BEIJING, July 14 (Xinhua) -- Chinese equities gained 2.1 percent to hit a 13-month high Tuesday after three days of losses, boosted by financial, real estate and steel shares. The benchmark Shanghai Composite Index closed at 3,145.16 points, up 64.6 points, or 2.1 percent. The Shenzhen Component Index closed at 12,991.06 points, up 330.51 points, or 2.61 percent. Total turnover expanded to 280.53 billion yuan (41.07 billion U.S. dollars) from 268.78 billion yuan on the previous trading day. Winners outnumbered losers by 795 to 67 in Shanghai and 667 to 74 in Shenzhen. This multiple exposure picture shows an investor at a stock brokerage in Haikou, capital of south China's Hainan Province, on July 14, 2009. The benchmark Shanghai Composite Index on Tuesday closed at 3,145.16 points, up 64.6 points, or 2.1 percent to hit a new 13-month high led by banking shares "Strong investor optimism and a rebound in major markets in the United States and Europe driven by financial shares helped push up the gains in Chinese equities," said Qin Xiaojun, an analyst with Galaxy Securities. The Dow Jones Industrial Average gained 1.4 percent Monday with Bank of America, Citigroup, and J.P. Morgan Chase, three of its banking components, posted solid gains. Positive signals strengthened investor confidence as China posted a 19.6 percent fiscal revenue increase in June Monday. China's central bank Monday called on financial institutions to improve financial support to stimulate the economy. Brokerage shares performed well. Guoyuan Securities rose by the daily limit of 10 percent to close at 24.97 yuan, and Hongyuan Securities advanced 6.19 percent to 26.6 yuan. The real estate sector posted widespread gains as the Beijing-based Vantone Real Estate Co., Ltd and Xiamen-based Chuangxing Real Estate Co., Ltd reached the daily limit of 10 percent to close at 13.83 yuan and 11.31 yuan respectively. Anyang Iron and Steel Group Co., Ltd and Guangxi Liuzhou Iron and Steel Group Co., Ltd also rose by the daily limit to 5.48 yuan and 9.01 yuan respectively.Investors are seen at a stock brokerage in Haikou, capital of south China's Hainan Province, on July 14, 2009. The benchmark Shanghai Composite Index on Tuesday closed at 3,145.16 points, up 64.6 points, or 2.1 percent to hit a new 13-month high led by banking shares.
BEIJING, May 17 (Xinhua) -- China's power consumption declined 3.63 percent year on year in April, larger than the 2.01 percent decrease rate in March, the China Securities News quoted figures from the China Electricity Council (CEC) Friday. A total of 275.67 billion kilowatt hours of electricity were used in April. The figure for the first four months was 1.06 trillion kilowatt hours, down 4.03 percent from the same period a year ago. Analysts said the extending decline indicated a soft footing in economic recovery. It is normal that power output and consumption have ups and downs in the process of economic revival. From January to April, power used by the agriculture and tertiary sectors went up 4.69 percent and 9.04 percent. And that for industrial sector slipped 8.29 percent. The National Bureau of Statistic (NBS) said on May 13 that power generation fell 3.5 percent last month from a year earlier, to 271.29 billion kilowatt hours. The industrial output rose 7.3 percent in the same month. Since the industrial sector consumes about 70 percent of China's power, some economists questioned whether a rise in industrial production could be accompanied by a decline in power consumption. Zhang Liqun, a researcher with the Development Research Center of the State Council, a government think-tank, told Xinhua that when looking at the decline in industrial power use, it was important to remember that industrial upgrading was still in progress. The decline of electricity consumption by heavy industry, which accounts for 82 percent of total industrial power consumption, was the leading cause for the overall decline. According to CEC data, power consumed by the heavy industry was down 8.62 percent in the first four months, and that for the light industry sank 6.76 percent. Analyst expected that power use in May would fall slower than the previous month, as the rebounding electrolytic aluminum and iron and steel industries would use more electricity in the coming months.
BEIJING, July 7 (Xinhua) -- Chinese banks have been active in transacting yuan cross-border settlement after the first deal was made Monday. The Industrial and Commercial Bank of China (ICBC) said Tuesday it had dealt with yuan cross-border settlement totaling 17 million yuan (2.49 million U.S. dollars) in two days. Many banks in Guangdong Province were active in dealing with yuan cross-border settlement. The Bank of China Guangdong branch transacted yuan cross-border settlement totaling 7.96 million yuan (1.17 million U.S. dollars) Tuesday. "Guangdong Province has a large economic scale and is highly dependent on foreign trade. Yuan cross-border settlement could help enterprises avert exchange rate risks and reduce costs," said Cao Licong, deputy governor of the BOC Guangdong branch. "The service is favored by enterprises and will be promising in the future," said Hu Ye, deputy governor of the ICBC Guangdong branch. China launched its first yuan cross-border settlement Monday. China's State Council, or Cabinet, announced in April a pilot program to allow exporters and importers in Shanghai, and southern Guangzhou, Shenzhen, Zhuhai and Dongguan cities to settle cross-border trade deals in Renminbi (RMB), or yuan. China last week issued detailed regulations for the pilot program for cross-border trade settled in yuan. The rules specified how to make transactions using yuan to settle trade with Hong Kong and Macao and regional trade partners.
BEIJING, June 10 (Xinhua) -- Chinese Vice Premier Wang Qishan met with visiting chairman of the U.S. Economic Recovery Advisory Board Paul Volcker here Wednesday when they saw eye-to-eye on stepping up dialogue and cooperation. During the meeting, they agreed to make concerted efforts to develop the Sino-American "positive, cooperative and comprehensive relationship for the 21st century", which Chinese President Hu Jintao and his U.S. counterpart Barack Obama agreed to build during their meeting in London in April. Chinese Vice Premier Wang Qishan (R) meets with Paul Volcker (L), chairman of the U.S. Economic Recovery Advisory Board, during their meeting in Beijing, capital of China, on June 10, 2009. They also exchanged views on the current global economic and financial situation, and both of them acknowledged that economies of the two countries are increasingly interdependent. Volcker, who took office in February as head of the newly formed organization, has served as Chairman of the Federal Reserve under President Jimmy Carter and Ronald Reagan's administrations. The veteran central banker reportedly accomplished to tame raging inflation in the 1980s by raising interest rates and restricting the money supply. China and the United States are recently keeping close communication on issues of common concerns. Speaker of the U.S. House of Representatives Nancy Pelosi visited China in late May. Following her heels, delegations of U.S. congress, Treasury Secretary Timothy Geithner and several other senior U.S. officials also paid visits to China, to seek cooperation with China in fields such as climate change and combating financial crisis.
BEIJING, June 24 (Xinhua) -- China's State Council reached a decision at an executive meeting on Wednesday to promote a new type rural social pension pilot projects. The meeting, presided over by Premier Wen Jiabao, said building a new rural social pension system was key to reducing rural poverty and narrowing the gaps between urban and rural areas. It was also key to maintaining social stability and promoting domestic consumption. According to the meeting, the new-type rural social pension pilot programs will be carried out in 10 percent of counties this year. Rural residents above the age of 16 are all eligible to join the program. The meeting also ordered local governments to strengthen supervision of pension funds.
BEIJING, July 2 (Xinhua) -- More than 900 scholars, experts and representatives from business circle from around the world have gathered in Beijing to discuss remedies for the global financial crisis and the future development of the world economy. They are attending the Global Think Tank Summit, which opened here Thursday evening. Attendees to the summit included former President of the European Commission Romano Prodi, former Secretary of State of the United States Henry Kissinger, and Muhammad Yunus, laureate of the Nobel Peace Prize. Former U.S. Secretary of State Henry Kissinger delivers a keynote speech in Beijing, capital of China, July 2, 2009. The global think-tank summit opened here Thursday. Scholars, experts and business leaders attending the summit will discuss issues including global consumption, savings and the financial security, trade and investment liberalization, as well as sustained development and macro-economic policies in the coming two days. The summit is organized by China Center for International Economic Exchanges (CCIEE), a non-governmental research and consulting organization created in this March and headed by former Chinese Vice Premier Zeng Peiyan
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BEIJING, July 14 (Xinhua) -- China's armed forces are raising the qualification and training levels of non-commissioned officers (NCOs) to build a professional corps with the ability to operate increasingly sophisticated weapon systems. A reform plan unveiled by the Central Military Commission (CMC), China's top military authority, outlines the reforms which will affect the People's Liberation Army (PLA) and People's Armed Police Force (PAPF) by the end of this year. The number of non-commissioned officers (NCO) in the PLA and PAPF would rise to almost 900,000 while the total number of personnel would remain unchanged, Yang Yangshen, an officer with the PLA's Headquarters of the General Staff, told Xinhua on Tuesday. He said the rise would be small, but would not give the current number of NCOs. New NCO posts would be offered to increase the strength of increasingly technology-intensive forces. The NCOs would be given more responsibility for equipment that needed better proficiency and information skills in addition to assisting commissioned officers with basic training. According to the plan, the PLA and PAPF would recruit more graduates with three-year college diplomas, who could better understand the operation of modern military weapons systems, rather than promote enlisted personnel. The PLA and PAPF enlisted personnel are mainly high school graduates who finished 12 years of education. The modernization of the PLA's weapon systems called for better qualified non-commissioned officers, said Yang. Currently, the NCOs of the PLA and PAPF are ranked in six categories, starting from the lowest NCO level 1 up to NCO level 6. According to the plan, the new ranks, from lowest to highest, will be corporal, sergeant, sergeant first class, master sergeant class four, master sergeant class three, master sergeant class two and master sergeant class one. The reform also introduces a training system by which the new NCOs need to acquire technical qualifications, such as weapons repair and equipment maintenance. All NCOs who want to be promoted will need to pass upgraded training courses and exams, according to the reform plan. The plan mandates that the maximum service time for junior grade NCOs (corporal, sergeant) is six years and intermediate grade (sergeant first class, master sergeant class four) is eight years. The senior grade NCOs (master sergeant class three, master sergeant class two, master sergeant class one) could serve for more than 14 years. It would also increase the basic salaries for intermediate grade NCOs and subsidies for all NCOs. The PLA and PAPF introduced volunteer recruitment in 1978, which was the original model of the NCO system established in 1998when the revised conscription law reduced the compulsory service period of the enlisted soldiers from three to two years.
BEIJING, June 16 (Xinhua) -- China would like to join with Myanmar to promote comprehensive, stable and lasting relations, Vice President Xi Jinping said Tuesday. During talks with Myanmar State Peace and Development Council Vice-Chairman Maung Aye, Xi said China valued good-neighborly relations with Myanmar. He said Myanmar was among the first group of countries that forged diplomatic ties with the People's Republic of China, and Sino-Myanmar relations had maintained good momentum. Chinese Vice-President Xi Jinping (L) holds a welcome ceremony in honor of Maung Aye (R), vice-chairman of the Myanmar State Peace and Development Council (SPDC), at the Great Hall of the People in Beijing, capital of China, June 16, 2009. Xi also said the two countries should implement on-going projects to boost their economies amid the global downturn. He stressed that the Five Principles of Peaceful Coexistence were the cornerstone of China's diplomacy, and as a good neighbor, China hoped Myanmar would overcome difficulties to achieve stability and prosperity. Maung Aye expressed gratitude for China's long-term assistance. He particularly mentioned that China sent medical teams after Myanmar was hit by a cyclone last year. He reaffirmed Myanmar would support China's stance on the Taiwan and Tibet issues. Chinese Premier Wen Jiabao met with Maung Aye earlier Tuesday. Hailing the 60-year diplomatic relationship, Wen said the two nations enjoyed traditional friendship and broad common interests. Maung Aye said his government valued the relationship with China. Maung Aye came to China on an official visit scheduled for June15 to 20 at Xi's invitation.
TAIYUAN, July 5 (Xinhua) -- Chinese Premier Wen Jiabao said China will keep consistent macro-economic policies, promote structural adjustment, develop new growth sectors, improve growth quality and increase people's livelihood to ensure stable and fast economic growth. He made the remarks when visiting factories and mines in north China's Shanxi Province Saturday and Sunday. Shanxi is a leading energy base with pillar industries of coal, metallurgy and chemical products. Chinese Premier Wen Jiabao (C), who is also a member of the standing committee of the Political Bureau of the Communist Party of China Central Committee, has lunch with miners at the Tashan coal mine in north China's Shanxi Province July 5, 2009. Wen was on an inspection tour to the province from July 4 to 5.Visiting Taiyuan Iron and Steel (Group) Company Ltd., Wen said the steel sector must eliminate backward production capacity, speed up merger and restructuring and link steel sector with information technology, new materials and recycle economy to make the sector strong. While visiting Taiyuan Heavy Machinery (Group) Company Ltd., the premier said high-end products could ensure a stable market share and China would made structural adjustment and expanding domestic demand, especially consumption, as long-term and basic principles to cope with the global economic downturn. Chinese Premier Wen Jiabao (2nd, R) shakes hands with miners at the Tashan coal mine in north China's Shanxi Province July 5, 2009. Wen was on an inspection tour to the province from July 4 to 5.In the visit of other companies, Wen stressed that only those that own high and key technology, independent intellectual property rights and high-end products could maintain long-term competitive edges. It was especially important to develop new growth sectors through boosting new energies, new materials, biological medicines, energy saving technology and environmental protection, Wen said. The premier also visited a retired miner's home in Datong. Chinese Premier Wen Jiabao (C), who is also a member of the standing committee of the Political Bureau of the Communist Party of China Central Committee, praises deaf-mute workers with hand language at the Foxconn scientific and technical zone in Taiyuan, capital of north China's Shanxi Province July 4, 2009. Wen was on an inspection tour to the province from July 4 to 5.Jiao Jianzhong, 65, said he left his shanty three years ago and moved into the community built to relocate miners living at subsiding areas above coal mines. Wen said he was happy to see that Jiao's living conditions had improved. Wen said coal miners should not be forgotten as they contributed a lot to the country's coal sector and industrialization. He promised more measures to improve miners' life and complete social security to ensure better life for the public. Chinese Premier Wen Jiabao (L, front) communicates with deaf-mute workers with hand language at the Foxconn scientific and technical zone in Taiyuan, capital of north China's Shanxi Province July 5, 2009. Wen was on an inspection tour to the province from July 4 to 5. He visited Tashan mine, with 15 million tonnes of annual production capacity and about 800 miners, under Datong Coal Mine Group. Wen descended about 460 meters through a 7-kilometer tunnel into a pit to meet miners working underground. Wen inspected their working processes and had dinner with them at noon. He also asked the miners to pay much attention to safety during his two-hour stay in the pit.
BEIJING, May 18 (Xinhua) -- Chinese top leaders met Monday individual delegates from across the country who were awarded honors in Beijing for their dedication to public order. President Hu Jintao, Premier Wen Jiabao, Vice President Xi Jinping, and Zhou Yongkang, chief of the Central Political and Legislative Affairs Committee of the Communist Party of China (CPC), attended the meeting held at the Great Hall of the People. The leaders are all members of the Standing Committee of the Political Bureau of the CPC Central Committee. Zhou said at an awarding ceremony after the meeting that local governments had put great endeavor to maintaining stable social order and public security. He urged Party organs at all levels to take the initiative of blending comprehensive control of social public security with overall economic and social development. The senior official asked local governments to improve their capability of handling public security emergencies and actively prevent potential social conflicts. The Chinese government has carried out a strategy to maintain social order and public security by involving volunteers and Party members in enterprises, offices, universities and even the retirees to help the police authorities with information and supervision on minor conflicts and suspected crimes. At the awarding ceremony which was also viewed nationally by a tele-conference system, outstanding individuals and organizations were given honors for their endeavor and dedication to the country's smooth social order. Zhou encouraged the honored individuals and institutions to have more innovative ideas and methods to promote the overall control of social order. Chinese President Hu Jintao (R, front) meets Monday individual delegates from across the country who were awarded honors in Beijing for their dedication to public order. He stressed that local governments should enhance and expand the grassroots network of the social order's maintaining units and take the advantage of the public's power and wisdom. The local authorities should also pay more attention to educational work and prevention measures in addition to fighting and punishing criminals. By continuing preventative efforts to maintain public security, the governments should improve their abilities of social management and public service, Zhou added.