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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. 

GYEONGJU, South Korea, May 15 (Xinhua) -- China on Saturday called on related parties to keep calm, exercise restraint and appropriately handle Cheonan incident.Chinese Foreign Minister Yang Jiechi made the remarks while meeting with his South Korean counterpart Yu Myung-hwan ahead of a trilateral foreign ministers' meeting of China, Japan and South Korea, Chinese foreign ministry spokesman Ma Zhaoxu said.Yang said the sinking of the South Korean navy ship "Cheonan" is an unfortunate incident. Considering the current complicated and sensitive situation on the Korean Peninsula, China hopes all parties concerned should start from the stability and peace of the Korean Peninsula and the region, proceed from long-term interest, keep calm and exercise restraint to appropriately handle the Cheonan incident.As for what the Japanese side said during the two-way meeting between Yang and his Japanese counterpart Katsuya Okada that Chinese marine surveillance ships' enforcement activities on Japan 's scientific research ships east of "medium line" has damaged Japan's sovereignty and interests, Yang stressed that China remains clear and consistent position on the East China Sea issues. He said China has never recognized the so-called "medium line" proposed unilaterally by Japan, noting that the Japanese side has no right to adopt unilateral actions in the disputed sea, according to the spokesman.The spokesman said the two sides agreed to calmly deal with related issues to avoid worsening the situation and affecting the bilateral ties.Regarding to what the Japanese side mentioned during the meeting that its surveillance actions on the Chinese Navy's recent training in East China sea are in line with the International Law, describing the Chinese side's actions as "dangerous", Yang reaffirmed that the Chinese Navy are conducting normal training, which poses no threat to any country.Yang hoped that the two countries' defense authorities could enhance mutual trust by further strengthening exchanges and communications, so as to prevent misunderstanding and misjudgment, according to the spokesman.

BEIJING, April 8 (Xinhua) -- China expressed its concerns Thursday about a Chinese coal ship that ran aground off the eastern coast of Australia.Chinese Foreign Ministry spokesperson Jiang Yu told a regular press briefing China is paying close attention to the incident and has taken immediate action to deal with it.China is concerned an oil spill may pollute Australia's Great Barrier Reef, Jiang said, adding that the related shipping company and Australian authorities should enhance cooperation to appropriately address the issue.Jiang said China's embassy in Australia contacted local authorities and urged them to ensure the crew's safety.Australia has taken rescue measures in time, she said, noting that the body of the ship has been kept stable and the crew are safe.The Chinese-owned, 230m-long bulk coal carrier Shen Neng 1 ran aground about 70 km east of Great Keppel Island shortly after 05:00 p.m. local time on Saturday. About two tonnes of fuel oil have spilled, creating a slick about 3 km long and 100 meters wide.The vessel, carrying 950 tonnes of heavy fuel oil and 65,000 tonnes of coal, was bound for China.

YUSHU, Qinghai, May 20 (Xinhua) -- A mental health facility was established in Yushu, northwest China's Qinghai Province, Thursday to provide psychological counseling for the victims of last month's massive earthquake.The facility will ease the quake-victims' psychological trauma.The April 14 quake took the lives of at least 2,200, injured another 12,135 and left countless emotionally scared and reeling from the loss of family members and friends."It may take five to ten years for victims to recover from their psychological trauma. It is hard to heal such trauma without professional help," said Shi Zhanbiao, an expert with the Psychological Research Institute under the Chinese Academy of Social Sciences (CASS).The facility was established by the institute and the Qinghai Academy of Social Sciences.It will help restore quake-victims' mental health, he said.China's central government has allocated 9 billion yuan (1.32 billion U.S. dollars) for reconstruction in quake-devastated Yushu this year, according to a statement issued after a regular State Council meeting Wednesday.The meeting also established a three-year target for rebuilding homes, schools and roads in the county.The Ministry of Finance will allocate more money in the second and third years.

BEIJING, April 5 (Xinhua) -- The Communist Party of China (CPC) has set up more than 60,000 new grassroots party organizations nationwide while rectifying some 50,000 slack branches during an 18-month campaign to boost party building.The campaign of studying and implementing the Scientific Outlook on Development, launched in September 2008, has covered all the 75 million Party members in more than 370 branches across the country.The Scientific Outlook on Development, set forth by General Secretary of the CPC Central Committee and President Hu Jintao in 2003, emphasizes the well-being of the people and a comprehensive, coordinated and sustainable approach to development.Statistics show that during the campaign, more than 1.4 million items of outdated bylaws were abolished in units and departments nationwide. In addition, some 2.1 million new ones were issued and 2.5 million were amended. The bylaws cleanup covered science and technology development, environmental protection, people's livelihood, anti-corruption among other aspects.In the non-public sector, 12,000 new CPC branches were set up during the campaign, and another 24,000 are in the pipeline. All the law firms and certified accountant offices in China also have their own CPC branches installed.In a meeting of the Political Bureau of CPC Central Committee in March, the CPC leaders agreed that the campaign was of far-reaching significance for boosting the cause of China's modernization drive and Party building.CPC committees at all levels were urged to fulfill their commitments to the people, win public trust by bringing practical benefits to them and embrace innovation in Party building and contribute to the promotion of social harmony.