BRUSSELS, Nov. 29 (Xinhua) — It is safe for European parents to buy Chinese-made toys for Christmas despite a spate of recall dramas involving Chinese products earlier this year, head of the European Union (EU) toy industry said.

    Xinhua correspondents interviewed Bryan Ellis, chairman of Toy Industries Europe, at a time when there are widespread fears of low consumer confidence in Chinese-made toys in the run-up to the Christmas selling season after more than 20 million Chinese-made toys were recalled in the last four months for their allegedly excessive lead paint and unsafe magnets.

    ”My view is that if you buy good brands and from reputable retailers, it is safe to buy Chinese products as it is to buy any other products,” said Ellis, whose institution includes global leading toy makers Mattel, Hasbro and Hornby.

    Ellis said after the massive recalls, the EU toy industry still holds confidence in Chinese manufacturers due to their long-time cooperation and the Chinese manufacturers’ expertise.

    ”Most people in the toy industry have a good confidence in Chinese manufacturers. We build expertise in this area for more than twenty years,” he said, adding that as far as he knew, no EU companies have ever cancelled orders due to the recalls.

    China is now the world’s largest toy producer, but most of its products are outsourced by foreign brand owners. It exported 22 billion toys last year, about 60 percent of the world’s total and roughly 75 percent of the toys sold in Europe are made in China, Ellis said.

    As a frequent visitor to Hong Kong in the past 20 years working for various toy retailers, Ellis said he has been doing business with Chinese manufacturers for a long time, which gives him enormous confidence in their expertise.

    ”In fact, probably because of the expertise Chinese manufacturers get, it is safer to buy Chinese products than any other products,” he added.

    The EU toy industry chief also appeared largely optimistic about the sales ahead.

    ”The evidence of sales around Europe still shows a strong trend,” he said, adding that “I won’t be surprised if sales in Europe goes up by five percent this year,” a reasonable increase compared to the past years.

    HONG KONG, Nov. 29 (Xinhua) — 24 building plans were approved in Hong Kong in October, with eight on Hong Kong Island, four in Kowloon and 12 in the New Territories, Hong Kong Buildings Department said on Thursday.

    Of the approved plans, 10 were for apartment and apartment/ commercial developments, four for commercial, one for factory and industrial and nine for community services, the department said.

    Consent was given for work to start on 19 building projects that, when completed, will provide 120,436 square meters of gross floor area for domestic use, involving 1,495 units, and 56,155 square meters of gross floor area for non-domestic use.

    The department has received notification of commencement of work for 19 building projects.

    The department also issued 15 occupation permits — seven on Hong Kong Island, four in Kowloon and four in the New Territories. ¡¡

    Of the buildings certified for occupation, the gross floor areas for domestic use were 145,181 square meters, involving 2,333 units, and 59,398 square meters for non-domestic use.

    According to the figure released by the department, the declared cost of the new buildings completed in October totaled about 2 billion Hong Kong dollars (257.10 million U.S. dollars).

    HONG KONG, Nov. 29 (Xinhua) — Strong gains in property companies after U.S. shares jumped overnight on rising hopes of another interest rate cut in December led Hong Kong’s benchmark index sharply higher Thursday.

    The benchmark Hang Seng Index rose 1,111.30 points, or 4.06 percent, to 28,482.54 after trading between 28,114.68 and 28,667. 27 during the session.

    H-share index, which reflected the performance of state-owned companies registered in the Chinese mainland, rose 607.36 points, or 3.18 percent, to 19,677.67.

    Turnover rose to 146.59 billion HK dollars (18.84 billion U.S. dollars) from Wednesday’s 104.13 billion HK dollars (13.39 billion U.S. dollars).

    But analysts said the local market is likely to remain volatile in the short term and may consolidate as many shares are overpriced at current valuations.

    Overnight in the U.S., Federal Reserve Board Vice Chairman Donald Kohn said credit conditions had deteriorated again in previous weeks, and suggested the Fed could step in to bolster the economy. The market interpreted the remarks as the Fed may be more inclined to cut rates at its next policy meeting Dec. 11. The Dow Jones Industrial Average rose 2.6 percent, or 331 points, Wednesday to 13,289, representing its biggest points gain since Oct. 2002.

    Most Hong Kong blue chips ended in positive territory, led by property developers. The property sub-index jumped 5.4 percent.

    Sino Land, the best-performing Hang Seng Index constituent, rose 11 percent to 27.45 Hong Kong dollars, Hang Lung Properties gained 7.7 percent to 34.40 Hong Kong dollars and Henderson Land ended 6.8 percent higher at 68.45 Hong Kong dollars.

    China Mobile, the blue chip with the largest capitalization in the local market, rose 4.2 percent to 140.10 Hong Kong dollars.

    Ping An Insurance gained 6.7 percent to 83.20 Hong Kong dollars.

    The finance sub-index surged 1,235.10 points or 3.12 percent to40,839.18.

    The properties sub-index soared 1,936.55 points or 5.41 percent at 37,752.44.

    The commerce and industry sub-index went up 776.36 points or 4.77 percent to 17,064.97.

    The utilities sub-index rose 1,287.36 points or 3.35 percent at39,723.19.

    BEIJING, Nov. 29 (Xinhua) — Novice investors have had their confidence shaken by recent stock market declines in China, with more than 80 percent telling pollsters that they planned to pull out some or all of the money they put into funds near the market’s peak just six weeks ago.

    Up to 36 percent of 1,000 fund investors surveyed in Beijing, Shanghai, Guangzhou, Wuhan and Chongqing said they lost money when the market fell more than 20 percent from its record high in mid-October.

    The benchmark Shanghai Composite Index dropped to 4,803.39 points on Wednesday from its record high of 6,124.04 points on Oct. 16. The survey was taken before Thursday’s reversal, which saw the key Shanghai index gain 199.94 points to close at 5,003.33.

    Taking Thursday’s gain into account, the index has actually risen 87 percent so far this year.

    The 36 percent had bought funds at or near market highs, before the correction, according to the survey conducted by the Social Survey Institute of China.

    A total of 51 percent of those surveyed said they would liquidate all of their investments, while 36 percent said they would reduce their equity holdings. Only 13 percent said they planned to remain invested for the long term in anticipation of making a profit.

    Many Chinese have recently shifted money into the stock market and out of bank accounts, where real interest rates are negative.

    However, the survey found that many of these new investors apparently did not make their stock-purchase decisions on a rational basis. It shows that 57 percent of the interviewees were first-time investors and only 10 percent had more than two years’ experience in portfolio investments.

    BEIJING, Nov. 29 (Xinhua) — China on Thursday congratulated Pakistani President Pervez Musharraf on winning the presidential election again.

    Foreign Ministry spokesman Liu Jianchao told a regular press briefing China hopes Pakistan would continue to maintain social stability and economic development under the leadership of Musharraf.

    Musharraf took oath as a civilian president for a five-year term at a ceremony in Islamabad Thursday, one day after he gave up the post of army chief.

Special Report: The sixth round of six-party talks

    BEIJING, Nov. 29 (Xinhua) — Chinese Foreign Ministry spokesman Liu Jianchao on Thursday said China is glad to see the smooth proceeding of nuclear facilities disablement in the Democratic People’s Republic of Korea (DPRK).

    ”Work on disablement of nuclear facilities is proceeding smoothly and China is happy to see it,” Liu told a regular press briefing.

    Representatives of concerned parties had been sent to Yongbyon in the DPRK to investigate the implementation of nuclear facilities disablement from Nov. 27 to 29.

    Liu said all parties believe that the fact-finding mission is conducive to push forward the disablement process.

    On the date of the next meeting, the spokesman said the date has not yet been decided and all parties is making consultation on this issue.

    The DPRK agreed to disable all existing nuclear facilities by the end of this year, according to a joint document released on Oct. 3 when the second phase of the sixth round of six-party talks ended in Beijing.

    The six-party talks involve China, the DPRK, the United States, Republic of Korean (ROK), Japan and Russia.