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BEIJING, July 18 (Xinhua) -- East Star Airlines Co., Ltd. said Saturday here that its current combined debt surpassed 752 million yuan (110.1 million U.S. dollars). Zhao Changbing, spokesperson of the company, said the announcement was made to counter rumors about the status quo of the company's assets and debt Zhao said total assets of the company stood at 1.01 billion yuan. Established in 2005 in central Hubei Province, East Star Airlines operated more than 20 routes. Its operation was suspended by the industry regulator as of March 15 this year, due to financial difficulties of the carrier.
BEIJING, June 22 (Xinhua) -- China's top political advisor called Monday for more resources and support for alternative fuel vehicles to boost the car industry and spur the economy. Jia Qinglin, chairman of the National Committee of the Chinese People's Political Consultative Conference, a political advisory body, made the call during a visit to Beijing-based FOTON, Asia's largest commercial vehicle manufacturer. Jia Qinglin (C), chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, talks with a worker about new energy automobiles, in Beijing, China, June 22, 2009. Jia Qinglin did researches on new energy automobiles in Beijing on Monday. "Alternative fuel vehicles represent the future of the car industry," he said. Such vehicles would improve the environment, reduce the impact of the financial crisis and trigger new technologies, he said during a research tour. Jia, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, urged using innovation as a priority to develop the industry, and improve research and development abilities. He also called for more "backbone companies" with their own property rights, brands and market competitiveness. Automakers "need to improve production abilities and services. They also need to develop more products and functions to meet market demand," he said.

TAIYUAN, June 13 (Xinhua) -- "Terrorists" took over part of a police school in Taiyuan, the capital of northern Shanxi Province, late Friday night, and then, they attacked a number of other important and public targets in this north China city. It ushered in a replica of antiterror battle as part of the "Great Wall-6" antiterror exercise in areas around Beijing, the national capital since last week. A spokesman of the exercise headquarters told Xinhua that the drills in Taiyuan were aimed to test the abilities of the government and antiterror forces in dealing with a large-scaled terror attack on several targets, involving many people held hostages by the terrorists.
TOKYO, June 8 (Xinhua) -- Japanese Prime Minister Taro Aso met Monday with visiting Chinese Vice Premier Wang Qishan on bilateral economic cooperation. During their talks, Wang said that as two major economies in the world, China and Japan are faced with grave challenges posed by the global financial crisis and the worldwide economic recession. Japanese Prime Minister Taro Aso (1st R) meets with Chinese Vice Premier Wang Qishan (1st L) in Tokyo, Japan, June 8, 2009In the grim circumstances, the second China-Japan high-level economic dialogue, which was held successfully Sunday, will play an important role in advancing the implement of the consensus reached by leaders of both countries during President Hu's visit in Japan last year, promoting China-Japan economic and trade cooperation and simulating the economic growth of the two countries as well as the rest of the world, he said. Wang said that in order to tide over the financial crisis, the Chinese government has adopted a series of policy measures aimed at "maintaining economic growth, expanding domestic demand and adjusting economic structure" and achieved initial success. "We have the confidence and ability to overcome the current difficulties and maintain the relatively rapid and stable economic growth," said the Chinese vice premier. Japanese Prime Minister Taro Aso (R) meets with Chinese Vice Premier Wang Qishan in Tokyo, Japan, June 8, 2009. Aso, for his part, expressed his hope that the two sides will strengthen exchanges and cooperation and jointly tackle the challenges in a bid to put the world economy back on the track for growth at an early date. Earlier in the day, Wang also held talks with representatives from Japan's economic and business communities. The Chinese vice premier arrived Saturday to attend the second China-Japan high-level economic dialogue. During the one-day dialogue, which was co-chaired by Chinese Vice Premier Wang Qishan and Japanese Foreign Minister Hirofumi Nakasone, the two sides discussed a wide range of issues and signed eight documents, including the MOU for International Property Protection Exchanges and Cooperation, Meeting Minutes on Agriculture Cooperation between China and Japan, and the MOU on Strengthening Science and Technology Cooperation in the Field of Seismology. The dialogue mechanism was jointly launched by Chinese Premier Wen Jiabao and then Japanese Prime Minister Shinzo Abe during Wen's trip to Japan in April 2007. The first dialogue was held in Beijing in December 2007.
SHANGHAI, July 12 (Xinhua) -- China Eastern Airlines on late Sunday announced that it will merge Shanghai Airlines through a shares swap and the two will resume stock trading in Shanghai Monday. Shanghai Airlines will exchange one of its A shares for 1.3 shares of China Eastern after the former's shareholders are given a 25 percent risk premium, the latter said in a statement filed to the Shanghai Stock Exchange. Shanghai Airlines Chairman Zhou Chi said on June 30 that the transfer of shares will take about four to five months. Liu Jiangbo, spokesman of the working team overseeing tie-up affairs, said Shanghai Airlines will become a wholly-owned subsidiary of China Eastern and retain its brand and independent operation. Liu told Xinhua that the merger has entered a concrete stage after the announcement of the detailed merger plan. This is a major step to promote the consolidation of regional airlines and to facilitate building Shanghai into an international air and shipping hub, he said. The merger will give China Eastern, one of China's three state-owned airlines, about 50 percent market share in Shanghai. China Eastern reported a net loss of 13.9 billion yuan in 2008 because of weak travel demand in the economic downturn and wrong-way bets on fuel prices. China Eastern and Shanghai Airlines shares have been suspended from trading since June 8 while waiting for the merger talks. China Eastern last closed at 5.33 yuan and Shanghai Airlines closed at 5.92 yuan. China Eastern is listed in Hong Kong and Shanghai and Shanghai Airlines is listed in Shanghai.
来源:资阳报