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BEIJING, May 4 (Xinhua) -- Chinese equities dropped to a seven-month low Tuesday, after the central bank said Sunday it would raise the deposit reserve requirement ratio (RRR) for most financial institutions for the third time this year.The benchmark Shanghai Composite Index lost 1.23 percent to close at 2,835.28 points.The Shenzhen Component Index fell 1.81 percent to 10,960.77 points.Total turnover shrank to 141.55 billion yuan (20.7 billion U.S. dollars) from 191.91 billion yuan on the previous trading day.Losers outnumbered gainers by 533 to 347 in Shanghai and 488 to 429 in Shenzhen.
YUSHU, May 11 (Xinhua) -- Chinese Vice Premier Li Keqiang has called on reconstruction teams to finish their work within three years in the earthquake stricken areas of the northwestern Qinghai Province.Li, also member of the Standing Committee of the Communist Party of China Central Committee Political Bureau, made the remark during a visit Monday and Tuesday in Yushu Tibetan Autonomous Prefecture, epicenter of a 7.1-magnitude earthquake on April 14.He asked relief workers to finish removing debris, select the site of a new township and the layout of urban and rural areas by the end of May.By the end of this year, reconstruction teams should strive to finish all reinforcement work for reparable buildings in the quake zone, finish building new homes for most rural residents and herdsmen, and start building new homes for most urban residents, Li said.He asked local government officials to ensure that all quake survivors get enough and safe food, water and other necessities. Chinese Vice Premier Li Keqiang visits local temporary hospital in Yushu, Qinghai on Tuesday. Li urges local health and disease control personnel to prevent disease outbreaks and prepare effective treatments for altitude sickness before reconstruction workers arrived.Li urged local health and disease control personnel to prevent disease outbreaks and prepare effective treatments for altitude sickness before reconstruction workers arrived.Visiting a residential construction site in Jiegu Town, Li urged that the quality of new homes should be guaranteed.He also encouraged local quake survivors to overcome difficulties to resume their normal lives.Supplies of water and electricity as well as transport are being restored in the severely damaged Jiegu Town.Li outlined five aspects for the future relief work:-- Funding for quake survivors' subsidies, emergency rescue and temporary resettlement must be secured.-- Authorities should work out a general plan and special projects for reconstruction as soon as possible. The central government would provide favorable tax, loans, land and employment policies.-- Before large-scale reconstruction, designs for residential houses and public facilities should be prioritized.-- Heating and winter tents should be prepared for survivors who could not move into new buildings before cold weather arrives.-- School buildings, hospitals as well as water, electricity, telecommunications and transport facilities should be prioritized in reconstruction.Ethnic customs and traditions should be respected, he said.

WASHINGTON, April 12 (Xinhua) -- Chinese President Hu Jintao and his U.S. counterpart, Barack Obama, met here Monday to discuss bilateral relations, the Iranian nuclear issue and other matters of common concern.The two presidents exchanged views on bilateral relations and major global and regional issues of common interests, and reached important agreement, Ma Zhaoxu, spokesman of the Chinese delegation, said.Both sides believed that a good China-U.S. relationship serves the common interests of the two countries and contributes to world peace, stability and prosperity, Ma said.Chinese President Hu Jintao (L) meets with U.S. President Barack Obama in Washington April 12, 2010. President Hu Jintao arrived in Washington on Monday to attend the Nuclear Security Summit slated for April 12-13.During the meeting, Hu said China and the United States should properly solve their economic and trade rifts through consultations on an equal footing and jointly uphold the larger interests of China-U.S. economic cooperation and trade.He also said the sound and stable development of China-U.S. economic and trade ties is good for China, for the United States and for the world economic development.On the Iranian nuclear issue, Hu said China hopes various parties will continue to step up diplomatic efforts and actively seek effective ways to resolve it through dialogue and negotiations.China and the United States have the same overall goal on the Iranian nuclear issue, he said.
STOCKHOLM, April 30 (Xinhua) -- Sustainability expert, Professor Mohan Munasinghe who is also director general of Sustainable Consumption Institute at University of Manchester said China's development is more sustainable than the U.S. and Europe when they were in the similar development stage.In a recent interview with Xinhua in the Swedish capital city Stockholm, Munasinghe who was also Co-winner of the 2007 Nobel Prize for Peace as Vice Chairman of IPCC (Intergovernmental Panel on Climate Change) said sustainable development meant to balance the economic and social development with the damage of environment."What China proposes to develop harmonious society and especially to harmonize economic and social development and the environment is a way towards sustainable development," Munasinge said."China is more hopeful because stainability index shows that China's development is much more sustainable than the U.S. and Europe when they had similar development stage when per capita income was around 3,000 U.S. dollars he said."The second reason is that the discipline in eastern culture especially in China and Japan, you have a discipline to mix the social changes with economic development, you need a lot of discipline to bring about these changes," he said, adding that China's way of experiment in changes is very good."China often implements a pilot program and if it is good, it then promotes it in other areas and finally in the whole country and if you fail, then forget it and try new ways, this way you make the changes more beneficial than make it a total failure," commended Munasinge."China has the social capital that you make your society a consensus building society, this is Chinese social capital. Modernization sometimes is destroying very useful value systems, the value systems that survived from the ancient times are the sustainable values systems, for example, how to use less land and less water to farm and so on," he said.Munasinghe believes that due to Chinese culture and due to its development stage, China will be quicker to step into sustainable development track than that in developed countries because it is difficult to change their mindset and behavior.
BEIJING, April 5 --The People's Bank of China says the country will be more open to foreign capital this year even though the prospect of a strong economic recovery is still unclear.Although the impending withdrawals of various countries' economic stimulus packages may also complicate the efforts to end the global economic crisis, the Chinese government has decided to increase the penetration of foreign capital into the country's financial industry in an appropriate way.An editorial in the "Global Times" quotes some western officials who said if China opened its market to western financial institutions the way it opened its market to five-star hotels, the potential risks would be huge for the country itself and the world at large.The editorial warns the doors to free trade should not swing open too quickly and that market openness should be managed at the right pace, as China has done during the past three decades. But it also notes that the stakes are higher in the country's financial industry. It argues that if China is fully open to foreign capital, the capital operation pattern common in developed economies such as the United States and several European nations will not suit its existing financial system on such short notice. As a result, chaos would erupt sooner or later in the financial sector.The editorial concludes that China should gradually liberalize its financial industry, because a sudden torrent of foreign capital would be undesirable. It calls for a prudent approach to financial liberalization that would yield a productive outcome as evidenced over the past three decades of gradual financial reform whereby more market competition has been encouraged and distressed loans have been effectively curbed. Such a policy has shielded China from being hit as severely by the current financial crisis and enabled it to rebound quicker than other advanced nations.
来源:资阳报