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WASHINGTON -- At high-level economic talks that wrap up Wednesday, China is urging frustrated US officials to be patient as the two powers work to manage a delicate trade relationship. The United States, by contrast, is pushing for quick action. The talks began Tuesday and could yield some results, including increased US airline flights to China and a lowering of barriers to sales of American energy technology products in China. Senior US officials have tamped down expectations of major breakthroughs, however, as they described the meetings as strategic discussions, not negotiating sessions. US Commerce Secretary Carlos Gutierrez said the twice-a-year talks are "all about the long-term; developing a common understanding of the future." Still, the US side made a point of noting simmering frustration. Treasury Secretary Henry Paulson said Americans are by nature impatient people; Gutierrez described the "need to make progress in all areas as soon as possible." The urgency is reflected in an increasingly restive US Congress, where lawmakers are considering a spate of bills that would impose economic sanctions on China. Many blame America's soaring trade deficits and the loss of one in six manufacturing jobs since 2000 in part on claims of Chinese currency manipulation and copyright piracy. In blunt words, Chinese Vice Premier Wu Yi cautioned the United States against making accusations. "We should not easily blame the other side for our own domestic problems," Wu said through an interpreter. "Confrontation does no good at all to problem-solving." Wu, known as a tough negotiator, said that both countries should "firmly oppose trade protectionism." She warned that any effort to "politicize" the economic relationship between the two nations would be "absolutely unacceptable." Wu and her delegation were scheduled to meet privately this week with major congressional leaders. The US delegation raised the issue of food safety highlighted by such incidents as the deaths of pets who had eaten pet food made with tainted wheat gluten imported from China. US Labor Secretary Elaine Chao, briefing reporters at the end of the first day of talks, said Agriculture Secretary Mike Johanns had made a forceful presentation to the Chinese about the concerns Americans have about food safety. In response, she said, Chinese officials sought to assure the Americans that they would fully investigate any problems discovered. Democratic Sen. Edward M. Kennedy and four other senators urged the Bush administration in a letter to get Chinese commitments to cooperate in investigations into food safety, saying that the way China currently handles the issue is unacceptable. Paulson created the talks last year as a way to get the countries' top policy makers together twice a year to work toward reduced trade tensions. The first meeting was in Beijing last December.

BEIJING, March 7 (Xinhua) -- Chinese President Hu Jintao met here on Friday with former U.S. President George Bush.     Hailing the progress of China-U.S. relations in recent years, Hu said that to develop healthy, stable bilateral ties was in the common interest of both sides and had great significance for peace and development of the Asian-Pacific region and the world at large.     China was willing to properly handle divergence and major concerns through dialogue and beef up bilateral exchanges and cooperation on the basis of mutual respect, equality and mutual benefit, Hu said.     He said that he appreciated Bush's efforts to boost China-U.S. friendship. He also briefed the former U.S. leader about China's stance on the Taiwan issue and its preparations for the Beijing Olympic Games.     Calling U.S.-China relations one of the world's most important bilateral ties, Bush said that he was happy with the development of the progress of bilateral relations and expressed confidence that there would be even closer ties with China. Chinese President Hu Jintao (R front) meets with former U.S. President George Bush in Beijing, capital of China, March 7, 2008    As the honorary president of the U.S. delegation for the Olympic Games, Bush said he expected to be back in China in August to watch the Games.     Calling the Olympics a world sports festival, Bush said that he opposed politicizing the event and expected a complete success for the Games.

Soaring global oil prices have led to small refiners drastically cutting down on production - forcing Sinopec to fill the void.Since the prices of refined oil products are set by the central government, the refiners - private or local-government-owned - find it unprofitable when the price of crude is as high as is now. Crude prices reached a record .80 a barrel at the New York close on Monday."Surging international crude prices are exerting mounting pressure on the local market (by discouraging small refiners). We are already running at full capacity to ensure fuel supply," Mao Jiaxiang, vice-president of Sinopec Economics & Development Research Institute, told China Daily Tuesday.Sinopec is Asia's top refiner, feeding the bulk of fuel consumption in China. But due to capacity limitations at its plants, there is a rising gap between demand and supply.Mao pointed out that fuel shortages are mainly triggered by the production drop at medium- and small-sized refiners scattered around the country, which contribute 5 to 10 percent of the country's supply.The National Development and Reform Commission (NDRC), the top economic planner, keeps a tight lid on domestic fuel prices to fend off inflation, only allowing refiners to set prices within an 8 percent band of a government-imposed benchmark.Sinopec will have more refining capacity on stream next year, which will help ease supply pressure, Mao said.This year, it is believed Sinopec may import more oil products from abroad if necessary. The company imported 60,000 tons of gasoline in September and sold it at a lower price.Gasoline retailers raised prices by 2.92 percent in the first nine months after crude costs climbed, the NDRC said in a statement on its website on Monday.However, the NDRC said last month that energy prices will not be raised "in principle" this year after the consumer price index (CPI) hit a 10-year high of 6.5 percent in August."As global crude prices and the CPI stay at high levels, it is possible for the authorities to seek a compromise by not raising fuel prices but giving subsidies to major refiners at the end of the year," said Niu Li, an economist with the State Information Center affiliated to the NDRC.

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Donald Tsang wins in HK Chief election(Xinhua/Reuters)Updated: 2007-03-25 14:27 Hong Kong Chief Executive Donald Tsang and his wife Selina stand on a bus as they wave to thank local residents at a polling station after winning the election in Hong Kong March 25, 2007. [Reuters]Hong Kong Chief Executive Donald Tsang waves after winning the chief executive election, at the polling station in Hong Kong March 25, 2007. [Xinhua]

BEIJING - China's food watchdog issued an emergency circular on Wednesday to ensure food safety in the face of severe winter weather that has blocked transport and endangered supplies in much of central, eastern and southern China.The State Food and Drug Administration (SFDA) ordered all the local food and drug bureaus to tighten inspections of food production and sale facilities so as to prevent inferior or fake food from entering the market.The snow, the heaviest in decades in many places, has been falling in China's east, central and southern regions since January 10, causing building collapses, power blackouts, highway closures and crop destruction.The SFDA ordered all local bureaus to maintain food market order and to prosecute law violations, noting supplies of some foods was already tight.The extreme weather in the past two weeks hit as Chinese travelers began one of the world's biggest annual mass migrations for the Chinese Lunar New Year, or the Spring Festival, the most important festival for Chinese family gatherings.The SFDA also ordered local bureaus to promptly report and tackle emergencies and prevent mass incidents of food poisoning.

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Four people were sentenced to between 15 and 24 months' imprisonment Tuesday in Shanghai for money laundering in the first such case since the anti-money laundering law took effect in January.The Shanghai Hongkou District People's Court sentenced Pan Rumin to two years in jail and fined him 60,000 yuan (,000) for the crime. Accomplices Zhu Suzhen, Li Daming and Gong Yuan were sentenced to between 15 and 16 months in prison and fined 20,000 yuan each.The case was the first in the country to turn on the new anti-money laundering law. Before the law took effect, suspects in money-laundering cases were charged with operating illegal businesses or disordering financial markets.The four parties had collectively laundered more than 1 million yuan by withdrawing money and transferring funds over the Internet, through ATMs and over the counter at bank branches.The Shanghai branch of the Industrial and Commercial Bank of China eventually grew suspicious, and police arrested the suspected launderers in Hongkou on July 24 last year.The authorities have been drawing up legislation to fight money laundering. The National People's Congress Standing Committee passed the new anti-money laundering law in October, last year.

 The CCTV footage shows that China's first lunar probe Chang'e-1 successfully completed its 1,580,000-km flying journey to the moon after entering its final working orbit on Wednesday's morning, Nov. 7, 2007. [CCTV.com]China's first lunar probe, Chang'e-I, completed its 1,580,000-km flying journey to the moon successfully on Wednesday's morning after entering its final working orbit.The probe, following the instructions of the Beijing Aerospace Control Center (BACC), started its third braking at 8:24 am and entered a 127-minute round polar circular orbit at around 8:35 am after completing the braking."The probe will travel along the orbit at a stable altitude of 200 km above the moon's surface. In each circle, it will always pass the two polars," said Wang Yejun, chief engineer of the Beijing Aerospace Control Center (BACC).The round orbit is also the final destination of the probe, where it is supposed to start carrying out all the planned scientific exploration tasks.It was originally designed to stay on the orbit for one year, but a researcher estimated that fuel saved by smooth operations and precise maneuvers may prolong its life span.Chang'e-I, named after a legendary Chinese goddess who flew to the moon, blasted off on a Long March 3A carrier rocket on Oct. 24 from the Xichang Satellite Launch Center in southwestern Sichuan Province. 

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Soaring global oil prices have led to small refiners drastically cutting down on production - forcing Sinopec to fill the void.Since the prices of refined oil products are set by the central government, the refiners - private or local-government-owned - find it unprofitable when the price of crude is as high as is now. Crude prices reached a record .80 a barrel at the New York close on Monday."Surging international crude prices are exerting mounting pressure on the local market (by discouraging small refiners). We are already running at full capacity to ensure fuel supply," Mao Jiaxiang, vice-president of Sinopec Economics & Development Research Institute, told China Daily Tuesday.Sinopec is Asia's top refiner, feeding the bulk of fuel consumption in China. But due to capacity limitations at its plants, there is a rising gap between demand and supply.Mao pointed out that fuel shortages are mainly triggered by the production drop at medium- and small-sized refiners scattered around the country, which contribute 5 to 10 percent of the country's supply.The National Development and Reform Commission (NDRC), the top economic planner, keeps a tight lid on domestic fuel prices to fend off inflation, only allowing refiners to set prices within an 8 percent band of a government-imposed benchmark.Sinopec will have more refining capacity on stream next year, which will help ease supply pressure, Mao said.This year, it is believed Sinopec may import more oil products from abroad if necessary. The company imported 60,000 tons of gasoline in September and sold it at a lower price.Gasoline retailers raised prices by 2.92 percent in the first nine months after crude costs climbed, the NDRC said in a statement on its website on Monday.However, the NDRC said last month that energy prices will not be raised "in principle" this year after the consumer price index (CPI) hit a 10-year high of 6.5 percent in August."As global crude prices and the CPI stay at high levels, it is possible for the authorities to seek a compromise by not raising fuel prices but giving subsidies to major refiners at the end of the year," said Niu Li, an economist with the State Information Center affiliated to the NDRC.

BEIJING - Chinese share prices rebounded by 1.88 percent on Tuesday with the Shanghai Composite Index, which covers both A and B shares, closing at 5,285.45 points at the end of morning session.The Shenzhen Component Index on the smaller bourse ended at 17,213.70  points, up 0.87 percent.The rise came after a fund has been approved to open for additional subscriptions late this week, which is believed to be a new signal from the government to back up the stock market.On November 4, China's Securities Regulatory Commission (CSRC) issued a notice ordering fund firms not to expand the promised scale of their funds within six months.Heavy weights drove up the share prices. Sinopec went up by 6.58 percent while the new market heavy weight PetroChina by 2.88 percent. China Shenhua rose by 2.36 percent.Steel shares also jumped, with Baosteel, the nation's biggest steel producer, rising 4.10 percent to 15.75 yuan, and with Anyang steel up by 9.39 percent to 10.25 yuan.On Monday, the benchmark Shanghai Composite Index dropped 2.4 percent, or 127.81 points, to close at 5,187.73 points, after falling to as low as 5,032.58 points in intra-day trading.Last week, the Shanghai Composite Index fell 8 percent to 5,315.54, the biggest weekly loss during the past nine years.