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BEIJING, April 13 (Xinhua) -- Chinese companies will no longer need the central bank's approval when issuing short-term bonds on the inter-bank market amidst government efforts to boost direct financing and reduce bank loan risks. The People's Bank of China (PBOC) announced non-financial companies could issue bonds with maturities of less than one year on the inter-bank market without its approval from April 15. Instead, they would only need to register at the National Association of Financial Market Institutional Investors set up in September, the PBOC said in a statement issued late on Saturday. It said other negotiable notes "with a certain maturity" issued by non-financial companies on the inter-bank bond market wouldn't need administrative examination and approval, either. Nor would future innovative financing tools on the market. China has vowed to develop its capital market and broaden direct financing channels to curb enterprises' heavy reliance on bank credit. "China's financial structure has long been unbalanced, with its direct financing underdeveloped," said the statement. "Enterprises rely on bank loans too much, bringing them fairly large hidden risks." To boost innovation in debt offering and raise the share of direct financing could mobilize the transfer of deposits to investment and decrease credit risks of the banking system, it said. China allowed companies to offer short-term bonds to qualified institutional investors on the inter-bank market in May 2005. From then to the end of 2007, 316 companies issued 769.3 billion yuan (about 109.9 billion U.S. dollars) of short-term bonds, with 320.3 billion yuan of outstanding debts, statistics showed. In comparison, short-term loans to non-financial companies and other institutions surged 1.25 trillion yuan in 2007, while middle- and long-term loans jumped 1.65 trillion yuan.
SHIJIAZHUANG, Sept. 23 (Xinhua) -- Babies were sick, hospitals crowded, consumers puzzled, senior officials sacked, farmers could not sell their milk, dairy firm employees had fears for future -- milk scandal affected the life of many Chinese but they were struggling through it. Ten-month-old Wang Tianhao left hospital after six days of treatment. His mother relieved from scary and worry. "I was so scared that I couldn't help crying on the first day he was taken into hospital," said the mother Jiang Aihua. The boy had drunk powdered milk containing banned chemical melamine made by Sanlu Group since he was born. Doctors found a stone of about 5mm in diameter in his kidney. "He is getting better," said Lou Yan, a doctor in charge. "It will take some time to wash the stone out of his body. But he does not need to take any more drugs, just needs to drink a lot of water." She asked Jiang to take her son back home and have an examination next month. In northern Hebei Province, center of the scandal, about 480 infant patients recovered and left for home by Monday noon while around 1,200 were still in hospital for observation. REBUILDING TRUST Another mother named Wang Lifang was at a loss on what to feed her baby daughter. Besides Sanlu, 22 other dairy firms were also found to produced tainted milk power later, including several domestic dairy giants. Some mothers turned to foreign brands for they lost trust on domestic firms. But Wang could not afford it with an annual family income of around 6,000 yuan (882 U.S. dollars). The price of foreign-made baby formula is three to four times of that for domestic products. Parents tried many substitutes such as fresh milk, soy milk or even rice soup for their babies. Some even stopped feeding any food with milk for their children. "I don't know what to do. I hope the government can give us a list of safe milk," she said. To set up trust among customers, many dairy firms involved in the scandal jointly signed a statement promising to produce safe milk and never let this happen again. Police arrested four suspects and had other 22 in custody while Tian Wenhua, former board chairwoman and general manager of Sanlu, was arrested as well. Several senior officials were dismissed from their posts including Wu Xianguo, the Communist Party chief of Shijiazhuang City, where Sanlu was based. On Monday, China's chief quality supervisor Li Changjiang resigned over milk scandal. SEARCHING BUYERS FOR SPLIT MILK On the wall of a milk station at Nantongye village, a slogan read, "Want to become rich? Raise fewer kids but more cows." But villager Li Jufeng was planning to sell all the 13 cows his father raised. "My dad was hit in a traffic accident two days ago. We need money to pay for his medical cost," said the 32-year-old. "If we keep the cattle, we can sell the milk to nobody and we have to feed them." Dairy farmers at Nantongye village have long been suppliers of Sanlu, the biggest dairy producer in Hebei and nationwide. The company built five stations in the village to collect fresh milk. Since last Sunday it has stopped buying any milk from farmers as its plants were suspended from production. Villager Li Zhidong's 18 cows produce about 160 kg of milk a day. In the past week, she had a loss of 330 yuan (48.5 U.S. dollars) per day. It is now a good news for her that four dairy firms in Hebei have signed agreements with the provincial government to buy 2,500to 3,000 tonnes of milk formerly supplied of Sanlu, a government source told Xinhua. The local government is also negotiating with Beijing-based Sanyuan Group and Shanghai-based Bright Dairy for milk purchase. STAND TOGETHER THROUGH CRISIS Sanlu elected its new board chairman and general manager Zhang Zhenling on Sept. 18. He has apologized to the public on behalf of the company and promised to deal with the incident properly and lead the group through the crisis. Employees at the lowest level like Tian, a lady in her mid-thirties, were worried about their uncertain futures. "I have no idea what will happen," she said. She had worked for Sanlu for 12 years and it was her first job. "What if the company shuts down and I lose this job? I am not young and it will be hard to find a new one. I have aged parents to support and a son in primary school," she said. But most employees have stood with the company. Tian worked at the company from morning till night including weekends, helping set up booths, hand out notices and answer questions from customers. "What I can do now is to do my best," she said. "I hope Sanlu could pull through it. "

BEIJING, Aug. 15 (Xinhua) -- Chinese Vice Premier Li Keqiang met here Friday with Thai Deputy Prime Minister Sanan Kachornprasart, vowing to deepen strategic cooperation between the two nations. China and Thailand are good neighbors with comprehensive common interests, Li said, noting that the two nations enjoy high-level political mutual trust, increasing cooperation in various fields and close coordination in international and regional affairs. Expressing appreciation for Thailand to value the relations with China, Li said China regards Thailand as close friend and creditable partner, and is ready to work with Thailand to achieve win-win development and to benefit the two peoples. Chinese Vice Premier Li Keqiang meets with Thai Deputy Prime Minister Sanan Kachornprasart at Great Hall of the People in Beijing, Aug. 15, 2008 Sanan spoke highly of the present situation of Thailand-China relations, saying that Thailand will make efforts to push forward the relations with China. Sanan was here on a visit to China for the Beijing Olympic Games.
BEIJING, Aug. 3 (Xinhua) -- China is likely to start monitoring ozone and particle pollution from next year as part of efforts to keep anti-pollution campaigns in force after the Olympics, an environmental official said on Sunday. Fan Yuansheng, of the Ministry of Environmental Protection (MEP), said the two pollutants had caused great concern and the MEP was making technical preparations to monitor them. "We should be able to start regular monitoring of ozone and PM2.5 (particle matter) next year, which would lead to measures to deal with them," Fan told a press conference. He was speaking in response to reports that China's environmental authorities had failed to include fine particles and ozone into their pollution measurements, causing ignorance of health damage caused by the pollutants. Photo taken on August 2, 2008 shows a parterre featuring the logo of the Beijing 2008 Olympic Games on Tiananmen Square in Beijing, capital of China. Fine particles, known as PM2.5, are tiny solid particles of 2.5 micrometers in diameter and smaller. Health experts believe they are unhealthy to breathe and have been associated with fatal illnesses and other serious health problems. Colorless ozone is also believed to cause respiratory problems and to affect lung functions. There have been worries that the air in Beijing, the Chinese capital that will host the summer Olympic Games in five days, may be unhealthy for some athletes competing outdoors to breathe. China has taken drastic anti-pollution steps, such as closing factories surrounding Beijing and ordering half of 3.3 million cars in Beijing off the roads, to try to clean the sky during the Olympics. "These measures have been effective so far," said Fan, Director General of the MEP's Department of Pollution Control. Beijing basked under blue sky this weekend after being blanketed in a humid haze for a week. The Beijing Meteorological Bureau said on Sunday favorable weather conditions and a series of anti-pollution measures had combined to clear the normal smog above the city. Fan Yuansheng refuted allegations that China's air pollution standards were more lenient than World Health Organization (WHO) guidelines. Standards that China was using to control four major air pollutants - sulphur dioxide, nitrogen dioxide, carbon monoxide and particles - followed the WHO's "phase one" guideline issued in 2005, he said. The WHO allows developing countries like China to begin from this guideline to eventually reach its stricter final goals, he said. Fan said measures adopted to reduce pollution in Beijing for its hosting of the summer Olympics would stay in force after the event. "Most of these measures are long-term ones and will remain after the Games. Not all the temporary measures will be retained after the Games, but they may provide clues for our future work," he said. The Chinese government recently warned that more factories could be temporarily shut down and more cars could be restricted from the roads in Beijing if "extremely unfavorable weather condition" occur to deteriorate the air during the Games. But many Beijing residents are more worried that air pollution could turn bad after the Olympics, with factories reopened, construction resumed and car no longer restricted. Fan argued that the Olympics would leave environmental legacies to Beijing and China, which has spent billions to clean the environment polluted by rapid industrialization. For example, the State Council, China's cabinet, has ordered all government cars to keep off the road for one day each week according the last figure of their plate number. This is a continuation of the temporary measures during the Olympic Games, Fan said. The MEP has launched a research on how to further improve air quality in the entire northern China where Beijing is, since air pollution is not a problem of Beijing alone, he said. Nearly 90 percent of coal-burning power plants in provinces neighboring Beijing have taken measures to reduce the emission of sulphur dioxide, and many vehicles have been upgraded to meet stricter emission requirements. Lu Xinyuan, Director General of the MEP's Bureau of Environmental Supervision, said about 200 environmental inspectors have been sent to Beijing and five neighboring provinces to check enterprises on their anti-pollution work. Meanwhile, 16 environmental groups based in Beijing on Sunday called on local motorists not to drive on Aug. 8, in order to help reduce pollution and road congestions when the Olympics open. They further encouraged private car owners to use public transport as much as possible during the Olympics and the following Paralympics to "contribute a blue sky to Beijing." The groups with over 200,000 members hoped the usage of private cars would be reduced by one million times if the campaign are well responded in the next two months, according to Yu Xinbin, member of the Global Village of Beijing, a non-governmental organization.
BEIJING, Aug. 8 -- China's consumer inflation may continue to decline in July, marking the second consecutive month this year that it has dropped, according to economists' estimates. That may mean a departure from the rising spiral of inflation after it peaked at an annualized 8.7 percent in February. Lehman Brothers economist Sun Mingchun said his team's research found the July consumer price index (CPI), the main barometer of inflation, may drop to 6.7 percent year-on-year from 7.1 percent in June. The domestic Bank of Communications research arm said the figure could fall at 6.4 percent, which is also the estimate of Southwest Securities. China's consumer inflation may continue to decline in July, marking the second consecutive month this year that it has dropped, according to economists' estimates. One of the reasons why prices are stable is that there has been no flooding, a regular feature of the rainy seaon, said Sun of Lehman Brothers. Daily price data from the Ministry of Agriculture and the National Development and Reform Commission show that agricultural product prices rose only slightly in July while meat prices fell. Weekly price data released by the Ministry of Commerce also showed a moderate decline in food prices. The relatively high statistical base of last July also contributed to the drop in inflation this July, said Guo Tianyong, economist with the Central University of Finance and Economics. China's CPI hit 5.6 percent year-on-year last July, the first time it reached the 5-percent level that year. "If no major natural disaster hits China in August, CPI could fall below 6 percent in August, providing more room for the government to remove its price controls," said Sun. Economists said that without many unexpected incidence, it will gradually ease to around 5 percent by the year-end. A possible price liberalization of oil products, however, should not be a one-off adjustment, which will put a huge pressure on the country's battle against inflation, Guo said. China raised the prices of oil products and electricity late June. Analysts said that once the inflation pressure eases, policymakers may start a second round of price liberalization, which may lead to a rebound in CPI. If such liberalization moves are indeed made, they should be done in phases, not in one go, said Guo. Only that will ensure inflation does not peak again, as it did in February. The pressure from the rising producer price index (PPI), which gauges ex-factory prices and influences CPI, may be a concern, but even taking into consideration its impact, consumer inflation may no longer exceed the February peak in the coming months and the first half of next year "The worst times are behind us," said Dong Xianan, macroeconomic analyst with Southwest Securities. "From the second half of last year, the tightenting stance had been obvious, which is a pre-emptive move to ensure the current easing of inflation." Macroeconomic growth The economic growth may gradually slow down in the rest of the year, analysts said, but the fine-tuning of policies would shore it up. Dong from Southwest Securities forecasts that given the current growth momentum, the whole-year figure for GDP growth may be 10.1 percent, well below the 11.9 percent of last year. Other estimates are around the 10 percent mark. The global economic slow-down, which reduces external demand for China's exports, will bring much trouble to China, but its domestic consumption and investment will remain stable, analysts said. More importantly, the central authorities may adjust its tight policies to cater to individual demand of regions and sectors that have found it difficult to survive the tightened policies.
来源:资阳报