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ROME, May 20 (Xinhua) -- China's top legislator Wu Bangguo met here Wednesday evening with Italian Premier Silvio Berlusconi. Wu is the first chairman of the Standing Committee of the National People's Congress (NPC) who has visited Italy since 1997. Before meeting with Berlusconi, Wu also met with Italian Senate President Renato Schifani Wednesday morning and signed an agreement on establishing a mechanism of regular exchanges between the Chinese NPC and the Italian Senate. During his meetings with Italian leaders in Rome, Wu expressed the willingness of strengthening economic cooperation with Italy as a way to counter the impact of international financial crisis. In an earlier meeting with Chinese entrepreneurs who are doing business in Italy, Wu said the financial crisis has brought about new opportunities for cooperation between Chinese and Italian companies. The Italian leaders expressed the willingness to expand cooperation with China in various fields, saying China's economic growth will hopefully provide new energy for the recovery and rally of world economy. Both sides agreed that the two countries should coordinate their stance on reform of the international financial system and work for an early recovery of global economy from the financial crisis. China saw an economic growth of 6.1 percent in the first quarter of this year, the lowest quarterly figure in years. Meanwhile, the European Union economy dropped 4.6 percent in the same period. China and Italy have maintained a sound momentum in bilateral links. The two sides have consolidated political trust and maintained close communication and coordination on major international issues. Leaders of the two countries have maintained contact on a regular basis. Italian Premier Silvio Berlusconi visited China last October and met with Chinese President Hu Jintao. During the meeting, he said Italy places importance on China's role in international affairs and wish to cooperation with China to counter the impact of international financial crisis. In recent years, the two countries have kept optimizing structure of trade and expanded investment. Bilateral cooperation in science, technology and environment protection have achieved good results. China held a Year of Italian Culture last year. In a gesture of embracing China as a huge market and potential source of investment, Italy is to hold a "Year of China" in 2010. Italy has decided to participate in the 2010 Shanghai World Expo, while it has won the host of the 2015 World Expo. The Italian side expressed strong interest in learning from the experience of China as the latter staged successfully the 2008 Olympic Games
CHENGDU, June 3 (Xinhua) -- Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd. (Tengzhong), a private Chinese firm who has struck a preliminary deal with General Motors Corp. (GM) for the premium SUV brand Hummer, said Wednesday it has no plan to manufacture Hummer in a Chinese plant. "Rather than setting up a plant in China, Tengzhong will use the current facilities including their employees in the United States," said Zhao Xiaolu, spokesman for the ongoing transaction for Tengzhong, a leading manufacturer of road, construction and energy industry equipment based in southwest China's Sichuan Province, Zhao works for the Brunswick Group, which is handling the public relations matters for the Tengzhong deal. Tengzhong's managers were not available for comment on the transaction, which was disclosed Tuesday, a day after GM filed Chapter 11 bankruptcy. File photo taken on March 11, 2009 shows Hummer CEO James Taylor (R) presenting a Hummer model to a local official in Deyang, southwest China's Sichuan Province. U.S. automaker General Motors Corp., a day after filing Chapter 11 bankruptcy, has a tentative deal to sell its Hummer brand to Chinese-based Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd., the automaker said on June 2. According to an overall restructuring plan, the U.S. based automaker GM will shed off its none-core assets including Hummer, Saturn, Saab and Pontiac. The preliminary deal allows Tengzhong to keep the management and operational team along with the Hummer brand, and secure more than 3,000 jobs in the United States. The Chinese buyer will also assume existing dealer agreements relating to Hummer's dealership network. Tengzhong CEO Yang Yi said in a statement Tuesday that the company will "allow Hummer to innovate under the leadership and continuity of its current management team". James Taylor, Hummer chief executive officer, went to Chengdu City and Deyang City, Tengzhong's current base and new base under construction, to discuss project cooperation with local officials in March. "This transaction, if successful," said Taylor in a statement Tuesday," will allow us to embark on a more aggressive global expansion, ensuring a successful future with our new partners." According to Zhao, Tengzhong will use internal fund and bank loan to make the transaction, which will be a "strategic move for the company to expand into the premium off-road vehicle segment". Formed in 2005 through a series of mergers, Tengzhong currently has more than 4,800 employees. "It is probably more attractive for Chinese enterprise like Tengzhong to learn from the foreign brand's past successful experience in research, design, marketing and service," said Guo Guoqing, a professor with the School of Business, Renmin University of China. Xu Zhaohui, head of the Sichuan Provincial Department of Commerce, said the officials will "strive to serve the transaction", which is expected to close in the third quarter of this year and is subjected to customary closing conditions and regulatory approvals. In recent years, there have been several headline purchases of foreign auto brands by Chinese enterprises. A Hummer is on sale at a dealer in Flint, Michigan, the United States, May 30, 2009. General Motors Corp (GM) announced on June 2 that it has entered into a memorandum of understanding (MoU) with a buyer for HUMMER, its premium off-road brand, a day after it filed for bankruptcy protectionIn 2004, Shanghai Automotive Industry Corporation Group (SAIC)purchased 48.9 percent equity of Ssangyong Motor, the fourth largest automaker in the Republic of Korea (ROK). In 2005, Nanjing Automotive bought collapsed British brand MG. And this March, China's largest independent carmaker Geely Automobile acquired Drivetrain Systems International, the world's second largest auto transmission supplier. "Acquisition of overseas brands by Chinese enterprises could help these brands go over operational dead end, and expand in the vast Chinese market," said Guo. All the world's main auto markets are in decline except form China. In the first quarter, almost 2.68 million vehicles were sold in China, which marked a 3.88 percent increase year on year. However, not all foreign auto brands revived under Chinese management. In February, a Seoul court granted Ssangyong Motor bankruptcy protection. SAIC was deprived of management control despite its 51 percent ownership. "Declining asset prices amid the financial crisis do not always mean a good bargain for the buyer," said Zhang Zhiyong, the chief adviser on auto market with Mingyuan Consultancy in Beijing, "a Chinese automaker should choose a foreign brand with conforming strategy and similar culture for possible acquisition." The fuel-hungry brawny Hummer also pose new challenges for Tengzhong to control cost and boost competitiveness after takeover. Statistics from local vehicle management section showed that Hummer vehicles are only owned by about 10 people in Sichuan's capital Chengdu currently. "We will be investing in the Hummer brand and its research and development capabilities," said Yang Yi in a Tuesday statement, " which will allow Hummer to better meet demand for new products such as more fuel-efficient vehicles." (Xinhua reporters Yan Sanjun, Guo Xin, Cheng Xie and Chen Kai also contributed to this story)

BEIJING, June 2 (Xinhua) -- China and the United States are ratcheting up efforts to prepare for strategic and economic talks this summer as U.S. Treasury Secretary Timothy Geithner continues his visit to Beijing. "China-U.S. relations show a good momentum of development as both sides have kept close contacts since the new U.S. administration took office," President Hu Jintao told Geithner at the start of their meeting Tuesday afternoon. Chinese President Hu Jintao (R FRONT) meets with visiting U.S. Treasury Secretary Timothy Geithner (L FRONT) in Beijing, capital of China, June 2, 2009Hu reviewed his first meeting with U.S. President Barack Obama in London in April when both agreed on building a "positive, cooperative and comprehensive relationship for the 21st century" and launching China-U.S. Strategic and Economic Dialogue. "As both sides agreed to hold the first round of dialogue in Washington D.C. in July, I hope both will work closely, step up preparation so as to make the dialogue a success," Hu said in a statement issued by the Chinese Foreign Ministry. Hu characterized the dialogue mechanism as "an important platform for both nations to deepen understanding, mutual trust and cooperation." The strategic track of the dialogue will be chaired by Chinese State Councilor Dai Bingguo and U.S. Secretary of State Hillary Clinton, while the economic track will be chaired by Vice Premier Wang Qishan and Geithner. "As influential nations in the world, China and the United States share extensive common interests and shoulder important responsibilities in tackling global economic challenges and resolving the world hot-button issues," Hu said. He said China would like to work with the United States to strengthen dialogues at all levels, expand exchanges and cooperation for fresh progress in bilateral relations in the new era. Geithner, on first visit to China as Treasury chief, said his visit was "a good start" of building bilateral ties and "looked forward to holding the dialogue in Washington D.C." He hailed bilateral "capacity to work together in global stage" and said he saw "early signs of stabilization of the economies." Earlier afternoon, Premier Wen Jiabao also met with Geithner in Zhongnanhai, the central leadership's compound near the Forbidden City in Beijing. Chinese Premier Wen Jiabao (R) meets with visiting U.S. Treasury Secretary Timothy Geithner in Beijing, capital of China, June 2, 2009"The foremost task for both countries is to work more closely to address the global economic downturn, oppose protectionism in trade and investment, promote reform in international financial system, tighten oversight of international reserve currency so as to ensure the stability and growth of China, the United States andthe world," Wen said. During his three-day visit, Geithner had a flurry of meetings with China's top economic team, including Vice Premier Wang Qishanand chiefs of commerce, finance, banking and securities, among others. Chinese Premier Wen Jiabao (1st R) meets with visiting U.S. Treasury Secretary Timothy Geithner (1st L) in Beijing, capital of China, June 2, 2009In an hour-long meeting with Geithner Monday, Wang said, "The major task of our economic dialogue is to address the global economic slowdown. "We will send a message that China and the United States are cooperating substantively to get over the difficult times, which will help boost confidence, promote global financial stability and economic recovery," Wang said. Geithner told Wang, "The world is going through an exceptionally challenging period now and I think the world has a huge stake in our two countries working closely together to lay a foundation for recovery." On Monday in a speech to students at China's Peking University, Geithner said that China's investments in the United States "are very safe. ... We have the deepest, most liquid financial markets in the world." Geithner also struck a positive note on the global economy, citing the initial signs of improvement. Visiting U.S. Treasury Secretary Timothy Geithner (2nd R) meets with representatives of eight U.S. clean energy companies with branches in China, at Beijing's Capital Museum, June 2, 2009Earlier Tuesday, Geithner visited Beijing's Capital Museum, which is partly powered by solar energy, generated by panels manufactured by Michigan-based Uni-Solar Company. Geithner also met with representatives of eight U.S. clean energy companies with branches in China at the museum, pledging to learn from China and other countries to improve energy efficiency. "The core part of the U.S.-China cooperation will be on the energy part. We expected it to be the central part of the new strategic and economic dialogue we just put in place," Geithner said. "The world is gonna be watching what we do together as countries in this area, as they are watching us cooperate to help resolve the global recession of financial crisis," he said. Visiting U.S. Treasury Secretary Timothy Geithner (2nd R) meets with representatives of eight U.S. clean energy companies with branches in China, at Beijing's Capital Museum, June 2, 2009.At the end of Geithner's visit, Clinton and Geithner issued a joint statement on the Strategic and Economic Dialogue, saying the first meeting of the dialogue will be held in Washington D.C. "during the last week of July 2009." They said, "The dialogue will focus on addressing the challenges and opportunities that both countries face on a wide range of bilateral, regional and global areas of immediate and long-term strategic interest." Geithner left Beijing on Tuesday evening.
MOSCOW, May 10 (Xinhua) -- The construction of the China-Russia oil pipeline conforms with the strategic goals of China and Russia to diversify the former's energy imports and latter's energy exports, Chinese Ambassador to Russia Liu Guchang has said. The move reflects the two countries' confidence and determination to tide over together the current global economic downturn, Liu said in a recent written interview with Xinhua on Sunday. The signing of a package of oil cooperation deals between China and Russia as well as the start of the oil pipeline project marked a major breakthrough in their energy cooperation, represented a new height of China-Russia strategic partnership of cooperation and further substantiate this partnership, Liu said. Trade of crude via the pipeline will help stabilize and enhance the growth in bilateral trade, the diplomat added. Under the agreement reached between both countries, China and Russia will jointly build and operate the pipeline from Russia's Siberian city of Skovorodino to China's northeastern city of Daqing as its terminal via China's border city of Mohe. The construction of the Russian part of the pipeline started on April 27, and the Chinese part will be launched in mid-May. The pipeline, with an annual capacity of 15 million tons of crude to China within 20 years, is expected to go into operation in October2010. The two sides will study the feasibility of increasing its delivery capacity after the pipeline is put into production, Liu said. The project will ensure stable and secure oil supplies to China, open a stable and sound market for Russian oil, and boost the cooperation between enterprises of the two countries in oil exploration and refining, Liu said. Such a cooperation mode may well serve as a good example for the two sides to further broaden and deepen their all-round, long-term and stable energy cooperation in natural gas, nuclear energy and electric power, Liu said
BEIJING, July 13 (Xinhua) -- China's Ministry of Finance announced Monday that the country's fiscal revenue in June rose 19.6 percent year on year to 686.75 billion yuan (100.5 billion U.S. dollars). However, in the first half of this year, fiscal revenue fell 2.4 percent to 3.398 trillion yuan, said the ministry in a statement on its website. The growth rate last month was 14.8 percentage points higher than the growth rate in May. Fiscal revenue fell 9.9 percent in the first four months this year from a year earlier to 2.05 trillion yuan due to shrinking business profits hit by the global economic slowdown and active fiscal policies including tax cuts to buoy domestic economic growth. The ministry attributed the revenue rise in June to the stabilization of overall economic performance, growing business profits and the increase in the cigarette tax. The government announced on June 20 the tax on cigarette cartons costing 70 yuan or more would rise to 56 percent from 45 percent, and the tax on cigarette cartons costing less than 70 yuan would rise from 30 to 36 percent. Sales tax revenues rose 63.1 percent year on year in June, with business tax revenues edging up 6.4 percent, but the ministry did not specify the figures. In June, China's fiscal expenditure increased 21.5 percent to 640.56 billion yuan from a year earlier. From January to June, the figure stood at 2.89 trillion yuan, up 26.3 percent from the same period last year. The government unveiled a 4-trillion-yuan stimulus package in November last year to be spent over the next two years to shore up the world's third largest economy, with 1.18 trillion yuan from the central government. Fiscal revenue includes taxes as well as administrative fees and other government income, such as fines and income from state-owned assets.
来源:资阳报