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BEIJING, March 7 (Xinhua) -- Chinese President Hu Jintao met here on Friday with former U.S. President George Bush.     Hailing the progress of China-U.S. relations in recent years, Hu said that to develop healthy, stable bilateral ties was in the common interest of both sides and had great significance for peace and development of the Asian-Pacific region and the world at large.     China was willing to properly handle divergence and major concerns through dialogue and beef up bilateral exchanges and cooperation on the basis of mutual respect, equality and mutual benefit, Hu said.     He said that he appreciated Bush's efforts to boost China-U.S. friendship. He also briefed the former U.S. leader about China's stance on the Taiwan issue and its preparations for the Beijing Olympic Games.     Calling U.S.-China relations one of the world's most important bilateral ties, Bush said that he was happy with the development of the progress of bilateral relations and expressed confidence that there would be even closer ties with China. Chinese President Hu Jintao (R front) meets with former U.S. President George Bush in Beijing, capital of China, March 7, 2008    As the honorary president of the U.S. delegation for the Olympic Games, Bush said he expected to be back in China in August to watch the Games.     Calling the Olympics a world sports festival, Bush said that he opposed politicizing the event and expected a complete success for the Games.

BEIJING, March 10 -- Tianjin's mayor assured investors Sunday that the city's pilot program, allowing mainlanders to invest in Hong Kong-listed shares, is on track.     "There's a lot of preparation involved. Risk assessment and research is under way to open the door for mainlanders to invest in the Hong Kong stock market," Huang Xingguo, mayor of Tianjin, said Sunday.     "The project's going smoothly, but timing depends on central government approval. I can assure you that Tianjin's status as a pilot city (for financial reform) will not change," he said.     The scheme is in line with the nation's economic development and investor demand and will be an effective way to bring in conversion of the renminbi via capital accounts, Guo Qingping, chief of Bank of China's (BOC) Tianjin branch, said on the sidelines of yesterday's NPC session.     But authorities are cautious about rushing the program through, due to its complexity and risk.     "One risk is hot money flowing into and out of the mainland," Guo said.     BOC was originally expected to be the only financial institution providing the program, but Guo said the details are still being ironed out.     The trial scheme was announced in August last year as a way to diversify mainland investor channels. But it's been put on hold amid the unfolding US subprime crisis and global stock market uncertainty.     Preparation for the program includes payment systems, renminbi conversion, regulation changes as well as extensive risk assessment, Huang said.     Liu Mingkang, chairman of the China Banking Regulatory Commission, told China Daily earlier that no timetable has been set for the pilot scheme, which will allow mainlanders to invest directly in Hong Kong-listed shares. The regulator stressed that more research into the system is needed.     Meanwhile, a timetable is not yet available for Tianjin's new offshore financial center, which is also subject to further research, according to Guo from BOC.

BEIJING -- The Chinese government on Sunday promulgated a revised decree to strike the activities of driving up prices through hoarding or cheating.The revision was made on the basis of regulations passed in 1999 and amended in February 2006 by the State Council.The new decree, effective as of Sunday, raises the maximum fine to 1 million yuan(US,000), which almost triples the sum in the old regulations, for those who manipulate market prices and ignore the prices advised by the government under emergencies.Commercial associations which deliberately spread rumors on price information can be fined at a maximum of 500,000 yuan. Those who severely violate the decree may have their legal certificates revoked.The State Council and local governments can set profit ratios or price ceilings for key items of goods and services when prices rise too sharp, according to the decree.

The National Development and Reform Commission (NDRC) has given Blackstone Group the green light to buy into and help restructure chemicals giant BlueStar.The NDRC has formerly approved the US company's agreement to pay 0 million for a 20 percent stake in China National BlueStar (Group) Corp, the State-owned chemicals maker.According to a notice on the NDRC website, it has given its permission for BlueStar to tap Blackstone as a strategic foreign investor and carry out restructuring.Blackstone will buy a stake in BlueStar's parent company, China National Chemical Corp, or ChemChina, which will hold 80 percent of BlueStar after the deal.The move is intended to smooth BlueStar's strategic restructuring, international expansion and public listing in the future, analysts said."Attracting private equity (PE) funds can help BlueStar draw investment capital and carry out strategic reform", Cheng Lei, an analyst with Ping An Securities, said.BlueStar considered several PE funds before choosing Blackstone, the world's largest PE company. BlueStar will become the US company's first investment in China.Blackstone executives Ben Jenkins and former Hong Kong financial secretary Antony Leung have been appointed by Blackstone to serve on BlueStar's board, the company said."We forecast (they) will bring new ideas to the State-owned company and help it transform," said Fu Yunfeng, an analyst with Ping An Securities.Ren Jianxin, president of ChemChina, said he believes Blackstone has sufficient investment experience in the chemicals industry because of its involvement with Celanese and Nalco.BlueStar is thirsting for global expansion. In 2004, it showed an interest in buying South Korean Ssangyong Motor Co, but Shanghai Automotive Industry Corp closed the deal instead.BlueStar's restructuring follows on the heels of the State-owned Assets Supervision and Administration Commission's (SASAC) campaign to strengthen and expand mid-level, State-owned enterprises.Li Rongrong, minister of SASAC has called on the agency to create 30 to 50 enterprises by 2010, which can rank among the world's top three global players in their sectors.

来源：资阳报