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FUZHOU, April 3 (Xinhua) -- Chinese Vice Premier Wang Qishan has called for concrete measures to promote the construction of the economic zone on the western side of the Taiwan Strait.Wang made the remarks during his two-day inspection tour to the southeastern Fujian Province that ended Friday.Wang also asked local departments of commerce, customs, quality inspection, finance and tourism to make efforts to support the construction of the economic zone.During his visit to Pingtan Island, the fifth largest island in China, Wang inspected a bridge under construction that will connect the island with the mainland, as well as industrial development and the tourism industry on the island.Wang also visited the Wuyi Mountain and some tourist attractions in Fuzhou city, and urged a sound development of local tourism industry.
GOTEBORG, Sweden, March 28 (Xinhua) -- China's Zhejiang Geely Holding Group signed a deal worth 1.8 billion U.S. dollars with Ford Motor Co. here Sunday to acquire the U.S. auto giant's Volvo car unit.Under the definitive stock purchase deal, Geely will own 100 percent of Volvo Cars and its related assets.The agreement was inked by Li Shufu, founder and chairman of Geely, and Lewis Booth, chief financial officer of Ford, at a ceremony at the headquarters of Volvo in Goteborg, the second largest city of Sweden. Geely Chairman Li Shufu attends a press conference after the signing ceremony in Goteborg of Sweden, March 28, 2010. China's Zhejiang Geely Holding Group signed a deal with Ford Motor Co. here on Sunday on the takeover of Sweden's Volvo Cars.The ceremony was witnessed by Li Yizhong, China's minister of industry and information technology, and Maud Olofsson, Swedish deputy prime minister and minister for enterprise and energy.The agreement provides a solid foundation for Volvo to continue to build its business under Geely's ownership, said Booth at the ceremony."China, the largest car market in the world, will become Volvo's second home market. Volvo will be uniquely-positioned as a world-leading premium brand, tapping into the opportunities in the fast-growing China market," said Li.Geely has secured all necessary financing to complete the transaction, he said, adding that Geely intends to preserve Volvo Cars'existing manufacturing facilities in Sweden and Belgium, and explore opportunities to manufacture Volvo vehicles in China for the local market. Geely Chairman Li Shufu (FRONT L) shakes hands with CFO of Ford Motor Company, Lewis Booth (FRONT R) after signing a deal in Goteborg of Sweden, March 28, 2010. China's Zhejiang Geely Holding Group signed a deal with Ford Motor Co. here on Sunday on the takeover of Sweden's Volvo Cars.Li promised that Geely will maintain the strong collaborative relations that Volvo has built with employees, unions, suppliers, dealers and above all, customers.Volvo Cars will eventually become a separate company with its own management team based in Goteborg and a new board of directors, he told reporters after the ceremony.Volvo, which has about 22,000 workers around the world including 16,000 in Sweden, was purchased by Ford in 1999 for about 6.4 billion dollars.But Ford has been attempting to sell Volvo since late 2008, due to its poor market performance. Geely was named as the preferred bidder for the Swedish subsidiary in October 2009.Geely, which started to manufacture cars in 1998, is a major private automaker in China, with its headquarters based in southeast China's Zhejiang province. Geely Holding Group is the parent company of Geely Automobile Holdings.Besides Ford, some other Western auto giants are also seeking buyers in China. Beijing Automotive Industry Holdings has agreed to buy some powertrain technology from General Motors Co.'s Swedish Saab unit.

BEIJING, May 22 -- China's stock index futures wrapped up their first month of trading on Friday as the May contract was delivered smoothly without triggering sharp declines or volatility in the spot market.The May contract rose 0.51 percent to close at 2749.8 points while the June contract, the most actively traded, rose 1.44 percent to close at 2801 points. The CSI 300 Index, which tracks 300 large caps traded on the Shanghai and Shenzhen bourses gained 1.57 percent to 2768.79 points.The smooth settlement of the May contract eased investors' worries about the "expiration day effect", with fears that it would trigger sharper volatility on the spot market due to more active trading of index futures as investors rushed to close positions for May and changed to June contracts on that day."The trading volume and the holdings of the May contract dramatically decreased in the past month, which significantly reduced the incentive of price manipulation in the spot market," said Yang Cui, an analyst at Changjiang Securities.Chen Zhenzhi, an analyst at Guangfa Futures, said the impact of the expiry day was very limited due to the fact that most institutional investors have not participated in index futures trading.The China's index futures market is still dominated by retail investors although securities firms and equity funds have been allowed to trade the new financial instrument. The securities regulator required that institutional investors should trade index futures for hedging rather than speculative purposes.Trading of index futures contracts, agreements to buy or sell the CSI 300 Index at a present value on an agreed date, allow investors to profit from both gains and declines in the market. Chinese investors could previously only profit from gains in equity prices.Some analysts said the launch of the financial instrument was one of the reasons leading to the recent decline as the short selling mechanism increases market volatility in the short term.The benchmark Shanghai Composite Index has declined 17 percent since the launch of index futures trading on April 16. It has been ranked as one of the world's worst performers along with some debt-troubled European countries.But Wang Lianzhou, former deputy director of the National People's Congress' finance and economics committee, was recently quoted by Chinese media as saying that the market's decline should not be blamed on index futures, which is designed to make the market more professional and less speculative.
MOSCOW, June 4 (Xinhua) -- The sixth Women's Culture Week as well as the fourth Women Forum between China and Russia kicked off here on Friday.Speaker of the Russian Federal Council, or the upper house of the parliament, Sergei Mironov extended his warm welcome to the inauguration of the event themed "Women and Economy."Calling the strategic partnership of cooperation with China one of the top priorities for Russia in its foreign affairs, Mironov said the long-time collaboration between Russian and Chinese women has made great contribution to the deepening of mutual friendship and understanding.Chen Zhili (4th L), vice chairwoman of the Standing Committee of the National People's Congress, China's top legislature, and also chairwoman of the All-China Women's Federation (ACWF), poses for photos with Svetlana Orlova (5th L), vice chairwoman of Russia's Federation Council, Li Hui (3rd R), Chinese ambassador to Russia, and delegates of the sixth China-Russia Women's Culture Week and the fourth forum between Chinese and Russian women, in Moscow, capital of Russia, June 4, 2010. The sixth China-Russia Women's Culture Week and the fourth forum between Chinese and Russian women kicked off here on Friday.At present, the Russian government and people pay more attention to gender equality and the protection of women rights, said Mironov.Vice Chairwoman of the Standing Committee of China's National People's Congress (NPC) Chen Zhili said China and Russia have conducted multi-layer, multi-sector and multi-faceted cooperation, as bilateral relations are on a fast track of comprehensive and profound development.
JINGHONG, Yunnan, March 27 (Xinhua) -- A governmental decision to go ahead with the sprinkling spree to celebrate a traditional festival has sparked controversy as a prolonged severe drought in southwest China has left tens of millions of people thirsty for water and crops withered.Netizens posted their harsh criticism after Duan Jinhua, head of the information office in Xishuangbanna Dai Autonomous Prefecture, Yunnan Province, confirmed in his microblog a week ago that celebrations for the New Year in the ethnic Dai calendar, featuring the sprinkling spree, will not be canceled despite the drought that is ravaging most parts of the province. A woman touches the base of a dry reservoir in the drought-hit Yi Autonomous County of Shilin, southwest China's Yunnan Province, March 25, 2010An online survey on the leading Internet portal Sina.com, showed that 52.3 percent of respondents backed the celebrations while 40 percent regarded it a waste of water.However, the government of the Dehong Dai and Jingpo Autonomous Prefecture has decided to cancel official celebrations for the Water Sprinkling Festival, and leave local people free for their own choices.The Water Sprinkling Festival, which is also observed by several other ethnic groups in addition to Dai in Yunnan, falls on April 15 this year. The traditional festival was listed a state intangible heritage in 2006 and has become a chance for carnival.Actually, the official celebration in Xishuangbanna would be cut to two hours, three hours shorter than in previous years, and people are encouraged to splash less water, according to Duan.But the cut did not satisfy critics as the worst drought in a century has increasingly become a major national concern.
来源:资阳报