BEIJING, March 2 (Xinhua) -- Chinese President Hu Jintao and high-ranking military officials on Tuesday watched a play honoring an outstanding military archivist.Liu Yiquan had worked as a file clerk and later a consultant at the archives of the People's Liberation Army (PLA) for about 38 years. He had collected more than 830,000 pieces of military archives, which was regarded as a special contribution to the army.Despite being diagnosed with terminal cancer in 2008, Liu continued to work hard. He died on Jan. 28 at the age of 59. Hu Jintao (C), general secretary of the Central Committee of the Communist Party of China, Chinese president and chairman of the Central Military Commission, meets with performers after watching a drama honoring Liu Yiquan, late file clerk at the archives of the People's Liberation Army, in Beijing, capital of China, March 2, 2010His exemplary deeds were known in China last year following media reports. The play, "Sheng Ming Dang An," or "Archives of Life," was based on his life story and debuted in November last year.Hu, also chairman of the Central Military Commission, visited Liu on Nov. 28 last year when Liu was receiving treatment at hospital. Hu had praised Liu as a role model and asked the Chinese Communist Party members and military personnel to learn from him.Liu had also been honored by the U.S. military authorities for his role in helping identify some key documents that could lead to the repatriation of the remains of the United States personnel who disappeared during and after the Korea War (1950-1953).
BEIJING, Jan. 13 (Xinhua) -- The decision of the People's Bank of China (PBOC), the central bank, to increase the deposit reserve requirement ratio has drawn worldwide attention and fluctuations in global markets. The PBOC decided on Tuesday to raise the deposit reserve requirement ratio by 0.5 percentage points as of Jan. 18, which analysts translated as a move to manage inflationary expectations and avoid a recurrence of the lending boom. This was the first time that the PBOC adjusted the ratio of deposit that lenders are required to set aside since the end of 2008 and the first increase for the ratio since June 2008. The PBOC cut the bank reserve requirement ratio four times in the second half of 2008 to stimulate growth as the global financial crisis started to weigh on the economy. The adjustment of the reserve requirement ratio, without changing benchmark interest rates, indicated the central bank was targeting inflationary expectations instead of inflation, said Zhao Qingming, a senior researcher at the China Construction Bank. Ma Jun, chief economist with Deutsche Bank (Great China), said that the rise in the reserve requirement ratio has ended the expansionary monetary policy and started a tightening cycle. Global markets took a hit after the Chinese attempt to cool the world's fastest-growing major economy. Chinese equities saw their sharpest dip in seven weeks on Wednesday after the central bank asked lenders to set aside more reserves as record bank lending last year ignited fears of inflation and asset bubbles. The benchmark Shanghai Composite Index went down 3.09 percent, or 101.31points, to close at 3,172.66 points. The Shenzhen Component Index lost 2.73 percent, or 364.69 points, to close at 13,016.56 points. Hong Kong stocks shed 578.04 points, or 2.59 percent, to close at 21,748.60 on Wednesday. The Hong Kong market was also dragged by overnight losses on the United States markets. The benchmark Hang Seng Index opened down 1.42 percent and widened its losses to 2.24 percent by lunch break, and further to 2.59 percent by market close. South Korea's financial markets on Tuesday reacted as the Chinese central bank raised the deposit reserve requirement ratio, with the stock markets and foreign exchange rate plunging from the last close. The benchmark Korea Composite Stock Price Index (KOSPI) and the Korean Securities Dealers Automated Quotations (KOSDAQ) jointly marked a plunge of 27.23 points and 3.65 points, respectively, from the last close. The report from China also affected the foreign exchange market, with the local currency also sliding against the U.S. dollar by 1.9 won. The New Zealand share market also fell on Wednesday after the Chinese move. The share market closed 0.43 percent lower with the benchmark NZSX-50 down 14.1 points at 3,276.2. Canadian stocks fell for the second day, weighed down by a metal and mining sector that was hit by the Chinese central bank's decision to cool economic growth. The S&P/TSX Composite Index declined 126.94 points, or 1.06 percent, to 11,820.18 on Tuesday. Earlier the index shed 173 points to 11, 774, the lowest level this year. U.S. stocks retreated Tuesday, with S&P falling for the first time in 2010, as disappointing Alcoa fourth-quarter results and rising U.S. trade deficit cooled optimism for a strong earnings season and a sustainable economic recovery. Crude tumbled the most in five weeks on concerns that demand from China, the world's second-largest oil consumer, will wane as the government moves to curb lending. Benchmark crude for February delivery fell 1.73 dollars to settle at 80.79 dollars a barrel on the New York Mercantile Exchange. It's the first time this year a barrel has closed below 81 dollars a barrel. Meanwhile, analysts widely hold that the Chinese central bank's decision is to cast only a short-term, instead of mid-term, stroke on the domestic stock market, as the impact would largely be psychological. Zhuang Jian, a senior economist with the Asian Development Bank, said the adjustment did not indicate a shift in the moderately easy monetary policy, but was an effort to control the pace of lending. Through the reserve requirement ratio increase, the central bank intended to call for balanced lending at commercial banks, which would support economic growth while avoiding higher inflationary expectations, Zhuang said.
BEIJING, Feb. 11 (Xinhua) -- President Hu Jintao held a telephone conversation with his Brazilian counterpart Luiz Inacio Lula da Silva on bilateral ties Thursday, with both sides expressing willingness to promote cooperation.The Chinese president said China-Brazil relations have been deepening in a comprehensive way, marked by frequent exchange of visits between their leaders and political mutual trust.The Brazilian president's state visit to China last year brought the two countries' strategic partnership to a new level as the two sides reached consensus over a broad range of major issues, Hu said.The two countries have agreed to map out a joint action plan, he said, adding that exchanges and cooperation in various fields have seen new momentum and the two sides have maintained close coordination and cooperation in international and regional affairs.China-Brazil cooperation enjoys solid political foundation and broad prospect for development, Hu said.He said further development of their strategic partnership is in the fundamental interests of both countries and is their common aspiration. It is also conducive to world peace and common development, he said.He also said China highly values its relations with Brazil and is ready to work with the Brazilians to further promote strategic partnership between the two countries.On cooperation between the BRIC nations -- Brazil, Russia, India and China, Hu said the four countries share the same or similar opinions on many global issues and have great potential in bilateral and multilateral cooperation.China attaches great importance to the cooperation platform of BRIC countries and is willing to strengthen communication and cooperation with Brazil, Russia and India, he said.Hu emphasized China and Brazil are both members of the BASIC countries and share extensive consensus on the issue of climate change. Through qualitative coordination and cooperation, both countries have played an important role in the climate summit held in Copenhagen not long ago.He said China would like to further enhance communication and coordination with Brazil as well as G77 countries to preserve and promote the interests of developing nations so that to facilitate a positive outcome of the climate summit to be held in Mexico this year and to keep on contributing constructively to the international cooperation on climate change.Lula extended his greetings to President Hu and the Chinese people on the coming Chinese Spring Festival, adding that Brazil has prioritized the development of the relations with China and he is glad to see a smooth pragmatic progress in various fields between the two sides.He said that Brazil is willing to strengthen cooperation with China in fields like energy, aviation and infrastructure. Brazil would like to work with China on a stronger cooperation among the BRIC countries.He added that during the U.N. climate summit in Copenhagen, along with a number of other countries, Brazil and China cooperated closely and played an active role in making the conference successful.Brazil is willing to continue working with China on a successful climate summit in Mexico, Lula said.
BEIJING, March 18 (Xinhua) -- China's government is set to order some central state-owned enterprises (SOEs) to quit real estate business as their land acquisitions are blamed for fuelling rise of urban housing prices, spokesman of the state assets watchdog Du Yuanquan said Thursday.The State-owned Assets Supervision and Administration Commission (SASAC) would require 78 centrally-administered SOEs, whose major business was not property development, to withdraw from the business, Du said in a SASAC press conference Thursday in Beijing.The SASAC gave no specific timetable for the withdrawal, but Du said it would require the 78 enterprises to step up business restructuring and gradually pull out of property development after all current real estate projects were finished.Housing prices in China's 70 large and medium-sized cities grew 10.7 percent in February from a year earlier, and were up 0.9 percent compared to the previous month, according to official figures.However, a total of 16 central SOEs, who have property development as major business, such as the China National Real Estate Development Group Corp. and the China Poly Group Corp., would continue in real estate, said Du.
BEIJING, Feb. 17 (Xinhua) -- The number of railway passengers rebounded sharply in China on Tuesday as more people started their return trips after Spring Festival family reunions, the Ministry of Railways said Wednesday.Passengers wait to take their trains inside a makeshift waiting room at a railway station in Nanchang, capital of east China's Jiangxi Province, Feb. 17, 2010. The railway station of Nanchang met its transport peak on Wednesday as large numbers of returning tourists went by trains here.Statistics from the ministry show China's railways served 4.185 million passengers on Tuesday, up 689,000 or 9.8 percent from the previous day.To cope with the increased demand for seats, the ministry added 238 special trains to ease the traffic, of which 64 were long-distance trains.People wait for their buses at a long-distance bus station in Jinan, capital of east China's Shandong Province, Feb. 17, 2010. Jinan met its medium and short-distance Spring Festival travel peak on Wednesday with most of the travelers going by long-distance buses to visit their relatives.The ministry predicts the travel peak days will probably be Feb. 19 and 20, as more and more passengers start their return trip. The ministry said it is closely watching the passenger flow situation and will adopt appropriate measures to meet passenger demand.Meanwhile, statistics from the Ministry of Transport (MOT) show that on Tuesday the country's roadways carried 28.1 million passengers, increasing 1.8 million or 12.6 percent from the previous day, while from Feb. 13 to 16 the combined figure was 127 million, up 10.8 percent from the same period last year.The MOT said that the country's roadways carried a total number of 32.5 million passengers on Wednesday, up 9.7 percent year on year.Wednesday MOT figures revealed that China's waterways were forecast to carry 780,000 passengers, down 2.5 percent year on year.The country's roadways were already ready for more passengers' long-distance return trip, as the one-week Spring Festival holiday was near its end, said He Jianzhong, a spokesman with the MOT.The Spring Festival, also known as the Chinese Lunar New Year, is China's most important annual festival. It is an occasion for reunions of family members, relatives and friends.
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BEIJING, Feb. 25 (Xinhua) -- China's labor unions had played an irreplaceable and unique role in boosting stable economic development and employment stability, Chinese Vice President Xi Jinping said here Thursday.The Chinese government attached great importance to the role of labor unions in China's economic and political arenas and supported labor unions to better safeguard workers' legitimate rights and interests, Xi said.Xi made the remarks in his speech at the opening ceremony of an international forum on economic globalization and trade unions in Beijing.Chinese Vice President Xi Jinping addresses the opening ceremony of an international forum on economic globalization and trade unions in Beijing, China, Feb. 25, 2010As a developing country with 1.3 billion people, China should take both its industrialization and creating enough jobs for people into consideration and make comprehensive and balanced plans, Xi said.
BEIJING, Feb. 10 (Xinhua) -- The Overseas Chinese Affairs Office of the State Council on Wednesday extended Chinese Lunar New Year greetings to all overseas Chinese, returned overseas Chinese and their relatives.Li Haifeng, director of the Overseas Chinese Affairs Office, said in a New Year speech that 2009 was a special year, in which China withstood the impact of international financial crisis and cross-Strait relations showed momentum for peaceful development."We sincerely hope that overseas Chinese will continue to contribute to the great cause of peaceful reunification of China," she said.Li extended best wishes for the Spring Festival -- which falls on Sunday -- to Chinese all over the world and promised that overseas Chinese affairs offices at all levels would continue to improve services to overseas Chinese and protect their rights.
BEIJING, Feb. 24 (Xinhua) -- Senior Chinese leader Zhou Yongkang on Wednesday urged the country's prosecutors to learn from role models so to better serve the people and safeguard social justice.Zhou, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting respected role models from procuratorates at all levels.Prosecutors had made positive contributions to safeguarding social harmony and stability, protecting people's legitimate interests and advancing the country's economic and social development, Zhou said.Zhou Yongkang (2nd R), a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, meets with respected role models from procuratorates at all levels around China in Beijing, capital of China, Feb. 24, 2010He urged prosecutors at all levels to embrace innovation in their work, strengthen ties with the people and improve their capacity and ability to serve the people.He also called on prosecutors to faithfully fulfil their duties of supervision and enforce laws in a strict and fair manner.