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HONG KONG, July 4 (Xinhua) -- The Bank of China (Hong Kong) Limited (BOCHK), the sole Renminbi (RMB) clearing bank in Hong Kong, announced here Saturday that it will launch RMB clearing services for trade settlement starting from Monday.     BOCHK said it had singed a clearing agreement with the People's Bank of China in relation to RMB business, and will invite banks and other financial institutions participating in trade settlement to sign a new clearing and settlement agreement.     On Wednesday, the People's Bank of China and other departments on the mainland jointly announced the "Administrative Rules on Pilot Program of Renminbi Settlement of Cross-Border Trade Transactions", allowing RMB settlement of cross-border trade transactions for the first time.     "The initiation of the Pilot Program is of particular significance. It will increase the source channels and the usage of RMB funds," said He Guangbei, vice chairman and chief executive of BOCHK.     Under the Pilot Program, enterprises will also have greater flexibility in selecting the settlement currency of cross-border trade transactions as well as increasing their capability to hedge exchange risk, minimize costs, and boost the efficiency and profitability of cross-border trade transactions, he said.     BOCHK, as a participating bank of RMB business, will take the lead in launching a wide spectrum of RMB trade settlement and finance services for its corporate customers to conduct RMB- denominated trade transactions such as remittances, collections and L/C services between Hong Kong and Shanghai, Shenzhen, Guangzhou, Dongguan and Zhuhai, said the vice chairman.

ROME, July 2 (Xinhua) -- Chinese President Hu Jintao's forthcoming visit to Italy ahead of the G8 summit paves the way for stronger bilateral ties, an Italian expert told Xinhua in an interview.     Luca La Bella, a China analyst with Rome's International Studies Center, said that in the past decades, political, economic and cultural relations between Italy and China have improved. "Chinese President Hu Jintao's visit to Italy will reinforce this strategic collaboration," he said.     Hu will attend a meeting between the leaders of the Group of Eight (G8) and emerging economies from July 8 to 10 in L'Aquila.     Before the G8 summit, he will pay a state visit to Italy from July 5 to 8 at the invitation of Italian President Giorgio Napolitano. After the G8 meeting, the Chinese leader will visit Portugal from July 10 to 11.     China-Italy ties have maintained a sound momentum of rapid development, especially since 2004, when the two countries forged the first all-round strategic partnership to boost political and economic cooperation, La Bella said.     "The Italian Culture Year in China of 2006 was very successful," La Bella said. "Institutional exchange and business ties have increased. Reciprocal awareness of each other's culture and history is now greater."     The Italian firms in China enjoy Chinese government's support, the expert said, "Trade exchanges have increased. Italy imports from China technological goods, and exports Italian fashions and brands to China."     The two presidents will surely discuss in their meeting the upcoming Chinese Year of Culture in Italy, scheduled for 2010. It will be China's turn this time to be culturally, economically and politically present in Italy, La Bella said.     Numerous events are planned for the Chinese Year in Italy, which marks celebrations of the 40th anniversary of diplomatic relations between the two countries.     It will be an opportunity for high level political, economic and cultural exchanges between Chinese and Italian leaders and industry representatives.     According to La Bella, fostering bilateral ties with China is of crucial importance to Italy.     China and Italy are well-tuned politically as well, he added. "Italy pursues the one-China policy and is a front runner in lifting the arms embargo against China," he said.

URUMQI, July 8 (Xinhua) -- More than 100 overseas media organizations came to Urumqi, capital of northwest China's Xinjiang Uygur Autonomous Region, to report Sunday's riot, a press official said Wednesday.     "All media organizations are welcome to report the riot," said Hou Hanmin, spokeswoman for the Xinjiang regional government and in charge of the press center in Haide Hotel in downtown Urumqi.     "We will do our best to provide convenience for reporters while ensuring their safety," said Hou.     "We hope every media reports the incident objectively through close observation of the truth," she said.     The riot, which occurred Sunday evening in Urumqi, has left 156dead and more than 1,000 others injured.     Wu Nong, a press center worker, said the center had technicians to deal with communication problems for journalists. It has interpreters of English and Uygur languages.

BEIJING, May 15 (Xinhua) -- China has called for the EU to recognize its market economy status soon, said Yao Jian, spokesman for China's Ministry of Commerce (MOC) here Friday.     China's Commerce Minister Chen Deming will attend the 11th China-EU Summit in Prague in the Czech Republic next week, Yao said.     The summit will address China's desire to be recognized as full market economy by the EU soon, the limitation on high-tech exports to China from the EU and bilateral economic cooperation, Yao said.     China need not be recognized by any country in terms of market economy as a concept, but market economy status is a technicality that will help China receive fair treatment in anti-dumping investigations, Yao said.

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.