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BEIJING, Jan. 6 (Xinhua) -- After successfully carrying out its first escort mission, the Chinese Navy prepares to cover another 11 domestic merchant vessels planning to travel around Somalia this week. "We will actively provide information and necessary rescue services for those merchant ships passing through the Gulf of Aden and Somali waters," said He Jianzhong, spokesman with Ministry of Transport (MOT). A ship of China Ocean Shipping Group Company (COSCO) sails in the Gulf of Aden under the escort of a Chinese naval fleet (not seen in the picture) Jan. 6, 2009. The Chinese naval fleet arrived Tuesday in the waters of the Gulf of Aden off Somalia to carry out the first escort mission against pirates. Four Chinese ships, including one from China's Hong Kong Special Administrative Region, were escorted by the fleet. A governmental spokesman said on Tuesday that the naval task force will protect a total of 15 Chinese merchant ships between Tuesday and Saturday. Consisting of two destroyers and one supply ship, the naval fleet arrived in waters off Somali coast on Tuesday after a voyage of more than 4,400 nautical miles. It set sail on Dec. 26. Soon after its arrival, the fleet conducted its first escort service for four Chinese merchant vessels, including one from Hong Kong. The ship's cargo, origins and destinations were not released. Under command of the fleet's flagship DDG-169 Wuhuan destroyer, the four merchant vessels sailed in a line formation and passed through the warship's patrolling area. Surging piracy off the Somali coast has increasingly threatened internationals shipping. A total of 1,265 Chinese merchant ships passed through the Gulf of Aden last year. Seven were attacked by pirates. One Chinese fishing ship, Tian Yu 8, and its 18 crew members were hijacked on Nov. 14, 2008. They are still being held by pirates. The MOT announced Chinese merchant ships may ask for protection by applying to the China Shipowners' Association (CSA) and China Maritime Search and Rescue Center (CMSRC). According to the commander of the Chinese Naval expedition, Real-Admiral Du Jingchen, the main task for the warships is to dispel pirates with their presence. "We have started our escort mission and will conduct careful deployment and close contact with the vessels to secure their safety by strictly abiding by the U.N. resolutions and international laws," said Real-Admiral Du. The fleet is carrying about 800 crew members including 70 soldiers from the Navy's special forces along with weapons such as missiles, canons and helicopters. For the first phase of the escort mission, the fleet will patrol the Gulf of Aden and Somali waters for about three months, followed by possible replacement warships as needed.
CAIRO, Dec. 25 (Xinhua) -- Visiting Chinese Vice Premier Li Keqiang said on Thursday that China is willing to further the strategic cooperative ties with Egypt which was established in 1999. During his meeting with Egyptian President Hosni Mubarak, Li said the tenth anniversary of the establishment of the ties in next year should be an opportunity to further such a relationship. "The two sides should take advantage of this opportunity to strengthen the strategic coordination and cooperation and enrich the contents of bilateral relations," he said. Li suggested the two countries to deepen cooperation in trade, investment, transport, communications, tourism and human resources as well as explore new areas. Meanwhile, Mubarak expressed beliefs that with the joint efforts of leaders of the two countries, Egypt-China strategic cooperative relations will make new progress. Li arrived here on Wednesday afternoon for a four-day official visit to Egypt at the invitation of Egyptian Prime Minister Ahmed Nazef. He told Mubarak that the purpose of his visit is to implement the consensus reached by the two heads of state, deepen the relations with Egyptian and promote relations with Arab and African countries. He hailed Egypt, which he believes plays an important role in international and regional affairs, as an important cooperative partner of China among developing countries. "The Chinese side attaches great importance to developing Sino-Egyptian relations," Li noted, adding that the two countries have always respected each other, treated each other frankly and witnessed continuously deepened political trust and rapid development of pragmatic cooperation in various areas. "The relationship between the two nations has become a model for cooperation among developing countries," he said. Mubarak asked Li to convey his regards to Chinese President Hu Jintao and other Chinese leaders. He said he has maintained close and friendly relations with several generations of Chinese leaders, and Egypt is pleased to see China's rapid development, and hopes it can be stronger. He said he has been working to promote the development of bilateral ties, and attaches great importance to developing friendly cooperation in all fields with China. Li also briefed Mubarak on China's measures in countering the global financial crisis, including adjusting macroeconomic policies in a timely manner, implementing proactive fiscal policy and moderate monetary policy and expanding domestic demand to promote economic growth. He said China believes that these measures will be conducive to China's economy to maintain steady and rapid development. After the meeting, Li briefed the Egyptian media on the meeting with the president. Li also held talks with Egyptian Prime Minister Ahmed Nazef, and the two attended a signing ceremony on cooperative documents in fishery. Besides meetings with Egyptian leaders, Li will also attend the opening ceremony of a China-Egyptian business forum in the afternoon. Egypt is the second leg of Li's first overseas trip since he took office as vice premier in March. The trip has brought him to Indonesia and will bring him to Kuwait. Among his entourages are senior foreign affairs, development, commercial and banking officials. According to Chinese statistics, trade volume between China and Egypt has reached more than 5.3 billion U.S. dollars as of October this year, a 44-percent increase compared with the same period of last year. By the end of July, about 570 Chinese companies have invested in the northeastern African country. In addition, more and more Egyptian students begin to study Chinese language as the bilateral ties ushered into a new phase. Up to now, there are five Egyptian universities that have established Chinese language departments.

BEIJING, Jan. 14 (Xinhua) -- China's State Council unveiled a long-awaited support package for the auto and steel sectors Wednesday to boost the two "pillar industries". Under the plan, the government will lower the purchase tax on cars under 1.6 liters from 10 percent to 5 percent from Jan. 20 to Dec. 31 in a bid to stimulate sales. It will also allocate 5 billion yuan (730 million U.S. dollars) to provide one-off allowances to farmers to upgrade their three-wheeled vehicles and low-speed trucks to mini-trucks or purchase new mini-vans under 1.3 liters from March 1 to Dec. 31. It will also increase subsidies for people to scrap their old cars and will straighten out and cancel regulations that restrict car purchase. The plan encourages large auto companies, as well as major auto-part makers to expand through mergers and acquisitions so as to optimize resources and improve their competitiveness on the international market. In the next three years, the central government will earmark 10 billion yuan as a special fund to support auto companies to upgrade technologies, and develop new engines that use alternative energies. The government will offer financial support to promoting the use of energy-saving autos and those fueled by new energies, and support automakers to develop independent brands and build auto and parts export bases. The plan also urges improvements in the credit system for car purchase loans. More than 93 percent of Chinese vehicles are sold in the domestic market, but less than 10 percent are purchased on credit. It also requires accelerated upgrading of the steel sector, transforming "big" industry competitors into "strong" international players. It said the industry needed to eliminate outdated technology, and must not establish new projects that merely add to steel output. China also needed to increase domestic demand for steel and adopt a more flexible tax rebate policy to keep international markets. Special funds will be allocated from the central budget to promote technological advancement of the sector, readjustment of products mix and improvements of product quality, according to the plan.
BEIJING, Nov. 17 -- Chinese banks should be alert to the risks of growing bad loans and narrowing profit margins amid a worsening global financial crisis and domestic interest rate cuts, a senior banking regulator has warned. China Banking Regulatory Commission Vice Chairman Jiang Dingzhi told a financial forum in Beijing on Saturday that China's banking system, despite being generally healthy, faces growing risks. "Our judgment is that losses at overseas financial institutions will widen further, and capital shortfalls will become more serious," Jiang said "The financial crisis won't end in the near term. So we should not turn a blind eye to the risks " Jiang said, warning that the first risk China may face in the coming years is "exported inflation" from developed economies. He said many developed economies have taken quick action to inject huge liquidity and credit into their banks to stabilize financial systems and it is likely that the banks will export capital to developing countries such as China (through direct investment or loans). "That may cause high inflation (for us) and we should keep a close eye on cross-border capital flows," said Jiang. Jiang also warned that bad loans, especially in the real estate sector, are the second risk that China's banks are confronted with. "Bad loans are already showing an upward trend, especially in the property market where the mortgage default risk is growing at an accelerating pace," Jiang said, without elaborating. Jiang also said Chinese banks may encounter growing losses from their overseas investment as the global financial crisis remains "far from over". The government said earlier that Chinese banks suffered "very limited losses" overseas as their exposure to bankrupt global financial companies was not much. Jiang said Chinese banks also face narrowing profit margins as the central bank cuts interest rates to boost the slowing economy. Banks are encouraged to lend after the government announced a 4 trillion yuan (586 billion U.S. dollars) stimulus plan a week ago. The People's Bank of China has cut interest rates thrice this year after economic growth cooled to 9 percent in the third quarter, the slowest rate in five years. He said the banks will see declining profits next year as lower interest rates shrink margins and loan defaults may increase. However, Jin Liqun, chairman of the supervisory board of China Investment Corp, said Chinese banks should continue market-oriented reforms despite the risks. "All these risks cannot be used as excuses to defer further reform in the banking system," said Jin at the forum. "Only with market-oriented reforms can our banks further build up their capabilities in profit-making and risk-prevention." Jiang said China's banking system remains "in good health" with all major indicators at their best levels ever. Banks' total assets, 59.3 trillion yuan at the end of September, were five times the level of 10 years ago when the Asian financial crisis erupted, he added. And banks reduced their average bad-loan ratio to 5.49 percent at the end of September, from 6.3 percent at the end of March. "These sound indicators are the basis of our confidence to battle financial crisis," Jiang said.
BEIJING, Oct. 17 (Xinhua) -- China issued new rules on reporting activities by foreign correspondents on its territory late Friday, allowing them to interview without application to foreign affairs departments. "The new rules follow the major principles and spirits of the media regulations introduced for the Beijing Olympics," Chinese Foreign Ministry spokesman Liu Jianchao said at a late night press conference. The conference began 15 minutes before the expiry of the temporary Olympic rules, which were introduced on January 1, 2007 and removed media restrictions on foreign reporters during the Beijing Games. "In the form of a long-lasting law, the 23-item new rules make that temporary arrangement a standard practice," Liu said. "The new regulations are significantly different from those issued in 1990," spokesman said. Foreign reporters wishing to interview organizations or individuals in China no longer need to be received and accompanied by the Chinese organizations, Liu said. It canceled an item in the old version that asked foreign reporters to get approval from the local government's foreign affairs department when they wanted to do reporting in the regions open to them. The new rules also lifted an item asking them to get approval from the Foreign Ministry when they wanted to visit the regions not open to them and register at the police. "Foreign reporters still need to ask for permission to do reporting in Tibet and other areas that are off-limits to foreign reporters, like some military facilities," Liu said. The 17th item of the new rules said foreign reporters need to gain agreement from the person or organization to be interviewed while they are working in China. According to the new rules, permanent offices of foreign media and reporters can "temporarily" import, install and use radio communication devices for news reporting after gaining approvals from the Chinese government according to laws. "China adopts a basic policy of opening up to the outside world, protects the lawful rights and interests of the permanent offices of foreign media organizations and foreign journalists in accordance with law, and facilitates their news coverage and reporting activities that are carried out according to law," the new rules said. The rules asked resident foreign reporters to apply for a press card to the Foreign Ministry or local foreign affairs departments within seven working days after their arrival in China. With press cards, they also need to get residency cards from the local police where they are to stay. Press cards of those who stay in China for less than six months every year will be revoked, the document said. Resident foreign reporters or those for short-term news reporting in China shall apply a journalist visa. The new rules do not ask resident foreign reporters to renew their press cards annually. Permanent offices of foreign media and reporters may hire Chinese citizens to do auxiliary work but have to hire them organizations designated by the Foreign Ministry or local governments to provide services to foreign nationals, according to the new rules. The new rules took effect from Oct. 17.
来源:资阳报