The 2008 Summer Davos will be held in north China's Tianjin Municipality, and Chinese Premier Wen Jiabao is to deliver a speech at the opening ceremony.
Foreign Ministry spokeswoman Jiang Yu made the announcement at a regular press conference here on Thursday.
The Summer Davos, also known as the Annual Meeting of the New Champions, is held annually in China. The first session was held in Dalian of the northeastern Liaoning Province last September, attracting nearly 2,000 participants.
The current session is to last from Sept. 27 to 28 in Tianjin's Binhai New Area, a pilot reform zone.
Source:Xinhua
Thursday, September 18, 2008
Hong Kong stocks close 0.03% lower, recoup 7% early loss
Hong Kong's benchmark Hang Seng Index edged down 4.73 points, 0.03 percent, to close at 17,632.46 Thursday, rebounding from the largest early loss of over1,350 points, or nearly 7.7 percent, after leading central banks launched a coordinated effort to ease liquidity in the financial markets.
Hong Kong stock market experienced a roller coaster day and rebounded quickly during the afternoon session while leading central banks, including the U.S. Federal Reserve, the Bank of Japan, the European Central Bank and the Bank of England, are taking coordinated action in an attempt to ease strains in the financial markets.
The stock market were also boosted during the afternoon session on news that the Hong Kong Monetary Authority attempted to ease the credit squeeze by injecting 1.56 billion HK dollars into the banking system.
Hong Kong stocks opened 2.93 percent lower Thursday, and quickly fell off 17,000 level in first several minutes during the morning session, tracking losses of the U.S. market overnight amid a new wave of financial tsunami triggered by Lehman Brothers which filed for bankruptcy.
The Hang Seng Index once nosedived to the intraday low of 16,283.72, down 1,353.47 points, or 7.67 percent lower during the morning trading, and finished Thursday's morning session 1,301.05 points, or 7.38 percent down at midday.
Turnover rose to 102.23 billion HK dollars , above 100 billion HK dollars first time since May 7 , from Wednesday's 76.23 billion HK dollars .
Source:Xinhua
Hong Kong stock market experienced a roller coaster day and rebounded quickly during the afternoon session while leading central banks, including the U.S. Federal Reserve, the Bank of Japan, the European Central Bank and the Bank of England, are taking coordinated action in an attempt to ease strains in the financial markets.
The stock market were also boosted during the afternoon session on news that the Hong Kong Monetary Authority attempted to ease the credit squeeze by injecting 1.56 billion HK dollars into the banking system.
Hong Kong stocks opened 2.93 percent lower Thursday, and quickly fell off 17,000 level in first several minutes during the morning session, tracking losses of the U.S. market overnight amid a new wave of financial tsunami triggered by Lehman Brothers which filed for bankruptcy.
The Hang Seng Index once nosedived to the intraday low of 16,283.72, down 1,353.47 points, or 7.67 percent lower during the morning trading, and finished Thursday's morning session 1,301.05 points, or 7.38 percent down at midday.
Turnover rose to 102.23 billion HK dollars , above 100 billion HK dollars first time since May 7 , from Wednesday's 76.23 billion HK dollars .
Source:Xinhua
China cancels stamp tax on stock buying to boost market confidence
China decided on Thursday to scrap the stamp tax on stock purchase, effective on Friday, in a move to boost the equities market after domestic stocks fell for third consecutive day since Tuesday.
With the authorization of the State Council, China's Cabinet, the Ministry of Finance and the State Administration of Taxation said they decided to cancel the share trading stamp tax on stock purchase while the stamp tax on share selling remained unchanged at 0.1 percent.
The cancellation came several hours after Chinese stocks tumbled 1.72 percent on Thursday, amid the current global financial turmoil.
It was the second time this year the government had adjusted the stock trading stamp tax. On April 24, it cut the tax from 0.3 percent to 0.1 percent amid falling share prices.
The Central Huijin Investment Co., Ltd., an investment arm of the government, said on Thursday it would buy shares of three major Chinese lenders on the secondary market to fortify their share prices amid the stock market slump.
The company said it would buy the shares of Industrial and Commercial Bank of China, the Bank of China and the China Construction Bank and the operation had started on Thursday.
The move was to ensure the government's interest in the three lenders, support the steady operation of major state-owned financial institutions and to stabilize their share prices.
"The decision was important for a stable operation of the capital market," said a China Securities Regulatory Commission spokesman.
Central Huijin was set up in 2002 with a mission to reform state-owned banks burdened with a high ratio of non-performing loans.
Source: Xinhua
With the authorization of the State Council, China's Cabinet, the Ministry of Finance and the State Administration of Taxation said they decided to cancel the share trading stamp tax on stock purchase while the stamp tax on share selling remained unchanged at 0.1 percent.
The cancellation came several hours after Chinese stocks tumbled 1.72 percent on Thursday, amid the current global financial turmoil.
It was the second time this year the government had adjusted the stock trading stamp tax. On April 24, it cut the tax from 0.3 percent to 0.1 percent amid falling share prices.
The Central Huijin Investment Co., Ltd., an investment arm of the government, said on Thursday it would buy shares of three major Chinese lenders on the secondary market to fortify their share prices amid the stock market slump.
The company said it would buy the shares of Industrial and Commercial Bank of China, the Bank of China and the China Construction Bank and the operation had started on Thursday.
The move was to ensure the government's interest in the three lenders, support the steady operation of major state-owned financial institutions and to stabilize their share prices.
"The decision was important for a stable operation of the capital market," said a China Securities Regulatory Commission spokesman.
Central Huijin was set up in 2002 with a mission to reform state-owned banks burdened with a high ratio of non-performing loans.
Source: Xinhua
Hong Kong stocks ride on roller coaster amid worldwide capital injection news
Hong Kong stocks experienced a vibratile trading day, staging a huge rally in the afternoon from an over 1,000 points plunge in the morning session, on news that leading central banks worldwide launched a coordinated effort to ease liquidity in the financial markets.
Hong Kong's benchmark Hang Seng Index edged down 4.73 points, 0.03 percent, to close at 17,632.46 Thursday, after trading between 16,283.72 and 17,849.97.
Regional stocks all tumbled in early trading following another sell-off on Wall Street, where the Dow Jones industrial average fell about 450 points, or 4.06 percent, to 10,609 overnight.
Hong Kong stocks opened 2.93 percent lower Thursday, and quickly fell off the 17,000 level in the first several minutes during the morning session, tracking losses of the U.S. market overnight amid a new wave of financial tsunami triggered by LehmanBrothers which filed for bankruptcy. The Hang Seng Index once nosedived to the intraday low of 16,283.72, down 1,353.47 points, or 7.67 percent lower during the morning trading, and rallied hugely to the day high of 17,849.97 in the afternoon.
Leading central banks, including the U.S. Federal Reserve, the Bank of Japan, the European Central Bank and the Bank of England, took a coordinated effort to ease strains in the financial markets,making 180-billion U.S. dollars available to improve liquidity in the money markets.
The stock market was also boosted during the afternoon session on news that the Hong Kong Monetary Authority attempted to ease the credit squeeze by injecting 1.56 billion HK dollars into the banking system.
Turnover rose to 102.23 billion HK dollars , above 100 billion HK dollars for the first time since May 7 , from Wednesday's 76.23 billionHK dollars .
Other Chinese bank stocks regained lost ground in the afternoon.
Blue-chip heavyweight HSBC, which accounts for the largest weighting of the Hang Seng Index, was down 0.17 percent to 114.90 HK dollars.
Bank of China, the country's second largest bank trimmed the decline to 0.69 percent at 2.88 HK dollars. China Construction Bank, the third largest bank in China, narrowed its loss to 0.63 per cent at 4.7 HK dollars. ICBC, China's largest lender, rallied 0.25 percent at 4.02 HK dollars. Bankcomm recovered 1.82 percent at 6.7 HK dollars.
China Mobile, the largest mobile phone operator in the country and the market's largest stock measured by capitalization, rallied4.27 percent to 73.2 HK dollars.
Netcom's shareholders passed the merger with China Unicom to set up a new Unicom, up 6.76 percent to 16.12 HK dollars and 10.8 percent to 11.08 HK dollars respectively.
The Hong Kong Exchanges and Clearing Limited, the sole market operator, was down 0.79 percent to 87.88 HK dollars.
With international oil futures bounding, China's largest offshore oil producer CNOOC was down 0.49 percent to 8.16 HK dollars. PetroChina, the country's largest oil producer, was flat at 7.45 HK dollars. Sinopec Corp, Asia's largest refiner, was down0.17 percent to 6.04 HK dollars.
Source: Xinhua
Hong Kong's benchmark Hang Seng Index edged down 4.73 points, 0.03 percent, to close at 17,632.46 Thursday, after trading between 16,283.72 and 17,849.97.
Regional stocks all tumbled in early trading following another sell-off on Wall Street, where the Dow Jones industrial average fell about 450 points, or 4.06 percent, to 10,609 overnight.
Hong Kong stocks opened 2.93 percent lower Thursday, and quickly fell off the 17,000 level in the first several minutes during the morning session, tracking losses of the U.S. market overnight amid a new wave of financial tsunami triggered by LehmanBrothers which filed for bankruptcy. The Hang Seng Index once nosedived to the intraday low of 16,283.72, down 1,353.47 points, or 7.67 percent lower during the morning trading, and rallied hugely to the day high of 17,849.97 in the afternoon.
Leading central banks, including the U.S. Federal Reserve, the Bank of Japan, the European Central Bank and the Bank of England, took a coordinated effort to ease strains in the financial markets,making 180-billion U.S. dollars available to improve liquidity in the money markets.
The stock market was also boosted during the afternoon session on news that the Hong Kong Monetary Authority attempted to ease the credit squeeze by injecting 1.56 billion HK dollars into the banking system.
Turnover rose to 102.23 billion HK dollars , above 100 billion HK dollars for the first time since May 7 , from Wednesday's 76.23 billionHK dollars .
Other Chinese bank stocks regained lost ground in the afternoon.
Blue-chip heavyweight HSBC, which accounts for the largest weighting of the Hang Seng Index, was down 0.17 percent to 114.90 HK dollars.
Bank of China, the country's second largest bank trimmed the decline to 0.69 percent at 2.88 HK dollars. China Construction Bank, the third largest bank in China, narrowed its loss to 0.63 per cent at 4.7 HK dollars. ICBC, China's largest lender, rallied 0.25 percent at 4.02 HK dollars. Bankcomm recovered 1.82 percent at 6.7 HK dollars.
China Mobile, the largest mobile phone operator in the country and the market's largest stock measured by capitalization, rallied4.27 percent to 73.2 HK dollars.
Netcom's shareholders passed the merger with China Unicom to set up a new Unicom, up 6.76 percent to 16.12 HK dollars and 10.8 percent to 11.08 HK dollars respectively.
The Hong Kong Exchanges and Clearing Limited, the sole market operator, was down 0.79 percent to 87.88 HK dollars.
With international oil futures bounding, China's largest offshore oil producer CNOOC was down 0.49 percent to 8.16 HK dollars. PetroChina, the country's largest oil producer, was flat at 7.45 HK dollars. Sinopec Corp, Asia's largest refiner, was down0.17 percent to 6.04 HK dollars.
Source: Xinhua
China supports strategic SOEs to buy more stocks of listed subsidiaries
China is to back up its 147 centrally-administered state-owned enterprises in buying more stocks of their listed subsidiaries, the top state assets regulator said here Thursday.
Li Rongrong, the State-owned Assets Supervision and Administration Commission director, said the regulatory body had long held SOEs, particularly the 147 which report to the central government, should be an active force in facilitating a stable development of the stock market.
Companies mainly owned by the 147 giants should play a exemplary role on the market, he added.
Li stressed the Chinese economy was basically sound, and the 147 conglomerates were performing well. The SASAC supported them to buy more stocks of their listed companies based on their own growth requirements.
Chinese stocks have continued to hit new lows amid worries about global financial turmoil and the slowdown of the domestic economy. On Thursday, Chinese stocks tumbled 1.72 percent, the third fall in three days.
Source: Xinhua
Li Rongrong, the State-owned Assets Supervision and Administration Commission director, said the regulatory body had long held SOEs, particularly the 147 which report to the central government, should be an active force in facilitating a stable development of the stock market.
Companies mainly owned by the 147 giants should play a exemplary role on the market, he added.
Li stressed the Chinese economy was basically sound, and the 147 conglomerates were performing well. The SASAC supported them to buy more stocks of their listed companies based on their own growth requirements.
Chinese stocks have continued to hit new lows amid worries about global financial turmoil and the slowdown of the domestic economy. On Thursday, Chinese stocks tumbled 1.72 percent, the third fall in three days.
Source: Xinhua
PD Editorial: Creating a Splendid World for Everyone
People's Daily, the leading newspaper in China and the voice of the Communist Party of China Central Committee, carries an editorial on Thursday, September 18, to hail the successful close of the Beijing 2008 Paralympics, which is titled "Creating a Splendid World for Everyone". Its full text is read as follows:
The 12-day Beijing 2008 Paralympics came to a successful conclusion at 8 p.m. Wednesday in the National Stadium, or the Bird's Nest, in north Beijing amid a splendid fireworks gala overhead with a riot of colors and to the accompaniment of joyous singing and dancing in the stadium.
For the past dozen days, more than 4,000 Paralympic athletes from 147 countries and regions have presented to the world a vivid, grand sport event with superb competing abilities and a staunch, indomitable will. Marvelous scenes shown in the Beijing Paralympic Games have carried forward the Olympic spirit as they annotate the Games theme of "One World, One Dream', spread the concepts of "Transcendence, Integration and Equality" and display the tenacious and dauntless spiritual force of humanity.
The outgoing Paralympic Games represents another magnificent event Beijing has hosted in the wake of the 2008 summer Olympics, and is bound to be recorded into the brilliant annals as the Paralympic Games with the most extensive scale, the highest sports attainments and the most outstanding organizing work.
Thanks to Paralympians from various countries, who have exerted themselves unceasingly and forged ahead boldly and heroically to become stronger. At the sight of blind athletes jumping to retrieve balls with the sense of touch or hearing, brain paralysis athletes doing weightlifting on the back, and amputees striding vigorously in false limbs, we truly and directly perceive through the scenes what is an unyielding resolve and what is tugging at people's heartstrings. Those special athletes, transcending their own limitations, have been competed to offer their very best amazingly despite barriers in themselves and with more strain and sweat than normal people and created so many stunning feats in the Games.
Their hard, strenuous endeavors and dedications have enabled us to see their indomitable quality with all courage despite a disability, their sanguine life full of sunshine and to see that they themselves, too, have a sound outlook on life and successful careers. So, people have exclaimed wholeheartedly that "the life is so beautiful and so splendid".
Thanks to all those who worked assiduously and made selfless contributions. People have come to realize penetratingly and profoundly the respect, value, attention and good care of the International Paralymics Committee and the host in particular for Palalympians, from the grand, splendid opening and closing ceremonies, which are truly fabulous and grandiose as if created in a fantastic dream, a barrier-free environment for Paralympians in the Paralympic village and all sport arenas, the work of organizing varied game events with high standards, high efficiency and flying colors, easy accesses provided for Paralymic athletes, the service with hearty smiles offered to them by countless volunteers, and acclamations of cheering crowds from viewing stands.
Special attention the host nation has attached to Paralympians from around the world in all links shows that the Chinese government has paid particularly meticulous care and input much more in the Paralympics with the high-standard courtesy, and thus truly pursued the goal of "Two Games with Equal Splendor", note by overseas press media comments.
Thanks to the IPC, as it has led people in China and the world at large to turn their affectionate eyesight increasingly to the disabled people. Progress in history has often been linked with some great events. The Beijing Paralympics, though merely a sports event in the twinkling of an eye, has gone through the baptism of the mind and is therefore the distillation of ideology. The disabled people globally pose an immense disadvantageous group that cannot be neglected, as indicated by the Beijing 2008 Paralympics. And the governments of all nations and healthy people worldwide are entitled or duty-bound to help the disavantaged tide over difficulties which are hard for themselves to avert in such fields as in their daily life, medical and health work, education and employment, and their involvement in society. So, it is imperative to further examine and keep improving their social security system, respect and protect their rights and interests, attach greater importance and render more support to the development of their cause.
With a population of more than 80 million disabled people, China has taken the cause of the disabled as an important component part of the cause of socialism with Chinese characteristics. Since the launch of its reform and opening-up three decades ago, the Chinese government has taken a series of vital measures to ensure the rights and interests of those disabled people and accelerated their cause. As a result, the environment and conditions for the disabled to partake in social life have improved noticeably and remarkably with a steady rise in their livelihoods and quality of life.
Beijing Paralympics is a crucial, vital pivot, as it is sure to inspire more and more people in caring for the disadvantagous handicapped people; Beijing Paralympics is a new starting point, as it bound to spur the continuous advancement of the cause for the disabled people.
The Paralympic holy flame, lit with passion, went out slowly on Wednesday evening. The Paralympic Games of short duration, however, has so many reminiscences to recall, so many moving stories to keep in mind and so much affection and friendship indelibly printed on memory. Let us join hands and act in concert to create a harmonious society, in which both the able-bodied and disabled people help one another and build a society shard by all and a splendid world for every one.
By People's Daily Online
The 12-day Beijing 2008 Paralympics came to a successful conclusion at 8 p.m. Wednesday in the National Stadium, or the Bird's Nest, in north Beijing amid a splendid fireworks gala overhead with a riot of colors and to the accompaniment of joyous singing and dancing in the stadium.
For the past dozen days, more than 4,000 Paralympic athletes from 147 countries and regions have presented to the world a vivid, grand sport event with superb competing abilities and a staunch, indomitable will. Marvelous scenes shown in the Beijing Paralympic Games have carried forward the Olympic spirit as they annotate the Games theme of "One World, One Dream', spread the concepts of "Transcendence, Integration and Equality" and display the tenacious and dauntless spiritual force of humanity.
The outgoing Paralympic Games represents another magnificent event Beijing has hosted in the wake of the 2008 summer Olympics, and is bound to be recorded into the brilliant annals as the Paralympic Games with the most extensive scale, the highest sports attainments and the most outstanding organizing work.
Thanks to Paralympians from various countries, who have exerted themselves unceasingly and forged ahead boldly and heroically to become stronger. At the sight of blind athletes jumping to retrieve balls with the sense of touch or hearing, brain paralysis athletes doing weightlifting on the back, and amputees striding vigorously in false limbs, we truly and directly perceive through the scenes what is an unyielding resolve and what is tugging at people's heartstrings. Those special athletes, transcending their own limitations, have been competed to offer their very best amazingly despite barriers in themselves and with more strain and sweat than normal people and created so many stunning feats in the Games.
Their hard, strenuous endeavors and dedications have enabled us to see their indomitable quality with all courage despite a disability, their sanguine life full of sunshine and to see that they themselves, too, have a sound outlook on life and successful careers. So, people have exclaimed wholeheartedly that "the life is so beautiful and so splendid".
Thanks to all those who worked assiduously and made selfless contributions. People have come to realize penetratingly and profoundly the respect, value, attention and good care of the International Paralymics Committee and the host in particular for Palalympians, from the grand, splendid opening and closing ceremonies, which are truly fabulous and grandiose as if created in a fantastic dream, a barrier-free environment for Paralympians in the Paralympic village and all sport arenas, the work of organizing varied game events with high standards, high efficiency and flying colors, easy accesses provided for Paralymic athletes, the service with hearty smiles offered to them by countless volunteers, and acclamations of cheering crowds from viewing stands.
Special attention the host nation has attached to Paralympians from around the world in all links shows that the Chinese government has paid particularly meticulous care and input much more in the Paralympics with the high-standard courtesy, and thus truly pursued the goal of "Two Games with Equal Splendor", note by overseas press media comments.
Thanks to the IPC, as it has led people in China and the world at large to turn their affectionate eyesight increasingly to the disabled people. Progress in history has often been linked with some great events. The Beijing Paralympics, though merely a sports event in the twinkling of an eye, has gone through the baptism of the mind and is therefore the distillation of ideology. The disabled people globally pose an immense disadvantageous group that cannot be neglected, as indicated by the Beijing 2008 Paralympics. And the governments of all nations and healthy people worldwide are entitled or duty-bound to help the disavantaged tide over difficulties which are hard for themselves to avert in such fields as in their daily life, medical and health work, education and employment, and their involvement in society. So, it is imperative to further examine and keep improving their social security system, respect and protect their rights and interests, attach greater importance and render more support to the development of their cause.
With a population of more than 80 million disabled people, China has taken the cause of the disabled as an important component part of the cause of socialism with Chinese characteristics. Since the launch of its reform and opening-up three decades ago, the Chinese government has taken a series of vital measures to ensure the rights and interests of those disabled people and accelerated their cause. As a result, the environment and conditions for the disabled to partake in social life have improved noticeably and remarkably with a steady rise in their livelihoods and quality of life.
Beijing Paralympics is a crucial, vital pivot, as it is sure to inspire more and more people in caring for the disadvantagous handicapped people; Beijing Paralympics is a new starting point, as it bound to spur the continuous advancement of the cause for the disabled people.
The Paralympic holy flame, lit with passion, went out slowly on Wednesday evening. The Paralympic Games of short duration, however, has so many reminiscences to recall, so many moving stories to keep in mind and so much affection and friendship indelibly printed on memory. Let us join hands and act in concert to create a harmonious society, in which both the able-bodied and disabled people help one another and build a society shard by all and a splendid world for every one.
By People's Daily Online
UNGA decides not to include Taiwan proposal on agenda
The General Committee of the 63rd session of the UN General Assembly decided on Wednesday not to include the so-called issue of "Taiwan's participation in the activities of United Nations specialized agencies," submitted by Nauru, Gambia and a very few other countries, into the agenda of the General Assembly.
"There is only one China in the world. The United Nations and the vast majority of its member states all adhere to the one China principle," China's UN Ambassador Wang Guangya said at the meeting of the General Committee.
"UN specialized agencies have all resolved the issue of China's representation in the United Nations in accordance with the Charter of the United Nations and Resolution 2758," he said.
"People on both sides of the Taiwan Strait share the same blood and destiny. In the wake of the massive earthquake that struck Wenchuan in May, our Taiwan compatriots offered generous contribution and selfless assistance for disaster relief. This deeply moved everyone and gave full expression to the saying that 'blood' is thicker than water," he said.
Wang noted that at present, cross-Strait relations have shown a good momentum of improvement and development.
"We hope people across the Strait will work together, on the basis of the one China principle, to create conditions for resumption of consultation and negotiations so as to resolve in a pragmatic manner various concerns of the Taiwan compatriots, including giving priority to discussion of their participation in WHO activities," he said.
"We firmly believe that the prospect of peaceful development of cross-Strait relations is in the hands of people on both sides of the Strait. So long as the two sides bear in mind the well-being of people across the Strait and the overall interests of the entire Chinese nation, and act in a spirit of 'building mutual trust, putting aside differences, seeking common ground and striving for a win-win result,' we will surely find an appropriate solution through consultation," Wang added.
Source:Xinhua
"There is only one China in the world. The United Nations and the vast majority of its member states all adhere to the one China principle," China's UN Ambassador Wang Guangya said at the meeting of the General Committee.
"UN specialized agencies have all resolved the issue of China's representation in the United Nations in accordance with the Charter of the United Nations and Resolution 2758," he said.
"People on both sides of the Taiwan Strait share the same blood and destiny. In the wake of the massive earthquake that struck Wenchuan in May, our Taiwan compatriots offered generous contribution and selfless assistance for disaster relief. This deeply moved everyone and gave full expression to the saying that 'blood' is thicker than water," he said.
Wang noted that at present, cross-Strait relations have shown a good momentum of improvement and development.
"We hope people across the Strait will work together, on the basis of the one China principle, to create conditions for resumption of consultation and negotiations so as to resolve in a pragmatic manner various concerns of the Taiwan compatriots, including giving priority to discussion of their participation in WHO activities," he said.
"We firmly believe that the prospect of peaceful development of cross-Strait relations is in the hands of people on both sides of the Strait. So long as the two sides bear in mind the well-being of people across the Strait and the overall interests of the entire Chinese nation, and act in a spirit of 'building mutual trust, putting aside differences, seeking common ground and striving for a win-win result,' we will surely find an appropriate solution through consultation," Wang added.
Source:Xinhua
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