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BEIJING, June 17 (Xinhua) -- Chinese shares sank to a 15-month low on Tuesday in very low volume, amid weak investor confidence.     The benchmark Shanghai Composite Index fell 2.76 percent to 2,794.75, its 10th loss in a row. The Shenzhen Component Index fared worse, sinking 4.03 percent, or 395.77 points, to 9,429.50.     The Hushen 300 Index, which reflects about 60 percent of the combined market value in Shanghai and Shenzhen, closed at 2,842.68 points, down 109.57 points, or 3.71 percent. Investors read information at a stock trading hall in Shanghai, China, June 10, 2008. The benchmark Shanghai Composite Index fell 2.76 percent to 2,794.75, its 10th loss in a row    Total turnover was just 67.5 billion yuan (9.65 billion U.S. dollars).     Financial, oil and petrochemical, real estate, mining, transportation and broker stocks led the plunge.     China Merchant Property, for example, dipped 7.36 percent to 16.12 yuan. A man looks at the electronic board showing the stock index at a securities exchange in Shanghai, east China, June 17, 2008. The Shanghai index slid through the 2,800-point mark, touching 2,799.33 points at midday, shortly after the National Bureau of Statistics said the growth rate of fixed-asset investment slowed in the first five months.     Urban fixed-asset investment rose 25.6 percent year-on-year to 4.026 trillion yuan in the first five months of 2008. The growth rate was 0.3 percentage points below the same period last year and 0.1 percentage point less than the January-April period this year.     Analysts said the market was also being undermined by surging world oil prices, weakening regional economies and the government's efforts to curb liquidity and tame inflation.     The People's Bank of China, the central bank, earlier this month lifted the bank reserve ratio by a full percentage point to 17.5 percent.

BEIJING, Aug. 4 (Xinhua) -- Chinese President Hu Jintao said here on Monday that the Chinese government and people would honor their commitment of hosting a high-level Olympic Games with distinguishing features in Beijing.     "It is also our hope that through the Games, we can show the world the sincere aspiration of the Chinese people to share the benefits of development and to join with the rest of the world in building a bright future," Hu said in a speech delivered at the opening ceremony of the 120th session of the International Olympic Committee (IOC), held in the National Center for the Performing Arts in central Beijing. Chinese President Hu Jintao addresses the opening ceremony of the 120th International Olympic Committee (IOC) session at the National Center for the Performing Arts in Beijing, China, Aug. 4, 2008. The 120th IOC session was opened here on MondayWith just four days before the opening of the 29th summer Olympics, the Chinese president expressed his "heartfelt gratitude" to IOC President Jacques Rogge and all IOC members, for their "important guidance and warm support in many ways" for Beijing during the city's bid and preparation for the Games.     Calling the Olympic Games "the largest international sports and cultural event in the world" and "a grand celebration of friendship and peace for mankind," Hu said China hoped the Beijing Games would further promote the development of the Olympic Movement, further spread the Olympic spirit, and further enhance the cooperation in sports and other fields between China and other countries and regions. Chinese top leaders Hu Jintao, Xi Jinping and Zhou Yongkang pose for a group photo with members of the International Olympic Committee (IOC) prior to the opening ceremony of the 120th IOC session in Beijing, China, Aug. 4, 2008. The 120th IOC session was opened at the National Center for the Performing Arts in Beijing on Monday.The president pointed out that the Chinese people are keen on sports, while the Chinese government has attached great importance to the development of sports and has made great efforts to improve the whole nation's physical quality and health level.     "In the last three decades of reform and opening-up, China has made not only rapid economic development and social progress, but also great achievements in sport," he noted.     Sport has played a vital role in promoting China's social and economic development, and served as a major bridge for China's exchange and cooperation with the outside world, he added.     Hu praised the modern Olympic Movement for its "outstanding contributions to the progress of world sport, the strengthening of friendship among athletes and people of the world, and the promotion of world peace and development."     The Chinese government and people would like to make contribution to the progress of the Olympic Movement and to the building of a harmonious world of perpetual peace and common prosperity, said the president.     The Beijing Olympic Games are slated to open on Friday evening in the National Stadium, dubbed the Bird's Nest, in north Beijing.

GUANGZHOU, June 16 (Xinhua) -- South China's Guangdong Province was facing the threat of serious flooding as two swollen rivers converged in the Pearl River Delta on Monday, resulting in a flood equivalent to a worst in 50 years.     The runoff in Xijiang River was 46,800 cubic meters per second and in Beijiang River 15,200 cubic meters per second before they met each other in Foshan City, according to the Guangdong provincial headquarters of flood control and drought relief, which said this was far higher than normal.     The danger of serious flooding is made worse by the pull from the moon, which is rising to its most powerful point in the month on Wednesday, posing a threat for river embankments across the delta, experts said.     More rains were forecast in the upstream areas of Xijiang and Beijiang Rivers in next two days. Local people row boats in flooded Daoshui Town of Wuzhou City, southwest China's Guangxi Zhuang Autonomous Region, June 16, 2008. As of Monday evening, flood has affected 92 counties, cities and regions in Guangxi. Some 7.54 million people were plagued by the flood with direct economic loss standing at about 4.6 billion RMB yuan (660 million U.S. dollars).     The Guangdong provincial flood control headquarters on Monday ordered local governments to reinforce river embankments in nine cities, including Guangzhou and to prepare to evacuate people in danger. Two buffaloes swim in the Pearl River in Sanshui City, south China's Guangdong Province, June 16, 2008. The first flood peak of the Pearl River passed the Makou hydrometric station in Sanshui on Monday. The water level at the station reached 8.26 meters, 0.76 meters higher than the alert levelThe Pearl River Delta is a major manufacturing base of the country, while Guangdong posted a gross domestic product (GDP) of more than 2.59 trillion yuan (375 billion U.S. dollars) in 2006, ranking the first on the Chinese mainland.     Recent rainstorms and floods have affected 5.76 million people in 17 cities in Guangdong, including 20 deaths and eight missing persons.     Continuous downpours had cut seven national highways and 68 provincial ones in Guangdong, causing an economic loss of 600 million yuan. Seven provincial highways remained paralyzed on Monday while the others have been repaired.     At least 57 people have been killed and 1.27 million people relocated as rainstorms and floods ravaged nine provinces and region in south China and affected 17.87 million people, authorities said on Sunday. Photo taken on June 16, 2008 shows the cracks on the side slope of State Highway No. 321 in Congjiang County, southwest China's Guizhou Province. Immediate survey and preliminary proposal were carried out by the highway administration bureau of Kaili City and local government as soon as cracks were discovered on the side slope after recent heavy rainfallGuangxi Zhuang Autonomous Region bordering Guangdong on Monday also ordered two cities along the Xijiang River to reinforce embankments as heavy rains continued.     More than 70,000 people were relocated on Monday in Guangxi, bringing the total number of relocated people to 916,000. More than 7.5 million people have been affected as of 6 p.m. Monday, the regional civil affairs department said.     Storms hit 12 towns in southern parts of Guizhou Province on Sunday and Monday, leaving more than 400 houses inundated and crops damaged.     Hunan Province to the north of Guangdong on Monday claimed victory in fighting the first flood in the province this year with the flood crest passing the provincial capital of Changsha safely, despite two monitoring stations recorded highest water level in the history.     One people died and another was missing in Hunan's flood, which also toppled down houses and cut off roads.

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WASHINGTON, Oct. 11 (Xinhua) -- Deputy Governor of the People's Bank of China Yi Gang called for international cooperation here on Saturday to restore global financial stability.     "Our current priority is to enhance international cooperation to prevent further deterioration and spillover of the crisis and restore global economic and financial stability," Yi said.     The deepening and widening of the U.S. financial crisis have triggered a major global slowdown and escalating uncertainty, Yi Gang said in a statement at the 18th meeting of the International Monetary and Financial Committee (IMFC) held here Saturday.     While the advanced economies have slowed significantly since the U.S. sub-prime crisis, the emerging market economies have maintained robust growth but the deteriorating external environment is putting the resilience of their macroeconomic policies to the test, he said.     The crisis has underscored shortcomings in the financial markets, Yi said. He expressed his hope that the stabilizing measures of the advanced economies will have the positive effect of calming the markets and restoring confidence.     "China is willing to strengthen its cooperation with other countries and, through such joint efforts, we hope global financial stability can be safeguarded," he said.     In line with their status, Yi said, the major reserve currency issuing countries should shoulder the responsibility for preventing further spillovers and minimizing shocks to other economies -- especially to the emerging markets.     To promote balanced and steady global growth over the longer term, efforts should be made to advance structural reforms and increase savings, he pointed out.     The International Monetary Fund -- at the core of the international monetary system -- should carry out its mandate to safeguard global economic and financial stability, he said. The IMFC is the steering committee of the 185-nation lending institution.     Yi also noted that as the impact of the crisis on the real economy is much worse than expected and the recovery more protracted and difficult, the risks of deflation in some countries as a result of the credit crunch have increased significantly.     "It is imperative that the major advanced economies coordinate rapid implementation of bailout packages to avoid deflation and facilitate the global recovery," said Yi.     "However, we should be aware that the injection of liquidity from these emergency measures could be a potential source of inflation in the medium and long term," the deputy governor said.

BEIJING, Aug. 5 (Xinhua) -- As a 6.1-magnitude aftershock hit southwest China's Sichuan Province, the country's quake relief headquarters held its 24th meeting on reconstruction here on Tuesday, reiterating its dual focuses: livelihoods and the environment.     At the meeting presided over by Premier Wen Jiabao, the headquarters urged giving priority to the basic needs of the survivors of the May 12 earthquake in Sichuan Province. It also promised to improve the local environment step by step, ensuring "fast and sound" reconstruction. Chinese Premier Wen Jiabao (back R) speaks at the 24th meeting of the general headquarters of quake relief under the State Council in Beijing, capital of China, on August 5, 2008.It vowed to spend three years ensuring several goals: that every family has a house; every household has an income; every person has insurance, and that the infrastructure, economy and environment all improve.     A special team on reconstruction planning was set up jointly by the national Development and Reform Commission and the governments of the quake-hit Sichuan, Gansu and Shaanxi provinces.     Since May 23, the team has been continuously touring the quake zone and collecting opinions from local officials for a final scheme.     The plan involves 19.87 million people in 51 counties.     The earthquake measuring 6.1 on the Richter Scale occurred in Qingchuan County at 5:49 p.m. on Tuesday, leaving one dead and 23 others injured. On Friday afternoon, an aftershock of the same magnitude hit Pingwu and Beichuan counties in Sichuan, injuring 231 people.

BEIJING, Aug. 11 (Xinhua) -- Chinese President Hu Jintao on Monday met separately with several foreign leaders in the Great Hall of the People in central Beijing.    The foreign leaders, including Cambodian King Norodom Sihamoni, President of Cyprus Demetris Christofias, Slovak President Ivan Gashparovic and Latvian President Valdis Zatlers, had come to the Chinese capital to attend the opening ceremony of the Beijing Olympic Games on Aug. 8 and other activities relating to the Games.Chinese President Hu Jintao (R) shakes hands with King of Cambodia Norodom Sihamoni during their meeting in Beijing, China, Aug. 11, 2008. Norodom Sihamoni attended the opening ceremony of the Beijing Olympic Games on Aug. 8.Hu extended a warm welcome to the guests, and said the Beijing Olympics, with the theme of "One World, One Dream," is an international sports gala that belongs to people of all countries in the world.    The foreign leaders spoke highly of the Games' opening ceremony and China's preparations for the Games, and expressed the belief that the Beijing Olympics will be a great success.    Hu also had a broad exchange of views with the leaders on bilateral relations and other major regional and international issues of common concern.    In his meeting with King Sihamoni, Hu said that China and Cambodia are not only good neighbors that coexist in peace and harmony, but also good friends with mutual trust, good brothers sharing happiness and woe, and good partners working together for a win-win end.    "The friendly relationship between China and Cambodia is exemplary for countries of different social systems which want to treat each other equally and carry out sincere cooperation," Hu said.    The Chinese government and people are ready to work with their Cambodian counterparts to enhance friendly exchanges, expand mutually-beneficial cooperation, and promote common development, said Hu, adding that China highly appreciates the Cambodian Royal Family's "outstanding contribution" to the development of Sino-Cambodian relations.    King Sihamoni responded that the Cambodia-China friendship was forged and developed through the efforts of several generations of leaders of both countries.    He said the Cambodian Royal Family, government and people appreciate the long-time support and assistance from China and are dedicated to the development of good-neighborly friendship and cooperation with China.Chinese President Hu Jintao (R) shakes hands with President of Cyprus Demetris Christofias during their meeting in Beijing, China, Aug. 11, 2008. Demetris Christofias attended the opening ceremony of the Beijing Olympic Games on Aug. 8. While meeting President Christofias, Hu pointed out that China and Cyprus enjoy all-weather friendship and partnership.    "China is willing to work with Cyprus to enhance high-level exchanges, expand cooperation in diverse fields and cement coordination within the frameworks of the United Nations and Asia Europe Meeting and in multilateral affairs," he said.    President Hu stressed China's persistent stand that the independence, sovereignty and territorial integrity of Cyprus should be duly respected, and the Cyprus issue should be settled in a fair and reasonable manner on the basis of relevant UN resolutions.    Christofias thanked the Chinese side for the support of Cyprus unity, and hoped the two countries enhance cooperation in trade and economic sectors.    Cyprus will continue with its efforts to promote Europe-China relations, he added.Chinese President Hu Jintao (R) meets with his Slovakian counterpart Ivan Gashparovic in Beijing, China, Aug. 11, 2008. Gashparovic was here to attend the opening ceremony of the Beijing Olympic Games on Aug. 8 and other events. Meeting with his Slovak counterpart, Hu said that bilateral ties have been going along quite well in recent years and the two countries have enhanced high-level exchanges, built mutual political trust, maintained practical and fruitful cooperation in diverse fields, and cemented coordination in international affairs.    Slovakia is considered as a trustworthy friend and partner of China, Hu said. "Next year will mark the 60th anniversary of the establishment of China-Slovakia diplomatic relations. We're willing to work with Slovakia to promote bilateral friendly cooperation to a new height."    President Gashparovic said his country thinks highly of China's influence in international affairs, and hopes to deepen cooperation with China to further promote bilateral relations.Chinese President Hu Jintao (R) shakes hands with President of Latvia Valdis Zatlers during their meeting in Beijing, China, Aug. 11, 2008. Valdis Zatlers attended the opening ceremony of the Beijing Olympic Games on Aug. 8. In his discussions with the Latvian president, Hu said that China's relations with Latvia have forged ahead smoothly since the two countries clinched diplomatic ties 17 years ago.    China values such relations and is ready to work with Latvia in promoting all-round development of bilateral ties by maintaining exchanges at all levels, enhancing contacts between the governments, legislatures and political parties, expanding channels for trade and economic cooperation, broadening exchanges and cooperation in diverse fields including science and technology, culture and education, and maintaining good coordination in international affairs, Hu said.    President Zatlers echoed Hu's views on bilateral ties, saying his country is ready to work with China to expand cooperation in economic and trade fields and boost exchanges in education and cultural sectors.    During the Monday meetings, Hu also thanked the foreign leaders for their countries' assistance to China after the devastating May 12 earthquake that rocked Sichuan Province and neighboring regions.

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HANGZHOU, July 8 (Xinhua) -- Vice Premier Li Keqiang has urged the country's enterprises to raise their international competitiveness by speeding up transformation and adjustment in line with the changing domestic and global economic situation.     During a three-day inspection and research tour in the booming southeastern Zhejiang Province, which ended on Tuesday, Li visited textile factories, electric machinery companies and high-tech enterprises to get a first-hand assessment of enterprise reform amid a new domestic and international market climate. Chinese Vice Premier Li Keqiang (2nd L, front) speaks while visiting auto parts producer Wanxiang Group in China’s Zhejiang Province on July 7, 2008.During visits to Wenzhou-based enterprises including garment producer Fapai Group and lighter maker Rifeng, Li said the overall Chinese economy was fundamentally in good shape and China was confident of keeping its economy growing steadily and fast.     However, he said, the global economic slowdown and imported inflation were having an increasing impact on the economy and the country should take aggressive measures to deal with such challenges. Chinese Vice Premier Li Keqiang (C, front) talks with migrant worker Qiu Xucui (R, front) who is from the quake-hit Mianzhu city of southwest China’s Sichuan Province while visiting shoemaker Kangnai Group in China’s Zhejiang Province on July 6, 2008.In visiting electric machinery companies such as leading auto parts producers Wanxiang Group and Ruili Group Corp., Li said the economy was undergoing a critical period, which called for deeper reform.     The government should lose no time or opportunity to improve the market economic system and try to make price increases "acceptable" for both industries and the public, Li said.     He noted that China should also seek better development of foreign trade, improve the mix of imports and exports, and encourage Chinese enterprises to expand into the international market.     At high-tech enterprises like Supcon Group and Alibaba, which owns China's largest e-commerce website, Li said enterprises should also continue to promote technological innovation and improve their management so as to boost their competitiveness.     He also said vigorous development of enterprises was vital for the economy to maintain steady and fast growth and governments at all levels should do their best to provide better services for all companies and create a better climate for the development of enterprises

BEIJING, Aug. 30 (Xinhua) -- The country's top 500 giants are narrowing gap with foreign counterparts, but they still lag behind, the China Enterprise Confederation announced in its release of the 2008 Top 500 Chinese enterprises list on Saturday.     According to the report, the total revenue of the top 500 Chinese enterprises reached 2.99 trillion U.S. dollars (1 dollar=7.3046 yuan, calculated under the exchange rate in 2007), profits 188.4 billion U.S. dollars and assets 8.17 trillion U.S. dollars.Revenues were equivalent to 12.67 percent of the global top 500, profits equaled 11.85 percent and assets 7.79 percent, compared with 10.7 percent, 6.5 percent and 7.8 percent respectively last year.     Analysts said the growing proportion of revenue and profits indicated that Chinese companies had become more competitive and profitable.     Confederation deputy president Li Jianming said the country's growing economy had benefited these enterprises in spite of price hikes for oil and other materials.     He also said private enterprises had grown more robust and capable of taking in advanced technology and management from world giants. They accounted for about a fifth of the country's top 500 enterprises.     In addition, their rising investment in research and development and their emphasis on exploring the domestic market increased competition. The growth rate of net profits of the country's top 500 was 19 times faster than that of the world's top500.     However, another confederation deputy president Wang Jiming said Chinese enterprises still fell behind in innovation, investment in research and development, and the ability to operate internationally. It would take a long time to catch up.     Only 39 enterprises reported overseas sales income of more than 30 percent of the total revenue. Research and development spending accounted for only 1.32 percent of their total revenue, compared with the international average of 3 percent to 5 percent.     Poor supply chain management also lagged behind. Logistics coststill accounted for much of the total output, twice that of the world average. Haier and Huawei were among the few enterprises that paid adequate attention to supply chain management.     Sinopec Corp, Asia's top oil refiner, retained top spot for the fourth straight year on the Top 500 Chinese Enterprises list with its business revenue exceeding 1.2 trillion yuan, (175.2 billion U.S. dollars), the China Enterprise Confederation (CEC) said on Saturday.     The oil giant was followed by the State Grid and PetroChina Company.     The top 500 companies paid taxes of 1.74 trillion yuan, accounting for 35.2 percent of the national tax revenue.     Baosteel Group Co. and China FAW Corporation and Hongfujin Precision Industry (Shenzhen) Co. held the top three positions in manufacturing sector.     The State Grid Corp. of China, the Industrial and Commercial Bank of China and China Mobile ranked the top three in the service sector.

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hina was 249 million U.S. dollars, increasing by 218.4 percent from 2004. China's export to and import from Laos were respectively 164million U.S. dollars and 85 million U.S. dollars, rising by 162.4 percent and 653.8 percent from 2004.     Till the end of 2007, Laos had accumulatively invested 17 million U.S. dollars in China, and the latter's non-financial direct investment accumulatively reached 146 million U.S. dollars.     While China and Laos maintained a good momentum of development on political relations, they also expanded the range of trade and economic cooperation. The cooperation with governments, regional bodies, non-governmental organizations and private sectors have been intensified and deepened, Bouasone said.     The Third GMS Summit, with a theme of "Enhancing Competitiveness Through Greater Connectivity", aims to sustain and deepen economic cooperation and integration efforts among the GMS countries in order to better meet development challenges and realize the common vision of an integrated, harmonious and prosperous subregion.

SHANGHAI, Sept. 5 (Xinhua) -- The world's widest tunnel with an inner diameter of 13.7 meters completed its excavation here under the Yangtze River on Friday.     The 8.9-km tunnel is part of a 12.6 billion yuan (1.84 billion U.S. dollars) bridge and tunnel project to link Shanghai with Chongming Island, the country's third largest after Taiwan and Hainan.     The tunnel will accommodate a six-lane expressway and a rail line. When operational in 2010, travel to Chongming from urban Shanghai will take 20 minutes, according to Yu Xuanping, vice general manager of the Shanghai Tunnel Engineering Co., Ltd, builder of the tunnel.     The company used a tunnel boring machine with a diameter of 15.43 meters, the largest of its kind, to excavate under the Yangtze.     The tunnel and bridge project would make the transport networkson the southern and northern sides of the river more closely connected, said Wu Liangyong, a Chinese Academy of Sciences academician.     The tunnel connects Shanghai's vast Pudong District with Changxing Island in the Yangtze, while the bridge connects Changxing and Chongming.     Currently, Chongming is connected with Jiangsu Province to its north.     Located at the Yangtze River mouth, Chongming covers an area of1,200 sq. km, equal to about 20 percent of Shanghai's total land area.     China's central government plans to turn the island into a model of an eco-friendly town in the country. Shanghai municipal government is also paying great attention, with infrastructure projects being built within the island.     Experts said the inconvenient traffic between Shanghai and Chongming once blocked the development of the island. The construction of the bridge and tunnel would help attract overseas investment and make the suburb a major channel of the Yangtze River Delta area.