier Wen Jiabao arrived in Sichuan hours after the quake hit the province to direct relief work.     "Our quick response helped save lots of lives and minimize property losses incurred by the quake," Hu said.     The most destructive quake in China's history, the 8.0-magnitude earthquake struck Sichuan's Wenchuan county and affected some parts of the provinces of Shaanxi and Gansu on May 12, 2008, leaving more than 87,000 dead or missing and the property loss valued at, in official estimates, more than 800 billion yuan (117 billion U.S. dollars).     Mentioning global aid to China's quake relief, Hu said, "On behalf of the Chinese government and people, I express, once again, heartfelt thanks to foreign leaders, governments, political parties, social institutions and embassies in China for their deep care and support to quake relief and reconstruction."     He also thanked United Nations organizations and other international institutions and foreign friendly personages for their care and support

FLORENCE, Italy, May 22 (Xinhua) -- China's top lawmaker Wu Bangguo said here on Friday that China and Italy both have long-standing cultural traditions and should strengthen their cultural exchanges.     Wu, chairman of the Standing Committee of the National People's Congress (NPC) of China, made the remarks while meeting with Riccardo Nencini, president of the local Parliament of Tuscany Region in Italy.     Wu arrived in Florence on Friday afternoon to continue his official goodwill visit to Italy. Wu Bangguo (L2), chairman of the Standing Committee of China's National People's Congress, the country's top legislature, visits the research and development center under the Italian National Agency for New Technology, Energy and Environment (ENEA) in Rome May 21, 2009.    Nencini recalled the visit to Florence by Chinese Premier Wen Jiabao in 2004, saying he is glad to receive yet another senior Chinese leader in the region.     Wu said during Premier Wen's visit some five years ago, the two countries officially launched an all-round strategic partnership. Since then, bilateral links have been growing rapidly. Wu Bangguo (L1), chairman of the Standing Committee of China's National People's Congress, the country's top legislature, visits the research and development center under the Italian National Agency for New Technology, Energy and Environment (ENEA) in Rome May 21, 2009Noting that the two countries share a long-standing friendship, Wu said China and Italy are enjoying the best ever period of their relationship in history.     In a review of his meetings with leaders of the Italian government and parliament during this visit, Wu said the two sides share a strong will to further advance bilateral links and cooperation.     Nencini said the Tuscany Region has forged friendly relations with a number of provinces and municipalities in China. In the past years, the Tuscany Region has developed close trade and economic links with China, as well as vigorous cultural exchanges.     Nencini hopes that the region would continue to explore broader areas of cooperation with China, including university education.     Wu will conclude his visit on Sunday.

ROME, July 5 (Xinhua) -- Chinese President Hu Jintao arrived here Sunday for a state visit, and he will attend the outreach session of the Group of Eight (G8) summit scheduled for Thursday in the central Italian city of L'aquila.     In a statement released upon his arrival at the Fiumicino Airport in Rome, Hu said he is very glad to come to this beautiful country for a state visit at the invitation of Italian President Giorgio Napolitano. Chinese President Hu Jintao (C) is welcomed by an Italian official upon his arrival at Rome, Italy, July 5, 2009. Hu started a state visit to Italy on Sunday. Hu will also attend the outreach session of the Group of Eight (G8) summit scheduled for July 9th in the central Italian city of L'Aquila."I believe that under joint effort of both sides, this visit will be a total success and help advance the all-round strategic partnership between China and Italy to a new stage," Hu said in the statement.     Noting both China and Italy are countries with a long history of civilization, Hu said the two peoples enjoy a long-standing friendship.     "China places great importance on expanding relations with Italy," Hu said, adding China is ready to join effort with Italy to bring in an even brighter future of bilateral relations. Chinese President Hu Jintao is greeted by a girl upon his arrival at Rome, Italy, July 5, 2009. Hu started a state visit to Italy on Sunday. Hu will also attend the outreach session of the Group of Eight (G8) summit scheduled for July 9th in the central Italian city of L'Aquila.In Rome, President Hu will meet President Napolitano, Prime Minister Silvio Berlusconi and other Italian leaders to discuss the development of bilateral cooperation.     In recent years, the all-round strategic partnership between China and Italy has witnessed continuous development as political mutual trust has become deeper and deeper, and cooperation and exchanges in various fields have expanded rapidly. Chinese President Hu Jintao (L, front) waves upon his arrival at Rome, Italy, July 5, 2009. Hu started a state visit to Italy on Sunday. Hu will also attend the outreach session of the Group of Eight (G8) summit scheduled for July 9th in the central Italian city of L'AquilaThe two countries have maintained close coordination on world affairs and expanded people-to-people exchanges and cultural cooperation.     China is now Italy's important trading partner with the two-way trade totaling 38.2 billion U.S. dollars in 2008 despite the slowdown of the global economy.     The two countries have also expanded cooperation in the sectors of economy, culture, science and environmental protection in recent years.     In L'aquila, the Chinese president will attend the outreach session of the G8 summit and other meetings.     According to Italy, the host of the 35th G8 summit, leaders from the G8 and major developing countries will hold talks from Wednesday to Friday on the world economy, the financial crisis, climate change, food security, trade and development.     President Hu will attend a group meeting Wednesday with leaders from India, Brazil, South Africa and Mexico. They are expected to exchange views on the issues of common concern.     At the outreach session of the G8 summit Thursday, leaders of the G8 nations, China, India, Brazil, South Africa and Mexico, and Egypt, a special guest of the Italian president, will discuss a number of pressing issues, such as the world economy, the financial crisis, and international trade.     This is the sixth time that the Chinese president has attended the G8 outreach session. The previous one took place in the northern Japanese resort of Toyako last July.     The G8, an informal forum of leading industrialized nations, groups Germany, France, Britain, Italy, Japan, the United States, Canada and Russia.     President Hu will also attend the Major Economies Forum (MEF) on energy security and climate change Thursday.     Italian Prime Minister Berlusconi described the forum in L'aquila as a "crucial step in the preparatory work paving the way for the UN conference in Copenhagen this December."     On Friday, President Hu will join discussions with leaders of the G8, Brazil, India, South Africa, Mexico and a group of African nations on aid, food security and progress toward the Millennium Development Goals.     China expects the outreach session will give "a strong signal for further cooperation on tackling the financial crisis on the basis of the G20 summits," said Chinese Vice Foreign Minister He Yafei at a press briefing last week.     "We expect the meeting will help to raise concern on the impact of the global downturn on development issues and food security, especially in African countries," He said.     On the sidelines of the G8 outreach session, President Hu is expected to meet some leaders participating in the event, including U.S. President Barack Obama, to discuss bilateral ties and the international issues of common concern.     Hu and Obama met for the first time on April 1 to discuss bilateral ties, the ongoing global financial storm and other major issues of common concern when they were attending a Group of 20 summit on the financial crisis in London.     The G8 has strengthened links and dialogue with developing countries in recent years. Such a trend has helped advance the South-North dialogue and cooperation, push forward the development of multilateralism, and promote the resolution of global issues.     Italian Prime Minister Berlusconi decided to move the venue of G8 summit from the island of Sardinia to L'aquila, where an earthquake on April 6 killed 295 people and left over 60,000 people homeless.     The Italian government hopes the shift of the summit venue could attract more attention to the plight of the victims in L'aquila and help the devastated city's reconstruction.     Since the end of last year, President Hu has attended a series of major international conferences on the financial crisis and other major issues.     He participated in the annual summit of the Shanghai Cooperation Organization (SCO) and the first meeting of BRIC (Brazil, Russia, India and China) leaders in Russia's Ural city of Yekaterinburg in June.     He was present at the G20 financial summit in London in the beginning of April.     The Chinese president and other leaders from the G20 members also gathered in Washington for a summit on the financial crisis on Nov. 15 last year.     Days later, Hu flew after a Cuba visit to Peru to attend the Economic Leaders' Meeting of the Asia-Pacific Cooperation Organization (APEC) on regional economic issues and the financial crisis.     Other Chinese leaders including Premier Wen Jiabao have also participated in several international conferences to seek joint actions with other countries to deal with the crisis.     Premier Wen stressed confidence, cooperation and responsibility as a key to overcoming the financial storm at the World Economic Forum's annual meeting in the Swiss skiing resort of Davos in January.

BEIJING, June 11 (Xinhua) -- China's Central Authorities have launched a new round of campaign to crack down on "small coffers" illegally held in the hands of Party and government organizations at different levels.     This year, Party and government departments that completely rely on the budgetary funds are the first to carry out the work and later, the campaign will involve all nongovernmental organizations, state-run companies, and state-held companies, in a step-by-step way, says a document recently issued by the General Offices of the Communist Party of China (CPC) Central Committee and the State Council.     The document, known as "Directions on Deepening the Crackdown of Small Exchequers", criticized the illegal phenomenon, emphasizing that in some areas and departments it has occurred frequently or even seriously. "The masses have responded to it strongly," it says.     It calls these "small coffers" a "cancer" and says they must be eliminated. The illegal phenomenon has resulted in inaccuracy in accounting, disturbance in market order, losses in state income and property and corruption, according to the circular.     It encourages all units concerned to check the problem by themselves and those that pretend to do so will be punished. It pledges to punish those who try to boycott the campaign or retaliate the tippers.     Those that are involving huge sum of the illegal treasuries or criminal activities will be handed over to judicial departments in accordance with law, according to the document.     The Central Authorities have set up a special leading group with members from the Central Commission for Discipline Inspection of the CPC Central Committee, the Ministry of Supervision, the Ministry of Finance, and the State Auditing Administration.     In the late 1990s, the Chinese Authorities conducted the first round of auditing and cracking down on "small coffers" throughout the country.