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BEIJING, Sept. 5 (Xinhua) -- Chinese equities tumbled on Friday following a heavy slump overnight on Wall Street as concerns about the U.S. economic slump worsened.     The Shanghai Composite Index sank 3.29 percent, or 74.97 points, to 2,202.45. The key index has declined more than 58 percent this year and more than 63 percent from its peak in October.     In Shenzhen, the market fell 2.8 percent, or 209.4 points, to 7,264.2. Aggregate turnover expanded to 42.55 billion yuan (6.22 billion U.S. dollars) from 38.99 billion yuan on the previous trading day.     Losses outnumbered gains by 827-47 in Shanghai and 702-32 in Shenzhen.     Wall Street fell on Thursday with the Dow Jones down more than 340 points as disappointing jobless and retail data left investors doubtful of a U.S. economy recovery. The downturn partly contributed to a fall in China equities, analysts said.     Tracking the Wall Street loss, both the Hong Kong and Tokyo exchanges plunged more than 2 percent on Friday. A resident walks past an electronic board showing the fall of Hang Sang index in Hong Kong, south China, Sept. 5, 2008. Hong Kong's benchmark Hang Seng Index closed at 19,933.28 points Friday, breaching the key psychological supporting mark of 20,000The key Shanghai index fell through the 2,245 points, which was labeled as a psychological mark by analysts. The mark was the peak of the market's last bullish period that ended in 2001.     The breach increased market panic and the weak sentiment would remain until the authority could come up with detailed market-boosting measures instead of just vague market talks, a Shanghai Shiji Investment Consultant Company analyst said.     Continuous retreats in the world crude oil price and other commodities heightened worries that a global slowdown would cut demand and would dent corporate profits, analysts said.     Crude oil for October delivery dropped 1.46 U.S. dollars overnight to 107.89 U.S. dollars per barrel on the New York Mercantile Exchange, falling for a fifth straight day to a five-month low.     In response, China National Offshore Oil Corp. (CNOOC), the country's largest offshore oil explorer, fell 4.24 percent to 13.76 yuan. China Shenhua, the country's top coal producer, shed 3.16 percent to 24.54 yuan and Yanzhou Coal Mining Company lost 4.29 percent to 12.71 yuan.     Investor confidence was also dampened by news of China Merchants Securities plan to launch an initial public offering (IPO), Guosen Securities senior analyst Tang Xiaosheng said.     Brokerage shares declined across the board. CITIC Securities sank 3.18 percent to 18.56 yuan, Guojin Securities slumped 7.3 percent to 27.94 yuan, while Hongyuan Securities lost 4.79 percent to 13.92 yuan.     China Merchants Securities Co. Ltd. said in a prospectus released late on Thursday that it planned to issue 358.55 million A-shares on the Shanghai bourse. The application would be decided by market regulators on Monday.     If approved, it would become the second domestic brokerage IPO following Everbright Securities after a five-year suspension.

BEIJING, June 12 (Xinhua) -- Chinese President Hu Jintao and Premier Wen Jiabao have ordered that supplies for the summer harvest be guaranteed amid reports of shortages in some areas.     Following their order, the State Council has asked local governments and related enterprises to prioritize supplies such as diesel, the fuel for farm vehicles, to take advantage of the best time for the ongoing wheat harvest.     Tight supplies of diesel were reported in some areas since the country began to reap the wheat crop in May as refiners experienced losses resulting from domestic prices that were kept below the spiraling international prices. Famers crop wheat in Yuanyang County of Xinxiang City in central China's Henan Province, June 4, 2008. The harvest of over 5.2 million hectares of wheat in Henan Province has been completed by 5 p.m. on June 11. The whole summer grain crops of Henan is expected to break 30 billion kilograms    The summer harvest is vital for China as wheat production would add to the grain output for the year.     The State Council asked producers to enhance production to increase supplies. It also warned related departments to impose tighter supervision over market order to cap prices.     It said more specific measures, such as providing exclusive supply channels for diesel-powered farming vehicles, handing out special filling cards for farming vehicles and direct diesel delivery to farmers, would also be implemented. Chen Shuying gathers wheat in Houhe Town of Weihui City in central China's Henan Province, June 6, 2008. The harvest of over 5.2 million hectares of wheat in Henan Province has been completed by 5 p.m. on June 11. The whole summer grain crops of Henan is expected to break 30 billion kilograms.

HONG KONG, July 6 (Xinhua) -- Chinese Vice President Xi Jinping said here Sunday he is glad to see that the Olympic spirit has won common acknowledgment among the general public in Hong Kong.     He made the remarks when meeting with delegates of Hong Kong athletes and volunteers set to participate or serve in the Beijing Olympics and Paralympics.     "I am very glad to see that you are all in such a good mood and so energetic. This is the spirit we need to stage a high-level Olympic Games with distinctive features," Xi told the delegates. Chinese Vice President Xi Jinping (C Front) meets with athletes of the Hong Kong team for the 2008 Beijing Olympics and Paralympics, and representatives of volunteers in Hong Kong, south China, July 6, 2008    Hong Kong athletes have a glorious tradition and produced many world gold medalists for China, Xi said, citing former table tennis player Rong Guotuan and former swimmer Qi Lieyun as examples.     Xi said volunteers devote their love to and promote harmony in the society, which incarnates the Olympic spirit, noting that 15,000 people have signed up to be the equestrian events volunteers in Hong Kong while more than 400 Hong Kong volunteers will work in Beijing during the Olympic Games.     "The Olympic Games is a grand event not only for the athletes, but also for the volunteers. The most important thing is to participate," Xi said.     Xi encouraged Hong Kong athletes to make full preparations for the Beijing Olympics and the Paralympics to demonstrate their best athletic skills and sportsmanship.     Xi arrived in Hong Kong Sunday morning on a three-day visit.     He met with Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Donald Tsang Yam-kuen Sunday morning.     In the afternoon, Xi inspected the equestrian events venues for the 2008 Beijing Olympics and Paralympics to get firsthand information about Hong Kong's preparations for the Games.Chinese Vice President Xi Jinping (R) meets with athletes of the Hong Kong team for the 2008 Beijing Olympics and Paralympics, and representatives of volunteers in Hong Kong, south China, July 6, 2008

BEIJING, Sept. 12 (Xinhua) -- The government has cut back on import taxes on spare parts of large equipment and canceled the import tariff exemption on some complete sets.     The adjustments were made to support the domestic manufacturing of large equipment, said the Ministry of Finance.     Taxes levied on domestic enterprises for importing key spare parts of large equipment, including ultra- and extra-high voltage transmission equipment and transformers, large petro-chemical equipment and large coal-chemical equipment, would be refunded and injected into the enterprises as investment from the nation, it said.     The policy applied to imports after Jan. 1, 2008, depending on the date of declaration of imports.     In the meantime, the import of some complete sets of equipment by enterprises approved after Sept. 1, 2008 would no longer enjoy the tax exemption. Both domestic and foreign-funded projects are subject to the new policy, the ministry said.     Imports of such equipment by enterprises approved before Sept. 1 would continue to enjoy the previous tax policies until March 1,2009.