BEIJING, Jan. 23 (Xinhua) -- The Bank of China (BOC) board has agreed to sell up to 40 billion yuan (5.86 billion U.S. dollars) of bonds convertible to A shares to improve capital adequacy.The proposal will be turned into the first temporary shareholders' meeting in 2010, which will be held on March 19, for approval.Excluding issuance costs, the proceeds from the issuance of the six-year convertible bonds will be used to replenish the bank's capital base and working capital and to lift its capital adequacy ratio, according to the BOC, the third largest lender by market value in China.The BOC has been implementing positive financial policies and relatively loose monetary policies since 2009.The BOC capital adequacy ratio stood at 11.63 percent and the core capital adequacy ratio at 9.37 percent by the end of September 2009.
BEIJING, Feb.1 (Xinhua) -- Chinese Vice President Xi Jinping on Monday urged all localities and departments to earnestly summarize experiences of the study and implementation of the Scientific Outlook on Development and make full use of its positive outcomes.Xi, also a Standing Committee member of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks when he chaired a seminar held Monday in Beijing on the sum-up of the study and implementation of the theory, which emphasized the well-being of people and comprehensive, coordinated and sustainable development. Chinese Vice President Xi Jinping (C), who is also a Standing Committee member of the Political Bureau of the Communist Party of China (CPC) Central Committee, addresses at a seminar in Beijing, capital of China, Feb. 1, 2010. Xi Jinping urged all localities and departments to earnestly summarize experiences of the study and implementation of the Scientific Outlook on Development and make full use of its positive outcomes in the seminar.He called for efforts to continue the study and research on the scientific outlook on development and well implement the theory, so as to accumulate new experiences.The CPC launched the campaign to study and implement the theory in September 2008, embracing a wide participation of more than 75 million CPC members.The campaign was scheduled to end at the end of this month, but Xi said, the implementation of the theory was a long-term mission and must be continued.
CAIRO, March 3 (Xinhua) -- The commander-in-chief of Egyptian armed forces met Wednesday in Cairo with visiting Deputy Chief of General Staff of the Chinese People's Liberation Army Ma Xiaotian, pledging to strengthen bilateral military ties.Mohammed Hussein Tantawi, who is also Egyptian Minister of Defense, said during the meeting that the two countries have seen close cooperation in military, political and economic fields in recent years, which serves both countries' interests as well as regional and world peace and stability."The Egyptian military attaches great importance to the friendly relationship with the Chinese counterpart and expects more efforts to be made to further improve pragmatic cooperation," Tantawi said.For his part, Ma said the two sides enjoy long-term friendly relationship, and fruitful cooperation has been accomplished in the fields of high-level visits and professional personnel training."The Chinese side is willing to make joint efforts with the Egyptian side to consolidate the traditional friendship and push forward the in-depth cooperation between the two militaries," Ma said.Ma arrived in Cairo on Tuesday. During his visit, he also presided over the first session of the Chinese-Egyptian Defense Cooperation Commission.
BEIJING, Feb. 26 (Xinhua) -- The Standing Committee of the National People's Congress (NPC), China's top legislature, concluded its three-day session Friday, after approving the National Defense Mobilization Law and an amendment to the Copyright Law.President Hu Jintao signed decrees to publish the new Law and the amendment to the Copyright Law, which will take effect on July 1 and April 1 respectively.The concluding meeting was presided over by Wu Bangguo, chairman of the NPC Standing Committee.The National Defense Mobilization Law "is significant for enhancing the country's national defense building, strengthening mobilization ability for national defense, as well as for safeguarding national security and ensuring economic and social development," Wu said.The top legislator warned of the "pressing task" of ensuring food safety, and called for improving the country's food safety supervision network.Final preparations were made during the bimonthly session for the upcoming 11th NPC annual session.The session was a very important meeting for expressing ideas about how the country could further develop, Wu said.He urged all the NPC Standing Committee members to listen to the opinions of NPC deputies who would attend the annual session, and fully respect their democratic rights.The Standing Committee approved the draft agenda of the upcoming annual session and a work report by the 11th NPC Standing Committee which is to be delivered by Wu at the session.The top legislature Friday appointed Wu Shuangzhan, Peng Xiaofeng, Liu Yongzhi, Liu Zhenwu, Ge Zhenfeng, and Fu Tinggui as vice chairpersons of six special committees under the NPC respectively.The Credentials Committee of the NPC Standing Committee examined the qualification of deputies to the 11th NPC. The total number now stands at 2,981, Wu said.The standing committee confirmed Friday the qualification of five senior officials including Sun Zhengcai, Wang Rulin, Sun Chunlan, Padma Choling, and Luo Huining as newly-elected deputies to the 11th NPC.They were elected in Jilin and Fujian provinces, Tibet Autonomous Region, and Qinghai Province.Members of the NPC Standing Committee also agreed to expel Chen Shi, former county head in Wuchuan county in southwest China's Guizhou Province, from the national legislature for his suspected violations of law and discipline.The top legislature also ratified a bilateral consular agreement with the Philippines.Wu Bangguo also presided over a special lecture Friday afternoon to help members of the NPC Standing Committee better understand the importance of technology innovation in supporting the country's sustainable development.
BEIJING, March 9 (Xinhua) -- Nearly 42.5 million Chinese rural workers received professional training in 2009, up 7.6 percent from the previous year and 42 percent higher than the yearly target, the Chinese Ministry of Education said Tuesday.About 7.91 million workers were trained in cities they work in after migrating from rural areas, accounting for 18.8 percent of the total, while the rest were schooled in their hometown provinces, the Ministry said.After the outbreak of the global financial crisis in 2008 when exports contracted and jobs vanished overnight, the Chinese government has increasingly emphasized the importance of rural worker training in a bid to improve worker's job skills and to prepare the country for industry upgrading, the ministry said.In southwest China's Tibet, training covered housekeeping services, traditional painting, solar energy applications and TV set maintenance which are closely linked with the local economy.In east China's Zhejiang Province, rural young people not enrolled at senior high schools have access to a 6 to 12-month training course to give them horticultural and general farming skills.
BEIJING, Feb. 7 (Xinhua) -- China and Russia would strengthen coordination to better implement the regional cooperation program approved by state leaders last year, officials from the two countries said here on Sunday.The statement was made by Zhang Guobao, head of the National Energy Administration and vice minister of the National Development and Reform Commission, and representatives of the Russian government, at the China-Russian regional cooperation symposium.In September 2009, Chinese President Hu Jintao and his Russian counterpart Dmitry Medvedev approved the cooperation program between northeast China and Russia's far east and east Siberian region.Zhang said the cooperation program, covering many fields, included more than 300 key projects in local cooperation and infrastructure construction and transformation.The symposium is the first bilateral meeting aimed at promoting China-Russian regional cooperation since the approval of the cooperation program.
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BEIJING, Feb. 18 (Xinhua) -- A report by the Ministry of Industry and Information Technology said the overall situation of China's iron and steel industry will be better than last year, thanks to the steady momentum of economic recovery.The report said four factors will have positive impact on the iron and steel industry: increased government investment, a clear recovery of global economy, ample money supply in the market and a series of upcoming government policies aimed at promoting healthy development of the iron and steel industry.However, the ministry held that the foundation of the current economic recovery still needs to be consolidated and external demand still falls short, creating fairly big difficulties for the operation of the iron and steel industry.The report said in 2010 iron and steel companies must be prepared to face the challenges of over supply, sluggish international market and rising production cost.In 2009, China's 68 large and medium sized iron and steel companies made 55.39 billion yuan (8.12 billion U.S. dollars) in profit, down 31.43 percent year on year.
BEIJING, Jan. 15 (Xinhua) -- China will soon clarify the rules and regulations on qualified foreign institutional investors (QFIIs) trading stock index futures in China, the China Daily reported Friday. "The regulator will work on the policies and regulations on securities companies, mutual funds and QFIIs ... in order to guarantee the smooth launch of index futures," the newspaper quoted Shang Fulin, chairman of China Securities Regulatory Commission (CSRC) as saying at a national conference on securities and futures supervision that ended Thursday. CSRC will also enhance supervision on securities firms that provide brokerage services for index futures trading and improve the country's cross-market supervision regime, the newspaper quoted Shang as saying. Foreign institutions may be allowed to trade index futures using a portion of their QFII quota, but details on trading requirements are still unknown, said the newspaper. At the conference Shang also said that the regulator would introduce margin trading and short selling pilot programs at the appropriate time, according to the newspaper.
BEIJING, Feb. 12 (Xinhua) -- Chinese leaders on Friday offered their Spring Festival greetings to people across the nation at a gathering to mark the incoming Lunar New Year.President Hu Jintao, top legislator Wu Bangguo, Premier Wen Jiabao and top political advisor Jia Qinglin attended the gathering, held by the Central Committee of the Communist Party of China (CPC) and the State Council at the Great Hall of the People in Beijing.Chinese President Hu Jintao presides over a gathering in Beijing, capital of China, Feb. 12, 2010Other leaders including Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang also attended the gathering.The Spring Festival, or the Chinese Lunar New Year, is the most important traditional festival for family reunion in China. It falls on Feb. 14 this year, and the weeklong holiday kicks off Saturday, or the eve of the Spring Festival. Top Communist Party of China (CPC) and state leaders Hu Jintao (front, C), Wu Bangguo (front, 4th R), Wen Jiabao (front, 4th L), Jia Qinglin (front, 3rd R), Li Changchun (front, 3rd L), Xi Jinping (front, 2nd R), Li Keqiang (front, 2nd L), He Guoqiang (front, 1st R) and Zhou Yongkang (front, 1st L) attend a gathering in Beijing, capital of China, Feb. 12, 2010
BEIJING, Feb. 11 (Xinhua) -- Senior Chinese leader Li Changchun visited the performers and crew of China Central Television's Lunar New Year gala program during their rehearsal Thursday. Li, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, extended new year greetings and expressed his hope that the crew will present an excellent show for all Chinese on Lunar New Year's Eve on Feb. 13. Li Changchun (front R), a member of the Standing Committee of the Political Bureau of the the Communist Party of China (CPC) Central Committee, shakes hands with actors at the rehearsal of the Spring Festival Gala Evening at China Central Television (CCTV) in Beijing, China, Feb. 11, 2010The annual Lunar New Year gala celebration started in the 1980s and is China's most popular TV event. It attracts a major proportion of China's 1.3 billion population every Lunar New Year Eve. Li Changchun (2nd row, C), a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, poses for photo with actors at the rehearsal of the Spring Festival Gala Evening at China Central Television (CCTV) in Beijing, China, Feb. 11, 2010.