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GOTEBORG, Sweden, March 28 (Xinhua) -- China's Zhejiang Geely Holding Group signed a deal worth 1.8 billion U.S. dollars with Ford Motor Co. here Sunday to acquire the U.S. auto giant's Volvo car unit.Under the definitive stock purchase deal, Geely will own 100 percent of Volvo Cars and its related assets.The agreement was inked by Li Shufu, founder and chairman of Geely, and Lewis Booth, chief financial officer of Ford, at a ceremony at the headquarters of Volvo in Goteborg, the second largest city of Sweden. Geely Chairman Li Shufu attends a press conference after the signing ceremony in Goteborg of Sweden, March 28, 2010. China's Zhejiang Geely Holding Group signed a deal with Ford Motor Co. here on Sunday on the takeover of Sweden's Volvo Cars.The ceremony was witnessed by Li Yizhong, China's minister of industry and information technology, and Maud Olofsson, Swedish deputy prime minister and minister for enterprise and energy.The agreement provides a solid foundation for Volvo to continue to build its business under Geely's ownership, said Booth at the ceremony."China, the largest car market in the world, will become Volvo's second home market. Volvo will be uniquely-positioned as a world-leading premium brand, tapping into the opportunities in the fast-growing China market," said Li.Geely has secured all necessary financing to complete the transaction, he said, adding that Geely intends to preserve Volvo Cars'existing manufacturing facilities in Sweden and Belgium, and explore opportunities to manufacture Volvo vehicles in China for the local market. Geely Chairman Li Shufu (FRONT L) shakes hands with CFO of Ford Motor Company, Lewis Booth (FRONT R) after signing a deal in Goteborg of Sweden, March 28, 2010. China's Zhejiang Geely Holding Group signed a deal with Ford Motor Co. here on Sunday on the takeover of Sweden's Volvo Cars.Li promised that Geely will maintain the strong collaborative relations that Volvo has built with employees, unions, suppliers, dealers and above all, customers.Volvo Cars will eventually become a separate company with its own management team based in Goteborg and a new board of directors, he told reporters after the ceremony.Volvo, which has about 22,000 workers around the world including 16,000 in Sweden, was purchased by Ford in 1999 for about 6.4 billion dollars.But Ford has been attempting to sell Volvo since late 2008, due to its poor market performance. Geely was named as the preferred bidder for the Swedish subsidiary in October 2009.Geely, which started to manufacture cars in 1998, is a major private automaker in China, with its headquarters based in southeast China's Zhejiang province. Geely Holding Group is the parent company of Geely Automobile Holdings.Besides Ford, some other Western auto giants are also seeking buyers in China. Beijing Automotive Industry Holdings has agreed to buy some powertrain technology from General Motors Co.'s Swedish Saab unit. 

BEIJING, May 7 (Xinhua) -- Chinese Premier Wen Jiabao met with Kim Jong Il, general secretary of the Workers' Party of Korea and chairman of the National Defense Commission of the Democratic People' s Republic of Korea (DPRK) during Kim' s unofficial visit to China.Wen said he received warm welcome from the DPRK party, government and people during his visit to the DPRK last October, and the joint celebration of the 60th anniversary of the establishment of China-DPRK diplomatic ties left him good impression.Currently, China and the DPRK are witnessing active exchanges and cooperation in various fields and Kim' s visit will definitely help further deepen traditional friendship between the two parties, countries and peoples, Wen said.Wen said China will, as always, support the DPRK for developing economy and improving people' s livelihood and is willing to introduce to the DPRK the experience of China' s reform and opening-up and construction.China and the DPRK enjoy big potential for developing economic and trade cooperation, said Wen, urging the two sides to make joint efforts to advance major cooperative projects, quicken the infrastructure construction in border areas and explore new cooperative fields and methods so as to benefit the two peoples, said Wen.Recalling Premier Wen' s successful visit to the DPRK last year, Kim said the DPRK-China cooperation in such areas as trade, agriculture, science and technology is of great significance for promoting bilateral traditional relationship.The DPRK will work with China to enhance communication and coordination to make pragmatic cooperation in various fields between the two countries to score more significant achievements.At the invitation of Hu Jintao, general secretary of the Communist party of China (CPC) Central Committee and Chinese president, Kim paid an unofficial visit to China from May 3 to 7.

NEW DELHI, March 27 (Xinhua) -- Indian Prime Minister Manmohan Singh and visiting Chinese Vice Premier Hui Liangyu Saturday agreed that India and China should further their cooperation in all fields.During his meeting with Singh, Hui conveyed cordial greetings from Chinese Premier Wen Jiabao to Singh. He also highly evaluated the Sino-Indian relations.Hui said that in recent years, China and India have maintained comprehensive and fast growing momentum of their relations, which he said is the result of high degree attention paid by and personal efforts, made by the leaders of the two countries, as well as that of sustained efforts which have been made by the two countries for many years.He said that the Chinese government always look at and make decision on Sino-Indian relations from a strategic height and a long-term perspective, and has been committed to further deepening Sino-Indian strategic partnership of cooperation.Hui said that this year marks the 60th anniversary of the establishment of diplomatic relations between China and India, at a time when Sino-Indian relations stay at a new historical start point and face rare opportunities of development.He said that China is willing to make common efforts with India in strengthening concrete cooperation in all fields and expanding the merging point common interests of the two countries, in order to instill new meaning and stimulus to the Sino-Indian strategic cooperative relations which are oriented towards peace and prosperity.Indian Prime Minister Singh asked Hui to convey his cordial greetings to Premier Wen Jiabao.He said that Indo-Chinese strategic cooperative partnership has taken on a global significance, and it conforms not only with the interests of development of the two countries, but also would contribute to peace and prosperity of Asia and the world at large.Singh said that the Indian government will join hands with the Chinese government in pushing forward exchanges and cooperation between the two countries at all levels and in all fields, to make more fruitful such a cooperation.

YUSHU, Qinghai, April 23 (Xinhua) -- A Chinese official Thursday said there had been no looting of quake relief materials in northwestern province of Qinghai and the aid had been distributed to victims in a fair and transparent way.Geng Yang, director of the Qinghai Provincial Department of Civil Affairs, said sparse looting did happen in the early period of the distribution of the relief materials."But this has been promptly stopped by government," Geng said in response to some media reports which also said some individuals in the Tibetan Autonomous Prefecture of Yushu, hit by a 7.1-magnitude quake on April 14, stockpiled and sold the materials at high prices.  Rescuers search for possible survivors and useful articles of local people in Gyegu Town of quake-hit Tibetan Autonomous Prefecture of Yushu, northwest China's Qinghai Province, April 22, 2010.Geng said their own investigations did not discover the alleged misconduct.

TIANJIN, May 13 (Xinhua) -- Chinese Premier Wen Jiabao Thursday called for deeper cooperation between China and Arab states to create a peaceful international environment for development, fight the financial crisis, safeguard energy security and tackle climate change.Wen made the remarks at the opening ceremony of the fourth Ministerial Meeting of the China-Arab Cooperation Forum held in the north Chinese port city of Tianjin.During the two-day forum, the two sides will discuss upgrading their relationship to a strategic level and release an action plan for a cooperation blueprint in the next two years.COMPLICATIONS OF FINANCIAL CRISIS Chinese Premier Wen Jiabao addresses the opening ceremony of the fourth Ministerial Conference of the China-Arab Cooperation Forum in China's northern port city of Tianjin, on May 13, 2010. Wen warned the complication of the global financial crisis with deepening sovereign debt crisis in some nations."We should never underestimate the seriousness and complication of the financial crisis and its deep impact on international politics and the economy," Wen said.The global economy was slowly recovering, but its foundation was not solid, he said.Wen blamed the fragile recovery on deepening sovereign debt crises in some countries, high unemployment rates in major economies, high commodities prices and rising trade protectionism.The international governing system faced deep reforms and the global economic structure was undergoing deep transformation, he said.Wen said reforms of international economic and financial systems should be pushed forward and the establishment of a new just and reasonable international economic and financial order should be accelerated."(We) should improve the decision-making processes and mechanisms at international financial institutions and boost cooperation in international financial supervision," he said.While calling for opposition to all forms of protectionism, support for free trade, Wen said, "It is imperative to advance the Doha Round talks of the World Trade Organization toward achieving reasonable and balanced results as soon as possible."He urged major economies to transform the economic growth pattern of low savings and high consumption and to strengthen financial supervision to curb excessive speculation.China would unswervingly carry out its mutually beneficial opening strategy and unveil more measures to facilitate trade and investment, he said.COOPERATION IN ENERGY, CLIMATEWen said energy exporters and importers should step up dialogue and contacts and carry out cooperation in energy development.Investment in the energy sector should be encouraged to maintain a basic balance in energy supply and demand and reasonable global energy prices, he said.The international community should work to maintain stability in energy producing countries and curb excessive speculation to maintain order in the international energy markets, he said.Talking about economic and trade with the Arab states, Wen said China was ready to stabilize trade in oil and natural gas with the 22 Arab League nations, while expanding imports of non-oil products.He said, "China at the same time will increase exports of high value-added machinery and electronic products and high-tech products to the Arab countries."Trade between China and Arab states surged to 107.4 billion U.S. dollars last year from 36.4 billion U.S. dollars in 2004.China would continue to encourage businesses to invest in Arab states and welcome investment from Arab states, he said.China was ready to promote cooperation in infrastructure, including power, railways and roads, and to deepen cooperation in oil and gas projects, he said.Efforts should be made to vigorously develop energy-saving technologies and clean and renewable energies to help tackle global climate change.China would reduce emissions of carbon dioxide per unit of gross domestic product by 40 to 45 percent from 2005 levels by 2020.Wen said China and Arab states should increase exchanges by senior officials and consultations on strategic issues, and boost coordination in major international and regional affairs.Wen urged developed countries to shoulder the main responsibility in helping developing nations to maintain financial stability and economic growth to reduce the imbalance of development, the fundamental imbalance of the world economy.China would as always provide aid without conditions to developing countries, he said.China and Arab countries have relations dating back to the Silk Road about 2,000 years ago. China has diplomatic ties with all 22 members of the Arab League.The forum was initiated in January 2004, when Chinese President Hu Jintao visited the Arab League headquarters in Cairo. It has since served as a platform for exchanging views between China and Arab nations and for enhancing mutually beneficial cooperation.

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