China-Japan cooperation may well set a good example for countries with different social systems, said Wang Chen, director of the State Council Information Office of China, at the Fourth Beijing-Tokyo Forum on Tuesday.
In a keynote speech at the plenary meeting, Wang said that there are important bases and favorable environments for the long-term development of bilateral friendly relations.
For China-Japan friendship, geographical proximity is the natural link, political mutual trust serves as an important basis, mutually beneficial cooperation the economic basis and long-term people-to-people exchanges the important bridge, said Wang.
This year marks the 30th anniversary of the launch of China's reform and opening-up, he said, adding that China has made world-acknowledged outstanding achievements in its development in the past 30 years.
Wang said that China's development, characterized by its peace, openness, cooperation and harmony, offers a brighter prospect for the development of both nations.
The current world is undergoing profound changes, he said. And China is willing to work with Japan to actively participate in international cooperation in various areas, jointly promote world peace and achieve common development of the human race.
The two sides need to deepen mutual understanding in a bid to continuously promote the sound development of bilateral ties, said Wang, expressing his belief that with goodwill as well as cooperative attitude aimed at win-win results and sincerity for frank exchanges of views, the friendly relations between the two nations are sure to be continuously cemented.
Prior to Wang's speech at the meeting, Japanese Foreign Minister Masahiko Komura and Chinese Ambassador to Japan Cui Tiankai, on behalf of their respective governments, advocated joint efforts to push forward the Japan-China relations and conveyed good wishes for their further advance.
The Four Beijing-Tokyo Forum opened with a dinner party late Monday. In their speeches at the party, Hiroya Masuda, Japanese Minister of Internal Affairs and Communications, and Wang Chen lauded the role the forum has played in the development of bilateral ties and wished it a success.
Present at the three-day forum are more than 100 personages from various circles of both countries.
Later Tuesday the forum will have group discussions in terms of their respective subjects.
The annual forum, co-sponsored by China Daily and the non-profit Japanese organization Genron NPO, is held alternately in Beijing and Tokyo. The first Tokyo-Beijing Form took place in Beijing in August 2005.
Source: Xinhua
Tuesday, September 16, 2008
Chinese premier eyes new economic relations with Bangladesh
Chinese Premier, Wen Jiabao, said the country is ready to push for more mutually beneficial relations with Bangladesh.
Wen made the remark when holding talks with Fakhruddin Ahmed, Chief Advisor of Bangladeshi Caretaker Government in the Great Hall of the People in Beijing Tuesday morning.
During their talks, Wen said China and Bangladesh had seen smooth development of bilateral relations since establishing diplomatic ties 33 years ago.
Wen added China is ready to continue to adopt new measures for development of bilateral trade and economic cooperation.
Fakhruddin thanked China for its long-term economic partnership, saying he hoped for even closer cooperation to expand trade.
After the talks, Wen and Fakhruddin attended a signing ceremony of several documents dealing with cooperation between the two countries.
Fakhruddin arrived here Monday, starting a four-day visit at the invitation of the Chinese government. He will attend the closing ceremony of the Beijing 2008 Paralympic Games Wednesday.
Source: Xinhua
Wen made the remark when holding talks with Fakhruddin Ahmed, Chief Advisor of Bangladeshi Caretaker Government in the Great Hall of the People in Beijing Tuesday morning.
During their talks, Wen said China and Bangladesh had seen smooth development of bilateral relations since establishing diplomatic ties 33 years ago.
Wen added China is ready to continue to adopt new measures for development of bilateral trade and economic cooperation.
Fakhruddin thanked China for its long-term economic partnership, saying he hoped for even closer cooperation to expand trade.
After the talks, Wen and Fakhruddin attended a signing ceremony of several documents dealing with cooperation between the two countries.
Fakhruddin arrived here Monday, starting a four-day visit at the invitation of the Chinese government. He will attend the closing ceremony of the Beijing 2008 Paralympic Games Wednesday.
Source: Xinhua
Samoan PM starts visit to China
Samoan Prime Minister Tuilaepa Sailele Malielegaoi arrived in Beijing Tuesday afternoon, starting his three-day visit to China.
Tuilaepa was invited by the Chinese government. He will meet top Chinese leaders and attend the closing ceremony of the Beijing 2008 Paralympic Games on Wednesday.
Source: Xinhua
Tuilaepa was invited by the Chinese government. He will meet top Chinese leaders and attend the closing ceremony of the Beijing 2008 Paralympic Games on Wednesday.
Source: Xinhua
China, Niger reaffirm close cooperation
The heads of the governments of China and Niger agreed here on Tuesday to step up friendly bilateral cooperation.
Chinese Premier Wen Jiabao held talks with Niger's Prime Minister Seyni Oumarou in the Great Hall of the People. After the meeting, they attended the signing ceremony for a bilateral agreement on economic and technological cooperation.
During the talks, Wen said since the two countries resumed diplomatic links in 1996, they have deepened political trust, supported each other on issues concerning the other party's core interests and achieved rich results in such areas as trade, the economy and culture.
Wen expressed the wish that the two countries should maintain friendly contact at various levels, strengthen communication and coordination in international affairs and expand mutually beneficial cooperation.
Oumarou said Niger is working to strengthen friendly cooperation with China. Noting that China has been a true friend and partner of Niger in the cause of building the African country's home and combating poverty, Oumarou said he hopes China will continue to support and participate in the social and economic development of Niger.
Oumarou congratulated Beijing on the success of the Olympic and Paralympic Games.
Oumarou arrived in Beijing on Tuesday for a six-day visit to China. He will attend the closing ceremony of the 2008 Paralympic Games on Wednesday.
Oumarou will also visit east China provinces such as Shandong and Zhejiang, according to sources with the Chinese Foreign Ministry.
Oumarou has been to China many times, but this is his first official visit since becoming prime minister in 2007.
Source: Xinhua
Chinese Premier Wen Jiabao held talks with Niger's Prime Minister Seyni Oumarou in the Great Hall of the People. After the meeting, they attended the signing ceremony for a bilateral agreement on economic and technological cooperation.
During the talks, Wen said since the two countries resumed diplomatic links in 1996, they have deepened political trust, supported each other on issues concerning the other party's core interests and achieved rich results in such areas as trade, the economy and culture.
Wen expressed the wish that the two countries should maintain friendly contact at various levels, strengthen communication and coordination in international affairs and expand mutually beneficial cooperation.
Oumarou said Niger is working to strengthen friendly cooperation with China. Noting that China has been a true friend and partner of Niger in the cause of building the African country's home and combating poverty, Oumarou said he hopes China will continue to support and participate in the social and economic development of Niger.
Oumarou congratulated Beijing on the success of the Olympic and Paralympic Games.
Oumarou arrived in Beijing on Tuesday for a six-day visit to China. He will attend the closing ceremony of the 2008 Paralympic Games on Wednesday.
Oumarou will also visit east China provinces such as Shandong and Zhejiang, according to sources with the Chinese Foreign Ministry.
Oumarou has been to China many times, but this is his first official visit since becoming prime minister in 2007.
Source: Xinhua
Azerbaijani speaker hails Beijing Olympic Games
Azerbaijani Parliament Speaker Oktay Asadov has congratulated China on its successful hosting of the Beijing Olympic Games in August, as well as China's achievements in its opening-up and reform process in the last three decades.
The Azerbaijani-Chinese ties made progress smoothly along with enhanced political mutual trust, close contact between the governments and parliaments and expanding cooperation in various fields, Asadov told a visiting senior official of the Communist Party of China on Tuesday in Baku.
Wang Jiarui, head of the International Department of the CPC Central Committee, said that China attaches importance to the bilateral ties and cherishes the friendship between the two countries.
China will strive to further friendly exchange and substantial cooperation with Azerbaijan, officials attending the meeting quoted him as saying.
Wang arrived in Baku on Sunday as a guest of the ruling New Azerbaijan Party.
Source: Xinhua
The Azerbaijani-Chinese ties made progress smoothly along with enhanced political mutual trust, close contact between the governments and parliaments and expanding cooperation in various fields, Asadov told a visiting senior official of the Communist Party of China on Tuesday in Baku.
Wang Jiarui, head of the International Department of the CPC Central Committee, said that China attaches importance to the bilateral ties and cherishes the friendship between the two countries.
China will strive to further friendly exchange and substantial cooperation with Azerbaijan, officials attending the meeting quoted him as saying.
Wang arrived in Baku on Sunday as a guest of the ruling New Azerbaijan Party.
Source: Xinhua
No epidemic outbreaks after fatal landslide in N China
No epidemic outbreaks have been reported since a landslide killed at least 254 people in the northern Shanxi province last week, said the head of the provincial health administration.
According to Gao Guoshun, no illnesses or food poisoning cases had been reported, as of Monday, in or around the site of the mining dump collapse.
Rescue workers work on the ruins at the key spot of the mud-rock flow in Xiangfen County, Linfen City, north China's Shanxi Province, Sept. 15, 2008.
Almost 500 medical workers and health experts have been working on epidemic prevention measures in four townships, said Feng Lizhong, a disease-control official with the administration.
The workers are helping people treat garbage, sanitize their houses and ensure water and food safety. Feng added, children and the elderly received vaccinations against infectious disease.
Gao said such measures will continue for three months.
The mud-rock flow occurred in Shanxi's Xiangfen county when a retaining wall of an unlicensed Tashan Mine crumbled on Sept. 8. Huge amounts of iron ore waste burst out, burying downstream residents along with a busy outdoor market.
Rescue workers work on the ruins at the key spot of the mud-rock flow in Xiangfen County, Linfen City, north China's Shanxi Province, Sept. 15, 2008.
As of Saturday, rescuers found 254 bodies. The State Administration of Work Safety said Tuesday, 159 bodies had been identified.
Thirty-four people remain in the hospital. Four critical patients had been upgraded to stable condition.
An initial investigation found the mine collapse was due to negligence. The waste ore dump was built in violation of regulations and it had few safety inspections. Further investigation was underway by a State Council investigation team.
In the meantime, the State Council, China's Cabinet, has ordered a nationwide safety check at similar production sites around the country to root out other potential problems.
Source:Xinhua
According to Gao Guoshun, no illnesses or food poisoning cases had been reported, as of Monday, in or around the site of the mining dump collapse.
Rescue workers work on the ruins at the key spot of the mud-rock flow in Xiangfen County, Linfen City, north China's Shanxi Province, Sept. 15, 2008.
Almost 500 medical workers and health experts have been working on epidemic prevention measures in four townships, said Feng Lizhong, a disease-control official with the administration.
The workers are helping people treat garbage, sanitize their houses and ensure water and food safety. Feng added, children and the elderly received vaccinations against infectious disease.
Gao said such measures will continue for three months.
The mud-rock flow occurred in Shanxi's Xiangfen county when a retaining wall of an unlicensed Tashan Mine crumbled on Sept. 8. Huge amounts of iron ore waste burst out, burying downstream residents along with a busy outdoor market.
Rescue workers work on the ruins at the key spot of the mud-rock flow in Xiangfen County, Linfen City, north China's Shanxi Province, Sept. 15, 2008.
As of Saturday, rescuers found 254 bodies. The State Administration of Work Safety said Tuesday, 159 bodies had been identified.
Thirty-four people remain in the hospital. Four critical patients had been upgraded to stable condition.
An initial investigation found the mine collapse was due to negligence. The waste ore dump was built in violation of regulations and it had few safety inspections. Further investigation was underway by a State Council investigation team.
In the meantime, the State Council, China's Cabinet, has ordered a nationwide safety check at similar production sites around the country to root out other potential problems.
Source:Xinhua
Death toll in fatal landslide in N China rises to 258
Rescuers retrieved four more bodies from a landslide in north China on Tuesday morning, pushing the death toll in the Sept. 8 tragedy to 258.
Three bodies were excavated from a collapsed house and the other was found in the debris outside, rescuers said.
The four were men whose identities have not yet been established.
More than 300 rescuers and more than 30 pieces of machinery were being used in the search for other possible victims in the debris in Xiangfen County, Shanxi Province. A mudflow burst hit the area on the morning of Sept. 8 after the collapse of an unlicensed iron ore dump.
A huge volume of tailings, mud and rock swamped a downstream village with more than 1,000 residents, burying people along with a busy outdoor market.
The State Administration of Work Safety said 159 bodies had been identified as of Tuesday.
Thirty-four people remained in the hospital and four patients who had been in critical condition were temporarily upgraded to stable condition.
Compensation of 200,000 yuan will be paid for each victim, and each person who was disabled by the accident will get compensation ranging from 50,000 yuan to 150,000yuan plus a monthly subsidy of 100 yuan to 300 yuan, according to disaster-relief policies released by the local government on Tuesday.
An initial investigation found the mine collapse was due to negligence. The tailings dump was built in violation of regulations and had few safety inspections. An investigation was under way by a State Council investigation team.
The Council has ordered a nationwide safety check at such sites for potential problems.
Source:Xinhua
Three bodies were excavated from a collapsed house and the other was found in the debris outside, rescuers said.
The four were men whose identities have not yet been established.
More than 300 rescuers and more than 30 pieces of machinery were being used in the search for other possible victims in the debris in Xiangfen County, Shanxi Province. A mudflow burst hit the area on the morning of Sept. 8 after the collapse of an unlicensed iron ore dump.
A huge volume of tailings, mud and rock swamped a downstream village with more than 1,000 residents, burying people along with a busy outdoor market.
The State Administration of Work Safety said 159 bodies had been identified as of Tuesday.
Thirty-four people remained in the hospital and four patients who had been in critical condition were temporarily upgraded to stable condition.
Compensation of 200,000 yuan will be paid for each victim, and each person who was disabled by the accident will get compensation ranging from 50,000 yuan to 150,000yuan plus a monthly subsidy of 100 yuan to 300 yuan, according to disaster-relief policies released by the local government on Tuesday.
An initial investigation found the mine collapse was due to negligence. The tailings dump was built in violation of regulations and had few safety inspections. An investigation was under way by a State Council investigation team.
The Council has ordered a nationwide safety check at such sites for potential problems.
Source:Xinhua
Special team to investigate fatal highway accident in SW China
China's cabinet, the State Council, on Tuesday, set up a special team to investigate a bus accident which killed 51 people in the southwest Sichuan Province.
The group, led by Liang Jiakun, deputy chief of the State Administration of Work Safety, included officials from the ministries of supervision, public security and transport. All-China Federation of Trade Unions and the Sichuan Provincial Government will also be involved.
The Supreme People's Procuratorate was also asked to be involved in the investigation.
On Saturday afternoon, a bus veered off a road, plowed through a guardrail and plunged into a 100-meter-deep valley in Nanjiang County. All 51 people aboard were killed. Most of the riders were locals from Bazhong, a city in eastern Sichuan.
Xian Guangzong, had been removed from the Communist Party of China chief of Bazhong Transport Co. Ltd, which owned the bus. Xian also had his CPC membership on the Bazhong City Communications Bureau committee taken away.
He could suffer further punishment. Calls were made to have Xian's posts as the bus company's board chairman and general manager removed. That's according to a decision by the Bazhong City CPC committee on Monday.
Both Li Zhongbin, Bazhong City's CPC chief, and Mayor Pu Bo apologized to the public through a local TV station for the fatal accident.
Source:Xinhua
The group, led by Liang Jiakun, deputy chief of the State Administration of Work Safety, included officials from the ministries of supervision, public security and transport. All-China Federation of Trade Unions and the Sichuan Provincial Government will also be involved.
The Supreme People's Procuratorate was also asked to be involved in the investigation.
On Saturday afternoon, a bus veered off a road, plowed through a guardrail and plunged into a 100-meter-deep valley in Nanjiang County. All 51 people aboard were killed. Most of the riders were locals from Bazhong, a city in eastern Sichuan.
Xian Guangzong, had been removed from the Communist Party of China chief of Bazhong Transport Co. Ltd, which owned the bus. Xian also had his CPC membership on the Bazhong City Communications Bureau committee taken away.
He could suffer further punishment. Calls were made to have Xian's posts as the bus company's board chairman and general manager removed. That's according to a decision by the Bazhong City CPC committee on Monday.
Both Li Zhongbin, Bazhong City's CPC chief, and Mayor Pu Bo apologized to the public through a local TV station for the fatal accident.
Source:Xinhua
Fujian to build the largest tea culture theme park
According to China Economic Net, Fu'an in Fujian province, known as "the hometown of Chinese tea", will build the largest tea culture theme park-China Strait Tea City.
On September 13, an official from Fu'an municipal said the second phase construction of China Strait Tea City will focus on tourism. After completion, the largest domestic tea culture theme park will contain a series of functions, including tea trading, tea processing, logistic distribution, tea cultural exposition, sight-seeing, demonstration base of tea plantation.
By People’s Daily Online
On September 13, an official from Fu'an municipal said the second phase construction of China Strait Tea City will focus on tourism. After completion, the largest domestic tea culture theme park will contain a series of functions, including tea trading, tea processing, logistic distribution, tea cultural exposition, sight-seeing, demonstration base of tea plantation.
By People’s Daily Online
Project helps disabled people in Capital Museum
Beijing Municipality is organizing activities as part of its "Seven One" project, enabling more disabled people to enjoy the spirit of the Paralympic Games. And, on Monday morning, 1000 people with disabilities embarked on a cultural trip to the Capital Museum.
A visit to a museum could normally be something of an ordeal for people with disabilities. Stairs, inconvenient toilets, scant audio guides often leave disabled visitors at a loss. And one bad museum experience could discourage any further trips, depriving this segment of the population of valuable cultural experiences.
The 1000 disabled people who visited the Capital Museum on Monday probably share similar unhappy memories. But now things have changed.
Xing Yuqiang took part in Monday's special group visit to the Capital Museum. And he says he has been able to experience a cultural trip which would normally be impossible for him.
Xing said, "There are newly-erected ramps, wheelchairs to rent and a warmer attitude. I feel much more at ease than before."
And another visitor also had positive feedback on the trip.
Zhang Yang, disabled visitor, said, "We have sign language teachers here at the Museum to interpret for us."
Beijing has one-million disabled people. And the Municipal Government has spent two million yuan installing facilities such as ramps, special seats and toilets for them.
Over 30 thousand people with disabilities are participating in the "Seven One" project every day during the Paralympics. The project features seven activities including, a visit to a tourist attraction, attending a Paralympic event, and a visit to the Olympic Park.
Beijing's initiatives have given many disabled people the opportunity to enjoy the spirit of the Paralympic Games.
Source: CCTV.com
A visit to a museum could normally be something of an ordeal for people with disabilities. Stairs, inconvenient toilets, scant audio guides often leave disabled visitors at a loss. And one bad museum experience could discourage any further trips, depriving this segment of the population of valuable cultural experiences.
The 1000 disabled people who visited the Capital Museum on Monday probably share similar unhappy memories. But now things have changed.
Xing Yuqiang took part in Monday's special group visit to the Capital Museum. And he says he has been able to experience a cultural trip which would normally be impossible for him.
Xing said, "There are newly-erected ramps, wheelchairs to rent and a warmer attitude. I feel much more at ease than before."
And another visitor also had positive feedback on the trip.
Zhang Yang, disabled visitor, said, "We have sign language teachers here at the Museum to interpret for us."
Beijing has one-million disabled people. And the Municipal Government has spent two million yuan installing facilities such as ramps, special seats and toilets for them.
Over 30 thousand people with disabilities are participating in the "Seven One" project every day during the Paralympics. The project features seven activities including, a visit to a tourist attraction, attending a Paralympic event, and a visit to the Olympic Park.
Beijing's initiatives have given many disabled people the opportunity to enjoy the spirit of the Paralympic Games.
Source: CCTV.com
Three main problems challenge modern Chinese youth's development
On Sept. 15, the forum of "30 years of reform and opening-up" was held at China Youth University for Political Sciences. Dozens of experts from universities and related research institutions discussed the influence to Chinese youth's development brought by reform and opening-up.
"Modern Chinese youth's development faces three main challenges. They are internationalized competition, diversified thoughts and the informatization shock." said Yang Yue, the standing Secretary of central Chinese Communist Youth League.
He also added that the 30 years' health growth of Chinese youth after reform and opening-up make them realize their own historical mission and put themselves into the great practice of reform and opening-up.
Reform and opening-up brings China to the international stage, brings the diversity of people's thoughts and promotes the scientific technology reformation, but at the same time, it also makes Chinese youth's development facing with the challenges of internationalized competition, diversified thoughts and informatization shock.
By People's Daily Online
"Modern Chinese youth's development faces three main challenges. They are internationalized competition, diversified thoughts and the informatization shock." said Yang Yue, the standing Secretary of central Chinese Communist Youth League.
He also added that the 30 years' health growth of Chinese youth after reform and opening-up make them realize their own historical mission and put themselves into the great practice of reform and opening-up.
Reform and opening-up brings China to the international stage, brings the diversity of people's thoughts and promotes the scientific technology reformation, but at the same time, it also makes Chinese youth's development facing with the challenges of internationalized competition, diversified thoughts and informatization shock.
By People's Daily Online
Venezuelan President to visit China
Venezuelan President Hugo Rafael Chavez Frias will pay a state visit to China from Sept. 23 to 25 at the invitation of Chinese President Hu Jintao.
Chinese Foreign Ministry spokesperson Jiang Yu made the announcement on Tuesday at a regular press conference.
Source: Xinhua
Chinese Foreign Ministry spokesperson Jiang Yu made the announcement on Tuesday at a regular press conference.
Source: Xinhua
China, India to hold fresh round of border talks
Indian National Security Advisor M. K. Narayanan will travel to Beijing for a new round of border talks with China, said the Foreign Ministry Tuesday.
"Chinese State Counselor Dai Bingguo and Narayanan will head their delegations for the two-day talks scheduled for Sept. 18 and19," Foreign Ministry spokesperson Jiang Yu said at a regular briefing.
This will be the 12th round of talks between the two sides since China and India appointed special representatives in 2003 to resolve a decades-long border issue.
Source: Xinhua
"Chinese State Counselor Dai Bingguo and Narayanan will head their delegations for the two-day talks scheduled for Sept. 18 and19," Foreign Ministry spokesperson Jiang Yu said at a regular briefing.
This will be the 12th round of talks between the two sides since China and India appointed special representatives in 2003 to resolve a decades-long border issue.
Source: Xinhua
Two more arrested in China's baby formula contamination scandal
Two more milk dealers were arrested in north China's Hebei Province late Monday for allegedly selling contaminated milk.
This brings the total number arrested to four, said Shi Guizhong, spokesman of Hebei Provincial Security Department. As of Tuesday, 22 others were detained for questioning by local police.
The newly arrested dealers were only identified by their surnames as Ma, 40, and Zhao, 43.
Ma, a native of Luquan City, ran a farm in his hometown where some 400 cows were milked to produce three tons of milk each day. According to police, he worked with wife and son.
In November 2007, Ma purchased around 200 kg of the chemical melamine. He then mixed it with fresh milk purchased from individual cow owners and resold it to Sanlu Group.
Police seized about 15 kg of melamine from Ma's home.
Also arrested was Zhao, a native of Jinzhou City. He was serving as the manager of a cow propagating business based in DaheTownship of Luquan City. Police said he bought four bags of melamine, weighing 80 kg in total, at an expense of 1,520 yuan . The chemical was mixed in milk from Zhao's company and resold to Sanlu Group.
"I have raised more than 100 head of New Zealand cows which produced strange smelling milk that Sanlu would not buy," Zhao told police during interrogation. "Someone told me if melamine is added, it will not only dispel the strange smell of the milk, but will also drive up the protein content in the milk."
Two other milk dealers had been arrested. They are brothers surnamed Geng.
The spokesman said more arrests are likely.
Police detained another man surnamed Zhao for allegedly sellingmelamine around Shijiazhuang, the provincial capital of Hebei. Police believe he worked in collaboration with another suspect surnamed Xue.
Zhao, aged 62, is a native of Xingtang County, Hebei Province. Xue has gone into hiding.
An estimated 1,253 babies developed kidney stones after drinking tainted baby formula produced by Sanlu Group, a Chinese dairy giant based in Hebei Province. Two babies died as a result.
The Health Ministry on Tuesday pledged free health care for allbabies sickened by the contaminated formula.
Source: Xinhua
This brings the total number arrested to four, said Shi Guizhong, spokesman of Hebei Provincial Security Department. As of Tuesday, 22 others were detained for questioning by local police.
The newly arrested dealers were only identified by their surnames as Ma, 40, and Zhao, 43.
Ma, a native of Luquan City, ran a farm in his hometown where some 400 cows were milked to produce three tons of milk each day. According to police, he worked with wife and son.
In November 2007, Ma purchased around 200 kg of the chemical melamine. He then mixed it with fresh milk purchased from individual cow owners and resold it to Sanlu Group.
Police seized about 15 kg of melamine from Ma's home.
Also arrested was Zhao, a native of Jinzhou City. He was serving as the manager of a cow propagating business based in DaheTownship of Luquan City. Police said he bought four bags of melamine, weighing 80 kg in total, at an expense of 1,520 yuan . The chemical was mixed in milk from Zhao's company and resold to Sanlu Group.
"I have raised more than 100 head of New Zealand cows which produced strange smelling milk that Sanlu would not buy," Zhao told police during interrogation. "Someone told me if melamine is added, it will not only dispel the strange smell of the milk, but will also drive up the protein content in the milk."
Two other milk dealers had been arrested. They are brothers surnamed Geng.
The spokesman said more arrests are likely.
Police detained another man surnamed Zhao for allegedly sellingmelamine around Shijiazhuang, the provincial capital of Hebei. Police believe he worked in collaboration with another suspect surnamed Xue.
Zhao, aged 62, is a native of Xingtang County, Hebei Province. Xue has gone into hiding.
An estimated 1,253 babies developed kidney stones after drinking tainted baby formula produced by Sanlu Group, a Chinese dairy giant based in Hebei Province. Two babies died as a result.
The Health Ministry on Tuesday pledged free health care for allbabies sickened by the contaminated formula.
Source: Xinhua
China calls for dialogue on Iran's nuclear issue
China urged relevant parties to solve Iran's nuclear problem via dialogue and negotiation Tuesday.
"China had noticed that the International Atomic Energy Agency had released a report on Iran's nuclear issue, and China appreciated IAEA's effort in solving the problem," said Foreign Ministry spokeswoman Jiang Yu at a regular press conference.
A six-page report released Monday to the 35-nation IAEA board and the U.N. Security Council said resolution of Iran's nuclear issue had arrived at a gridlock, with no substantive progress made since the last report which was submitted in May of this year.
China hopes Iran will continue cooperation with IAEA to solve the problem soon, said Jiang. She emphasized that China believes dialogue and negotiation are the only ways to come to a solution.
Source: Xinhua
"China had noticed that the International Atomic Energy Agency had released a report on Iran's nuclear issue, and China appreciated IAEA's effort in solving the problem," said Foreign Ministry spokeswoman Jiang Yu at a regular press conference.
A six-page report released Monday to the 35-nation IAEA board and the U.N. Security Council said resolution of Iran's nuclear issue had arrived at a gridlock, with no substantive progress made since the last report which was submitted in May of this year.
China hopes Iran will continue cooperation with IAEA to solve the problem soon, said Jiang. She emphasized that China believes dialogue and negotiation are the only ways to come to a solution.
Source: Xinhua
Chemical tanker of China's Hong Kong hijacked near Somali waters
The Chinese Embassy to Kenya confirmed on Tuesday that a chemical tanker of China's Hong Kong had been hijacked by pirates near Somalia's dangerous waters.
The Chinese Embassy to Kenya told Xinhua that the tanker, with 22 crew members onboard, was hijacked on Monday in the Gulf of Aden while heading for Asia.
The nationalities of the crew members are still unknown, the Chinese embassy said.
It said it was following closely the development of the incident.
It is the 12th vessel to be hijacked in the pirate-infested waterway since July 20.
Armed attacks against fishing boats, cargo ships and yachts along the Somali coast have surged over recent months. The Horn of Africa nation's coastline is considered one of the world's most dangerous stretches of water because of piracy.
Somalia is at the entrance to the Gulf of Aden, which leads to the Red Sea and the 166-kilometer Suez Canal, one of the world's most important shipping channels.
Somalia has been plagued by factional fighting between warlords and hasn't had a functioning central administration since the 1991 ouster of former dictator Mohammed Siad Barre.
Source: Xinhua
The Chinese Embassy to Kenya told Xinhua that the tanker, with 22 crew members onboard, was hijacked on Monday in the Gulf of Aden while heading for Asia.
The nationalities of the crew members are still unknown, the Chinese embassy said.
It said it was following closely the development of the incident.
It is the 12th vessel to be hijacked in the pirate-infested waterway since July 20.
Armed attacks against fishing boats, cargo ships and yachts along the Somali coast have surged over recent months. The Horn of Africa nation's coastline is considered one of the world's most dangerous stretches of water because of piracy.
Somalia is at the entrance to the Gulf of Aden, which leads to the Red Sea and the 166-kilometer Suez Canal, one of the world's most important shipping channels.
Somalia has been plagued by factional fighting between warlords and hasn't had a functioning central administration since the 1991 ouster of former dictator Mohammed Siad Barre.
Source: Xinhua
Chinese city to sound sirens marking Japanese invasion
Sirens will sound in the northeastern Chinese city of Shenyang Thursday evening to commemorate the 77th anniversary of Japan's invasion.
The municipal government will blast the sirens at 9:18 p.m. on Sept. 18 for three minutes in the capital city of Liaoning Province.
Also at that time, TV and radio programs will pause. Vehicles on nine main roads and 18 main streets, which symbolize Sept. 18, will stop and blow horns.
"That is to remind people of the national humiliation," said a government notice.
On Sept. 18, 1931, Shenyang resounded with the noise of cannons and explosions when Japanese forces attacked the barracks of Chinese troops. The move marked the beginning of a Japanese invasion and occupation that lasted 14 years.
Shenyang has sounded sirens on this date each year since 1995 and many other cites follow suit to mark the memory.
Sino-Japanese ties have warmed since 2006 after the exit of then-Prime Minister Junichiro Koizumi. He regularly made high-profile visits to the Yasukuni Shrine which honors 14 class Awar criminals in the invasion of China during World War II.
China pledged early this month to continue efforts to seek steady and long-term ties with Japan even after the resignation of Japanese Prime Minister Yasuo Fukuda. Fukuda aimed to improve the bilateral relationship since taking office in September of last year.
"We would like to make continued efforts with Japan for the long-term, healthy and steady progress of bilateral ties, which are in the fundamental interests of the two nations and their peoples," Chinese Foreign Ministry spokeswoman Jiang Yu told reporters.
Source: Xinhua
The municipal government will blast the sirens at 9:18 p.m. on Sept. 18 for three minutes in the capital city of Liaoning Province.
Also at that time, TV and radio programs will pause. Vehicles on nine main roads and 18 main streets, which symbolize Sept. 18, will stop and blow horns.
"That is to remind people of the national humiliation," said a government notice.
On Sept. 18, 1931, Shenyang resounded with the noise of cannons and explosions when Japanese forces attacked the barracks of Chinese troops. The move marked the beginning of a Japanese invasion and occupation that lasted 14 years.
Shenyang has sounded sirens on this date each year since 1995 and many other cites follow suit to mark the memory.
Sino-Japanese ties have warmed since 2006 after the exit of then-Prime Minister Junichiro Koizumi. He regularly made high-profile visits to the Yasukuni Shrine which honors 14 class Awar criminals in the invasion of China during World War II.
China pledged early this month to continue efforts to seek steady and long-term ties with Japan even after the resignation of Japanese Prime Minister Yasuo Fukuda. Fukuda aimed to improve the bilateral relationship since taking office in September of last year.
"We would like to make continued efforts with Japan for the long-term, healthy and steady progress of bilateral ties, which are in the fundamental interests of the two nations and their peoples," Chinese Foreign Ministry spokeswoman Jiang Yu told reporters.
Source: Xinhua
Wen speaks on relief, rehabilitation in China's quake-hit areas
The successful earthquake relief efforts fully proved, once again, the superiority of the socialist system, the governing capacity of the Communist Party of China and the government, the abilities of the People's Liberation Army, and the strength of the Chinese nation.
Premier Wen Jiabao made these comments at a meeting on quake rehabilitation in Sichuan Province, southwest China, early this month.
The promotion of rehabilitation and economic and social development in areas devastated by the May 12 earthquake are an "arduous and responsible task" with "far-reaching importance," said Wen, who is also member of the Standing Committee of the CPC Central Committee Political Bureau.
He called for closely uniting around the CPC Central Committee with Hu Jintao as the general secretary to achieve new victories in the rebuilding efforts.
In his lengthy speech, Wen recalled the quake relief efforts since May 12, when an 8.0-magnitude tremor shook Sichuan, Gansu and Shaanxi provinces, leaving more than 80,000 dead and missing and millions homeless.
China had achieved a major victory in quake relief and minimized losses from the disaster, Wen said.
According to the premier, rescuers dug out 84,000 survivors from the ruins, moved more than 1.486 million people to safer places and gave medical treatment to 2.96 million injured people. Another 96,000 were sent to hospitals, of whom more than 92,000 were treated and discharged.
The government has provided financial aid to 10.584 million people who had financial problems due to the quake, including 286,000 orphans, elderly and handicapped people living alone. It had resettled 15.1 million people whose houses were damaged or whose neighborhoods became dangerous due to the earthquake.
In the first three months after the quake, the government distributed 500 grams of grain and 10 yuan for every quake survivor every day in financial difficulty. In the next three months, the government will continue financial aid to these people, including 200 yuan per person and 600 yuan for those living alone every month.
The government will also pay 5,000 yuan to the families of the deceased.
The government has tried various means to provide temporary housing for survivors, ensure local schools reopen on time and safeguard stability in the quake areas, according to the premier.
Meanwhile, most of the infrastructure in the area has been repaired and restored to normal operation, including all major railways, 90 percent of the power transmission lines, all public telecommunications services, the majority of local radio and TV networks, local water conservation facilities, and 97 percent of water plants and water-supply pipelines, which had ensured the supply of drinking water.
Strenuous efforts were made to prevent or minimize geological disasters caused by the quake, such as the successful treatment of "quake lakes".
Wen said the government had set up a quake rehabilitation fund and had allocated 70 billion yuan for its use in 2008. The State Council had issued a series of financial policies for rehabilitation.
Meanwhile, the government had published a plan on the rehabilitation of 18 badly-hit counties and towns in Sichuan and quake areas in Gansu and Shaanxi provinces, with assistance of 19 provinces and municipalities.
Wen disclosed that China had received 59.27 billion yuan from domestic and overseas donors, while more than 42.85 million CPC members had donated 9.04 billion yuan for relief and rehabilitation, in the name of "special membership charges".
In his speech, the premier pledged to carry out the rehabilitation in accordance with the law and work out scientific plans for rehabilitation of the quake areas.
Shortly after the quake, the State Council issued "Provisions on Rehabilitation After the Wenchuan Earthquake". Recently, the cabinet approved a general plan and 10 specific plans for rehabilitation.
Wen praised the media for its coverage of relief efforts, which had shown the power of the Chinese people and generated strong support from the international community.
The premier went on to say that China had entered the rehabilitation phase in the quake areas, and the CPC Central Committee and the State Council had made comprehensive arrangements for rehabilitation.
The general plan for rehabilitation will soon be implemented, said Wen, who called for determination to win the hard battle of rehabilitation.
He said it would take up to three years to complete the rehabilitation program and ensure that living conditions and economic development in the region would reach or surpass pre-quake levels.
There will be homes and jobs for each household and social security for everyone, Wen said. He pledged to improve the local infrastructure and the economy and environment in the quake areas.
The government will work hard to ensure people's living conditions in the area, especially warm housing and food supply during the winter and the normal operation of local schools.
He also asked for medical and psychological aid for survivors and urged local governments to ensure public security and social stability.
On housing, Wen pledged to have those left homeless in new houses by the end of 2009. The central government will subsidize house rebuilding, he noted.
The rebuilding of houses and public utilities should be integrated with the new countryside development, while the reconstruction of historic towns and villages should be combined with the preservation of their historic style, Wen said.
He called for stepped-up efforts to rebuild public facilities and infrastructure, saying it will be a long-term job. Preference should be given to rebuilding schools and hospitals, stressing the importance of quality, to make these buildings the safest, strongest and most satisfactory to the public.
Wen highlighted the issue of employment in the quake areas, saying that to rebuild local industries was a fundamental necessity for developing the local economy, increasing employment and safeguarding social stability.
Local companies should try hard to restore their capacity and attract companies from other parts of the country to participate in the merger and reorganization of local companies, Wen said. He also urged local people to work hard to restore agricultural production and tourism.
The premier called for further efforts to prevent secondary disasters caused by the quake and further strengthen the region's capacity to fight natural disasters, by repairing damaged infrastructure and raising public awareness of disaster prevention.
Efforts should also be made to enhance disaster prevention, especially for schools and hospitals as well as transport and power networks. The building of public shelters should be included in urban and rural plans by the government.
He called for setting up more emergency rescue teams and including education on disaster prevention for students, factory workers, villages and families.
The premier also pledged to rebuild the environment and promote the coordinated development of the economy, the population and resources. The monitoring and managerial network for the environment should be rebuilt, Wen said.
Efforts should be made to handle pollutants in the quake areas, and land that was used for temporary housing or rescue programs should be returned to cultivation, according to the premier.
At the end of his speech, Wen urged local governments and relevant central government departments to implement the central policies for the rehabilitation. All the information concerned will be made transparent to the public, he stressed.
The government will compile a list of persons who were confirmed dead or listed as missing in the quake, and it will be published in the local media, according to Wen.
He urged local authorities to take responsibility for rehabilitation and ensure all work is done on time and as per requirements for quality and quantity.
He stressed the tradition of "Self-reliance and Hard Work" of the CPC and the Chinese people. He urged people to be thrifty and diligent in the rehabilitation.
All government funds will be distributed to the quake areas in time and in sufficient quantity, he said, adding that a "green channel" will be used to handle urgent matters concerning the rehabilitation.
Source: Xinhua
Premier Wen Jiabao made these comments at a meeting on quake rehabilitation in Sichuan Province, southwest China, early this month.
The promotion of rehabilitation and economic and social development in areas devastated by the May 12 earthquake are an "arduous and responsible task" with "far-reaching importance," said Wen, who is also member of the Standing Committee of the CPC Central Committee Political Bureau.
He called for closely uniting around the CPC Central Committee with Hu Jintao as the general secretary to achieve new victories in the rebuilding efforts.
In his lengthy speech, Wen recalled the quake relief efforts since May 12, when an 8.0-magnitude tremor shook Sichuan, Gansu and Shaanxi provinces, leaving more than 80,000 dead and missing and millions homeless.
China had achieved a major victory in quake relief and minimized losses from the disaster, Wen said.
According to the premier, rescuers dug out 84,000 survivors from the ruins, moved more than 1.486 million people to safer places and gave medical treatment to 2.96 million injured people. Another 96,000 were sent to hospitals, of whom more than 92,000 were treated and discharged.
The government has provided financial aid to 10.584 million people who had financial problems due to the quake, including 286,000 orphans, elderly and handicapped people living alone. It had resettled 15.1 million people whose houses were damaged or whose neighborhoods became dangerous due to the earthquake.
In the first three months after the quake, the government distributed 500 grams of grain and 10 yuan for every quake survivor every day in financial difficulty. In the next three months, the government will continue financial aid to these people, including 200 yuan per person and 600 yuan for those living alone every month.
The government will also pay 5,000 yuan to the families of the deceased.
The government has tried various means to provide temporary housing for survivors, ensure local schools reopen on time and safeguard stability in the quake areas, according to the premier.
Meanwhile, most of the infrastructure in the area has been repaired and restored to normal operation, including all major railways, 90 percent of the power transmission lines, all public telecommunications services, the majority of local radio and TV networks, local water conservation facilities, and 97 percent of water plants and water-supply pipelines, which had ensured the supply of drinking water.
Strenuous efforts were made to prevent or minimize geological disasters caused by the quake, such as the successful treatment of "quake lakes".
Wen said the government had set up a quake rehabilitation fund and had allocated 70 billion yuan for its use in 2008. The State Council had issued a series of financial policies for rehabilitation.
Meanwhile, the government had published a plan on the rehabilitation of 18 badly-hit counties and towns in Sichuan and quake areas in Gansu and Shaanxi provinces, with assistance of 19 provinces and municipalities.
Wen disclosed that China had received 59.27 billion yuan from domestic and overseas donors, while more than 42.85 million CPC members had donated 9.04 billion yuan for relief and rehabilitation, in the name of "special membership charges".
In his speech, the premier pledged to carry out the rehabilitation in accordance with the law and work out scientific plans for rehabilitation of the quake areas.
Shortly after the quake, the State Council issued "Provisions on Rehabilitation After the Wenchuan Earthquake". Recently, the cabinet approved a general plan and 10 specific plans for rehabilitation.
Wen praised the media for its coverage of relief efforts, which had shown the power of the Chinese people and generated strong support from the international community.
The premier went on to say that China had entered the rehabilitation phase in the quake areas, and the CPC Central Committee and the State Council had made comprehensive arrangements for rehabilitation.
The general plan for rehabilitation will soon be implemented, said Wen, who called for determination to win the hard battle of rehabilitation.
He said it would take up to three years to complete the rehabilitation program and ensure that living conditions and economic development in the region would reach or surpass pre-quake levels.
There will be homes and jobs for each household and social security for everyone, Wen said. He pledged to improve the local infrastructure and the economy and environment in the quake areas.
The government will work hard to ensure people's living conditions in the area, especially warm housing and food supply during the winter and the normal operation of local schools.
He also asked for medical and psychological aid for survivors and urged local governments to ensure public security and social stability.
On housing, Wen pledged to have those left homeless in new houses by the end of 2009. The central government will subsidize house rebuilding, he noted.
The rebuilding of houses and public utilities should be integrated with the new countryside development, while the reconstruction of historic towns and villages should be combined with the preservation of their historic style, Wen said.
He called for stepped-up efforts to rebuild public facilities and infrastructure, saying it will be a long-term job. Preference should be given to rebuilding schools and hospitals, stressing the importance of quality, to make these buildings the safest, strongest and most satisfactory to the public.
Wen highlighted the issue of employment in the quake areas, saying that to rebuild local industries was a fundamental necessity for developing the local economy, increasing employment and safeguarding social stability.
Local companies should try hard to restore their capacity and attract companies from other parts of the country to participate in the merger and reorganization of local companies, Wen said. He also urged local people to work hard to restore agricultural production and tourism.
The premier called for further efforts to prevent secondary disasters caused by the quake and further strengthen the region's capacity to fight natural disasters, by repairing damaged infrastructure and raising public awareness of disaster prevention.
Efforts should also be made to enhance disaster prevention, especially for schools and hospitals as well as transport and power networks. The building of public shelters should be included in urban and rural plans by the government.
He called for setting up more emergency rescue teams and including education on disaster prevention for students, factory workers, villages and families.
The premier also pledged to rebuild the environment and promote the coordinated development of the economy, the population and resources. The monitoring and managerial network for the environment should be rebuilt, Wen said.
Efforts should be made to handle pollutants in the quake areas, and land that was used for temporary housing or rescue programs should be returned to cultivation, according to the premier.
At the end of his speech, Wen urged local governments and relevant central government departments to implement the central policies for the rehabilitation. All the information concerned will be made transparent to the public, he stressed.
The government will compile a list of persons who were confirmed dead or listed as missing in the quake, and it will be published in the local media, according to Wen.
He urged local authorities to take responsibility for rehabilitation and ensure all work is done on time and as per requirements for quality and quantity.
He stressed the tradition of "Self-reliance and Hard Work" of the CPC and the Chinese people. He urged people to be thrifty and diligent in the rehabilitation.
All government funds will be distributed to the quake areas in time and in sufficient quantity, he said, adding that a "green channel" will be used to handle urgent matters concerning the rehabilitation.
Source: Xinhua
HK stocks nosedive to 23-month low amid global turmoil on Lehman Brothers
Hong Kong's benchmark Hang SengIndex plunged over 1,000 points to their lowest close in nearly 23months Tuesday, tracking U.S. and regional stock markets, amid worries of a global financial turmoil after investment bank Lehman Brothers filed for bankruptcy protection.
The benchmark Index plunged 1052.29 points, or 5.44 percent, to close at 18,300.61 Tuesday, its lowest closing level since Oct. 27,2006, when it settled at 18,297.
Turnover rose to 88.42 billion HK dollars from last Friday's 57.77 billion HK dollars . The local market closed for a three-day holiday from last Saturday to Monday.
The benchmark Index opened 1,027-point, or 5.31 percent lower at 18,325.65 Tuesday, and fell to the low of 18,019.20 in the early morning session and moved to the high of 18,538.51 in the afternoon session.
All the four major sub-indices lost ground. The commerce and industry sub-index plummeted most at 6.58 percent, followed by the finance at 5.37 percent, the properties at 3.37 percent and the utilities at 1.88 percent.
Hong Kong Exchanges and Clearing Limited, the local market operator suspending the trading right of LEH's subsidiary was down4.25 percent to 89.0 HK dollars.
Blue-chip heavyweight HSBC, which accounts for the largest weighting of the Hang Seng Index, dropped 3.4 percent to 118.00 HK dollars as the heavyweights tracked the broad weakness.
Blue-chip heavyweight China Mobile, the largest mobile phone operator in the country and the market's largest stock measured by capitalization, fell 6.1 percent to 71.65 HK dollars.
Coal miner China Shenhua plunged 11 percent to 19.42 HK dollars on concerns the slowdown in China's economy may hurt the coal demand.
China's largest offshore oil producer CNOOC fell 8.6 percent to8.56 HK dollars on falling crude oil prices. Light, sweet crude oil futures for October delivery were trading at 92.18 U.S. dollars a barrel at 0730 GMT in the Globex electronic session, down 3.53 U.S. dollars from Monday's settlement on the New York Mercantile Exchange.
Utility stocks declined less than the broader market. HK and China Gas to expedite expansion of mainland natural gas business was down 1.2 percent to 18.06 HK dollars. HK Electric down 1.31 percent to 48.95 HK dollars.
The three insurers tumbled across the board. China Life, the country's largest insurance company, was down 3.47 percent to 26.45 HK dollars. Ping An went down 9.82 percent to 47.3 HK dollars. PICC P&C went down 20.21 percent to 3.08 HK dollars.
Chinese mainland's surprise rate cut overnight also weighed on Hong Kong shares' performance. China's central bank said late Monday it will cut its one-year benchmark lending rate by 27 basis points from Tuesday, the first policy easing in over six years and an unambiguous shift toward boosting economic growth from combating inflation.
The People's Bank of China also said it will lower the reserve requirement ratio for smaller financial institutions from Sept. 25.
But it left the deposit rate unchanged, raising concerns over the profit margin of Chinese banks, which fell sharply.
China's largest lender Industrial and Commercial Bank of China slumped 7.3 percent to 4.45 HK dollars. Bank of China, the country's second largest bank, fell 8.4 percent to 3.04 HK dollars and Bank of Communications was 7.4 percent lower at 7.24 HK dollars. China Construction Bank, the third largest bank in China, dropped 8.2 percent to 5.15 HK dollars.
Source:Xinhua
The benchmark Index plunged 1052.29 points, or 5.44 percent, to close at 18,300.61 Tuesday, its lowest closing level since Oct. 27,2006, when it settled at 18,297.
Turnover rose to 88.42 billion HK dollars from last Friday's 57.77 billion HK dollars . The local market closed for a three-day holiday from last Saturday to Monday.
The benchmark Index opened 1,027-point, or 5.31 percent lower at 18,325.65 Tuesday, and fell to the low of 18,019.20 in the early morning session and moved to the high of 18,538.51 in the afternoon session.
All the four major sub-indices lost ground. The commerce and industry sub-index plummeted most at 6.58 percent, followed by the finance at 5.37 percent, the properties at 3.37 percent and the utilities at 1.88 percent.
Hong Kong Exchanges and Clearing Limited, the local market operator suspending the trading right of LEH's subsidiary was down4.25 percent to 89.0 HK dollars.
Blue-chip heavyweight HSBC, which accounts for the largest weighting of the Hang Seng Index, dropped 3.4 percent to 118.00 HK dollars as the heavyweights tracked the broad weakness.
Blue-chip heavyweight China Mobile, the largest mobile phone operator in the country and the market's largest stock measured by capitalization, fell 6.1 percent to 71.65 HK dollars.
Coal miner China Shenhua plunged 11 percent to 19.42 HK dollars on concerns the slowdown in China's economy may hurt the coal demand.
China's largest offshore oil producer CNOOC fell 8.6 percent to8.56 HK dollars on falling crude oil prices. Light, sweet crude oil futures for October delivery were trading at 92.18 U.S. dollars a barrel at 0730 GMT in the Globex electronic session, down 3.53 U.S. dollars from Monday's settlement on the New York Mercantile Exchange.
Utility stocks declined less than the broader market. HK and China Gas to expedite expansion of mainland natural gas business was down 1.2 percent to 18.06 HK dollars. HK Electric down 1.31 percent to 48.95 HK dollars.
The three insurers tumbled across the board. China Life, the country's largest insurance company, was down 3.47 percent to 26.45 HK dollars. Ping An went down 9.82 percent to 47.3 HK dollars. PICC P&C went down 20.21 percent to 3.08 HK dollars.
Chinese mainland's surprise rate cut overnight also weighed on Hong Kong shares' performance. China's central bank said late Monday it will cut its one-year benchmark lending rate by 27 basis points from Tuesday, the first policy easing in over six years and an unambiguous shift toward boosting economic growth from combating inflation.
The People's Bank of China also said it will lower the reserve requirement ratio for smaller financial institutions from Sept. 25.
But it left the deposit rate unchanged, raising concerns over the profit margin of Chinese banks, which fell sharply.
China's largest lender Industrial and Commercial Bank of China slumped 7.3 percent to 4.45 HK dollars. Bank of China, the country's second largest bank, fell 8.4 percent to 3.04 HK dollars and Bank of Communications was 7.4 percent lower at 7.24 HK dollars. China Construction Bank, the third largest bank in China, dropped 8.2 percent to 5.15 HK dollars.
Source:Xinhua
Chinese President Hu Jintao on Tuesday held talks with Joao Bernardo Vieira, president of Guinea Bissau, who is here for the closing ceremony of the B
Chinese President Hu Jintao met here on Tuesday with Fakhruddin Ahmed, chief advisor of Bangladeshi Caretaker Government, who is on a four-day visit to China and to attend the Beijing Paralympics closing ceremony.
Hu thanked the Bangladesh government and people's support for the Beijing Olympics and Paralympics.
"China and Bangladesh are long-time friendly neighbors. The bilateral relations have been in sound and smooth development in spite of the changes in the two countries or in the international arena," Hu said.
The Bangladeshi government has been a firm supporter to China on issues concerning Taiwan and Tibet, he said.
Hu said the Chinese people are indebted to the Bangladeshi government and people who sent relief assistance to China's earthquake-hit Sichuan province despite their own economic difficulties, and shared the Chinese people's mourning of the quake victims.
"China attaches great importance to its relations with Bangladesh, and is ready to invest more efforts in advancing the all-round cooperative partnership," Hu said.
Fakhruddin commended China on hosting a grand and successful Olympics, and said the Beijing Paralympics showed the Chinese government's caring for the disabled people.
The Chinese and the people in Bangladesh are trusted friends, Fakhruddin said, and the two countries shall deepen cooperation in trade, investment, and in international and regional affairs.
The leader also reaffirmed his country's adherence to the one-China policy.
Source: Xinhua
Hu thanked the Bangladesh government and people's support for the Beijing Olympics and Paralympics.
"China and Bangladesh are long-time friendly neighbors. The bilateral relations have been in sound and smooth development in spite of the changes in the two countries or in the international arena," Hu said.
The Bangladeshi government has been a firm supporter to China on issues concerning Taiwan and Tibet, he said.
Hu said the Chinese people are indebted to the Bangladeshi government and people who sent relief assistance to China's earthquake-hit Sichuan province despite their own economic difficulties, and shared the Chinese people's mourning of the quake victims.
"China attaches great importance to its relations with Bangladesh, and is ready to invest more efforts in advancing the all-round cooperative partnership," Hu said.
Fakhruddin commended China on hosting a grand and successful Olympics, and said the Beijing Paralympics showed the Chinese government's caring for the disabled people.
The Chinese and the people in Bangladesh are trusted friends, Fakhruddin said, and the two countries shall deepen cooperation in trade, investment, and in international and regional affairs.
The leader also reaffirmed his country's adherence to the one-China policy.
Source: Xinhua
Chinese president holds talks with Guinea Bissau counterpart
Chinese President Hu Jintao on Tuesday held talks with Joao Bernardo Vieira, president of Guinea Bissau, who is here for the closing ceremony of the Beijing Paralympics scheduled for Wednesday.
"The people of our two countries have always supported each other, and have forged deep brotherhood and friendship. The bilateral relations have developed swiftly with progress in many fields," Hu told the guest.
Hu expressed appreciation of Guinea Bissau's adherence to the one-China policy, as well as its support to China on issues like Taiwan and Tibet.
He said that the Chinese side is willing to advance the bilateral relations through enhancing political trust, carrying out intergovernmental cooperative projects, broadening business cooperation, and developing new collaborations in health care and human resources training.
President Vieira said that his country looks forward to more cooperation with China in such fields as communications, trade, investment, energy and infrastructure construction.
Guinea Bissau will steadfastly support China's stance on the issues of Taiwan and Tibet, Vieira promised.
The Chinese president pointed out that it was China's long-term strategic choice to consolidate and develop friendly cooperation with the African countries.
China remains committed to implementing the agreements reached at the China-Africa Cooperation Forum in 2006, and will push forward the China-Africa new strategic partnership in a down-to-earth manner, he added.
After the talks, both leaders attended the signing ceremony of cooperation documents between the two sides.
Source: Xinhua
"The people of our two countries have always supported each other, and have forged deep brotherhood and friendship. The bilateral relations have developed swiftly with progress in many fields," Hu told the guest.
Hu expressed appreciation of Guinea Bissau's adherence to the one-China policy, as well as its support to China on issues like Taiwan and Tibet.
He said that the Chinese side is willing to advance the bilateral relations through enhancing political trust, carrying out intergovernmental cooperative projects, broadening business cooperation, and developing new collaborations in health care and human resources training.
President Vieira said that his country looks forward to more cooperation with China in such fields as communications, trade, investment, energy and infrastructure construction.
Guinea Bissau will steadfastly support China's stance on the issues of Taiwan and Tibet, Vieira promised.
The Chinese president pointed out that it was China's long-term strategic choice to consolidate and develop friendly cooperation with the African countries.
China remains committed to implementing the agreements reached at the China-Africa Cooperation Forum in 2006, and will push forward the China-Africa new strategic partnership in a down-to-earth manner, he added.
After the talks, both leaders attended the signing ceremony of cooperation documents between the two sides.
Source: Xinhua
Chinese Vice President meets Bangladeshi guest
Vice President Xi Jinping met in Beijing on Tuesday with Fakhruddin Ahmed, chief advisor of the Bangladeshi Caretaker Government, and called on both countries to develop their relationship.
"China will make concerted efforts with Bangladesh to push the bilateral partnership to a higher level," Xi said.
Xi highlighted the growth of bilateral relations since the two nations forged diplomatic ties 33 years ago and expressed appreciation for Bangladesh's firm support for China on issues such as Taiwan, human rights and Tibet.
Fakhruddin, who is to attend the closing ceremony of the Beijing 2008 Paralympic Games on Wednesday, offered congratulations on the success of the Beijing Olympics and Paralympics, noting that the friendship between Bangladesh and China would stand the test of time.
Bangladesh is willing to join with China to promote bilateral, friendly cooperation, Fakhruddin said.
At the invitation of the Chinese government, Fakhruddin arrived here on Monday for a four-day visit. Enditem
Source: Xinhua
"China will make concerted efforts with Bangladesh to push the bilateral partnership to a higher level," Xi said.
Xi highlighted the growth of bilateral relations since the two nations forged diplomatic ties 33 years ago and expressed appreciation for Bangladesh's firm support for China on issues such as Taiwan, human rights and Tibet.
Fakhruddin, who is to attend the closing ceremony of the Beijing 2008 Paralympic Games on Wednesday, offered congratulations on the success of the Beijing Olympics and Paralympics, noting that the friendship between Bangladesh and China would stand the test of time.
Bangladesh is willing to join with China to promote bilateral, friendly cooperation, Fakhruddin said.
At the invitation of the Chinese government, Fakhruddin arrived here on Monday for a four-day visit. Enditem
Source: Xinhua
More Indians in hijacked Hong Kong ship
A regional maritime official confirmed Tuesday that 18 Indians were among 22 crew members aboard the hijacked Hong Kong chemical tanker in the Gulf of Aden near Somalia's dangerous waters.
Andrew Mwangura, the East Africa Coordinator of Seafarers Assistance Program said the MT STOLT VALOR which was seized on Monday, making it the 12th vessel to be hijacked in the pirate-infested waterway since July 20 has 18 Indians, two Filipinos, one Bangladeshi and one Russian.
"The Hong Kong flagged ocean going-vessel MT STOLT VALOR was hijacked by pirates some 38 nautical miles off the Yemen coast," Mwangura told Xinhua by telephone.
"The incidents happened on Monday at around 13:16 hrs local time while the ship was under way fro Suez to Mumbai. Hostages aboard the vessel are comprised of 18 Indians, 2 Filipinos, 1 Bangladeshi and 1 Russian," he said.
The Hong Kong chemical tanker was hijacked by pirates on Monday, en route to Asia.
Maritime official said the Hong Kong ship was sailing in a maritime security corridor in the gulf patrolled by an international coalition of warships and aircraft when it was attacked.
Pirates have stepped up attacks on merchant vessels in the Gulfof Aden, as Somalia's current transitional government has failed to shackle the pirates in the key commercial shipping lane.
An international maritime organization has sounded the alarm over the upsurge of hijacking incidents on the Gulf of Aden where more than 50 Filipino seafarers have been abducted since July.
The warning was issued by the International Maritime Bureau which has alerted all vessels to "maintain a strict 24 hour look out" as they pass through the Gulf of Aden, located off the coast of Somalia.
The Gulf of Aden, an important waterway for shipping, is within the Arabian Sea. It is between Yemen on the south coast of the Arabian Peninsula and Somalia in the Horn of Africa. It connects with the Red Sea through the Babel Mandeb strait in the northwest.
Source: Xinhua
Andrew Mwangura, the East Africa Coordinator of Seafarers Assistance Program said the MT STOLT VALOR which was seized on Monday, making it the 12th vessel to be hijacked in the pirate-infested waterway since July 20 has 18 Indians, two Filipinos, one Bangladeshi and one Russian.
"The Hong Kong flagged ocean going-vessel MT STOLT VALOR was hijacked by pirates some 38 nautical miles off the Yemen coast," Mwangura told Xinhua by telephone.
"The incidents happened on Monday at around 13:16 hrs local time while the ship was under way fro Suez to Mumbai. Hostages aboard the vessel are comprised of 18 Indians, 2 Filipinos, 1 Bangladeshi and 1 Russian," he said.
The Hong Kong chemical tanker was hijacked by pirates on Monday, en route to Asia.
Maritime official said the Hong Kong ship was sailing in a maritime security corridor in the gulf patrolled by an international coalition of warships and aircraft when it was attacked.
Pirates have stepped up attacks on merchant vessels in the Gulfof Aden, as Somalia's current transitional government has failed to shackle the pirates in the key commercial shipping lane.
An international maritime organization has sounded the alarm over the upsurge of hijacking incidents on the Gulf of Aden where more than 50 Filipino seafarers have been abducted since July.
The warning was issued by the International Maritime Bureau which has alerted all vessels to "maintain a strict 24 hour look out" as they pass through the Gulf of Aden, located off the coast of Somalia.
The Gulf of Aden, an important waterway for shipping, is within the Arabian Sea. It is between Yemen on the south coast of the Arabian Peninsula and Somalia in the Horn of Africa. It connects with the Red Sea through the Babel Mandeb strait in the northwest.
Source: Xinhua
DM: Norway to strengthen military cooperation with China
Norway hopes to strengthen military exchanges and cooperation with China, Norwegian Defense Minister Anne-Grete Strom-Erichsen said here Tuesday.
Strom-Erichsen made the remarks when meeting with Chen Bingde, chief of the General Staff of the People's Liberation Army of China.
Norway highly values its relations with China, she said, noting that both countries are keen to make joint efforts to strengthen the exchanges and cooperation, she said.
Strom-Erichsen also spoke highly of the economic development in China, which has been playing an increasingly important role in the world.
Chen conveyed to Strom-Erichsen greetings and good wishes from Chinese Defense Minister Liang Guanglie, saying that mutual trust between the two sides has been forged steadily in recent years.
China keeps a positive attitude to strengthen the relationship between the two armies, Chen said. He hoped the two armies would continue to strengthen their exchanges and cooperation in professional fields.
China and Norway have carried out good exchanges and cooperation in the fields such as economic and trade, environment protection, energy and climate change, he said.
Meanwhile, China appreciates the Norwegian government's adherence to the one-China policy and highly values its efforts to develop bilateral relations with China, he said.
Earlier Tuesday, Chen, also a member of the Central Military Commission, held talks with Norwegian Chief of Defense Sverre Diesen on the relations between the two armies.
Chen arrived here Monday from Serbia for an official visit to Norway.
Source: Xinhua
Strom-Erichsen made the remarks when meeting with Chen Bingde, chief of the General Staff of the People's Liberation Army of China.
Norway highly values its relations with China, she said, noting that both countries are keen to make joint efforts to strengthen the exchanges and cooperation, she said.
Strom-Erichsen also spoke highly of the economic development in China, which has been playing an increasingly important role in the world.
Chen conveyed to Strom-Erichsen greetings and good wishes from Chinese Defense Minister Liang Guanglie, saying that mutual trust between the two sides has been forged steadily in recent years.
China keeps a positive attitude to strengthen the relationship between the two armies, Chen said. He hoped the two armies would continue to strengthen their exchanges and cooperation in professional fields.
China and Norway have carried out good exchanges and cooperation in the fields such as economic and trade, environment protection, energy and climate change, he said.
Meanwhile, China appreciates the Norwegian government's adherence to the one-China policy and highly values its efforts to develop bilateral relations with China, he said.
Earlier Tuesday, Chen, also a member of the Central Military Commission, held talks with Norwegian Chief of Defense Sverre Diesen on the relations between the two armies.
Chen arrived here Monday from Serbia for an official visit to Norway.
Source: Xinhua
Top Chinese legislator pledges to enhance relations with Argentina
China will work with Argentina to push forward the bilateral strategic partnership, according to a top Chinese legislator on Tuesday.
Wu Bangguo, the National People's Congress Standing Committee chairman, made the remarks in a meeting with Provisional President of Argentine Senate Jose Pampuro who was here for the Beijing Paralympics closing ceremony.
Hailing the relations between China and Argentina, Wu said the two nations had enjoyed smooth growth in bilateral relations since forging diplomatic ties 36 years ago.
The relations entered a new phase in 2004 with the establishment of a strategic partnership. The two nations had witnessed increasing mutual political trust and economic cooperation, and maintained sound communication in major international and regional affairs.
This brought substantial benefits to the two nations and their people, he noted.
Both countries enjoyed good prospects in bilateral economic and trade cooperation, Wu said, noting China would continue valuing the relations with Argentina from a strategic height. It was ready to work with the South American country to increase the pragmatic cooperation in this field.
Speaking highly of the existing relations between the respective legislative bodies, Wu said the NPC would promote exchanges and cooperation with the Argentine congress.
Pampuro congratulated Wu on the successful staging of the Beijing Olympics and said the Paralympics would also be wonderful.
He said his country valued the strategic partnership with China. The Argentine Senate was willing to work with the NPC to help expand cooperation between the two nations and to deepen their friendship.
Source: Xinhua
Wu Bangguo, the National People's Congress Standing Committee chairman, made the remarks in a meeting with Provisional President of Argentine Senate Jose Pampuro who was here for the Beijing Paralympics closing ceremony.
Hailing the relations between China and Argentina, Wu said the two nations had enjoyed smooth growth in bilateral relations since forging diplomatic ties 36 years ago.
The relations entered a new phase in 2004 with the establishment of a strategic partnership. The two nations had witnessed increasing mutual political trust and economic cooperation, and maintained sound communication in major international and regional affairs.
This brought substantial benefits to the two nations and their people, he noted.
Both countries enjoyed good prospects in bilateral economic and trade cooperation, Wu said, noting China would continue valuing the relations with Argentina from a strategic height. It was ready to work with the South American country to increase the pragmatic cooperation in this field.
Speaking highly of the existing relations between the respective legislative bodies, Wu said the NPC would promote exchanges and cooperation with the Argentine congress.
Pampuro congratulated Wu on the successful staging of the Beijing Olympics and said the Paralympics would also be wonderful.
He said his country valued the strategic partnership with China. The Argentine Senate was willing to work with the NPC to help expand cooperation between the two nations and to deepen their friendship.
Source: Xinhua
China hopes Zimbabwe get on track of stability, development
China said on Tuesday it appreciated and congratulated the political solution adopted by all parties concerned in Zimbabwe to resolve the election disputes and its positive results, which set store by the interests of the country and the people, and it hoped Zimbabwe will get on the track of stability and development from now on.
Chinese Foreign Ministry spokeswoman Jiang Yu made the remarks in response to a journalist's question.
She said China has closely followed the situation in Zimbabwe and was glad to see that through dialogues and negotiation for a period of time, the parties concerned in Zimbabwe on Monday officially signed an agreement on establishing a national unity government.
She said the African side, especially the Southern African Development Community, with South African President Thabo MvuyelwaMbeki as its mediator, and the African Union, have played a leading and constructive role in promoting the political solution to the Zimbabwe issue, which China spoke highly of.
"We are ready to continue to make joint efforts with the international community to provide help and support for Zimbabwe's efforts to safeguard the country's stability, unity and resume economic development," said Jiang.
Source: Xinhua
Chinese Foreign Ministry spokeswoman Jiang Yu made the remarks in response to a journalist's question.
She said China has closely followed the situation in Zimbabwe and was glad to see that through dialogues and negotiation for a period of time, the parties concerned in Zimbabwe on Monday officially signed an agreement on establishing a national unity government.
She said the African side, especially the Southern African Development Community, with South African President Thabo MvuyelwaMbeki as its mediator, and the African Union, have played a leading and constructive role in promoting the political solution to the Zimbabwe issue, which China spoke highly of.
"We are ready to continue to make joint efforts with the international community to provide help and support for Zimbabwe's efforts to safeguard the country's stability, unity and resume economic development," said Jiang.
Source: Xinhua
Chinese President holds talks with Nigerien PM
Chinese President Hu Jintao on Tuesday held talks with Niger's Prime Minister Seyni Oumarou, who is here for the closing ceremony of the Beijing Paralympics scheduled for Wednesday.
Hu thanked the Nigerien government and people for the support to the Beijing Olympics and Paralympics, as well as the sympathy and solicitude they delivered to the Chinese after the May 12 earthquake in Sichuan Province.
Hu said the friendly cooperation between China and Niger has been developing smoothly.
"The two countries have developed mutual trust in political field, candid cooperation in economic and trade fields, and close coordination in international affairs," he said.
Hu expressed appreciation of Niger's adherence to the one-China policy, as well as its support to the reunification cause of China.
Both China and Niger are developing countries, each being the other's important partner in realizing mutual benefits and development, Hu said.
The two countries shall work together to make plans for the political, economic and trade cooperation in the near future, he said.
The Chinese president also called for more experience-sharing in economic development and social stability, and more consultation in international affairs.
Oumarou noted that China has been helping Niger for a long time through assistance to the construction of water supply projects, providing food aid and writing off the debts Niger owed to China.
Oumarou said he hopes China will continue to support Niger's efforts to eliminate poverty and looks forward to more cooperation with China in infrastructure construction and energy exploration.
Oumarou congratulated Beijing on the successful Olympics and Paralympic Games.
Source: Xinhua
Hu thanked the Nigerien government and people for the support to the Beijing Olympics and Paralympics, as well as the sympathy and solicitude they delivered to the Chinese after the May 12 earthquake in Sichuan Province.
Hu said the friendly cooperation between China and Niger has been developing smoothly.
"The two countries have developed mutual trust in political field, candid cooperation in economic and trade fields, and close coordination in international affairs," he said.
Hu expressed appreciation of Niger's adherence to the one-China policy, as well as its support to the reunification cause of China.
Both China and Niger are developing countries, each being the other's important partner in realizing mutual benefits and development, Hu said.
The two countries shall work together to make plans for the political, economic and trade cooperation in the near future, he said.
The Chinese president also called for more experience-sharing in economic development and social stability, and more consultation in international affairs.
Oumarou noted that China has been helping Niger for a long time through assistance to the construction of water supply projects, providing food aid and writing off the debts Niger owed to China.
Oumarou said he hopes China will continue to support Niger's efforts to eliminate poverty and looks forward to more cooperation with China in infrastructure construction and energy exploration.
Oumarou congratulated Beijing on the successful Olympics and Paralympic Games.
Source: Xinhua
Nearly 1 mln border crossings recorded in Macao during Mid-autumn Festival
Macao logged 971,982 border crossings during the holidays of the traditional Chinese Mid-autumn Festival, the Immigration Authorities of the Special Administration Region announced on Tuesday.
The Authorities said that total number of arrivals during the holidays, lasting from Sept. 13 to 15 this year, stood at 480, 981while total departures reached 491,001.
The Border Gate, the land port that connects Macao with Zhuhai in the Chinese mainland, recorded the largest arrivals and departures in the period, standing at 358,753 and 363,027 respectively, according to the Authorities.
Meanwhile, the total number of tourist arrivals in the period reached 243, 582 during the three-day holidays, increasing by 25.17 percent over the same period last year, according to the Authorities.
Source: Xinhua
The Authorities said that total number of arrivals during the holidays, lasting from Sept. 13 to 15 this year, stood at 480, 981while total departures reached 491,001.
The Border Gate, the land port that connects Macao with Zhuhai in the Chinese mainland, recorded the largest arrivals and departures in the period, standing at 358,753 and 363,027 respectively, according to the Authorities.
Meanwhile, the total number of tourist arrivals in the period reached 243, 582 during the three-day holidays, increasing by 25.17 percent over the same period last year, according to the Authorities.
Source: Xinhua
Sanlu Group sacks chairwoman following baby milk powder scandal
Tian Wenhua, the board chairwoman and general manager of China dairy giant Sanlu Group, was fired from her posts in the wake of the tainted baby formula milk powder scandal.
Tian was also removed from her post as the secretary of the corporation committee of the Communist Party of China , according to Party authorities of Hebei Province and its capital Shijiazhuang where the company is based.
An estimated 1,253 infants, including two fatally, across the country developed kidney stones after drinking Sanlu's baby formula tainted by melamine, a chemical believed to help increase the the protein content in the milk.
Four people in connection with the contamination were arrested by Hebei police.
Source: Xinhua
Tian was also removed from her post as the secretary of the corporation committee of the Communist Party of China , according to Party authorities of Hebei Province and its capital Shijiazhuang where the company is based.
An estimated 1,253 infants, including two fatally, across the country developed kidney stones after drinking Sanlu's baby formula tainted by melamine, a chemical believed to help increase the the protein content in the milk.
Four people in connection with the contamination were arrested by Hebei police.
Source: Xinhua
Highway construction resumes for China's last road less county in Tibet
Workers began digging a tunnel through a snow-covered mountain in Tibet Autonomous Region on Tuesday, marking the resumption of a road construction project for China's last road-less county.
A team of several hundred experienced technical staff dispatched from an armed police unit were boring a 3.3-km tunnel through the Galung La mountain, which has an average altitude of about 5,000 meters in Tibet's Nyingchi Prefecture, team leader LiuGenshui said.
More than 20 advanced pieces of machinery were being used to dig the tunnel, part of the 117-km highway project.
"The tunnel construction is the most difficult phase for building a highway to Medog County," he said. "But we will try to finish the project as soon as possible."
Situated at Tibet's border with India and nestled among snow-capped mountains, Medog is the last of the country's 2,100 counties to be connected via a highway.
The construction poses a number of engineering challenges as the county sits on the Himalayan fault line where there are many earthquakes and landslides, experts said.
Chinese authorities have been considering building a highway to Medog since 1961, but the project had been suspended several times due to tough geological conditions and poor technology. In 1994, a highway was finished to reach Medog for the first time but parts of it were soon destroyed by landslides.
Afterwards, authorities continued their construction plan and studied how to build a highway under such complicated geological conditions. The project was put on the agenda of Tibet's 2006-2010 Five-year Plan.
According to the plan, a 142 km barely passable, pot-hole filled road that now connects Medog to the nearby Zhamog Township, the county seat of Bome, will be upgraded to meet the standards ofa highway, Liu said.
With the digging of the Galung La tunnel, the Zhamog-Medog highway is expected to shorten the distance by about 25 km.
The highway will be built at a cost of 950 million yuan , he added.
The sparsely populated Medog, which means "flower" in the Tibetan language, has only about 10,000 inhabitants, mostly in rural areas. The per capita annual income of the locals was about 2,400 yuan last year, local government statistics show.
Source: Xinhua
A team of several hundred experienced technical staff dispatched from an armed police unit were boring a 3.3-km tunnel through the Galung La mountain, which has an average altitude of about 5,000 meters in Tibet's Nyingchi Prefecture, team leader LiuGenshui said.
More than 20 advanced pieces of machinery were being used to dig the tunnel, part of the 117-km highway project.
"The tunnel construction is the most difficult phase for building a highway to Medog County," he said. "But we will try to finish the project as soon as possible."
Situated at Tibet's border with India and nestled among snow-capped mountains, Medog is the last of the country's 2,100 counties to be connected via a highway.
The construction poses a number of engineering challenges as the county sits on the Himalayan fault line where there are many earthquakes and landslides, experts said.
Chinese authorities have been considering building a highway to Medog since 1961, but the project had been suspended several times due to tough geological conditions and poor technology. In 1994, a highway was finished to reach Medog for the first time but parts of it were soon destroyed by landslides.
Afterwards, authorities continued their construction plan and studied how to build a highway under such complicated geological conditions. The project was put on the agenda of Tibet's 2006-2010 Five-year Plan.
According to the plan, a 142 km barely passable, pot-hole filled road that now connects Medog to the nearby Zhamog Township, the county seat of Bome, will be upgraded to meet the standards ofa highway, Liu said.
With the digging of the Galung La tunnel, the Zhamog-Medog highway is expected to shorten the distance by about 25 km.
The highway will be built at a cost of 950 million yuan , he added.
The sparsely populated Medog, which means "flower" in the Tibetan language, has only about 10,000 inhabitants, mostly in rural areas. The per capita annual income of the locals was about 2,400 yuan last year, local government statistics show.
Source: Xinhua
Major markets worldwide sunk amid U.S. financial crisis
The dramatic downward spiral events in New York continued to reshape the global financial system as major markets in America, Asia and Europe dropped sharply on Tuesday.
The seismic shake-up on the global markets all came after the fourth largest U.S. investment bank Lehman Brothers filed for bankruptcy and Merrill Lynch fled into the arms of Bank of America.
The news sent shock waves across the world's stocks. Wall Street on Monday local time dropped precipitously with the Dow Jones falling more than 504 points, or 4.4 percent, to 10,917, which is its steepest point drop since the market reopened following the Sept. 11, 2001 attacks.
In Europe, the FTSE index was down 2.72 percent in London, the Paris CAC-40 was off 3.52 percent and Germany's DAX 30 index of blue chips sagged 2.99 percent. Meanwhile in Russia, the MICEX index was down 6.2 percent and RTS index was 4.8 percent lower.
Japan's benchmark Nikkei 225 stock index plunged 4.8 percent to 11,632.99, falling under the 12,000-point level for the first time since mid-March.
Chinese Hong Kong's stock index tumbles 6.49 percent in early trade, while South Korea's Kospi shed 6.2 percent, and Chinese Taiwan's benchmark was off 4.6 percent.
But, according to a CNN report, the situation in Australia and New Zealand was not as severe as others, with key indices down 2.4 percent and 2.7 percent respectively.
Lehman Brothers, the fourth biggest U.S. investment bank, filed for bankruptcy Monday after two most serious buyers Barcklays and Bank of America withdrew from talks to buy the firm. New York-based Lehman has lost 94 percent of its market value this year after record losses from investments tied to mortgages.
Meanwhile, Lehman's rival, the third largest U.S. investment bank Merrill Lynch reached a 50-billion-dollar deal to sell itself to BOA under the pressure of regulators. Shares of Merrill Lynch tumbled more than 35 percent last week and closed at 17.05 dollars last Friday.
American International Group , the largest U.S. insurer, is another big financial giant affected by the Lehman. AIG refused private equity infusion and turned to the Federal Reserve for help. The New York Federal Reserve held meetings on Monday on the situation AIG with representatives of the Treasury Department, financial services firms and state officials. AIG's shares tumbled nearly 50 percent in morning trading.
Three of five largest U.S. investment banks failed within six months, including Bear Stearns, Lehman Brothers and Merrill Lynch. These historic events triggered panic among investors about another series of troubles for banks and financial institutions that may be forced to further write down debt assets.
"In the short term, we are looking at a fresh wave of weakness hitting financial markets," said Chloe Magnier, chief economist at Saxo Bank in Paris. "I'm not optimistic about the coming months."
Lorraine Tan, director at Standard & Poor's equity research in Singapore, suggested the shake-up was needed to restore confidence in the markets.
"A lot of people are getting burned," Tan said. "It's better to get this out of the system. Hopefully for the U.S. this could be it as far as potential failures of investment banks."
Source:Xinhua/Agencies
The seismic shake-up on the global markets all came after the fourth largest U.S. investment bank Lehman Brothers filed for bankruptcy and Merrill Lynch fled into the arms of Bank of America.
The news sent shock waves across the world's stocks. Wall Street on Monday local time dropped precipitously with the Dow Jones falling more than 504 points, or 4.4 percent, to 10,917, which is its steepest point drop since the market reopened following the Sept. 11, 2001 attacks.
In Europe, the FTSE index was down 2.72 percent in London, the Paris CAC-40 was off 3.52 percent and Germany's DAX 30 index of blue chips sagged 2.99 percent. Meanwhile in Russia, the MICEX index was down 6.2 percent and RTS index was 4.8 percent lower.
Japan's benchmark Nikkei 225 stock index plunged 4.8 percent to 11,632.99, falling under the 12,000-point level for the first time since mid-March.
Chinese Hong Kong's stock index tumbles 6.49 percent in early trade, while South Korea's Kospi shed 6.2 percent, and Chinese Taiwan's benchmark was off 4.6 percent.
But, according to a CNN report, the situation in Australia and New Zealand was not as severe as others, with key indices down 2.4 percent and 2.7 percent respectively.
Lehman Brothers, the fourth biggest U.S. investment bank, filed for bankruptcy Monday after two most serious buyers Barcklays and Bank of America withdrew from talks to buy the firm. New York-based Lehman has lost 94 percent of its market value this year after record losses from investments tied to mortgages.
Meanwhile, Lehman's rival, the third largest U.S. investment bank Merrill Lynch reached a 50-billion-dollar deal to sell itself to BOA under the pressure of regulators. Shares of Merrill Lynch tumbled more than 35 percent last week and closed at 17.05 dollars last Friday.
American International Group , the largest U.S. insurer, is another big financial giant affected by the Lehman. AIG refused private equity infusion and turned to the Federal Reserve for help. The New York Federal Reserve held meetings on Monday on the situation AIG with representatives of the Treasury Department, financial services firms and state officials. AIG's shares tumbled nearly 50 percent in morning trading.
Three of five largest U.S. investment banks failed within six months, including Bear Stearns, Lehman Brothers and Merrill Lynch. These historic events triggered panic among investors about another series of troubles for banks and financial institutions that may be forced to further write down debt assets.
"In the short term, we are looking at a fresh wave of weakness hitting financial markets," said Chloe Magnier, chief economist at Saxo Bank in Paris. "I'm not optimistic about the coming months."
Lorraine Tan, director at Standard & Poor's equity research in Singapore, suggested the shake-up was needed to restore confidence in the markets.
"A lot of people are getting burned," Tan said. "It's better to get this out of the system. Hopefully for the U.S. this could be it as far as potential failures of investment banks."
Source:Xinhua/Agencies
Chinese shares fall 3% amid regional plunge after Wall Street sell-off
Chinese stock prices ended the earlier session 3.16 percent lower on Tuesday following overnight heavy losses on Wall Street and despite the latest moves of the country's central bank to boost the economy.
The benchmark Shanghai Composite Index breached the 2,000-pointlevel several times, but managed to stay above the barrier at the end of the morning session. The market was closed on Monday during the Mid-Autumn holiday.
Investor confidence was badly hit across the globe because of the latest collapse of U.S. investment banks.
The Dow Jones Industrial Average plunged 504.48 points, or 4.42 percent, to 10,917.51 on Monday. The steepest drop since the Sept.11 attacks in 2001 came after Lehman Brothers filed for bankruptcy and Merrill Lynch agreed to be taken over by Bank of America.
Later on Monday, the People's Bank of China announced it would lower the lending interest rate across the board and the reserve requirement ratio for small and medium-sized commercial banks.
Banking shares led the decline in the morning, as the country's major lenders are exempt from the reserve requirement ratio adjustment.
The share price of the Industrial and Commercial Bank of China, the country's biggest lender, plunged 9.24 percent to 3.83 yuan , as profit margins of large commercial banks were squeezed by the lower lending rate.
The Bank of China tumbled 7.74 percent to 3.22 yuan, and the China Construction Bank dropped 9.51 percent to 4.28 yuan.
Small and medium-sized banks were also hit by the lower lending rate despite the relaxed reserve requirement ratio. The Bank of Beijing declined 6.93 percent to 7.25 yuan and the China Merchants Bank almost fell by the daily limit of 10 percent to 16.07 yuan.
However, investor confidence in the property was still bolstered by the central bank moves, as analysts believed they indicated the government's intention to maintain economic growth by solving the funding pressure on enterprises.
The Asian Development Bank report said the move showed the central bank was about to relax the tight policy, which was implemented to fight soaring inflation.
The property sector rebounded on the back of possible loosening of finance policy and the lower lending rate. Lvjing Real Estate soared 9.97 percent to 6.73 yuan, and Poly Real Estate Group rose 6.57 percent to 12 yuan, among other property firms that gained in the morning.
Heavy-weight Sinopec also rose 2.56 percent to 9.2 yuan after the global crude price fell below 95 U.S. dollars per barrel during trading, and the country's airlines also gained 2 to 3 percent on lower crude prices.
Source:Xinhua
The benchmark Shanghai Composite Index breached the 2,000-pointlevel several times, but managed to stay above the barrier at the end of the morning session. The market was closed on Monday during the Mid-Autumn holiday.
Investor confidence was badly hit across the globe because of the latest collapse of U.S. investment banks.
The Dow Jones Industrial Average plunged 504.48 points, or 4.42 percent, to 10,917.51 on Monday. The steepest drop since the Sept.11 attacks in 2001 came after Lehman Brothers filed for bankruptcy and Merrill Lynch agreed to be taken over by Bank of America.
Later on Monday, the People's Bank of China announced it would lower the lending interest rate across the board and the reserve requirement ratio for small and medium-sized commercial banks.
Banking shares led the decline in the morning, as the country's major lenders are exempt from the reserve requirement ratio adjustment.
The share price of the Industrial and Commercial Bank of China, the country's biggest lender, plunged 9.24 percent to 3.83 yuan , as profit margins of large commercial banks were squeezed by the lower lending rate.
The Bank of China tumbled 7.74 percent to 3.22 yuan, and the China Construction Bank dropped 9.51 percent to 4.28 yuan.
Small and medium-sized banks were also hit by the lower lending rate despite the relaxed reserve requirement ratio. The Bank of Beijing declined 6.93 percent to 7.25 yuan and the China Merchants Bank almost fell by the daily limit of 10 percent to 16.07 yuan.
However, investor confidence in the property was still bolstered by the central bank moves, as analysts believed they indicated the government's intention to maintain economic growth by solving the funding pressure on enterprises.
The Asian Development Bank report said the move showed the central bank was about to relax the tight policy, which was implemented to fight soaring inflation.
The property sector rebounded on the back of possible loosening of finance policy and the lower lending rate. Lvjing Real Estate soared 9.97 percent to 6.73 yuan, and Poly Real Estate Group rose 6.57 percent to 12 yuan, among other property firms that gained in the morning.
Heavy-weight Sinopec also rose 2.56 percent to 9.2 yuan after the global crude price fell below 95 U.S. dollars per barrel during trading, and the country's airlines also gained 2 to 3 percent on lower crude prices.
Source:Xinhua
China stocks pulled down 4.47% by financial sector
Chinese shares plunged 4.47 percent on weak financial sector on Tuesday.
The benchmark Shanghai Composite Index closed at 1,986.64 points, down 93.03 points, or 4.47 percent. The Shenzhen Component Index closed at 6,873.61 points, down 61.46 points, or 0.89 percent.
Source:Xinhua
The benchmark Shanghai Composite Index closed at 1,986.64 points, down 93.03 points, or 4.47 percent. The Shenzhen Component Index closed at 6,873.61 points, down 61.46 points, or 0.89 percent.
Source:Xinhua
Key energy enterprises in Guizhou to be audited
National Development and Reform Commission recently released the list of 7 provinces which didn't meet the standard of 10,000 yuan GDP energy consumption in 2007.
Guizhou Province was on the list. In first half of 2008, unit GDP energy consumption in Guizhou dropped by 3.15%, which failed to reach the original goal. Guizhou will carry out energy audit in key enterprises, and promote energy saving and emission reduction by means of punishment and rewards.
In 2007 the unit GDP energy consumption in Guizhou dropped by 3.97%, less than the original goal of 4.95%.
By People's Daily Online
Guizhou Province was on the list. In first half of 2008, unit GDP energy consumption in Guizhou dropped by 3.15%, which failed to reach the original goal. Guizhou will carry out energy audit in key enterprises, and promote energy saving and emission reduction by means of punishment and rewards.
In 2007 the unit GDP energy consumption in Guizhou dropped by 3.97%, less than the original goal of 4.95%.
By People's Daily Online
China has 2,070 county-level economic entities
There are a total of 2,070 county-level economic entities in China, generating 60 percent of China's GDP, according to a forum held by the Ministry of Science and Technology and the People's Government of Ningxia Hui Autonomous Region.
The 2,070 county-level economic entities, covering 95 percent of China's land area, and supporting 74 percent of the population, generates 60 percent of GDP and 24 percent of fiscal revenues.
By People's Daily Online
The 2,070 county-level economic entities, covering 95 percent of China's land area, and supporting 74 percent of the population, generates 60 percent of GDP and 24 percent of fiscal revenues.
By People's Daily Online
ADB says China growth decelerating but remains strong
The Asian Development Bank said on Tuesday that China's economic growth would moderate to 10 percent this year from 11.9 percent in 2007 and ease further to 9.5 percent in 2009.
The forecast in the bank's half-year report -- the Asian Development Outlook 2008 Update -- was the first from the ADB for China's economic growth since the catastrophic earthquake in May.
The report said despite the forecast deceleration, China remained among the world's fastest-growing economies.
The forecast for 2008 was unchanged from April, but the growth figure for 2009 was lowered from 9.8 percent.
Ifzal Ali, chief economist of the Manila-based development bank, said the growth rate forecast was maintained on the assumption that private consumption would remain robust as incomes generally outpaced inflation
"Growth of 9.5 percent in 2009, as we have forecast, would bring the economy back to its long-run sustainable growth range of9 to 10 percent, easing the strains on energy, inflation and the environment," said Ali.
The report noted that China's private consumption was strong, despite accelerating price pressures.
Zhuang Jian, a senior economist with the ADB mission in China, said that the country's retail sales grew 22.2 percent in nominal terms during the second quarter. "While higher prices accounted for part of this increase, real incomes continued to grow, underpinning rising consumption."
Zhuang said higher government spending on social security, education and health care might also be encouraging households to spend more, as their need to save for these services diminished.
The bank also warned of the risks of a sharper than expected slowdown in exports.
The bank revised its prediction for China's annual inflation rate to 7 percent for 2008, up from the forecast of 5.5 percent in April, and put the 2009 forecast at 5.5 percent, up from 5 percent.
The bank said it made the revisions to reflect higher-than-expected inflation in the first half and expectations of higher energy prices. It also said food price rises could decline to single-digit levels late in the year, but the government was likely to further raise administered energy prices as food prices eased.
The bank also said the recent drop in oil prices would be short-term and Asia's explosive growth would exert further pressure on global oil supplies. It forecast oil prices would remain above 100 U.S. dollars a barrel until at least 2020.
Source:Xinhua
The forecast in the bank's half-year report -- the Asian Development Outlook 2008 Update -- was the first from the ADB for China's economic growth since the catastrophic earthquake in May.
The report said despite the forecast deceleration, China remained among the world's fastest-growing economies.
The forecast for 2008 was unchanged from April, but the growth figure for 2009 was lowered from 9.8 percent.
Ifzal Ali, chief economist of the Manila-based development bank, said the growth rate forecast was maintained on the assumption that private consumption would remain robust as incomes generally outpaced inflation
"Growth of 9.5 percent in 2009, as we have forecast, would bring the economy back to its long-run sustainable growth range of9 to 10 percent, easing the strains on energy, inflation and the environment," said Ali.
The report noted that China's private consumption was strong, despite accelerating price pressures.
Zhuang Jian, a senior economist with the ADB mission in China, said that the country's retail sales grew 22.2 percent in nominal terms during the second quarter. "While higher prices accounted for part of this increase, real incomes continued to grow, underpinning rising consumption."
Zhuang said higher government spending on social security, education and health care might also be encouraging households to spend more, as their need to save for these services diminished.
The bank also warned of the risks of a sharper than expected slowdown in exports.
The bank revised its prediction for China's annual inflation rate to 7 percent for 2008, up from the forecast of 5.5 percent in April, and put the 2009 forecast at 5.5 percent, up from 5 percent.
The bank said it made the revisions to reflect higher-than-expected inflation in the first half and expectations of higher energy prices. It also said food price rises could decline to single-digit levels late in the year, but the government was likely to further raise administered energy prices as food prices eased.
The bank also said the recent drop in oil prices would be short-term and Asia's explosive growth would exert further pressure on global oil supplies. It forecast oil prices would remain above 100 U.S. dollars a barrel until at least 2020.
Source:Xinhua
Platform in China's largest offshore oil field comes on stream
The China National Offshore Oil Company Limited said on Tuesday that another platform at the Peng Lai 19-3 oil field, China's largest offshore field, had come on stream.
Platform B is one of five platforms in phase II of PL 19-3.
Platforms A and C have started production, with D and E to commence production in succession, according to CNOOC Ltd.
Located in Block 11/05 in the Bohai Bay, the PL19-3 field was jointly developed by CNOOC Ltd. and Conoco Phillips China Inc. . CNOOC Ltd. holds a 51 percent interest in the field and COPC holds the remainder.
Phase II of the PL 19-3 field is a key 2008 project for CNOOC Ltd. The platforms will further boost the company's production, said executive vice president Liu Jian.
CNOOC Ltd. is the major listed subsidiary of the China National Offshore Oil Corp., China's largest offshore oil producer.
Source:Xinhua
Platform B is one of five platforms in phase II of PL 19-3.
Platforms A and C have started production, with D and E to commence production in succession, according to CNOOC Ltd.
Located in Block 11/05 in the Bohai Bay, the PL19-3 field was jointly developed by CNOOC Ltd. and Conoco Phillips China Inc. . CNOOC Ltd. holds a 51 percent interest in the field and COPC holds the remainder.
Phase II of the PL 19-3 field is a key 2008 project for CNOOC Ltd. The platforms will further boost the company's production, said executive vice president Liu Jian.
CNOOC Ltd. is the major listed subsidiary of the China National Offshore Oil Corp., China's largest offshore oil producer.
Source:Xinhua
China allows local governments to raise price for heat
Three Chinese ministries on Tuesday issued a joint notice, allowing local governments to raise heating prices in response to high coal prices.
The notice also allows local governments to adopt preferential policies or reduce taxes to help coal-fired heating firms the cost of coal, said the circular, which was published by the National Development and Reform Commission , the Ministry of Housing and Urban-Rural Development and the Ministry of Finance.
Chinese coal-fired heating firms were expected to face financial hardships this winter as coal prices doubled while heating prices remain unchanged.
The NDRC said public hearings must be held before heating prices can be raised. It also required local governments to take care of low-income families with subsidies.
According to the joint notice, the Ministry of Finance and the State Administration of Taxation will continue implementing their preferential tax policies to heating firms.
Coal accounts for about 70 percent of the China's energy consumption, industry analysts said. In 2006, China raised heating prices because of the high cost of coal.
Source:Xinhua
The notice also allows local governments to adopt preferential policies or reduce taxes to help coal-fired heating firms the cost of coal, said the circular, which was published by the National Development and Reform Commission , the Ministry of Housing and Urban-Rural Development and the Ministry of Finance.
Chinese coal-fired heating firms were expected to face financial hardships this winter as coal prices doubled while heating prices remain unchanged.
The NDRC said public hearings must be held before heating prices can be raised. It also required local governments to take care of low-income families with subsidies.
According to the joint notice, the Ministry of Finance and the State Administration of Taxation will continue implementing their preferential tax policies to heating firms.
Coal accounts for about 70 percent of the China's energy consumption, industry analysts said. In 2006, China raised heating prices because of the high cost of coal.
Source:Xinhua
HK retains economic freedom crown with comfortable lead
Hong Kong retained the highest ratings for economic freedom with a comfortable lead over 140 other economies, according to latest global rankings of economic freedom released Tuesday by a Canadian research organization.
The 2008 Economic Freedom of the World report by Fraser Institute gave Hong Kong an overall score of 8.94, out of 10, based on scores in key components such as size of government, legal structures and security of property rights, access to sound money, freedom to trade internationally and regulation of credit, labor and business.
Fraser Institute was launching the annual report from Hong Kong for the first time since 1970, the earliest year measured by the index. Hong Kong has always been the No. 1 on the lists.
"And I don't see that changing in the near future," Mark Mullins, executive director of the Fraser Institute, told a press conference in Hong Kong.
Singapore trailed, again, with a score of 8.57, followed by other top 10 scorers such as New Zealand, Switzerland, the United Kingdom, Chile, Canada, Australia, the United States and Ireland.
Chile was the first Latin American economy to break into the top 10.
The Chinese mainland ranked 93 with an overall score of 6.29.
Mullins said the Fraser Institute world economic freedom index was similar to the index of economic freedom released annually by the United States-based Heritage Foundation but different in that the former relied on third-party data and reviews. The Heritage Foundation index was presented in the form of percentage points.
Source:Xinhua
The 2008 Economic Freedom of the World report by Fraser Institute gave Hong Kong an overall score of 8.94, out of 10, based on scores in key components such as size of government, legal structures and security of property rights, access to sound money, freedom to trade internationally and regulation of credit, labor and business.
Fraser Institute was launching the annual report from Hong Kong for the first time since 1970, the earliest year measured by the index. Hong Kong has always been the No. 1 on the lists.
"And I don't see that changing in the near future," Mark Mullins, executive director of the Fraser Institute, told a press conference in Hong Kong.
Singapore trailed, again, with a score of 8.57, followed by other top 10 scorers such as New Zealand, Switzerland, the United Kingdom, Chile, Canada, Australia, the United States and Ireland.
Chile was the first Latin American economy to break into the top 10.
The Chinese mainland ranked 93 with an overall score of 6.29.
Mullins said the Fraser Institute world economic freedom index was similar to the index of economic freedom released annually by the United States-based Heritage Foundation but different in that the former relied on third-party data and reviews. The Heritage Foundation index was presented in the form of percentage points.
Source:Xinhua
China to boost service industry in Yangtze delta
China plans to actively develop a service industry in the country's Yangtze River Delta.
According to a document made public Tuesday by the State Council, the government plans to make the service sector a leading part of the delta area by 2020.
The strategy will deal with rising labor and environmental costs, together with the appreciation of Chinese money, which are causing a major industrial shift. Some manufacturers are moving out of the region to make ends meet.
The government also vowed to turn Shanghai into an international financial and shipping center, according to the blueprint published on the official website of the Chinese Government .
With a population totaling 120 million and advantageous geographical position, the Yangtze River Delta is home to the portcity of Shanghai, Zhejiang Province, which is famous for its private economy, and Jiangsu Province, which is renowned for its electronic and information technology sectors. The two provinces are also noted for their export-oriented industries.
Source:Xinhua
According to a document made public Tuesday by the State Council, the government plans to make the service sector a leading part of the delta area by 2020.
The strategy will deal with rising labor and environmental costs, together with the appreciation of Chinese money, which are causing a major industrial shift. Some manufacturers are moving out of the region to make ends meet.
The government also vowed to turn Shanghai into an international financial and shipping center, according to the blueprint published on the official website of the Chinese Government .
With a population totaling 120 million and advantageous geographical position, the Yangtze River Delta is home to the portcity of Shanghai, Zhejiang Province, which is famous for its private economy, and Jiangsu Province, which is renowned for its electronic and information technology sectors. The two provinces are also noted for their export-oriented industries.
Source:Xinhua
HK stocks under pressure in near term amid new wave of financial tsunami
Hong Kong's benchmark Hang Seng Index plunged over 1,000 points to their lowest close in nearly 23months Tuesday on concerns over a new turmoil triggered by the Lehman Brothers.
Analysts said Hong Kong shares will continue to be under pressure and 18,000 is the key support line for the benchmark HangSeng Index in the near term.
"I believe Lehman Brothers is neither the last nor the largest victim swept away by the new wave of the financial tsunami...inevitably China is not living in vacuum, " said Dong Tao, Chief Regional Economist of Credit Suisse First Boston.
The benchmark Index plunged 1052.29 points, or 5.44 percent, toclose at 18,300.61 Tuesday, its lowest closing level since Oct. 27,2006, tracking U.S. and regional stock markets, amid worries of a global financial turmoil after investment bank Lehman Brothers filed for bankruptcy protection.
Turnover rose to 88.42 billion HK dollars from last Friday's 57.77 billion HK dollars .
"Today was a bloodbath," said Alex Tang, head of research at Core Pacific-Yamaichi, who noted that trading volume was its highest in months. "This was panic selling ... they just want to liquidate their positions."
"A further deterioration in confidence toward U.S. financial institutions and their derivative products after the collapse of Lehman Brothers is likely to continue to weigh on market sentiment across the region," said Ernie Hon, a strategist at ICEA Securities.
Phillip Capital Management strategist Y.K. Chan said 18,000 is the key support line for Hang Seng Index in the near term. But he added "we're in the middle of a crisis, so valuation offers little comfort."
Chan said China's surprise rate cut late Monday should be positive as it marks the end of credit tightening and the start ofan easing cycle on the Chinese mainland.
John Tsang, Financial Secretary of Hong Kong government, has assured the public that Hong Kong has an adequate monitoring system, and there should not be worries about local institutions' finances.
He reiterated on Tuesday afternoon the Hong Kong government will do all it can to maintain market stability, on the concern over the collapse of the U.S. investment bank Lehman Brothers which sent global stock markets tumbling.
Tsang said they have initiated a coordinating mechanism to monitor economic conditions and said that the Monetary Authority would step in if necessary to maintain market order, adding that so far there are no signs of any capital flight from Hong Kong.
Tsang told reporters the Hong Kong government is closely monitoring developments worldwide, and is in close communications with the Monetary Authority, Securities and Futures Commission and Hong Kong Exchanges and Clearing.
The monetary authorities will ensure trading on the Hong Kong stock market is conducted in an orderly fashion in the wake of Lehman Brothers' bankruptcy filing in the United States, Tsang said, noting the city's supervision and regulatory system is sound.
His remarks were also echoed by Secretary for the Financial Services and the Treasury Prof KC Chan.
Monetary Authority Chief Executive Joseph Yam said although the Lehman Brothers bankruptcy will have a negative impact on the Hong Kong markets, there will not be problems if systems operate ina normal manner.
Noting price adjustments in the markets are unavoidable due to this major turbulence, Yam said the authority can provide liquidity to markets under the current mechanism if the situation warrants.
The SFC approved the issue of restriction notices on four entities of Lehman Brothers in Hong Kong to preserve the assets of the companies and their clients, and to protect the interests of these clients and the investing public.
The four entities include Lehman Brothers Asia Limited, Lehman Brothers Securities Asia Limited, Lehman Brothers Futures Asia Limited and Lehman Brothers Asset Management Asia Limited.
Hong Kong Exchanges and Clearing Limited, the sole market operator, announced earlier Tuesday all structured products issued by Lehman Brothers will be suspended from trading in Hong Kong.
Lehman Brothers says it has stopped trading of its warrants on the Hong Kong stock exchange. The investment bank said in a statement to the Hong Kong stock exchange that it stopped trading because it had filed for bankruptcy in the United States.
The statement said trading in Lehman Brothers' warrants will be suspended until further notice and that "Lehman Brothers Asia Limited will suspend its obligations to provide liquidity for the issuer's warrants."
Source:Xinhua
Analysts said Hong Kong shares will continue to be under pressure and 18,000 is the key support line for the benchmark HangSeng Index in the near term.
"I believe Lehman Brothers is neither the last nor the largest victim swept away by the new wave of the financial tsunami...inevitably China is not living in vacuum, " said Dong Tao, Chief Regional Economist of Credit Suisse First Boston.
The benchmark Index plunged 1052.29 points, or 5.44 percent, toclose at 18,300.61 Tuesday, its lowest closing level since Oct. 27,2006, tracking U.S. and regional stock markets, amid worries of a global financial turmoil after investment bank Lehman Brothers filed for bankruptcy protection.
Turnover rose to 88.42 billion HK dollars from last Friday's 57.77 billion HK dollars .
"Today was a bloodbath," said Alex Tang, head of research at Core Pacific-Yamaichi, who noted that trading volume was its highest in months. "This was panic selling ... they just want to liquidate their positions."
"A further deterioration in confidence toward U.S. financial institutions and their derivative products after the collapse of Lehman Brothers is likely to continue to weigh on market sentiment across the region," said Ernie Hon, a strategist at ICEA Securities.
Phillip Capital Management strategist Y.K. Chan said 18,000 is the key support line for Hang Seng Index in the near term. But he added "we're in the middle of a crisis, so valuation offers little comfort."
Chan said China's surprise rate cut late Monday should be positive as it marks the end of credit tightening and the start ofan easing cycle on the Chinese mainland.
John Tsang, Financial Secretary of Hong Kong government, has assured the public that Hong Kong has an adequate monitoring system, and there should not be worries about local institutions' finances.
He reiterated on Tuesday afternoon the Hong Kong government will do all it can to maintain market stability, on the concern over the collapse of the U.S. investment bank Lehman Brothers which sent global stock markets tumbling.
Tsang said they have initiated a coordinating mechanism to monitor economic conditions and said that the Monetary Authority would step in if necessary to maintain market order, adding that so far there are no signs of any capital flight from Hong Kong.
Tsang told reporters the Hong Kong government is closely monitoring developments worldwide, and is in close communications with the Monetary Authority, Securities and Futures Commission and Hong Kong Exchanges and Clearing.
The monetary authorities will ensure trading on the Hong Kong stock market is conducted in an orderly fashion in the wake of Lehman Brothers' bankruptcy filing in the United States, Tsang said, noting the city's supervision and regulatory system is sound.
His remarks were also echoed by Secretary for the Financial Services and the Treasury Prof KC Chan.
Monetary Authority Chief Executive Joseph Yam said although the Lehman Brothers bankruptcy will have a negative impact on the Hong Kong markets, there will not be problems if systems operate ina normal manner.
Noting price adjustments in the markets are unavoidable due to this major turbulence, Yam said the authority can provide liquidity to markets under the current mechanism if the situation warrants.
The SFC approved the issue of restriction notices on four entities of Lehman Brothers in Hong Kong to preserve the assets of the companies and their clients, and to protect the interests of these clients and the investing public.
The four entities include Lehman Brothers Asia Limited, Lehman Brothers Securities Asia Limited, Lehman Brothers Futures Asia Limited and Lehman Brothers Asset Management Asia Limited.
Hong Kong Exchanges and Clearing Limited, the sole market operator, announced earlier Tuesday all structured products issued by Lehman Brothers will be suspended from trading in Hong Kong.
Lehman Brothers says it has stopped trading of its warrants on the Hong Kong stock exchange. The investment bank said in a statement to the Hong Kong stock exchange that it stopped trading because it had filed for bankruptcy in the United States.
The statement said trading in Lehman Brothers' warrants will be suspended until further notice and that "Lehman Brothers Asia Limited will suspend its obligations to provide liquidity for the issuer's warrants."
Source:Xinhua
Over 34,000 credit cards in circulation in Macao
The total number of Macao's credit cards in circulation reached 348,928 in the second quarter of thisyear, up 2.6 percent from the previous quarter, according to the figures Tuesday released by the Monetary Authority of Macao Special Administration Region .
Among this total, the numbers of pataca cards, Hong Kong dollar cards and RMB cards stood at 274,922, 66,012 and 7,991 respectively in the period, with RMB cards enjoying the largest increase of 4.3 percent quarter-to-quarter, the figures showed.
Compared with the same period last year, pataca cards, HK dollar cards and RMB cards grew 10.3 percent, 3.6 percent and 14.5percent respectively in the second quarter of this year.
As at the end of June 2008, credit card credit limit granted bylocal banks amounted to 6.3 billion patacas , an increase of 4.4 percent from end-March 2008, according to the AMCM.
The AMCM also said that credit card receivables reached 900 million patacas in the period while the rollover amount totaled 400 million patacas , accounting for 44.1 percent of credit card receivables. The delinquency ratio was 0.29 percent.
The credit card turnover slid 0.9 percent in the second quarterto 1.4 billion patacas , compared withthe previous quarter, according to the AMCM.
Source:Xinhua
Among this total, the numbers of pataca cards, Hong Kong dollar cards and RMB cards stood at 274,922, 66,012 and 7,991 respectively in the period, with RMB cards enjoying the largest increase of 4.3 percent quarter-to-quarter, the figures showed.
Compared with the same period last year, pataca cards, HK dollar cards and RMB cards grew 10.3 percent, 3.6 percent and 14.5percent respectively in the second quarter of this year.
As at the end of June 2008, credit card credit limit granted bylocal banks amounted to 6.3 billion patacas , an increase of 4.4 percent from end-March 2008, according to the AMCM.
The AMCM also said that credit card receivables reached 900 million patacas in the period while the rollover amount totaled 400 million patacas , accounting for 44.1 percent of credit card receivables. The delinquency ratio was 0.29 percent.
The credit card turnover slid 0.9 percent in the second quarterto 1.4 billion patacas , compared withthe previous quarter, according to the AMCM.
Source:Xinhua
Survey on leadership: nearly 40 percent of recipients prefer leaders who can bring benefit to the people
Chinese officials at different levels are facing more tough tests and new challenges with the advent of new times. China's Vice President Xi Jinping, who is also a member of the Standing Committee of Political Bureau, and member of the Secretariat of the CPC Central Committee, put forward the 'six major guidelines for leadership appointment' at the National Organization Work Conference convened earlier this year, which suggested appointing leaders at different levels must comply with the six steering rules: paying attention to the conducts, adhering to the outlook of scientific development, attaching importance to the actual work, getting close to the grass roots leadership, encouraging innovation and winning recognition and support from the general public.
Li Yuanchao, Minister of Organization Department of the CPC Central Committee, a department under the Secretariat of CPC Central Committee responsible for staffing positions within the CPC, also echoed the six guidelines recently pointing out 'three reverences,' namely, reverences toward history, ordinary people and life. The 'six guidelines' and 'three reverences' are described by some observers as the wind vane erected for the Chinese leadership gearing for the new era.
People Daily online accordingly conducted a survey on China's leadership among its netizens from across the country, trying to find out the ideal leadership in ordinary people's minds and what the most desirable qualities are to be a popular leader, which has long been regarded top concerns closely related to the CPC leadership and the overall social development under the leadership of the CPC.
The findings of the survey indicated that, among the 31,502 interviewees, nearly 40 percent of them think the most important yardstick to judge the leadership is 'conferring benefit on society and the people.' In addition, the sense of innovation is also strongly appealed for, as more than 30 percent of the survey recipients deemed it equally important for the ideal leadership to be 'courageous enough to break through conventions and make innovation.' As is expected, ordinary people always show great concerns to 'the leaders' conduct,' and a leader with high integrity can always win enormous popularity among the ordinary people. Therefore almost 30 percent of the interviewees vote for the leaders having good conduct and working in the earnest way.
Many netizens also posted their opinions on the message board. Those who prefer the leadership with good virtues and conduct think only under the leadership of clean and upright officials, can the society progress along the right track, the people feel content, and the general social mode turn to be sound. A netizen with IP 61.135.208 said, 'altruism should be a basic standard to be a good leader, as only by giving up the strong sense of egoism and selfishness, can a leader contribute more to the society, and be more devoted to serving the people. Otherwise, he would decline into a corruptive official sooner or later.'
Some netizens, in the mean time, suggested it is necessary to build up and improve supervisory and regulatory systems to effectively monitor the behaviors of the leadership, in the event that the lack of efficient watch dog would create loopholes luring those officials with slack self-discipline to commit crimes. A netizen with IP 116.28.62 said in his posting, 'without the necessary regulations and disciplines, the officials concerned could act in the undesirable way, even if he is generally a good person, and such is human nature, that people will go wild and arrogant without restrictions set by rules. Therefore building a perfect regulatory mechanism will serve as a necessary step to compound an effective system to test and appoint the leadership.'
By People's Daily Online
Li Yuanchao, Minister of Organization Department of the CPC Central Committee, a department under the Secretariat of CPC Central Committee responsible for staffing positions within the CPC, also echoed the six guidelines recently pointing out 'three reverences,' namely, reverences toward history, ordinary people and life. The 'six guidelines' and 'three reverences' are described by some observers as the wind vane erected for the Chinese leadership gearing for the new era.
People Daily online accordingly conducted a survey on China's leadership among its netizens from across the country, trying to find out the ideal leadership in ordinary people's minds and what the most desirable qualities are to be a popular leader, which has long been regarded top concerns closely related to the CPC leadership and the overall social development under the leadership of the CPC.
The findings of the survey indicated that, among the 31,502 interviewees, nearly 40 percent of them think the most important yardstick to judge the leadership is 'conferring benefit on society and the people.' In addition, the sense of innovation is also strongly appealed for, as more than 30 percent of the survey recipients deemed it equally important for the ideal leadership to be 'courageous enough to break through conventions and make innovation.' As is expected, ordinary people always show great concerns to 'the leaders' conduct,' and a leader with high integrity can always win enormous popularity among the ordinary people. Therefore almost 30 percent of the interviewees vote for the leaders having good conduct and working in the earnest way.
Many netizens also posted their opinions on the message board. Those who prefer the leadership with good virtues and conduct think only under the leadership of clean and upright officials, can the society progress along the right track, the people feel content, and the general social mode turn to be sound. A netizen with IP 61.135.208 said, 'altruism should be a basic standard to be a good leader, as only by giving up the strong sense of egoism and selfishness, can a leader contribute more to the society, and be more devoted to serving the people. Otherwise, he would decline into a corruptive official sooner or later.'
Some netizens, in the mean time, suggested it is necessary to build up and improve supervisory and regulatory systems to effectively monitor the behaviors of the leadership, in the event that the lack of efficient watch dog would create loopholes luring those officials with slack self-discipline to commit crimes. A netizen with IP 116.28.62 said in his posting, 'without the necessary regulations and disciplines, the officials concerned could act in the undesirable way, even if he is generally a good person, and such is human nature, that people will go wild and arrogant without restrictions set by rules. Therefore building a perfect regulatory mechanism will serve as a necessary step to compound an effective system to test and appoint the leadership.'
By People's Daily Online
Chinese pub owner killed by robbers in South Africa
A Chinese young man was killed Sunday in South Africa by a group of robbers who broke into his pub, said the Chinese General Consulate in Johannesburg Monday.
Chen Ming, 26, from east China's Fujian province, died of excessive bleeding after being stabbed in the back by the robbers, said Chinese Consul Xu Defu.
The five-member gang broke into Chen's pub, some 50 km south of Johannesburg, around 7 p.m. Sunday, demanding money from the till. They tied all the pub attendants up with ropes.
The robbers fled the scene shortly after the attack.
A total of 15 Chinese have been killed in robbery attacks in South Africa so far this year, three of them slain in September alone.
The Chinese General Consulate in Johannesburg reminded the Chinese community in South Africa to take precautionary measures to protect their lives and property.
Source:Xinhua
Chen Ming, 26, from east China's Fujian province, died of excessive bleeding after being stabbed in the back by the robbers, said Chinese Consul Xu Defu.
The five-member gang broke into Chen's pub, some 50 km south of Johannesburg, around 7 p.m. Sunday, demanding money from the till. They tied all the pub attendants up with ropes.
The robbers fled the scene shortly after the attack.
A total of 15 Chinese have been killed in robbery attacks in South Africa so far this year, three of them slain in September alone.
The Chinese General Consulate in Johannesburg reminded the Chinese community in South Africa to take precautionary measures to protect their lives and property.
Source:Xinhua
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