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GUANGZHOU, April 18 (Xinhua) -- A research report of China's foreign trade sector Sunday predicted the world's largest exporter would more than double its foreign trade volume by 2020.It also called on China to improve the quality of foreign trade sector and to lower import tariffs to promote the nation's trade balance.The report, launched by the Ministry of Commerce (MOC) Sunday at the ongoing 107th China Import and Export Fair, the country's largest trade fair held in the southern city of Guangzhou, predicted the China's foreign trade volume would hit 5.3 trillion U.S. dollars by 2020.Merchandise exports will top other countries and be 2.4 trillion U.S. dollars in 2020, 10.1 percent of the world total, while imports will reach 1.9 trillion U.S. dollars and rank second largest, accounting for 8.2 percent of the world total, according to the report, jointly compiled by researchers with think-tanks under the MOC, the Ministry of Finance, and the Chinese Academy of Social Sciences.The report was seen by analysts and officials as a "road map" which lays out a theoretical basis for the reforms in China's trade policies and mechanisms over the next decade.The transformation of the foreign trade growth pattern has become an urgent requirement for China in the post-crisis era, said Vice Minister of Commerce Zhong Shan.Weighed on by the global downturn, China's foreign trade contracted to a three-decade low in 2009, with total volume down 13.9 percent year on year to 2.2 trillion U.S. dollars.Huo Jianguo, director of the Chinese Academy of International Trade and Economic Cooperation (CAITEC) under the MOC, said the financial crisis has revealed a series of substantial problems hidden behind rosy figures, as the nation's foreign trade has been expanded in an ineffective and imbalanced way, or at the cost of environment pollution.Analysts said the downturn had prompted China to adjust its exports structure, and shift focus on high-end manufacturing, energy-saving and environment-friendly industries and developing modern service industries.Li Gang, a research fellow with the CAITEC and leading writer of the report, said the global downturn has phased out a number of backward and less competitive enterprises while offering great opportunities for innovative enterprises to improve growth structure and strengthen their anti-risk capabilities.Although China reported a a deficit of 7.24 billion U.S. dollars in March, the first time over the past six years, analysts suggested decision makers to further expand imports by lowering tariffs, as a way to ease the nation's trade imbalance.Zhang Peng, a researcher with the Chinese Academy of Social Sciences, said China should increase imports of high-tech equipments, energy and resource products, and some agriculture and consumption goods in an attempt to address the trade imbalance.The nation's trade surplus has reached 1.3 trillion U.S. dollars over the last three decades, with foreign exchange reserves hitting 2.45 trillion U.S. dollars by the end of March, according to Zhang.Propping up world's economy recovery, China's foreign trade began to grow again in the first quarter, jumping 44.1 percent to 617.85 billion U.S. dollars, according to customs data.China would consolidate its position as a big trade power and make efforts to develop into a strong trader, and it would play a more active role in international trade arena, according to Zhong Shan.
UNITED NATIONS, May 31 (Xinhua) -- China on Monday called on the UN Security Council to quickly respond to and take actions on Israel's deadly attack against a humanitarian flotilla bound for Gaza."China is shocked by Israel's attack on a multinational convoy carrying international aid to Gaza which resulted in heavy casualties," said Yang Tao, a counsellor of the Chinese permanent mission to the United Nations, at the 15-nation council's emergency meeting."We condemn Israel's actions targeting humanitarian workers and civilians," he said. "We support a quick response by the Security Council and take necessary actions."Yang also expressed serious concern about the "grim" humanitarian situation in the occupied Palestinian territory, especially the Gaza Strip."We urge Israel immediately and fully implement Security Council resolution 1860, fully open border crossings, lift blockade on the Gaza Strip so as to allow unimpeded flow of humanitarian aid to the Gaza Strip and allow local people to achieve early recovery and restore a normal life," he added.The council was currently meeting behind closed doors to discuss the text of a draft presidential statement submitted by Turkey.

JINAN, May 3 (Xinhua) -- A pipeline owned by China Petroleum and Chemical Corporation (Sinopec) resumed operation Monday afternoon after it leaked 240 tonnes of oil in east China's Shandong Province.The company immediately shut down the cracked pipeline and blocked the leakage site after the leakage was spotted, said a spokesman with Sinopec.It recovered 220 tonnes of oil, which had leaked to nearby farmland and roads, the spokesman said.The leakage, which was discovered at 6:12 p.m. Sunday, occurred at a section of the Dongying-Huangdao pipeline near Jiulong Township in Jiaozhou City."The influence of the leakage on the farmland could be controlled within the minimum level," he said.Testing results from the local environmental protection authorities showed the leakage didn't contaminate the nearby water sources.An initial investigation showed the pipeline crack was caused by a digger driver who unauthorizedly excavated the earth above the pipeline to bury the waste at a construction site in Jiulong Township.Police are searching for the driver, who fled after the accident.
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.
BEIJING, May 23 (Xinhua) -- Chinese Vice Premier Wang Qishan Sunday met with U.S. Federal Reserve Chairman Ben Bernanke, who was in Beijing for the second round of the China-U.S. Strategic and Economic Dialogue (S&ED).They exchanged views on issues including global economy and finance, and the reform on financial supervision system.Wang and State Councilor Dai Bingguo, as Chinese President Hu Jintao's special representatives, will co-chair the dialogue on May 24-25 with U.S. Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner, who are President Barack Obama's special representatives. Chinese Vice Premier Wang Qishan (R) meets with U.S. Federal Reserve Chairman Ben Bernanke in Beijing, capital of China, May 23, 2010.
来源:资阳报