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zhguxxqg 2024-04-28 16:05:13

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China is moving in the direction of raising its caps on foreign ownership in banks but has no timetable for doing so, Liu Mingkang, head of the China Banking Regulatory Commission, said on Thursday. "It takes time, but it's the orientation -- we are moving forward," Liu told reporters after meeting with U.S. lawmakers on Capitol Hill. Asked whether he knew when the caps, currently set at 25 percent, would be lifted, Liu replied: "There is no timetable." U.S. Treasury Secretary Henry Paulson has been pushing hard in an effort to get China to raise the caps and improve the access U.S. firms have to China's financial sector. China's central bank governor, Zhou Xiaochuan, also said China needed to further assess the economic situation before deciding on more monetary tightening measures. "We already have some tightening policies, so we are not hurrying to make any further -- it takes time to look at the feedback," Zhou said. Liu and Zhou were part of a top-level Chinese delegation in Washington for two days of talks with Bush administration officials hosted by Paulson, as well as meetings with legislators upset over the huge U.S. trade deficit with China.

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The average wedding cost in urban China hits a record of 560,000 yuan (US,572), and young couples are heavily depending on parents' financial aids to pave the way for their marriages, reported the Jiefang Daily Friday.2006 China Wedding Expo was held at Beijing Exhibition Center from August 11-13. Various wedding photos and other related wedding outfits had been exhibited during the expo. [CRI]The 560,000 yuan is based on some 60,000 valid questionnaires of a recent survey conducted by the Committee of China Wedding Expo.According the survey, the wedding related expense, honeymoon, new house and car are prime contributors to the soaring marriage cost in the urban area. The wedding related cost, including wedding picture, dress, ceremony, feast, jewelry is 139,557 yuan in average. The average costs of honeymoon and a new car are 9,227 yuan and 94,800 yuan respectively. Housing expense fuels the marriage cost by adding 308,600 yuan in average. According to the survey, 81.6 per cent of young couples' marriages are funded by their parents. No matter parents finance some of it, half of it or all of it. "Parents are the young couple's first-choice sponsor of their luxurious wedding," said Liao Junguo, the director of the data center of China Wedding Expo. "I am willing to give my boy a hand as it is a tradition of Chinese parents to take care of their children's wedding," a senior surnamed Zhang said. The skyrocketing marriage cost in urban area put many engaged couples in an awkward position when it comes to the question of getting married. Love and marriage go together like a horse and carriage, but the carriage nowadays is loaded with money.

The country's campaign to improve product quality and food safety has yielded very good results, Vice-Premier Wu Yi said in Weifang, Shandong Province, October 26, 2007. [Newsphoto]Weifang - The country's campaign to improve product quality and food safety has yielded very good results, Vice-Premier Wu Yi said on Friday.Despite that she urged: "We have to win this special war against poor product quality and supervision, enabling our people to eat without fear."Wu said the government has raised its investment in agriculture, especially in pesticide supervision and fertilizers management and to prevent fake products from entering the sector.Besides, authorities will strengthen supervision and inspection on vegetables and other food products in major cities, bringing all wholesale markets within the authorities' monitoring system.Officials are already monitoring all wholesale markets for agricultural products in 676 medium- and large-sized cities, Minister of Agriculture Sun Zhengcai said.Latest data suggest 94 percent vegetables and 95 percent aquatic products in cities have pesticide residue below the danger level.Also, more than 97.4 per cent of the pigs are slaughtered in registered abattoirs. The authorities closed down 602 illegal and 4,051 slaughterhouses in the first half of this year alone.Concerns over Chinese products safety prompted the government to formed a cabinet-level panel on food safety and quality control under the vice-premier in August.Eight categories of products are under the panel's scanner, including pork, drugs, agricultural products, processed food, toys and electric wires. The "special war" is aimed at improving product quality in four months.At a meeting in Weifang, Shandong Province, Wu lauded the province's advanced practice in product quality and food security management."Shandong's experience in standardized plantation of vegetables, aquatic products and some other agricultural products has been proved effective and worth promoting nationwide," Wu said.It brings irrigation and the condition of cultivable areas, particularly where chemicals are used, under a quality control system, which will be overseen by local officials, Shandong Governor Jiang Daming said.The province has taken the lead in the country to set up internationally recognized systems of quality standards, quality testing, attestation and supervision, securing a high standard of food quality from every link of production, processing and transportation.And more than 400,000 people in the province have attended into food safety education training sessions since August.

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SHENZHEN -- China on Wednesday laid out a primary plan for its second pipeline of the West-East natural gas transmission project.According to the plan, construction of the 8,794 kilometer gas pipeline, which consists of one major line and eight sub-lines, will involve an investment of approximately 143.5 billion yuan (US.8 billion).The major line will extend 4,945 km, running from Khorgos in the northwestern Xinjiang Uygur Autonomous Region to Guangzhou, capital of south Guangdong Province.Construction of the pipeline will begin this year and it will go into operation in 2010. The pipeline would pass through 13 Chinese regions.It would carry natural gas from central Asian countries and Xinjiang to the economically prosperous but energy thirsty eastern and southern China areas, including Shanghai and Guangdong Province.

China Securities Regulatory Commission announced here on Friday that it has approved the initial public offering (IPO) plans of three domestic companies.     They are the Sichuan-based software and equipment provider Wisesoft, nitrocellulose producer Sichuan Nitrocell Corporation, and husbandry company Shandong Minhe.     It also approved the issue of three stock funds, bringing the total of newly approved funds of this kind to 18 since February. A bond fund also won approval.     New funds approved since February equals half of all funds approved last year, which would injects more capital into the declining stock market.     Though the market is less sensitive to new fund issue as more funds win approval, the accumulation of capital would possibly lead to positive short-term change in the market, analysts said.

 BEIJING -- China's economy in 2008 will maintain a robust and stable momentum despite uncertainties ahead, according to signs revealed during the country's top legislative and political advisory sessions. Liu Shucheng, a political adviser and director of the Economic Research Institute of the Chinese Academy of Social Sciences (CASS), believes it is almost out of question for China to score 10 percent of gross domestic product (GDP) growth this year."China's economy has maintained a long period of continued and stable growth, which is unprecedented since the founding of New China (in 1949)," he said.Justin Yifu Lin, a deputy to the National People's Congress (NPC) and the World Bank's chief economist, holds a similar view, saying China's economy would be affected little by the U.S. subprime crisis."The demand by the United States, China's second largest trade partner, would not decrease by a large margin as most of Chinese exports to it were low- and middle-end," Lin said.Despite the sound economic expansion on the whole, Zhang Quan, an NPC deputy and head of Shanghai environmental protection administration, held that China should be fully prepared for the uncertainties ahead."Risk prevention capability should be further strengthened. Just as an old Chinese saying goes: be prepared for danger in times of safety," he said.In his government work report at the NPC session, Premier Wen Jiabao said, "There are quite a few uncertainties in the current economic situation home and abroad, so we need to keep close track of new developments and problems, properly size up situations and take prompt and flexible measures to respond to them while keeping our feet firmly rooted in reality."China's GDP in 2007 reached 24.66 trillion yuan, an increase of 65.5 percent over 2002 and average annual increase of 10.6 percent. However, the consumer price index (CPI) in 2007 rose 4.8 percent year-on-year, the highest since 1997 and well above the 3 percent target, mainly due to rises in food and housing costs. In January this year, monthly CPI rose 7.1 percent, the highest monthly surge in the past 11 years.Meanwhile, the U.S. Federal Reserve cut interest rate six times in seven months. The European Central Bank (ECB) held key interest rate steady for fears of further inflation in the eurozone as inflation remained a record high of 3.2 percent since the beginning of the year.In general, the impact from U.S. subprime crisis on global economy is not clear. And there is no consensus on how international oil price and price hikes would impact on inflation.Under such circumstances, Premier Wen called for the appropriate pace, focus and intensity of macroeconomic regulation to sustain steady and fast economic development and avoid drastic economic fluctuations.The premier said China would strive to keep this year's CPI increase at around 4.8 percent while following a prudent fiscal policy and a tight monetary policy.As the U.S. newspaper International Herald Tribune observed from the premier's report, the price hike has become the top concern of Chinese government. The main task is to rein in growing inflation and prevent the economy from being overheated.China's top economic planner, central bank governor and financial minister gathered at a press conference on Thursday to explain government measures to regulate macro-economic growth and contain rising inflation.To prevent fast economic growth from becoming overheated growth and keep structural price increases from turning into significant inflation, the People's Bank of China raised the reserve requirement ratio by half of a percentage point to 15 percent on January 25, the highest since 1984. In 2007, the central bank had raised the ratio ten times and benchmark interest rate six times.Economists believe the measures is to ensure sound economic growth and stabilize market anticipation of inflation. The central government has regarded curbing price hikes as the "rigid lever" for this year's macroeconomic regulation while saving room for economic structure adjustment.For low-income earners, who are affected most by growing inflation, a protective umbrella will be provided by the government that advocates "putting people first"."I believe the government will make greater efforts to solve social issues and improve people's livelihood through increasing fiscal revenue and making use of other resources," said Jia Kang, a political advisor and director of the Research Institute for Fiscal Science under the Ministry of Finance.Indeed, Premier Wen's report showed unusual concern on the issue of prices, and came up with nine measures, short- and long-time, to increase effective supply and curb unreasonable demand.These measures include expanding production, especially the production of the basic necessities of life such as grain, vegetable oil and meat as well as other commodities in short supply, speeding up improvement of the reserve system, promptly improving and implementing measures to aid the low-income sector of the population and to make sure that the prices of the means of production, particularly agricultural supplies, do not rise rapidly.

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China is moving in the direction of raising its caps on foreign ownership in banks but has no timetable for doing so, Liu Mingkang, head of the China Banking Regulatory Commission, said on Thursday. "It takes time, but it's the orientation -- we are moving forward," Liu told reporters after meeting with U.S. lawmakers on Capitol Hill. Asked whether he knew when the caps, currently set at 25 percent, would be lifted, Liu replied: "There is no timetable." U.S. Treasury Secretary Henry Paulson has been pushing hard in an effort to get China to raise the caps and improve the access U.S. firms have to China's financial sector. China's central bank governor, Zhou Xiaochuan, also said China needed to further assess the economic situation before deciding on more monetary tightening measures. "We already have some tightening policies, so we are not hurrying to make any further -- it takes time to look at the feedback," Zhou said. Liu and Zhou were part of a top-level Chinese delegation in Washington for two days of talks with Bush administration officials hosted by Paulson, as well as meetings with legislators upset over the huge U.S. trade deficit with China.

A pedestrian walks past a branch of China Construction Bank in Shanghai June 3, 2007. [newsphoto]China's central bank is considering establishing a deposit insurance system in a bid to promote financial stability, news reports said on Monday. The People's Bank of China (PBoC) aims to push forward legislation on deposit insurance, the Xinhua News Agency reported, citing information from a central bank meeting. PBoC has carried out research looking into this matter, according to the report. Deposit insurance is a measure introduced by policy makers to protect deposits, in full or in part, in the event of banks being unable to pay deposits. The insurance can maintain public confidence in the financial system and prevent bank runs, thus helping promote financial stability. The United States was the first country to establish an official deposit insurance scheme, during the Great Depression in 1934. Currently, nearly 100 countries have such an arrangement in place. The lack of deposit insurance in China is related to the fact that most of the banks in the country are State-owned, which offer confidence to depositors, analysts said.

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Finance Minister Xie Xuren and his Japanese counterpart Fukushiro Nukaga have agreed to work jointly to end the controversy created by allegedly contaminated China-made dumplings.Chinese Finance Minister Xie Xuren (L) shakes hands with Japan's Finance Minister Fukushiro Nukaga at the latter's office in Tokyo, February 10, 2008. [Xinhua]At the first-ever ministerial-level meeting since the food scare in Japan, the two ministers vowed to "keep searching for the real cause" that made 10 people fall ill after eating the dumplings."We must cooperate in the investigation to get to the root of the problem and to prevent such an incident so that it doesn't become an obstacle to our friendship," Nukaga told reporters in Tokyo yesterday. "And he (Xie) said he completely agreed (with the idea)."The two also agreed to hold another dialogue next month in Tokyo. Xie was in Japan to attend expanded discussions and meetings of the Group of Seven financial ministers. Representatives of Russia, South Korea and Indonesia were also invited to the deliberations.The ministerial-level meeting came four days after Lunar New Year's Eve, when Chinese and Japanese officials met in Tokyo and said they were ready to cooperate in the investigation.China is willing to fully cooperate and share information with Japan, Li Chunfeng, head of the five-member Chinese delegation, told reporters after the third round of talks at the Japanese Cabinet Office on February 6.The country had set up a joint investigation team with Japan to get to the truth as soon as possible, Li said, calling for an objective attitude and scientific measures to solve the problem.A joint investigation team that on Tuesday inspected the plant of Tianyang Food, which made the dumplings, did not find any "abnormality" with the production process."The plant (in Shijiazhuang, capital of Hebei) is very clean and well managed, and no abnormality was detected," Japanese delegation chief Harashima Taiji said on Wednesday.Chinese and Japanese journalists, too, visited the plant, where production was suspended on January 30. The plant employs about 800 people.Also on Wednesday, Japanese Health Minister Yoichi Masuzoe said someone could have deliberately tried to contaminate the dumplings."Judging from circumstantial evidence, we'd have to think that it's highly likely to be a crime," Masuzoe said in Tokyo.Chinese police and law enforcers in Japan's Hyogo prefecture, where the 10 people fell ill, have already set up a joint task force to probe the case.In a joint announcement, Hyogo police said that after finding large amounts of the pesticide methamidophos on and small holes in some of the dumpling packages they suspected someone deliberately tried to poison the product.Tianyang reiterated it has never used methamidophos and that the dumplings were always packed immediately after coming off the production line.China Daily - Agencies

BEIJING -- China and Japan on Thursday expressed the hope that bilateral ties should move headway as they staged grand activities marking the 35th anniversary of the normalization of diplomatic ties."Chinese and Japanese politicians made strategic decision to normalize diplomatic relations 35 years ago, turning a new chapter of the Sino-Japanese ties," Chinese Premier Wen Jiabao spoke to visiting Japanese guests including former Japanese prime ministers Mori Yoshiro and Tomiichi Murayama.China-Japan relation is facing good momentum of development and opportunities, and the Chinese government will continue its friendly policy towards Japan to develop friendly neighbouring relations of cooperation, Wen said.At the grand reception with 600-odd attendance, Chinese State Councilor Tang Jiaxuan said the China-Japan ties have witnessed ups and downs during the past 35 years, and now back to normal track for development due to joint efforts by both governments and peoples."Chinese and Japanese leaders kept frequent contacts and communication in the past year, reaching important consensus on the target of peaceful co-existence, long-lasting friendship, mutual cooperation and common development, which should be cherished by both nations," Tang said."China and Japan are facing bright future and shoulder responsibilities in developing bilateral ties," Tang said.China would like to work with Japan to continuously push forward bilateral relations for long-term and stable growth based on the three political documents and keeping in mind the spirit of "taking history as a mirror and looking to the future", Tang said.Echoing Chinese leaders' remarks, Mori Yoshiro and Tomiichi Murayama said Japan-China relations enjoy great improvement and development in the past year through joint efforts of both sides, and the two countries witness sound cooperation in fields of economy, culture, sports and youth exchanges.They suggested both countries take the opportunity of the 35th anniversary to step up strategic mutual-beneficial ties, keep high-level exchanges, and facilitate cooperation in the key areas such as environmental protection and energy saving.The Japanese guests also called on to promote youth exchanges and cooperation between localities, in a bid to cement mutual understanding and friendship between the two peoples.

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