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BEIJING, July 30 (Xinhuanet) --Zhejiang Geely Holding Group Co is expected to complete it takeover of Swedish luxury car brand Volvo from US automaker Ford Motor Co on Monday after getting government approval for the deal.Ministry of Commerce officials told China Daily on Thursday that the government cleared the Volvo deal on Monday 26, after the National Development and Reform Commission cleared the proposal last week.Geely has also got the necessary anti-trust approvals from the European Union and the US government for the deal.Li Shufu (center), chairman of Zhejiang Geely Holding Co, arrives for a news conference in Beijing earlier this year. The Geely-Volvo deal has won approval from the Chinese government."With this the decks are now clear for Geely to complete its acquisition of Volvo and start manufacturing the brand in China," said Wang Zhile, director of the research center on transnational corporations under the Ministry of Commerce.Yuan Xiaolin, Geely's spokesman for the Volvo deal was unavailable on Thursday for comment. However, unnamed sources from Geely told China Daily that the Zhejiang-based automaker will hold a formal function on Monday to complete the deal.Geely's shares surged nearly 11.32 percent and closed at HK.95 per share in Hong Kong on Thursday.Privately owned Geely paid .8 billion to acquire the Volvo car brand from Ford on March 28 this year. It was the biggest overseas deal made by Chinese automakers in recent times.Geely Chairman Li Shufu had at that time indicated that the company would invest 0 million as operating capital in Volvo apart from the US.8 billion purchase price.Geely said on July 15 that it had appointed Li as the chairman of the board at Volvo Car Corp. At the same time it appointed the former president and CEO of Volvo Hans-Olov Olsson as the vice-chairman.More appointments to the board and top management, including the chief executive and chief financial officer, may be made next week, said sources.Analysts said the Volvo buy will help Geely gain a competitive edge in China and also a major toehold in Europe.Pursuant to completion of the deal, Geely is likely to start making Volvo cars locally.Though it has not announced a location yet, indications are that it may consider Jiading in Shanghai, Chengdu in Sichuan, Beijing or Tianjin as possible production sites.During the firsts six months of the year, Volvo sold 15,497 cars in China, up 88 percent over last year.That compares to the Swedish luxury brand's 5.2 percent and 9 percent year-on-year decline in major markets like the United States and Germany.Geely plans to increase Volvo's annual sales in China to 150,000 units by 2015, said sources.

ZHOUQU, Gansu, Aug. 14 (Xinhua) -- The death toll from the massive mudslide in northwest China's Gansu Province has risen to 1,156 as of 4 p.m. Friday, with 588 still missing, local authorities said.The toll stood at 1,144 by Thursday afternoon.More than 1,500 survivors are living in tents or school classrooms while 8,300 have sought shelter with relatives and friends, said Zhao Minxue, head of the publicity department in Gannan Tibetan Autonomous Prefecture which administers Zhouqu.Water and power supplies, and telecommunication services in Zhouqu are gradually back to normal thanks to swift repair efforts.Power has been resumed in the key regions of the county seat and at 60 percent of households, the provincial information office said in a statement Friday.Relief teams are digging new wells after finding two new drinking water sources and 21 unpolluted wells, it said.Gansu had received 120.4 million yuan (17.7 million U.S. dollars) in cash donations and relief materials by Friday afternoon, the provincial department of civil affairs said.Meanwhile, relief workers continued to clear the water course of the Bailong River, which overflowed after being blocked by debris, amid fears that more downpours could trigger new floods and mudslides.Rescuers tried to give dignity to the deceased as they were striving to search bodies in the debris. But this was no easy work sometimes as many bodies were buried meters deep in sludge."All the soldiers have done their best," said survivor Bai Chengxiang, 24. "If they could not find the remains of my aunt's family, I will have to accept the reality."

ZHOUQU, Gansu, Aug. 8 (Xinhua) -- At least 127 people have been confirmed dead in rain-triggered mudslides Sunday in a northwest China county, while rescuers are racing against the clock to search nearly 1,300 others who are still missing.Heavy downpours triggered landslides and mud-rock flows in Zhouqu County, Gannan Tibetan Autonomous Prefecture in Gansu Province, early Sunday morning.The rescue headquarters in Zhouqu estimated that 1,294 people are missing as of 9 p.m. Sunday. Earlier the provincial civil affairs department put the figure at nearly 2,000.Another 117 were injured, including 29 in serious condition, as of 9:25 p.m.. In addition, 1,242 have been rescued from debris or brought to safety from places such as tops of buildings.About 45,000 people have been evacuated, according to a statement from the provincial civil affairs department.The water level in the county seat of Chengguan Township had declined by 40 cm, after floodwaters carrying mud and rocks submerged half the town in the small hours on Sunday, said Mao Shengwu, head of the prefecture.Chinese President Hu Jintao and Premier Wen Jiabao instructed the Gansu provincial government and other related departments to spare no efforts to save lives. Wen arrived at Zhouqu County at 4:35 p.m.The China National Committee for Disaster Reduction, the State Flood Control and Drought Relief Headquarters and the Ministry of Civil Affairs have lifted the national disaster relief response level to grade II, the second highest level.

BEIJING, July 12 (Xinhua) -- The central parity rate of the yuan, China's currency Renminbi (RMB), stood at 6.7718 per U.S. dollar Monday, a new record high, according to the data released by the China Foreign Exchange Trading System.China's central bank announced on June 19 that it would further the reform of the formation mechanism of the yuan exchange rate to improve its flexibility.

BEIJING, Aug. 18 (Xinhua) -- Chinese President Hu Jintao met here Wednesday with Singapore President S.R. Nathan. They praised the development of bilateral ties and pledged to further cooperation."We attach great importance to the relations with Singapore," Hu told Nathan during the meeting at the Great Hall of the People, saying that China-Singapore relations had witnessed remarkable development since the two forged diplomatic ties 20 years ago."We applaud Singapore's adherence to the one-China policy and its support to our national reunification," Hu said.Hu said that China would work with Singapore to enhance political mutual trust and actively carry out the China-Singapore and China-ASEAN (the Association of Southeast Asian Nations) free trade agreements.He also expressed his hope that the two nations would increase bilateral cooperation in the high-tech and human resources sectors to achieve mutually successful results and common development.Nathan said China's economic growth was conducive to Singapore and the region at large. He welcomed more Chinese businesses to invest in his country and conduct mutually beneficial cooperation.The two presidents spoke highly of the development of the Suzhou Industrial Park and the Tianjin Eco-City in China as landmark projects of China-Singapore cooperation.Speaking on behalf of the Singaporean government and people, Nathan extended his sympathy to the Chinese people in the mudslide-hit areas in Zhouqu County in Gansu.