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BEIJING, July 5 (Xinhua) -- The Bank of China (BOC), China's largest foreign exchange bank, will transact the first cross-border yuan trade settlement deal Monday, a source with the bank said Sunday night.     The BOC Shanghai branch would receive the first cross-border yuan trade settlement deal from the BOC (Hong Kong) Monday, the unidentified source said.     The payee would be Shanghai Electric International Economic and Trading Co., Ltd. under Shanghai Electric Group Co., Ltd. and the remitter would be the company's business partner in Hong Kong.     China last week issued detailed measures to regulate the pilot program for cross-border trade settled in yuan. The rules specified how to make transactions using Renminbi (RMB) to settle trade with Hong Kong and Macao and regional trade partners.     "The service has drawn much attention and many overseas enterprises had been asking us about it months ago. Why? Because cross-border yuan trade settlement could help enterprises avoid exchange rates risks, lock up financial costs and reckon enterprise anticipated profits," the source said.     "In comparison to convertible currency settlement, it could streamline links and reduce trade cost. It could help enterprises without foreign exchange revenues cut losses from converting foreign exchanges. It could reduce derivative fees in selecting RMB financial products," said the source.     The BOC Shanghai branch has reached tentative agreements with 11 overseas agent banks on yuan trade settlement deals. Now the agent banks in tentative agreements with the BOC mostly are large banks in Asia and they anticipate remarkable demand on yuan settlement, according to the sources.     "We are in talks with banks in the United States and Europe and get very positive feedbacks. Despite some obstacles in cross-border yuan settlement, the trend is good," the source said.

BEIJING, May 26 (Xinhua) -- China's central government has allocated 270 billion yuan (about 39.7 billion U.S. dollars) for infrastructure investment so far this year, a National Development and Reform Commission (NDRC) official told legislators Tuesday.     That amount is part of a planned total of 367.6 billion yuan in the 2009 central budget.     Adding another 30 billion yuan from last year's budget meant that the country had already allocated 300 billion yuan to infrastructure investment since the fourth quarter of last year, NDRC vice director Mu Hong told legislators.     The NDRC is China's top economic planning body.     Mu made his comments during a session on major public investment projects held by the Standing Committee of the National People's Congress, the top legislature.     The money is also part of the 4-trillion-yuan, two-year stimulus plan announced late last year as the economic downturn deepened.

BEIJING, June 8 (Xinhua) -- The new alliance between Rio Tinto and BHP Billiton Ltd. might lead to a monopoly operation and China should be prepared for anti-monopoly measures, warned an expert.     Mei Xinyu, an economist with the Ministry of Commerce (MOC), told Xinhua Monday that China should closely watch the joint venture process of the two mining giants and be ready to work with other countries to curb market manipulation when necessary, with the help of the anti-monopoly law.     Rio Tinto scrapped the proposed 19.5 billion U.S. dollars of investment by Aluminum Corp. of China, or Chinalco, on Friday.     The company announced a cooperative venture with BHP Billiton, which would pay Rio Tinto 5.8 billion U.S. dollars to set up a joint venture to run the iron ore resources of both companies in west Australia.     It was "something other than economic concern", said Zhang Yansheng, director of the Institute of Foreign Trade of the National Development and Reform Commission.     Almost half of China's iron ore needed to be imported, more than half of which was imported from Rio Tinto and BHP Billiton, according to Shan of CISA.     Colin Barnett, premier of Western Australia, told Australian media last Friday China was not on the list of approvals that the two companies needed to obtain.     Internationally they would need the approval of the European Union and possibly the U.S. Justice Department, apart from investigations at nation and state level, he said.     Also, Zhang Junsheng, director of the WTO Research Institute at the University of International Business and Economics in Beijing, said China might not have a say on the issue, as neither Rio Tintoor BHP Billiton had an affiliated company in China.

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NANJING, April 23 (Xinhua) -- Chinese Vice President Xi Jinping urged Communist Party leaders Thursday to cultivate fine work styles and keep in close contact with the people.     Leaders should be able to endure loneliness, content to live a simple lifestyle, resist temptation and stand up to tests, he said during a conference on studying and implementing the scientific concept of development held in the coastal province of Jiangsu.     Government leaders should promote a hard-working style and put limited funds and natural resources to the best use, said Xi, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee.     He asked officials to carry out investigations and studies of actual situations, pay visits to the grassroots levels and go down to the people.     The people's requests should serve as the fundamental basis for government decisions, and leaders should put those issues that are in the fundamental and most practical interests of the people at the top of their agenda, he said.     Leaders should take a correct attitude towards their personal gains or losses, and should not be preoccupied with respectability and material values, said Xi.

XI'AN, June 13 (Xinhua) -- Chinese archaeologists started a new excavation of the famous terracotta army site Saturday, hoping to find more clay figures and unravel some of the mysteries left behind by the "First Emperor."     It was the third excavation in the pit -- the first and largest of three pits at the site near Xi'an, capital of northwestern Shaanxi Province -- since 1974 when the terracotta army was discovered by peasants digging a well. Archaeologists work at the excavation site of No. 1 pit of the Terra-cotta Warriors and Horses of Emperor Qin Shihuang, in Xi'an, capital of northwest China's Shaanxi Province, June 13, 2009. Archeologists began the third large-scale excavation of the Terra-cotta Warriors on June 13, China's fourth Cultural Heritage Day, after a halt of over 20 years.FIRST DAY: "BETTER THAN THOUGHT"     The new dig began at 1 p.m. Saturday, which marks the country's fourth Cultural Heritage Day, and it lasted about five hours on the first day.     "The most important discovery today is two four-horse chariots that are standing in tandem very closely," said Cao Wei, deputy curator of the Qinshihuang Terracotta Warriors and Horses Museum.     "It is the first time for us to find such an existence in the excavation history," Cao said. Photo taken on June 13, 2009 shows the excavation site of No. 1 pit of the Terra-cotta Warriors and Horses of Emperor Qin Shihuang, in Xi'an, capital of northwest China's Shaanxi Province.In addition, another important discovery was that a few newly-unearthed terracotta warriors were richly colored. Archaeologists soon used plastic sheets to cover them for protection.     Richly colored clay figures were unearthed from the mausoleum of Qinshihuang in the Qin Dynasty (221 B.C.- 207 B.C.), the first emperor of a united China, in previous excavations, but once they were exposed to the air they began to lose their luster and turn an oxidized grey.     "From what we have excavated today, the preservation of the cultural relics is better than thought," said Xu Weihong, head of the excavation team. Photo taken on June 13, 2009 shows the excavation site of No. 1 pit of the Terra-cotta Warriors and Horses of Emperor Qin Shihuang, in Xi'an, capital of northwest China's Shaanxi Province. "Take for instance, the discovery of the richly colored terracotta warriors gave us great confidence. I believe the future excavation will go smoothly," Xu said.     The 230 by 62-meter pit was believed to contain about 6,000 life-sized terracotta figures, more than 1,000 of which were found in previous excavations, said Wu Yongqi, museum curator.     The State Administration of Cultural Heritage has approved the museum's dig of 200 square meters of the site this year, Wu said. Archaeologists work at the excavation site of No. 1 pit of the Terra-cotta Warriors and Horses of Emperor Qin Shihuang, in Xi'an, capital of northwest China's Shaanxi Province, June 13, 2009.Also Saturday, deputy curator Cao told reporters that the state ministration has approved a five-year excavation plan submitted by the museum.     "We plan to dig about 2,000 square meters in the coming five years," Cao said.     NEW DISCOVERIES EXPECTED     Archaeologists hoped they might find a clay figure that appeared to be "in command" of the huge underground army, said Liu Zhancheng, head of the archeological team under the terracotta museum.     "We're hoping to find a clay figure that represented a high-ranking army officer, for example," he told Xinhua earlier.     Liu and his colleagues are also hoping to ascertain the success of decades of preservation efforts to keep the undiscovered terracotta figures intact and retain their original colors.     Most experts believe the pit houses a rectangular army of archers, infantrymen and charioteers that the emperor hoped would help him rule in the afterlife.     But Liu Jiusheng, a Chinese historian in Xi'an, claims it was an army of servants and bodyguards rather than warriors. His argument is still not widely accepted by other terracotta experts.     The army is still known to most Chinese people as the "terracotta warriors and horses."     The army was one of the greatest archeological finds of modern times. It was discovered in Lintong county, 35 km east of Xi'an, in 1974 by peasants who were digging a well.     The first formal excavation of the site lasted for six years from 1978 to 1984 and produced 1,087 clay figures. A second excavation, in 1985, lasted a year and was cut short for technical reasons.     The discovery, listed as a world heritage site by UNESCO in December 1987, has turned Xi'an into one of China's major tourist attractions.

BEIJING, May 3 (Xinhua) -- Premier Wen Jiabao on Sunday encouraged young Chinese students to dedicate their lives to the people and bind their own destinies with that of the nation.     Wen made the call at a symposium with some 100 students of the prestigious Tsinghua University, who have chosen to work in China's less-developed western regions or at the grassroots level after graduation.     Wen's Tsinghua tour marked his annual visit to university campuses since 2003 ahead of the Chinese Youth Day, which falls on Monday this year. Chinese Premier Wen Jiabao (2nd R) shakes hands with students of Tsinghua University, in Beijing, capital of China, May 3, 2009. Wen attended a symposium on Sunday with student representatives from Tsinghua University, who have chosen to work in the vast western regions or at the grassroots level after graduation    In more than one hour's time, Wen listened to the students' stories and gave his advices on their future development, encouraging them to "be resolute-minded, hard working and down-to-earth to achieve your goals."     Sui Shaochun, a mechanics students, said he had landed a job in an aeroplane manufacturing company in southwestern Sichuan Province and was ready to devote himself to the country's project of building its own big planes. Chinese Premier Wen Jiabao (2nd L) receives a paint gift from a student of Tsinghua University, in Beijing, capital of China, May 3, 2009. Wen attended a symposium on Sunday with student representatives from Tsinghua University, who have chosen to work in the vast western regions or at the grassroots level after graduation.Wen said the future of a young person and that of the nation were interdependent, and "the young should bind their own destinies with that of the country."     Another graduate-to-be Cheng Li told Wen she would work in Wenchuan of Sichuan, the epicenter of last year's devastating May 12 earthquake, believing the reconstruction work would be "more meaningful than anything else."     Wen said the post-quake reconstruction requires a large number of professionals and he encouraged Cheng to play her role. "The love and devotion to the people is the most lofty part of human morals," said he.     Wen praised Zou Shenglan and Yan Weilong after learning they had volunteered to work in Tibetan villages.     He told them to be prepared for the hardship in rural areas. "I believe after being tempered at the grassroots level in Tibet, you'll become more mature," he said. "And when you look back at that part of experience in the future, you'll have no regret."     "I want you all to be well-educated people with moral integrity and work ability, and be of use to the people," Wen said before concluding the discussion, followed by having lunch with the students at their dinning hall. Chinese Premier Wen Jiabao (C) inspects the CNGI project in Tsinghua University, in Beijing, capital of China, May 3, 2009. Wen attended a symposium on Sunday with student representatives from Tsinghua University, who have chosen to work in the vast western regions or at the grassroots level after graduation

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BEIJING, May 26 (Xinhua) -- China's central government has allocated 270 billion yuan (about 39.7 billion U.S. dollars) for infrastructure investment so far this year, a National Development and Reform Commission (NDRC) official told legislators Tuesday.     That amount is part of a planned total of 367.6 billion yuan in the 2009 central budget.     Adding another 30 billion yuan from last year's budget meant that the country had already allocated 300 billion yuan to infrastructure investment since the fourth quarter of last year, NDRC vice director Mu Hong told legislators.     The NDRC is China's top economic planning body.     Mu made his comments during a session on major public investment projects held by the Standing Committee of the National People's Congress, the top legislature.     The money is also part of the 4-trillion-yuan, two-year stimulus plan announced late last year as the economic downturn deepened.

TASHKENT, June 28 (Xinhua) -- Visiting Chinese Vice Premier Li Keqiang said on Sunday that China is willing to expand cooperation with Uzbekistan on wide-ranging issues while meeting with Uzbek President Islam Karimov.     "Uzbekistan, as a country with important influence in central Asia, plays a major role in regional affairs, and developing a friendly partnership with Uzbekistan is one of the priorities of China's foreign policy," said Li.     "China is willing to work together with Uzbekistan to constantly solidify the friendship and political trust between the two countries, make efforts to expand pragmatic bilateral cooperation in all fields, and increase exchanges in culture, education, health and sports," he added. Chinese Vice Premier Li Keqiang (R) meets with Uzbekistan's President Islam Karimov in Tashkent June 28, 2009.    China also aims to enhance coordination and cooperation with Uzbekistan within multi-lateral frameworks like the United Nations and the Shanghai Cooperation Organization, said the Chinese official.     Li said China is thankful to Uzbekistan for its support on issues that were deemed critical to China's core interests and on other major issues and promised China will continue to support Uzbekistan for its efforts to defend national independence and sovereignty, develop its economy and safeguard its national security and stability.     On the global financial crisis, Li pointed out China has taken appropriate fiscal and monetary measures to spur economic growth and the Chinese economy is stabilizing.     He noted bilateral trade between China and Uzbekistan is still growing rapidly despite the financial crisis and suggested the two sides increase exchanges on government policies to help each other deal with the crisis.     Top leaders and senior officials of China and Uzbekistan have met on a regular basis in recent years. Chinese Vice Premier Li Keqiang (2nd R Front), accompanied by Uzbekistan's Deputy Prime Minister Ergash Shaismatov (1st R Front), visits Chkalov plane manufactory in Tashkent June 28, 2009. Chinese President Hu Jintao met with Karimov at the sidelines of the Shanghai Cooperation Organization summit held in the Russian city of Yekaterinburg earlier this month. The two also met during the 2008 Summer Olympic Games in Beijing.     Meanwhile, Chinese Premier Wen Jiabao paid his first official visit to Uzbekistan in November 2007 after attending a meeting of the prime ministers of the Shanghai Cooperation Organization countries held in the Uzbek capital Tashkent.     Karimov said he treated Li's visit to his country is another example of the close relations between the leaders of the two countries.     He said Uzbekistan values its relationship with China, admires China for its development.     He also expressed deep thanks to China for its longtime support and help.     The Uzbek president then outlined new areas for further cooperation between Uzbekistan and China.     "Uzbekistan and China have made major progress on bilateral economic and trade cooperation, but there is much potential for further developing and deepening that cooperation," he said.     He suggested the two countries explore new ways of cooperation, map out a medium and long-term framework for cooperation and enhance bilateral economic and trade cooperation in an all-around way through effective mechanism and joint projects of strategic importance.     He said Uzbekistan will continue to support China's position on issues related to Taiwan, Tibet and human rights and will work together with China to promote regional peace and stability.     Li arrived in Tashkent on Saturday for a three-day official visit to Uzbekistan. Uzbekistan is the last leg of his three-nation foreign tour which has already taken him to Turkmenistan and Finland. Chinese Vice Premier Li Keqiang (1st R) meets with Uzbekistan's President Islam Karimov (1st L) in Tashkent June 28, 2009

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BEIJING, July 4 (Xinhua) -- Former Chinese Vice Premier Zeng Peiyan on Saturday called for the whole world to work together to seek reforms in financial supervision, boost economic restructuring and build a green economy.     The present financial crisis has revealed deep-rooted structural imbalance within the traditional economy and developing pattern, and the world should focus on solving such issues in the post-crisis era, he told Xinhua during an exclusive interview at the Global Think Tank Summit.     The international community should jointly improve the global financial supervision system with generally-accepted regulatory standards to monitor and intervene on possible systematic risks as early as possible, Zeng said.     The international currency system should be reformed into a steady, foreseeable and diversified one, and it is necessary to set supervision on the financial stability of nations of major reserve currencies, he told Xinhua.     It would take a long time to carry out the global economic restructuring and solve the imbalances between consumption and savings, he said, adding that such a move needs efforts from both developed countries and developing ones.     Zeng called on developed countries to help developing countries by improving their external environment for economic development, as developing countries have already become the biggest victims of the present crisis.     Zeng also called for more international cooperation in building a green economy, as developing countries need technical and financial support from developed countries to avoid wasting resources and destroying the environment while seeking economic revival.     The summit, which concluded on Saturday, is organized by the China Center for International Economic Exchanges (CCIEE), a non-governmental research and consulting organization created this March, with Zeng as its director.     The three-day summit had attracted over 900 scholars, experts and business leaders from all over the world, including former President of the European Commission Romano Prodi and former Secretary of State of the United States Henry Kissinger

BEIJING, June 3 (Xinhua) -- Chinese Premier Wen Jiabao on Wednesday raised a four-point proposal to boost collaboration with Malaysia so as to jointly tackle the global financial crisis.     China and Malaysia should insist on the Five Principles of Peaceful Co-existence, take each other's concern into consideration and achieve common development, Wen said to visiting Malaysian Prime Minister Najib Tun Razak during their meeting at the Great Hall of the People.     Wen raised a four-point proposal for further cooperation between the two countries, which included promoting trade diversification, enhancing mutual investment, deepening financial cooperation and safeguarding financial stability, and strengthening coordination on regional affairs. Visiting Malaysian Prime Minister Najib Tun Razak (front, L) receives a special gift, a photo of his late father and China's late Premier Zhou Enlai when the two established diplomatic ties between China and Malaysia in 1974, from Chinese Premier Wen Jiabao (front, R), in Beijing, capital of China, June 3, 2009.     Malaysia has become China's largest trade partner among members of the Association of Southeast Asian Nations (ASEAN). Trade between the two countries reached 39.06 billion U.S. dollars in 2008, up 10.3 percent year on year.     This year marks the 35th anniversary of the establishment of diplomatic relations between China and Malaysia. Wen said that China is ready to work with Malaysia to take this opportunity to promote their relations.     Malaysia was the first ASEAN member country to forge diplomatic relations with China 35 years ago under then Prime Minister Tun Abdul Razak, Najib's late father.     Najib said it is his honor of choose China as the first non-ASEAN destination since he took office in April. "This shows that Malaysia attaches great importance to the development of Malaysia-China relations."     Najib noted that his visit is aimed at further accelerating the development of the bilateral ties and strengthening cooperation.     Najib said he agree with Wen's proposal on advancing Malaysia-China relations, saying Malaysia, on the basis of reciprocity and mutual benefit, is ready to enhance cooperation with China in the fields of economy, finance, resources, energy and infrastructure construction.     After the meeting, the two leaders witnessed the signing of bilateral agreements on cooperation.     Najib received a special gift from the Chinese side: a photo of his late father and Chinese Premier Zhou Enlai when the two established diplomatic ties between China and Malaysia in 1974.     Najib received an honorary doctorate in international relations from the Beijing Foreign Studies University at the opening ceremony of an international seminar on the dialogue between Chinese and Malaysian civilizations here Wednesday.