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HONG KONG, Aug. 27 (Xinhua) -- Bank of China (Hong Kong) said Thursday its half-year profit fell by 5.6 percent from a year earlier, dragged lower by falling interest income amid the deepening economic downturn.     The bank's net profit for the six months ending June 30 amounted to 6.69 billion Hong Kong dollars, down from 7.09 billion Hong Kong dollars in the same period last year.     However, the bank said it represented a major improvement against the net loss of 3.75 billion Hong Kong dollars in the second half of 2008, which can be attributed to the increase in operating income as well as the decrease in impairment charges on securities investments.     Net interest income decreased by 11 percent to 8.93 billion Hong Kong dollars as net interest margin narrowed by 27 basis points to 1.76 percent. But the net fees and commission income grew by 1.7 percent year-on-year to 2.95 billion Hong Kong dollars driven by the rebound of the local stock market in the first half of this year.     The bank's vice chairman and chief executive He Guangbei said the performance in the first half of this year reflected the progress the bank had made in regaining its growth momentum. As the turbulence and its knocks-on effects began to subside, the bank would pursue a prudent yet flexible development strategy in an environment of change and challenge.     He also said BOC (HK) would actively expand the RMB-related banking business as the sole Clearing Bank for Renminbi business in Hong Kong.

BEIJING, Aug. 11 (Xinhua) -- Chinese Vice Premier Hui Liangyu, who headed Monday to the typhoon-hit regions in Fujian and Zhejiang, warned Tuesday that the country faces grim tasks of fighting secondary disasters as a result of Typhoon Morakot. Big floods are still likely to happen as heavy rainfall persists in the south and many rivers continued to maintain high water levels, he said.     More than 20 rivers reported water levels above flood-alarm lines in Zhejiang, Fujian and Anhui provinces. The county seat of Cangnan is flooded on Aug. 10, 2009 in east China's Zhejiang Province. Rainfall brought by typhoon "Morakot", the 8th this year, has flooded the county seat of Cangnan    Hui asked relevant departments to strengthen monitoring of flooding and forecasts of other disasters, so as to relocate people as quickly as possible to minimize casualties.     Typhoon Morakot has left eight people dead and three missing on the Chinese mainland after a powerful landing in east China Sunday, according to the Ministry of Civil Affairs Tuesday.     As of Tuesday afternoon, Morakot had moved into the Yellow Sea, and would gradually pose less threat to coastal provinces in eastern China.

BEIJING, Sept. 27 (Xinhua) -- Aviation Industry Corporation of China (AVIC), the country's top aircraft manufacturer, said Sunday total sales revenue in its auto business would reach 30 billion yuan (about 4.39 billion U.S. dollars) by 2017.     Geng Ruguang, deputy general manager of AVIC, said making big passenger vehicles has become the the corporations's guiding plan for development in its auto business.     Geng revealed the figure at a ceremony marking AVIC and its partner Volvol's new product Silver 900 series going into production line.     The series is a new type of big and luxurious passenger vehicles, 12 meters long, which could be used for road transportation, tourist reception, and military equipment.     The Silver 900 series was developed by Xi'an Silver Bus Corporation, a joint venture established in 1994 by AVIC Xi'an Aircraft Industry Co. ltd, and the Swedish bus and truck maker Volvo company.     The Xi'an Silver Bus Corporation expects to produce annually 4,000 vehicles by 2014. A mockup of jumbo jet C919, the major project of the Commercial Aircraft Corporation of China (COMAC), is displayed at the Asian Aerospace '09 in Hong Kong, China, Sept. 8, 2009

BEIJING, Sept. 13 (Xinhua) -- China said on Sunday the U.S. decision to impose special protectionist tariffs on tire imports from China is grave trade protectionism and goes against its commitments made at the Group of 20 summit.     "We hereby express our strong discontentment and firm opposition to the U.S. decision, which was made regardless of China's solemn stance," Foreign Ministry spokeswoman Jiang Yu said in a statement.     U.S. President Barack Obama decided to impose a tariff on tires imported from China on Sept. 11, which will begin with a 35-percent duty the first year and decrease to 30 percent the second year and 25 percent the third year on passenger vehicle and light-truck tires from China.     "The United States, by making the decision, failed to honor its commitments made at the G20 financial summit and abused trade remedy measures, which is grave trade protectionism and will undermine the China-U.S. economic and trade ties as well as the early recovery of world economy," Jiang said.     China has lodged solemn representation to the U.S. side and reserves its right to take further actions, Jiang said.

BUDAPEST, Oct. 6 (Xinhua) -- Hungarian Prime Minister Gordon Bajnai has expressed optimism in having a better future in ties with China upon the 60th anniversary of the founding of the People's Republic of China.     Bajnai described China as a reliable international partner in a recent interview with Xinhua, saying that Hungary was one of the first to establish diplomatic ties with the fledgling country.     Having visited China in November 2008, he said he has been deeply impressed with the country's dynamic development.     "The high-standard professional exchange of views with Chinese negotiation partners in the central and local governments and withbusiness leaders have already yielded concrete results in the Hungarian-Chinese economic relations, to the benefit of both countries," said the prime minister.     He welcomed the forthcoming visit of Chinese Vice President Xi Jinping, saying the visit will offer an opportunity for the two sides to talk about "further significant advances in bilateral economic cooperation."     The past decade has witnessed a 17-fold rise in trade between Hungary and China, he said, adding that there had also been extensive growth in their cultural, educational, scientific and tourism cooperation.     Noting that China is one of Hungary's most significant Asian trade partners and Hungary one of China's most prominent in central and eastern Europe, Bajnai said further improvement of the relations with China has been a priority of the Hungarian foreign policy.     "Mutual investment and technological cooperation are important not only because they are profitable for businesses of both countries, but also because in hard economic times they create jobs, " he said.     He noted that China has been doing a splendid job in facing up to the challenges of the world economic depression. Hungary also did everything in its power to alleviate its impact, he said.     Both countries should "take full advantage of their cooperation in continuing to combat the crisis," he said.     Referring to the 60 years China has gone through, Bajnai said China's development, especially in the past three decades, has set an example for the world.     "My personal opinion is that China's greatest achievement has been its huge economic advances, which made it possible to significantly raise the living standards of the 1.3 billion Chinese people," he said.