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Hong Kong' benchmark Hang Seng Index plunged 5.18 percent on Monday to close at its lowest level this year, drawn by growing troubles in the global credit markets and weakness in the Chinese mainland bourses.     The Hang Seng Index fell 1,152.50 points, or 5.18 percent, to close at 21,084.61 on Monday, its lowest level in nearly seven months, amid worries on the near collapse of U.S. investment bank Bear Stearns.     Over the weekend, the subprime mortgage crisis claimed another major victim -- Wall Street's fifth largest investment bank Bear Stearns. Wall Street fell sharply on Friday on the news, followed by Asian markets.     The benchmark Hang Seng Index opened at 21,318.03 and fluctuated between 21,041.26 and 21,473.40 during the session. Turnover was at 94.37 billion HK dollars (12.16 billion U.S. dollars), up from last Friday's 88.28 billion HK dollars (11.32 billion U.S. dollars).     Three of the four major categories lost ground. The Properties lost most at 5.73 percent, followed by the Commerce and Industry at 5.58 percent and the Finance at 5.32 percent. The Utilities, the only gainer, edged up 0.21 percent.     The biggest decliners in the local benchmark index were mainly China-based companies. Index heavyweight China Mobile fell 4.6 percent to 102.50 HK dollars. Smaller rival China Unicom slid 4.6 percent to 16.32 HK dollars.     Shenhua Energy fell 8.9 percent to 32.95 HK dollars, and Ping An Insurance was down 7.6 percent at 53.20 HK dollars.     The Chinese mainland's biggest insurer, China Life Insurance, slid 7.4 percent to 25.70 HK dollars. Non-life insurer PICC P&C tumbled 11.5 percent to 6.48 HK dollars.     Air China, Chinese mainland's biggest international carrier, lost 50 cents or 8.5 percent at 5.40 dollars as oil continued its relentless climb to a fresh high of 111.80 in Asian trade Monday on a weaker dollar. The company will report its 2007 results later Monday. The mainland's biggest airline by fleet size, China Southern Airlines skidded 73 cents or 12.5 percent to 5.13 dollars.     PetroChina, Asia's biggest oil and gas company, dropped 6.6 percent to 9.42 HK dollars. Major oil firm Sinopec fell 8.1 percent to 6.14 HK dollars on investor concerns about steep losses at its refining division given the recent surge in crude prices.     Property stocks tumbled, in line with the downward trend in the overall market, and on reports of softening housing prices in the city's new territories.     Sino Land Co, which has the highest exposure to the local residential market, fell 11 percent to 15.42 HK dollars.     Asian billionaire Li Ka-shing's property flagship Cheung Kong Holdings, fell 5.7 percent to 99.05 HK dollars.     Hong Kong's biggest property developer, Sun Hung Kai Properties Ltd (SHK Properties), slumped 4.8 percent to 112.60 HK dollars.     CLP Holdings and Hong Kong Electric were the only gainers in Monday's trade as CLP Holdings up 1.1 percent to 65.30 HK dollars and Hong Kong Electric rose 3.3 percent to 50.90 HK dollars.

DALIAN: Visiting Japanese lawmakers said on Saturday they were confident that China-Japan relations would develop further, and sport may have something to do with it."Japan and China are partners and our relations are facing good momentum of development and opportunities," Seishiro Eto, a member of the Japanese House of Representatives and former vice-minister of foreign affairs, said.During this visit to China, Eto also wore another hat: that of captain of the Japanese lawmaker soccer team. On Saturday, the team played a friendly soccer match with Chinese lawmakers in the coastal city of Dalian, Liaoning Province.The Chinese team has 35 members with an average age of 45. Most are deputies to the National People's Congress (NPC) including government officials, scientists, entrepreneurs, teachers and doctors.Participants from Japan are 23 lawmakers from the ruling Liberal Democratic Party, its coalition partner the New Komeito Party, the main opposition Democratic Party of Japan, the Japanese Communist Party and the People's New Party.Both sides said "soccer diplomacy" was aimed at deepening friendship. "Ping-pong diplomacy broke the ice in the Sino-US relationship during the early 1970s - and now another sport, soccer, has become a new way to improve Sino-Japanese relations," Lu Yongxiang, vice-chairman of the NPC Standing Committee, said.Lu said China-Japan ties had entered a new phase after former Japanese prime minister Shinzo Abe's "ice-breaking" visit to China last October and Premier Wen Jiabao's "ice-thawing" visit to Japan this April.The game was particularly important as this year marks the 35th anniversary of the normalization of bilateral ties.He said it was the first time that NPC deputies engaged in a sports exchange with Japan.There was a push to hold a soccer match among Japanese, Chinese and South Korean lawmakers next year in Japan, as well as form a cheering squad for Japan during the next year's Beijing Olympic Games, he added.During the friendly soccer match, whenever there was a physical confrontation, players helped each other to get up and shook hands. There was no sign of aggression on the field, only smiles.At the end of the game, players took photos of each other against the background of a big screen where a message read: "friendship first, competition next".Both teams were free to change as many as players, and dangerous actions such as slide tackles were forbidden."It's indeed an easy and comfortable game," Wang Ning, a NPC deputy and professor at Ocean University of China, said.Wang said he had been looking forward to the game for a long time, and was very happy to interact with Japanese lawmakers in such a unique way.Suzuki Tsuneo, a member of the Japanese House of Representatives, said China-Japan ties had witnessed ups and downs, but were now back on track because of extensive efforts by both sides."However, I believe that no matter how the bilateral political relationship goes, friendship will last if communication and exchange among the people continue," he said.

The State Environmental Protection Administration (SEPA) yesterday outlined its plan to significantly reduce air and water pollution this year.It aims to cut up to 2.3 million tons of sulfur dioxide (SO2) emissions and 1.3 million tons of chemical oxygen demand (COD), a measure used in the monitoring of pollution.SEPA director Zhou Shengxian said yesterday in Beijing that this year's targets are to reduce SO2 by 6 percent and COD by 5 percent based on their 2005 levels, which serve as the base for the environmental goals of the 11th Five-Year Plan (2006-10).By 2010, the plan is to reduce both SO2 and COD levels by 10 percent, based on 2005 figures."Industrial restructuring will play a fundamental role in curbing pollution," Zhou said.He said more high energy consuming and high polluting power plants will be shut down this year, including a number of small-sale thermal power plants with a combined output of 13 gigawatts, steel plants with a total capacity of 6 million tons, cement plants with a combined output of 50 million tons, iron production facilities with a total capacity of 14 million tons, and papermaking factories producing a combined 1 million tons."This phase-out plan, if achieved by the end of this year, will help China reduce its emissions of SO2 by 600,000 tons and cut the COD by 400,000 tons," Zhou said.Key eco-friendly projects will also be implemented, Zhou said.The country's urban wastewater treatment capacity is to be increased by 12 million tons a day, which will cut COD by 600,000 tons.In addition, industries will be required to strengthen their wastewater treatment capacities and will be expected to decrease COD by 200,000 tons a year.In terms of air pollution, the use of sulfur scrubbers to clean emissions will be emphasized.New thermal power generation units with a combined capacity of 30 gigawatts will be installed with sulfur removal capabilities, which is expected to reduce SO2 emissions by 1.5 million tons.Measures taken by the central government and environmental agencies last year also saw progress being made in the green battle.The density of COD in water resources was 6.5 mg per liter, down 7 percent on 2006.A reduction in SO2 emissions also saw the area of land affected by acid rain shrink by 100,000 sq km.The number of blue-sky days with good air quality was also up on the previous year.However, the fight against pollution is far from over, Zhou said.SEPA figures showed that last year, the quality of more than 26 percent of water runoff was worse than grade V - a level unfit for human contact.The air quality in cities on more than 100 days was below grade II, the level at which it is considered healthy for humans.

SHANGHAI -- A train designed to run at a speed of 200 km per hour left east China's Shanghai for Suzhou early Wednesday morning, ushering in a high-speed era for the world's fastest growing economy. Brand new homemade high-speed trains CRH are seen at a railway station in Jinan, east China's Shandong Province, April 12, 2007. The CRH trains which could run at least 200km per hour, will serve on high speed routes between major cities after the sixth nationwide railway speedup from April 18. [Xinhua]Nationwide, 140 pairs of high-speed trains with a speed of 200 km per hour or a faster speed will begin to hit the railways on Wednesday. The number will increase to 257 by the end of this year. Numbered D460, the train left Shanghai at 5:38 a.m. and is expected to arrive in Suzhou 39 minutes later. Wednesday marks the the beginning of the sixth "speed boost" of Chinese railways, which has been hard-pressed to cope with the country's hunger for bigger transport capacity. Chinese railway officials said last year, China fulfilled a quarter of the world's total railway transport volume on railways accounting for only 6 percent of the world's total length. "The sixth speed lift will boost passenger capacity and cargo capacity by over 18 percent and over 12 percent respectively," said Hu Yadong, vice-minister of railways.