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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, Sept. 4 (Xinhua) -- China's State Council, or the Cabinet, has ordered government agencies to take immediate actions to rectify the financial abuses exposed by the National Audit Office (NAO) in late August.     All units that misused funds were required to report their rectification results to the State Council before Oct. 31, according to an executive meeting of the Cabinet Thursday, which was presided over by Premier Wen Jiabao.     The NAO found 29.38 billion yuan (4.32 billion U.S. dollars) worth of "problematic" expenditures after auditing the 2007 state budget spending of 53 ministerial-level departments and 368 of their affiliates.     It also found 258 million yuan of disaster relief funds were embezzled and used for administrative expenses or government construction projects.     The meeting decided that more central agencies shall make public their budgets. Eleven of them did this last year.     The Cabinet also reviewed a draft ordinance complementary for the enforcement of the Labor Contract Law, and decided that further revision has to be done before it could be enacted.     The Labor Contract Law took effect on Jan. 1 and has raised concern in China's corporate world because of its enhanced protection of laborers' rights.

BEIJING, Sept. 17 (Xinhua) -- An executive meeting of the State Council (cabinet), presided over by Premier Wen Jiabao, on Wednesday decided to launch national comprehensive tests of dairy products and reform the dairy industry.     According to the meeting, the incident involving the tainted Sanlu milk powder reflected chaotic industry conditions, as well as loopholes in the supervision and management of the industry.     It is necessary to learn lessons, properly deal with the incident, improve the inspection and supervision system and strengthen the management of the dairy industry, the meeting said.     The meeting also reached six other decisions and ordered governments at all levels to implement them. These decisions include: Saleswomen check the returned Sanlu brand milk powders in a supermarket in Yinchuan, capital of northwest China's Ningxia Hui Autonomous Region Sept. 17, 2008.providing the best and free medical care to those sickened by melamine-contaminated milk powder,     -- confiscating and destroying all sub-standard products,     -- strictly supervising the production of dairy companies with on-site inspectors,     -- revising regulations on the supervision and management of the industry,     -- subsidizing dairy farmers and encouraging more production by those enterprises with higher-quality products and,     -- finding the cause of the incident and punishing those responsible.     The Sanlu Group, a leading Chinese dairy producer based in the northern Hebei Province, admitted last week that it had found some of its baby milk powder products were contaminated with melamine, a chemical raw material. It issued an immediate recall of milk formula made before Aug. 6.     Three infants have died so far. There are at least 6,244 infant victims of the contaminated milk powder, of whom 158, or 2.5 percent, have acute kidney failure, the Ministry of Health said on Wednesday.

BEIJING, Oct. 14 (Xinhua) -- China will work diligently to maintain an effective and smooth communication channel with citizens who want to submit complaints, a senior Party official said here on Tuesday.     "We should try to adopt every open, convenient and easy method to guarantee the public's right to express their requests to the government," said Zhou Yongkang, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, at a video tele-conference on government officials receiving citizens and visiting grassroots people.     In the past nine months, asked by the central government, senior officials of the city, county and district governments met with ordinary citizens in person regularly, listening to their requests and complaints and helping solve their problems. They also paid more frequent visits to grassroots people.     "Their work eased serious problems that were closely related to people's interests and threatened social stability," Zhou said. "Their visits at grassroots levels contributed to the implementation and improvement of central government policies."     The country will formulate the measures into a system and continue improving them, he said. Supervision will be tightened upon the implementation of the measures.     "Senior officials of local governments will receive serious penalty according to laws and Party disciplines if problems and conflicts worsen and linger because they ignore people's requests, harm their rights and interests, breach their duty."     Officials were also urged to well inform people about expressing their requests through legal and rational ways.     Governments at all levels should adopt a scientific and democratic way of decision making, pay more attention to public service and try to prevent new problems from emerging, Zhou said.     They should also find out the cause and solution to existing problems, he said. "They should focus on well solving people's legal requests timely."

BEIJING, April 15 (Xinhua) -- Chinese Premier Wen Jiabao called for establishing a fair, open, reasonable multilateral trade system of non-discrimination in the world on Tuesday.     "We oppose protectionism in investment and trade," he said during a meeting with visiting British Finance Minister, Chancellor of the Exchequer Alistair Darling, who is attending the first China-UK economic and financial dialogue.     Wen vowed to work with Britain and other countries to push the Doha round toward a comprehensive and balanced result. Chinese Premier Wen Jiabao (R) meets with Alistair Darling, British chancellor of the exchequer and special representative of British Prime Minister Gordon Brown, in Beijing, capital of China, April 15, 2008. Alistair Darling is in Beijing to attend the first China-Britain economic and financial dialogue.    He said the international community was facing increasing opportunities and challenges as economic globalization developed.     Both China and Britain were influential countries and should strengthen their dialogue based on mutual respect, equality, and reciprocity so as to expand common ground and overcome disputes, he added.     Wen hoped China and Britain would take the economic and financial dialogue as a platform to promote mutual understanding and cooperation.     Darling, visiting China as British Prime Minister Gordon Brown's special representative, said Britain viewed relations with China from a long-term perspective.     He said Britain would like to promote dialogue with China on handling issues like economy, finance, and the environment.     He said protectionism on trade was wrong, adding that Britain supported recognizing China's complete market economy status and opposed measures boycotting Chinese commodities.     Darling arrived in Beijing on Monday afternoon. He met with Vice-Premier Wang Qishan early Tuesday.

来源：资阳报