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WUHAN, Aug. 27 (Xinhua) -- East Star Airlines, the debt-laden private airline based in central China's Wuhan City, officially went bankrupt after its restructuring application was rejected Thursday. The Intermediate People's Court in Wuhan City said the plan submitted by the East Star Group and ChinaEquity was unfeasible and failed to meet the conditions for a legal restructuring. ChinaEquity, an investment company founded in 1999 in Beijing, had promised to invest 200 million to 300 million yuan (29 million to 44 million U.S. dollars) for the restructuring plan. However, it did not specify the source of the funding and failed to provide certificates and documents, and lacked measures to protect creditors, the court said. The court said East Star Airlines had no operating income in 2008, while ChinaEquity recorded 470,000 yuan in main business income and a 187,477-yuan deficit last year. File photo taken on May 19, 2006 shows the aircrew boarding on the Airbus 319 jumbo jet of the Dongxing Group Co. Ltd for its maiden flight at the Tianhe International Airport in Wuhan, central China's Hubei ProvinceThe East Star Group and ChinaEquity agreed the restructuring plan earlier this month. The Intermediate People's Court in Wuhan heard the plan Tuesday. East Star was founded in May 2005, making it China's fourth private carrier after Okay Airways, United Eagle Airlines and Spring Airlines. It operated more than 20 domestic passenger routes between key cities with a fleet of nine aircraft and held about 10 percent of the market share in Wuhan. The airline, with a registered capital of 80 million yuan, was jointly owned by a tourist agency, a tourist investment company and a real estate firm, which all belonged to the East Star Group. On March 13, the airline rejected a government-initiated take-over by the parent group of national flag carrier Air China. Its operations were suspended by the industry regulator as of March 15, due to prolonged financial and management problems. File photo taken on March 27, 2009 shows a jumbo jet of the Dongxing Group Co. Ltd lying on the tarmac, as a plane of another airway taking off overhead, at the Tianhe International Airport in Wuhan, central China's Hubei ProvinceThe order was issued by General Administration of Civil Aviation of China (CAAC)'s branch in charge of the country's central and southern areas after the Wuhan municipal government submitted an application for the suspension. The bankruptcy proceedings were launched on March 30 at the request of six creditors, according to the Communications Commission of Wuhan City. East Star Airlines announced last month that its total debt surpassed 752 million yuan. General Electric's aircraft leasing arm, GE Commercial Aviation Services, one of the creditors, has taken back all nine aircraft it had leased to the airline. State-owned Air China has recruited about 600 out of the more than 1,000 staff of East Star Airlines. The global economic downturn reduced air travel severely, making last year a hard time for the airline industry. The Chinese government injected billions of yuan into Air China, China Southern Airlines and China Eastern Airlines, the three major state-owned carriers, to help them ride out the downturn. Wang Chaoyong, chairman of ChinaEquity, said private airlines had no access to bailouts. Zhao Changbing, spokesman of East Star Airlines, said the government should protect the brand of the private business. Zhao said the airline rejected the takeover by the parent of Air China because the offer was too low and it only covered the debts.
WASHINGTON, July 28 (Xinhua) -- Holding an umber basketball in his hand, Chinese Vice Premier Wang Qishan became the center of attention at the end of the first round of the China-U.S. Strategic and Economic Dialogue on Tuesday. The basketball, with Barack Obama's autograph, is a gift from the U.S. president to Chinese Vice Premier Wang Qishan who is the co-host of the "Economic Track" of the dialogue. The basketball is considered a symbol of the U.S. government's hospitality and gratitude to Chinese officials for their efforts in making this dialogue a success. U.S. President Barack Obama (R) presents a basketball to Chinese Vice Premier Wang Qishan (C), special representative of Chinese President Hu Jintao, as Chinese State Councilor Dai Bingguo (L) stands by in the Oval Office of the White House in Washington, on July 28, 2009. Obama met with Chinese Vice Premier Wang Qishan and State Councilor Dai Bingguo, special representatives of Hu, here on Tuesday. Wang Qishan and Dai Bingguo were in Washington to participate the two-day US-China Strategic and Economic Dialogue concluded here on July 28. During his closing address, Chinese State Councilor Dai Bingguo, co-host of the "Strategic Track," introduced the basketball to reporters, as he hailed the "in-depth, broad, candid, and productive" discussions between the two sides and expressed the Chinese delegation's appreciation of what the American government has done to arrange the dialogue. He also said that the Chinese side will work together with the U.S. side to make good preparations to ensure that President Obama's first visit to China later this year will be a success. Chinese Vice Premier Wang Qishan (L), special representative of Chinese President Hu Jintao, holds a basketball presented by the U.S. President Barack Obama as a gift in the Oval Office of the White House in Washington, on July 28, 2009. It was not the first time that basketball took the central stage during the two-day meeting. During his speech at the opening session on Monday, Obama, who is a well-known basketball fan, reached out to his Chinese guests by quoting Chinese NBA star Yao Ming. "As a new president and also as a basketball fan, I have learned from the words of Yao Ming, who said, No matter whether you are new or an old team member, you need time to adjust to one another," said the president. "Well, through the constructive meetings that we've already had, and through this dialogue, I'm confident that we will meet Yao's standard," he said.
BEIJING, Aug. 21 (Xinhua) -- China on Friday published a regulation to enforce environmental evaluation on new projects from October, in an effort to prevent pollution or ecological destruction from the beginning. According to the regulation, approved on Aug. 12 by the State Council, the Cabinet, environmental evaluations are required before the planning of development projects being approved. Under the regulation, environmental evaluation of city-level projects will be conducted by local environmental authorities while provincial projects must be evaluated by environmental authorities under the State Council. The regulation covers all development activities, from land use and the development of rivers or oceans, to development projects related to industrial, agricultural, husbandry, and forestry sectors as well as energy, water conservation, transportation, urban construction, tourism, and exploration of natural resources.
BEIJING, Sept. 14 (Xinhua) -- A seminar was held Monday on the recently-published book of important documents from between April, 1948 and January, 2009 of the Chinese People's Political Consultative Conference (CPPCC), China's political advisory body. Jia Qinglin, chairman of the CPPCC National Committee, met with participants attending the seminar. Jia Qinglin (R), chairman of the Chinese People's Political Consultative Conference (CPPCC) National Committee, shakes hands with one of the participants attending a seminar in Beijing, capital of China, Sept. 14, 2009. The seminar was held Monday on the recently-published book of important documents from between April,1948 and January, 2009 of the CPPCC, China's political advisory body. This year marks not only the 60th anniversary of the founding of the People's Republic of China but also the establishment of the CPPCC. The book consists of 142 important documents which are divided into three volumes. Some documents are being made public for the first time. Jia Qinglin (2nd L), chairman of the Chinese People's Political Consultative Conference (CPPCC) National Committee, acquaints himself with the information about the publication and circulation of a book of important documents of the CPPCC in Beijing, capital of China, Sept. 14, 2009"The publishing of the documents will help cadres and people review the great history of Chinese revolution, construction and reform, " said Wang Gang, vice chairman of the CPPCC National Committee, at the seminar. "It is also significant to help people better understand the important role of the CPPCC and its historical achievements." he said. Wang Gang (C, back row), vice chairman of the Chinese People's Political Consultative Conference (CPPCC) National Committee, attends a seminar in Beijing, capital of China, Sept. 14, 2009. The seminar was held Monday on the recently-published book of important documents from between April,1948 and January, 2009 of the CPPCC, China's political advisory body
BEIJING, Sept. 26 (Xinhua) -- Chinese Vice President Xi Jinping on Saturday called for serious study and implementation of a decision of the Communist Party of China (CPC) Central Committee on strengthening and improving Party building. The decision was adopted in mid-October at the fourth session of the 17th CPC Central Committee. The essence of the session must be implemented in an all-out, steadfast and efficient way, said Xi, a member of the Standing Committee of the CPC Central Committee Political Bureau, while delivering a report to 1,800attendants at the Party School of the CPC Central Committee. The six pieces of experience summarized in the document are an embodiment of the endeavors of several generations of Chinese Communists in the 60 years of ruling of the Party, and are a treasure of the Party, said Xi, also president of the Party School of the CPC Central Committee. The decision is focused on major issues regarding Party building, which are strategic, fundamental and urgent, he said, adding it is a major task for Party organizations of all levels to study and implement the essence of the session under the current new situation. Central and local Party schools are a major place to train and foster Party members, leading officials and theorists, as well as study Marxism-Leninism, Mao Zedong Thought and the socialist theoretical system with China's characteristics, Xi said.