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WASHINGTON -- Financial systems in Asia appear well placed to handle the effects of the global financial market turbulence that broke out in July, said a report released by the International Monetary Fund on Friday.The report, Regional Economic Outlook: Asia and Pacific, explained that Asia was not at the epicenter of the recent turmoil, and markets and financial institutions in the region have been less affected to date than those in the United States and Europe."This reflects the relatively small direct exposure to US subprime mortgages and, more broadly, to leveraged and complex structured credit products, including by hedge funds," said the report.But it also warned that markets have begun to normalize somewhat at the time of this writing, although much uncertainty remains.The report expressed optimism about Asia's future economic performance, saying growth has been stronger than expected across much of the region, with domestic demand making an increasing contribution in a number of economies."China and India continued to lead the way, with high growth backed by strong investment, although the contribution of net exports to growth in China continues to rise," said the report."The pace of activity in the NIEs and ASEAN-5 remained solid, with strong investment in the former and strong consumption in the latter," the report added.The NIEs, or Newly Industrialized Economies, refers to Hong Kong and Taiwan of China, South Korea, Singapore. ASEAN-5 refers to Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.China is expected to increase 11.5 percent in 2007 and 10.0 percent in 2008, while India is projected to expand 8.9 percent this year and 8.4 percent next year.The Asian economies as a whole will grow robustly at 8.0 percent this year and moderately to a still-brisk 6.9 percent next year, said the report.

Major travel agencies had cut prices of domestic group tours by an average 30 percent as of yesterday, as the weeklong National Day holiday approaches its conclusion.The discount trips cover some top attractions, including Jiuzhaigou in Sichuan Province, Lijiang in Yunnan Province, Zhangjiajie in Hunan Province and some spots in the Xinjiang Uygur Autonomous Region.Costs for outbound tours have also been cut.The prices of tours to Japan and the Republic of Korea have fallen by as much as 1,000 yuan (3), according to www.ctrip.com, a travel service company.The country's tourism market saw a peak yesterday, the National Holiday Office said in a statement.More than 90 percent of the hotel rooms in most tourist destinations were booked, the statement said.The office said the 119 scenic spots in its nationwide monitoring system had received 3.28 million tourists on Wednesday and 3.07 million yesterday.Beijing's mass transit railway system carried 3.74 million people during the first two days of the weeklong holiday, according to municipal metro authorities.The number was almost double the amount on a normal day.An official with the Beijing environmental sanitation group said tourists had left about a third of the garbage at Tian'anmen Square each day that they did last year.Sanitation workers cleared 26.6 tons of garbage from the square in the first two days of the holiday, compared with 80 tons last year.

Apart from its soaring economy, Beijing is experiencing another kind of growth - in the age of its population.A police nurse takes an elderly woman's blood pressure as part of a medical checkup at her home in the Xicheng district of Beijing in November. A growing number of police officers have become involved with providing healthcare services to senior citizens in the community. [China Daily]According to figures released on Friday by the municipal civil affairs bureau, the city has 2.36 million people aged 60 or above, equivalent to about 15 percent of the total.Bureau spokesman Guo Xusheng said although the figure had risen by 340,000 from last year, the rate of growth could accelerate in the future, putting pressure on the city's social security system.A report by Beijing's working committee for the aged released late last year forecast the city's gray-haired population would reach 6.5 million by 2050, meaning one out of every three residents would be over 60.Guo told a government press conference the reason why there are now more elderly people is simply because people are living longer. At the end of last year, the average life expectancy for a Beijinger was 80.2 years, up 2.3 years on 2002.Yang Hui, a researcher with Beijing's Renmin University of China, warned that an aging society puts "great pressure" on the city's medical resources and a "burden" on the workforce."If the city draws too much fresh blood from the outside, it will face anther big problem - a booming population," he said.According to figures released on Thursday by the Beijing statistics bureau, at the end of last year, Beijing's population was 16.33 million, up 520,000 on 2006, the biggest annual increase in six years.Guo said the government had taken steps to prepare the city for its rapidly aging population.Last year, the authorities allocated 11.7 million yuan (.6 million) to build and renovate homes for the elderly. The city now has 336 such properties able to accommodate 38,080 people, Guo said."We want to increase the number of beds to 50,000 by 2010," he said, adding that community services and medical care for the elderly will also be improved.Also at Friday's press conference, Guo said the municipal government will continue to provide low-income families with subsidies to help counter the rising cost of living.In October, the authorities began paying monthly subsidies of 20 yuan to 229,000 of the city's lowest earners.Under the initial plan, the subsidies were to end in February, but Guo said the government had decided to extend them until June to account for possible further price hikes.

BEIJING, March 10 (Xinhua) -- The National Development and Reform Commission (NDRC), China's top economic planning agency, said on Monday the country's combined edible vegetable oil consumption stood at 23 million tons in 2007, 2 million tons more than a year earlier.     The country's total market supply last year reached 23.8 million tons, according to a statement on the NDRC website.     The NDRC said the current demand and supply of edible vegetable oil on the domestic market were balanced and could meet citizens' needs.     However, the NDRC and the State Grain Administration (SGA) called on their local branches to endeavor to maintain stable market supply as international soybean and edible oil prices had risen sharply recently.     The NDRC and the SGA ordered their local branches to accentuate the importance that the import of soybeans and edible vegetable oil would not be disrupted.     Two-thirds of edible oil materials in China, the largest global consumer, relies on imports. According to General Administration of Customs statistics, imports of edible oil and soybean reached 8.38 million tons and 30.82 million tons, respectively, last year, up 1.69 million tons and 2.58 million tons year on year.     The NDRC also asked local governments to track the inventory and price of edible oil price in real time and make efforts to maintain a sound market order.