介绍:
Alibaba's Ma expresses 'regret' over counterfeits lawsuit
Alibaba founder Jack Ma on Tuesday defended his company's stance against counterfeit goods and expressed regret for the recent allegations leveled against it.
Jack Ma said his company cooperates with brand owners to fight counterfeiting and has a large staff dedicated to this end.
"We express our regret at the fact that the company chose to sue us instead of seeking to work with us to jointly combat counterfeit goods."
A lawsuit filed by France's Kering SA on Friday in a U.S. court accuses Alibaba of cooperating with and profiting from sales of counterfeit goods despite its pledges to help stamp out the trade.
Ma complained the lawsuit was "creating internal conflict" rather than cooperation to fight a "common enemy."
Ma also said Alibaba was interested in investing in U.S. tech companies.
He confirmed that his firm is in talks with Apple Inc over an electronic payments system.
Jack Ma was in Seoul for a launching ceremony of Alibaba's first online country pavilion dubbed the "South Korea Pavilion."
This provides Chinese consumers with one-stop shopping for Korean products, along with travel and cultural information.
China Gives Nod to $40 bn of Six Infrastructure Projects
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China's top economic regulator has approved the construction of six railways projected to cost some 250 billion yuan, around 41 billion U.S. dollars, in a move it hopes will help stabilize economic growth.
CRI's Tu Yun has more.
Reporter:
The National Development and Reform Commission said it had approved six railway projects, including four new high-speed lines in eastern provinces of Shandong and Jiangsu, and in northeastern province of Liaoning.
Luo Guosan, deputy director of the investment department of NDRC, says the move is an addition and adjustment to the country's major infrastructure construction plan.
"We will continuously improve the infrastructure construction according to the actual needs and bring some qualified projects into the plan. NDRC has been working with relevant government departments, local authorities and enterprises recently."
According to NDRC, two urban rail transits in the cities of Chengdu and Nanning are also in the plan.
Statistics released by China Railway Corporation shows the company's fixed assets investment has reached 132 billion yuan, a 22% increase year-on-year.
Qu Hongbin, HSBC's Chief Economist for Greater China, says compared with property and industrial investments, infrastructure investment has a better performance in boosting the economy.
"In terms of investment, industrial investment continued to slow down due to a short of orders in a deflationary environment. Infrastructure is a highlight to support the economic growth."
The economist reckons more money should be put into this sector.
"China should put more investment in its infrastructure to stabilize the economic growth. Only by this way the overall investment and economy can remain in a right pace."
Last year, the NDRC approved projects worth 34 billion yuan for transportation infrastructure including railways, roads, airports and waterways.
For CRI, I'm Tu Yun.
China's yuan strengthens to 15-month high against USD
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The renminbi has hit its highest level in some 15 months against the U.S. dollar.
The rise in the value of the Chinese currency is due largely to the depreciation of the US dollar.
Currency traders have been avoiding the greenback amid lingering questions about when the US Federal Reserve will raise interest rates.
The renminbi is currently trading at 6.11 to the US dollar.
For more on where currencies are headed, CRI's Paul James spoke with Gao Shang, analyst with Guantong Futures.
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That was Gao Shang, analyst with Guantong Futures, speaking with CRI's Paul James.
Overseas investors' rights protected in Shanghai-Hong Kong stock link
China's securities regulator on Monday vowed to protect overseas investors' shareholding rights on the mainland in the Shanghai-Hong Kong Stock Connect.
Shares acquired by investors through the Northbound Trading Link are to be registered under Hong Kong Securities Clearing Company.
Meanwhile, investors are legally entitled to the rights and benefits of shares acquired through the Northbound Trading Link.
Overseas shareholders can also take legal action directly in courts on the mainland.
The Shanghai-Hong Kong Stock Connect was launched in November last year, allowing overseas investors to trade Shanghai shares via Hong Kong Exchanges & Clearing.
Direct flights to link Nanjing, L.A.
Direct flights between Nanjing and Los Angeles will start operation on June 30.
Nanjing is the capital of east China's Jiangsu Province.
It will be the first direct flight linking the city with North America.
According to the airline company, the round trip flights will depart Nanjing on every Tuesday, Thursday and Saturday, and return on the next day.
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