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BRISBANE, Australia, April 4 (Xinhua) -- All the crew members are safe after a Chinese coal ship ran aground off the eastern coast of Australia on Saturday, said Chinese Consul-general in Brisbane Ren Gongping on Sunday.Ren told Xinhua that the 230-meter-long bulk coal carrier Shen Neng 1 ran aground about 70 km east of Great Keppel Island in Queensland State shortly after 5 p.m. on Saturday.The vessel, carrying 950 tons of heavy fuel oil and 65,000 tons of coal, is bound for China.Ren said he had phoned the captain of the carrier, Wang Jichang, who told Ren that drinking water and food are enough for the 23 crew members. The incident caused no injuries to the crew.The consul-general said the captain told him the incident is not serious and repair is underway.Ren added that he was very much concerned about the safety of the Chinese crew and he had contacted the local police immediately after learning the incident. The police had assured Ren that they would try their best to safeguard the crew in case of an emergency.Three police ships have reached the area and are ready to take the crew to safe place from the coal carrier.
BEIJING, April 6 (Xinhua) -- China's outstanding external debt reached 428.6 billion U.S.dollars by the end of 2009, up 14.4 percent from a year earlier, the State Administration of Foreign Exchange (SAFE) said here in a statement on its website Tuesday.The figure excluded Hong Kong Special Administrative Region (SAR), Macao SAR, and Taiwan.The country's registered foreign debt was equivalent to 266.95 billion U.S. dollars by the end of last year, up 2.5 percent from the 2008 level. Outstanding trade credits stood at 161.7 billion U.S.dollars, according to SAFE.China's foreign debt service ratio was 2.87 percent, while the foreign debt ratio and liability ratio stood at 32.15 percent and 8.73 percent, respectively, SAFE said.Mid- and long-term external debt, accounting for 39.52 percent of all outstanding foreign debt, totaled 169.39 billion U.S.dollars by 2009, most of which came from manufacturing and infrastructure construction in transportation, storage and postal services, it said.Short-term external debt rose 23 percent to 259.26 billion U.S.dollars year on year by the end of 2009, accounting for 60.48 percent of the total.New mid- and long-term debt in 2009 declined 38.18 percent to 22.45 billion U.S.dollars from a year earlier.China repaid principals for mid- and long-term loans of 34.19 billion U.S. dollars and 3.63 billion U.S. dollars in interest in 2009, up 46.78 percent and down 12.64 percent year on year, respectively, said SAFE.
BEIJING, May 31 (Xinhua) -- The People's Bank of China (PBOC), China's central bank, issued a circular Monday requiring banks to curb lending to energy-intensive industries, a move echoing government energy-saving and pollution-reduction measures.Banks must strictly review loan applications from companies in energy-consuming industries, the circular said, adding that only bank headquarters can extend loans to finance capacity expansion projects in energy-guzzling sectors.It also banned new credit to any projects not complying with government energy-saving policies.According to the circular, banks should conduct an overall review of loans to energy-intensive industries and report the results to the central bank by the end of June.The State Council, China's Cabinet, urged in early May all government departments make efforts to cut emissions and conserve energy to meet the country's target set in the 11th Five-Year Plan (2006-2010), according to which China will cut its per unit GDP energy consumption by 20 percent compared with 2005 levels by the end of 2010.
BEIJING, May 3 -- Ma Weihua, president and chief executive officer of China Merchants Bank (CMB), said he wanted to see Chinese banks elevate their level of globalization in the context of expedited overseas expansion of Chinese companies during his bank's recent road show in the United States. He said CMB would pursue this process ambitiously but cautiously.The bank is soon to relocate its night-shift foreign exchange trading team to its New York branch, which was established in 2008, and will move on to security trading as well in the future, according to Ma during a group interview. The branch is also working on consolidating its dollar settlement business."What I'm concerned about right now is to first have my New York branch familiarized with the US market, customers and rules as soon as possible so I can expand the business steadily," Ma told the audience at a recent speech at New York University's Leonard N. Stern School of Business. "We won't consider faster expansion until we have secured our position here."Because of policy restrictions, CMB and other Chinese banks are only able to provide very limited services overseas for now. Retail banking, which CMB is best at, is still being constrained in its New York branch, its first branch in the West. But the bank is eyeing up other opportunities.The branch is attaching increasing importance to the loan business for Chinese companies during their overseas merger and acquisition activities. It just completed a big deal for a Chinese State-owned conglomerate but declined to reveal its name."The most fundamental motive to globalize our bank is to support Chinese companies' overseas growth and to provide the same quality service for foreign companies as well when they come to China," Ma said.According to Ma, over the past five years, Chinese companies' overseas direct investment saw an annual increase of 60 percent and their non-financial overseas investment grew by 68.5 percent year-on-year.In comparison, overseas assets only make up less than 4 percent of Chinese banks' total assets, while in large banks in Europe and the US, the proportion is about 40 percent, he said.
BEIJING, May 27 (Xinhua) -- Chinese and Indian presidents Thursday agreed that the two Asian countries should further develop partnership and cooperation for mutual benefits as well as regional and global peace and development.Chinese President Hu Jintao and his Indian counterpart Pratibha Devisingh Patil held talks in Beijing Thursday afternoon. Patil arrived in Beijing Wednesday for a six-day state visit to China, the first of its kind over the past decade.Hu said expanding the strategic partnership of cooperation between China and India conformed with fundamental interests of both countries and their people and was conducive to peace, stability and development of the region and the world.He said leaders of the two countries should have frequent meetings and negotiation to enhance mutual trust, for which governments, legislatures and political parties should also play a role. Chinese President Hu Jintao (L) and Indian President Pratibha Patil inspect a guard of honor during a welcoming ceremony held for Patil in Beijing, capital of China, May 27, 2010.President Patil said India-China relations were of global and strategic significance, and all political parties in India were supportive of further advancing such relations.On trade and economic cooperation, Hu urged the two countries to push forward cooperation in fields including finance, agriculture, science, technology, forest and environmental protection.The two countries should create a more flexible environment for each other's companies to make investment and undertake construction contracts, he said.Both countries must adhere to the principles of openness and mutual benefit while opposing protectionism in any form, he said.Describing trade and economic cooperation as a pillar of bilateral ties, Patil said India and China should work together to realize trade target that had been set.Hu said China and India should work more closely to address global issues such as economic downturn, climate change, energy security and food security.The two countries should maintain close communication and coordination within multilateral mechanisms such as China-Russia-India, BRIC, BASIC, and G20, in a bid to increase the voice of developing countries, Hu said.Patil said India was ready to strengthen cooperation with China to address the global issues and safeguard the interests of developing countries.Both presidents agreed that the two neighbors should step up people-to-people exchanges in the areas of culture, education, media, youth and non-government sectors.Celebrations such as "China Festival" in India and "India Festival" in China would be held this year to mark the 60th anniversary of the establishment of diplomatic relations.After the talks, the presidents witnessed the signing of a number of cooperative documents in the areas of tourism, human resources and sports.President Patil also met with top Chinese legislator Wu Bangguo and Premier Wen Jiabao Thursday.Besides Beijing, she will visit Luoyang City in central China's Henan Province and will attend the 2010 World Expo in Shanghai.