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BEIJING, March 21 -- A growing number of people are choosing to keep their money in the bank rather than invest it in stocks or property, a central bank survey released yesterday said. More than 51 percent of the 20,000 households polled said the current level of interest rates was "appropriate", the quarterly survey by the People's Bank of China said. The figure was up from 46 percent in the previous poll held in the fourth quarter of last year, and was the fourth consecutive quarterly increase. The central bank raised interest rates six times last year in a bid to curb inflation. The rate for a standard one-year savings account is now 4.14 percent, up from 2.52 percent at the start of last year. While investing on the stock market was a popular option in the earlier part of last year, recent corrections have dampened enthusiasm. The benchmark Shanghai Composite Index has fallen about 40 percent since October, and in recent months, bank deposits have grown significantly. The survey was carried out last month and involved families in 50 cities. Of those polled, 35 percent said they thought it necessary to save more, up from 30 percent in the previous poll, while almost 28 percent said they planned to invest more in stocks and mutual funds, down from about 36 percent.
BEIJING -- As the world marked International Human Rights Day on Monday, a Chinese expert in the field has documented his country's work in the area through a new article chronicling achievements that have been made over the past five years.Dong Yunhu, vice president of the China Society for Human Rights Studies, the largest nongovernmental organization in the human rights field in China, listed in his article some major facts outlining the fruits that have been reaped.In the newly-amended constitution of the Communist Party of China (CPC) adopted at October's 17th Party Congress, one of the landmark changes was that in the paragraph of "promoting socialist democracy", it said the Party "respects and safeguards human rights".It was the first time the CPC considered the development of human rights as an important aspect of national development.In November 1991, the Information Office under the State Council published its first-ever white paper entitled "Human Rights in China", stressing that full access of human rights was socialist China's "sublime goal".In March 2004, parliament adopted an amendment to the constitution that inserted the clause declaring "the state respects and safeguards human rights", putting human rights protection under the legal umbrella of the state.In March 2006, China for the first time wrote "human rights protection" in the country's national economic and social development plan as a part of the modernization drive.In his article Dong wrote: "Over the past five years, the most prominent progress in China's human rights protection is the 'mainstreamlization' and entry of human rights into the country's political life."The public's right to know, right to supervise has been constantly expanded. How state organs operate, how legislators work becomes increasingly transparent, Dong said.He pointed out that as a developing country with 1.3 billion population, China was still confined by historic, economic and social conditions. It had met many obstacles in the development of human rights."The economic, social and legal systems in China are far from mature and unbalanced development occurs between the rural and urban areas and among different regions," Dong said. He noted that "thorny issues in such aspects as employment, social security, income distribution, education, medicine, housing and safe production, had all effected public interests.However, he was confident that "human rights conditions in China would gradually improve along with the modernization process" as long as the country "unswervingly implements human rights protection principles and actively promotes democratic and legal construction".

China's natural gas output would at least double the present volume in the coming decade to reach 150 billion to 200 billion cubic meters, PetroChina Vice President Jia Chengzao said on Tuesday. PetroChina, the country's leading natural gas producer, alone has reported an annual output rise of 10 billion cubic meters for two consecutive years, he said. "We will strive to keep the same growth rate this year," said Jia, a member of the 11th National Committee of the Chinese People's Political Consultative Conference, who is attending the annual political advisory session. His company produces about 75 percent of China's total natural gas output. Recent discoveries of new gas fields, including Jidong Nanpu Oil Field in north China's Bohai Bay, which contains 1.18 billion tons of oil and gas reserves, would boost China's natural gas sector and optimize its energy structure, said Jia. "China National Petroleum Corporation (CNPC) will probably announce the proven reserves of the Longgang gasfield in the southwestern Sichuan Province around the end of this year," he said. Industry insiders believe the Longgang gasfield contains at least 700 billion cubic meters of estimated reserves. China's natural gas output reached 69.31 billion cubic meters last year, up 23.1 percent year-on-year, according to China Petroleum and Chemical Industry Association. Listed in Hong Kong and New York, PetroChina Company Limited is the listing arm of China National Petroleum Corporation (CNPC), the largest oil producer of China.
The government is to increase the level of pensions and housing subsidies for poor families in a bid to bridge the widening income gap. A State Council meeting chaired by Premier Wen Jiabao on Wednesday pledged to increase pensions for more than 40 million retirees from State-owned enterprises over the next three years. The government has already raised their pensions in the past three years by an average of 8 percent a year. But the cabinet considers the present pension level "still quite low". It said the increases over the next three years would exceed the rises made between 2005 and 2007 to "further ease social tensions caused by the income gap". The move is aimed at helping retired senior technology professionals and those who now get a relatively low pension. The cabinet ordered local governments to make sure this year's pensions are paid by the end of the month. While pledging to regularize pension increases, the cabinet also called for the development of other forms of pension rather than solely relying on the budget. It mentioned commercial and enterprise-funded insurance schemes. The average pension of enterprise employees is about 750 yuan (0) per month - the minimum salary set for developed cities, including Beijing. "With my pension, I can just about make ends meet. Consumer prices have kept on rising in the first half of this year," a 72-year-old retiree said. The cabinet also endorsed a plan to provide affordable housing to urban low-income groups. The policy aims to provide rent subsidies or low-rent housing for those who cannot afford commercial housing in the cities. By pledging to set aside more funding and land for the construction and acquisition of such housing, the government hopes to provide low-rent housing for all low-income urban residents - not just the poorest - by the end of 2010. The government aims to achieve this goal through multi-channels - construction, purchases, renovation and donations. "With the country's economic boom, it's time to share the pie with all levels of society," Chen Liangwen, an economic researcher with Peking University, said.
BEIJING -- Timothy Keating, US Pacific Command commander-in-chief, will visit China from January 13 to 16, the Chinese Ministry of National Defence (MND) said on Tuesday.During Keating's China stay, senior Chinese generals and officials from the Central Military Commission, the General Staff of the Chinese People's Liberation Army (PLA), Guangzhou Military Area Command and the Ministry of Foreign Affairs will meet him separately, the foreign affairs office of the MND said in a press release.The Chinese officials were expected to widely exchange views with Keating on Sino-US military ties, the Taiwan issue, and international and regional affairs of common concern, according to the press release.The four-day tour would also take Keating to the country's financial hub of Shanghai, and Guangzhou, capital of the southern Guangdong Province. There, he was scheduled to visit the PLA military institutions and bases and hold a seminar with Chinese military officials."China takes positive attitude toward developing military relations with the United States, and hopes Keating's visit could further enhance understanding, expand consensus and boost cooperation, so as to promote the bilateral military ties to grow steadily in the new year," the release said.The MND was consulting with the US side on detailing arrangements of the visit.Keating was visiting China for the second time since being appointed to the post in March. He was last here in May.
来源:资阳报