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BEIJING, May 3 -- Ma Weihua, president and chief executive officer of China Merchants Bank (CMB), said he wanted to see Chinese banks elevate their level of globalization in the context of expedited overseas expansion of Chinese companies during his bank's recent road show in the United States. He said CMB would pursue this process ambitiously but cautiously.The bank is soon to relocate its night-shift foreign exchange trading team to its New York branch, which was established in 2008, and will move on to security trading as well in the future, according to Ma during a group interview. The branch is also working on consolidating its dollar settlement business."What I'm concerned about right now is to first have my New York branch familiarized with the US market, customers and rules as soon as possible so I can expand the business steadily," Ma told the audience at a recent speech at New York University's Leonard N. Stern School of Business. "We won't consider faster expansion until we have secured our position here."Because of policy restrictions, CMB and other Chinese banks are only able to provide very limited services overseas for now. Retail banking, which CMB is best at, is still being constrained in its New York branch, its first branch in the West. But the bank is eyeing up other opportunities.The branch is attaching increasing importance to the loan business for Chinese companies during their overseas merger and acquisition activities. It just completed a big deal for a Chinese State-owned conglomerate but declined to reveal its name."The most fundamental motive to globalize our bank is to support Chinese companies' overseas growth and to provide the same quality service for foreign companies as well when they come to China," Ma said.According to Ma, over the past five years, Chinese companies' overseas direct investment saw an annual increase of 60 percent and their non-financial overseas investment grew by 68.5 percent year-on-year.In comparison, overseas assets only make up less than 4 percent of Chinese banks' total assets, while in large banks in Europe and the US, the proportion is about 40 percent, he said.

PYONGYANG, May 9 (Xinhua) -- The Rodong Sinmun, a leading newspaper of the Democratic People's Republic of Korea (DPRK), hailed the recent successful visit to China by top leader Kim Jong Il in an editorial published Sunday.The editorial said that the people of the DPRK are "very glad and excited" about the visit. It is a "meaningful opportunity" to strengthen the friendship between the two parties and the leaders of the two countries.The article also indicated that the DPRK will make efforts to further strengthen the traditional DPRK-China friendship.Both countries shared the view that peace, stability and prosperity of the Korean Peninsula are in the common interests of the two countries and other Northeastern Asian nations, the editorial said.The two sides will make joint efforts to achieve the objective of denuclearizing the Peninsula on the basis of the Sept. 19 Joint Statement, it added.The editorial also said that the people of the DPRK sincerely wish the Chinese people still greater achievements in their socialist construction and the cause for national reunification.Kim Jong Il made an unofficial visit to China from May 3 to 7. He has visited China for five times since 2000.

BEIJING, May 21 (Xinhua) -- The U.S. commerce chief Friday said the United States would complete its review of the exports control system this summer, without specifying the possibly relaxed controls against exports to China."With respect to our export control reform, we want to have that done by this summer," U.S. Commerce Secretary Gary Locke told reporters during his trade mission to China Friday.Locke is leading a delegation of business executives from American clean energy companies looking to China's fast growing green energy market, the size of which the United States has predicted will be 100 billion U.S. dollars by 2020."We have restrictions on items already readily available from companies around the rest of the world and our restrictions make no sense," Locke said.The United States' 1979 Export Administration Act limits the export sales of some commercial high-technology goods to China.The exports control system, operated by the U.S. Defense Department and the Commerce Department, is widely seen as a major cause for the trade imbalance between China and the United States.U.S. products accounted for 7.5 percent of China's high technology imports last year, down from 18.3 percent in 2001 partly due to the U.S. exports control system, according to China's Commerce Ministry."If the share in 2001 is used as a benchmark, U.S. companies lost at least 33 billion U.S. dollars worth of export opportunities in 2009," Commerce Minister Chen Deming said in March.In a meeting with Locke Thursday, Chinese Deputy Commerce Minister Ma Xiuhong said China-U.S. cooperation would be impaired unless the United States takes substantive measures to ease its restrictions on exports to China.Locke didn't specify which exports are likely to be available to China,citing U.S. national security as the major factor to be considered when reviewing the export control system.Locke stressed restrictions will be eased on some commonly available high-tech goods and strengthened on sensitive technologies with military uses."We need to intensify and increase our protection on some very super-sensitive technologies to make sure that they don't get in the hands of those who want to do America ... harm, especially terrorist organizations," he said."Some of it can be implemented almost immediately while some can be done in a matter of months once there is agreement within the administration on the review," Locke said in response to Xinhua's question on when the new export control system will be in operation.

WINDHOEK, March 25 (Xinhua) -- China's top political advisor Jia Qinglin on Thursday arrived in Windhoek to kick off his official visit to the southwestern African nation of Namibia.Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference, the country's top advisory body, was making the visit at the invitation of the National Council of Namibia.Namibia was the second leg of Jia's 10-day African tour which already took him to Cameroon. He will also visit South Africa next week. Jia Qinglin (Front R), chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), is welcomed by Chairman of Namibian National Council, Asser Kapere (L, front) upon his arrival in Windhoek, capital of Namibia, March 25, 2010In a written statement issued upon his arrival at the airport, Jia described Namibia as one of the youngest state in Africa, which obtained its full independence in 1990, and as a state full of vigor and vitality.Jia said the China-Namibia relationship had developed smoothly since the two countries forged diplomatic ties in 1990, hailing frequent high-level exchanges and fruitful cooperation in politics, trade, culture, education and public health.Jia said his visit was aimed at boosting the understanding and friendship between the two nations and consolidating the cooperation in all fields.During his stay in Namibia, Jia will meet with Namibian leaders and attend a reception marking the 20th anniversary of the establishment of China-Namibia diplomatic relationship.