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BEIJING, Dec. 31 (Xinhua) -- The Red Cross Society of China (RCSC) has decided to shut down one of its fund-raising groups due to serious management flaws, as the group's alleged misuse of donations sparked public mistrust in charities.The China Business System Red Cross Society has been repealed for failing to establish a sound internal management system, maintaining a benefit-based relationship with a consulting company, and committing violations in financial and legal management, an investigation report said Saturday.The China Business System Red Cross Society, a group founded in 2001 by the China General Chamber of Commerce (CGCC) with the approval of the RCSC, engaged in charity fund raising in the commercial sector. Funds raised by the group are channeled directly to the RCSC.The group faced accusations earlier this year of misusing charity money after a young woman calling herself "Guo Meimei" claimed online to be a general manager of "Red Cross Commerce" and posted pictures on her tweets detailing her lavish lifestyle.Netizens related "Red Cross Commerce" to the China Business System Red Cross Society, and speculated that Guo might have funded her purchases by embezzling money from the Red Cross.In July, the RCSC suspended all operations of the China Business System Red Cross Society and started an investigation along with officials and experts from the Ministry of Supervision, the Chinese Academy of Social Sciences, a law firm and the CGCC.According to the investigation report, "Red Cross Commerce" does not exist, and Guo Meimei is not employed by the China Business System Red Cross Society or its cooperative enterprises.The RCSC says it is preparing to set up a public supervision committee, and it plans to invite people from all walks of life, including influential figures, to supervise its use of donations as a third party.Meanwhile, the RCSC is also building up an online service that will publicize information about all donations made to the Red Cross system nationwide, in a move to safeguard the rights of the public, including donors, and supervise the charity group's operations.The website is expected to be launched by the end of 2012, the RCSC said.The RCSC has also vowed to strengthen the supervision and management of its subsidiaries and promote transparency in donations, financial management, tendering and procurement, and fund distribution and use.

CANNES, France, Nov. 3 (Xinhua) -- Chinese President Hu Jintao Thursday delivered a speech at the G20 Summit in the French resort city of Cannes. The following is the full text of Hu's speech.Promote Growth Through Win-Win CooperationRemarks by H.E. Hu JintaoPresident of the People's Republic of ChinaAt the Sixth G20 SummitCannes, 3 November 2011President Nicolas Sarkozy,Dear Colleagues,I am glad to come to Cannes to attend the sixth G20 Summit and explore with you ways to counter risks and challenges and promote global development. First of all, I wish to express sincere thanks to you, President Sarkozy, and the French government for the active efforts and thoughtful arrangements you have made for the summit.Currently, the world economic situation needs our high attention. Some major economies are experiencing economic slowdown, and some countries are facing acute sovereign debt problems. Volatility in the international financial markets persists. High inflationary pressure confronts emerging markets. The turbulence in west Asia and north Africa continues. And extreme weather and frequent natural disasters have also exerted negative impact on the world economy. As a result, the global economic recovery is fraught with instability and uncertainty and encounters growing risks and challenges.What has happened since the outbreak of the international financial crisis in 2008 shows that we are facing not just an economic and financial crisis. It is a crisis that has exposed certain deficiencies in the existing institutions and mechanisms, policies and approaches, and ways of development. The world economy is now at a crossroads and global economic governance faces arduous tasks. It is imperative that we stand on a higher plane, transcend differences on specific issues, move beyond short-term considerations, and jointly seek ways to overcome the crisis and sustain development. As the premier forum for international economic cooperation, the G20 must continue to demonstrate the spirit of standing together in times of adversity and pursuing win-win cooperation. At this critical moment, the G20 must work to address the key problems, boost market confidence, defuse risks and meet challenges, and promote global economic growth and financial stability. I wish to make the following proposals in this connection.

BEIJING, Dec. 12 (Xinhuanet) -- For many multinational firms, the past 10 years in China have not only marked the rise of the world's second-largest economy but have also been a decade of expansion and profit growth.As they look back at this "golden decade", which is often used to describe the days after China entered the World Trade Organization (WTO) in 2001, their early expectations and ambitions in a more liberalized Chinese market were found to be more than fulfilled.When German auto giant BMW set foot on the Chinese mainland by establishing its first office in Beijing in 1994, its products were still far too luxurious for ordinary Chinese.In 2001, only 6,500 vehicles were sold under the BMW and Mini brands in China.NYK Diana, a container ship, anchors at Qingdao Port in East China's Shandong province on Thursday, as workers load cargo.But sales started to pick up with China's WTO entry, when the removal of trade barriers brought unprecedented economic growth and a booming market.In 2010, the vehicle maker, which started a joint venture with the domestic Brilliance China Automotive in 2003, sold 169,000 vehicles in China.That record is set to be broken this year as more than 170,000 cars were sold only in the first three quarters."We are both beneficiaries and firm supporters of the open market system," said Christoph Stark, president and CEO of BMW's Greater China region.By liberalizing its market, China, which celebrated the 10th anniversary of its WTO accession on Sunday, has become a thriving market and a savior for foreign enterprises hit hard by the global downturn.In 2009, when General Motors declared bankruptcy in the United States amid the global recession, its Chinese branch saw sales rise 66.9 percent year-on-year to more than 1.8 million units.In 2010, China overtook the United States to become GM's largest national market.The list of similar companies is extensive, as China's decade-long membership of the WTO has helped the Asian powerhouse attract 347,000 foreign firms with investment of more than 0 billion in the past 10 years.Chong Quan, deputy representative for China's international trade talks, said foreign enterprises made more than 0 billion in profit in the 10-year period, with an average annual increase of 30 percent."The accession to the WTO has made China a more transparent, safe and predictable market, as well as an essential part of the global economy," said Dominique Poulique, president of Alstom China.The French power engineering and train company, with more than 30 entities and about 10,000 employees in China, is one of the major foreign suppliers to the Chinese rail transport market."Rapid changes took place in China in the past decade, with its massive investment in infrastructure construction and notable development in energy," Poulique said.Wang Zhile, director of the research center of transnational cooperation under the Ministry of Commerce, said increasing shared interests between China and multinationals are putting them into an inseparable community, one that has found win-win solutions in the past decade.There is also high-quality labor at a relatively low cost, including white-collar workers, he added.Admittedly, the huge market and rich resources have powered up multinational firms in global competition, especially during and after the financial crisis.Forty-nine percent of the responding multinational companies had higher expectations for China in the wake of the global financial crisis in 2008 and 2009, according to a recent survey by the Economist Intelligence Unit, a business information arm of the Economist Group.Although showing signs of a slowdown, China's economy is still widely expected to grow by more than 8 percent next year, at a time when debt and financial instability are weakening growth in other leading economies.Poulique said he expected China's rapid growth to continue into the next decade, especially in the infrastructure construction market."For Alstom, the top task here is to keep adapting to the changing business environment," he said.Many foreign companies are moving research and development facilities to China in the hopes of making it a base for talent and technology.In Shanghai, 347 multinationals have set up regional headquarters, with the establishment of 333 foreign-funded research and development centers.

BEIJING, Dec. 31 (Xinhua) -- The Red Cross Society of China (RCSC) has decided to shut down one of its fund-raising groups due to serious management flaws, as the group's alleged misuse of donations sparked public mistrust in charities.The China Business System Red Cross Society has been repealed for failing to establish a sound internal management system, maintaining a benefit-based relationship with a consulting company, and committing violations in financial and legal management, an investigation report said Saturday.The China Business System Red Cross Society, a group founded in 2001 by the China General Chamber of Commerce (CGCC) with the approval of the RCSC, engaged in charity fund raising in the commercial sector. Funds raised by the group are channeled directly to the RCSC.The group faced accusations earlier this year of misusing charity money after a young woman calling herself "Guo Meimei" claimed online to be a general manager of "Red Cross Commerce" and posted pictures on her tweets detailing her lavish lifestyle.Netizens related "Red Cross Commerce" to the China Business System Red Cross Society, and speculated that Guo might have funded her purchases by embezzling money from the Red Cross.In July, the RCSC suspended all operations of the China Business System Red Cross Society and started an investigation along with officials and experts from the Ministry of Supervision, the Chinese Academy of Social Sciences, a law firm and the CGCC.According to the investigation report, "Red Cross Commerce" does not exist, and Guo Meimei is not employed by the China Business System Red Cross Society or its cooperative enterprises.The RCSC says it is preparing to set up a public supervision committee, and it plans to invite people from all walks of life, including influential figures, to supervise its use of donations as a third party.Meanwhile, the RCSC is also building up an online service that will publicize information about all donations made to the Red Cross system nationwide, in a move to safeguard the rights of the public, including donors, and supervise the charity group's operations.The website is expected to be launched by the end of 2012, the RCSC said.The RCSC has also vowed to strengthen the supervision and management of its subsidiaries and promote transparency in donations, financial management, tendering and procurement, and fund distribution and use.

SAN FRANCISCO, Dec. 8 (Xinhua) -- Apple on Thursday released iTunes Rewind 2011 and App Store Rewind 2011, its annual lists of top selling music, TV shows, movies and apps for the year.Apple picks Instagram as "iPhone App of the Year." Instagram is a free photo sharing application which enables users to confine photos into a square shape in an homage to both Kodak Instamatic and Polaroid cameras, and share them on a variety of social networking services.Photo editing software Snapseed is picked as "iPad App of the Year.""Angry Birds" was the top paid iPhone and iPad app for 2011. Its spinoffs, "Angry Birds Seasons" and "Angry Birds Rio," also make to the top 10 lists.ITunes' best-selling movie is "The Social Network" and "Doctor Who" is the best-selling season TV series. An episode of "Walking Dead" is the best-selling TV episode.The best-selling fiction book was "The Help." "Steve Jobs," the only official biography of the late Apple co-founder, was the best- selling non-fiction book.In iTunes Rewind 2011, British singer Adele sweeps three major music category, named for top-selling song (Rolling in the Deep), top-selling album (21) and iTunes Artist of the year for 2011.ITunes also picked Foo Fighter's "Wasting Light" as album of the year, "Pumped up Kicks" by Foster the People as song of the year, and Nicki Minaj as its breakthrough artist of the year.First launched as iTunes Music Store in 2003, the Apple online digital media store became the largest music seller in the United States in 2008. Last February, Apple announced that more than 10 billion songs have been sold in iTunes Store. In 2008, Apple said over 200 million TV episodes had been sold.The Apple App Store was initially released in July 2008. According to Apple's data, more than 18 billion apps have been downloaded as of Oct. 4.