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BEIJING, Oct. 10 (Xinhua) -- China appreciates India's decision to terminate a trade investigation into Chinese-made passenger car tires, the Ministry of Commerce (MOC) said Saturday.     The decision would not only help boost the steady development of bilateral trade ties, but also benefit the downstream businesses of India, the MOC said in a statement on its website.     China hoped to increase exchanges and cooperation on trade issues with the Indian government and encouraged dialogue and cooperation among industries for mutual benefit, it said.     The Directorate General of Safeguards under India's Ministry of Finance initiated a safeguard investigation on passenger car tire imports from China in May, according to the statement.     A safeguard duty, a temporary relief, usually takes the form of increased duties to higher than bound rate or standard rates or quantitative restrictions on imports.     According to Indian government statistics, from April to December last year, India imported 20 million U.S. dollars worth of tires involved in the case from China.

BEIJING, Aug. 19 (Xinhua) -- Chinese top legislator Wu Bangguo met with a U.S. congress delegation led by Howard L. Berman, chairman of the House Foreign Affairs Committee, here on Wednesday.     Wu, chairman of the Standing Committee of the National People's Congress (NPC), China's top legislature, spoke positively of the recent growth of the bilateral relations. Wu Bangguo (R), chairman of the Standing Committee of the National People's Congress, China's top legislature, shakes hands with U.S. House of Representatives Foreign Affairs Committee Chairman Howard Berman in Beijing, China, Aug. 19, 2009. He called on the NPC and U.S. congress to foster bilateral cooperation to a higher level with mutual trust, stressing the efforts will not only serve the fundamental interests of the two nations and two peoples, but also help maintain peace, stability and development in the world.     China is ready to work with the United States, increase dialogues and exchanges, respect each other's concern and core interests to push ahead with the Sino-U.S. relations along the track of positive cooperation, Wu said.     Berman said he was delighted to witness the growth momentum of bilateral ties, noting that the two nations and the two legislative bodies should work closer to intensify high level exchange.     Berman also met with Chinese Vice Premier Wang Qishan earlier Wednesday. They exchanged views on the global economic downturn, and pledged to work together to help the world economy recovery at an early date.

BEIJING, Sept. 28 (Xinhua) -- China and the Democratic People's Republic of Korea (DPRK) held a reception in Beijing Monday to celebrate the 60th anniversary of the establishment of diplomatic ties. Addressing the event, Chen Haosu, president of the Chinese People's Association for Friendship with Foreign Countries (CPAFFC), a major non-governmental organization, said, "The friendship between the two countries had endured the test of time and changes in the world." A reception is held to celebrate the 60th anniversary of the establishment of diplomatic relations between China and the Democratic People's Republic of Korea (DPRK), in Beijing, capital of China, Sept. 28, 2009    The traditional friendship built and nurtured by leaders of former generations of both countries had been consolidated and pushed forward over the 60 years, he said.     This year also marks the Year of China-DPRK Friendship, a year-long exchange program, which injected new vitality to the friendship, he said. Li Jinhua, vice chairman of the National Committee of the Chinese People's Political Consultative Conference, and Chen Haosu (C), president of the Chinese People's Association for Friendship with Foreign Countries, toast with guests at the reception to celebrate the 60th anniversary of the establishment of diplomatic relations between China and the Democratic People's Republic of Korea (DPRK), in Beijing, capital of China, Sept. 28, 2009DPRK ambassador to China Choe Jin Su said it was a consistent policy of the government of the DPRK to consolidate and develop friendship with China.     "We will take the 60th anniversary and the Year of DPRK-China Friendship as a new starting point, and are ready to make concerted efforts with China to expand friendly cooperative ties," he said.     About a hundred delegates from various circles of the two countries, including Li Jinhua, vice chairman of the National Committee of the Chinese People's Political Consultative Conference, attended the reception.

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BUDAPEST, Oct. 17 (Xinhua) -- China wants to achieve balanced trade with Hungary by way of increased economic and trade cooperation, visiting Chinese Vice President Xi Jinping said here Friday.     At a symposium with Hungarian and Chinese entrepreneurs, Xi said the two countries should further expand trade and find more complementary products for export.     "We will continue to encourage our enterprises to import more from Hungary, and also hope Hungarian companies will make greater efforts to explore the Chinese market and increase exports of those products that meet market demand in China," Xi said.  Visiting Chinese Vice President Xi Jinping(L) meets with Hungarian Prime Minister Gordon Bajnai(R) in Budapest, capital of Hungary, Oct. 16, 2009    Xi also called on enterprises of the two countries to enhance cooperation in such areas as new energy, insurance, tourism and environmental protection.     He said the two sides should give full play to the role of the joint economic committee as a platform for consultation and properly handle trade disputes that may arise, so as to ensure smooth development of bilateral economic and trade cooperation.     Hungary is a good friend and partner of China, and China is ready to work with the East European country to strengthen their communication and cooperation and push forward bilateral trade and economic ties and the China-EU comprehensive strategic partnership, he said.     Hungarian Prime Minister Gordon Bajnai said bilateral trade and economic cooperation had expanded rapidly and Xi's attendance at the symposium demonstrated the importance China attaches to its trade relations with Hungary.     He said China plays an important role in the global economy and Hungary welcomes Chinese enterprises to seek business and invest in the country.     More than 200 business people and officials from the two countries attended the symposium.

BEIJING, Aug. 20 (Xinhua) -- Industrial and Commercial Bank of China (ICBC), the world's biggest lender by market value, posted a profit after tax of 66.7 billion yuan (9.77 billion U.S. dollars) in the first half of this year, up 2.8 percent over the same period last year.     The increase was mainly attributed to gains on incomes from the bank's intermediate business, including investment banking business and fund dealing commission, which grew 17 percent from ayear earlier to stand at 28.3 billion yuan, according to the bank's half-year report released Thursday.     Outstanding loans amounted to 5.44 trillion yuan by the end of June, jumping 18.9 percent from the beginning of this year in response to the country's economic stimulus plan.     The non-performing rate was 1.81 percent by June, 0.48 percentage points lower than at the beginning of 2009, as outstanding bad loans decreased 5.8 billion yuan after the bank intensified risks control.     At the end of June 2009, the bank's deposits increased 1.69 trillion yuan from the beginning of the year, leaving its outstanding deposits exceeding 10 trillion yuan.     The total assets of ICBC stood at 11.4 trillion yuan by the end of June, up 17.2 percent from the end of last year.     Earnings per share for the bank amounted to 0.2 yuan and the bank's stock advanced 3.26 percent to end at 4.75 yuan in Shanghai Stock Exchange Thursday. ICBC was simultaneously listed in Shanghai and Hong Kong in October 2006.

BEIJING, Aug. 5 (Xinhua) -- China vowed to deepen its financial system reform and promote more efficient financial intermediation in support of domestic demand, according to a fact sheet released here on Wednesday. To meet the commitment, China would promote interest rate liberalization and consumer finance, said the economic track joint fact sheet of the first U.S.-China Strategic and Economic Dialogue (S&ED).     It said China would accelerate the allocation of QFII quotas to billion and continue to allow foreign-invested banks incorporated in China that meet relevant prudential requirements to enjoy the same rights as domestic banks with regard to underwriting bonds in the inter-bank market.     China would gradually increase the number of qualified joint-venture securities companies that can participate in A-share brokerage, proprietary trading and investment advisory services subject to the condition of meeting relevant laws and regulations.     The country would also support qualified overseas companies to list on Chinese stock exchanges through issuing shares or depository receipts and continuously support qualified Chinese companies to be listed abroad, including in the United States, said the fact sheet.     From the U.S. side, the country would pursue comprehensive reform of financial regulation and supervision to create a more stable financial system and to help prevent and contain potential future crises.     Regulation and supervision would be strengthened to ensure that all financial firms that pose a significant risk to the financial system will be well regulated, major financial markets will be strong enough to withstand system-wide stress and the failure of large institutions, and the government has the tools it needs to respond rapidly and effectively when problems arise, the fact sheet said.     The United States pledged to continue to have strong oversight of the Government Sponsored Enterprises (GSEs). Through Congressional action, the country remained committed to ensuring that the GSEs were able to meet their financial obligations, it said.     The country was committed to undertaking a process of exploring the future of the GSEs, including through seeking public input, and the U.S. government resolved to report to Congress and the public by S&ED II.     In the joint fact sheet, China and the United States pledged continued close communication and coordination to promote financial stability and would work together to expedite the financial sector reform, to improve financial regulation and supervision, and to promote greater financial market transparency, so as to make their financial sectors more robust.     "We recognize the importance of ensuring sound regulation in our own countries and globally," said the fact sheet.     The two countries were undertaking IMF Financial System Assessment Programs (FSAPs) and would complete them in a timely manner,it said.     Both countries would continue to promote convergence towards a single set of high quality global accounting standards and would continue discussions on financial reporting matters.     "The United States and China welcome continued dialogue between the bilateral competent authorities on the oversight of accounting firms providing audit services for public companies in the two countries based on mutual respect for sovereignty and laws," it said.     The two countries would also conduct technical exchanges on the development of private pensions, and would share experiences and strengthen cooperation with regard to improvement of insurance regulation.     The first S&ED was held in Washington, D.C from July 27 to 28. The mechanism was jointly launched by Chinese President Hu Jintao and US President Obama during their meeting in April in London as a way to show elevation of the importance of China-U.S. cooperation under the new historical circumstances.  

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BEIJING, Sept. 17 (Xinhua) -- China's securities authority Thursday began reviewing applications of the the first seven IPOs for listing on the Growth Enterprise Market (GEM), a Nasdaq-style market in China.     The seven enterprises covered fields of software, medical equipment and medicines. They planned to raise 2.27 billion yuan (332.65 million U.S. dollars).     The review meeting was for the first time opened to journalists, who were allowed to watch the meeting for about ten minutes.     The second batch of IPOs will be reviewed Friday and they plan to raise 1.13 billion yuan (165.30 million U.S. dollars), according to a report on the website of the China Securities Regulatory Commission (CSRC).     IPO review meetings would be concentrated on these days, a CSRC official, who declined to be named, told Xinhua Monday.     "IPO applications sent to the regulator were concentrated. The regulator had to take into consideration forming a block and guard against speculation that might push up IPO stocks prices," the official said.     The CSRC started to accept applications of the GEM on July 26 and had received 155 applications for IPOs on the GEM as of Sept. 10. The CSRC has formally agreed to handle 149 enterprises' applications that aim to raise 33.61 billion yuan (4.92 billion U.S. dollars).

BEIJING, Aug. 23 (Xinhua) -- China's insurance capital investments hit 2.45 trillion yuan (358 billion U.S. dollars) in the first seven months of this year, according to the country's insurance regulator.     In July alone, the investments from insurance funds stood at 120.4 billion yuan, China Insurance Regulatory Commission (CIRC) said in a report on its website.     Of the total insurance investment value, about 332 billion yuan, or 9.8 percent, went to the stock markets by the end of the second quarter of this year.     During the same period, mutual funds investments suck 228.45 billion yuan, or 6.8 percent from the insurance capital.     A booming equities market and an optimistic attitude towards the country's stock markets had led to an increasing investments, said the CIRC.     Comparatively, in the first seven months, bank deposit of China's insurance capital decreased to 1.03 trillion yuan, 15.23 billion yuan less than in the first six months.     The CIRC's statistics also reflected a slowdown increasing rate in premium income in the first seven months. Premium income was 678.64 billion yuan, representing a small increase of 80 billion yuan than the June figure.

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BEIJING, Aug. 1 (Xinhua) -- China will implement a nation-wide investigation to find more research and development (R&D) resources to promote the country's agriculture, manufacturing, information technologies and other major industries.      The investigation will provide basic scientific data for policy-making of the nation's social and economic development during the 12th Five-Year Plan period (2011-2015), the Ministry of Science and Technology said in a circular on its official website Saturday.     It will also help the government monitor and evaluate the ability to make independent innovation as an effort to make China an innovation-oriented country, it said.     Six ministries and commissions of the State Council, China's Cabinet, will jointly conduct and finish the investigation by the end of the year. The first such investigation was conducted in 2000.     Statisticians around the nation will survey R&D-intensive enterprises and institutions in all the major industries.     The survey will focus on the personnel, spending, equipment, projects and institutions for research and development.     Moreover, many experts believe the investigation will help China stop wasteful spending in scientific research and promote the national sharing of resources, such as to stop squandering money in redundant purchases of laboratory equipment.     China's 2008 research and development spending of the GDP was 457 billion yuan (66.9 billion U.S.     dollars), an increase of 23.2 percent from 2007, accounting for 1.52 percent of the annual GDP.

BEIJING, Aug. 8 (Xinhua) -- East China is bracing for typhoon Morakot's approach after it slammed into Taiwan Friday night.     Weather forecasters said late Saturday Morakot was likely to land on the coast from Cangnan, Zhejiang province, to Xiapu, neighboring Fujian province, between 8 a.m. and 10 a.m. Sunday. Although the typhoon this year is expected to weaken to a tropical storm before it arrives in the Chinese mainland, it was packing winds of 137 kilometers an hour at 7 a.m. Saturday and churning northwestwards at a speed of 15 to 20 kilometers an hour. The urban area of Linbian Township in Pingtung County of southeast China's Taiwan, is flooded Aug. 8, 2009, because of heavy rainfall brought by typhoon "Morakot".     It has already unleashed torrential rain in Fujian where, at five sites, water levels have been recorded at 0.02 to 0.66 meters above warning levels. A man calls for people to evacuate to avoid typhoon in Cangnan County, east China's Zhejiang Province, Aug. 8, 2009. The province has evacuated around 317,000 people to avoid the approaching Typhoon Morakot so far. The earlier tropical storm Goni has also wreaked havoc in South China Sea, leaving as many as 156 fishermen and crew members from Cambodia, Vietnam and China missing at once.     Chinese maritime authorities had rescued 146 by 6 p.m. and the remaining 10 from China were still missing.     PREPARATION IN FUJIAN     More than 480,000 people in Fujian have been evacuated and its Zherong County received more than 300 mm of precipitation on Saturday afternoon.     In Luoyuan county of Fuzhou city, Fujian's capital, people stayed at home during the weekend and roads were almost empty. Fewer sellers appeared in the county's vegetable market. Fishing boats moor at a port to avoid the approaching Typhoon Morakot in Jinjiang, southeast China's Fujian Province, Aug. 8, 2009."The fields were flooded," said Li Sailian, a vegetable seller.     "Strong winds broke the ropes tying down the horsebeans, and the crown daisies (chrysanthemum greens) were destroyed," she said.     Li brought all her available stock to the market, fearing the storm would destroy it completely.     In downtown Fuzhou, where several big trees have already been toppled by gale-force winds, people were rushing to supermarkets for necessities before the typhoon arrived.     All flights from Saturday noon onwards at the airport in Fuzhou were cancelled, leaving more than 120 passengers stranded. Airport staff were helping with refunds.     Seventeen of the 312 flights to and from the airport in coastal Xiamen city were cancelled, most of which were heading to Anhui, Guangdong and Taiwan.     In Putian City, also in Fujian, all scenic sites and ports have been closed and school classes suspended. A team of 26,222 people has been formed and equipped with flood-control materials, said Huang Dongzhou, director of the city's flood control office.     All of the city's 7,168 fishing ships have returned to harbor, Huang said.     The province's Ningde city is strengthening its defences to bear the brunt of Morakot, local meteorological authorities said.     People there are also reinforcing reservoirs with bricks and stones. Water in the city's 20 major reservoirs is only at 54 percent of their combined capacity, so officials with the flood control office said they think the rainfall will help with drought relief, as long as proper measures are taken to ensure safety.     Residents are also busy reinforcing their own houses.     Chen Kongsheng, a 61-year-old man, has attached four large rocks to the girders of his house, so that the typhoon "won't tear off his roof".     About 118,000 people in the city have been evacuated, said Chen Rongkai, Communist Party chief of the city.     Ningde has readied 103 rescue boats, 15 rafts and 8,300 life jackets to help people affected by the typhoon.     EFFORTS AND TROUBLES ELSEWHERE     In adjacent Zhejiang Province, rainfall exceeded 50 millimetres on 6.8 percent of the province's land on Friday night. The highest reading was 110 millimetres in Cangnan county bordering Fujian.     An expressway from Wenzhou of Zhejiang to Fujian was closed for 12 kilometers, while another from Hangzhou to Anhui Province was cut by landslides. Waves from approaching Typhoon Morakot hit a dike in Cangnan County, east China's Zhejiang Province, Aug. 8, 2009. Power supply to 80 villages was also cut. Nearly 500,000 residents and tourists in danger areas had been evacuated by 9 p.m. and the province has called nearly 30,000 ships back to harbor.     More than 50,000 soldiers were prepared for emergencies in Zhejiang, said the local government.     Shanghai was put on high alert and the World Expo venue is being protected around the clock. An 80-year-old man is evacuated in Cangnan County, east China's Zhejiang Province, Aug. 8, 2009. The province has evacuated around 317,000 people to avoid the approaching Typhoon Morakot so farMore than 80 foreign ships were delayed or had their voyages cancelled.     "We are unlikely to resume if the typhoon moves northwestwards," said the captain of a Japanese cargo ship, which was scheduled to sail for Japan Saturday at noon.     In addition, more than 140 flights in Shanghai had been delayed by about 10 p.m..     Anhui issued its first typhoon warning this year, and advised residents to stay indoors.     East China's Shandong province has also warned local governments to take measures beforehand to reduce losses from extreme weather.     Morakot, which means "emerald" in Thai, is the eighth storm to hit China this year. It landed in Hualien of Taiwan at 11:45 p.m. Friday, and left at least six people dead or missing. A further 12 were injured. Morakot also overturned cars and cut power supplies.     WAVE ALERT LEVEL RAISED     On Saturday afternoon, the National Marine Environmental Forecasting Center upgraded its alert level for both stormy tide and sea wave from "orange" to "red", the highest level.     The center said as a result of Typhoon Morakot, the stormy tide along the coast of Zhejiang Province and northern part of Fujian Province would be 0.5 meters to 1.8 meters high until Sunday afternoon.     The sea in southern part of the East China Sea and Taiwan Strait will be very rough, with monster waves as high as eight meters, the center warned.     Other coastal areas from Shanghai to Guangdong Province will all experience abnormally high waves, from 2.5 meters to six meters high, it said.     China adopts a four-grade warning system for stormy tide, tsunami, sea ice and sea wave, which uses four colors (red, orange, yellow and blue) to indicate different levels of emergency.