Cambodian Senate President Chea Sim arrived in Phnom Penh on Friday after paying an official visit to China.
Chea Sim was welcomed by some Cambodian senior officials and Chinese Ambassador to Cambodia Zhang Jinfeng at the Phnom Penh International Airport.
At the invitation of Jia Qinglin, chairman of the National Committee of the Chinese People's Political Consultative Conference, Chea Sim left Cambodia Monday for China to pay a five-day visit.
During his stay in China, Chea Sim respectively met with Wu Bangguo, chairman of the National People's Congress Standing Committee, and Jia Qinglin on Tuesday.
Source:Xinhua
Friday, September 5, 2008
ASEAN, China's Guangdong Province sign cooperation deal
The ASEAN Secretariat and China's Guangdong Province, signed in Jakarta Friday an agreement aimed at deepening and widening China's Guangdong Province and ASEAN business forum and cooperation through mechanism.
The Memorandum of Cooperation was signed by Deputy Secretary-General of ASEAN Nicholas Tandi Dammen and Vice Governor of Guangdong Province Wan Qingliang at the ASEAN Secretariat in Jakarta.
Under the Memorandum, the two sides will explore and facilitate cooperation activities in various areas including agriculture, information and communication technology, trade and investment, tourism promotion, energy and environment, education and public health.
Secretary-General of ASEAN Surin Pitsuwan said ASEAN attaches great importance to its relations with China and welcomes cooperation in various fields and at different levels, including furthering the friendly exchanges between the Chinese provincial governments and ASEAN member states and the ASEAN Secretariat.
"Guangdong is the southern gateway of China and links between Guangdong and ASEAN have been growing. 27 percent of China's trade volume are from Guangdong," he said.
The ASEAN Secretariat had signed a similar Memorandum with China's Hubei Province on May 11, 2008. The purpose was to explore cooperation possibilities with the Central and Western provinces of China which can offer opportunities to expand ASEAN-China relations.
Source:Xinhua
The Memorandum of Cooperation was signed by Deputy Secretary-General of ASEAN Nicholas Tandi Dammen and Vice Governor of Guangdong Province Wan Qingliang at the ASEAN Secretariat in Jakarta.
Under the Memorandum, the two sides will explore and facilitate cooperation activities in various areas including agriculture, information and communication technology, trade and investment, tourism promotion, energy and environment, education and public health.
Secretary-General of ASEAN Surin Pitsuwan said ASEAN attaches great importance to its relations with China and welcomes cooperation in various fields and at different levels, including furthering the friendly exchanges between the Chinese provincial governments and ASEAN member states and the ASEAN Secretariat.
"Guangdong is the southern gateway of China and links between Guangdong and ASEAN have been growing. 27 percent of China's trade volume are from Guangdong," he said.
The ASEAN Secretariat had signed a similar Memorandum with China's Hubei Province on May 11, 2008. The purpose was to explore cooperation possibilities with the Central and Western provinces of China which can offer opportunities to expand ASEAN-China relations.
Source:Xinhua
Commeoritive stamps for Beijing 2008 Paralympic Games to be issued
The State Post Bureau will issue a set of two stamps for the Beijing 2008 Paralympic Games on September 6.
The face value of each being 1.2 yuan, the stamps portray the Beijing 2008 Paralympic Games emblem and mascot of Beijing 2008 Paralympic Games.
By People's Daily Online
The face value of each being 1.2 yuan, the stamps portray the Beijing 2008 Paralympic Games emblem and mascot of Beijing 2008 Paralympic Games.
By People's Daily Online
Industry cuts back on energy
The majority of industrial companies involved in a government energy-saving campaign have achieved their targets, the National Development and Reform Commission said.
Of the 953 companies that pledged to reduce energy use, 879, or 92.2 percent, fulfilled their goals, saving 38.2 million tons of standard coal last year, the NDRC said.
It said 391 companies, or 41 percent of participants, had gone further and saved more energy than targeted.
About 73 percent of the campaign participants invested 50 billion yuan to upgrade facilities to help achieve conservation goals.
They invested in more than 8,000 projects to make their operations energy efficient, including boiler retrofits and waste heat utilization facilities.
The 74 companies that failed to meet targets will be given one month to remedy the situation, the NDRC said.
Those businesses are ineligible for preferential policies and their new project or industrial land use applications will not be granted this year, it said.
The conservation campaign was launched in 2006 by the NDRC, covering nine high energy-consuming industries - steel, coal, electricity, non-ferrous metals, petroleum and petrochemicals, construction materials, textiles, chemicals and papermaking.
Manufacturing and construction accounts for 70 percent of the country's total energy use. The participants used 670 million tons of standard coal last year, or 33 percent of the total energy used in China.
China has vowed to cut its energy consumption per unit of GDP by 20 percent by 2010. It also said it will cut pollutant emissions by 10 percent during the 11th Five-Year Plan period .
But the energy-saving story is still "grim", Xie Zhenhua, vice-minister of the NDRC, said previously.
In 2006, China cut energy use by 1.23 percent, but its target was 4 percent. It was closer to the target last year, but still short by 0.34 of a percentage point.
In 2007, China consumed 1.16 tons of coal equivalent when it produced 10,000 yuan of GDP, a 3.66 percent year-on-year decrease.
Provincial and regional government officials' performance reviews are now linked to energy saving and environment protection.
Source: China Daily
Of the 953 companies that pledged to reduce energy use, 879, or 92.2 percent, fulfilled their goals, saving 38.2 million tons of standard coal last year, the NDRC said.
It said 391 companies, or 41 percent of participants, had gone further and saved more energy than targeted.
About 73 percent of the campaign participants invested 50 billion yuan to upgrade facilities to help achieve conservation goals.
They invested in more than 8,000 projects to make their operations energy efficient, including boiler retrofits and waste heat utilization facilities.
The 74 companies that failed to meet targets will be given one month to remedy the situation, the NDRC said.
Those businesses are ineligible for preferential policies and their new project or industrial land use applications will not be granted this year, it said.
The conservation campaign was launched in 2006 by the NDRC, covering nine high energy-consuming industries - steel, coal, electricity, non-ferrous metals, petroleum and petrochemicals, construction materials, textiles, chemicals and papermaking.
Manufacturing and construction accounts for 70 percent of the country's total energy use. The participants used 670 million tons of standard coal last year, or 33 percent of the total energy used in China.
China has vowed to cut its energy consumption per unit of GDP by 20 percent by 2010. It also said it will cut pollutant emissions by 10 percent during the 11th Five-Year Plan period .
But the energy-saving story is still "grim", Xie Zhenhua, vice-minister of the NDRC, said previously.
In 2006, China cut energy use by 1.23 percent, but its target was 4 percent. It was closer to the target last year, but still short by 0.34 of a percentage point.
In 2007, China consumed 1.16 tons of coal equivalent when it produced 10,000 yuan of GDP, a 3.66 percent year-on-year decrease.
Provincial and regional government officials' performance reviews are now linked to energy saving and environment protection.
Source: China Daily
Circle of fans for Hu and Wen settles with PD Online
At the request of the fans for the Party General Secretary and Chinese Premier, the People's Daily Online sets up the "circle of fans for the "assorted, 'eight-treasure' rice", to provide a platform for those fans, who cherish genuine feelings for the Party General Secretary and Chinese Premier, to discuss, exchange and voice their true love or affection for the Chinese leaders, as well as a warm, harmonious and affectionate home for them.
People's Daily Online released a month ago a news story that "Party General Secretary and Chinese Premier, too, has a circle of fans, who styled themselves as 'assorted', 'eight-treasure' rice". It is by no means delicious food but rather a general term for a group of fans, or enthusiastic admirers and supporters of President Hu Jintao and Premier Wen Jiabao.
The web page of the circle of fans for Hu Jintao and Wen Jiabao.
The group, made up mainly of the post-80 youths, boasts a very extensive representation, and has drawn media attention nationwide, a web survey has indicated.
The so-called "assorted rice" refers to a group of fans to back President Hu, and the "eight-treasure rice" means a group of fans in support of Premier Wen, whereas the "assorted, 'eight-treasure' rice" is naturally a general term for both groups. Netizens in the fan groups voice their sincere endorsement of the work style of the Party and state leaders in boosting pragmatism, getting closer to people and striving to build a clean and honest government.
By People's Daily Online
People's Daily Online released a month ago a news story that "Party General Secretary and Chinese Premier, too, has a circle of fans, who styled themselves as 'assorted', 'eight-treasure' rice". It is by no means delicious food but rather a general term for a group of fans, or enthusiastic admirers and supporters of President Hu Jintao and Premier Wen Jiabao.
The web page of the circle of fans for Hu Jintao and Wen Jiabao.
The group, made up mainly of the post-80 youths, boasts a very extensive representation, and has drawn media attention nationwide, a web survey has indicated.
The so-called "assorted rice" refers to a group of fans to back President Hu, and the "eight-treasure rice" means a group of fans in support of Premier Wen, whereas the "assorted, 'eight-treasure' rice" is naturally a general term for both groups. Netizens in the fan groups voice their sincere endorsement of the work style of the Party and state leaders in boosting pragmatism, getting closer to people and striving to build a clean and honest government.
By People's Daily Online
Illegal fund-raising causes chaotic petition in C China
An illegal fund-raising dispute in central China's Hunan Province led to lenders' chaotic petition to local authorities on Wednesday and Thursday, causing road block and railway suspension.
The lenders gathered at the Xiangxi Tujia and Miao Autonomous Prefecture government on Wednesday asking for authorities' intervention after the fund-raising company failed to pay them back as promised.
Some of them and lookers-on swarmed to the railway station of Jishou City, capital of the prefecture, at 10 p.m., but were persuaded by officials, including provincial law and public security chief Li Jiang, to leave about an hour later.
The lenders, however, gathered again Thursday morning in streets and at the railway station, blocking traffic and delaying trains.
Provincial vice governor Xu Xianping and banking regulatory officials came to Jishou on Thursday to handle the affair.
The executives of the company were controlled and the petitioners dispersed after registering their investments to local authorities.
The traffic had returned to normal and the railway station had resumed operation by Thursday evening.
Underground fund-raising has existed for long in Xiangxi. Some companies have been in payback crisis since June, causing panic among lenders.
Source: Xinhua
The lenders gathered at the Xiangxi Tujia and Miao Autonomous Prefecture government on Wednesday asking for authorities' intervention after the fund-raising company failed to pay them back as promised.
Some of them and lookers-on swarmed to the railway station of Jishou City, capital of the prefecture, at 10 p.m., but were persuaded by officials, including provincial law and public security chief Li Jiang, to leave about an hour later.
The lenders, however, gathered again Thursday morning in streets and at the railway station, blocking traffic and delaying trains.
Provincial vice governor Xu Xianping and banking regulatory officials came to Jishou on Thursday to handle the affair.
The executives of the company were controlled and the petitioners dispersed after registering their investments to local authorities.
The traffic had returned to normal and the railway station had resumed operation by Thursday evening.
Underground fund-raising has existed for long in Xiangxi. Some companies have been in payback crisis since June, causing panic among lenders.
Source: Xinhua
Coca-Cola puts new takeover law to the test
The Coca-Cola Company's $2.3 billion bid for premier juice maker China Huiyuan Juice may help the US company achieve dominance in China's beverage market. But analysts remain skeptical because of the many hurdles that could threaten to rock the marriage.
China is Coca-Cola's fourth largest market, and the proposed transaction would be the company's largest overseas acquisition. If the deal goes through, it could strengthen Coca-Cola's stranglehold in one of the world's fast growing beverages market.
The combined total sales of the beverage giant and Huiyuan would be 8 billion liters, lifting The Coca-Cola Company's share of China's soft drinks market from 16.3 percent to 18 percent, said Hope Lee, a non-alcoholic drinks analyst from Euromonitor International.
If the acquisition goes ahead, Coca-Cola will overtake France's Groupe Danone, which occupied a 16.3 percent share of China's soft drinks market in 2007, as the country's top brand with a 17.9 percent market share.
"Beset by shrinking demand for carbonated drinks in China, Coca-Cola has been held back by its unitary product line and has to come up with more diversified products to enhance its position, " said Teng Binsheng, a strategy professor from Cheung Kong Graduate School of Business.
The American company launched its Minute Maid juice in China last year as part of its aggressive expansion into the nation's fruit and vegetable drinks business, valued at $10.6 billion in 2007, while carbonated drinks only reached $7.4 billion, according to figures from Euromonitor.
The fruit and vegetable drinks market is set to grow 16 percent to $12.3 billion this year, much quicker than the 7 percent rise expected for carbonated drinks, Euromonitor estimated.
The deal "will enable Coca-Cola to greatly reduce its reliance on carbonated drinks," Lee said, and "still drinks' contribution to Coca-Cola's retail value sales will increase from 28 percent to 47 percent".
Huiyuan's strength is in pure fruit juice, where it has a 46 percent market share, according to ACNielsen figures.
"Coca-Cola will successfully convert its largest rival in soft drinks into its subsidiary," said Qu Honglin, a senior partner of Glocal Strategy Consulting Co.
Teng noted that it is a common move for foreign companies to purchase low- or medium-end brands when synergizing with local companies.
"Recent merger and acquisition activities between overseas and domestic enterprises, including Coca-Cola and Huiyuan, Johnson & Johnson and Dabao, and Schneider Electric and Delixi, all followed this trend," he said, adding that the acquisition would complete their product lines and meet Chinese customers' demand for medium-end products.
As for Huiyuan, analysts said that the company would also reap great benefits from the pending transaction, thanks to the rather attractive price offered by Coca-Cola.
"It's a good deal for Huiyuan, as a private company it has met a growth bottleneck due to a lack of financial support from banks and the government, " Qu said.
Teng said that Zhu Xinli, the founder and president of Huiyuan, "couldn't say no to such a price from Coca-Cola, particularly when China's equity market is suffering such a lean period", Teng said.
But how successful Huiyuan will be after the acquisition largely depends on strategies devised by Coca-Cola's top executives based in Atlanta, who will probably make the same mistakes as other multinationals synergizing with domestic brands, Qu said.
In addition, the two companies have to surmount several obstacles ahead of their marriage.
As it is the first major deal after the country's anti-monopoly law came into force on Aug 1, this transaction will be a major test of the new regulation, said Zhang Tao, a lawyer from Shanghai Zhongtianxin Law Firm.
"Regulators will probably subject the acquisition to very stringent checks," Zhang said.
Coca-Cola said in a statement that the success of the deal is subject to the approval of China's antitrust authorities.
Source: China Daily
China is Coca-Cola's fourth largest market, and the proposed transaction would be the company's largest overseas acquisition. If the deal goes through, it could strengthen Coca-Cola's stranglehold in one of the world's fast growing beverages market.
The combined total sales of the beverage giant and Huiyuan would be 8 billion liters, lifting The Coca-Cola Company's share of China's soft drinks market from 16.3 percent to 18 percent, said Hope Lee, a non-alcoholic drinks analyst from Euromonitor International.
If the acquisition goes ahead, Coca-Cola will overtake France's Groupe Danone, which occupied a 16.3 percent share of China's soft drinks market in 2007, as the country's top brand with a 17.9 percent market share.
"Beset by shrinking demand for carbonated drinks in China, Coca-Cola has been held back by its unitary product line and has to come up with more diversified products to enhance its position, " said Teng Binsheng, a strategy professor from Cheung Kong Graduate School of Business.
The American company launched its Minute Maid juice in China last year as part of its aggressive expansion into the nation's fruit and vegetable drinks business, valued at $10.6 billion in 2007, while carbonated drinks only reached $7.4 billion, according to figures from Euromonitor.
The fruit and vegetable drinks market is set to grow 16 percent to $12.3 billion this year, much quicker than the 7 percent rise expected for carbonated drinks, Euromonitor estimated.
The deal "will enable Coca-Cola to greatly reduce its reliance on carbonated drinks," Lee said, and "still drinks' contribution to Coca-Cola's retail value sales will increase from 28 percent to 47 percent".
Huiyuan's strength is in pure fruit juice, where it has a 46 percent market share, according to ACNielsen figures.
"Coca-Cola will successfully convert its largest rival in soft drinks into its subsidiary," said Qu Honglin, a senior partner of Glocal Strategy Consulting Co.
Teng noted that it is a common move for foreign companies to purchase low- or medium-end brands when synergizing with local companies.
"Recent merger and acquisition activities between overseas and domestic enterprises, including Coca-Cola and Huiyuan, Johnson & Johnson and Dabao, and Schneider Electric and Delixi, all followed this trend," he said, adding that the acquisition would complete their product lines and meet Chinese customers' demand for medium-end products.
As for Huiyuan, analysts said that the company would also reap great benefits from the pending transaction, thanks to the rather attractive price offered by Coca-Cola.
"It's a good deal for Huiyuan, as a private company it has met a growth bottleneck due to a lack of financial support from banks and the government, " Qu said.
Teng said that Zhu Xinli, the founder and president of Huiyuan, "couldn't say no to such a price from Coca-Cola, particularly when China's equity market is suffering such a lean period", Teng said.
But how successful Huiyuan will be after the acquisition largely depends on strategies devised by Coca-Cola's top executives based in Atlanta, who will probably make the same mistakes as other multinationals synergizing with domestic brands, Qu said.
In addition, the two companies have to surmount several obstacles ahead of their marriage.
As it is the first major deal after the country's anti-monopoly law came into force on Aug 1, this transaction will be a major test of the new regulation, said Zhang Tao, a lawyer from Shanghai Zhongtianxin Law Firm.
"Regulators will probably subject the acquisition to very stringent checks," Zhang said.
Coca-Cola said in a statement that the success of the deal is subject to the approval of China's antitrust authorities.
Source: China Daily
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