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BEIJING, April 2 -- China Everbright Bank, Everbright Group's banking unit, will go public in Shanghai in July or August, Everbright Group said Tuesday. The bank will issue more than 820 million A shares, accounting for 10 percent of its enlarged share capital, said Everbright Group, a State-owned financial conglomerate. The bank may float shares on the Hong Kong stock exchange if its Shanghai IPO is successfully completed before the 2008 Olympic Games. "But the bank has no timetable for a Hong Kong listing yet," said its vice-president Xie Zhichun. "And the Shanghai listing plan will be further discussed by and is subject to approval from the board and shareholders." Xie added: "The board may enlarge the A-share issue further to more than 10 percent of the enlarged share capital as we don't know whether we can realize a Hong Kong listing or not, but we expect to finish the Shanghai listing before the Olympic Games." The bank has postponed inviting strategic investors as concerns are rising that the subprime crisis will worsen the finances of financial institutions, the bank said. "We will restart the work after the strategic investors release their third-quarter report," said Li Jie, another vice-president of the bank. The bank is a target for foreign investors given its low share price and large scale. It said earlier it will reserve a 20 percent stake for foreign strategic investors and would like to pick investors that can hold the bank's stakes for a long time. The bank disclosed that Industrial Bank from France showed interest to invest in it, but the French banking scandal hindered talks. It will restart inviting strategic investors after its Shanghai listing, the bank said. The bank is 24.16-percent-owned by China Everbright Group and 21.4-percent-owned by Hong Kong-listed China Everbright Ltd.

BEIJING, June 12 (Xinhua) -- Chinese President Hu Jintao and Premier Wen Jiabao have ordered that supplies for the summer harvest be guaranteed amid reports of shortages in some areas. Following their order, the State Council has asked local governments and related enterprises to prioritize supplies such as diesel, the fuel for farm vehicles, to take advantage of the best time for the ongoing wheat harvest. Tight supplies of diesel were reported in some areas since the country began to reap the wheat crop in May as refiners experienced losses resulting from domestic prices that were kept below the spiraling international prices. Famers crop wheat in Yuanyang County of Xinxiang City in central China's Henan Province, June 4, 2008. The harvest of over 5.2 million hectares of wheat in Henan Province has been completed by 5 p.m. on June 11. The whole summer grain crops of Henan is expected to break 30 billion kilograms The summer harvest is vital for China as wheat production would add to the grain output for the year. The State Council asked producers to enhance production to increase supplies. It also warned related departments to impose tighter supervision over market order to cap prices. It said more specific measures, such as providing exclusive supply channels for diesel-powered farming vehicles, handing out special filling cards for farming vehicles and direct diesel delivery to farmers, would also be implemented. Chen Shuying gathers wheat in Houhe Town of Weihui City in central China's Henan Province, June 6, 2008. The harvest of over 5.2 million hectares of wheat in Henan Province has been completed by 5 p.m. on June 11. The whole summer grain crops of Henan is expected to break 30 billion kilograms.
BEIJING, June 16 (Xinhua) -- Prevention of secondary disasters, such as landslides and mud-rock flows, amid rain storms and frequent aftershocks following the May 12 earthquake was an "urgent task", said the quake relief headquarters of China's State Council on Monday. "New geological disasters can happen at any time due to the long-lasting aftershocks and much stronger precipitation as the country's rivers enter the flooding season," the headquarters warned after a meeting presided by Premier Wen Jiabao. The quake zone and the rain-lashed southern regions are the focuses of the prevention work, according to the meeting. Work must be sped up to remove the dangers of quake-formed lakes, quake-damaged dams and hydropower plants as well as dikes of major rivers, the headquarters said. The headquarters urged local governments and related departments to strengthen monitoring and alarms of rains, floods and aftershocks, and told quake-hit regions to base their recovery plans on geological hazard assessment. Chinese Premier Wen Jiabao (C Back) presides over the 19th meeting of the quake relief headquarters of the State Council (Cabinet) in Beijing, capital of China, June 16, 2008. The meeting focused on the prevention of secondary disasters of quake Up to 50,000 residents were asked last week to move from highly-dangerous terrain in Wenchuan, epicenter of the May 12 earthquake, to shelters built on open and solid ground before June30 to avoid secondary disasters. As of Monday noon, 12,437 aftershocks had been detected since the 8.0-magnitude quake struck southwest Sichuan Province, official figures show. By Sunday, at least 57 people had been killed and 1.27 million people relocated as rainstorms and floods ravaged nine provinces and region in south China.
BEIJING, July 1 (Xinhua) -- Industries with high energy consumption and emissions are developing too fast in China, along with the quick economic growth, the State Council, or Cabinet, warned on Tuesday. The traditional industry structure remained unchanged, while the service sector and high-tech manufacturing weighting fell in the national economy, State Councilors heard at a meeting focusing on energy saving and emission reduction, chaired by Premier Wen Jiabao. Meeting the energy saving and emission reduction targets set in the 11th Five-Year Plan (2006-2010) remained an arduous task, they agreed. Chinese Premier Wen Jiabao (C) presides over a meeting of the members of the State Council's leading group on energy saving and emission reduction in Beijing, July 1, 2008 With performances in conserving energy and reducing pollutant emissions introduced into administrative evaluation, those who fail to meet the goals are to be put under public scrutiny. Industries with high energy consumption and pollution should be resolutely curbed, and the land use, energy consumption and environment impact assessment should be considered in approving new projects, the State Council warned. This year should see the closure of small thermal power plants with a generation capacity of 13 million kilowatts. Outdated production capacity in cement, aluminum electrolysis, paper-making, iron and steel industries should be eliminated. The government will fund key environment protection projects, including the construction of the sewage treatment facility network. Environment-friendly construction materials should make up more than 80 percent of projects by the end of 2008. China reported a drop in both sulfur dioxide emissions and carbon oxygen demand, a measure of water pollution, in 2007. Last year, China saw a 3.27 percent year-on-year drop in energy consumption for each 10,000 yuan of GDP, Premier Wen Jiabao said in his government work report to the First Session of the 11th National People's Congress. However, the government has admitted the difficulty of hitting the targets to cut China's total energy consumption by about 20 percent and emissions of major pollutants by 10 percent by the year 2010, a goal the government set in 2006.
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