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BEIJING, Aug. 4 (Xinhuanet) -- Rising domestic iron ore production and slowing steel demand have hit some foreign miners and affected the global market, industry leaders said on Tuesday.China's iron ore imports dropped for the third straight month to 47.2 million tons in June, while spot prices have dropped to about 2 per ton after peaking at 5 per ton in April.The country's iron ore imports rose 4 percent year-on-year in the first half of this year, figures from the China Iron & Steel Association (CISA) showed. But domestic ore output increased by 28 percent year-on-year to 485 million tons in the same period, with output rising 37.6 percent in the second quarter from the first quarter."Rising domestic ore production is the main factor that drove down imports, largely impacting supply and demand on the global market," CISA vice-chairman Luo Bingsheng said.The figures form part of the bad news for international mining companies in Australia and Brazil that provide more than half of the ores to China.Iron ore imports from Australia, Brazil and India accounted for 62.3 percent of the country's total ore consumption last year.Brazilian company Vale already predicted in June that the share of imported ores in China would drop this year.About 40 percent of Chinese steel mills have to make cutbacks or put plants on maintenance, blaming increasing costs of imported ores and declining steel prices. Oversupply in the industry will continue to lower production, further driving down ore imports in the third quarter, Luo said.The CISA will also reduce the number of licensed iron ore importers to regulate the imported ore market."We will announce new rules for the industry soon, which include higher standards on the environment, energy consumption and capital requirement," Luo said.
BRASILIA, Aug. 11 (Xinhua) -- Brazil's Foreign Ministry issued a statement late Tuesday, expressing the government's regret over the tragedy caused by mudslides in northwest China's Gansu province."The Brazilian government learned with deep regret of the avalanches" that killed at least 1,117 people, with 627 missing in China's Gansu province, the statement said.Brazil also expressed its solidarity with the Chinese government and people, offering condolences to the families of the victims.The devastating landslide, which occurred Saturday in Zhouqu City, Gansu province, also destroyed numerous houses and buildings.So far, a total of 567 survivors have received treatment while 64 seriously injured have been hospitalized, according to the provincial civil affairs bureau.
WUHAN, Aug. 24 (Xinhua) -- This year's second largest flood has crested and safely passed the Three Gorges Dam on the Yangtze, China's longest river, on Tuesday, forcing engineers to close the locks at the dam.The ship locks have been closed since 8 p.m. Monday and more than 100 ships have been detained at the site, but all are in good order. The maritime authority is now making efforts to avoid congestion.The ship locks are supposed to open after water flowing into the reservoir falls to 45,000 cubic meters per second.Water flowing into the reservoir of the dam reached 56,000 cubic meters per second at 2 p.m., the highest since the flood earlier peaked at 70,000 cubic meters per second on July 20, the Yangtze River Flood Control and Drought Relief Headquarters said in a statement.The water flow fell to 53,000 cubic meters per second at 8 p.m.It said the dam took the edge off the fierce flow by holding back about 31,000 cubic meters of flood water per second and discharging the rest.The water level in the dam was 154.3 meters at 8 p.m., an increase of more than 4 meters in 24 hours and well above the 145-meter flood alarm level, the statement said.
BEIJING, June 10 (Xinhua) -- The world's most populous country is expanding its social security net as China's major social insurance program reached a new high for the number of people covered, official figures show.The Ministry of Human Resources and Social Security said on Thursday that the nation's urban pension insurance covered 235.5 million people by the end of 2009, an increase of 16.6 million over the beginning of that same year.In addition, 26.47 million migrant workers were also included, which was 2.31 million more migrants than at the start of 2009.Officials note that pension fund revenues topped 1.15 trillion yuan by the end of last year, up 18 percent year on year. This followed the government raising the monthly pension income for business retirees for the fifth time between 2005 and 2009 to 1,225 yuan (180 U.S. dollars) a person.Also, the country's basic urban medical insurance covered 401 million people in 2009, of which 219 million were urban dwellers and 43.35 million were rural migrant workers.Additional figures showed that unemployment insurance covered 127 million people while those carrying work injury insurance reached 149 million. Lastly, maternity insurance covered 109 million women.
BEIJING, Aug. 5 (Xinhua) - China's banking regulator on late Thursday said the hypothetical situations in the risk tests of banks, such as a possible slump in property prices, does neither indicate the regulator's judgment on the property market nor possible changes in government property policies.The China Banking Regulatory Commission (CBRC) reaffirmed in an online statement that it allows banks in regions with soaring property prices to suspend loans for third homes according to their assessment on credit risks.The CBRC also said the down payment and the lending rate for third homes mortgage loans should be raised, but the specific amount should be determined by banks.The declaration was made in response to domestic reports that the CBRC had ordered banks in Beijing, Shanghai, Shenzhen, and Hangzhou to stop issuing loans to third home buyers.According to Bloomberg's Thursday report, the banking regulator had told lenders to include worst-case scenarios of prices dropping 50 to 60 per cent in cities where they have risen excessively, which signaled that the government might be growing more concerned about the health of the real estate market.