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PHNOM PENH, Dec. 21 (Xinhua) -- China will make joint efforts with Cambodia to achieve a win-win cooperation, Chinese Vice President Xi Jinping said Monday.     "Furthering relations with Cambodia has long been China's consistent policy," Xi told Cambodian Prime Minister Hun Sen during talks. Visiting Chinese Vice President Xi Jinping (R) and Cambodian Prime Minister Hun Sen (L) review the guard of honor during a welcoming ceremony in Phnom Penh, Cambodia, Dec. 21, 2009. Hailing the traditional friendship fostered by the leaders of the old generation of the two countries, Xi said China and Cambodia have maintained political trust and fruitful cooperation and support each other in international and regional affairs.     He called China-Cambodia relations "a good example of sincere cooperation between countries with different social systems." Visiting Chinese Vice President Xi Jinping (R2) and Cambodian Prime Minister Hun Sen (L2) hold talks in Phnom Penh, Cambodia, Dec. 21, 2009Xi put forward a four-point proposal to cement relations with Cambodia, including keeping high-level contacts, strengthening exchanges on country governance, deepening economic and trade cooperation and promoting coordination in international and regional affairs.     Xi said the free trade zone between China and the Association of Southeast Asian Nations (ASEAN) would be completed in 2010, and China and Cambodia should take the chance to push for stable and balanced growth in their bilateral trade.     Hun Sen said he was happy to meet with Chinese leaders for the first time in the new government building, which was constructed with China's assistance and has served as an embodiment of the friendliness between the two countries. Visiting Chinese Vice President Xi Jinping (L, front) shakes hands with Cambodian Prime Minister Hun Sen (R2) during a signing ceremony of the two country's mutually-beneficial cooperation documents in Phnom Penh, Cambodia, Dec. 21, 2009. He spoke highly of China's development and its contribution to neighboring countries' progress and expressed gratitude for China's long-term support for Cambodia's development.     Hun Sen said Cambodia would strengthen cooperation with China in the political, trade, cultural, tourism and security fields and pledged the country's adherence to the one-China policy.     After their talks, the two leaders attended a signing ceremony for a deal on China's preferential loan to Cambodia.     Xi also presented a wreath to the independence monument in Phnom Penh on Monday.

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SHANGHAI, Nov. 23 (Xinhua) -- Baosteel Group, China's leading steelmaker, announced on Monday its acquisition of 15 percent stake in Aquila Resources, an Australian iron ore and coal company.     The 286 million Australian dollar purchase (265 million U.S. dollars) has made Baosteel the second largest shareholder of Aquila, said the Chinese company based in Shanghai.     The transaction is an important strategy for Baosteel's overseas expansion by securing long-term supply of critical raw materials for its steel making business, said the company.     The deal will help the Australian company source low-cost financing from Chinese institutions to support its projects.     Tony Poli, executive chairman of Aquila said on the company website, "The company now looks forward to developing its relations with Baosteel to the mutual benefit of both companies."     The deal was approved on November 13 by China's top economic regulator, the National Development and Reform Commission (NDRC), and it was Baosteel's first large strategic investment in a foreign public company.     The two companies signed an agreement on the acquisition in August this year and got nod in October by Australia's Foreign Investment Review Board (FIRB), which limited Baosteel's stake in the Australian company to the utmost 19.9 percent.     Under the terms of the deal, Dai Zhihao, a vice president of Baosteel, will step in as a board member of the Australian coalminer.

SHANGHAI, Nov. 16 (Xinhua) -- Visiting U.S. President Barack Obama said Monday that different countries should learn from each other to diversify cultures in the world.     "Each country in this interconnecting world has its own culture, its own history, and its own traditions," Obama said during a dialogue with Chinese students in the Shanghai Science and Technology Museum.     "It is very important for the United States not to assume what is good for us is automatically good for somebody else," he said when responding to a question raised by a Shanghai college student about how to promote cultural exchanges between different countries. U.S. President Barack Obama gestures as he delivers a speech at a dialogue with Chinese youth at the Shanghai Science and Technology Museum during his four-day state visit to China, Nov. 16, 2009    Obama said one of the U.S. strengths is the country has a very diverse culture, and has people coming from all around the world. "There is no one definition of what America looks like," he added.     He cited his family as an example of diverse cultures, saying the family is like "the United Nations" as his father was from Kenya, his mother from Kansas of the U.S. Midwest, while his sister was a half-Indonesian married to "a Chinese person from Canada."     Obama flew into Shanghai from Singapore on Sunday night to kickoff his four-day visit to China, his first trip to the Asian country since taking office in January.     Later Monday, he will fly to Beijing, where he will hold talks with Chinese President Hu Jintao and meet with other Chinese leaders.

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HONG KONG, Dec. 6 (Xinhua) -- State Councilor Liu Yandong Sunday gave a speech ahead of the Boao Youth Forum ( Hong Kong) that opens Monday, urging young people across China to work for the Chinese nation's rejuvenation.     She said young people stand for the future and are the most creative part in a society. She hoped young people in China, including those from Hong Kong, Macao as well as the Chinese mainland and Taiwan province, can shoulder the historical responsibility and make their contributions to the great revival of the Chinese nation. Chinese State Councillor Liu Yandong delivers a speech at the 2009 BOAO Youth Forum (Hong Kong) in Hong Kong, south China, on Dec. 6, 2009    She said young people in the Hong Kong Special Administrative Region (SAR) should love the motherland and love Hong Kong, and be a united force in safeguarding national sovereignty and promoting Hong Kong's prosperity.     Liu arrived in Hong Kong Saturday to open the 5th East Asian Games.

BEIJING, Nov. 2 (Xinhua) -- Stocks on ChiNext, the country's Nasdaq-style board for domestic start-up firms, rode on a roller coaster on the first two trading days: soaring at debut and taking a sudden turn on the second day.     Twenty stocks out of the total 28 fell by the daily limit of 10percent at Monday close, compared with an average of 106.23 percent surge on Friday, the first trading day, driven by a speculative surge for quick profits.     About 252,600 individual investors bought 423 million new shares at ChiNext on Friday, accounting for more than 97 percent of all new shares on the market.     The average price-earnings ratio for the initial public offering prices was at around 55.70 times, and then was pushed up to around 111 times, much higher than 25.98 times and 37.80 times at main boards in Shanghai and Shenzhen bourses respectively.     The bubbly opening led to warnings of risks posed by excessive speculation and inflated stock price.     Jin Yanshi, chief economist with the Sinolink Securities, said the price-earnings ratio was too high driven by the irrational buying spree. He said the frenzy would gradually cool off, and he expected a 30 percent to 50 percent drop of share prices in three to six months.     Analysts said it was typical in China that new shares would face speculation at debut and see large initial gains, followed by a continuous pullback.     China State Construction Engineering Group shares soared more than 60 percent at debut in Shanghai on July 29 from a initial public offering price of 4.18 yuan and ended at 6.53 yuan, up 56.22 percent. On Monday, its close price stood at 4.79 yuan.     It also reminded of the launch of board for small and medium-sized enterprises at Shenzhen Stock Exchange market on June25, 2004, when shares of eight new stocks rose more than 130 percent. The share prices fell by an accumulative 40 percent from the close prices on the first trading day three months later.     China made plans to launch the Nasdaq-style board for trading of start-up shares in 1999 to boost development of small and medium-sized enterprises. The plan was postponed in 2001 when the Internet bubble burst in the United States.     Since 1962, a total of 39 nations or regions have launched 75 such boards for start-up companies to raise funds. However, about half of them ended up closing due to weak market sentiment and regulatory inconsistencies, and 41 markets were operational as of the end of 2007.     The Growth Enterprise Market, kicked in Hong Kong in 1999, was a luck luster as investors were scared away by the plunge in value of technology stocks in 2001. The index fell about 90 percent since then.     By contrast, Nasdaq set up in the United States in 1971 has been a successful one, which attracted giants like Microsoft and Intel, and became the major market for overseas listing of Chinese enterprises. There are currently 116 Chinese companies listed on Nasdaq, including Baidu.     Analysts attributed the main reasons for failure of some markets to blindly lowering threshold of market entry, poor supervision and inactive transaction.     The wild fluctuation challenged the ability of regulators to control volatility in the new bourse and stirred concerns whether it would grow to be a second Nasdaq or the dazzling debut would be the last wild ride.     Shang Fulin, chairman of the China Securities Regulatory Commission said on Oct. 23 that trading on the new board may have a probability of becoming "irrational" than on other bourses.     "Preventing risk is our main task," he said. "We'll make sure risk is estimated, detected and controlled."     The Shenzhen Stock Exchange issued special suspension rules to clamp down on speculation. Trading would be suspended for 30 minutes if share price rises or falls by 20 percent from its debut level. If a stock fluctuates again beyond 50 percent of its opening price, it will be suspended for 30 minutes. The stock can also suspend a stock until three minutes before the close of trading session on a rise or drop above 80 percent.     Zuo Xiaolei, chief economist of the China Galaxy Securities, said the lesson from failure of other markets showed the key to the success of such start-up board was to strengthen supervision while completing rules, which would ward off excessive speculation and rule violations.     The government should develop more policies to attract more firms with great potential growth to make the board bigger and stronger, but threshold for access to the market should not be lowered, analysts said.

BEIJING, Nov. 5 (Xinhua) -- Senior Chinese official Li Changchun Thursday called for reform and innovation in promoting the development and prosperity of the country's animation industry.     Li, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remark during his visit to the first China Animation and Cartoon Arts Exhibition held in Beijing.     Li said the animation and cartoon arts has played a very important role in enriching people's cultural lives and cultivating new economic growth area.     The country's animation industry is standing at a crucial point, Li said, urging practitioners in the industry to work hard and continue reform and innovation to push for the development and prosperity of the industry. Li Changchun (front), a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, visits the 1st exhibition on animated and comic arts in Beijing, capital of China, Nov. 5, 2009The official encouraged practitioners of the industry to create more innovative animation and cartoon works with independent intellectual property right by taking inspiration from China's 5,000-year traditional culture.     The government at all levels should further improve their policies and build up a mechanism that help foster a group of enterprises with great competitiveness, Li stressed.     The cartoon companies should make full use of the new technologies to develop cartoon and animation games for mobile devices which have seen great market potential, he added.     With the flooding of western cartoon products in the Chinese market, China's domestic animation industry has posted deficit since the 1980s.     The Chinese government has made an annual investment of 200 million yuan into the cartoon industry since 2006 to boost original animation creation and development of domestic companies.     He also encouraged domestic enterprises to explore overseas animation market and participate in international competition so as to enhance the influence of the Chinese animation and cartoon industry.     The exhibition is being held from Oct. 26 to Nov. 18 at the China Arts Gallery with 312 pieces of animation and cartoon arts works.

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SHANGHAI, Nov. 1 (Xinhua)-- HSBC has raised its forecast of China's GDP growth this year to 8.1 percent, said HSBC Group Chairman Stephen Green here Sunday.     The bank's previous forecast was 7.8 percent.     While attending the annual International Business Leaders' Advisory Council (IBLAC), Green said the world financial crisis has not derailed either of the two most noteworthy and transformative trends in global finance: "the rise of China and the shift from west to east."     He also expected effects of China's stimulus packages would further lift the country's GDP growth and sustain the recovery momentum into 2010.     Green said Shanghai, as China's largest city, had kept a relatively stable growth during the crisis, which suggested it had the potential to become one of the world's financial centers comparable to New York or London.

SHANGHAI, Nov. 16 (Xinhua) -- Visiting U.S. President Barack Obama said here Monday the United States does not seek to contain China's rise and he welcomes China to be a "strong and prosperous and successful member of the community of nations."     Obama made the remarks during a dialogue with Chinese youths in China's economic hub Shanghai.     He said the world is fundamentally interconnected and power in the 21st century is no long a zero-sum game.     "The jobs we do, the prosperity we build, the environment we protect and the security we seek are all shared, " he said. "One country's success does not come at the expense of another."     He arrived in Shanghai late on Sunday and met city officials Monday morning before his meeting with young Chinese.     He will head to Beijing Monday afternoon.

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CAIRO, Nov. 7 (Xinhua) -- Chinese Premier Wen Jiabao on Saturday met Arab League Secretary General Amr Musa and expressed China's willingness to further its cooperation with the Arab countries by enriching the contents of the China-Arab friendly cooperation. The Chinese premier met the Arab League secretary general at the league's headquarters in Cairo.     "Under the current international political and economic circumstances which are undergoing profound and complicated changes, it is in the interests of both China and the Arab countries to strengthen cooperation which contributes toward world peace, stability and development," the Chinese premier said.     Wen told Musa that China is willing to pool efforts with the Arab League and Arab countries to render the China-Arab Cooperation Forum into a more effective platform which will result in more progress. Chinese Premier Wen Jiabao (L) meets with Arab League Secretary General Amr Moussa at the headquarters of the Arab League in downtown Cairo Nov. 7, 2009    "Both China and the Arab countries belong to the developing world," said the Chinese premier who expressed his appreciation for Musa's positive contribution toward the promotion of the Arab-China friendly relations.     The Arab League secretary general said during the meeting that Wen's speech delivered earlier at the Arab League headquarters highlighted the importance China has attached to developing its friendly relations with the Arab world.     Musa expressed his gratitude to China for its support to the just Arab causes. He reiterated the league's support to China's territorial integrity.     He hoped that the Arab League would cooperate with China in all fields to promote the Arab-China Cooperation Forum and to promote world peace, regional stability and development.

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