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NEW YORK, Aug. 31 (Xinhua) -- Oil prices plummeted to below 70 U.S. dollars a barrel on Monday as investors were rattled by the sharp decline in China's equities market. Light, sweet crude for October delivery lost 2.78 dollars, or 3.8 percent, to settle at 69.96 dollars a barrel on the New York Mercantile Exchange. The contract fell to the intraday low of 69.13 dollars a barrel. Global stock markets dropped broadly after China's Shanghai Composite Index dived almost 7 percent, spurring concerns about the pace of world economic recovery. Oil prices have found support from optimism that a potential turnaround in the economy could boost flagging fuel consumption, which sent the futures up to a fresh ten-month high of 75 dollars a barrel. However, oil failed to break the 75-dollar psychological barrier and fell back to around 70 dollars a barrel as investors were worried that the market might have gotten too far ahead of the economy. In London, Brent Crude for October delivery tumbled 3.52 dollars, or 4.8 percent, to 69.27 dollars a barrel on the ICE Futures exchange.
BEIJING, Aug. 20 (Xinhua) -- Chinese mainland authorities have promised ethnic minority groups in Taiwan preferential assistance in trade, tourism and other sectors to promote the island's economic and social development after the devastating Typhoon Morakot. Minister of Commerce Chen Deming said in meeting a Taiwan delegation led by politician Kao Chin Su-mei on Thursday that the ministry would lead mainland entrepreneurs to visit the island's areas inhabited by ethnic minorities to purchase local products. The ministry would also encourage mainland commercial distributors to buy more agricultural products from Taiwan and help the Taiwan minorities participate in trade fairs on the mainland, Chen said. Shao Qiwei, director of China's National Tourism Administration, told the Taiwan delegation that his administration would extend existing travel routes to areas where Taiwan's ethnic minorities live. Shao suggested that the reconstruction work in the typhoon-hit minority area should also be combined with tourism development. He Junke, chief of the China Youth Development Foundation (CYDF), said the non-profit organization has started fund-raising for Taiwan's victims of the disaster and would like to mobilize more mainland youth to help dropout students on the island.China's Commerce Minister Chen Deming (2nd R) meets with Kao Chin Su-mei (2nd L) who heads a delegation of ethnic minorities from Taiwan province, in Beijing, Aug. 20, 2009.Kao Chin Su-mei said that she hoped the mainland authorities could increase the purchase of processed agricultural products from Taiwan, especially from the island's mountainous regions. Currently, about 500,000 ethnic people live in Taiwan, 80 percent of whom make a living by growing and processing agricultural products. In another meeting with the Taiwan delegation, Yang Jianqiang, Vice-Minister of the State Ethnic Affairs Commission, said his commission would encourage mainland people to visit the island and welcome Taiwan's minority students to study on the mainland.

PYONGYANG, Oct. 5 (Xinhua) -- Chinese Premier Wen Jiabao and Kim Jong Il, top leader of the Democratic People's Republic of Korea (DPRK), held talks here on Monday and reached important consensus on China-DPRK relations and the promotion of a nuclear-free Korean Peninsula. Premier Wen extended sincere greetings and best wishes to Kim on behalf of Chinese President Hu Jintao. The hard-earned friendship and friendly cooperative relations achieved by the joint efforts of several generations of the two countries conform to the aspiration of the two peoples, Wen said, adding that the two nations should pass on the friendship from generation to generation. China is willing to work with the DPRK to maintain high-level exchanges, deepen pragmatic cooperation, strengthen coordination on major issues, and push forward the good-neighborly and friendly cooperative relations, he added. Kim asked Wen to relay his greetings to Chinese President Hu. Chinese Premier Wen Jiabao (R) shakes hands with Kim Jong Il, top leader of the Democratic People's Republic of Korea (DPRK), during a meeting in Pyongyang, capital of the DPRK, Oct. 5, 2009. Kim said Wen's official goodwill visit, which coincided with the 60th anniversary of the DPRK-China ties and the China-DPRK Friendship Year, demonstrates the importance that China has attached to developing ties with the DPRK. The celebrations from both sides have been successful and enhanced the DPRK-China traditional friendship, Kim said. The DPRK is ready to make joint efforts with China to further consolidate and strengthen the DPRK-China friendly, cooperative relations, Kim said. Realizing a nuclear-free Korean Peninsula was the instruction of the late DPRK leader Kim Il Sung and the DPRK's commitment to realizing the denuclearization of the peninsula remains unchanged, Kim said. Through the DPRK-U.S. bilateral meeting, the hostile relations between the two countries must turn into peaceful ones, he said. The DPRK is willing to attend multilateral talks, including the six-party talks, based on the progress in the DPRK-U.S. talks, he said. Wen said China appreciated the DPRK's commitment to the nuke-free peninsula and the multilateral dialogues, including the six-party talks, to realizing this goal. Wen said China is willing to make concerted efforts with the DPRK and other parties concerned to contribute to realizing the denuclearization of the Korean Peninsula and maintaining peace, stability and development in the Northeast Asian region.
TAIPEI, Aug.15 (Xinhua) -- Typhoon Morakot has killed at least 124 people and left 56 missing in Taiwan as of 10 p.m. Saturday, according to local disaster response authorities. Another 45 people were injured after the typhoon, the worst on the island in nearly five decades, wreaked havoc across central and southern regions. Sixty-six people died in Kaohsiung, 25 in Tainan, 16 in Pingdong, six in Chiayi, seven in Nantou, three in Changhua and one in Yunlin. Nearly 23,700 people have been evacuated, and almost 5,000 are taking refuge in 170 sheltering camps. Morakot has caused more than 12 billion New Taiwan Dollars (365million U.S. dollars) in damages to agriculture and forestry. Among the worst-hit regions are Pingdong, Kaohsiung and Tainan. People from a wide range of social sectors in Taiwan have donated cash and materials worth millions of New Taiwan Dollars to support the disaster-relief work. Photo taken on Aug. 14, 2009 shows a house buried by debris flow in Kaohsiung, southeast China's Taiwan Province.Charities and enterprises on the mainland also offered relief-assistance to the island. On Saturday, an official with the Taiwan Work Office of the Communist Party of China (CPC) Central Committee, said the mainland will provide any necessary relief materials needed by Taiwan compatriots affected by the typhoon. The office has requested factories to manufacture portable shelters day and night, and the first batch is expected to arrive in Taiwan Monday at the soonest. Villagers search for lost belongings in a damaged village in Kaohsiung, southeast China's Taiwan Province, Aug. 14, 2009
UNITED NATIONS, Sept. 22 (Xinhua) -- Chinese President Hu Jintao said here on Tuesday the international community should tackle global climate change through common development, calling for international joint work and pledging China's continued efforts on this issue. "Global climate change has a profound impact on the existence and development of mankind and is a major challenge facing all countries," the president said when addressing the UN climate change summit. "Climate change is an environment issue, but also, and more importantly, a development issue," Hu said. "We should and can only advance efforts to address climate change in the course of development and meet the challenge through common development," he said. FOUR PRINCIPLES The Chinese president outlined four principles needed for a successful concerted effort to deal with climate change worldwide. Hu said that fulfilling respective responsibilities, achieving mutual benefit and a win-win outcome, promoting common development and ensuring financing and technology were of utmost importance in making these efforts work. Chinese President Hu Jintao addresses the opening ceremony of the United Nations Climate Change Summit at the UN headquarters in New York Sept. 22, 2009. The Chinese president, who travelled to the United States to attend a string of UN meetings and a forthcoming Group of 20 (G20)Summit, described fulfilling respective responsibilities as the core of the concerted efforts. "The principle of common but differentiated responsibilities embodies the consensus of the international community," said Hu. "Adherence to this principle is critical to keeping international cooperation on climate change on the right track." Hu called on both developed and developing countries to take active steps to deal with climate change issues. Chinese President Hu Jintao (4th L) poses for photos with other leaders at the UN headquarters in New York Sept. 22, 2009. President Hu and the other leaders were attending the UN Climate Change Summit in New York Sept. 22"Developed countries should fulfil the task of emission reduction set in the Kyoto Protocol... and support developing countries in countering climate change," he added, urging developing countries to also work hard to adapt to climate change according to their national conditions and with the financial and technological support from developed countries. On achieving mutual benefit and a win-win outcome, the Chinese president said that, as the goal of the concerted effort, whole-hearted cooperation and coordinated actions of the international community were required. Hu said that, though not their outright responsibility, it served their long-term interest if developed countries extended assistance to developing countries in tackling climate change. Promoting common development was the basis of the concerted efforts, he said. "Without common development, particularly the development of developing countries, there cannot be a broad and solid basis in the long run for tackling climate change," he said. To wrap up his insight into how to tackle climate change, President Hu gave great significance to financing and technology transfer. "Ensuring financing and technology holds the key to the success of our effort," said Hu. He urged developed countries to take up their responsibilities and provide developing countries with new, additional, adequate and predictable financial support to facilitate their dealing with climate change. "This, in effect, represents a joint investment in the future of mankind," he stressed. CHINA'S MEASURES Meanwhile, Hu also announced four measures that China will adopt to further integrate actions on climate change into its economic and social development plan. First, China will intensify efforts to conserve energy and improve energy efficiency, and endeavor to cut carbon dioxide emissions per unit of gross domestic product (GDP) by a notable margin by 2020 from the 2005 level, Hu said. "Second, we will vigorously develop renewable energy and nuclear energy. We will endeavor to increase the share of non-fossil fuels in primary energy consumption to around 15 percent by 2020," he added. Third, China will energetically increase forest carbon sink and endeavor to increase forest coverage by 40 million hectares and forest stock volume by 1.3 billion cubic meters by 2020 from the 2005 levels, Hu said. "Fourth, we will step up effort to develop green economy, low-carbon economy and circular economy, and enhance research, development and dissemination of climate-friendly technologies," he added. "Out of a sense of responsibility to the world ... China has taken and will continue to take determined and practical steps to tackle this challenge," said the president. The Chinese president arrived here Monday for the UN climate change summit and other UN meetings. He will also travel to Pittsburgh for the G20 summit scheduled for Thursday and Friday.
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