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HANGZHOU, July 4 (Xinhua) -- A new regular direct passenger sea route between the Chinese mainland and Taiwan was officially opened Saturday after a ship safely returned from Taiwan.The passenger ship, Coscostar, returned to the Damaiyu Port, Taizhou City of eastern Zhejiang Province Saturday, making it the second port on the mainland that has served the regular direct sea route with Taiwan, said He Jinliang, deputy head of the city's Taiwan affairs office.On June 26, the ship, carrying more than 500 passengers, traveled about 302 km to the Keelung Port of Taiwan, He said.With a tonnage of 26,800, the ship, owned by the China Ocean Shipping Companies Group, could carry about 600 passengers, 256 containers and 150 automobiles.The COSCO Star Passenger Ro-Ro Ship is berthed inside the Dabaiyu Port, prior to its maiden voyage to Keelung of Taiwan, at Taizhou City, east China's Zhejiang Province, June 26, 2010.The ship is scheduled to shuttle once a week. It will depart from Damaiyu in Yuhuan County on Saturday night and return the following Friday. The single trip would take eight to nine hours, traveling at various speed.Wang Yihao, deputy head of Yuhuan County, said the standard ticket costs 600 yuan (88.6 U.S.dollars) and the deluxe class ticket costs 1,000 yuan."The prices are nearly half that of airline tickets. With this new route, cross-Strait travel will be much easier, more comfortable and will attract more mainland tourists to Taiwan," Wang said.In August 2009, the first regular direct sea route was launched to link eastern Fujian Province's Xiamen Port and Taiwan's Taichung Port and Keelung Port.
LONDON, Aug. 2 (Xinhua) -- Chinese automaker Geely has completed the acquisition of Volvo Car Corporation from Ford in London.Geely Chairman Li Shufu and Lewis Booth, Ford's chief financial officer (CFO) attended a signing ceremony in London on Monday."This is a historic day for Geely, which is extremely proud to have acquired Volvo Cars," said Li."The signing and completion of this acquisition reflects the commitment of Ford and Volvo executives to the future of this company, along with the vital efforts of union representatives and government officials in Sweden, Belgium and China as well as other relevant countries," said Li."This famous Swedish premium brand will remain true to its core values of safety, quality, environmental care and modern Scandinavian design as it strengthens the existing European and North American markets and expands its presence in China and other emerging markets," he added.Geely named Stefan Jacoby, chief executive of Volkswagen Group of America, as president and chief executive officer of Volvo Cars.Jacoby said: "I am honored to join a company with the prestige and growth potential of Volvo. Our employees, suppliers, dealers, and above all our customers, can be confident that Volvo will preserve its special status as the industry leader in vehicle safety and innovation, even as it pursues new market opportunities."Jacoby will join the board of Volvo Cars, chaired by Geely chairman Li. The board comprises several new directors including Hans-Olov Olsson, former president and chief executive of Volvo Cars and former chief marketing officer of Ford, who will become vice chairman of the board.Hans-Oskarsson, deputy chief financial officer, will replace Stuart Rowley as the CFO of Volvo Cars. Rowley and former Volvo president and chief executive Stephen Odell are moving to leadership roles at Ford of Europe.Geely paid 1.3 billion U.S. dollars in cash plus a 200-million-dollar note, less than the price worth 1.8 billion dollars announced in March due to changes in pension obligations and working capital.Under the new ownership, Volvo Cars will keep its headquarters and manufacturing presence in Sweden and Belgium, and its board will have autonomy to execute its strategic plan. Volvo and Ford will maintain close relations in component supply.
KINSHASA, July 24 (Xinhua) -- Chinese State Councilor Dai Bingguo arrived in Kinshasa on Friday night to begin a three-day visit to the Democratic Republic of Congo (DR Congo).The visit by the Chinese official is set to strengthen cooperative relations between the two friendly countries, officials said.Dai is scheduled to meet with Congolese President Joseph Kabila and Prime Minister Adolphe Muzito on Saturday.During his stay in DR Congo, Dai will visit the June 30 boulevard, the People's Palace and Kinshasa's Fiftieth Independence Hospital, which were all constructed by Chinese firms.Dai, who is heading a Chinese delegation on a five-nation African tour, had previously visited Ethiopia, Algeria and Equatorial Guinea. The trip will also take him to Zambia.
BEIJING, July 11 (Xinhua) -- Growth of China's foreign exchange reserves are slowing as the total reached 2.4543 trillion U.S. dollars by the end of June, up 15.1 percent year on year, the People's Bank of China (PBOC), the central bank, announced on Sunday.Statistics from the central bank show China's foreign exchange reserves increased by 7.2 billion U.S. dollars in the second quarter, a drastic decrease compared to the last quarter in 2009, when reserves grew by 126.5 billion U.S. dollars.Reserves in the first quarter increased by 47.9 billion U.S. dollars.The PBOC also said the declining euro was the major reason behind the slowing growth in foreign exchange reserves.The exchange rate between the euro and U.S. dollar had fallen by nearly 20 percent between the end of 2009 and May this year, according to the PBOC.China's basket of foreign exchange reserves include the U.S. dollar, euro, Japanese yen and others.On a monthly basis, reserves increased by 43.4 billion U.S. dollars in April followed by a reduction of 51 billion U.S. dollars in May, while June saw reserves increase by 14.8 billion U.S. dollars.China's gold reserves stood at 33.89 million ounces at the end of June, according to PBOC figures.
LHASA, Aug. 15 (Xinhua) -- A senior official of the Communist Party of China (CPC) has urged greater efforts to implement democratic management in Tibetan Buddhist monasteries.Concerted and solid efforts must be paid to implement democratic management in Tibetan Buddhist monasteries, said the official, Du Qinglin, head of the United Front Work Department of the CPC Central Committee.Du, also vice chairman of the National Committee of the Chinese People's Political Consultative Conference, made the remarks during a conference on democratic management of Tibetan Buddhist monasteries which was held in Xigaze of Tibet Autonomous Region from Aug. 14 to 15.Competent Tibetan Buddhist monks and nuns who are politically reliable, extraordinarily learned and widely respected should be selected to monastery management committees through thorough democratic consultation, said he,In implementing monastery democratic management, the lawful rights of monasteries, orderly religious activities of monks and nuns, and normal religious practice of believers must be ensured, he added.The 11th Panchen Lama, Bainqen Erdini Qoigyijabu, who is also vice president of the Buddhist Association of China, sent a congratulatory letter to the conference.The conference was attended by some 150 people from Tibetan Buddhist circles and relative governmental organizations.