BEIJING, June 2 (Xinhua) -- The China Investment Corporation (CIC), the country's sovereign wealth fund, announced Tuesday that it decided to buy 1.2 billion U.S. dollar common stocks in Morgan Stanley's 2.2-billion-U.S.-dollar common stock offering. Morgan Stanley announced Tuesday it had priced a public offering of common equity of 2.2 billion U.S. dollars. The proceeds are intended to fully redeem the preferred capital of the Troubled Asset Relief Program (TARP) before the end of June. The TARP is a program of the United States government to purchase assets and equity from financial institutions in order to strengthen its financial sector. It is the largest component of the U.S. government's measures in 2008 to address the subprime mortgage crisis. Morgan Stanley notified the CIC of the offering in light of its healthy business relationship with CIC and the preemptive rights CIC holds. CIC plans to participate in this offering, according toa notice on its Web site. CIC was optimistic in Morgan Stanley's future development as "Morgan Stanley is widely expected to be able to leverage on its strengthened financial position and will be on the road of resuming its successful trajectory amid the dramatic restructuring of the international financial services industry". On December 19, 2007, CIC purchased 5.6 billion U.S. dollars mandatory convertible securities into Morgan Stanley common stock, representing approximately 9.86 percent equity ownership in Morgan Stanley. However, after Mitsubishi UFJ Financial Group, Inc.'s investment in Morgan Stanley in October 2008, CIC's equity ownership was diluted to approximately 7.68 percent. This new purchase would bring CIC's equity ownership in Morgan Stanley back to approximately 9.86 percent, effectively reducing CIC's overall cost basis and increasing the returns potential, said CIC. According to a statement posted on Morgan Stanley Web site Tuesday, it has priced a public offering of approximately 80.2 million shares of common stock to the public at 27.44 dollars per share. CIC has agreed to purchase 44.7 million shares of common stock at the public offering price while the Mitsubishi UFJ Financial Group, Inc. has agreed to buy 16 million shares, the Morgan Stanley statement said.
BEIJING, June 12 (Xinhua) -- China's joint prevention and control tactic has been proved to be powerful, orderly and effective in fighting the spreading of A/H1N1 virus, said Vice-Premier Li Keqiang while he presided over a conference on the issue Friday. The tactic has helped the nation win time and initiative in the efforts to deal with the epidemic, which has protected the people's health rights, reduced its impacts on economy and society in a maximal way, and provided favorable conditions for the country's development, said the official, who is also member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau. Li conveyed the instructions of Hu Jintao, state president and general secretary of the CPC Central Committee, and Premier Wen Jiabao on the issue. He said the situation of the epidemic has been under control in the country. Chinese Vice-Premier Li Keqiang (C), who is also member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau, presides over a conference on China's joint prevention and control tactic of fighting the spreading of A/H1N1 virus, in Beijing, capital of China, June 12, 2009. He called for seriously implementing the decisions and arrangement of the Party Central Committee and the State Council and adopting countermeasures that are compatible to China's realities. "Persist on and improve preventive and controlling measures that have been proven effective and do a good job in the preventive and controlling work in a scientific, open and transparent way in accordance with law, so as to ensure people's health and normal production and life, and maintain social harmony and stability," he said. The official praised the hard efforts and outstanding contribution made by Chinese quarantine officers and medical workers in the prevention and control of the epidemic. The patients found in China have mostly come from abroad and the majority of them are minor cases that have been cured in a relatively short time, he noted. While the epidemic situation is developing outside of the country and the WHO has raised its flu alert to the highest level, the number of imported flu cases has increased relatively quickly over the past few days, according to the official. China will try to minimize the number of locally transmitted cases, prevent the spreading of the virus in communities, increase the abilities of handling seriously ill patients, and speed up the pace of studying and producing the vaccine, in order to prepare for future changes of the epidemic, Li said. Ma Kai, state councilor and secretary general of the State Council, attended the meeting.
BEIJING, April 30 (Xinhua) -- China hopes to increase cooperation with Vietnam to push forward comprehensive strategic cooperative partnership, said top Chinese political advisor Jia Qinglin on Thursday. "Stronger Sino-Vietnamese cooperation is significant when facing with international financial crisis," Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top advisory body, told Vietnamese Deputy Prime Minister Nguyen Thien Nhan in Beijing. China and Vietnam would hold a friendship year in 2010. "We should grasp the opportunity to promote our friendship," Jia said. Jia Qinglin (front R), chairman of the National Committee of the Chinese People's Political Consultative Conference meets with Vietnamese Deputy Prime Minister Nguyen Thien Nhan (front L), who is also Vietnam's Minister of Education and Training, in Beijing, China, April 30, 2009 The establishment of comprehensive strategic cooperative partnership last year lifted bilateral ties into a new height, said Jia. Frequent high level contacts, economic cooperation and increasing exchanges brought concrete benefits for the two peoples, he said. Nhan is also Vietnam's Minister of Education and Training. Jia hoped the two nations would further expand cooperation in education. Nhan said Vietnam was ready to work with China to promote cooperation in education, culture, science and technology,. Chinese State Councilor Liu Yandong also met with Nhan later Thursday.
BEIJING, April 30 (Xinhua) -- China hopes to increase cooperation with Vietnam to push forward comprehensive strategic cooperative partnership, said top Chinese political advisor Jia Qinglin on Thursday. "Stronger Sino-Vietnamese cooperation is significant when facing with international financial crisis," Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top advisory body, told Vietnamese Deputy Prime Minister Nguyen Thien Nhan in Beijing. China and Vietnam would hold a friendship year in 2010. "We should grasp the opportunity to promote our friendship," Jia said. Jia Qinglin (front R), chairman of the National Committee of the Chinese People's Political Consultative Conference meets with Vietnamese Deputy Prime Minister Nguyen Thien Nhan (front L), who is also Vietnam's Minister of Education and Training, in Beijing, China, April 30, 2009 The establishment of comprehensive strategic cooperative partnership last year lifted bilateral ties into a new height, said Jia. Frequent high level contacts, economic cooperation and increasing exchanges brought concrete benefits for the two peoples, he said. Nhan is also Vietnam's Minister of Education and Training. Jia hoped the two nations would further expand cooperation in education. Nhan said Vietnam was ready to work with China to promote cooperation in education, culture, science and technology,. Chinese State Councilor Liu Yandong also met with Nhan later Thursday.
BEIJING, July 19 (Xinhua) -- Scholars and officials from other countries have strongly denounced the July 5 riot in Urumqi, capital of China's Xinjiang Uygur Autonomous Region, and expressed their
BEIJING, June 28 (Xinhua) -- Chinese President Hu Jintao has called for more confidence in the country's stable economic growth and gaining more strength to better people's livelihood. He made the calls during an inspection tour in northeastern China's Heilongjiang Province from June 26 to 28, one of the country's old industrial bases and important granaries. Hu encouraged people in Heilongjiang to seize the opportunity as China moved to revitalize its old industrial bases, to overcome the difficulties and maintain a steady economic growth and ensure people's livelihood. Chinese President Hu Jintao (C) talks with residents at Dongsheng Village in Wuliming Town of Zhaodong City, northeast China's Heilongjiang Province. President Hu Jintao made an inspection tour in Heilongjiang Province on June 26-28, 2009. During his three-day inspection tour, Hu visited Harbin Measuring and Cutting Tool Group and Harbin Aircraft Industry Group, two of the province's major industrial enterprises, and pointed out that independent innovations are key to high competitiveness and further development. "Crisis creates opportunities, and we shall put more efforts in technological upgrading, and build up technology reserves for the future," he said. Hu also visited rural areas and inspected crop growth. He encouraged farmers to increase grain production and boost agricultural modernization, so as to ensure the country's grain security. More supportive policies for farmers are on the way, he said, hoping that farmers could increase their incomes with improved policies and technologies. Hu also visited an oil field, a military camp, a school for intellectually challenged children, a human resources market, and a residential community which houses people who formerly lived in shanties.
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TIANJIN, May 8 (Xinhua) -- Chinese Vice Premier Zhang Dejiang urged enterprises to contribute to industrial growth by bringing central government's guidance of boosting domestic demand into full play. Zhang made the remark during his visit to 13 enterprises in the machinery, light industry, petrochemical, textile, auto and other sectors as well as ports, in Tianjin Municipality from May 7 to 8. Zhang said positive signs had been seen in the country's industrial sector, but there were still challenges ahead. He underscored firm implementation of the central government policy to ensure economic growth, boost domestic demand and enhance industrial upgrading. He encouraged enterprises to seek to produce products that would meet market needs and expand both domestic and international markets. Enterprises should improve their management and push forward innovation and structural adjustment, he said.
BEIJING, May 23 (Xinhua) -- China unveiled Saturday credit rating standards for the sovereignty entity of a central government, the first sovereign credit rating standards in China, aiming broader participation in global credit rating. The standards were announced by Dagong Global Credit Rating Co., Ltd, one of the first domestic rating agencies in China. The sovereign credit rating standards would be able to evaluate the willingness and ability of a central government to repay its commercial financial debts as stipulated in contracts, said the company. The rating results could reflect the relative possibility of a central government to default as a debtor, and the rating is based on the country's overall credit value, according to Dagong. Elements of credit risks will include the country's political environment, economic power, fiscal status, foreign debt and liquidity, said the company, adding that it judges the credit of a sovereign entity on the basis of a comprehensive evaluation of its fiscal strength and foreign reserves. Compared with other rating agencies, Dagong pays more attention to the different economic stage of each country, and examines the features of its credit risks in a holistic and systematic view, according to Dagong. Jiang Yong, director of the Center for Economic Security Studies under the China Institutes of Contemporary International Relations, said the financial crisis exposed a risk of the international society relying solely on the credit rating institutions of a single country, which is the largest risk of the world economy. Luo Ping, head of the training center under China Banking Regulatory Commission, said the launch of the sovereign credit rating standards would help improve the transparency of credit rating information, and would strengthen China's position in the international financial arena.
BEIJING, May 11 (Xinhua) -- China released a detailed three-year plan to stimulate its nonferrous metal industry focused on industrial restructuring and technology innovation, the State Council, or the country's Cabinet, said here on Monday. The nonferrous metal sector should keep a steady operation in 2009, and achieve a sustainable development by 2011, according to the plan. The country would encourage regrouping among nonferrous metal companies to sharpen the competitive edge of the whole industry, the plan said. Three-to-five nonferrous metal corporation would be formed out of industrial reconstructing by 2011 with advanced production capacity and technology innovation capability. Combined copper output of top 10 domestic producers should take up 90 percent of the country's total by 2011, aluminum output 70 percent, lead 60 percent, and zinc 60 percent, according to the State Council. The government would also encourage the exploitation of nonferrous metals both at home and abroad, supporting companies to invest in mines overseas -- either on their own or with foreign parties. The country would help with capital injection and foreign reserve application concerning overseas projects. The export rebate policy would be a "proper" and "flexible" one to encourage nonferrous products with high technology and high added values, according to the plan. The State Council also laid out guidelines to eliminate obsolete capacity and digest over capacity. No new project to develop electrolytic aluminum will be allowed in the next three years, the plan said. The country would put strict control on the production of copper, lead, zinc, titanium and magnesium. At the same time, China aims to save 1.7 million tonnes of coal and 6 billion KWh of electricity per year, as well as reduce sulfur dioxide by 850,000 tonnes annually as part of industrial upgrading for the nonferrous metallurgy sector. China was the largest producer and consumer of nonferrous metals with total output of ten major nonferrous metals reaching 25.2 million tonnes and total consumption at 25.17 million tonnes in 2008. The country's nonferrous metal industry received a severe blow from the global economic downturn after keeping high-speed growth for nearly a decade. Statistics released by the China Nonferrous Metals Industry Association showed aggregate profit of China's nonferrous metal producers fell 45 percent last year to 80 billion yuan (11.73 billion U.S. dollars). Along with the support plan for the nonferrous metal sector, the State Council has unveiled stimulus packages for 10 industries since January, such as machinery-manufacturing, electronics and information industries, the light industry and petrochemical sectors.
BEIJING, May 24 (Xinhua) -- Natural disasters killed 88,928 people in China last year, according to a report released by the Ministry of Civil Affairs. The number is the highest since 1976, when the 7.8-magnitude earthquake hit Tangshan City in north China's Hebei Province and killed more than 242,000 people, according to the report on the statistics of the country's civil affairs in 2008. In addition, a total of 480 million people were affected by natural disasters, with direct financial losses of 1.175 trillion yuan (about 173 billion U.S. dollars). In 2008, major natural disasters were frequent in China, with the unexpected strike of snows in the south and the devastating May 12 earthquake in Sichuan Province, the ministry said in the report. The 8.0-magnitude earthquake left more than 87,000 people dead or missing and more than 374,640 injured in Sichuan and neighboring provinces. Before that, the blizzards that struck much of central and southern China in early 2008 left 129 people dead and losses reached 151.65 billion yuan, according to the Ministry of Civil Affairs.