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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.
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.
SOFIA, Oct. 14 (Xinhua) -- Chinese Vice President Xi Jinping held talks with his Bulgarian counterpart Angel Marin on Wednesday, and both leaders pledged to further cement the traditional friendly relations between the two countries. This year marks the 60th anniversary of the establishment of the Chinese-Bulgarian diplomatic relations, and his current visit was mainly aimed at celebrating the anniversary together with the Bulgarian side and further advancing the pragmatic friendly cooperation between the two nations, said Xi. Bulgarian Vice President Angel Marin (L) welcomes visiting Chinese Vice President Xi Jinping (R) in Sofia, capital of Bulgaria, Oct. 14, 2009While reviewing the Chinese-Bulgarian relationship over the past six decades, Xi called it a good example for the friendly co-existence between countries with different social systems. Xi said that the two sides should maintain mutual respect, seek win-win cooperation and work together to safeguard common interest, to ensure the long-term healthy development of bilateral relations and to bring benefit to the two peoples. Bulgarian Vice President Angel Marin (3rd L) meets with visiting Chinese Vice President Xi Jinping (3rd R) in Sofia, capital of Bulgaria, Oct. 14, 2009Xi put forward a five-point proposal on further advancing the relationship between the two countries: -- To further strengthen their traditional friendly relations on the occasion of the 60th anniversary of bilateral diplomatic ties. Xi expressed hope that governments, parliaments, and parties of both sides at all levels would enhance exchanges and cooperation and boost mutual understanding and trust; -- To expand trade cooperation to achieve mutual benefit and create a win-win situation; -- To deepen people-to-people and cultural exchanges, specially among the youth; -- To continue strengthening coordination and collaboration within multilateral frameworks to jointly promote world peace and development; -- To work for a sustainable, stable and healthy relationship between China and Europe. Chinese Vice President Xi Jinping presents a wreath at the Tomb of the Unknown Soldiers in Sofia, capital of Bulgaria, Oct. 14, 2009Marin said Xi's visit demonstrated the importance the Chinese government has attached to the relations between the two countries. Bulgaria attaches importance to its relations with China, and has taken China as a strategic and cooperative partner. Bulgaria is ready to work with China to cement mutual political trust and intensify cooperation on trade, investment, tourism, culture and education, he said. Bulgarian Vice President Angel Marin (R) introduces the general situation of Bulgaria to visiting Chinese Vice President Xi Jinping before their meeting in Sofia, capital of Bulgaria, Oct. 14, 2009. Marin reaffirmed that Bulgaria firmly adheres to the one-China policy and supports China on issues concerning Tibet and Xinjiang. After the talks, the two leaders attended the signing ceremony for several cooperation agreements. Xi arrived here on Wednesday afternoon for the third leg of his five-nation Europe tour. He has visited Belgium and Germany, and will also visit Hungary and Romania.
BEIJING, Oct. 8 (Xinhua) -- As more people made return trips to go back home and work, China saw a traffic boom on Thursday. Road transport departments nationwide carried 62.23 million passengers on Thursday, up 9.0 percent over the same day last year, according to the Ministry of Transport (MOT). In the eight-day holiday, a total of 488 million passengers made journeys by road transport, representing an increase of 6.8 percent over the same period last year. Passengers queue to receive security check at the subway station entrance of Beijing Railway Station in Beijing, capital of China, Oct. 7, 2009. As the National Day holidays are about to end, the railway transportation witnessed a travel peak all over the nation Some 820,000 medium and large-size busses were put into use from Oct.1 to Oct. 8. Of the total, more than 80,000 were tourism buses. According to the Civil Aviation Administration, 5.29 million people traveled by air during the holiday, up 7.8 percent over the same period last year. He Jianzhong, the MOT spokesman said the transport departments made full preparations to cope with the 16th typhoon of this year, "Ketsana", dealing with 4 dangerous cases, involving 44 people. Marine salvage departments put 72 ships and 12 helicopters into service during the holiday period, said He.
HAIKOU, Oct. 12 (Xinhua) -- Rescuers have recovered the bodies of three victims in a boat capsizing incident after tropical storm Parma landed in south China's Hainan Province Monday. Strong winds and waves triggered by Parma caused a fishing boat to capsize and sink off the coast of Wanning City Monday morning, and all nine fishermen aboard the vessel fell into water, a spokesman with the Hainan Provincial Emergency Response Office said. By 5 p.m., one body had been retrieved and five people had been rescued. At about 8 p.m., the bodies of two more victims were found, according to the maritime bureau of Hainan. A rider falls to the ground in the heavy winds and rains in Qionghai City, south China's island Province of Hainan, Oct. 12, 2009Rescuers were still searching for one person that remained missing, the spokesman said. Parma made a landfall in Wanning's Longgun Township at 9:50 a.m. Monday, packing winds of up to 54 km per hour, according to the Hainan Provincial Observatory. The storm is moving northwestward at a speed of 15 km per hour. The tropical storm brought strong winds and rains to most parts of the province, and local authorities have warned residents against flash floods, landslides and other disasters. Price hikes of vegetable and seafood have been reported in markets in the provincial capital of Haikou, as suspension of navigation has led to commodity shortages. In addition to Hainan, Parma brought winds and rains to coastal areas of Guangdong, Fujian and Taiwan provinces. But the rains in parts of Guangdong have not eased a drought in the province, local authorities said. Branches levelled by heavy winds block the vehicles in Qionghai City, south China's island Province of Hainan, Oct. 12, 2009