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MILAN, May 18 (Xinhua) -- Top Chinese legislator Wu Bangguo arrived in the Italian city of Milan on Monday for an official goodwill visit to the country.     Wu, chairman of the Standing Committee of China's National People's Congress (NPC), began his tour in Italy at the invitation of Italian Senate President Renato Schifani and Chamber of Deputies President Gianfranco Fini.     In a written statement released at the airport upon his arrival, Wu said China is ready to work with Italy to maintain the sound momentum of practical cooperation so as to make contributions to overcoming the international financial crisis and spurring the recovery of the world economy. Wu Bangguo (R Front), chairman of the Standing Committee of China's National People's Congress, the country's top legislature, arrives in Milan on May 18, 2009 at the start of an official goodwill visit to Italy    Wu is scheduled to meet with Italian President Giorgio Napolitano, Prime Minister Silvio Berlusconi as well as heads of both houses of the Italian parliament and other Italian leaders to exchange views on bilateral relations and other regional and international issues of common concern.     Wu is also to visit a research and development center of the Italian National Agency for New Technology, Energy and the Environment (ENEA), which shows China's interest in using European technologies to improve energy efficiency of its economy.     After Chinese President Hu Jintao's attendance at the London G20 summit in April and Chinese Premier Wen Jiabao's Europe tour in January, Wu is yet another senior Chinese leader to visit Europe in the past few months.     Against the background of the worsening global financial crisis, Wu's visit highlighted the importance that China attaches to cooperation with Europe in addressing global challenges.     Italy, which currently holds the rotating presidency of the G8 group, will host a summit between the leaders of G8 nations and developing countries in June. Hu is expected to attend the meeting.     Wu's visit coincides with a G8 environment ministers meeting that is to be held in Italy on May 22.     China and Italy have witnessed smooth development of bilateral ties in recent years. Berlusconi visited Beijing for the Asia-Europe summit last October.     Besides Milan, Wu is also to visit Rome, Florence and Venice. Italy is the final leg of Wu's three-nation Europe tour, which had already taken him to Russia and Austria. 

BEIJING, June 10 (Xinhua) -- China is ready to end a de facto suspension of initial public offerings (IPOs) on the Shanghai and Shenzhen stock exchanges, after the securities regulator unveiled Wednesday the final guidelines for new IPOs.     The China Securities Regulatory Commission (CSRC) said the guidelines would take effect Thursday.     An unidentified CSRC spokesman said the commission will give approvals to applying firms any time after the guidelines become effective.     The commission announced draft guidelines on May 22 to solicit public opinions till June 5. The new guidelines aim to improve the price discovery function of the stock market, and help retail investors subscribe to newly issued stocks.     The draft said the quotation system for new issues should be revised so that issue prices faithfully reflect market demand, and lead underwriters should take steps to avoid "unreasonably" high prices.     Under the new rules, stock subscribers need to use either the online or off-line subscription system, but not both, to purchase new stocks. Institutional investors used to enjoy the privilege of subscribing through both systems, while retail investors could use only the off-line system.     Three revisions were made to the draft to follow public advices that the commission deemed reasonable.     The final version said a single investor is refined to use one account only to purchase new stocks, as some institutional investors have multiple accounts. The revision is aimed to help more smaller investors get access to new stocks.     In addition, the commission said it would consider to increase the number of tradable stocks in response to suggestions the lock-down of too many stocks would do no good to curb speculation.     However, the spokesperson said shares lock-down of large shareholders would remain in place, as it is aimed to prevent frequent changes in managerial staff that could jeopardize a firm's operation and create risks and the practice is followed on many overseas markets.     The commission also added the content about improving the "clawback" and the offering suspension mechanisms upon requests of the public. The "clawback" mechanism is used in the event that the deal is subscribed by 100 times or more.     The CSRC effectively suspended all new stock issues last September, as it halted approvals. Since then the stock market has plunged more than 50 percent from its peak 6124.04 in October 2007,compared to Wednesday's closing.     The CSRC spokesman anticipated that the first few new IPOs may not be satisfactory (in boosting the market), but he believed that the goals of the new guidelines could be achieved over time, which would play a positive role in boosting the market in the long run.     A total of 32 firms are on the waiting list to launch their IPOs on the A-share market, expecting to issue a combined more than 14 billion shares.     China State Construction Engineering Corp. is expected to issue12 billion shares.

SHANGHAI, June 28 (Xinhua) -- Top Chinese political advisor Jia Qinglin on Sunday mourned the death of Dong Yinchu, honorary chairman of the China Zhi Gong Party central committee, who died of illness on Tuesday at the age of 95.     Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), attended Dong's funeral in Shanghai with Yu Zhengsheng, Communist Party chief of the city, and expressed condolences to Dong's family. Jia Qinglin (1st R), chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), shakes hands with a relative of Dong Yinchu during Dong's funeral in Shanghai, east China, June 28, 2009    Dong was a well-known leader of patriotic overseas Chinese and served as chairman of the ninth and tenth central committees of the Zhi Gong Party, a non-communist party in China.     "The close friend of the Communist Party of China" was also a vice chairman of the eighth National Committee of the CPPCC.     President Hu Jintao, former president Jiang Zemin, and other leaders including Wu Bangguo, Wen Jiabao, Li Changchun, Xi Jinping,Li Keqiang, He Guoqiang and Zhou Yongkang also sent condolences to Dong's family.

BEIJING, April 29 (Xinhua)-- China has allocated 23 billion yuan (3.37billion U.S. dollars) for energy saving, anti-pollution, ecological and environmental protection projects since the fourth quarter of last year, a senior official told Xinhua Wednesday.     Han Yongwen, secretary-general of the National Development and Reform Commission, said investment in these sectors accounted for 10 percent of the 230 billion yuan government spending to date on infrastructure, ecological and environmental sectors, quake relief and other areas.     China unveiled a 4-trillion-yuan stimulus package in November last year to be spent over the next two years with 1.18 trillion yuan spending from the central government, to cope with the adverse effects of the global financial crisis and shore up the domestic economy.     "This ratio of 10 percent was not low. It shows that the central government not only focuses on stimulating domestic demand and keeping stable economic growth, but also stresses laying a good foundation for the economy's sustainable development in the long run," Han said.     Of the 23 billion yuan spending, 13 billion went to improving urban water treatment facilities, 4 billion yuan to pollution prevention projects on the Huaihe and other big rivers, 3.5 billion yuan to forest planting projects and the other 2.5 billion yuan to key energy saving projects across the country.

TAIYUAN, May 26 (Xinhua) -- Chinese companies should continue to improve their competence to ensure economic growth amid the global downturn, Vice President Xi Jinping has urged.     Xi made the remarks during an inspection tour to north China's Shanxi Province, an old industrial base that is also resource-rich, from Sunday to Tuesday.     To sharpen their competitive edge is companies' key mission to ensure national economic growth, said Xi . Chinese Vice President Xi Jinping, also member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau and a member of the Secretariat of the CPC Central Committee, visits an industrial area to learn about employment situation in Taiyuan, during an inspection tour in north China's Shanxi Province, on May 26, 2009    Xi urged companies to use new technology to conserve energy. He also stressed work safety, saying people's lives are the most precious of all.     He called on companies to create more jobs for the disabled and broaden their employment "to the utmost."