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BEIJING, Oct. 7 (Xinhua) -- President Hu Jintao and other Chinese leaders including top legislator Wu Bangguo and Premier Wen Jiabao on Tuesday visited an exhibition which pays tribute to victims of the May earthquake in Sichuan Province and the nation's concerted efforts to assist the disaster-stricken areas. Photos and videos showing the aftermath of the catastrophic earthquake, as well as items that were used to rescue victims drew attentions of the leaders. They were also briefed on how the people from all walks of life had made donations and contributions to help the earthquake-stricken areas recover from the country's worst disaster in the past 30 years. Chinese President Hu Jintao visits an exhibition featuring the rescue work on the May 12 earthquake that hit southwest China's Sichuan Province, in Beijing, capital of China, Oct. 7, 2008 Carrying on the great spirit displayed in the quake rescue and relief efforts, the nation would be able to overcome all difficulties on its way of development, Hu said during his visit. State and Communist Party leaders Jia Qinglin, Li Changchun, XiJinping, Li Keqiang, He Guoqiang and Zhou Yongkang also visited the exhibition at the Military Museum of the Chinese People's Revolution in Beijing. The exhibition, which featured pictures and objects collected in the quake, aimed to serve as a lively lesson to promote patriotism and the selfless spirit displayed in the quake-relief work. It has received more than 300,000 visitors since it was opened on Sept. 20. The exhibition was jointly sponsored by the Publicity Department of the Communist Party of China Central Committee, the National Development and Reform Commission and the General Political Department of the People's Liberation Army. On May 12, a quake measuring 8.0 on the Richter Scale struck Wenchuan County in the southwestern Sichuan Province. The quake, which has left more than 80,000 dead or missing, was the deadliest and strongest tremor to hit China since the 1976 Tangshan earthquake.
BEIJING, July 15 (Xinhua) -- A senior official of the Communist Party of China (CPC) said here Tuesday that China values its relations with South Africa and would like to work together with the latter to expand bilateral exchanges and cooperation and enhance the understanding and friendship between their peoples. Wang Gang, member of the Political Bureau of the CPC Central Committee, made the remarks while meeting with Blade Nzimande, secretary general of the South African Communist Party (SACP). China and South Africa have maintained close high-level visits,frequent exchanges, fruitful cooperation, and coordination in international affairs since their diplomatic relations began in 1998, Wang said. Wang Gang (R), member of the Political Bureau of the Communist Party of China (CPC) Central Committee, meets with Blade Nzimande (L), secretary general of the South African Communist Party (SACP), in Beijing, capital of China, July 15, 2008 Hailing the SACP's contribution in promoting political, economic and social development in South Africa, Wang said the CPC and the SACP, with a long-term friendship, have verified the levels and forms of party-to-party exchanges and enriched their content in recent years. "The CPC would like to continuously develop friendly cooperative relations with the SACP and jointly push forward the China-South Africa strategic relationship," Wang said. Wang also briefed the guests on China's economic and social development, Sichuan earthquake relief work, and preparatory work for the Beijing Olympic Games in August.
BEIJING, April 27 (Xinhua) -- China should still be alert to the credit crisis starting in the United States more than one year ago that has afflicted the Chinese financial sector and export, Ou Minggang, deputy editor-in-chief of Chinese Banker magazine, said on Saturday. Ou told Xinhua during an interview that domestic banks and other financial institutions bear the brunt of the widespread U.S. subprime mortgage crisis, as those agencies' asset value and book earnings would dip to some extent. "Currently the impact on domestic financial institutions is still limited," he said. The Industrial and Commercial Bank of China, the country's largest lender, said at the end of last month its 2007 net profit rose 64.9 percent year-on-year to 82.3 billion yuan (11.7 billion U.S. dollars). The Bank of China posted a 31.3 percent net profit rise in 2007 after booking 1.3 billion U.S. dollars as an impairment allowance for its 4.99 billion U.S. dollars in investment in securities linked to U.S. subprime mortgages by the end of last year. However, the International Monetary Fund (IMF) said on April 8 that the recent financial turbulence triggered by the collapse of the U.S. subprime mortgage market could cost the global financial system to the tune of 945 billion U.S. dollars. "The global financial system has undoubtedly come under increasing strains since October 2007, and risks to financial stability remain elevated," the IMF warned in its latest Global Financial Stability Report. Ou said, "The crisis also made Chinese financial supervision regulators face up to the challenges of balancing financial innovation and risks, which requires them to push forward the reforms in the country's financial system in a more cautious manner." Experts warned that financial risks know no national boundaries and some foreign capital has fled from the Chinese financial market as many banking titans including Citigroup and Merrill Lynch were in deep water in credit crisis. China's benchmark Shanghai Composite Index, which covers both A and B shares, shrank nearly half from the peak of 6124.04 points of Oct. 16 last year to 3094.67 points on April 18. The overnight announcement of a cut in share trading taxes drove Chinese stocks 9.29 percent higher in soaring turnover on Thursday, with the key Shanghai Composite Index up 304 points to 3,583.03, the largest gain since Oct. 23, 2001. Chinese regulators announced curbs on the sale of non-tradable shares that come out of lock-up periods on April 20, another move to bolster the falling market. However, market observers held that the credit crisis and the U.S. economic slowdown are still casting gloom over Chinese investors' confidence. Experts said the crisis was spreading beyond the financial sector. Consumption confidence in the United States is dampened as the credit crisis unfolded, with Chinese exports also hurt. From January to March, China's total exports rose 21 percent to206 billion U.S. dollars, 6.4 percentage points lower than a year earlier. The exports to the U.S. grew 5.4 percent to 53 billion yuan, 15 percentage points lower than the same period of last year, according to customs statistics. In the trade hub of southern Guangdong Province, the growth of exports to the United States dwindled to 4.8 percent in the first quarter of this year from 15.5 percent in the same period of 2007,said Wu Gongquan, vice director-general with the province's department of foreign trade and economic cooperation. Zhang Yansheng, director of the International Economic Research Institute under the National Development and Reform Commission, said China needs to shift its economic driving force from relying on exports to domestic consumption, technology upgrading and management innovation. Ou added that the country should increase financial transfer payments to help low-income families to consume more and boost the consumption in the vast rural areas. Experts suggested that Chinese exporters should upgrade their products mix and open new markets besides their traditional key markets in the United States and Europe.
BEIJING, May 25 (Xinhua) -- All the barrier lakes (or quake lakes) formed after the massive May 12 earthquake in southwest China's Sichuan Province are "under control" but the situation is still grim, said Vice Minister of Water Resources E Jingping on Sunday. Heavy rains forecast for the area over the next three days are a major threat, as the additional water build-up in the lakes could cause the landslide barriers that formed them to burst, flooding nearby areas, E told a news conference. Liu Ning, chief engineer of China's Water Resources Ministry, briefs the media on the emergency control of the Tangjiashan imprisoned lake in Beichuan County, southwest China's Sichuan Province, after a news conference in Beijing, capital of China, May 25, 2008.The 8.0-magnitude earthquake, aftershocks and landslides created 35 such lakes, with 34 in Sichuan, posing a new danger to more than 700,000 of the people who survived the deadly quake, thevice minister said. E admitted that these lakes posed a challenge for the government's efforts to prevent secondary disasters in the quake regions. The biggest concern is the Tangjiashan lake, the largest of the34 quake lakes in Sichuan, whose water level rose by nearly 2 meters Saturday to 723 meters, only 29 meters below the lowest part of the barrier. About 1,600 armed police officers and People's Liberation Army soldiers were hiking on Sunday toward the Tangjiashan lake, hoping to blast away its landslide barrier before it bursts and causes a flood. Earlier attempts to send military helicopters on the same mission were hampered by adverse weather and low visibility at the lake. The ministry has drawn up evacuation plans for communities downstream of the 19 quake lakes at high risk of bursting, E said. He did not provide an estimate of the people who might have to move. The massive earthquake also left 69 reservoirs in danger of collapse in Sichuan. Another 310 reservoirs were in "highly dangerous" situations and more than 1,400 posed a moderate risk, according to E. Steps have been taken to tackle the problem, E said, such as completely draining the 69 collapse-prone reservoirs, lowering water levels at 826 others and putting all the damaged reservoirs under 24-hour observation. The ministry wants to fix the reservoirs in the "highly dangerous" and more risky categories before July, when the rainy season is expected to start in the quake regions, he said. Priority has been given to the Zipingpu dam, which is only 17 kilometers from the quake epicenter of Wenchuan County and would threaten 11 million lives on the downstream Chengdu Plain if it collapsed, E said. However, he said, the dam was structurally stable and safe despite some minor damage. Meanwhile, 803 hydropower stations were damaged in the quake nationwide, including 481 in Sichuan.
BEIJING, Aug. 24 (Xinhua) -- Chinese President Hu Jintao on Sunday held a banquet at the Diaoyutai State Guesthouse in west Beijing to welcome foreign leaders and international dignitaries who will attend the Olympic Games closing ceremony in the evening. Hu said in a toast that the Beijing Olympic Games have promoted the Olympic spirit of solidarity, friendship and peace. "The success of the Beijing Olympic Games is attributable to the concerted efforts of the Chinese people and people from the rest of the world," said Hu. Chinese President Hu Jintao (C) talks with King Carl XVI Gustaf of Sweden (2nd L) prior to a banquet at the Diaoyutai State Guesthouse in Beijing, China, Aug. 24, 2008. Chinese President Hu Jintao held a banquet Sunday to welcome foreign leaders and international dignitaries who will attend the Olympic Games closing ceremony in the evening"The glory goes to the Olympic Family, to athletes who have competed hard, to volunteers from different parts of the world and to friends the world over who have been involved in the Beijing Olympic Games in various ways," Hu said. Calling the past 16 days "a wonderful and exciting time together," the Chinese leader said that the hosting of the Beijing Olympics will give a boost to the further development of sports in China, promote more extensive exchanges and cooperation between China and the International Olympic Family, and further enhance the mutual understanding and friendship between the Chinese people and people of all other countries. The Beijing Olympic Games have become "a grand event of international sports competition and cultural exchanges" witnessed and joined by people of the whole world, said Hu. Since the opening of the Beijing Games, friends from all parts of the world have come together in the Chinese capital to experience the charm of the International Olympic Movement, said the president. "The Chinese people have greeted all the guests with great enthusiasm and shared with people from across the world the joy and happiness," he added. He expressed sincere thanks to the International Olympic Committee (IOC) and the Olympic Family for their support and assistance, and extended heartfelt congratulations to the athletes from various countries and regions on their outstanding performances at the Beijing Games. The president also pledged that China would work hard to guarantee the success of the Paralympic Games, scheduled to open in Beijing in early September. "With the goal of 'Two Games, Equal Splendor,' we will deliver a high-standard Paralympic Games with distinctive features and continue to contribute our part to the development of the International Olympic Movement," he said. He expressed the confidence that through the concerted efforts of people all over the world, the Olympic spirit will be carried forward and mankind will enjoy an even better future. "We all look forward to the reunion in London in four years' time!" he told the guests. Among the guests were IOC President Jacques Rogge and Honorary President Juan Antonio Samaranch, as well as leaders and dignitaries from more than 20 countries and regions.