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 BEIJING, Jan. 4 (Xinhua) -- Major Chinese lenders are expanding a preferential policy on house loan interests to cut the burden of the country's home buyers hit by the spreading financial crisis.     For individuals who bought houses on mortgage lending before Oct. 27, 2008 and have not paid off the loans, their credit interest rates could be reduced to 70 percent of the benchmark rate from the previous 85 percent, customer service staff of several banks told Xinhua on Sunday.     The discount will be available for Beijing, Shanghai and Qingdao clients of the China Construction Bank after their applications go through default record checks.     The Bank of China branch in Shanghai is also providing the preference but the Beijing branch keeps the rate unchanged.     The Industrial and Commercial Bank of China, the country's largest lender, and the Agricultural Bank of China are also making specific rules for similar rate discounts.     China's central bank announced in October it would reduce the lower limit of interest rates on individual house loans to 70 percent of the benchmark credit rate from 85 percent, starting from Oct. 27 last year.     The move was viewed as a stimulus to the flagging property market but it has been unclear whether house mortgage deals before that date can enjoy the favor.     Under the rate discount, home buyers with a 500,000-yuan (73,500 U.S. dollars) bank loan to be paid off within 20 years can save nearly 60,000 yuan of interest, analysts estimate.

BEIJING, Oct. 23 (Xinhua) -- Strengthening relations between China and the European Union (EU) will contribute to the world peace, stability and prosperity amid complicated international situations, Chinese President Hu Jintao said here on Thursday.     The significance of Sino-EU relations has surpassed the bilateral level and is of more and more international significance, Hu said during his meeting with European Commission President Jose Manuel Durao Barroso, who is here to attend the seventh Asia-Europe Meeting (ASEM) to be held on Friday and Saturday. Chinese President Hu Jintao met on Thursday afternoon with European Commission President Jose Manuel Barroso who is in Beijing to attend the seventh Asia-Europe Meeting (ASEM) to be held on Oct. 24 to 25    Hu confirmed that China is willing to work with EU to push forward their comprehensive strategic partnership.     The president proposed to consolidate Sino-EU political base under the principle of strengthening strategic mutual trust, to promote concrete cooperation in various sectors in a reciprocal and win-win principle, and to properly tackle concerns and divergent opinions based on mutual respect and equal consultation.     Hu pledged that China is willing to reinforce communication and coordination with EU, jointly deal with the current financial crisis and maintain the stability of the global financial market.     Barroso said during the meeting that the current financial, grain and energy crises, as well as climate change, poverty and terrorist threat require worldwide actions.     He said EU appreciates China's responsible attitude in responding to the financial crisis and hopes to deepen cooperation with China. He said EU-Chinese relations are strategic, strong and mature.

BEIJING, Nov. 5 (Xinhua) -- Agreements on direct flights and shipping, signed on Tuesday in Taipei, are drawing strong interest from airlines and shipping companies from the mainland and Taiwan.     "Regular charter flights, instead of flights only weekends and festivals, were our long-term expectations," said Liu Shaoyong, the general manager of mainland-based China Southern Airlines. "Direct air routes are very good for our business."     A flight from the mainland to Taiwan via Hong Kong under the current arrangement takes two hours and 42 minutes and burns 16 tonnes of fuel. Under the new arrangement, flights will take 69 minutes and burn 7.3 tonnes of fuel.     "Less travel time and expense benefits both passengers and airlines," Liu said.     Wei Hsing-Hsiung, chairman of the board of Taiwan-based China Airlines, was glad to see the number of passenger charter flights increase from 36 on weekends to 108 a week.     "We have profits of about 1.5 million U.S. dollars from weekend charter flights. The figure is likely to reach 5 million dollars due to more flights, while the cost might fall by 20 percent as the route is shorter," he said.     The new agreement only opened one direct air route, between Shanghai and Taipei. Xiamen, the coastal city in southeastern Fujian Province directly opposite to Taiwan, was not included. Mainland's Association for Relations Across the Taiwan Straits (ARATS) President Chen Yunlin(R) and Taiwan-based Straits Exchange Foundation (SEF) Chairman Chiang Pin-kung attend the symposia on industry and shipping in Taipei, southeast China's Taiwan Province, Nov. 5, 2008. They attended two symposia, one on industry and shipping and the other on finance, that were held against the backdrop of international financial crisis and struggling world economy in Taipei on Wednesday"We are expecting more air routes," said Yang Guanghua, general manager of Xiamen Airlines.     The flight distance between Xiamen and Taipei will be one third shorter than at present and the flying time will be about half, he said.     The two sides said in the agreement that they are going to negotiate another route linking the southern part of Taiwan with the mainland.     To cope with increasing flights, Yang's company plans to use 10more passenger planes next year, he said.     Taiwan's senior economic official Shih Yen-shiang told the local daily China Times on Wednesday that he estimated every direct trip across the Strait could save companies 300,000 New Taiwan dollars (about 9,000 U.S. dollars).     "Based on 4,000 trips a year, 1.2 billion dollars will be saved," he said.     Under the new agreement, the mainland and Taiwan will exempt each other's shipping firms from business and income taxes.     For the container divisions of Taiwan's three leading shipping lines -- Evergreen Marine, Wan Hai Lines and Yang Ming Group -- 60percent could be related to the mainland. Tax cuts will save each 2 to 3 billion NT dollars, another local newspaper, the Commercial Times, said.     Ningbo of eastern Zhejiang Province was one of the 63 ports that the mainland opened to Taiwan ships.     "The most direct effect will be increasing cargo volume," said Tong Mengda, chief economist of Ningbo Port Holding. "The voyage to Taiwan has been cut from 25 hours to ten. This is good for both shipping companies and ports."

BEIJING, Jan. 7 (Xinhua) -- They are not common diplomatic tools: several paddles, a few ping pong balls and some table tennis players from China and the United States.     But the fact that nine American table tennis players were invited to Beijing for exhibition games with Chinese players in April 1971 did break the ice between the two nations.     Thirty-eight years after those historic games, players from the two nations lined up for a rematch in the Chinese capital on Wednesday.     First came the 1971 U.S. team's youngest member, Judy Hoarfrost.     "When I first came to China in 1971, I didn't know the significance at first. As we went to China right away after the invitation, so we didn't have chance to really learn until we left China," Hoarfrost told Xinhua while warming up for a match with a veteran Chinese player, Qi Baoxiang.     The invitation from China came during the 31st World Championships in Nagoya, Japan where the Chinese team was competing for the first time in two years.     Just two days later, nine U.S. team members crossed into the Chinese mainland from Hong Kong, becoming the first group of Americans to visit the Chinese mainland since 1949.     "My picture with Premier Zhou Enlai was on the front page of all the newspapers around the world. When I went back, everybody was so interested. I was only 15 years old, but they had all questions for me like I knew something special about China. Just because I had been there," Hoarfrost recalled.     "It (Ping Pong diplomacy) is the first step of the march towards the relations between the two countries. It played a very important role," said U.S. Deputy Secretary of State John D. Negroponte at the friendship game, a tribute to three-decade China-U.S. diplomatic ties.     Negroponte was the highest ranking U.S. official to come to China for a series of commemorative events marking the 30th anniversary diplomatic relations.     Although the 51-year-old Hoarfrost lost to Qi by 3 to 11, she said she enjoyed the match. "Ping Pong really can bring people together."     The match not only helped the veterans revive the old memories, but also connected the younger generations between the two nations. U.S. Deputy Secretary of State John D. Negroponte (R) poses with former Chinese ping-pong world champion Liang Geliang during the Friendship Ping-pong Match marking the 30th anniversary of the establishment of the China-U.S. diplomatic relations, at the State General Administration of Sport in Beijing, capital of China, Jan. 7, 2009.     As the representative of the U.S. junior players, Ariel Hsing said she was "very excited to be a Ping Pong diplomat."     After winning the 2nd place Women's Singles at U.S. National Championships last December, the 13-year-old was picked to play in Wednesday's friendship match.     Hsing's fast break play on both sides of the paddle enabled her to beat her Chinese opponent Chen Meng in 15-minute-long match.     "I was just lucky to win. She played very well," Hsing said of Chen, a member of Chinese women team wining the 2008 Asia Juvenile Championship.     "Good job," Deputy Chinese Foreign Minister Wang Guangya told Hsing, a Chinese American born in San Jose, California.     "The rematch helped pass down the old friendship to the younger generation," said Liang Geliang, a top player who played against the U.S. team in Beijing in 1971.     As the finale of Wednesday's match, Liang and Hsing played together against another pair of Qi and Peter Li, the other junior American.     Their two matches went to the wire and ended in a tie, bringing down the house.     Since her first tour in 1971, Hoarfrost has visited China five times, all in the name of Ping Pong diplomacy.     "So many changes in China. People are much better educated now, have much more communications with other countries. People travel out of China and bring back what they learn. People have many more opportunities to learn."     Changes also took place in the China-U.S. relations over the past 30 years. "We now have a very broad and deep relationship in many different walks of lives, politically, socially, economically, and in terms of science and education," said Negroponte.     Looking to the future, Negroponte said there are "many different possibilities" for the U.S.-China relations. "I am sure the next 30 years will be even better."     "I'm very happy to win. I hope I can make it to the 2012 London Olympics," Hsing said with excitement. "I hope to get involved in Ping Pong diplomacy again."     

BEIJING, Oct. 26 (Xinhua) -- China's economy was on sound track but prospects were complicated by the world economic slowdown, said Zhou Xiaochuan, governor of China's central bank, on Sunday.     In a report Zhou made to the fifth session of the Standing Committee of the 11th National People's Congress (NPC), he said the country's economy was developing as expected, but the world economic slowdown added uncertainties to its prospect.     "Our economy is highly reliant on overseas demand. Slacking exports resulted from the global economic slowdown would have a negative impact on the economy," he said.     He suggested the country need to be cautious in adjusting policies because there are both possibilities of cost-driven price rises and possibilities of continuous price falls in the future.     "Currently, inflation pressure mainly comes from rising cost," he said.     He said in the world, more and more economies began to shift their policies from curbing inflation to boosting economic developments amid a world economic recession. The international commodity price is expected to enter a new round of rise.     According to him, the PBOC will adopt flexible and prudent macro-control policies to strive for the stability of the country's financial sectors and promote sound and rapid economic growth.     Zhou said efforts would go to other specific fields, including establishing financial risk monitoring mechanism, enhancing cooperation among domestic and overseas financial organs, and ensuring liquidity in the banking system.     He also urged strengthening foreign exchange management through enhancing cross-border capital flow management and supervision, in a bid to avoid losses and risk caused by speculation activities.     The central bank would keep a close look over the real estate sector and improve financial services in this sector, he added.     Zhou said that the impact of the world financial crisis on China's economy cannot be underestimated. However, the country's economic situation is sound as a whole, and is capable to effectively resist the external impact.     China's financial sectors have grown stronger after years of development. The profit-earning and risk-resistance abilities have been greatly improved, market liquidity is sufficient, and the financial system is sound and safe, he explained.     The fifth session of the Standing Committee of the 11th National People's Congress (NPC) opened its second plenary meeting Sunday morning. Wu Bangguo, chairman of the Standing Committee of the NPC, attended the meeting.