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LONDON, Aug. 2 (Xinhua) -- Chinese automaker Geely has completed the acquisition of Volvo Car Corporation from Ford in London.Geely Chairman Li Shufu and Lewis Booth, Ford's chief financial officer (CFO) attended a signing ceremony in London on Monday."This is a historic day for Geely, which is extremely proud to have acquired Volvo Cars," said Li."The signing and completion of this acquisition reflects the commitment of Ford and Volvo executives to the future of this company, along with the vital efforts of union representatives and government officials in Sweden, Belgium and China as well as other relevant countries," said Li."This famous Swedish premium brand will remain true to its core values of safety, quality, environmental care and modern Scandinavian design as it strengthens the existing European and North American markets and expands its presence in China and other emerging markets," he added.Geely named Stefan Jacoby, chief executive of Volkswagen Group of America, as president and chief executive officer of Volvo Cars.Jacoby said: "I am honored to join a company with the prestige and growth potential of Volvo. Our employees, suppliers, dealers, and above all our customers, can be confident that Volvo will preserve its special status as the industry leader in vehicle safety and innovation, even as it pursues new market opportunities."Jacoby will join the board of Volvo Cars, chaired by Geely chairman Li. The board comprises several new directors including Hans-Olov Olsson, former president and chief executive of Volvo Cars and former chief marketing officer of Ford, who will become vice chairman of the board.Hans-Oskarsson, deputy chief financial officer, will replace Stuart Rowley as the CFO of Volvo Cars. Rowley and former Volvo president and chief executive Stephen Odell are moving to leadership roles at Ford of Europe.Geely paid 1.3 billion U.S. dollars in cash plus a 200-million-dollar note, less than the price worth 1.8 billion dollars announced in March due to changes in pension obligations and working capital.Under the new ownership, Volvo Cars will keep its headquarters and manufacturing presence in Sweden and Belgium, and its board will have autonomy to execute its strategic plan. Volvo and Ford will maintain close relations in component supply.

GUANGZHOU, July 10 (Xinhua) -- The Cross-Strait Economic, Trade and Cultural Forum opened Saturday in the southern city of Guangzhou with leading mainland and Taiwan representatives urging deeper economic ties and cooperation in green energy.This year's forum, a regular event between the Communist Party of China (CPC) and Taiwan's Kuomintang (KMT) Party, focuses on cross-Strait cooperation in green energy, energy conservation and environmental protection.Wang Yi, director of the Taiwan Work Office of the CPC Central Committee, said the forum commenced as the peaceful development of cross-Strait ties achieved new progress. Wang Yi, director of the Taiwan Work Office of the Communist Party of China Central Committee, presides over the opening ceremony of the sixth Cross-Strait Economic, Trade and Culture Forum in Guangzhou, south China's Guangdong Province, July 10, 2010.The Economic Cooperation Framework Agreement (ECFA), reached between the Chinese mainland and Taiwan in late June, signaled that cross-Strait economic ties had entered a new stage of mutual benefits, he said while addressing the opening ceremony.Jia Qinglin, chairman of the National Committee of the Chinese People's Political Consultative Conference, said cross-Strait economic cooperation is now facing unprecedented challenges while many opportunities exist as well."We should seize the opportunity and set up multi-level economic cooperation in a bid to benefit each other and, at the same time, boost our competitiveness and risk-resistance abilities," Jia said in his speech."The mainland is speeding up economic restructuring and boosting independent innovation and domestic demand. Meanwhile, Taiwan is also taking measures to restructure its economy and stimulate development," Jia added.He noted that cross-Strait economic cooperation still had much room to grow, especially in the science and technology fields.Jia said the new energy and environmental protection sectors could provide breakthroughs for promoting cross-Strait science and technology innovation.He hoped businessmen and experts would provide useful proposals regarding cooperation in technology research, intellectual property rights and fostering talent.More than 400 people from Taiwan and the mainland attended the forum on Saturday and Sunday in Guangzhou, capital city of Guangdong Province.The event is the sixth of its kind since the forum was first held in 2006.

SHANGHAI, June 12 (Xinhua) -- Chinese State Councilor Liu Yandong met here Saturday with former Japanese Prime Minister Yukio Hatoyama, who was here to attend the Shanghai World Expo's Japanese National Pavilion Day.Liu spoke highly of Hatoyama's efforts during his tenure in advancing Sino-Japanese relations, and said China was ready to work with Japan to promote ties.Liu hoped the Shanghai Expo could serve as a good opportunity to promote bilateral people-to-people exchanges, as such exchanges could help further develop bilateral ties.Hatoyama resigned from the top post on June 2, and Naoto Kan succeeded him as prime minister.Hatoyama, who was here as special envoy of the new prime minister, attended an official celebration ceremony for Japanese National Pavilion Day together with Liu earlier Saturday.During the ceremony, Liu expressed China's appreciation of Japan's support in the preparation of the Expo, adding Japan's rich experience of hosting the event helped spread the Expo spirit.Japan has hosted the comprehensive Expo twice and the professional Expo three times."I believe the Shanghai Expo will provide important opportunities for the two countries and two peoples to deepen mutual understanding and bilateral cooperation," she said.Hatoyama said he was glad to attend the ceremony, because his wife was born in Shanghai. And he hoped people in the world could use their "hearts" and "technologies," to contribute to the harmonious development of the world.The Japan Pavilion, with the theme of "Harmony of the Hearts, Harmony of the Skills," is eye-catching with its attractive appearance and clever use of hi-technology. Dubbed the "Purple Silkworm Island" by Chinese people, the pavilion is semi-circular in structure and covered by a purple membrane material.

BEIJING, June 18 (Xinhua) -- China's central bank said Friday more flexibility would be allowed to guide money policies based upon changing circumstances if inflationary pressures increase during the economic recovery along with rising market confidence.The risk of higher prices may grow stronger given that liquidity remains loose throughout the world and China has experienced much faster credit growth earlier, according to the Annual Report 2009 issued Friday by the central bank, the People's Bank of China (PBOC).China's financial institutions lent a record 9.6 trillion yuan (1.4 trillion U.S. dollars) in new yuan-denominated loans last year, almost double that of the previous year, to spur the economy during the ongoing global downturn, but it was accompanied by soaring property prices and rising expectations of possible inflation.China has targeted a total of 7.5 trillion yuan in new loans for 2010.But prices were still very likely to remain stable as China's grain harvest has been substantial for a number of years, and manufacturers of consumer goods have been seeing rising productivity, which ensured supply, the central bank said.China's Consumer Price Index, a main gauge of inflation, rose 3.1 percent in May, exceeding the government target to keep the nation's inflation rate under 3 percent for 2010.National Bureau of Statistics spokesman Sheng Laiyun earlier said the higher inflation in May was due to a low comparison basis from the same period last year, and inflationary pressure was easing given that China had the basics for keeping prices under control.However, the nation needed to safeguard the supply of sufficient agricultural products and curb soaring housing prices in some cities to manage inflationary expectations, according to the report.Relatively relaxed monetary policy to remainThe central bank report said China would maintain its moderately relaxed monetary policy in 2010, projecting for this year a 17 percent increase in broad money supply (M2), which covers cash in circulation and all deposits.Central bank vice governor Su Ning earlier said a 17 percent year on year increase in China's broad money supply, and a targeted 7.5 trillion yuan in new loans for this year, indicated a relatively relaxed monetary policy.Additionally, China's M2 had increased 21 percent year on year to 66.34 trillion yuan by the end of May, according to PBOC data.The central bank said in the report it would work to control the pace of credit growth, maintain the balance of credit, and avoid apparent fluctuations.The central bank also said a differentiated credit policy should be carried out to optimize the nation's credit structure.Specifically, more credit support should be made available for agriculture and small and medium-sized companies, which traditionally face difficulties in obtaining financing.Favorable credit policies should also be implemented to support underdeveloped sectors, employment, strategically important industries such as new energies, new materials, and energy savings, while strict credit controls should be imposed upon energy-consuming and pollutingindustries and those with overcapacities, according to the report.Steady Progress of RMB Exchange Rate ReformThe PBOC said China was to steadily continue market reforms of exchange rates and improve the RMB (Chinese currency) exchange rate formation mechanism.Further, principles of independent decision-making, controllability and graduality should be enacted in improving the mechanism, according to the report.The central bank would also work to make trade and investment moreconvenient by promoting the yuan settlement in cross-border trade.China previously signed a number of bilateral currency swap agreements with countries such as the Republic of Korea, Malaysia, Belarus, and Indonesia.

PARIS, July 7 (Xinhua) -- Top Chinese legislator Wu Bangguo and French Prime Minister Francois Fillon agreed on Wednesday that China and France should further consolidate bilateral ties and expand economic cooperation.During a meeting held at Fillon's office, Fillon said Wu's visit will strengthen the traditional friendship between Paris and Beijing and promote the Sino-French comprehensive strategic partnership to a new stage.Wu, who is conducting an eight-day official goodwill visit to France, said China and France share common interests in many areas. It is in the interest of both people to further develop the bilateral cooperation.Wu Bangguo (L), chairman of the Standing Committee of China's National People's Congress, the country's top legislature, meets with French Prime Minister Francois Fillon in Paris, July 7, 2010.The Chinese and French economies are highly complementary and have great potential for more bilateral cooperation, said Wu, Chairman of the Standing Committee of China's National People's Congress (NPC).China is willing to build a long-term and sustainable economic partnership with France, he added.Fillon said the French government encourages French enterprises to expand cooperation with China in environmental-protection, agriculture and finance sector. France and China have common interests in accelerating the recovery of world economy and coping with global issues. France gives high priority to the development of Sino-French ties.The two sides also achieved consensus on working together to boost exchange and cooperation between China and the European Union.