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BEIJING, April 25 -- The key mainland stock index yesterday soared 9.29 percent, the biggest one-day jump in six years, as investor sentiment was boosted by the government lowering of stamp duty. The slashing of trading tax from 0.3 percent to 0.1 percent, effective yesterday, was widely seen as another government effort to lift the stock market from the doldrums it has been in for six months. It followed the introduction of trading rules last Sunday to mitigate the impact of an expected flood of previously non-tradable shares after the lock-in period, which could greatly depress the market. Investors look over information at a stock exchange at a stock trading hall in Beijing, April 24, 2008. Equities trading tax cut, which is widely believed as policy boost by government to stem the recent slump, sends Chinese shares 9.29 percent higher on Thursday, the biggest gain since Oct 23, 2001 The Shanghai Composite Index yesterday surged 304.7 points to close at 3583.03. In yesterday's trading, gainers outnumbered losers by 853 to 1. The Shenzhen Component index jumped 9.59 percent, or 1130.61 points to close at 12914.76. Total market capitalization swelled 9.2 percent to 22.94 trillion yuan (.3 trillion). Turnover on the two bourses more than doubled from the day before to 261 billion yuan ( billion), the highest this year. Analysts said the reduction in the stamp duty and restrictions on the sale of unlocked shares showed that the market has fallen as low as the government would like to see. "The timing of the stamp duty cut suggests that the 3000 point may be a psychological bottom line for policymakers," said Peng Cheng, an economist at Citi China. "The government had been patient in waiting until the market correction was more than 50 percent before taking action," Peng added. Xu Wei, an analyst at Sinolink Securities, estimated that the cut in stamp duty saves investors up to 102 billion yuan (.7 billion) a year. In addition, "the relatively lower A-share valuation and the more stable performance of overseas stock markets have combined to help investors regain confidence," said Rui Kun, a fund manager at China international Fund Management Co Ltd. Security companies, especially those focusing on brokerage services, will benefit from the increasingly active trading because of the stamp tax cut, analysts said. Shanghai-based Haitong Securities, Sinolink Securities and Guoyuan Securities soared to the daily limit of 10 percent. However, some market insiders said that weak fundamentals and unfavorable China economic growth data are likely to outweigh the positive impact of the government move, and the rebound may not last long. "It is doubtful that such administrative measures can have a sustained effect on shares when earnings face significant challenges in the periods ahead," said Peng at Citi China. "The cumulative effect of tightening policies and rising input costs, along with shrinking demand, could cut profits more deeply than what is currently evident," Peng added.
WASHINGTON, July 29 (Xinhua) -- Visiting Chinese Foreign Minister Yang Jiechi and U.S. President George W. Bush met at the White House on Tuesday, agreeing to push forward with the constructive and cooperative relations between the two countries. During the meeting, Yang hailed the great development that two countries have achieved in the past seven years in enhancing China-U.S. relations, which he said also contributed to the peace, stability and development of the Asia-Pacific region and the world. He noted that Chinese President Hu Jintao and President Bush have set the direction for the future development of bilateral relations during their meeting held at the sidelines of the Hokkaido G8 summit in Japan earlier this month. China is willing to work with the United States to follow the direction and push forward with the constructive and cooperative relations between the two countries, Yang added. For his part, Bush told the visiting Chinese top diplomat that he is glad to see China-U.S. relations developing on a favorable momentum that the United States is committing to maintaining, and he also appreciates a good working relationship built with Chinese President Hu Jintao. On the coming Olympic games in Beijing, Yang expressed his welcome to Bush, who is set to attend the opening ceremony, and wished American athletes excellent performance in the competitions. Bush said, in return, that he looks forward to visiting China to attend the Olympic games' opening ceremony. On the issues of human rights and religion, Yang told the U.S. president that China would like to continue to exchange its views with the United States on basis of equality, mutual respect and non-interference in each other's domestic affairs, as a way to promote mutual understanding. He also noted at the meeting that the WTO's Doha Round trade negotiations are at a critical moment, and its success would help promote world economy growth, which is in the common interest of China, the United States and the international community. China hopes that all sides can work together to push forward with the negotiations and achieve a comprehensive and balanced result, he added. Yang also met with Stephen Hadley, assistant to the president for national security affairs.

BEIJING, Aug. 10 (Xinhua) -- China is ready to work together with the United States to forge ahead bilateral relations of constructive cooperation along the right track and in a sustained, healthy and stable manner, President Hu Jintao said here on Sunday.During a meeting with his U.S. counterpart George W. Bush in the central government compound of Zhongnanhai, Hu said the Chinese side has always viewed and handled its relations with the United States from a long-term and strategic perspective. Hu said China is willing to work with the U.S. side to promote dialogue and exchanges, enhance understanding and mutual trust, respect and care for each other's interest and concerns, and settle sensitive issues properly to ensure bilateral relations go along the right track and in a sustained, healthy and stable manner.Chinese President Hu Jintao (R) shakes hands with U.S. President George W. Bush at Zhongnanhai, compound of China's central authorities, in Beijing, China, Aug. 10, 2008. China-U.S. relations have maintained a good momentum, and face opportunities for further development, Hu said. The Chinese president cited frequent exchanges between the two countries at all levels, a better mechanism of dialogue and consultation in diverse areas, and fruitful consultation and coordination on major international and regional issues, such as the Korea Peninsula nuclear issue, the Iran nuclear issue and the Darfur issue. Hu spoke highly of Bush's contribution in promoting bilateral relations, and said he was very pleased to meet Bush again. "This is already the fourth visit you pay to our country, which has made you the U.S. president paying the most visits to China in the presidential terms," Hu told Bush. "This has fully demonstrated the great importance Mr. President has attached to the development of Sino-U.S. relations," he said. The inauguration of the new U.S. embassy in Beijing on Friday, which President Bush attended, and the inauguration of the Chinese embassy in Washington at the end of last month, signified the further advancement of the China-U.S. relations, said the Chinese president. In response, Bush noted that bilateral relations with China are important, constructive and forthright, adding that the U.S. side will continue to work with China to build bilateral ties on a more solid foundation. On the Taiwan issue, Hu reiterated China's stance against "Taiwan independence," and hoped the United States properly handles the issue to support the peaceful development of cross-Strait relations. "No matter what kind of changes take place in the cross-Strait relations, our stance of adhering to the one-China principle and opposing 'Taiwan independence' secessionist activities will never change, and cannot be changed," Hu said. Under new circumstances, the Chinese government will continue to push for the peaceful development of the relations across the Taiwan Straits, and promote cross-Strait personnel, economic and cultural exchanges and cooperation, said the Chinese president, adding that China hopes to see Washington properly handle the Taiwan issue and support such peaceful development. President Bush responded that the United States is glad to see the improvement of cross-Strait relations. During the meeting, which was followed by a banquet, the U.S. president said that he enjoyed the conservation with Hu, and has had "memorable experience" every time he visited the country. Describing the grand opening ceremony of the Beijing Olympic Games, which he attended on Friday night, as "spectacular," Bush congratulated China on the successful opening of the Games and said he has "fully enjoyed" the Games. He also thanked the Chinese side for its considerate arrangements of various activities for himself and his family during their stay in Beijing. Having watched a swimming final on Sunday morning in which Michael Phelps clinched a men's 400m individual medley gold with a new world record, Bush said he is looking forward to watching the basketball match between China and the United States scheduled for Sunday night. Hu congratulated Bush on the victory of Michael Phelps, whom he called "an excellent athlete of the United States," and expressed the belief that Phelps will "achieve more outstanding results" in the Olympic swimming competition.Chinese President Hu Jintao (R, front) shakes hands with U.S. President George W. Bush during their meeting at Zhongnanhai, compound of China's central authorities, in Beijing, China, Aug. 10, 2008.The Chinese president also took the opportunity to expressed sympathy over the tragic incident on Saturday in which one American citizen was killed and the other injured. "I would like to express my heartfelt sympathy to you and the family of the victims over this unfortunate incident," said Hu. Hu said that the Chinese side has paid great attention to this incident and he has personally instructed the Chinese Foreign Ministry to visit the injured American in hospital. "We started investigation on this case immediately, and will handle it seriously in accordance with law. We will keep contact with the U.S. side and inform you of the new developments," said the Chinese president. Bush thanked China for how it has handled the situation of Todd Bachman and his family, and also thanked Hu for his expression of sympathy. Todd and Barbara Bachman of Lakeville, Minneapolis, were attacked by a man with a knife while touring the 13th-century Drum Tower of Beijing on Saturday. Todd Bachman died from knife wounds while his wife suffered multiple stab wounds and was in critical but stable condition after an eight-hour surgery. Police said that the assailant, 47-year-old Tang Yongming from Hangzhou of east China's Zhejiang Province, later killed himself by jumping off a 130-foot high balcony on the Drum Tower. During the Sunday meeting, the two presidents also exchanged views on other issues, including the Korean Peninsula nuclear issue and the Iran nuclear issue. They agreed that the two sides should maintain communication and coordination, and make joint efforts to facilitate the proper settlement of these issues. Both leaders also made a positive evaluation of the progress achieved through the strategic and economic dialogue between the two countries, and agreed to work together to help the dialogue achieve more positive results.
BEIJING, June 10 (Xinhua) -- The quake relief headquarters of the State Council (cabinet) Tuesday sent a congratulatory telegram to the Tangjiashan lake emergency rescue headquarters for the successful drainage of the quake lake. "After more than 10 consecutive days of hard work, you successfully drained the Tangjiashan quake lake and eliminated a huge threat of secondary disaster after the May 12 quake," the telegram said. The drainage water of Tangjiashan quake-formed lake passes Mianyang City, southwest China's Sichuan Province, June 10, 2008. The crest of the flood from Tangjiashan quake-formed lake passed safely by downstream Mianyang City on Tuesday afternoon. (Xinhua Photo)Photo Gallery>>> "Your work has ensured the people's security, avoided a huge loss and created a miracle in dealing with large quake-formed lakes," it said. "The State Council quake relief headquarters would like to express heart-felt gratitude and respect to the troops, geologists and quake and weather technicians working at the front line and those who helped evacuate people in low-lying areas," it said. The headquarters urged people to continue the work until they were done with follow-up activity in terms of drainage and evacuations. The Tangjiashan lake was formed after quake-triggered landslides from Tangjiashan Mountain blocked the Tongkou River running through Beichuan County, one of the worst-hit areas in the quake that struck southwestern Sichuan Province. Had the lake overflowed, it could have threatened some 1 million people on the lower reaches of the lake. A man-made spillway started to drain the lake on Saturday morning and military engineers used recoil-less guns, bazookas and dynamite on Sunday and Monday to blast boulders and other obstructions in the channel and speed up the outflow. The lake shrank dramatically on Tuesday as muddy water flowed into the low-lying areas. About half of the lake's 250 million cubic meters of water has been discharged since the drainage started. More than 250,000 people in low-lying areas of Mianyang were relocated under a plan based on the assumption that one-third of the lake volume breached the dam.
来源:资阳报