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CHENGDU, June 3 (Xinhua) -- Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd. (Tengzhong), a private Chinese firm who has struck a preliminary deal with General Motors Corp. (GM) for the premium SUV brand Hummer, said Wednesday it has no plan to manufacture Hummer in a Chinese plant. "Rather than setting up a plant in China, Tengzhong will use the current facilities including their employees in the United States," said Zhao Xiaolu, spokesman for the ongoing transaction for Tengzhong, a leading manufacturer of road, construction and energy industry equipment based in southwest China's Sichuan Province,     Zhao works for the Brunswick Group, which is handling the public relations matters for the Tengzhong deal. Tengzhong's managers were not available for comment on the transaction, which was disclosed Tuesday, a day after GM filed Chapter 11 bankruptcy. File photo taken on March 11, 2009 shows Hummer CEO James Taylor (R) presenting a Hummer model to a local official in Deyang, southwest China's Sichuan Province. U.S. automaker General Motors Corp., a day after filing Chapter 11 bankruptcy, has a tentative deal to sell its Hummer brand to Chinese-based Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd., the automaker said on June 2.     According to an overall restructuring plan, the U.S. based automaker GM will shed off its none-core assets including Hummer, Saturn, Saab and Pontiac.     The preliminary deal allows Tengzhong to keep the management and operational team along with the Hummer brand, and secure more than 3,000 jobs in the United States. The Chinese buyer will also assume existing dealer agreements relating to Hummer's dealership network.     Tengzhong CEO Yang Yi said in a statement Tuesday that the company will "allow Hummer to innovate under the leadership and continuity of its current management team".     James Taylor, Hummer chief executive officer, went to Chengdu City and Deyang City, Tengzhong's current base and new base under construction, to discuss project cooperation with local officials in March.     "This transaction, if successful," said Taylor in a statement Tuesday," will allow us to embark on a more aggressive global expansion, ensuring a successful future with our new partners."     According to Zhao, Tengzhong will use internal fund and bank loan to make the transaction, which will be a "strategic move for the company to expand into the premium off-road vehicle segment". Formed in 2005 through a series of mergers, Tengzhong currently has more than 4,800 employees.     "It is probably more attractive for Chinese enterprise like Tengzhong to learn from the foreign brand's past successful experience in research, design, marketing and service," said Guo Guoqing, a professor with the School of Business, Renmin University of China.     Xu Zhaohui, head of the Sichuan Provincial Department of Commerce, said the officials will "strive to serve the transaction", which is expected to close in the third quarter of this year and is subjected to customary closing conditions and regulatory approvals.     In recent years, there have been several headline purchases of foreign auto brands by Chinese enterprises. A Hummer is on sale at a dealer in Flint, Michigan, the United States, May 30, 2009. General Motors Corp (GM) announced on June 2 that it has entered into a memorandum of understanding (MoU) with a buyer for HUMMER, its premium off-road brand, a day after it filed for bankruptcy protectionIn 2004, Shanghai Automotive Industry Corporation Group (SAIC)purchased 48.9 percent equity of Ssangyong Motor, the fourth largest automaker in the Republic of Korea (ROK). In 2005, Nanjing Automotive bought collapsed British brand MG. And this March, China's largest independent carmaker Geely Automobile acquired Drivetrain Systems International, the world's second largest auto transmission supplier.     "Acquisition of overseas brands by Chinese enterprises could help these brands go over operational dead end, and expand in the vast Chinese market," said Guo.     All the world's main auto markets are in decline except form China. In the first quarter, almost 2.68 million vehicles were sold in China, which marked a 3.88 percent increase year on year.     However, not all foreign auto brands revived under Chinese management. In February, a Seoul court granted Ssangyong Motor bankruptcy protection. SAIC was deprived of management control despite its 51 percent ownership.     "Declining asset prices amid the financial crisis do not always mean a good bargain for the buyer," said Zhang Zhiyong, the chief adviser on auto market with Mingyuan Consultancy in Beijing, "a Chinese automaker should choose a foreign brand with conforming strategy and similar culture for possible acquisition."     The fuel-hungry brawny Hummer also pose new challenges for Tengzhong to control cost and boost competitiveness after takeover. Statistics from local vehicle management section showed that Hummer vehicles are only owned by about 10 people in Sichuan's capital Chengdu currently.     "We will be investing in the Hummer brand and its research and development capabilities," said Yang Yi in a Tuesday statement, " which will allow Hummer to better meet demand for new products such as more fuel-efficient vehicles."  (Xinhua reporters Yan Sanjun, Guo Xin, Cheng Xie and Chen Kai also contributed to this story)

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BEIJING, June 2 (Xinhua) -- Representatives from the Communist Party of China (CPC) and the ruling United Russia Party met Tuesday to exchange views on the international financial crisis.     "This is the first official and high-level dialogue between the Chinese and Russian ruling parties," said Wang Jiarui, head of the International Department of the CPC Central Committee of his meeting with United Russia Party's council presidium secretary Vyacheslav Volodin.     Wang and Volodin signed an agreement on party-to-party cooperation on later Tuesday. Chinese Vice President Xi Jinping attended the signing ceremony.     Xi hailed the Sino-Russian relationship when meeting with Volodin before the ceremony, saying that China would work with Russia to promote stable and healthy growth of the ties, in a bid to benefit the two nations and peoples. Chinese Vice President Xi Jinping (R) meets with Vyacheslav Volodin, vice chairman of the Russian State Duma, in Beijing, capital of China, June 2, 2009    Volodin, and vice-chairman of the Russian State Duma, said his party valued the cooperation with the CPC.     Volodin and his delegation were here on a visit from May 31 to June 3 at the invitation of the International Department of the CPC Central Committee.

BEIJING, July 16 (Xinhua) -- Chinese Vice President Xi Jinping attended Thursday the graduation ceremony of the Party School of the Communist Party of China (CPC) Central Committee and conferred certificates on graduates of the spring semester. Xi, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, is President of the school. Chinese Vice President Xi Jinping attends the graduation ceremony of the Party School of the Communist Party of China (CPC) Central Committee July 16, 2009. The ceremony marked the graduation of 744 Party officials from the Central Party School and more than 2,800 graduates from the school's branches    The ceremony marked the graduation of 744 Party officials from the Central Party School and more than 2,800 graduates from the school's branches. Chinese Vice President Xi Jinping confers certificates on graduates of the spring semester of the Party School of the Communist Party of China (CPC) Central Committee July 16, 2009.The Party School of the CPC Central Committee is the highest institution for training high- and middle-ranking party officials and Maxist theoreticians. The School's history dates back to the school of Marxism and Communism set up in March 1933.     The graduates said that during the study they had exchanged working experiences with each other and the education had strengthened their political belief.     Politburo member and director of the CPC Central Committee Organization Department Li Yuanchao and several other high-ranking party officials also attended the graduation ceremony.

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CHENGDU, May 28 (Xinhua) -- Chinese Vice Premier Hui Liangyu called on Thursday Asian and European countries to improve their disaster prevention and relief abilities through cooperation and sharing of information.     Hui made the remark at an Asia-Europe workshop on cooperation and capacity building in disaster prevention and relief, held in Chengdu, capital of southwest Sichuan Province.     Hui said natural disasters are common challenges facing the whole mankind, and cooperation between Asian and European countries in disaster relief not only has an important bearing on the economic development and livelihood of the people, but also on the sustainable development of the mankind.     "Asian and European countries should further enhance exchange and cooperation in monitoring and forecast of disasters, as well as emergency response and relief efforts," said Hui, who also suggested building of a cooperation mechanism and information sharing, that would serve the improvement of disaster prevention and relief abilities of all countries.     China had frequent natural disasters and would share its experience in coping with disasters with other countries, Hui said. He said China would continue to provide support and aid within its ability to the capacity building in disaster relief for other developing countries.     On the country's disaster prevention and relief capacity building, Hui said, China would further improve its monitoring of natural disasters and emergency rescue system, raise anti-disaster standards for buildings and increase public awareness of disasters and push for international cooperation in disaster relief.     The vice premier expressed China's appreciation for international help and support to the country's disaster relief and quake relief after the 8.0-magnitude earthquake that struck Wenchuan of Sichuan on May 12, 2008.

SHANGHAI, July 17 (Xinhua) -- U.S. Commerce Secretary Gary Locke said in Shanghai Friday that he expected cooperation between China and the United Stated in the fields of clean energy technology and carbon emission elimination would benefit both countries in the campaign against climate change.  "I believe there is great opportunity for greater cooperation between United States and China," said Locke, a Chinese American, in his speech at a welcome ceremony jointly hosted by American Chamber of Commerce in Shanghai and the US-China Business Council.     His audience included dozens of Chinese businessmen from across the country and representatives of international corporations with branches in Shanghai.     "I want China and the United States to lead the world and save the planet from irreversible climate change. U.S. Commerce Secretary Gary Locke delivers a speech at a welcome reception hosted by the American Chamber of Commerce in Shanghai and the United States-China Business Council, in east China's Shanghai, July 17, 2009.     "We all share the same atmosphere, and if we do not act, we will all suffer from the coastal flooding, unpredictable weather and agricultural damage," he added.     Locke spoke highly of China's efforts in eliminating carbon emissions. He said that developing new clean energy could create jobs in America, help promote renewable energy and curb pollution in China.     "So much of U.S. direct investment in China created win-win opportunities for both workers in America and workers in China and benefit the climate in the world and planet as well," Locke said.     He later attended the cornerstone laying ceremony of the United States Pavilion at the Shanghai Expo site.

BEIJING, July 18 (Xinhua) -- East Star Airlines Co., Ltd. said Saturday here that its current combined debt surpassed 752 million yuan (110.1 million U.S. dollars).     Zhao Changbing, spokesperson of the company, said the announcement was made to counter rumors about the status quo of the company's assets and debt     Zhao said total assets of the company stood at 1.01 billion yuan.     Established in 2005 in central Hubei Province, East Star Airlines operated more than 20 routes. Its operation was suspended by the industry regulator as of March 15 this year, due to financial difficulties of the carrier.

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PRAGUE, May 20 (Xinhua) -- Chinese Premier Wen Jiabao on Wednesday held the 11th China-European Union (EU) summit here with Czech President Vaclav Klaus and European Commission President Jose Barroso.     The Czech Republic now holds the rotating presidency of the EU.     The three leaders, in a frank, practical and friendly atmosphere, thoroughly exchanged views and reached important consensus on how to further develop the China-EU comprehensive strategic partnership, and jointly deal with the global financial crisis as well as climate change.     Wen said the development of the China-EU relations embodies the mutually beneficial cooperation between the biggest developing country and the biggest bloc of developed countries, and the friendly exchanges between the two major ancient civilizations.     The summit is a frank dialogue between countries with different social systems, which conforms to the historical trend, meets the requirement of the advancing of the times, and benefits the Chinese and European people and the whole international community, he said. Chinese Premier Wen Jiabao (2nd R) poses together with European Commission President Jose Manuel Barroso (1st R), Czech President Vaclav Klaus (2nd L), whose country holds the rotating EU presidency, and EU foreign policy chief Javier Solana at the 11th China-EU Summit in Prague, Czech Republic, May 20, 2009The common and harmonious development of China and Europe is fundamentally helpful to the world's harmony and sustainable development, the Chinese premier added.     Wen said the core of the China-EU ties lies in their strategic importance, while the bilateral relations are featured with comprehensive substance, and the key to their development is to advance with the times.     Under the current complex and volatile international political and economic situations, China and the EU should stick to the basic principle of strategic partnership, and take the expansion of practical cooperation as a major point, he said.     China and the EU should strengthen confidence, jointly move forward, and push forward the sustainable development of bilateral relations in an in-depth and all-around way, Wen said.     Wen said both sides should give full play to the role of the China-EU summit in strategically guiding the development of the bilateral ties. Other dialogue mechanisms, such as high-level economic and trade talks, should further promote exchanges and cooperation in various sectors, he said. Chinese Premier Wen Jiabao (L), Czech President Vaclav Klaus (C), whose country holds the rotating EU presidency, and European Commission President Jose Manuel Barroso attend a press conference after the 11th China-EU Summit in Prague, Czech Republic, May 20, 2009. Both sides should also give full play to the role of legal framework as a stabilizer, and reach a deal on the China-EU Partnership and Cooperation Agreement (PCA) as soon as possible, Wen said.     In January 2007, China and the EU began substantial negotiations on the PCA, which would serve as a framework agreement encompassing the full scope of their bilateral relationship.     The key to China-EU strategic cooperation is the principle of mutual respect and non-interference in each other's internal affairs while taking into consideration each other's core concerns and properly handling sensitive issues, Wen said.     The bilateral relations should not be adversely affected by individual incidents, said the premier.     Wen also expressed hope that the EU would recognize China's market economy status and lift the arms embargo against China at an early date, which he said is in the interest of both the EU and China-EU ties.     Meanwhile, the EU side said the EU-China relations are very important, both strategically and comprehensively, and have a huge potential for development.     The EU attaches great importance to its dialogue and cooperation with China and remains actively dedicated to further deepening the China-EU Comprehensive Strategic Partnership, it said.

BEIJING, June 10 (Xinhua) -- China is ready to end a de facto suspension of initial public offerings (IPOs) on the Shanghai and Shenzhen stock exchanges, after the securities regulator unveiled Wednesday the final guidelines for new IPOs.     The China Securities Regulatory Commission (CSRC) said the guidelines would take effect Thursday.     An unidentified CSRC spokesman said the commission will give approvals to applying firms any time after the guidelines become effective.     The commission announced draft guidelines on May 22 to solicit public opinions till June 5. The new guidelines aim to improve the price discovery function of the stock market, and help retail investors subscribe to newly issued stocks.     The draft said the quotation system for new issues should be revised so that issue prices faithfully reflect market demand, and lead underwriters should take steps to avoid "unreasonably" high prices.     Under the new rules, stock subscribers need to use either the online or off-line subscription system, but not both, to purchase new stocks. Institutional investors used to enjoy the privilege of subscribing through both systems, while retail investors could use only the off-line system.     Three revisions were made to the draft to follow public advices that the commission deemed reasonable.     The final version said a single investor is refined to use one account only to purchase new stocks, as some institutional investors have multiple accounts. The revision is aimed to help more smaller investors get access to new stocks.     In addition, the commission said it would consider to increase the number of tradable stocks in response to suggestions the lock-down of too many stocks would do no good to curb speculation.     However, the spokesperson said shares lock-down of large shareholders would remain in place, as it is aimed to prevent frequent changes in managerial staff that could jeopardize a firm's operation and create risks and the practice is followed on many overseas markets.     The commission also added the content about improving the "clawback" and the offering suspension mechanisms upon requests of the public. The "clawback" mechanism is used in the event that the deal is subscribed by 100 times or more.     The CSRC effectively suspended all new stock issues last September, as it halted approvals. Since then the stock market has plunged more than 50 percent from its peak 6124.04 in October 2007,compared to Wednesday's closing.     The CSRC spokesman anticipated that the first few new IPOs may not be satisfactory (in boosting the market), but he believed that the goals of the new guidelines could be achieved over time, which would play a positive role in boosting the market in the long run.     A total of 32 firms are on the waiting list to launch their IPOs on the A-share market, expecting to issue a combined more than 14 billion shares.     China State Construction Engineering Corp. is expected to issue12 billion shares.

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L'AQUILA, Italy, July 8 (Xinhua) -- Chinese State Councilor Dai Bingguo on Wednesday called for more cooperation among the five leading developing countries (G5) to address international challenges.     Dai listed four aspects for further cooperation and coordination among the G5 when he, on behalf of Chinese President Hu Jintao, addressed the leaders' meeting of China, India, Brazil, South Africa and Mexico on Wednesday afternoon in the earthquake-stricken Italian city of L'Aquila.     According to a press release issued by the Chinese delegation, Dai said the G5 should join hands to cope with the international financial crisis.     Dai proposed that the G5 countries make join efforts to enhance the regulation of global financial system.     he urged the G5 countries to actively address the challenges of climate change and cooperate on addressing non-traditional security threats.     The Chinese state councilor also reiterated the importance of the unity of the G5, calling for continuing cooperation on a wide range of global issues.

BEIJING, July 8 (Xinhua)-- China's gross domestic product (GDP) growth in the second quarter this year is forecast to accelerate close to 7.8 percent, Goldman Sachs Asia and the Beijing-based Gaohua Securities Company said in a report Wednesday.     "The figure is above our previous forecast of 7.0 percent year on year," said Song Yu, one author of the report and Goldman Sachs Asia's economist on China's macro-economy.     According to the report, economic performance of China in June will show robust improvements, with the industrial output expected to rise about 10 percent in June from 8.9 percent in May.     Fixed asset investment in June is forecast to grow 42 percent year on year, up from 38.7 percent in May.     Exports is expected to decline 22 percent in June from a year earlier, smaller from a 26.4 percent dip in May, while imports may post a eased drop at 18.0 percent from a 25.2 percent fall in May.     The consumer price index is expected to fall 1.5 percent in June from a year ago, compared with a 1.4 percent drop in May. Producer price index would decline 7.6 percent year on year, compared with a slide of 7.2 percent in May.     Zhou Xiaochun, governor of the country's central bank, said in late June that the second quarter is expected to be better than the first, when the gross domestic product grew 6.1 percent. The National Bureau of Statistics said in June that China's GDP will grow close to eight percent in the second quarter.     China is due to release its second-quarter GDP data in mid-July.

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