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Hong Kong' benchmark Hang Seng Index plunged 5.18 percent on Monday to close at its lowest level this year, drawn by growing troubles in the global credit markets and weakness in the Chinese mainland bourses.     The Hang Seng Index fell 1,152.50 points, or 5.18 percent, to close at 21,084.61 on Monday, its lowest level in nearly seven months, amid worries on the near collapse of U.S. investment bank Bear Stearns.     Over the weekend, the subprime mortgage crisis claimed another major victim -- Wall Street's fifth largest investment bank Bear Stearns. Wall Street fell sharply on Friday on the news, followed by Asian markets.     The benchmark Hang Seng Index opened at 21,318.03 and fluctuated between 21,041.26 and 21,473.40 during the session. Turnover was at 94.37 billion HK dollars (12.16 billion U.S. dollars), up from last Friday's 88.28 billion HK dollars (11.32 billion U.S. dollars).     Three of the four major categories lost ground. The Properties lost most at 5.73 percent, followed by the Commerce and Industry at 5.58 percent and the Finance at 5.32 percent. The Utilities, the only gainer, edged up 0.21 percent.     The biggest decliners in the local benchmark index were mainly China-based companies. Index heavyweight China Mobile fell 4.6 percent to 102.50 HK dollars. Smaller rival China Unicom slid 4.6 percent to 16.32 HK dollars.     Shenhua Energy fell 8.9 percent to 32.95 HK dollars, and Ping An Insurance was down 7.6 percent at 53.20 HK dollars.     The Chinese mainland's biggest insurer, China Life Insurance, slid 7.4 percent to 25.70 HK dollars. Non-life insurer PICC P&C tumbled 11.5 percent to 6.48 HK dollars.     Air China, Chinese mainland's biggest international carrier, lost 50 cents or 8.5 percent at 5.40 dollars as oil continued its relentless climb to a fresh high of 111.80 in Asian trade Monday on a weaker dollar. The company will report its 2007 results later Monday. The mainland's biggest airline by fleet size, China Southern Airlines skidded 73 cents or 12.5 percent to 5.13 dollars.     PetroChina, Asia's biggest oil and gas company, dropped 6.6 percent to 9.42 HK dollars. Major oil firm Sinopec fell 8.1 percent to 6.14 HK dollars on investor concerns about steep losses at its refining division given the recent surge in crude prices.     Property stocks tumbled, in line with the downward trend in the overall market, and on reports of softening housing prices in the city's new territories.     Sino Land Co, which has the highest exposure to the local residential market, fell 11 percent to 15.42 HK dollars.     Asian billionaire Li Ka-shing's property flagship Cheung Kong Holdings, fell 5.7 percent to 99.05 HK dollars.     Hong Kong's biggest property developer, Sun Hung Kai Properties Ltd (SHK Properties), slumped 4.8 percent to 112.60 HK dollars.     CLP Holdings and Hong Kong Electric were the only gainers in Monday's trade as CLP Holdings up 1.1 percent to 65.30 HK dollars and Hong Kong Electric rose 3.3 percent to 50.90 HK dollars.

NANJING -- Police in Nanjing, East China's Jiangsu Province, have nabbed 47 suspects over human trafficking and rescued 40 babies, said senior officers with the Nanjing railway police office on Friday.A group of four women, each holding a newborn baby in arms but never breast-feeding the infants, arouse police suspicion on May 24 on a train from Kunming, capital of Southwest China's Yunnan Province, to Nanjing and were questioned.The women, including one identified as Lang Chunyan from Tancheng County of East China's Shandong Province, confessed that the babies were bought from Yunnan and they had been doing so with the help of two other suspects, Dao Xiufen and Ding Fachang, since 2005. While Lang's husband, Shen Yuzhou, was in charge of selling babies with the help of 10 human traders in Shandong.Lang also confessed that they usually buy a baby girl at 1,500 yuan (US0) but sell it for 8,000 yuan, while a baby boy usually costs them 8,000 yuan and can fetch 20,000 yuan for them.The Nanjing railway police set up a special team of more than 10 policemen to investigate the case.The team arrived in Yunnan on May 27 and arrested Dao, Ding and seven other suspects. Shen was later arrested in Shandong.Investigations found that the gang of human traders headed by Shen and Lang have bought 27 newborn babies in Yunnan during 16 trips and then sold them in Shandong.Forty out of more than 60 babies who were trafficked by the gang have been rescued by police so far, while police were trying to find the others.

At least two Chinese universities could achieve "world-class" status within the next 20 years, the president of one of the United States' oldest higher education institutions said yesterday in Beijing. Yale University's Richard Levin made the comment at the start of a 10-day visit by about 100 Yale faculty, students and administrators, the biggest delegation from the university ever to visit China. President Hu Jintao, who extended the invitation to the Ivy League university during his 2006 visit to the US, met the delegation last night at the Great Hall of the People. Hu said the visit of Levin's delegation will help promote mutual understanding and friendship between the two peoples, as well as the stable and healthy development of Sino-US relations. The president expressed his hope that Yale University students build strong relationships with the young people of China. In an interview with Chinese media, Levin said the country had made great progress in strengthening its top universities, by investing more in first-class facilities including research labs. "The key ingredients to being a world-class university are top students and top faculties," Levin said. "I don't think there is any doubt that China's top universities today have students that are as good as any in the world. "What remains to be built are faculties that are at the very frontier of research in their fields and worldwide leaders in their research endeavors." The delegation will spend its days meeting government leaders and visiting universities and other historical and cultural sites in Beijing, Shanghai and Xi'an. The Chinese government and Yale are sharing the cost of the trip. Participating students and faculty, the majority of whom had never before been to China, were handpicked to represent the university's different schools. Delegation groups will today meet with government leaders, including Yang Jiechi, the minister of foreign affairs and Jiang Zhenghua, chairman of the Chinese Peasants' and Workers' Democratic Party. The visiting students may even bridge some cultural divides. "I think that young people can play a very important role in securing a peaceful future for the US and China," Levin said. "Today, especially among the older generation, there is a great deal of ignorance about China in the United States, and some ignorance about the United States in China as well." Before leaving for China, some of the delegation met with US President George W. Bush, who spoke about the importance of "people-to-people diplomacy". "I think the trip will serve a cultural purpose in that our students will get a deeper understanding of Chinese culture to the extent that this throws into public view the importance of student-to-student exchanges," Levin said. "And that certainly serves a political purpose."

China's disciplinary watchdog posthumously stripped a former senior political adviser of his membership in the Communist Party of China for leading a "dissolute lifestyle and serious violations of Party discipline." Song Pingshun, former chairman of the Tianjin Municipal Committee of the Chinese People's Political Consultative Conference, an advisory body to the parliament in the northern port city of Tianjin, was discovered dead on June 3. A police investigation determined he had committed suicide. The CPC Central Commission for Discipline Inspection decided to take the rare step of posthumous expulsion after finding that Song had "abused his public power to seek benefits for his mistress, seriously violating CPC discipline." "Song, morally degenerate, kept a mistress and helped her obtain money through illegal means," the discipline watchdog said. Song, 61, a native of northern China's Hebei Province, became the top political adviser in Tianjin, a booming municipality directly under the central government, in March 2006. He had also served as vice mayor, police chief and secretary of the Tianjin CPC Political Science and Law Commission, which is in charge of the city's police and legal sectors. The CPC expelled 21,120 members last year for breaking its rules, mainly for taking bribes. Corruption remains a serious problem in China, the Political Bureau of the CPC Central Committee earlier warned Party members. More than 1,000 Chinese officials above the county level were punished for corruption during the first five months of this year, up 2.4 percent from the same period last year. More than 64 percent of the total involved "serious cases" in which officials took more than 50,000 yuan (US,600) in bribes or embezzled more than 100,000 yuan in public funds.

BEIJING, March 7 (Xinhua) -- Chinese President Hu Jintao met here on Friday with former U.S. President George Bush.     Hailing the progress of China-U.S. relations in recent years, Hu said that to develop healthy, stable bilateral ties was in the common interest of both sides and had great significance for peace and development of the Asian-Pacific region and the world at large.     China was willing to properly handle divergence and major concerns through dialogue and beef up bilateral exchanges and cooperation on the basis of mutual respect, equality and mutual benefit, Hu said.     He said that he appreciated Bush's efforts to boost China-U.S. friendship. He also briefed the former U.S. leader about China's stance on the Taiwan issue and its preparations for the Beijing Olympic Games.     Calling U.S.-China relations one of the world's most important bilateral ties, Bush said that he was happy with the development of the progress of bilateral relations and expressed confidence that there would be even closer ties with China. Chinese President Hu Jintao (R front) meets with former U.S. President George Bush in Beijing, capital of China, March 7, 2008    As the honorary president of the U.S. delegation for the Olympic Games, Bush said he expected to be back in China in August to watch the Games.     Calling the Olympics a world sports festival, Bush said that he opposed politicizing the event and expected a complete success for the Games.