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WUHAN, Aug. 27 (Xinhua) -- East Star Airlines, the debt-laden private airline based in central China's Wuhan City, officially went bankrupt after its restructuring application was rejected Thursday.     The Intermediate People's Court in Wuhan City said the plan submitted by the East Star Group and ChinaEquity was unfeasible and failed to meet the conditions for a legal restructuring.     ChinaEquity, an investment company founded in 1999 in Beijing, had promised to invest 200 million to 300 million yuan (29 million to 44 million U.S. dollars) for the restructuring plan.     However, it did not specify the source of the funding and failed to provide certificates and documents, and lacked measures to protect creditors, the court said.     The court said East Star Airlines had no operating income in 2008, while ChinaEquity recorded 470,000 yuan in main business income and a 187,477-yuan deficit last year. File photo taken on May 19, 2006 shows the aircrew boarding on the Airbus 319 jumbo jet of the Dongxing Group Co. Ltd for its maiden flight at the Tianhe International Airport in Wuhan, central China's Hubei ProvinceThe East Star Group and ChinaEquity agreed the restructuring plan earlier this month. The Intermediate People's Court in Wuhan heard the plan Tuesday.    East Star was founded in May 2005, making it China's fourth private carrier after Okay Airways, United Eagle Airlines and Spring Airlines. It operated more than 20 domestic passenger routes between key cities with a fleet of nine aircraft and held about 10 percent of the market share in Wuhan.     The airline, with a registered capital of 80 million yuan, was jointly owned by a tourist agency, a tourist investment company and a real estate firm, which all belonged to the East Star Group.     On March 13, the airline rejected a government-initiated take-over by the parent group of national flag carrier Air China.     Its operations were suspended by the industry regulator as of March 15, due to prolonged financial and management problems. File photo taken on March 27, 2009 shows a jumbo jet of the Dongxing Group Co. Ltd lying on the tarmac, as a plane of another airway taking off overhead, at the Tianhe International Airport in Wuhan, central China's Hubei ProvinceThe order was issued by General Administration of Civil Aviation of China (CAAC)'s branch in charge of the country's central and southern areas after the Wuhan municipal government submitted an application for the suspension.    The bankruptcy proceedings were launched on March 30 at the request of six creditors, according to the Communications Commission of Wuhan City.     East Star Airlines announced last month that its total debt surpassed 752 million yuan.     General Electric's aircraft leasing arm, GE Commercial Aviation Services, one of the creditors, has taken back all nine aircraft it had leased to the airline.     State-owned Air China has recruited about 600 out of the more than 1,000 staff of East Star Airlines.     The global economic downturn reduced air travel severely, making last year a hard time for the airline industry.     The Chinese government injected billions of yuan into Air China, China Southern Airlines and China Eastern Airlines, the three major state-owned carriers, to help them ride out the downturn.     Wang Chaoyong, chairman of ChinaEquity, said private airlines had no access to bailouts.     Zhao Changbing, spokesman of East Star Airlines, said the government should protect the brand of the private business.     Zhao said the airline rejected the takeover by the parent of Air China because the offer was too low and it only covered the debts.

BANGKOK, Aug. 15 (Xinhua) -- China's Commerce Minister Chen Deming and the economic ministers from 10 ASEAN member states Saturday morning signed the ASEAN-China Investment Agreement during the 41st ASEAN Economic Ministers Meeting (AEM) and related meetings here. The signing of the investment agreement, together with already-signed China-ASEAN agreements of the trade in goods and services, completed the negotiation process of China-ASEAN Free Trade Area (FTA), which is to be realized by January 1, 2010.     "The China-ASEAN FTA will be an advanced FTA that covers an extensive area of 13,000,000 square kilometers with a population of 1.9 billion ", Chen told Xinhua after the signing ceremony.     The Investment Agreement, 27 clauses included, tries to provide a free, transparent and justice investment mechanism for investors from both sides, who can enjoy most-favored-nation treatment, citizen treatment, and fair and equitable treatment on reciprocal investment, said Zhang Kening, Counselor from the International Department of the Chinese Commerce Ministry. China's Commerce Minister Chen Deming (2nd L seated) and Thai Commerce Minister Pornthiva Nakasai (3rd L seated) sign the ASEAN-China Investment Agreement during the 41st ASEAN Economic Ministers' Meeting in Bangkok, capital of Thailand, Aug. 15, 2009    China and the 10-nation Association of Southeast Asian Nations (ASEAN) launched their cooperation dialogue in 1991 and signed the China-ASEAN Framework Agreement on Comprehensive Economic Cooperation in 2002, proposing the ASEAN-China FTA by Jan. 1, 2009.     After the two sides had negotiated since 2003, the agreement would expand trade and investment between ASEAN and China as well as enhance economic ties with China, Thailand's Commerce Minister Porntiva Nakasai said in a news release.     Both sides agreed to support foreign direct investment of their investors, as well as promote and protect investments of Parties to the Agreement by giving non-discriminatory and fair treatment to investors, compensating investors in case of expropriation and providing for investors-State dispute settlement, Porntiva said.     Investment facilitation and protection will result in increase in production, exports, and trade volume of both sides, Porntiva said.     Porntiva said China is an important trade partner of ASEAN and is the fourth largest export market of ASEAN. In 2009 (January-September) ASEAN export to China was approximately 85.6 billion U.S. dollars.     China is the third largest source of import of ASEAN. Imports from China valued at nearly 107.0 billion U.S. dollars, the Thai minister said.     This will lead to an increase in green field investments and reinvestment of profit in sustainable way. This is in line with the objectives of the ASEAN Economic Community, she said.     China is the 8th largest investor in ASEAN, with accumulated investments as of 2008 valued at 6.1 billion U.S. dollars, while ASEAN accumulated investments in China as of 2008 were valued at 5.6 billion U.S. dollars, she said.     The 41st meetings have been focusing on the economic integration within the ASEAN region as the ASEAN Economic Community is expected to complete in 2015, in which investment, capital and skilled labor can flow freely.     Thai Deputy Prime Minister Korbsak Sabhavasu, who presided over the official opening ceremony on Friday, said that it is crucial that the ASEAN region will be the outward-looking group since it is essential to live harmoniously within other community in the world as the ultimate goal for ASEAN integration.     Prior to the official opening ceremony, high level officials from the 10 ASEAN-member countries began on Wednesday discussing and setting up economic policies and topics prior to submitting to the related ministers on these following days.     And, on Thursday, the ASEAN economic ministers and Indian Minister of Commerce and Industry Anand Sharma signed a long-awaited free trade agreement (FTA) for trade in goods after over six years of intense negotiations.

TAIPEI, Aug. 11 (Xinhua) -- At least 62 people were killed and 57 others are missing in Taiwan as of 8 p.m. Tuesday local time after Morakot, the worst typhoon to hit the region in nearly five decades, swept across the island.     Another 35 people were injured after the typhoon hit much of the central-south part of the island. The casualty list did not include a crew of three on board a helicopter that crashed during a disaster-relief mission in southern Pingdong.     Powerful wind paralyzed the power supply for 1.58 million households as of 6:30 p.m. Monday, 1.51 million of which have restored power. Typhoon Morakot also damaged telecom facilities in central-south Taiwan, according to local disaster-relief authorities. A helicopter prepares to take off to rescue trapped residents in Kaohsiung county of south China's Taiwan Province, Aug. 11, 2009. Helicopters rescued many residents trapped by flood and mudslide caused by Typhoon Morakot on Tuesday morning as the weather became clear. At least 62 people were killed and 57 others are missing in Taiwan as of 8 p.m. Tuesday local time after Morakot, the worst typhoon to hit the region in nearly five decades, swept across the island    According to statistics released by local agriculture authorities, as of 10 a.m. Tuesday local time, losses in the agricultural and fishery sectors stood at about 6.85 billion New Taiwan Dollars (about 209 million U.S. dollars).     Disaster-relief centers have dispatched helicopters to transport villagers and air-drop goods in mountainous regions in central-south Taiwan where roads and bridges were destroyed by floods.     People have started to repair homes and infrastructure in parts of central-south Taiwan where water started to retreat, local media reported. Rescuers carry residents to a medical station in Kaohsiung county of south China's Taiwan Province, Aug. 11, 2009. Helicopters rescued many residents trapped by flood and mudslide caused by Typhoon Morakot on Tuesday morning as the weather became clear. At least 62 people were killed and 57 others are missing in Taiwan as of 8 p.m. Tuesday local time after Morakot, the worst typhoon hit the region in nearly five decades, swept across the islandIn Tainan, Kaohsiung and Pingdong, the water supply for 710,000 households was cut off by flood and it was estimated that at least 24 hours are needed to bring the system back to normal.     People from a wide range of social sectors including government, enterprises, entertainment and TV stations donated cash and goods worth millions of New Taiwan Dollars to support disaster-relief work.     Red Cross organizations on both the Chinese mainland and Taiwan have called for people to make donations in relieving the disaster.     An agricultural company in Fujian Province said it was contacting authorities in Kaohsiung County amid its attempt to send vegetables to Taiwan.     In Mount Ali, a renowned and popular scenic spot, 16 mainland tourists trapped during the typhoon were evacuated Tuesday afternoon.     The Kuomintang party on Tuesday thanked the mainland for the latter's concern over Taiwan's losses in typhoon Morakot.     Cross-Straits goodwill and interaction displayed in times of major disaster should be cherished by people on both sides, read the letter written by Kuomintang.     On Tuesday, the mainland-based Cross-Straits Agricultural Exchange Association sent its condolences to farmers and fishermen who suffered losses in typhoon Morakot via a letter forwarded to the Taiwan Farmer's Association.     The mainland association said it was willing to provide necessary assistance in disaster-relief and reconstruction based on the needs of the Taiwan association. 

PHOENIX, United States, Sept. 6 (Xinhua) -- Top Chinese legislator Wu Bangguo on Sunday praised the fast growing regional cooperation between China and the southwestern U.S. state of Arizona as he started his U.S. tour here.     Regional cooperation, as an important part of relations between nations, has served to enhance bilateral links, Wu said while meeting with Arizona Governor Jan Brewer Sunday evening.     "Recent years have witnessed rapid growth in the mutually beneficial cooperation and friendly exchanges between Arizona and China," said Wu, chairman of the Standing Committee of the Chinese National People's Congress. "China is now the fastest-growing export market for Arizona."     Their extensive exchanges in the fields of culture, education, science and technology have made an important contribution to the growth of China-U.S. ties, Wu said. Wu Bangguo (R), chairman of the Standing Committee of China's National People's Congress, the country's top legislature, shakes hands with Arizona Governor Jan Brewer in Phoenix of Arizona state, the United States, Sept. 6, 2009Arizona is competitive in aviation and aerospace technology, biotechnology, renewable energy, energy conservation, and environmental protection, while China is focusing on economic restructuring, industrial upgrade and change of development mode, Wu said.     "All of that brings a new, major opportunity for the two sides to deepen and expand cooperation," Wu said. "That's why I chose Arizona as the first stop of my U.S. tour."     The top Chinese legislator said he will focus on promoting trade and economic ties during his stay here mainly to ensure that the high-tech cooperation between China and Arizona, including in renewable energy and aviation and aerospace technology, is off to a new, good start. Wu Bangguo (R, front), chairman of the Standing Committee of China's National People's Congress, the country's top legislature, meets with Arizona Governor Jan Brewer (L, front) in Phoenix of Arizona state, the United States, Sept. 6, 2009.For her part, Brewer said Wu's visit would greatly push forward Arizona's ties with China.     The successful investment in China by many businesses from Arizona has helped build closer ties and aroused the interest of other businesses in forging links with China, she said.     Brewer said Arizona is uniquely positioned for the development of renewable energy and stands ready to cooperate with China in this field. She pledged efforts to facilitate such cooperation.

PYONGYANG, Oct. 5 (Xinhua) -- Chinese Premier Wen Jiabao and Kim Jong Il, top leader of the Democratic People's Republic of Korea (DPRK), on Monday attended a grand celebration marking the 60th anniversary of the establishment of the diplomatic relations and the closing ceremony of the China-DPRK Friendship Year.     In a speech delivered at the May Day Stadium in Pyongyang, Premier Wen said China and the DPRK have understood, supported and helped each other during the past 60 years despite changes in the international situation.     The ruling parties and peoples of China and the DPRK have steadily promoted the development of the bilateral ties, contributing to regional peace and stability, Wen said.     This year marks the China-DPRK Friendship Year, featuring a variety of celebrations and events of exchanges, which have enhanced the friendship between the two countries, strengthened cooperation in various fields and injected new vitality into the bilateral ties, Wen said.     Currently, China-DPRK relations have arrived at a new historic point, he said.     China is ready to join hands with the DPRK to further consolidate and develop the traditional friendship, expand friendly exchanges and cooperation to better serve the well-being of both peoples, and make greater contribution to regional peace and stability, he noted.     DPRK Premier Kim Yong Il, who also attended the event, said the establishment of DPRK-China relations 60 years ago was an epoch-making event and the DPRK is firmly determined to consolidate and develop the DPRK-China friendship.     The events marking the China-DPRK Friendship Year have effectively promoted the friendship and trust between the two peoples, he said.     The DPRK is ready to make joint efforts with China to further the friendly, cooperative relations, he said.     During the celebration, the leaders watched the grand gymnastic and artistic performance "Arirang" presented by DPRK artists.  

来源：资阳报