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XIAMEN, Sept. 7 (Xinhua) -- China's southwestern province of Sichuan needs 1.67 trillion yuan (about 245.6 billion U.S. dollars) for reconstruction after the devastating earthquake on May 12, Huang Xiaoxiang, the province's vice governor, said on Sunday. "Sichuan is still in need of a large amount of fund despite the efforts of the central government, local governments and other social sectors," Huang told a conference held in Xiamen City, in eastern Fujian Province. The total funds, including those the central and other provincial governments raised, overseas donations, and lottery earnings, accounted for less than 25 percent of what the reconstruction work demanded. Quake-sufferers carry the re-found living necessities from the shattered houses at the quake-hit area of Huili County, southwest China's Sichuan Province Sept. 3, 2008 Huang said the province would rebuild 4.5 million urban and rural homes, 51,000 km of highways, 5,500 km of railways, 11,700 schools and 9,700 medical institutions. Apart from that, 2,000 reservoirs, 810 power stations and more than 100,000 hectares of farmland needed to be restored. The reconstruction work was expected to consume 37 million tonnes of steel, 370 million tonnes of cement, 210 billion bricks and 20 million cubic meters of timer.
BEIJING, April 24 (Xinhua) -- Chinese Premier Wen Jiabao met here on Thursday with ex-French Prime Minister Jean-Pierre Raffarin, and urged the French government to work with China to put bilateral relations on a healthy and stable track. Wen said France was the first Western power to forge diplomatic relations with China, and also the first European Union (EU) member state to set up a comprehensive strategic partnership with China. China valued its friendship with France, which was fostered by leaders of several generations from both nations and by the two peoples, Wen said. He hoped France would work with China to push forward the healthy and stable growth of bilateral ties in line with the principles of mutual respect, equality and mutual benefits. He clarified the truth behind violent crimes in Lhasa and other places, and stated China's stance on this issue. Chinese Premier Wen Jiabao meets with ex-French Prime Minister Jean-Pierre Raffarin in Beijing, April 24, 2008. Wen applauded Raffarin's positive efforts to promote the understanding and cooperation between the two nations and the two peoples. Raffarin said France attaches importance to the comprehensive strategic partnership with China, and that France has always adhered to the one-China policy since the two nations forged diplomatic relations. To safeguard China's reunification and stability accords with the interests of all countries, Raffarin said, noting the European and French people should increase their knowledge about Tibet's real situation. The Olympics is a grand event for all the world, and the international society has the responsibility to make a positive contribution to the Beijing Games, Raffarin said. He expressed sorrow for the incidents of the Beijing Olympics torch relay in Paris, and said he wishes a success for the August Games. Raffarin said France would continue making positive efforts to advance the EU-China relations and France-China relations.
BEIJING, June 6 -- Shareholders of China Vanke Co, the country's largest publicly traded property developer, have approved a decision to spend 100 million yuan to rebuild homes in quake-stricken Sichuan. The company has been under fire from netizens since the earthquake after Wang Shi, its high-profile chairman, announced the real estate giant would donate 2 million yuan to the quake-hit areas and told his employees not to donate more than 10 yuan. In the face of the ensuing barrage of criticism by the media and netizens, Wang apologized on his blog. At yesterday's meeting, he apologized to shareholders as well: "I want to apologize unconditionally to all shareholders, I won't try to defend myself." Wang also admitted his comments about quake donations have damaged Vanke's brand image and he was sorry for that. As a lesson from this episode, Wang said, Vanke would have a spokesperson in the future and try to desist from doing anything that hits its share prices, as it did this time. Workers rebuild a road between quake-hit Dujiangyan city and Wenchuan county."If Vanke's performance suffers because of my personal comments, I will resign immediately," said Wang. Some shareholders, however, worry the apology may have come too late. "As a public figure, he should learn from this experience," said a shareholder who preferred not to be named. Analysts said the meeting and Wang's apology will take some pressure off Vanke. "It is not easy for a public figure like Wang Shi to apologize - either in public or in front of shareholders," said Zhang Luan, an analyst from Haitong Securities. Zhang said the decision of the shareholders to clear the funding also reflects the company's determination to contribute to the relief work in a big way. Vanke's investments in Sichuan will be made over the next three to five years, Vanke had said in a previous statement to the Shenzhen Stock Exchange. The May 12 earthquake in Sichuan province destroyed 5.4 million homes and damaged 21.4 million, according to the Ministry of Civil Affairs. More than 12 million people left homeless by the earthquake will have to be relocated. "Vanke may build anti-quake homes there to broaden its property development," Bloomberg quoted Liu Xihui, a real estate analyst at Pingan Securities Co, as saying. "More developers may follow suit." Vanke rose 4.7 percent to 20.5 yuan in Shenzhen trading on Wednesday. The stock has dropped 29 percent this year after almost tripling in 2007. Trading was suspended yesterday because of the meeting.
BEIJING, April 2 -- China Everbright Bank, Everbright Group's banking unit, will go public in Shanghai in July or August, Everbright Group said Tuesday. The bank will issue more than 820 million A shares, accounting for 10 percent of its enlarged share capital, said Everbright Group, a State-owned financial conglomerate. The bank may float shares on the Hong Kong stock exchange if its Shanghai IPO is successfully completed before the 2008 Olympic Games. "But the bank has no timetable for a Hong Kong listing yet," said its vice-president Xie Zhichun. "And the Shanghai listing plan will be further discussed by and is subject to approval from the board and shareholders." Xie added: "The board may enlarge the A-share issue further to more than 10 percent of the enlarged share capital as we don't know whether we can realize a Hong Kong listing or not, but we expect to finish the Shanghai listing before the Olympic Games." The bank has postponed inviting strategic investors as concerns are rising that the subprime crisis will worsen the finances of financial institutions, the bank said. "We will restart the work after the strategic investors release their third-quarter report," said Li Jie, another vice-president of the bank. The bank is a target for foreign investors given its low share price and large scale. It said earlier it will reserve a 20 percent stake for foreign strategic investors and would like to pick investors that can hold the bank's stakes for a long time. The bank disclosed that Industrial Bank from France showed interest to invest in it, but the French banking scandal hindered talks. It will restart inviting strategic investors after its Shanghai listing, the bank said. The bank is 24.16-percent-owned by China Everbright Group and 21.4-percent-owned by Hong Kong-listed China Everbright Ltd.
BEIJING, Sept. 29 (Xinhua) -- Chinese President Hu Jintao said here Monday the successful hosting of the Beijing Olympics and Paralympics symbolizes China's capability of making more contributions to the human civilization. Hu made the remarks at an awarding meeting for people who made outstanding contributions to the Beijing Olympics and Paralympics. Chinese President Hu Jintao shakes hands with gold medal winner Cheng Fei before the awarding meeting for people who made outstanding contributions to the Beijing Olympics and Paralympics at the Great Hall of the People in Beijing, capital of China, on Sept. 29, 2008.Wu Bangguo, chairman of the National People's Congress (NPC) Standing Committee, Premier Wen Jiabao, and other top leaders Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang also attended the meeting. Hu said that the hosting the Olympics offered the world an opportunity to know more about China and China to know more about the world. "We would definitely cherish and carry on the spiritual heritage from hosting the two successful Games," Hu said. The awarding meeting for people who made outstanding contributions to the Beijing Olympics and Paralympics is held at the Great Hall of the People in Beijing, capital of China, on Sept. 29, 2008.On behalf of the Chinese people and government, Hu expressed gratitude to the Olympic family, the international community and the participating countries and regions, as well as the people who made great efforts and sacrifices for the Games. Hu thanked overseas Chinese for their support, mentioning donations for building Olympic facilities such as the National Aquatics Center, also known as the Water Cube swimming pool, and the supports to the torch relay of the Beijing Olympic Games in many countries. "After strenuous work in the past seven years," Hu said, "China fulfilled the solemn promise to the international community that it would organize a wonderful games for the world." Representatives of prize-winning teams and organizations attend the awarding meeting for people who made outstanding contributions to the Beijing Olympics and Paralympics is held at the Great Hall of the People in Beijing, capital of China, on Sept. 29, 2008. The central authorities awarded 340 teams or organizations as well as 566 individuals for their outstanding work for the Olympics and Paralympics during the meeting held here on Monday."We achieved great success and spread the great Olympic spirit, which benefited the friendship and mutual understanding among the world people," Hu said. "We imprinted the Olympic history book with a unique Chinese stamp." Hu asked the Chinese people to sum up the treasured experience in organizing the excellent Olympic Games and Paralympic Games and promote innovation in governance and management. "We should further free our mind, take bolder steps in the process of reform and make more innovations," Hu said. Hu emphasized that the success of hosting the great Olympics was achieved after a disastrous earthquake hit Sichuan Province on May 12. "No hardship could ever stop the courageous Chinese nation," Hu said, adding that the Beijing Olympics showcased China's advantage of mobilizing collective wisdom and strength of the nation in carrying out significant missions. Representatives of Chinese athletes attend the awarding meeting for people who made outstanding contributions to the Beijing Olympics and Paralympics is held at the Great Hall of the People in Beijing, capital of China, on Sept. 29, 2008.The Olympic spirit, said Hu, would promote the Chinese people to advance their civilization, strengthen the Chinese cultural soft power, enrich their own social life and boost their morale. The president praised all the people and organizations which had made different contributions in the latest seven years after Beijing won the bid to host the 2008 Games. In his speech, Hu also briefly reviewed the history of Chinese Olympic participation including the first proposal to host an Olympic Games one century ago and the remarkable first gold medal achieved at Los Angeles Games in 1984. The central authorities awarded 340 teams or organizations as well as 566 individuals for their outstanding work for the Olympics and Paralympics, including some from the more than 1.7 million volunteers for the two games. The Olympic host country also gained unprecedented glory in sports, winning 51 gold medals. At the awarding meeting, which was attended by more than 6,000 people, Vice President Xi Jinping read the decisions of the Communist Party of China (CPC) Central Committee and the State Council on awarding organizations and individuals for their work for the Olympics. The State Council also decided to award the Beijing Organizing Committee for the Olympic Games (BOCOG) and the Hong Kong sub committee for the Olympic equestrian competition. BOCOG President Liu Qi, who is also secretary of the CPC Beijing Municipal Committee, representatives from athletes, volunteers, organizers, security workers and the armed forces also spoke at the meeting. Xia Geng, mayor of the Olympic co-hosting city Qingdao, Liu Chunhong, Olympic weight-lifting gold medalist and other volunteer and organizer representatives also gave speeches at the meeting.