Clippers take top pick Griffin
The success-starved Los Angeles Clippers laid the foundations for a return to the playoffs by selecting gifted power forward Blake Griffin with the number one overall choice in the NBA draft on Thursday.
Connecticut's shot-blocking center Hasheem Thabeet was taken by Memphis with the second pick, before Arizona State shooting guard James Harden was grabbed by Oklahoma City.
Sacramento took Memphis shooting guard Tyreke Evans at number four and then Minnesota selected Spanish point guard Ricky Rubio with one of its four picks in the opening round.
The Clippers have made the playoffs just once in the last 12 years and see Blake as the cornerstone of their rebuilding effort.
"When nobody expects you to do something, you have time to work and you have time to build," Griffin told reporters. "Hopefully that's what we'll do, and hopefully over the next year or two years, whatever it is, make playoff pushes and become a team that is regularly in the postseason."
At 2.08 meters, 113 kilogram, Griffin dominated the paint at both ends of the floor for the University of Oklahoma over the last two years.
A 20-year-old Oklahoma City native, Griffin averaged 22.7 points and 14.4 rebounds last season for the Sooners and was the consensus collegiate Player of the Year.
"It's definitely going to take time and it's not all about me," Griffin added. "I feel like they have a great group of players that can do it, and I'm happy to be a part of that."
Minnesota traded up with the Washington Wizards to get the fifth pick and their selection of the 18-year-old Rubio drew cheers from the crowd at Madison Square Garden's WaMu Theater.
Whether Rubio remains with the Timberwolves remains to be seen since his Spanish club, DKV Joventut, wants a 6.6 million U.S. dollars buyout to allow the teen to jump to the NBA.
Often compared to Hall of Famer Pete Maravich for his floppy hair and flashy court sense, the shooting ability of the 1.93m, 81.6 kg Rubio has been a nagging question mark.
Rubio was on the Spanish team that won the silver medal at the Beijing Olympics, losing to the NBA-stocked United States 118-107 in the championship game.
Twenty-one-year-old forward Omri Casspi was taken by Sacramento with the 23rd pick, becoming the first Israeli ever drafted in the first round.
Connecticut's shot-blocking center Hasheem Thabeet was taken by Memphis with the second pick, before Arizona State shooting guard James Harden was grabbed by Oklahoma City.
Sacramento took Memphis shooting guard Tyreke Evans at number four and then Minnesota selected Spanish point guard Ricky Rubio with one of its four picks in the opening round.
The Clippers have made the playoffs just once in the last 12 years and see Blake as the cornerstone of their rebuilding effort.
"When nobody expects you to do something, you have time to work and you have time to build," Griffin told reporters. "Hopefully that's what we'll do, and hopefully over the next year or two years, whatever it is, make playoff pushes and become a team that is regularly in the postseason."
At 2.08 meters, 113 kilogram, Griffin dominated the paint at both ends of the floor for the University of Oklahoma over the last two years.
A 20-year-old Oklahoma City native, Griffin averaged 22.7 points and 14.4 rebounds last season for the Sooners and was the consensus collegiate Player of the Year.
"It's definitely going to take time and it's not all about me," Griffin added. "I feel like they have a great group of players that can do it, and I'm happy to be a part of that."
Minnesota traded up with the Washington Wizards to get the fifth pick and their selection of the 18-year-old Rubio drew cheers from the crowd at Madison Square Garden's WaMu Theater.
Whether Rubio remains with the Timberwolves remains to be seen since his Spanish club, DKV Joventut, wants a 6.6 million U.S. dollars buyout to allow the teen to jump to the NBA.
Often compared to Hall of Famer Pete Maravich for his floppy hair and flashy court sense, the shooting ability of the 1.93m, 81.6 kg Rubio has been a nagging question mark.
Rubio was on the Spanish team that won the silver medal at the Beijing Olympics, losing to the NBA-stocked United States 118-107 in the championship game.
Twenty-one-year-old forward Omri Casspi was taken by Sacramento with the 23rd pick, becoming the first Israeli ever drafted in the first round.
IOC president Rogge launches table tennis meeting
IOC President Jacques Rogge opened an almost eight hours session of the ITTF Executive Committee meeting in Lausanne, Switzerland on Friday and expressed his satisfaction of table tennis in the Olympics.
According to the news letter released by the table tennis' world governing body early Saturday, the EC meeting at the IOC headquarter made decisions about its own TV channel, the racket control system, the next World Championships and about the eligibility of players from Hong Kong.
At the 2009 World Table Tennis Championships in Yokohama, Japan, the TV viewership has doubled compared to the same event in 2007, said the report.
In China more than 227 million different people have watched at least one minute of table tennis from Japan although the competitions were also broadcasted online on itTV, it added.
The EC decided that all ITTF events will now be on the ITTF's own itTV channel, as President Adham Sharara explained that more than 800,000 unique viewers followed the matches from Yokohama on itTV.
Starting on 1st September the racket testing will be stricter. The tolerance for VOC (Volatile Organic Compounds) will be lowered to 4ppm (parts per million).
President Sharara also announced news about the case between the manufacturer of the rubber named
Table Tennis Masters and ITTF. "The ITTF is very happy that this matter has been settled out of court," Sharara said.
The EC furthermore decided that players for Hong Kong of Chinese nationality are treated like players of an association within the United Kingdom.
If a player wants to change the association for ITTF events, the waiting period of three, five and seven years respectively (depending on the age of player) is still compulsory; however, no special passport of the Special Administrative Region of Hong Kong is required as long as a Chinese player lives in Hong Kong.
According to the news letter released by the table tennis' world governing body early Saturday, the EC meeting at the IOC headquarter made decisions about its own TV channel, the racket control system, the next World Championships and about the eligibility of players from Hong Kong.
At the 2009 World Table Tennis Championships in Yokohama, Japan, the TV viewership has doubled compared to the same event in 2007, said the report.
In China more than 227 million different people have watched at least one minute of table tennis from Japan although the competitions were also broadcasted online on itTV, it added.
The EC decided that all ITTF events will now be on the ITTF's own itTV channel, as President Adham Sharara explained that more than 800,000 unique viewers followed the matches from Yokohama on itTV.
Starting on 1st September the racket testing will be stricter. The tolerance for VOC (Volatile Organic Compounds) will be lowered to 4ppm (parts per million).
President Sharara also announced news about the case between the manufacturer of the rubber named
Table Tennis Masters and ITTF. "The ITTF is very happy that this matter has been settled out of court," Sharara said.
The EC furthermore decided that players for Hong Kong of Chinese nationality are treated like players of an association within the United Kingdom.
If a player wants to change the association for ITTF events, the waiting period of three, five and seven years respectively (depending on the age of player) is still compulsory; however, no special passport of the Special Administrative Region of Hong Kong is required as long as a Chinese player lives in Hong Kong.
Largest hydropower station on Yellow River starts operation
China began operating its largest hydropower station Monday on the Yellow River after eight years' construction, as the first two units of the Laxiwa Hydropower Station successfully connected to grid and generated electricity.
The station, located in northwestern Qinghai Province and the upper reaches of the river, has the largest installed capacity, tallest dam and highest outgoing voltage of all hydropower stations on the main stream of the Yellow River, China's second longest river.
The Laxiwa Hydropower Station will be a major source of power for the development of China's west as well as the national West-East transmission project with a total installed capacity of 4.2 gigawatts and a 250 meter-high arch dam, according to station employees.
The other four generators of Laxiwa will start running before the end of 2010, they said.
By then, the total installed capacity of all the hydropower stations on the upper stream of the Yellow River will exceed 10 gw, as several other major hydropower projects will have also been completed and gone on stream.
The station, located in northwestern Qinghai Province and the upper reaches of the river, has the largest installed capacity, tallest dam and highest outgoing voltage of all hydropower stations on the main stream of the Yellow River, China's second longest river.
The Laxiwa Hydropower Station will be a major source of power for the development of China's west as well as the national West-East transmission project with a total installed capacity of 4.2 gigawatts and a 250 meter-high arch dam, according to station employees.
The other four generators of Laxiwa will start running before the end of 2010, they said.
By then, the total installed capacity of all the hydropower stations on the upper stream of the Yellow River will exceed 10 gw, as several other major hydropower projects will have also been completed and gone on stream.
Telecoms dial in crucial communication
The Internet helped a farmer in the Xinjiang Uygur autonomous region dig a bigger bonanza last year without leaving his door.
Using a computer mouse along with his hoe, Li Haigang more than doubled his annual income to 100,000 yuan after buying a computer in 2006 to broaden his agricultural knowledge.
One in every two farmers in Xinjiang will be able to surf the Internet by the end of this year, said Haimiti Mijiti, deputy manager of the local China Telecom branch.
By then, broadband coverage will benefit more than half of the region's rural population and reach 100 percent of urban residents, he noted, adding that 100 million yuan is earmarked for installation of optical cable this year.
China Telecom plans to follow that with annual investment of 320 million yuan in 2010 and 2011 to improve the region's communication facilities and services.
Government funding totaled 3.2 billion yuan over the past three years to extend the communication network. Telephone signals now cover 2,786 villages in the region, he added.
By March, broadband users in rural area numbered 180,000, about 1.3 percent of the region's total population, Mijiti said, adding that the national ratio is 1.1 percent.
The number of Internet users in the region has reached 2.5 million, about 1.2 million of whom have access to broadband.
Locally registered websites total 16,000, according to the figures from the local communication administration.
In first quarter of this year, the local telecommunication sector generated nearly 10 billion yuan in revenue, an increase of 18.2 percent year-on-year.
Telecommunication is now a commonly used tool in the remote region, one that has already changed society, said Aili Yushan, deputy director of the local telecommunication administration.
Li, the farmer, said that with a click of the mouse, the information he needed flowed out and helped him solve problems.
More locals in the northwest also have access to the first Uygur language news website, www.xitsnews.com, which receives 350,000 hits daily.
China Unicom, one of the country's three telecom giants, started trial wideband CDMA services yesterday in 55 cities nationwide including Urumqi and Changji in Xinjiang.
Third-generation mobile services will be unveiled in Urumqi by the end of June, Mijiti said.
Using a computer mouse along with his hoe, Li Haigang more than doubled his annual income to 100,000 yuan after buying a computer in 2006 to broaden his agricultural knowledge.
One in every two farmers in Xinjiang will be able to surf the Internet by the end of this year, said Haimiti Mijiti, deputy manager of the local China Telecom branch.
By then, broadband coverage will benefit more than half of the region's rural population and reach 100 percent of urban residents, he noted, adding that 100 million yuan is earmarked for installation of optical cable this year.
China Telecom plans to follow that with annual investment of 320 million yuan in 2010 and 2011 to improve the region's communication facilities and services.
Government funding totaled 3.2 billion yuan over the past three years to extend the communication network. Telephone signals now cover 2,786 villages in the region, he added.
By March, broadband users in rural area numbered 180,000, about 1.3 percent of the region's total population, Mijiti said, adding that the national ratio is 1.1 percent.
The number of Internet users in the region has reached 2.5 million, about 1.2 million of whom have access to broadband.
Locally registered websites total 16,000, according to the figures from the local communication administration.
In first quarter of this year, the local telecommunication sector generated nearly 10 billion yuan in revenue, an increase of 18.2 percent year-on-year.
Telecommunication is now a commonly used tool in the remote region, one that has already changed society, said Aili Yushan, deputy director of the local telecommunication administration.
Li, the farmer, said that with a click of the mouse, the information he needed flowed out and helped him solve problems.
More locals in the northwest also have access to the first Uygur language news website, www.xitsnews.com, which receives 350,000 hits daily.
China Unicom, one of the country's three telecom giants, started trial wideband CDMA services yesterday in 55 cities nationwide including Urumqi and Changji in Xinjiang.
Third-generation mobile services will be unveiled in Urumqi by the end of June, Mijiti said.
Han Qide assumes presidency of disarmament association
Han Qide, vice chairman of China's National People's Congress Standing Committee, assumed presidency of the Chinese People's Association for Peace and Disarmament (CPAPD) in Beijing Thursday.
The CPAPD also reviewed its work over the past five years in a meeting held here Thursday, and modified its statute according to the changes and development of the current domestic and international situation.
Founded in June 1985 as a non-governmental organization advocating peace and disarmament, the CPAPD has been devoted to international communication and academic exchanges for mutual understanding, friendship and world peace. It has so far established ties with about 300 peace groups from more than 90 countries.
The CPAPD also reviewed its work over the past five years in a meeting held here Thursday, and modified its statute according to the changes and development of the current domestic and international situation.
Founded in June 1985 as a non-governmental organization advocating peace and disarmament, the CPAPD has been devoted to international communication and academic exchanges for mutual understanding, friendship and world peace. It has so far established ties with about 300 peace groups from more than 90 countries.
94 pct of netizens support Chinas establishment of cyber command
A survey by Huanqiu.com shows that the majority of Chinese netizens support China's establishment of a cyber command.
As of 8 am on June 28, the survey by Huanqiu.com entitled "Do you think China should establish a cyber command?" which was launched on June 25 had attracted over 4,000 votes. Over 94 percent of netizens (3,823 votes) were in favor of the idea while less than 6 percent (240 votes) were against it.
Netizens said the Internet now affects every aspect of daily life. People should be aware of developing crisis and take preventive measures instead of waiting to be attacked.
Some netizens described the Internet as an intangible world outside land, sea, air and outer space. As information communication plays a crucial role in modern warfare, a cyber command is extremely important in ensuring China's cyber communication security. Sooner or later, it must be created.
US Defense Secretary Robert Gates officially ordered the establishment of a cyber command on June 24. This makes the US, which has been speculating on the so-called "Chinese hacker threat," the world's first country to openly introduce warfare organizations on the Internet.
Various countries have reacted strongly to news about the cyber command. The UK announced that an Office of Cyber Security and a Cyber Security Operations Center would be established, and an organization of "cyber corps" would commence. Prior to this, South Korea, which has speculated on "Chinese hacker attacks," also said it will establish a cyber command.
As the US has repeatedly speculated on "Chinese cyber warfare" and "Chinese hacker" threats, some netizens believe that the US' decision to establish the Cyber Command is aimed at China. Thus China must promptly respond to this action.
As of 8 am on June 28, the survey by Huanqiu.com entitled "Do you think China should establish a cyber command?" which was launched on June 25 had attracted over 4,000 votes. Over 94 percent of netizens (3,823 votes) were in favor of the idea while less than 6 percent (240 votes) were against it.
Netizens said the Internet now affects every aspect of daily life. People should be aware of developing crisis and take preventive measures instead of waiting to be attacked.
Some netizens described the Internet as an intangible world outside land, sea, air and outer space. As information communication plays a crucial role in modern warfare, a cyber command is extremely important in ensuring China's cyber communication security. Sooner or later, it must be created.
US Defense Secretary Robert Gates officially ordered the establishment of a cyber command on June 24. This makes the US, which has been speculating on the so-called "Chinese hacker threat," the world's first country to openly introduce warfare organizations on the Internet.
Various countries have reacted strongly to news about the cyber command. The UK announced that an Office of Cyber Security and a Cyber Security Operations Center would be established, and an organization of "cyber corps" would commence. Prior to this, South Korea, which has speculated on "Chinese hacker attacks," also said it will establish a cyber command.
As the US has repeatedly speculated on "Chinese cyber warfare" and "Chinese hacker" threats, some netizens believe that the US' decision to establish the Cyber Command is aimed at China. Thus China must promptly respond to this action.
HK govt allocates 72.4 mln HKD to enhance employment programs
The Hong Kong government has allocated 60.6 million HK dollars and 11.8 million HK dollars to enhance the Employment Program for the Middle-aged and the Work Orientation and Placement Scheme respectively, according to the government website on Monday.
The enhanced measures include increasing the financial incentives and extending the subsidy period for participating employers, and they will benefit 8,000 middle-aged job seekers and 800 disabled people over the next two years.
Under the enhanced employment program, the training allowance payable to participating employers who engaged eligible middle- aged job seekers in full-time jobs and provided them with on-the- job training will rise from 1,500 HK dollars to 2,000 HK dollars a month for each employee. The subsidy period for deserving cases will be extended from three months to a maximum of six months.
The financial incentives for employers participating in the work orientation and placement scheme will rise from half to two- thirds of the actual wages paid to the disabled employee during the work trial period, and the payment ceiling will rise from 3, 000 HK dollars a month to 4,000 HK dollars.
If employers provide comprehensive training and support to their disabled employees, the subsidy period will be extended from three months to a maximum of six months. (One U.S. dollar = 7.742 HK dollars).
The enhanced measures include increasing the financial incentives and extending the subsidy period for participating employers, and they will benefit 8,000 middle-aged job seekers and 800 disabled people over the next two years.
Under the enhanced employment program, the training allowance payable to participating employers who engaged eligible middle- aged job seekers in full-time jobs and provided them with on-the- job training will rise from 1,500 HK dollars to 2,000 HK dollars a month for each employee. The subsidy period for deserving cases will be extended from three months to a maximum of six months.
The financial incentives for employers participating in the work orientation and placement scheme will rise from half to two- thirds of the actual wages paid to the disabled employee during the work trial period, and the payment ceiling will rise from 3, 000 HK dollars a month to 4,000 HK dollars.
If employers provide comprehensive training and support to their disabled employees, the subsidy period will be extended from three months to a maximum of six months. (One U.S. dollar = 7.742 HK dollars).
Chinese Communist Party chief stresses inner-party democracy
Hu Jintao, chief of the Communist Party of China (CPC), has called for a vigorous improvement of inner-party democracy in order to enhance the Party's ruling capacity and leadership in the development of China.
Hu, General Secretary of the CPC Central Committee, presided over a meeting of the Political Bureau of the CPC Central Committee on Monday. The digest of his speech at the meeting was published Tuesday, one day ahead of the party's 88th birthday.
Hu said the CPC must pay greater attention to inner-party democracy and actively promote it, because this will help the CPC perform its duty as the ruling party in more scientific and democratic ways and in accordance with the law.
"We must converge the wisdom and strength of the Party to an utmost level; we must fully inspire the creativity and vigor of the Party, and we must spare no efforts to consolidate the unity of the Party," so that the Chinese people can be united under the CPC leadership to carry forward the cause of socialism with Chinese characteristics, Hu said.
The realization of inner-party democracy must rely on the guarantee of all Party members' democratic rights to know, to participate, to vote and to supervise in all internal affairs of the Party, Hu said.
CPC members, nearly 76 million out of the 1.3 billion Chinese population, should be encouraged to supervise and suggest on all matters concerning inner-party democracy, such as the work to fight corruption inside the Party.
Hu said mechanisms to ensure the inner-party democracy must be improved, such as the CPC congresses at all levels, and the system to elect, supervise, evaluate and promote officials.
The CPC Central Committee Political Bureau decided Monday that the Party will reform its appraisal system on officials on the basis of merit and transparency.
The assessment system will put more emphasis on achievements made in "coordinating economic and social development, maintaining social stability, and improving people's livelihoods".
Hu, General Secretary of the CPC Central Committee, presided over a meeting of the Political Bureau of the CPC Central Committee on Monday. The digest of his speech at the meeting was published Tuesday, one day ahead of the party's 88th birthday.
Hu said the CPC must pay greater attention to inner-party democracy and actively promote it, because this will help the CPC perform its duty as the ruling party in more scientific and democratic ways and in accordance with the law.
"We must converge the wisdom and strength of the Party to an utmost level; we must fully inspire the creativity and vigor of the Party, and we must spare no efforts to consolidate the unity of the Party," so that the Chinese people can be united under the CPC leadership to carry forward the cause of socialism with Chinese characteristics, Hu said.
The realization of inner-party democracy must rely on the guarantee of all Party members' democratic rights to know, to participate, to vote and to supervise in all internal affairs of the Party, Hu said.
CPC members, nearly 76 million out of the 1.3 billion Chinese population, should be encouraged to supervise and suggest on all matters concerning inner-party democracy, such as the work to fight corruption inside the Party.
Hu said mechanisms to ensure the inner-party democracy must be improved, such as the CPC congresses at all levels, and the system to elect, supervise, evaluate and promote officials.
The CPC Central Committee Political Bureau decided Monday that the Party will reform its appraisal system on officials on the basis of merit and transparency.
The assessment system will put more emphasis on achievements made in "coordinating economic and social development, maintaining social stability, and improving people's livelihoods".
Trials start on first high-speed railway in Chinas mountainous Fujian Province
The first high-speed railway in China's coastal mountainous Fujian Province began trials Tuesday, local authorities said.
The railway, linking Fujian's capital Fuzhou and Wenzhou City in neighbouring Zhejiang Province, began trials at 8:36 a.m. in Fuzhou. This is the first railway linking the two provinces, said an official with the Fujian Development and Reform Commission.
The railway will be formally put into use in October, the official said.
The 298.4-kilometer-long railway costs 12.66 billion yuan (1.85billion U.S. dollars) to build. Nearly 230 kilometers are in Fujian.
The railway has a design speed of 200 to 250 kilometers per hour for passenger trains, and the journey between the two cities will be shortened from five hours to two hours. Construction began in August 2005.
The new line will be an important section of China's coastal railway artery. The other two railway lines in the project, including one rail linking Shenzhen City in Guangdong Province and Xiamen City in Fujian, and the other linking Fuzhou and Xiamen, are still under construction and are expected to be finished in 2010 and 2009 respectively.
"By then, the railways will stretch along China's booming southeast coast, linking the Yangtze and Pearl River Deltas, China's two biggest economic powerhouses," said Yu Xuanming, deputy general manager of the Southeast Coast Railway Fujian Co. Ltd., the railway operator.
The railway, linking Fujian's capital Fuzhou and Wenzhou City in neighbouring Zhejiang Province, began trials at 8:36 a.m. in Fuzhou. This is the first railway linking the two provinces, said an official with the Fujian Development and Reform Commission.
The railway will be formally put into use in October, the official said.
The 298.4-kilometer-long railway costs 12.66 billion yuan (1.85billion U.S. dollars) to build. Nearly 230 kilometers are in Fujian.
The railway has a design speed of 200 to 250 kilometers per hour for passenger trains, and the journey between the two cities will be shortened from five hours to two hours. Construction began in August 2005.
The new line will be an important section of China's coastal railway artery. The other two railway lines in the project, including one rail linking Shenzhen City in Guangdong Province and Xiamen City in Fujian, and the other linking Fuzhou and Xiamen, are still under construction and are expected to be finished in 2010 and 2009 respectively.
"By then, the railways will stretch along China's booming southeast coast, linking the Yangtze and Pearl River Deltas, China's two biggest economic powerhouses," said Yu Xuanming, deputy general manager of the Southeast Coast Railway Fujian Co. Ltd., the railway operator.
Brunei confirms three more A/H1N1 flu cases
Brunei confirmed three more A/H1N1 flu cases, bringing the total cases to 32 in the country, local media reported on Tuesday.
The Brunei Health Ministry reported a locally-transmitted case among the three new cases, but did not reveal the source of infection for the other two cases.
The ministry advised the people to practice self-quarantine for at least seven days if they have recently traveled to Australia, the Unites States, Indonesia, the Philippines, Canada and Malaysia.
The Brunei Health Ministry reported a locally-transmitted case among the three new cases, but did not reveal the source of infection for the other two cases.
The ministry advised the people to practice self-quarantine for at least seven days if they have recently traveled to Australia, the Unites States, Indonesia, the Philippines, Canada and Malaysia.
HK looking forward to becoming RMB settlement center outside Chinese mainland
The Governor of the People's Bank of China, Zhou Xiaochuan, and the Chief Executive of the Hong Kong Monetary Authority, Joseph Yam, signed a supplementary memorandum of cooperation on a pilot program of cross-border trade between Chinese mainland and Hong Kong on June 29.
The document serves as part of an ongoing effort to allow Hong Kong enterprises to trade with those in the cities of Shanghai, Guangzhou, Shenzhen, Dongguan and Zhuhai using Renminbi as settlement currency.
Zhou noted that the supplementary memorandum will further strengthen financial cooperation between Chinese mainland and Hong Kong. As a result, trade and financial exchanges between the two sides will become increasingly important.
The first trade settlement is expected to take place in July, Yam said. The implementation of the pilot program for Renminbi trade settlement will enhance the ability of Hong Kong's financial system to handle Renminbi transactions. It is hoped that Hong Kong's Renminbi business will continue to develop, and lead to further policies prioritizing the advancement of mutually interactive, complementary and supportive ties between the two financial systems of Chinese mainland and Hong Kong.
Hong Kong has already prepared for cross-border Renminbi settlements said the chief executive of the Hong Kong Special Administrative Region Government (HKSARG) Donald Tsang Yam-kuen. The signing of this agreement will enhance the flexibility of enterprises in business operations, expand the scope of business of local banks, promote the fluidity of Renminbi funds and generate favorable conditions to promote the effective operation of the Renminbi settlement platform, and further develop Renminbi business in Hong Kong.
Tsang also noted that Hong Kong's long-term goal is to become a Renminbi settlement center outside Chinese mainland by operating in accordance with Chinese mainland's relevant policies.
Not only will Renminbi settlement business further develop Hong Kong's position as a pilot site for Renminbi settlements outside Chinese mainland, it will also promote trade and economic development in Chinese mainland and Hong Kong, according to the financial secretary of the HKSARG John Tsang Chun-wah. This will suit the HKSARG's policy of supporting Hong Kong enterprises and helping them cope with the global financial crisis.
This move will not only help factories, but also enable Hong Kong banks to develop a Renminbi lending business, which in turn will allow Hong Kong to consolidate its position as an international financial center, said the Chairman of the HSBC Asia Pacific Vincent Cheng Hoi Chuen.
On June 29 the Bank of China announced that it has already become a settlement bank for cross-border Renminbi settlements with Hong Kong and has prepared well to assume this new role.
The document serves as part of an ongoing effort to allow Hong Kong enterprises to trade with those in the cities of Shanghai, Guangzhou, Shenzhen, Dongguan and Zhuhai using Renminbi as settlement currency.
Zhou noted that the supplementary memorandum will further strengthen financial cooperation between Chinese mainland and Hong Kong. As a result, trade and financial exchanges between the two sides will become increasingly important.
The first trade settlement is expected to take place in July, Yam said. The implementation of the pilot program for Renminbi trade settlement will enhance the ability of Hong Kong's financial system to handle Renminbi transactions. It is hoped that Hong Kong's Renminbi business will continue to develop, and lead to further policies prioritizing the advancement of mutually interactive, complementary and supportive ties between the two financial systems of Chinese mainland and Hong Kong.
Hong Kong has already prepared for cross-border Renminbi settlements said the chief executive of the Hong Kong Special Administrative Region Government (HKSARG) Donald Tsang Yam-kuen. The signing of this agreement will enhance the flexibility of enterprises in business operations, expand the scope of business of local banks, promote the fluidity of Renminbi funds and generate favorable conditions to promote the effective operation of the Renminbi settlement platform, and further develop Renminbi business in Hong Kong.
Tsang also noted that Hong Kong's long-term goal is to become a Renminbi settlement center outside Chinese mainland by operating in accordance with Chinese mainland's relevant policies.
Not only will Renminbi settlement business further develop Hong Kong's position as a pilot site for Renminbi settlements outside Chinese mainland, it will also promote trade and economic development in Chinese mainland and Hong Kong, according to the financial secretary of the HKSARG John Tsang Chun-wah. This will suit the HKSARG's policy of supporting Hong Kong enterprises and helping them cope with the global financial crisis.
This move will not only help factories, but also enable Hong Kong banks to develop a Renminbi lending business, which in turn will allow Hong Kong to consolidate its position as an international financial center, said the Chairman of the HSBC Asia Pacific Vincent Cheng Hoi Chuen.
On June 29 the Bank of China announced that it has already become a settlement bank for cross-border Renminbi settlements with Hong Kong and has prepared well to assume this new role.
Chinese shares close 0.61 pct higher in morning trade
Chinese shares closed 0.61 percenthigher in the morning session on June 29, driven by real estate and financial stocks.
The benchmark Shanghai Composite Index advanced by 17.83 pointsto finish at 2,946.05.
The Shenzhen Component Index rose 1.49 percent, or 170.1 points,to a one-year high of 11,583.26 points.
The benchmark Shanghai Composite Index advanced by 17.83 pointsto finish at 2,946.05.
The Shenzhen Component Index rose 1.49 percent, or 170.1 points,to a one-year high of 11,583.26 points.
No Chinese on board of crashed Yemeni airliner: FM spokesman
Chinese Foreign Ministry spokesman Qin Gang here Tuesday afternoon said China expresses its deep condolence to the families of victims of the Yemeni airliner crash in the Comoros archipelago.
A Yemeni airliner with more than 150 people on board crashed in the Indian Ocean archipelago Tuesday morning. Qin said there were no Chinese citizens on the crashed flight.
A Yemeni airliner with more than 150 people on board crashed in the Indian Ocean archipelago Tuesday morning. Qin said there were no Chinese citizens on the crashed flight.
The Brazilian ambassador will not return to Honduras unless its ousted president retakes power, the Brazilian Foreign Ministry said on Monday.
The ministry said the ambassador, Brian Michael Fraser Neele, who is in vacation, will remain in Brazil to show the Brazilian government's disapproval of the Honduran new government, which was set up on Sunday after President Manuel Zelaya was deposed.
Earlier on Monday, Brazilian President Luiz Inacio Lula da Silva condemned the coup, saying his country will not recognize any Honduran government but that led by Zelaya.
In his weekly radio show "Breakfast with the President," Lula said that solving problems via coup is something unacceptable in Latin America.
"We cannot allow a military coup in Latin America in the 21st century," he said. "We must demand the return of the democratically elected government, or this will become a trend again."
Lula said Zelaya must return to his position as he won the elections, otherwise Brazil will not establish any sort of relations with Honduras.
The military coup in Honduras has triggered worldwide condemnation.
The ministry said the ambassador, Brian Michael Fraser Neele, who is in vacation, will remain in Brazil to show the Brazilian government's disapproval of the Honduran new government, which was set up on Sunday after President Manuel Zelaya was deposed.
Earlier on Monday, Brazilian President Luiz Inacio Lula da Silva condemned the coup, saying his country will not recognize any Honduran government but that led by Zelaya.
In his weekly radio show "Breakfast with the President," Lula said that solving problems via coup is something unacceptable in Latin America.
"We cannot allow a military coup in Latin America in the 21st century," he said. "We must demand the return of the democratically elected government, or this will become a trend again."
Lula said Zelaya must return to his position as he won the elections, otherwise Brazil will not establish any sort of relations with Honduras.
The military coup in Honduras has triggered worldwide condemnation.
Regional groups condemn coup in Honduras
The Andean Community of Nations (CAN) on Monday condemned Sunday's military coup in Honduras during which Honduran President Manuel Zelaya was ousted and forced into exile in Costa Rica.
CAN Secretary General Freddy Elhers of Ecuador told media in the Peruvian capital of Lima that the bloc is monitoring the situation in an effort to contribute to the restoration of democracy.
The CAN said in a statement that full respect for democratic institutions is indispensable for civilized political dialogue, and the use of military force to impose any political point of view must be condemned.
The CAN's four members -- Peru, Colombia, Ecuador and Bolivia -- had already expressed their rejection of the events in Honduras separately on Sunday.
Also on Monday, the Central American Integration System (SICA) nations issued a declaration backing Zelaya and announced the suspension of financing from its bank, the Central American Bank for Economic Integration, until Zelaya returns to power, according to news reaching here from Nicaragua's capital Managua.
"All SICA nations should suspend political, financial and sporting meetings with Honduran officials named by the illegitimate government of that nation," the declaration said.
Meanwhile, the SICA recalled its ambassadors for consultations, a step that can lead to the full withdrawal of ambassadors, and Honduras' immediate neighbors, Nicaragua, El Salvador and Guatemala, announced their cross-border trade with the country would be halted for 48 hours.
CAN Secretary General Freddy Elhers of Ecuador told media in the Peruvian capital of Lima that the bloc is monitoring the situation in an effort to contribute to the restoration of democracy.
The CAN said in a statement that full respect for democratic institutions is indispensable for civilized political dialogue, and the use of military force to impose any political point of view must be condemned.
The CAN's four members -- Peru, Colombia, Ecuador and Bolivia -- had already expressed their rejection of the events in Honduras separately on Sunday.
Also on Monday, the Central American Integration System (SICA) nations issued a declaration backing Zelaya and announced the suspension of financing from its bank, the Central American Bank for Economic Integration, until Zelaya returns to power, according to news reaching here from Nicaragua's capital Managua.
"All SICA nations should suspend political, financial and sporting meetings with Honduran officials named by the illegitimate government of that nation," the declaration said.
Meanwhile, the SICA recalled its ambassadors for consultations, a step that can lead to the full withdrawal of ambassadors, and Honduras' immediate neighbors, Nicaragua, El Salvador and Guatemala, announced their cross-border trade with the country would be halted for 48 hours.
ALBA ambassadors call for reinstatement of ousted Honduran president
Ambassadors from the Bolivarian Alternative for the Americas (ALBA) member states on Monday demanded the immediate restitution of Honduras President Manuel Zelaya, according to reports reaching here from Santo Domingo.
At a meeting in Dominican Republic's capital of Santo Domingo, ambassadors of Cuba, Nicaragua, Ecuador, Bolivia and Venezuela issued a joint statement "rejecting and condemning the shameful coup perpetrated against Manuel Zelaya's government which was elected by a sovereign people."
The statement also called for the international community to echo their condemnation and work hard to prevent bloodshed in the nation.
Zelaya was seized by hooded and armed soldiers at Honduras' Presidential Palace early Sunday morning and forced to board a plane to Costa Rica.
Later Sunday, Honduras' Congress announced to appoint Roberto Micheletti as the acting president after reading a resignation letter that Zelaya said was fake.
The Dominican Republic's left-wing parties also issued a statement decrying the "serious attack on the constitutional order and laws of a brother nation".
The document was signed by the Alternative Social Forum, People's Unity and National Transport Workers Union, the Action for Change Accord and the Dominican Cuban Solidarity Campaign.
The Dominican Republic suffered a coup in 1963 which overthrew the government of Juan Bosch, "the negative effects of which the great majority of us continue to suffer," the statement said.
The statement also called on Dominicans to demonstrate publicly against the coup and called for the Dominican government to make a clear and categorical declaration joining most of the world in condemning the events.
At a meeting in Dominican Republic's capital of Santo Domingo, ambassadors of Cuba, Nicaragua, Ecuador, Bolivia and Venezuela issued a joint statement "rejecting and condemning the shameful coup perpetrated against Manuel Zelaya's government which was elected by a sovereign people."
The statement also called for the international community to echo their condemnation and work hard to prevent bloodshed in the nation.
Zelaya was seized by hooded and armed soldiers at Honduras' Presidential Palace early Sunday morning and forced to board a plane to Costa Rica.
Later Sunday, Honduras' Congress announced to appoint Roberto Micheletti as the acting president after reading a resignation letter that Zelaya said was fake.
The Dominican Republic's left-wing parties also issued a statement decrying the "serious attack on the constitutional order and laws of a brother nation".
The document was signed by the Alternative Social Forum, People's Unity and National Transport Workers Union, the Action for Change Accord and the Dominican Cuban Solidarity Campaign.
The Dominican Republic suffered a coup in 1963 which overthrew the government of Juan Bosch, "the negative effects of which the great majority of us continue to suffer," the statement said.
The statement also called on Dominicans to demonstrate publicly against the coup and called for the Dominican government to make a clear and categorical declaration joining most of the world in condemning the events.
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