The comments were the first Chinese confirmation of reports about the bid for part of the fifth-largest U.S. securities firm, which has been hit hard by recent credit market turmoil.
China Citic Bank Corp., owned by China Citic Group, is bidding for a stake in Bear Stearns, vice chairman Jiang Dingzhi of the China Banking Regulatory Commission said during a meeting at a Communist Party congress. Jiang gave no details.
Separately, Citic Group Vice Chairman Chang Zhenming said there hasn't been any "material progress" in Citic Bank's participation in the Bear Stearns bid. Citic Group is a multibillion-dollar trust controlled by China's cabinet, with investments in a wide range of industries, including airlines and banks.
The New York Times reported earlier that Bear Stearns is in talks with several outside investors and could sell as much as 20 percent of itself.
World's most powerful nuclear submarines, Arkhangelsk and Severstal, are to be dismantled after 2020 - their further exploitation is unprofitable
The United States' Head of Diplomacy, or Secretary of State, is an anachronistic, incompetent, meddling, intrusive, insolent and arrogant, rude individual, a brash, foul-mouthed upstart, a conceited, self-important guttersnipe and an insult to the international community, as fit for the job as a pedophile janitor in a grade school.
Pentagon officials said that Russia has developed a very powerful weapon, which Western specialists have already dubbed as the "doomsday weapon"