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NANJING, Dec. 31 (Xinhua) -- A court in east China's Jiangsu Province sentenced a man to death and another to life in prison Friday for illegally raising up to 4 billion yuan (606 million U.S. dollars) in a fraudulent investment scheme.Another 11 suspects were given jail terms ranging from two-and-a-half to 10 years for collusion in the fraud, which caused losses of 650 million yuan (98 million dollars) to 14,822 investors, the Intermediate People's Court in the provincial capital, Nanjing, said in a statement.According to the statement, Sun Haiyu and Hu Zhen jointly set up a company, Nanjing Runzai Biology Co., Ltd. in January 2004 and began soliciting investments from the public in the name of planting glossy ganoderma, or reishi mushrooms, which are widely used in traditional Chinese medicine.The judge said the company exaggerated its profits in planting glossy ganoderma and fraudulently claimed that the investment was risk free.The duo, together with 11 accomplices, raised more than 4 billion yuan from April 2004 to July 2008.Sun was sentenced to death for the crime of illegal fund-raising by fraudulent means, while Hu was sentenced to life imprisonment.
ST. PETERSBURG, Russia, Nov. 21 (Xinhua) -- Visiting Chinese State Councilor Liu Yandong stopped by the St. Petersburg 652 primary and middle school on Sunday, speaking highly of the school 's efforts to promote Sino-Russian cultural exchange.Liu appreciated the school's achievements in Chinese language teaching, as the school has been teaching Chinese as the first foreign language for 53 years.Language is a bridge between different nations, Liu said. She hoped the students of the 652 school, after learning the Chinese language and culture, could serve as promoters and facilitators of the overall development of Sino-Russian relations.Visiting Chinese State Councilor Liu Yandong (R) receives a painting as a present drawn by a student of the No.652 School of Saint Petersburg, Russia, Nov. 21, 2010.China and Russia as friendly neighbors have further strengthened their strategic partnership of coordination and promoted practical cooperation in all areas, Liu said.People-to-people and cultural exchanges have flourished in recent years, as the two countries successfully held "State Years" and "Language Years" activities, she added.Catherine Telyatnikova, the headmaster, said the 652 school is willing to devote itself to the promotion of Sino-Russian relations, and would like to expand cooperation on Chinese language teaching and staff training with the Chinese side.Liu arrived in St. Petersburg on Nov. 20, kicking off her visit to Russia.

BEIJING, Dec. 29 (Xinhua) -- A senior official from China's Ministry of Commerce called for enhanced trade and economic cooperation between China and the European Union (EU), prior to Chinese Vice Premier Li Keqiang's upcoming visit to three EU nations.In a recent interview with the People's Daily, Ministry of Commerce International Trade Representative Gao Hucheng reviewed the current trade and economic relationship between China and the EU, pinpointing the areas where more efforts could be made on both sides to further cooperation.In an article published in Wednesday's People's Daily, Gao said that in the past 35 years since China and the EU forged diplomatic ties, the relations between the two sides went from "constructive partnership" to "comprehensive partnership" and the now "comprehensive strategic partnership."The article was published about a week before Vice Premier Li sets out to visit Spain, Germany and Britain on Jan. 4-12.Trade between China and the European Union has become one of the most active and influential bilateral relations in the world, said Gao.Leaders of China and the European Union have been exchanging official visits frequently, said he. This year alone, seven of top Chinese leaders, including President Hu Jintao and Premier Wen Jiabao, paid official visits to over a dozen EU countries.Meanwhile, some 65 high-level delegations from the EU and its member states visited China in 2010.Trade cooperation between China and the EU has been speeding up, Gao said. When China established diplomatic relations with the EU in 1975, annual trade was at 2.4 billion U.S. dollars, the volume of about two days between two sides this year. In the past 35 years, trade volume has grown over 150 times.According to China's statistics, China-EU trade amounted to 433.9 billion U.S. dollars in the first 11 months of this year, up 33.1 percent from last year, a growth rate higher than that of China-Japan and China-U.S. trade.According to statistics released by the EU, its exports to China rose 4 percent in 2009 despite the economic recession and decreased export to the rest of the world. EU's total investment in China has exceeded 70 billion U.S. dollars so far, making the EU China's third largest source of foreign investment.Communication between people on two sides has grown substantially over the years. Nowadays nearly 200,000 Chinese students are studying in the EU countries and some 150,000 EU nationals are working in China. Over a million Chinese tourists travel to the EU countries every year.Gao pointed out that as the largest developing country in the world with fast economic growth, China could forge complimentary economic ties with the EU, as they stand at different places in economic development.On future economic policies, Gao said China was commited to expanding its domestic demand, adjusting its economic structure, and continuing its open-door policy, which is indispensable to China's development. He said the country's on-going economic reform offered great potential for investment and consumption, and gave other countries, including those in the EU, excellent business opportunities.Gao encouraged politicians and entrepreneurs on both sides to take a more holistic view of China-EU economic and trade relations and cooperate more actively in many sectors of the economy.
BEIJING, Dec. 15 (Xinhua) -- China's National Meteorological Center alerted central and southeast China to a blizzard on Wednesday as a bitter cold front kept expanding southward, enveloping China in snow and record-low temperatures.Snows have now covered most of southern China. Even the subtropical Guangdong Province and Guangxi Zhuang Autonomous Region will see temperatures drops up to 10 degrees centigrade, according to a statement from the center.The ongoing Asian Para Games in Guangzhou, capital city of Guangdong, were affected by the weather. The wheelchair tennis competition hadto be held indoors, with some matches being delayed on Wednesday.A snowfall, starting at 8:45 a.m., has coated Nanchang City, capital of east China's Jiangxi Province, in white. Forecasts say snowstorms will continue to ravage most of Jiangxi until Friday.With the average temperature having dropped from about 9 to 1.7 degrees centigrade, most parts of central China's Hunan province are being pounded by rain, snow and hail storms.The weather has also begun to disrupt traffic.Flights leaving an airport in Jiangxi were canceled as snows affected visibility of pilots. In Hunan, drivers had to slow down to avoid accidents and construction work was halted amid the bitter cold as migrant workers crowded railway stations.Hunan and Jiangxi are only two of the many provinces and region to the south of the Yangtze River being hit by snowstorms.The National Meteorological Center forecast temperatures in most parts of China would start to climb on Friday. However, that brings little comfort to people now enduring the bitter cold. "What's more worrisome is that colder days are still ahead of us," said Sun Zheng, a migrant worker in Hunan.January and February are usually the coldest months in China. It is also the country's busiest traffic season when migrant workers and students head home for family reunions during the Spring Festival Holidays.The last 40-day travel rush, that ended on March 11, recorded 2.29 billion long-distance bus trips. Also, more than 29 million Chinese traveled by air and over 204 million people traveled by train during the period.The travel rush had been an ordeal for China's traffic system. It could be disastrous when accompanied by snowstorms.The carpeting snows in central and southern China have started to remind people of a blizzard in January 2008, which left 129 people dead and caused losses of 151.65 billion yuan (22.7 billion U.S. dollars) in the same area.On Nov. 29 China's Ministry of Railroad called for railway stations across China to start bracing for the coming Spring Festival travel rush. The rush will start around Jan. 19, 2011.Meanwhile, many northern Chinese cities, that have already been swept by the cold front, reported the coldest temperature in a decade for this period.In an extreme case, temperatures in Hulunbuir City in north China's Inner Mongolia Autonomous Region dropped to minus 46 degrees centigrade. Beijing also reported a record low temperature on this date in the past 10 years.Further, ice sheets have been seen off the coast of the Bohai Sea and Yellow Sea in east China as the northern part of the seas have begun to freeze.
BEIJING, Nov. 25 (Xinhua) -- China's central bank warned about the risk of credit card related bad debt on Thursday as money owed 180 days past the due date was on the rise in the third quarter.Credit cards debt 180 days past the due repayment date stood at 7.92 billion yuan (1.19 billion U.S. dollars) by the end of the third quarter, up 8.5 percent from the second quarter, according to a statement released Thursday on the website of the People's Bank of China.Taking this into account, the central bank warned commercial banks to pay close attention to risks associated with credit card related bad debt.Money owed 180 days past the due repayment date accounted for 2.1 percent of the total amount of debt by the end of the third quarter, down 0.4 percentage point from the second quarter, according to the statement.
来源:资阳报