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BEIJING, July 7 (Xinhua) -- Agricultural Bank of China (ABC), the last of the country's largest four banks to go public, announced Wednesday that it has set its A-share initial public offering (IPO) price at 2.68 yuan per share, hitting the high end of its IPO price range.The pricing of the shares means the bank could raise up to 10.12 billion U.S. dollars via the Shanghai portion of the IPO, as a greenshoe option has been exercised to expand the deal by 15 percent to 25.57 billion shares, ABC said in a statement filed with the Shanghai Stock Exchange.ABC plans a dual listing in Shanghai and Hong Kong in mid-July to replenish its capital base after a lending spree last year.It has yet to set the final IPO price for its Hong Kong portion, where it plans to sell 25.41 billion shares, excluding an over-allotment option.ABC set the price range for the Hong Kong portion at 2.88 to 3.48 HK dollars in late June.
BEIJING, Aug. 3 (Xinhua) -- Chinese Vice Premier Hui Liangyu has urged beefing up late rice planting in the wake of floods to ensure a good rice harvest.Hui stressed that soil in the flood-affected regions should be drained as soon as possible. Local authorities should restore damaged farmland to good conditions and make sure late rice is planted on time.In his recent instructions on late rice production and flood relief in agriculture, he also ordered local authorities to improve service for farmers and ensure seeds are supplied for planting.Efforts should also be made to strengthen field management and to intensify disaster and pest disease prevention, said Hui.As of July 21, more than 7 million hectares of farmland in China had been destroyed by torrential rains and floods, according to data from the State Flood Control and Drought Relief Headquarters.

ZHENGZHOU, July 28 (Xinhua) -- The death toll from a bridge collapse last Saturday in central China's Henan Province has risen to 37 with 29 still missing, rescue headquarters said at Tuesday midnight.Among the killed people were three tourists. The headquarters counted retrieved bodies and asked family by family about missing people to get the numbers, which may rise as witnesses say they saw about 100 people on the bridge when it collapsed.China Central Television (CCTV) reported Tuesday night that at least 50 people died in the collapse without giving the source.The Yi River Bridge collapsed at about 5 p.m. Saturday in Luanchuan County, Luoyang City, plunging the people on it into the rushing waters, a local government spokesman said.Thousands of rescuers are still searching for missing people and possible survivors.Villagers from seven villages and soldiers have launched a massive search for survivors, said Li Guangming, deputy head of the administrative office of Luanchuan county government.The rescuers are focusing on spots that could hold people who were rushed away by torrents, such as banks with lush plants, said Qi Weiming, deputy head of Luanchuan's military office.News broke of the accident after Luanchuan's government wrote an apology which was published in Monday's Luoyang Daily, saying "we are deeply sorry for the heavy loss of life ... and we take responsibility.""The bridge was crowded with people who had come to watch flood torrents when it collapsed. They were villagers and tourists from a nearby nursing home," said survivor Li Xianghong in an interview with local media Dahe Daily."More than 10 people fell with me, including my nephew, at the southern end of the bridge which collapsed first. For a moment, the river was full of struggling people."Li was caught by a tree branch and rescued by other villagers.Witnesses say the two ends of the bridge collapsed first. And the whole bridge fell in about one or two minutes, most people on it did not manage to escape.The bridge, built in December 1987, was over 200 meters long and more than 10 meters high. It was the only bridge on a about 4-km section of the river.An initial probe shows the dilapidated bridge collapsed after fallen tree trunks became stuck under it, blocking the passage of the raging flood waters, Luoyang officials said.Officials said they were continuing the investigation and vowed to severely punish those who were to blame.The flood has damaged a local tap water plant, cutting drinking water supply to the county's residents. Transport to the county was also disrupted by the flood with some bridges and roads damaged.
KUNMING, Aug. 22 (Xinhua) -- Chinese local officials were ordered to carry out pre-emptive evacuations to avoid heavy casualties in geological disasters after a series of mudslides left nearly 2,000 people dead or missing in less than two weeks.In a work conference held in southwest China's Yunnan Province, Minister of Land and Resources Xu Shaoshi ordered local officials not to hesitate in forcing residents in disasters-threatened zones to move."As long as there is a sign of geological disasters looming, officials should take it seriously and carry out the evacuations," Xu said. "It is better to hear the people's blames than their cries."Xu also ordered local offcials to strengthen monitoring efforts by using advanced technologies and mobilizing the public.China has been suffering from a string of rain-triggered disasters recently as the country battles its worst floods in more than a decade.Yunnan is the latest to be hit by massive mudslides.As of Sunday, 29 people were killed and 63 remained missing after mudslides hit the remote, mountainous town of Gongshan in the province on Wednesday.In the northwestern province of Gansu, at least 1,435 people were killed and another 330 are reported missing after an avalanche of mud and rocks hit the center town of Zhouqu County at mid-night Aug. 7.Rain-triggered mudslides also killed more than 18 people in Wenchuan and Qingchuan counties in southwest China's Sichuan - which was devastated by a massive earthquake in 2008.
BEIJING, July 19 (Xinhua) -- While China strives to create a more open and fair business environment, the country also wants business to embrace environmental-friendly policies. The move, aimed at a sustainable growth, should not be interpreted as worsening the investment conditions, analysts note."Currently, there is an allegation that China's investment environment is worsening. I think it is untrue," Premier Wen Jiabao said while talking with heads of prestigious German and Chinese firms in northwest China's Xi'an city over the weekend.Although Chinese leaders stated that China welcomes foreign investment as always, some western media have repeatedly run stories that claim China's investment environment is worsening.Statistics, however, tell a different story. Foreign direct investment (FDI) that flowed into China in June surged 39.6 percent from a year earlier, resulting in a 19.6-percent year-on-year increase during the first half of this year."Foreign investment will not pour into a country where the investment environment is worsening," Wen said.China will continue both its opening-up policy and improving its investment environment, as the government promised, but structural changes are expected because both China and the world are changing, analysts said.For the past 30 years, China has been wooing foreign investment with many preferential policies designed to attract badly-needed capital, advanced technology and management expertise.
来源:资阳报