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BEIJING, Feb. 17 (Xinhua) -- China's new rules for reviewing proposed mergers and acquisition (M&A) deals by foreign firms on grounds of national security would benefit both Chinese and foreign investors, a Ministry of Commerce (MOC) spokesman said Thursday.The rules will facilitate the growth of foreign-invested enterprises (FIEs) in China and improve the quality and structure of foreign direct investment (FDI) flowing into China, MOC spokesman Yao Jian said at a press conference.The move also marked an improving legal environment for the security of China's business sector along with its opening-up drive, given that M&A by FIEs will increasingly become a trend in the coming years, Yao said."The adoption of the rules in China will also increase policy transparency and improve law-based government administration," said Yao.Yao's words came after the State Council, China's Cabinet, announced last Saturday that it was establishing a panel to check whether M&A deals struck by foreign firms in the country endanger national security.The panel will review attempts by FIEs to buy or merge with domestic companies whose business pertains to national defence, agriculture, energy, resources, key infrastructure, transport systems, key technology sectors and important equipment manufacturing industries, according to a statement published on the central government's website www.gov.cn.The review will be conducted by a foreign investment security review board under the cabinet, members of which come from the National Development and Reform Commission (NDRC), the MOC and other agencies.The new regulations, which take effect in March, come at a time when China is expected to see more M&A deals struck by foreign firms.Currently, inward M&A accounts for about 3 percent of China's total FDI, a sharp contrast with the global average level of more than 70 percent, said Yao. "M&A by FIEs will become a major trend in China."China's taking in FDI through more M&A will promote industrial consolidation and restructuring, and it will also mean more efficient utilization of the existing resources, he said."As the share of M&A in the FDI will probably rise from the current 3 percent to 8 percent, 10 percent or even more, it is necessary to timely formulate China's own rules governing foreign takeovers in line with international standards," Yao said.In April 2010, the State Council said in a statement that foreign investment should be allowed to be more diversified and foreign investors encouraged to participate in the consolidation and restructuring of domestic firms via equity holdings or acquisitions.He Manqing, a researcher with the Chinese Academy of International Trade and Economic Cooperation of the MOC, said "It is right and proper to impose regulations and requirements on proposed M&A deals in the sectors of strategic importance and those involving national security.""The introduction of the regulations conforms to the new trend in China's receiving of FDI and indicates that China's regulations on FDI are becoming more mature," said He.The NDRC said Wednesday that national security scrutiny would only occur when foreign companies take a majority stake in a domestic M&A deal, meaning that a minority stake purchase will not trigger a review."The new rules draw references from similar rules in the United States, Germany and Canada," the NDRC said in a statement on its website.The NDRC also said that the new regulations were in line with World Trade Organization rules and did not imply that China had changed its policies on opening up and attracting FDI.China's FDI jumped 23.4 percent in January to 10.03 billion U.S. dollars, said Yao. The monthly growth rate was up from December's 15.6 percent.As the world's top investment destination, China received a total of 105.74 billion U.S dollars in FDI in 2010, up 17.4 percent year on year, the MOC said last month.
BEIJING, Feb. 5 (Xinhua) -- Despite profound changes in the global economy, China's banking industry expects steady growth during the 12th Five-Year Plan (2011-2015), a senior banker said Saturday.China's steady and relatively fast economic growth is expected to lay a solid basis for the development of the commercial banks' main businesses, said Hu Huaibang, chairman of Bank of Communications, the fifth-largest lender.Meanwhile, the transformation of China's economic growth pattern would provide an impetus to the adjustment and optimization of the lenders' businesses, Hu said.Hu predicted businesses, such as consumer credit, asset management and credit cards, would enter a golden era over the next few years, along with the economy's shift to a domestic consumption-driven model from the current export-oriented growth pattern.Also, increases in personal wealth and growing numbers in the middle class would bring huge potential customers and development opportunities to the lenders, Hu said.Further, he urged Chinese banks to improve their services and launch new products to meet diversified demands.
BEIJING, Feb. 10 (Xinhua) -- First snow fell in Beijing Wednesday night and continued into Thursday morning. It was the latest first snow for the city in 60 years.Beijing has had no precipitation for 108 consecutive days this winter.Local meteorologists said from 8:00 Wednesday to 6:00 Thursday, precipitation in Beijing averaged 1 mm."Now there is snow at last. I love the taste of snow." "The world in pure white! It's the most beautiful landscape in winter." Beijing residents who stayed late in the night and happened to see the first flakes of snow in the city left their postings on microblogs.However, meteorologists said the first snow won't last long and it will end on Thursday noon. In midnight, the city will have a cloudy weather, and Friday will be a sunny day."As the precipitation is small, it will have limited effect on easing drought," Song Jisong, the municipal meteorological bureau's chief weather forecaster said.Sun said that the capital city's record-long winter drought occurred in the winter of 1970/71, when there was no precipitation for 114 days. This winter drought was the second longest in 60 years.Meteorologists said the current snowfall will reduce risks of fire.The snow also affected the city's traffic. Local traffic control authorities estimated that there were more than 40 highways on which vehicles ran at a speed lower than 20 km per hour in the rush hour Thursday morning.The authorities said an emergency headquarters had been set up for the snow weather. Expressways connecting Beijing with Chengde, Tianjin and Tibet will likely have some sections closed for the time being.A spokesperson with the Beijing Capital International Airport Co., Ltd. said that by 6:00 a.m. Thursday, runways at the airport had operated normally, and take-offs and landings had been normal, with no flights delayed.The airport has also launched an emergency scheme. At last 64 ice removal vehicles had been arranged to ensure the normal operaton of flights.Wednesday also saw snowfall and sleet in Gansu, Shaanxi, Shanxi, Henan and Anhui provinces and rainfall in the Yellow River and Huaihe River valleys, southwestern regions and the middle-and-lower reaches of the Yangtze River valley. And snow and rainfall will continue in the those areas Thursday.
JERUSALEM, March 31 (Xinhua) -- Two researchers at the Hebrew University (HU) of Jerusalem have been honored with a prestigious award for their study of the connection between several inflammatory diseases, cancer and bacteria.Medical faculty members, Dr. Eli Pilarsky and Prof. Sigal Ben- Yehuda, won this year's Sir Zelman Cowen Universities Fund prize that recognizes significant achievement in the field of medicine.The prize committee noted the impressive contributions of Pilarsky and Ben-Yehuda in understanding complex diseases like cancer and antibiotic-resistant infections, and, in a first, decided to award the two scientists this year.Pilarsky told Xinhua that his research deals with the connection between chronic inflammatory diseases like hepatitis, and the development of cancer cells."The relevance of this discovery is that we were able to establish the link between the molecules secreted with such inflammations and the proliferation of cancer cells," Pilarsky explained, noting that "we discovered that the inflammation favors the cancer cells' growth, and now we are trying to find a way to manipulate these molecules to stop the cancer cells from appearing. ""The importance of these findings lies in the fact that 20 percent of the world's cancer cases are attributed to inflammation processes," Pilarsky pointed out.
LOS ANGELES, May 2 (Xinhua) -- An asteroid will fly past Earth this fall at a close approach that will allow a close-up view of one of Earth's good-sized space rocks, NASA's Jet Propulsion Laboratory (JPL) announced on Monday."On November 8, asteroid 2005 YU55 will fly past Earth and at its closest approach point will be about 325,000 kilometers away," said Don Yeomans, manager of NASA's Near-Earth Object Program Office at the JPL in Pasadena, Los Angeles."This asteroid is about 400 meters wide -- the largest space rock we have identified that will come this close until 2028."Despite the relative proximity and size, "YU55 poses no threat of an Earth collision over, at the very least, the next 100 years, " Yeomans said in a press release."During its closest approach, its gravitational effect on the Earth will be so miniscule as to be immeasurable. It will not affect the tides or anything else.""While near-Earth objects of this size have flown within a lunar distance in the past, we did not have the foreknowledge and technology to take advantage of the opportunity," said Barbara Wilson, a scientist at JPL. "When it flies past, it should be a great opportunity for science instruments on the ground to get a good look.""The best resolution of the radar images was 7.5 meters per pixel," said JPL radar astronomer Lance Benner. "When 2005 YU55 returns this fall, we intend to image it at 4-meter resolution with our recently upgraded equipment at the Deep Space Network at Goldstone, California. Plus, the asteroid will be seven times closer. We're expecting some very detailed radar images."Asteroid 2005 YU55 was discovered in December 2005 by Robert McMillan, head of the NASA-funded Spacewatch Program at the University of Arizona, Tucson. The space rock has been in astronomers' crosshairs before.In April 2010, Mike Nolan and colleagues at the Arecibo Observatory in Puerto Rico generated some ghostly images of 2005 YU55 when the asteroid was about 2.3 million kilometers from Earth.