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BEIJING, April 2 -- China Everbright Bank, Everbright Group's banking unit, will go public in Shanghai in July or August, Everbright Group said Tuesday.     The bank will issue more than 820 million A shares, accounting for 10 percent of its enlarged share capital, said Everbright Group, a State-owned financial conglomerate.    The bank may float shares on the Hong Kong stock exchange if its Shanghai IPO is successfully completed before the 2008 Olympic Games.     "But the bank has no timetable for a Hong Kong listing yet," said its vice-president Xie Zhichun. "And the Shanghai listing plan will be further discussed by and is subject to approval from the board and shareholders."     Xie added: "The board may enlarge the A-share issue further to more than 10 percent of the enlarged share capital as we don't know whether we can realize a Hong Kong listing or not, but we expect to finish the Shanghai listing before the Olympic Games."     The bank has postponed inviting strategic investors as concerns are rising that the subprime crisis will worsen the finances of financial institutions, the bank said.     "We will restart the work after the strategic investors release their third-quarter report," said Li Jie, another vice-president of the bank.     The bank is a target for foreign investors given its low share price and large scale. It said earlier it will reserve a 20 percent stake for foreign strategic investors and would like to pick investors that can hold the bank's stakes for a long time.     The bank disclosed that Industrial Bank from France showed interest to invest in it, but the French banking scandal hindered talks.     It will restart inviting strategic investors after its Shanghai listing, the bank said.     The bank is 24.16-percent-owned by China Everbright Group and 21.4-percent-owned by Hong Kong-listed China Everbright Ltd.

BEIJING, June 30 (Xinhua) -- Chinese President Hu Jintao said Monday that supervision over the use of hefty quake relief fund and materials should be intensified to guarantee they would be exclusively used for what they were intended to.     "We must ensure that the quake relief fund and materials will be veritably used for quake relief and the people affected by the earthquake," Hu, also general secretary of the Communist Party of China (CPC) Central Committee, told a workshop marking the 87th founding anniversary of the CPC.     The meeting was attended by representatives of the Party's grassroots organizations and members who had been honored for their roles in the rescue and relief campaign after the May 12 earthquake. Top leaders Wu Bangguo, Wen Jiabao, Jia Qinglin and others were also present.     The death toll of the 8.0-magnitude Wenchuan earthquake reached nearly 70,000, and more than 18,000 were reported missing Monday. Government relief fund totaled 54.72 billion yuan (about 7.82 billion U.S. dollars), while domestic and foreign donations hit 55.3 billion yuan in cash and goods.     Hu told the meeting that education and supervision of Party members and leading officials in regard to clean governance should be strengthened, the system of punishing and preventing corruption further be improved, and efforts in the anti-corruption drive be increased. Chinese President Hu Jintao (R), also general secretary of the Communist Party of China (CPC) Central Committee, together with other members of the Political Bureau Standing Committee of the Communist Party of China (CPC) Central Committee, shakes hands with representatives of the party's grassroots organizations and members who had been honored for their roles in the rescue and relief campaign after the May 12 earthquake prior to their meeting in Beijing, June 30, 2008    These measures are essential for the Party members and leading officials "to maintain their original political color, and be clean in doing their jobs and behaving themselves," Hu said.     He also promised that officials who "passed tests and showed extraordinary capability in the rescue, relief and rebuilding work" should be promoted to leading positions. Chinese President and general secretary of the Communist Party of China (CPC) Central Committee Hu Jintao (C) delivers a speech at a workshop marking the 87th founding anniversary of the CPC in Beijing on June 30, 2008. The meeting was attended by representatives of the Party's grassroots organizations and members who had been honored for their roles in the rescue and relief campaign after the May 12 earthquake. Top leaders Wu Bangguo, Wen Jiabao, Jia Qinglin and others were also presentHu called on all the CPC members to study and practise the great "earthquake rescue and relief spirit" displayed by the local Communist heroes, which he summarized as "all people of one mind", "unity in strength", "fearlessness of hardship", "people first", and "respect for science".     "The spirit was a concentrated display and new development of the national spirit of modern China," he said.     Hu attributed the major achievement of saving lives in the first stage of the earthquake relief campaign to the firm leadership of the Party, stressing that Party organizations at all levels and members played a vital role.     The earthquake relief campaign was a test of the leadership and capabilities of the Party as well as a test for the capabilities of Party organizations and the nature of all Party members, he said.     Now, he said, was the crucial period for achieving the goal of the country's economic and social development as the earthquake relief effort entered into the stage of settling the affected people by restoring normal life and rebuilding homes.     Hu urged the whole Party to display excellence in the earthquake relief, in order to maintain the Party's flesh-and-blood link with the people.     He urged Party organizations of all levels to increase their capabilities for handling emergencies, by establishing and perfecting the working mechanism with concentrated leadership, unified command, sensitivity in response, and high efficiency.

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.

KUNMING, April 8 (Xinhua) -- China Eastern Airlines (CEA) will offer compensation of up to 400 yuan (57 U.S. dollars) to passengers affected in flights where pilots deliberately turned their aircraft around.     Passengers whose flights were canceled will get 400 yuan compensation. Those delayed within two hours of departure and without accommodation would get 100 yuan. Those delayed within eight hours of departure would get 200 yuan, said an official with the Yunnan branch of the carrier on Tuesday.     The compensation was set according to a guideline notice released by the general Administration of Civil Aviation, the official said.     From March 31 to April 1, 21 flights returned to their departure points in Yunnan Province, in southwestern China, leaving more than 1,000 passengers stranded at Kunming Airport, the capital of Yunnan.     "The time and energy we have wasted could never be compensated by 400 yuan," said Yu Xiaoyan, a tourist from the northern Inner Mongolia Autonomous Region.     Yu planned to take the MU5793 flight at 9:50 a.m. on March 31 from Kunming to Xishuangbanna. The plane never came after waiting for seven hours at the airport.     She was offered a ticket change at 4 p.m. on April 1 and received 400 yuan compensation.     CEA finally admitted on Monday that some pilots on the 21 flights deliberately turned their aircraft around while in flight.     It originally said the incidents were due to poor weather. However flights with other airlines flying the same routes landed on schedule during the same period.     The airline has suspended the pilots. Further probing is underway, said an announcement on the company's website.