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BEIJING, Feb. 17 (Xinhua) -- China's new rules for reviewing proposed mergers and acquisition (M&A) deals by foreign firms on grounds of national security would benefit both Chinese and foreign investors, a Ministry of Commerce (MOC) spokesman said Thursday.The rules will facilitate the growth of foreign-invested enterprises (FIEs) in China and improve the quality and structure of foreign direct investment (FDI) flowing into China, MOC spokesman Yao Jian said at a press conference.The move also marked an improving legal environment for the security of China's business sector along with its opening-up drive, given that M&A by FIEs will increasingly become a trend in the coming years, Yao said."The adoption of the rules in China will also increase policy transparency and improve law-based government administration," said Yao.Yao's words came after the State Council, China's Cabinet, announced last Saturday that it was establishing a panel to check whether M&A deals struck by foreign firms in the country endanger national security.The panel will review attempts by FIEs to buy or merge with domestic companies whose business pertains to national defence, agriculture, energy, resources, key infrastructure, transport systems, key technology sectors and important equipment manufacturing industries, according to a statement published on the central government's website www.gov.cn.The review will be conducted by a foreign investment security review board under the cabinet, members of which come from the National Development and Reform Commission (NDRC), the MOC and other agencies.The new regulations, which take effect in March, come at a time when China is expected to see more M&A deals struck by foreign firms.Currently, inward M&A accounts for about 3 percent of China's total FDI, a sharp contrast with the global average level of more than 70 percent, said Yao. "M&A by FIEs will become a major trend in China."China's taking in FDI through more M&A will promote industrial consolidation and restructuring, and it will also mean more efficient utilization of the existing resources, he said."As the share of M&A in the FDI will probably rise from the current 3 percent to 8 percent, 10 percent or even more, it is necessary to timely formulate China's own rules governing foreign takeovers in line with international standards," Yao said.In April 2010, the State Council said in a statement that foreign investment should be allowed to be more diversified and foreign investors encouraged to participate in the consolidation and restructuring of domestic firms via equity holdings or acquisitions.He Manqing, a researcher with the Chinese Academy of International Trade and Economic Cooperation of the MOC, said "It is right and proper to impose regulations and requirements on proposed M&A deals in the sectors of strategic importance and those involving national security.""The introduction of the regulations conforms to the new trend in China's receiving of FDI and indicates that China's regulations on FDI are becoming more mature," said He.The NDRC said Wednesday that national security scrutiny would only occur when foreign companies take a majority stake in a domestic M&A deal, meaning that a minority stake purchase will not trigger a review."The new rules draw references from similar rules in the United States, Germany and Canada," the NDRC said in a statement on its website.The NDRC also said that the new regulations were in line with World Trade Organization rules and did not imply that China had changed its policies on opening up and attracting FDI.China's FDI jumped 23.4 percent in January to 10.03 billion U.S. dollars, said Yao. The monthly growth rate was up from December's 15.6 percent.As the world's top investment destination, China received a total of 105.74 billion U.S dollars in FDI in 2010, up 17.4 percent year on year, the MOC said last month.
WASHINGTON, April 25 (Xinhua) -- The U.S. National Aeronautics and Space Administration (NASA) and the U.S. Agency for International Development (USAID) have agreed to expand their joint efforts to overcome international development challenges such as food security, climate change, and energy and environmental management.NASA Administrator Charles Bolden and USAID Administrator Rajiv Shah signed a five-year memorandum of understanding on Monday, at NASA Headquarters. The agreement formalizes ongoing agency collaborations that use Earth science data to address developmental challenges, and to assist in disaster mitigation and humanitarian responses. The agreement also encourages NASA and USAID to apply geospatial technologies to solve development challenges affecting the United States and developing countries."Technologies for NASA missions have long improved life here on Earth. Together with USAID, we'll meet even more sustainable development challenges here on the ground, solving problems for the world community," Bolden said in a statement. "As we explore space, we'll also be exploring solutions to important health, nutritional and safety challenges in developing countries."The agencies will continue collaborations to stimulate innovative science and technology solutions to international development challenges by using Earth science data, research results, computer models, visualization applications and remote- sensing techniques.USAID is the lead federal development agency implementing U.S. development efforts through field-based programs and projects around the world. NASA has broad experience with Earth science research, development of Earth science information products, and technology applications."Through our partnership with NASA, we can apply the latest, cutting-edge technology to deliver meaningful results for people in developing countries in areas like health, food security and water," Shah said. "It's a prime example of our efforts to use the power of science and technology to tackle today's pressing development challenges."Since 2003, NASA and USAID have worked together building and expanding the SERVIR program, which allows people in developing regions to use Earth observations for addressing challenges in agriculture, biodiversity conservation, climate change, disaster response, weather forecasting, and energy and health issues.The agencies also collaborate on the LAUNCH program, which supports science and technology innovators in the nonprofit and private sectors. The program's goal is improving innovations to achieve greater impact on sustainability issues.
LOS ANGELES, April 8 (Xinhua) -- NASA's Wide-field Infrared Survey Explorer (WISE) has discovered a rare asteroid that traces out a horseshoe shape relative to Earth, the Jet Propulsion Laboratory (JPL) said on Friday.Unlike most near-Earth asteroids (NEAs) that have eccentric, or egg-shaped, orbits that take the asteroids right through the inner solar system, the new object has an orbit that is almost circular such that it cannot come close to any other planet in the solar system except Earth, JPL said.However, even though the asteroid rides around with Earth, it never gets that close, said JPL in Pasadena, Los Angeles.As the asteroid approaches Earth, the planet's gravity causes the object to shift back into a larger orbit that takes longer to go around the sun than Earth. Alternately, as Earth catches up with the asteroid, the planet's gravity causes it to fall into a closer orbit that takes less time to go around the sun than Earth, according to JPL.The asteroid therefore never completely passes our planet. This slingshot-like effect results in a horseshoe-shaped path as seen from Earth, in which the new object, designated 2010 SO16, takes 175 years to get from one end of the horseshoe to the other, JPL said."The origins of this object could prove to be very interesting, " said Amy Mainzer of JPL, the principal investigator of NEOWISE, which is the asteroid- and comet-hunting portion of the WISE survey mission. "We are really excited that the astronomy community is already finding treasures in the NEOWISE data that have been released so far."JPL manages and operates the WISE for NASA's Science Mission Directorate, Washington.
LOS ANGELES, April 14 (Xinhua) -- Customer complaints of an "uncharacteristic odor" prompted Johnson & Johnson to recall about 57,000 bottles of the prescription anti-seizure drug, Johnson & Johnson announced on Thursday.The recall affects two lots of the Topamax 100 mg tablets made by the company's Ortho-McNeil Neurologics division, Johnson & Johnson said.The drug was shipped and distributed between Oct. 19, 2010 and Dec. 28, 2010 in the United States and Puerto Rico.There were four consumer complaints about an odor believed to be caused by trace amounts of the chemical TBA (2,4,6 tribromoanisole), which is applied to wooden pallets used to transport and store packaging materials, Johnson & Johnson said.The recall is not expected to lead to a product shortage at the market, Ortho-McNeil Neurologics said.Similar complaints of a moldy, musty odor have led to the recalls of millions of bottles of Tylenol, Motrin and Benadryl products earlier.Last month, the U.S. government said it was taking over three Tylenol plants operated by McNeil, and the Food and Drug Administration launched a criminal investigation into safety issues at the factories, CNN reported.
SEOUL, April 12 (Xinhua) -- South Korea has downgraded its alert level for foot-and-mouth disease (FMD) one notch as the disease has practically come to an end, the Ministry for Food, Agriculture, Forestry and Fisheries said Tuesday.The ministry said that it lowered the alert level from "orange" to "yellow," the second-lowest status in the four-tiered alert system, as no additional burial of livestock has occurred in three weeks after the last case in Hongseong, South Chungcheong Province, on March 21.The country dropped the alert level from the highest level of " red" to "orange" on March 24.The highly contagious animal disease, first confirmed on Nov. 29, has forced the country to cull more than 3.47 million livestock, mostly pigs and cattle, resulting in losses of 3 trillion won (2.6 billion U.S. dollars).The ministry, meanwhile, said that 670 animal quarantine experts will continue to decontaminate livestock farms once every week and keep close watch to see if any animals become sick.