Beijing Today (June 1, 2001)

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Exploring the Wild Great Wall Page 16

FRIDAY JUNE 1 2001

NO. 4

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He hopes to go sightseeing around China, something he had no time to do during previous state visits Former Russian President Boris Yeltsin said Monday that Russian-Chinese cooperation is developing successfully at the moment. “I am glad to say that my friend, Chinese leader Jiang emin and I unfroze relations between our countries. This cooperation is now successfully developing under the guidance of Vladimir Putin and Jiang emin,” Yeltsin told the Russian ORT television channel arriving in Beijing for a holiday at the invitation of President Jiang. He saw President Jiang on Monday in a governmental residence. Yeltsin, accompanied by wife aina and daughter Tatiana, were staying at the Diaoyutai State Guest house in Beijing. Yeltsin said he hopes to go sightseeing around China, something he had no time to do during previous state visits. He planned to travel to Dalian. Yeltsin, “Lao Ye” in Chinese, will also undergo a 12-day health regimen in China, using traditional Chinese medical methodologies. Xinhua

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Ups and downs of life

Return of an Ancient Warrior Page 8

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B-Share Markets Set to Boom? lysts s y the o e i he lthie sh e ets

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Many international companies have set up their own research and development centers in Beijing

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Photo by hen Shuyi

Today, June 1, the countdown ends at China’s B-share markets. The ignition turns this morning as foreign currency savings deposited after Feb. 19 become available for B-share trading. Most analysts predict a B-share blast-off. The China Securities Regulatory Commission had announced on Feb. 19 that domestic residents were allowed to open B-share accounts and engage in B-share trading with legally held foreign currencies. But that only applied to Chinese foreign-currency savings before Feb. 19. The rest of China with foreign currency in their pockets would have to wait. The B-share market had been previously reserved for foreign investors only. Expectations of today’s soaring B-share markets have already fueled the markets, with lectures, seminars and consultations opening in the market and advertised in professional newspapers, magazines. China’s central bank, the People’s Bank of China, has already cut the interest rates on foreign currencies five times this year. This is believed to be driving a total of $100 billion-plus private foreign currency of the country towards the simmering B-share market. Analysts prefer to remain upbeat, taking a conservative but optimistic attitude towards Bshare market development after June 1. The opening up of the markets, they say, is a positive step for creating healthier B-share markets. “B-share markets are the latest places where investors can hope to double their gains from investment,” said economist Xiao Zhuoji. “But the expectation for a rapid soaring Bshare market is not realistic at all. In the foreseeable future, parallel links between the prices of the A-share markets and B-share markets are quite possible. But a merger of the two markets is unrealistic.” Four basic factors, says Xiao, will determine the development of China’s B-share markets. First, the further opening of the B-share markets is inevitable and will affect the growth of the markets from time to time. Second, the familiar fluctuations between Ashare markets and B-share markets will continue in the near future. Third, there are unpredictable factors influencing the B-share markets, including the volatile conversion rates and savings deposit interest rates for foreign currencies, different investment principals and investment mechanisms for foreign and domestic investors. Fourth, the limited investment channels and resources for foreign currencies within the country will also constrain a rapid and soaring growth in the B-share markets.

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Forbidden City prepares for Three Tenors By Su Nan

Photo by hen Shuyi

EDITOR: LIU FENG DESIGNER: PANG LEI

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By Zhao Hongyi

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Beijing Mayor Liu i said Monday that the city is expecting more multinationals to set up research and development centers in Beijing. The mayor said this at a meeting with Okamura Tadashi, president of Japanese Toshiba and his party. Liu said that international companies have set up their own research and development centers in the Chinese capital for further cooperation and business advancement. Beijing is speeding up the development of its new and high-tech industries, which contributed to a large proportion of the city’s 11 percent economic growth rate last year. Okamura said the company is planning to promote its Beijing lab, founded last April, to be one of the overseas technical centers following those in the nited ingdom and the nited States. Toshiba has set up 20 joint ventures and wholly-owned enterprises in China since 1991, with a total investment of 6 billion yuan ( 2 million S dollars) and more than 10,000 employees. Xinhua

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Tourists can still visit the Forbidden City even as China’s largest stage is constructed ready for the Three Tenors and a record of 0,000 concertgoers. Chen Junqi, Forbidden City museum director assured reporters each and every brick of the World Heritage site will be protected when Luciano Pavarotti, Placido Domingo and Jose Carreras perform at the Meridian Gate Square on Saturday, June 2 . Twenty-four hours a day for one week, museum authorities will watch over the

entire process of construction to ensure the former imperial palace remains undamaged despite the throng. Metal equipment will not be allowed to come into contact with the ground, meaning most of the auditorium will be paved with wooden tiles, although some carpeting will be rolled out for the various VIPs. The nearly 00 square-meter stage area, 8 meters wide, will be the largest in the country’s history so far, according to incomplete statistics. It includes a performance area, lighting, backstage makeup room, office and dining room.

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