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<description><![CDATA[China's sixth largest lender, China Merchants Bank (CMB), announced on Tuesday that it had completed the 17 billion yuan (2.48 billion U.S. dollars) purchase for 53.12 percent of Wing Lung Bank's equity. 
 
     Ma Weihua, CMB's president, would serve as Wing Lung Bank's board chairman, while CMB's vice president Zhang Guanghua would act as the vice chairman of the family-run bank based in Hong Kong, according to the public announcement of the Shanghai-listed CMB. 
 
     There are currently ten ...]]></description>
<full-text><![CDATA[China's sixth largest lender, China Merchants Bank (CMB), announced on Tuesday that it had completed the 17 billion yuan (2.48 billion U.S. dollars) purchase for 53.12 percent of Wing Lung Bank's equity. 
 
     Ma Weihua, CMB's president, would serve as Wing Lung Bank's board chairman, while CMB's vice president Zhang Guanghua would act as the vice chairman of the family-run bank based in Hong Kong, according to the public announcement of the Shanghai-listed CMB. 
 
     There are currently ten members in the Wing Lung Bank's board of directors, with five from the CMB and the others from Wing Lung. 
 
     Ma said the recent global financial turmoil had relatively small impacts on the two banks and would not diminish the strategic importance of CMB's purchase action. 
 
     He added that the CMB had a positive view of the economic prospects in both the country's mainland and the Hong Kong Special Administrative Region. He believed this stake purchase was in line with the CMB's strategic development goals. 
 
     Incorporated in 1933, Wing Lung has developed into the fourth largest bank in the special administrative region of China. 
  
  &$<i>&$Source: Xinhua&$</i>&$
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<title><![CDATA[Edible oil imports slow in China in first 8 months  ]]></title>
<news_id>6508936</news_id>
<link>http://english.people.com.cn/90001/90776/6508936.html</link>
<pubDate>Wed, 01 Oct 2008 12:03:45  +0800</pubDate>
<description><![CDATA[The imports of edible oil slowed in China in the first eight months, affected by the shrinking foreign supply and the related duty policy change. 
 
     The General Administration of Customs (GAC) said on Tuesday that China imported 5.39 million tonnes of edible oil between January and August this year, up 4.7 percent year on year, but 18.9 percentage points lower than the 23.6 percent increase in the same period last year. 
 
     The edible oil imports peaked at 900,500 tonnes in April, but s ...]]></description>
<full-text><![CDATA[The imports of edible oil slowed in China in the first eight months, affected by the shrinking foreign supply and the related duty policy change. 
 
     The General Administration of Customs (GAC) said on Tuesday that China imported 5.39 million tonnes of edible oil between January and August this year, up 4.7 percent year on year, but 18.9 percentage points lower than the 23.6 percent increase in the same period last year. 
 
     The edible oil imports peaked at 900,500 tonnes in April, but sharply fell to 508,000 tonnes in June, the smallest monthly amount since the beginning of 2007. 
 
     The volume rebounded in July with 730,000 tonnes of imports, but fell back again to 580,000 tonnes in August. 
 
     The slowing imports were mainly blamed on shrinking soybean supply from Argentina, China's biggest soybean supplier, the customs said. 
 
     The soybean exports dropped sharply in Argentina as farmers went on strike in opposition of government's decision to float exports duties for farm produce. 
 
     In addition, the preferential policy on soybean imports, namely the one percent import duty was extended to Sept 30, which helped make soybean a substitute for soybean-turned oil, according to the customs. 
 
     To reduce the cost of soybean imports and curb price rises for grain on the domestic market, China slashed import duty on soybeans from three percent to one percent on Oct. 1, 2007. 
 
     GAC said in an analytical report that China relied too much on foreign exports of edible oil, so was prone to the risks of international price volatility, which posed a threat to the national grain security. 
 
     The report suggested that the government unveil an incentive policy to stabilize domestic soybean planting, and encourage the growth of a high-yield breed of edible oil raw material to lessen dependence on foreign supply. 
 
     The domestic key enterprises in soybean planting should be supported in their business expansion in order to break the monopoly of the international heavyweights, the report said. 
 
     China's edible oil imports has soared more than 200 times from the 1986 level. Some 8.38 million tonnes was imported in 2007, of which most of the imports were soybeans. 
 
     Before 1995, China had been a major producer and net exporter of soybean. But it became a net importer in the five years thereafter. 
 
 &$<i>&$Source: Xinhua&$</i>&$
  
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<title><![CDATA[S&P: China has muscles to push domestic growth  ]]></title>
<news_id>6508935</news_id>
<link>http://english.people.com.cn/90001/90776/6508935.html</link>
<pubDate>Wed, 01 Oct 2008 12:03:45  +0800</pubDate>
<description><![CDATA[China has the muscles to push short-term domestic growth, but Japan and South Korea will continue to grapple with various difficulties in trying to rev up their sluggish economic engines into higher gear, said Standard & Poor's Ratings Services on Tuesday. 
 
     In recent separate reports on the three countries, S&P said China will steer its economic policy toward supporting growth, despite some anticipated hurdles, while Japan and South Korea both face political stalemates, high oil and food  ...]]></description>
<full-text><![CDATA[China has the muscles to push short-term domestic growth, but Japan and South Korea will continue to grapple with various difficulties in trying to rev up their sluggish economic engines into higher gear, said Standard & Poor's Ratings Services on Tuesday. 
 
     In recent separate reports on the three countries, S&P said China will steer its economic policy toward supporting growth, despite some anticipated hurdles, while Japan and South Korea both face political stalemates, high oil and food prices, decelerating growth, among other issues. 
 
     The report said China is counting on its strong domestic demand to pull its economy ahead this year and next, "We expect tight labor market conditions, together with the implementation of the new Labor Contract law this year, to keep wage growth strong and lower uncertainties faced by employees." 
 
     Japan, caught in its web of political stalemate and sputtering growth, has little potential for economic improvement in the near term, said S&P. 
 
     The report said Japan, the second-largest economy in the world, will have weak overall growth prospects in 2008. Japan's GDP growth for fiscal 2008 ending March 31, 2009, is expected to be 0.7 percent, which is lower than earlier forecast of 1.2 percent. 
 
     South Korea's growth is expected to be slower at 4.3 percent for 2008, from 5.0 percent in 2007, another report on the country by S&P said.     
 
 &$<i>&$Source: Xinhua&$</i>&$
  
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<title><![CDATA[China cuts Q4 jet fuel price by nearly 6.9%  ]]></title>
<news_id>6508933</news_id>
<link>http://english.people.com.cn/90001/90776/6508933.html</link>
<pubDate>Wed, 01 Oct 2008 12:03:46  +0800</pubDate>
<description><![CDATA[Chinese airlines, which are set to benefit from the ongoing "golden week" travel peak, started their fourth-quarter operation on Wednesday with another good news -- lower jet fuel price. 
 
     In the forth quarter, jet fuel price on the Chinese mainland was lowered to 7,750 yuan (1,138 U.S. dollars) per ton, nearly 6.9percent or 570 yuan (83.7 U.S. dollars) less than in the third quarter. 
 
     The National Development and Reform Commission and the Civil Aviation Administration of China (CAA ...]]></description>
<full-text><![CDATA[Chinese airlines, which are set to benefit from the ongoing "golden week" travel peak, started their fourth-quarter operation on Wednesday with another good news -- lower jet fuel price. 
 
     In the forth quarter, jet fuel price on the Chinese mainland was lowered to 7,750 yuan (1,138 U.S. dollars) per ton, nearly 6.9percent or 570 yuan (83.7 U.S. dollars) less than in the third quarter. 
 
     The National Development and Reform Commission and the Civil Aviation Administration of China (CAAC) issued the notice on price adjustment Wednesday. 
 
     As of 2007, China's domestic jet fuel has been usually adjusted quarterly in accordance with the price fluctuation of international jet fuel. 
 
     Zhang Wei, an industry insider with the Chinese Ctrip.com website, said the cut resulted from a price drop on the international crude oil market. 
 
     "Investors are worried that demand for crude oil is becoming weak, which brings down the oil price. To the aviation industry, domestically and globally, lower oil price might mean a turning point," Zhang said. 
 
     Fuel cost accounts the biggest part, about 50 percent, of the operating cost among Chinese airlines. 
 
     The Chinese aviation industry was faced with huge pressure on rising jet fuel price. Since this year, the country's jet fuel price was raised three times -- by 210 yuan per ton in January, 1,500 yuan in June and 720 yuan in July. In the second quarter, China cut domestic jet fuel price by80 yuan per ton. 
 
     On July 8 when China Aviation Oil, the country's quasi-monopolistic jet fuel supplier, raised the fuel price by 720yuan per ton, Chinese airlines had to buy fuel at a price 39 percent more than the price at the end of 2007, which stood at 5,970 yuan per ton. 
 
     Chinese airlines, which was suffering a sluggish aviation market since this year, are also expecting a swelling traffic volume during the "golden-week" National Day holiday, which runs from Sept. 29 through Oct. 5. 
 
     Despite soaring fuel costs, three major Chinese airlines -- AirChina, China Eastern Airlines and China Southern Airlines -- achieved profit in the first half thanks to huge exchange-rate gains, according to their half-year reports. 
 
     Aggregate exchange-rate earnings exceeded 6.4 billion yuan in the first half. These gains were about triple the first-half net profits of the three, which totaled 2.16 billion yuan. 
 
     Analysts attributed the currency gains to the appreciation of the yuan, or Renminbi, in the first half. From January to June, the yuan appreciated 6.5 percent against the U.S. dollar, nearly equivalent to last year's total appreciation. 
 
     The three airlines had massive dollar-denominated liabilities, but as the yuan strengthened, it cost them less to settle these liabilities, such as aircraft purchases and leases. This was conducive to paring costs. (One U.S. dollar is equivalent to 6.81yuan) 
  
 &$<i>&$Source: Xinhua&$</i>&$
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<title><![CDATA[Coal-rich Chinese province to boost safety by reducing number of coal mines  ]]></title>
<news_id>6508932</news_id>
<link>http://english.people.com.cn/90001/90776/6508932.html</link>
<pubDate>Wed, 01 Oct 2008 12:01:50  +0800</pubDate>
<description><![CDATA[The coal-rich Shanxi Province in north China will reduce its number of coal mines in the next two years as a way to improve mining safety, the provincial government said. 
 
     Currently, Shanxi has 2,840 coal mines. That number will be reduced to 1,414 mines by 2010. 
 
     Even though there will be fewer mines, the provincial government still plans an annual coal output of 942 million tons. 
 
     The shutdown plan aims at boosting work safety at mines and reducing exploitation. 
 
     Sh ...]]></description>
<full-text><![CDATA[The coal-rich Shanxi Province in north China will reduce its number of coal mines in the next two years as a way to improve mining safety, the provincial government said. 
 
     Currently, Shanxi has 2,840 coal mines. That number will be reduced to 1,414 mines by 2010. 
 
     Even though there will be fewer mines, the provincial government still plans an annual coal output of 942 million tons. 
 
     The shutdown plan aims at boosting work safety at mines and reducing exploitation. 
 
     Shanxi provincial government said it will encourage mergers and acquisitions in the coal mining industry. The goal is to have two or three mining giants produce more than 100 million tons of coal per year and three to five companies that will produce more than 50 million tons per year, so that 75 percent of the coal output is churned out by major groups. 
 
     Shanxi accounts for one third of China's coal output. However, accidents have been frequent in small and sometimes illegal mines. 
 
 &$<i>&$Source: Xinhua&$</i>&$
  
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<title><![CDATA[Shenzhou-7 capsule shipped to Beijing for further studies ]]></title>
<news_id>6508911</news_id>
<link>http://english.people.com.cn/90001/90776/6508911.html</link>
<pubDate>Wed, 01 Oct 2008 11:20:37  +0800</pubDate>
<description><![CDATA[The re-entry module of China's Shenzhou-7 spacecraft arrived in Beijing Tuesday afternoon, two days after its safe landing in northern China's Inner Mongolia. 
 
     The capsule was shipped to Beijing's Changping Railway Station by train at about 3:30 p.m. Tuesday, and will be later delivered to the China Academy of Space Technology (CAST), where the spacecraft was manufactured, for checks and further studies. 
 
     Preliminary examination of the capsule said its exterior remained in good sha ...]]></description>
<full-text><![CDATA[The re-entry module of China's Shenzhou-7 spacecraft arrived in Beijing Tuesday afternoon, two days after its safe landing in northern China's Inner Mongolia. 
 
     The capsule was shipped to Beijing's Changping Railway Station by train at about 3:30 p.m. Tuesday, and will be later delivered to the China Academy of Space Technology (CAST), where the spacecraft was manufactured, for checks and further studies. 
 
     Preliminary examination of the capsule said its exterior remained in good shape. 
 
     CAST experts will open the capsule on Wednesday morning and conduct further examinations on the capsule and the parachute that helped the craft's safe landing. 
 
     The test sample of solid lubricant fetched by China's first spacewalker Zhai Zhigang on Saturday afternoon from the outside of the orbital module during his 20-minute spacewalk will be handed to the Chinese Academy of Sciences and studied there. 
 
     Back from a 68-hour successful mission that included the country's maiden spacewalk, the Shenzhou-7 re-entry module carrying three taikonauts landed safely by parachute at about 5:40p.m. Sunday in China's northern grassland. 
 
     42-year-old taikonaut Zhai Zhigang, assisted by his fellow Liu Boming, made China the third country in the world to successfully stage an extra-vehicular activity in the space only after the United States and Russia. 
 
     Other tasks of the mission included carrying out trials of satellite data relay and releasing a 40-kilogram companion satellite. 
 
 &$<i>&$Source: Xinhua&$</i>&$
 
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