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SHANGHAI, Nov. 16 (Xinhua) -- Visiting U.S. President Barack Obama said Monday that different countries should learn from each other to diversify cultures in the world. "Each country in this interconnecting world has its own culture, its own history, and its own traditions," Obama said during a dialogue with Chinese students in the Shanghai Science and Technology Museum. "It is very important for the United States not to assume what is good for us is automatically good for somebody else," he said when responding to a question raised by a Shanghai college student about how to promote cultural exchanges between different countries. U.S. President Barack Obama gestures as he delivers a speech at a dialogue with Chinese youth at the Shanghai Science and Technology Museum during his four-day state visit to China, Nov. 16, 2009 Obama said one of the U.S. strengths is the country has a very diverse culture, and has people coming from all around the world. "There is no one definition of what America looks like," he added. He cited his family as an example of diverse cultures, saying the family is like "the United Nations" as his father was from Kenya, his mother from Kansas of the U.S. Midwest, while his sister was a half-Indonesian married to "a Chinese person from Canada." Obama flew into Shanghai from Singapore on Sunday night to kickoff his four-day visit to China, his first trip to the Asian country since taking office in January. Later Monday, he will fly to Beijing, where he will hold talks with Chinese President Hu Jintao and meet with other Chinese leaders.
BEIJING, Dec. 16 -- Premier Wen Jiabao will leave for Copenhagen this afternoon, hoping to help seal a fair and effective climate change deal for the planet and secure China's emission rights. Wen will join world leaders, including US President Barack Obama, at the United Nations climate change conference in Oslo for its crucial last two days. Foreign Ministry spokesperson Jiang Yu Tuesday said he is likely to meet state leaders from India, Brazil and South Africa, among others. "China, as a developing country, will make its due contribution to the UN conference," said Jiang. It is not yet known whether Wen and Obama will meet on the fringes of the conference but he has worked the phones relentlessly in the past 10 days, calling as many as 10 world leaders and UN chief Ban Ki-moon in an attempt to secure a workable agreement. Chinese officials have also had important meetings in recent days with negotiators from many countries, including representatives from the United Kingdom and Germany. But during the past 10 days, China and the US have not held any official meetings at any level in respect to climate change. If Wen and Obama do get the chance to meet, they will likely have lots to talk about - the US recently urged China to accept a binding carbon reduction target and said it will not provide financial support to Beijing for climate initiatives. China, meanwhile, called on the US to set a more ambitious target for emissions reduction after Washington promised to cut them by around 4 percent by 2020 from the 1990 base. Developing countries had urged the US and wealthy countries to slash emissions by 40 percent. Experts have called on the US and China to narrow their differences in a bid to ensure the conference is a success. Experts played down the likelihood of the world achieving an ambitious global treaty in Copenhagen but said Wen will defend China's status as a developing country and protect its right to economic expansion in the future. Jiang said the summit has seen both conflicts and achievements. She said the main stumbling block to real progress has been the reluctance of developed nations to hand over funding and technical support to developing nations that they promised in earlier agreements. "If they abandon the principles of the Bali Road Map and the Kyoto Protocol, it will have a negative impact and hamper the conference," Jiang said. She added that China supports the contention that some smaller developing island countries and African countries are in the most urgent need of funding support and should get help first. But the spokesperson stressed that developed countries have a legal obligation to help all developing countries. Huang Shengchu, president of the China Coal Information Institute, said the fact that Wen will be in Copenhagen shows the determination of the Chinese government to secure a good deal. Zhang Haibin, an environmental politics professor at Peking University, said the presence of leaders such as Wen will inject hope that a deal can be found. "It demonstrates the leaders' will to take up the responsibility to rescue the whole of human kind," said Zhang. "However, because of the nature of world politics, the chances of reaching an effective and ambitious agreement, in the end, are slim." John Sayer, director of Oxfam Hong Kong, said many developing countries, including China, India, Brazil and South Africa, have voluntarily offered to cut emissions. China recently said it will reduce its carbon intensity by between 40 and 45 percent by 2020 from the 2005 base level. However, as Zhang pointed out, some US experts, instead of welcoming such offers, have called on China to let international organizations verify that emissions are indeed falling. Daniel Dudek, chief economist with the US Environmental Defense Fund, said the world seems to be unsure about whether China is serious about cutting emissions and achieving a good post-Kyoto deal. "I think that people want to be reassured that China wants to achieve an agreement at Copenhagen and that China values moving forward on climate change more than winning its negotiating positions," he said.

BEIJING, Jan. 4 -- China International Capital Corp (CICC) topped the rankings of the underwriters of China's initial public offerings (IPOs) in 2009, making an estimated 1.23 billion yuan from fees, Bloomberg data showed. The earning of the country's largest investment bank was boosted by underwriting the China State Construction Engineering Corp's 50.1 billion yuan IPO, the world's second-largest in 2009. CICC also took two other heavyweight companies public, China Shipbuilding Co Ltd and China CNR Co Ltd, raising 14.7 billion yuan and 13.9 billion yuan respectively. CITIC Securities, the top underwriter in 2008, fell to the No 2 spot in the ranking, making 855 million yuan from IPO deals totaling 28.7 billion yuan, according to Bloomberg data. The third slot went to Orient Securities, which earned 258 million yuan from IPO deals worth 11.9 bllion yuan. IPOs are among the most lucrative advisory businesses for Chinese securities firms as China has witnessed an IPO boom since it reopened the market last June after a 10-month halt blamed on the widespread global credit crunch. Chinese securities companies saw an exponential growth in their revenues from the IPO business, making a total of 4.76 billion yuan from underwriting fees, doubling the 2.35 billion yuan in 2008. But the earnings still lagged far behind the 7.61 billion yuan made during the pre-crisis period in 2007. Last year, 43 Chinese securities firms helped 111 companies go public on the mainland's A-share market, raising 202.2 billion yuan. The value of the IPO deals taken by the top 10 underwriters accounted for more than 70 percent of the total IPO values. Market insiders said the IPOs of heavyweight companies will remain the target for large investment bank and securities companies such as CICC and CITIC Securities next year while small and medium securities companies will make start-up board ChiNext their primary focus. Stock prices of listed securities companies soared sharply in the past two weeks, mainly stimulated by unconfirmed reports that China's State Council has given the final nod for the introduction of index futures in 2010. Analysts said Chinese securities companies would likely see a surge in revenues this year after the regulators announce a clear timetable for the launch of the index futures, margin trading and short selling. "The new products will certainly boost the earnings and valuations of the brokerage stocks," said Cheng Binbin, an analyst with Qilu Securities "It not only means strong profit growth for securities firms in the future but also a gradual transition toward a more risk-diversified business model." It is forecast that margin trading and short selling will likely contribute 9.41 to 14.3 billion yuan in revenues of securities companies in 2010 while index futures will contribute 5.76 to 6.34 billion yuan. The net profit of China's brokerage industry may reach 90 billion yuan in 2009, a year-on-year increase of 90 percent, according to an estimate by Guotai Junan Securities. Meanwhile, foreign banks also grabbed a share of the lucrative pie of China's booming capital market last year with Swiss bank UBS ranked the largest underwriter of Chinese overseas IPOs. The bank contracted 8 million in underwriting fees from Chinese companies that sought IPOs in the Hong Kong market, worth a total of billion last year, Bloomberg data showed. Mergers and acquisitions (M&As) made by the Chinese companies remained the traditional cash cow for foreign investment banks in 2009. Morgan Stanley was the No 1 financial advisor in M&A deals worth .9 billion on the Chinese mainland and Hong Kong, according to Bloomberg data. The largest M&A deal in 2009 made by a Chinese company was the .5 billion acquisition of Swiss oil company Addax Petroleum by China's largest oil refiner, Sinopec.
BEIJING, Dec. 23 (Xinhua) -- China's Supreme People's Court (SPC) on Wednesday published two regulations, pledging to improve media supervision and public access to the courts' case filing, trial, hearing and law enforcement process, as well as to the verdict documents and court affairs. The two regulations were aimed to improve judicial democracy, ensure judicial justice, and protect the legitimate rights of the litigants and defendants involved, said Sun Jungong, spokesman of the SPC, during a press conference. According to the regulations, people involved in lawsuits would have access to all relevant information when filing a lawsuit, and would be kept informed of important information during the law enforcement process. In open-trial cases, the public and journalists could attend the trials after safety checks. The courts' verdict documents would be published online if they did not include state secrets, teenage criminal records, personal privacy or other contents inappropriate for publication, while the courts' affairs would also be made public. Meanwhile, the regulations said journalists might face criminal charges if they disclose state or business secrets, impair national and social interests, distort facts when covering on-going trials, violate the reputation rights of judges or people involved in lawsuits, or conduct any other activities that may harm judicial justice.
HANGZHOU, Oct. 29 (Xinhua) -- China and the United States said Thursday they would not stage any new trade protection measures against each other, a significant step which lays the groundwork for the presidential summit next month. "Both sides agreed on not introducing any new trade protection measures against each other as both vowed to oppose trade and investment protectionism and observe the related consensus of the G20 summit," Chinese Commerce Minister Chen Deming said later Thursday. Delegates attending the 20th China-US Joint Commission on Commerce and Trade (JCCT) pose for a group photo in Hangzhou, capital of east China's Zhejiang Province, Oct. 29, 2009. China and the United States on Thursday started their annual trade talks in Hangzhou. Chinese Vice Premier Wang Qishan co-chaired the meeting with Commerce Secretary Gary Locke and Trade Representative Ron Kirk of the United States. The JCCT began in 1983 as a platform for both countries to promote trade and address issues of mutual concernChen made the remarks at the end of the 20th China-U.S. Joint Commission on Commerce and Trade (JCCT) talks in China's eastern city of Hangzhou. The comments also came at a time of increasing China-U.S. trade disputes in the past months, involving Chinese tires, cement products, U.S. poultry and others. "The pledge is significant as it shows both countries' determination to dump punitive measures against each other and instead seek common prosperity," Niu Xinchun, a research fellow with China Contemporary International Studies Institute, told Xinhua. "As influential powers, China and the United States should stand firmly against all types of trade protectionism, promote both countries' economies and help lift the world out of recession," Chinese Vice Premier Wang Qishan told the opening session of the JCCT Thursday noon. Wang co-chaired the 20th JCCT talks with U.S. Commerce Secretary Gary Locke and U.S. Trade Representative Ron Kirk in a lakeside garden compound in the capital of east China's Zhejiang province. Locke highlighted the significance of this year's talks, saying it is the first JCCT meeting of President Obama's administration and comes a few weeks ahead of President Obama's first visit to China. Wang said President Obama's visit in mid November will "provide new opportunities for China-U.S. cooperation." "In a spirit of candor and understanding, hopefully both sides will discuss issues of mutual concern and achieve fruitful results at today's JCCT meeting," Wang said. "It is critical that we make definite, concrete, demonstrable progress today to demonstrate that U.S. and China can work together to achieve results from the JCCT," Locke said. Later Thursday, the U.S. commerce chief lauded the one-day JCCT talks as "successful," as both sides "made very significant progress on a number of issues." Locke said China will drop a requirement that most of the components of wind power-related equipment be made in China. "The United States agreed to delete some articles in its bill which limited China's poultry exports for six years," Chinese Minister of Agriculture Sun Zhengcai said in response to a Xinhua's question. In return, China will resume imports of pork products from the A/H1N1 flu-hit areas in the United States, Sun said. As for trade imbalance, China's commerce chief said both sides agreed at the JCCT talks that the solution was not to limit China's exports to the United States, but strike a balance by aggressively boosting bilateral trade.
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