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BEIJING, Nov. 24 -- Taxi passengers in Beijing will have an extra yuan added to their fares. The move is meant to offset the city's rising fuel prices, as they hit their highest levels in years.    The new taxi fare policy will begin this Wednesday on November 25, 2009. One yuan will be added to any trip exceeding 3 kilometers.     Beijing will continue to work on linking taxi fares with gasoline prices.     Meanwhile, most of local residents say they accept the surcharge.     A local resident of Beijing said, "A one yuan surcharge won't affect me too much. I'm OK with it." The new Beijing taxi fare policy will begin on Nov. 25, 2009. One yuan will be added to any trip exceeding 3 kilometers    Another said, "Some Chinese provinces have already taken similar measures, such as Yunnan and Shandong. I think it's fine. We should do it."     Taxi drivers have explained that the extra yuan will provide compensation for the increase in pump prices.     A taxi driver in Beijing said, "If I serve 40 passengers a day, it will create an additional 40 yuan. That can help me cope with the recent fuel price rises. I don't think passengers will give up taking taxi just because of one yuan. But if the per kilometer fare rises, many will think differently."     According to the new policy, the government, taxi companies, and passengers will share the cost of gasoline price fluctuations.     Beijing last saw an increase in taxi fares three years ago.

BEIJING, Jan. 4 -- China International Capital Corp (CICC) topped the rankings of the underwriters of China's initial public offerings (IPOs) in 2009, making an estimated 1.23 billion yuan from fees, Bloomberg data showed.     The earning of the country's largest investment bank was boosted by underwriting the China State Construction Engineering Corp's 50.1 billion yuan IPO, the world's second-largest in 2009. CICC also took two other heavyweight companies public, China Shipbuilding Co Ltd and China CNR Co Ltd, raising 14.7 billion yuan and 13.9 billion yuan respectively.     CITIC Securities, the top underwriter in 2008, fell to the No 2 spot in the ranking, making 855 million yuan from IPO deals totaling 28.7 billion yuan, according to Bloomberg data. The third slot went to Orient Securities, which earned 258 million yuan from IPO deals worth 11.9 bllion yuan.     IPOs are among the most lucrative advisory businesses for Chinese securities firms as China has witnessed an IPO boom since it reopened the market last June after a 10-month halt blamed on the widespread global credit crunch.     Chinese securities companies saw an exponential growth in their revenues from the IPO business, making a total of 4.76 billion yuan from underwriting fees, doubling the 2.35 billion yuan in 2008. But the earnings still lagged far behind the 7.61 billion yuan made during the pre-crisis period in 2007.     Last year, 43 Chinese securities firms helped 111 companies go public on the mainland's A-share market, raising 202.2 billion yuan. The value of the IPO deals taken by the top 10 underwriters accounted for more than 70 percent of the total IPO values.     Market insiders said the IPOs of heavyweight companies will remain the target for large investment bank and securities companies such as CICC and CITIC Securities next year while small and medium securities companies will make start-up board ChiNext their primary focus.     Stock prices of listed securities companies soared sharply in the past two weeks, mainly stimulated by unconfirmed reports that China's State Council has given the final nod for the introduction of index futures in 2010.     Analysts said Chinese securities companies would likely see a surge in revenues this year after the regulators announce a clear timetable for the launch of the index futures, margin trading and short selling.     "The new products will certainly boost the earnings and valuations of the brokerage stocks," said Cheng Binbin, an analyst with Qilu Securities "It not only means strong profit growth for securities firms in the future but also a gradual transition toward a more risk-diversified business model."     It is forecast that margin trading and short selling will likely contribute 9.41 to 14.3 billion yuan in revenues of securities companies in 2010 while index futures will contribute 5.76 to 6.34 billion yuan.     The net profit of China's brokerage industry may reach 90 billion yuan in 2009, a year-on-year increase of 90 percent, according to an estimate by Guotai Junan Securities.     Meanwhile, foreign banks also grabbed a share of the lucrative pie of China's booming capital market last year with Swiss bank UBS ranked the largest underwriter of Chinese overseas IPOs. The bank contracted 8 million in underwriting fees from Chinese companies that sought IPOs in the Hong Kong market, worth a total of billion last year, Bloomberg data showed.     Mergers and acquisitions (M&As) made by the Chinese companies remained the traditional cash cow for foreign investment banks in 2009. Morgan Stanley was the No 1 financial advisor in M&A deals worth .9 billion on the Chinese mainland and Hong Kong, according to Bloomberg data.     The largest M&A deal in 2009 made by a Chinese company was the .5 billion acquisition of Swiss oil company Addax Petroleum by China's largest oil refiner, Sinopec.

SHANGHAI, Nov. 16 (Xinhua) -- U.S. President Barack Obama said here Monday the U.S.-China cooperation enables both countries to be more prosperous and more secure and that young people are the best ambassadors.     Obama had a dialogue with 500-strong Chinese college students Monday afternoon in the Shanghai Science and Technology Museum, a highlighted activity in the first stop of his four-day maiden trip to China since taking office in January.     He covered a wide range of topics, notably the outlook of Sino-U.S. cooperation and youth exchanges between the two countries, while delivering opening remarks and answering questions from the students and Chinese Internet users.     POSITIVE SINO-U.S. TIES     Obama said China is a nation that encompasses both a rich history and a belief in the promises of the future and that the same can be said of the relationship between the two countries. The Shanghai Communiqué signed 37 years ago opened the door to a new chapter of engagement between the governments and the people of the two countries, he said.     "Today we have a positive, constructive and comprehensive relationship that opens the door to partnership on the key global issues of our time: economic recovery, development of clean energy, stopping the spread of nuclear weapons and the surge of climate change, and the promotion of peace and security in Asia and around the globe," Obama said.     "We have seen what is possible when we build on our mutual interests and engage on the basis of mutual respect."     The success of that engagement depends on understanding, on sustaining an open dialogue and learning about one another and from one another, he said.     "Our relationship has not been without disagreement and difficulties. But the notion that we must be adversaries is not predestined," Obama said, noting that the two countries "share much in common" while they are "different in certain ways."     He said one country's success need not come at the expense of another.     "That is why the United States insists we do not seek to contain China's rise; on the contrary, we welcome China as a strong and prosperous and successful member of the community of nations, a China that draws on the rights, strengths and creativity of individual Chinese like you," Obama said to the students.     YOUNG PEOPLE BEST AMBASSADORS     Obama announced in his speech that the United States would further expand its youth exchanges with China by increasing the number of students studying in China to 100,000.     "These exchanges mark a clear commitment to build ties among our people, as surely as you will help us determine the destiny of the 21st century," he said.     He said young people in China and U.S. are the best ambassadors and that cooperation between the countries should go beyond the governments.     "I believe strongly that cooperation must grow beyond our government. It must be rooted in our people, in the studies we share, in the business we do, in the knowledge that we gain, and even in the sports we play, and these bridges must be built by men and women just like you, and your counterparts in America," Obama said.     "I am absolutely confident that America has no better ambassadors to offer than our young people, for they just like you are filled with talent, energy and optimism about the history that is yet to be written.     "So let this be the next step in the steady pursuit of cooperation between our two nations and the world," Obama said.     "If there is one thing we can take from today's dialogue, I hope that it is a commitment to continue this dialogue going forward," Obama said in his speech. 

SHANGHAI, Nov. 16 (Xinhua) -- Shanghai Party chief Yu Zhengsheng met visiting U.S. President Barack Obama Monday, the second day of his China trip.     Shanghai played an important role in the history of Sino-U.S. relations. The signing of the Shanghai Communiqué in 1972 marked the normalization of the bilateral ties, said Yu, member of the Political Bureau of the Communist Party of China (CPC) Central Committee and secretary of the CPC Shanghai Municipal Committee.     Yu said Obama's visit would be conducive to the dialogue, communication and cooperation between the two countries.     Yu expressed the hope to strengthen cooperation with the U.S. on advanced manufacturing industry, modern service industry and green economy. U.S. President Barack Obama(L1) meets with Yu Zhengsheng(R1), member of the Political Bureau of the Communist Party of China (CPC) Central Committee and secretary of the CPC Shanghai Municipal Committee, at the Xijiao State Guest House in Shanghai, Nov. 16, 2009Obama said he was impressed with Shanghai's rapid development and hoped to enhance cooperation on the sectors of finance, trade and clean energy. He also wanted to promote the communication between Shanghai and its two friendly cities Chicago and San Francisco.     Obama left Shanghai for Beijing Monday afternoon after having a dialogue with Chinese students.     Obama arrived in Shanghai Sunday night to start a four-day state visit to China. This is his first China tour since taking office in January.

BEIJING, Oct. 31 (Xinhua) -- China's top legislature closed Saturday its five-day bimonthly meeting, adopted a law on diplomatic personnel and appointed a new minister of education.     The legislation, aiming to enhance diplomatic personnel management, is the first of its kind to regulate Chinese government agents working in the 171 countries with which China has diplomatic ties.     Top legislator Wu Bangguo said the law clarified diplomats' duties and obligations as well as titles and ranks, which was "conducive to the implementation of the country's independent foreign policy."     Wu presided over the 11th meeting of the Standing Committee of the 11th National People's Congress (NPC), the top legislature.     The session also deliberated a draft amendment to the Electoral Law, which was enacted in 1953. Lawmakers considered granting equal representation in people's congresses to rural and urban people. Wu Bangguo, chairman of the Standing Committee of China's National People's Congress (NPC), the country's top legislature, presides over the closing meeting of the 11th meeting of the 11th NPC Standing Committee, in Beijing, Oct. 31, 2009. Wu delivered a speech at the meetingThe draft amendment echoed Communist Party of China (CPC) Central Committee General Secretary Hu Jintao, who proposed in a report to the 17th CPC National Congress in October 2007 that rural and urban areas should have equal rights in election of lawmakers.     Wu said the revision was in line with the spirit of the 17th Party congress and the conditions of the country's economic and social development.     It ensured equal representation among people, regions and ethnic groups.     He said the draft amendment to the Electoral Law would be submitted to a bimonthly session in December and a NPC plenary session in March next year for a second and third reading.     Wu also reviewed the NPC's supervisory work this year, especially on the 4-trillion-yuan, two-year stimulus package announced by the central government last November to revive the economy during a global economic slowdown.     The meeting also announced the appointment of two senior officials.     Yuan Guiren, in replacement of Zhou Ji, was appointed minister of education.     Li Xiaofeng was appointed chief procurator of the military procuratorate under the People's Liberation Army to replace Gao Laifu.     At the session, lawmakers also ratified a bilateral treaty on civil and commercial judicial assistance with Brazil.