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BEIJING, May 2 (Xinhua) -- The People's Bank of China (PBOC), the central bank, announced Sunday it will raise the deposit reserve requirement ratio (RRR) for most financial institutions for the third time this year amid growing concerns of asset bubbles and economic overheating.The bank said in a statement on its website that it would raise the deposit reserve requirement ratio (RRR) for financial institutions by half a percentage point from May 10.The ratio for the rural credit cooperatives and rural banks would remain unchanged at 13.5 percent, said the PBOC.However, the RRR for other small financial institutions would rise to 14 percent, and that for large financial institutions to 17 percent.This is the third rise in the deposit ratio this year. On Jan. 12 and Feb. 17, the central bank raised the deposit ratio by half a percentage point each time.The move indicated the government was taking further steps to tighten monetary policy in response to concerns of overheating and asset bubbles, said Liu Yihui, an expert with the Financial Research Center of the Chinese Academy of Social Sciences (CASS).The PBOC has cut the bank reserve requirement ratio four times during the second half of 2008 to stimulate growth, as the global financial crisis started to weigh on the economy.The country posted a better-than-expected 11.9 percent year-on-year economic growth in the first quarter, but the government was cautious and had repeatedly warned that the economic conditions this year were "very complicated."China's consumer price index (CPI), the main gauge of inflation, saw a rise of 2.4 percent year on year in March, nearing the ceiling of 3 percent inflation this year that the government has set at the annual parliamentary session that month."There is an obvious tendency of overheating," Liu said.

BEIJING, April 7 (Xinhua) -- Top Chinese legislator Wu Bangguo held talks with Harry Jenkins, speaker of the House of Representatives of Australia, on Wednesday, with both sides pledging closer ties and more parliamentary exchanges between the two countries."China and Australia share extensive interests and broad cooperative potential in terms of developing bilateral ties and dealing with global challenges," said Wu, chairman of the Standing Committee of the National People's Congress, China's top legislature.China regards Australia as an important cooperative partner in the Asia-Pacific region and is willing to work with Australia to address each other's concerns and deepen cooperation from a strategic and long-term perspective, Wu said.Jenkins is in Beijing to attend the second meeting of a regular exchange mechanism of the two countries' parliaments which is scheduled for Thursday.It is Jenkins' first visit to China as speaker of the House of Representatives.Wu Bangguo (R), chairman of the Standing Committee of China's National People's Congress, meets with Harry Jenkins, Speaker of House of Representatives of Australia, in Beijing, China, April 7, 2010.Since the regular exchange mechanism was set up in 2006, it has become an important platform for increasing mutual understanding and promoting mutually-beneficial cooperation, Wu said, urging the two parliaments to have in-depth exchanges of views on issues of common concern.Jenkins hoped to have a better understanding of China through the seven-day visit, which will also take him to Guangdong Province, Ningxia Hui Autonomous Region and Shanghai.Also on Wednesday, Chinese Vice President Xi Jinping met with Jenkins.Xi said China and Australia, as important countries in the Asia-Pacific region, have extensive interests and solid basis for cooperation to safeguard regional peace and stability, promote regional and global economic growth and to deal with global challenges."A healthy and stable China-Australia relationship complies with the interests of the two countries and peoples," said Xi.Xi said that China and Australia should increase high-level visits and exchanges at various levels and cement mutually-beneficial cooperation in areas like trade, energy, environmental protection, technology and culture.

BEIJING, May 3 (Xinhua) -- Chinese President Hu Jintao encouraged college students to help advance the country's modernization drive on the eve of Youth Day, calling on them to "nourish lofty ambitions."Replying a letter from students and teachers of the China Agricultural University, Hu said he hoped they could nourish lofty ambitions and contribute to the country's endeavor to solve the issues concerning agriculture, farmers and rural areas.He said the issues are on the top agenda of the central authorities, and the modernization of agriculture is a major task in the country's overall plan to realize modernization.The task means huge responsibility for colleges and institutes specialized in agricultural studies, while at the same time it also offers a platform for agriculture learners and researchers to display their talents, Hu said.The Beijing-based university is a top higher learning institution specialized in agriculture in China. Hu visited the university and talked with students and teachers there a year earlier before Youth Day, which falls on May 4.

BEIJING, April 8 (Xinhua) -- China expressed its concerns Thursday about a Chinese coal ship that ran aground off the eastern coast of Australia.Chinese Foreign Ministry spokesperson Jiang Yu told a regular press briefing China is paying close attention to the incident and has taken immediate action to deal with it.China is concerned an oil spill may pollute Australia's Great Barrier Reef, Jiang said, adding that the related shipping company and Australian authorities should enhance cooperation to appropriately address the issue.Jiang said China's embassy in Australia contacted local authorities and urged them to ensure the crew's safety.Australia has taken rescue measures in time, she said, noting that the body of the ship has been kept stable and the crew are safe.The Chinese-owned, 230m-long bulk coal carrier Shen Neng 1 ran aground about 70 km east of Great Keppel Island shortly after 05:00 p.m. local time on Saturday. About two tonnes of fuel oil have spilled, creating a slick about 3 km long and 100 meters wide.The vessel, carrying 950 tonnes of heavy fuel oil and 65,000 tonnes of coal, was bound for China.

JINAN, May 2 (Xinhua) -- A Hong Kong cargo ship sank off Weihai City, east China's Shandong Province, Sunday after a collision with a Liberian-registered freighter, rescuers said.All 46 crew members of the two vessels were safe after the accident at 5:23 a.m., the city's maritime safety bureau said in a statement.The accident could have occurred in foggy conditions at the time, said Li Zhiqiang, an official with the city's maritime safety bureauThe 23 Chinese crew of the Hong Kong-registered Bright Century and the 23 Indian crew of the Liberia-registered Sea Success had been rescued as of noon, he said.Water had flooded into the damaged prow of the Sea Success, but the vessel was still afloat.The bureau had dispatched a ship to shadow the vessel as it was still in negotiations with the owner about the cost of towing the ship to port.The bureau is investigating the cause of the accident.