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Visiting US Chief of Naval Operations Mike Mullen reaffirmed in Beijing on Tuesday that the United States will not support Taiwan independence and will adhere to the one-China policy."The United States will not support Taiwan independence or any unilateral move toward that direction on the part of Taiwan," Mullen told reporters at a press conference.As a guest of Chinese People's Liberation Army Navy commander Wu Shengli, Mullen arrived in China on August 17 for a friendly visit. He delivered a speech at a Chinese naval academy and observed naval exercises from on board a Chinese warship.During the visit, Mullen also met with Chinese Defense Minister Cao Gangchuan and Guo Boxiong, vice chairmen of China's Central Military Commission.China-US relations are one of the most important bilateral relations in the world, Cao told Mullen, noting that flourishing bilateral ties will not only serve the fundamental interests of the two countries and two peoples, but will also be conducive to the peace, stability and prosperity of the region and world as well.Agreeing with Cao's view on bilateral relations, Mullen said that US-China relations are very important and the dialogue between the two nations as well as the two militaries is "critical".Mullen, who has been nominated by US President George W. Bush to become the next chairman of the Joint Chiefs of Staff, promised to Cao that he would continue to nurture the bilateral ties no matter whether he serves in his current position or as Bush's major military adviser and leader of the US Army, Navy, Air Force and Marines, according to a press release provided by the Chinese Ministry of Defense.Mullen also expressed his hope that exchanges and cooperation in such fields as military academic education and exchange visits of warships, could be further boosted in an effort to increase mutual understanding and trust, said the press release.
Yichang - Construction of a tunnel under the Yangtze River that will form part of a gas pipeline project running from Sichuan Province to Shanghai was completed Monday.The 1.4-km, 3.08-m diameter tunnel sits 20 m beneath the riverbed and connects two wells on either side of the river in Yichang city, Hubei Province, Liu Juzheng, head of the Hubei section of the pipeline, said.With a total length of 2,203 km, the pipeline will serve as an "energy artery" as part of the West-East gas project, Liu said.The pipeline is expected to channel 12.1 billion cu m of natural gas a year from the Puguang field in Sichuan to central and eastern regions of the country, including Chongqing Municipality, the provinces of Hubei, Anhui, Jiangxi, Jiangsu and Zhejiang, and Shanghai Municipality.The tunnel, which took 325 days to complete, is the first of five to be built under the Yangtze.Industry experts say the new pipeline, which will cost 62.7 billion yuan (.4 billion) to build, will provide an opportunity to develop western regions based on their rich natural resources.Chen Deming, vice-minister of the National Development and Reform Commission (NDRC), said the pipeline will be completed in late 2010 and the gas it transports will help reduce carbon dioxide emissions by tens of millions of tons a year.Figures from the China Petrochemical Corporation (Sinopec) put Puguang's proven reserves at 356.1 billion cu m. The country has total proven natural gas reserves of about 2.66 trillion cu m.The government has been promoting the use of natural gas to improve energy efficiency and reduce air pollution.Under an NDRC proposal on natural gas development, the government plans to increase the natural gas pipeline network to 44,000 km by 2010 to meet demand.Although China's natural gas output will reach 94 billion cu m in 2010, up from 58.6 billion in 2006, an additional 16 billion cu m a year will still have to be imported to meet demand, Sinopec said.In Shanghai, demand for natural gas soared from 4 million cu m in 2003 to 1.9 billion in 2005.In 2004, China National Petroleum Corp (CNPC) opened its West-East gas pipeline, which runs more than 4,000 km and channels 1.2 billion cu m of gas a year to Shanghai from the Tarim Basin in the country's westernmost region of Xinjiang.CNPC is to build a second West-East pipeline to carry gas imported from central Asia to the Pearl and Yangtze river deltas. Construction will begin next year with the line, which is designed to carry 30 billion cu m a year, becoming operational in 2010.

TOKYO - Japan's Supreme Court on Friday overturned a landmark ruling that had ordered a Japanese company to compensate Chinese who were forced to work as slave labourers during World War Two. It was the first ruling by Japan's top court on whether foreigners forcibly brought to Japan to work during and before World War Two had the right to compensation. A lower court had ordered Japanese construction firm Nishimatsu Construction Co. Ltd. to pay a total of 27.5 million yen (0,000) in compensation to a group of five Chinese for forcing them to labour in Japan during World War Two.
An investor smiles before an electronic board showing stock information at a securities firm in Xiamen, East China's Fujian Province March 20, 2007. [newsphoto]The net income of the 287 funds launched by 53 fund management firms totaled 124.8 billion yuan, while paper profits reached about 146 billion yuan, according to WIND, a provider of Chinese financial data. The profits were more than 38 times greater than the seven billion yuan earned in 2005 by all 206 funds under 46 fund management firms. The majority of profits came from the 216 stock-leaning funds, which have at least 60 percent of their investments in stocks. They reported total operating profits of 261.4 billion yuan, accounting for 96.53 percent of all fund profits. The country experienced a fund investment boom last year as investors shifted low-interest bank deposits into the bourses, which surged 130 percent last year after a four-year slump. Fifteen million people have invested in funds. The proportion of individual investors in closed-end funds rose to 74.21 percent by the end of 2006, an increase of 18.05 percentage points from the end of the first half, according to WIND. China raised 390 billion yuan in 90 new funds and registered 7.78 million new accounts in 2006. More than 300 mutual funds have sprung up in China since 1992. The funds are valued at around one trillion yuan, accounting for 19 percent of the present stock markets.
WUHAN: The China Enterprise Confederation (CEC) has released its latest list of the country's top 500 companies.State-owned China Petrochemical Corporation, also called Sinopec, was the largest company by revenue, with 1.06 trillion yuan (9.5 billion) in 2006. It was the only company to top 1 trillion yuan.Foreign trade dealer Zhucheng Waimao Co Ltd ranked 500. The Shandong province-based company recorded 7.216 billion yuan.Companies in the list witnessed a 23.7 percent increase in revenue and 25.9 percent hike in profits from the previous year, largely because of continued growth from mergers and acquisitions.However, the money-earning performance of the 500 still falls far behind that of the world's top 500 as compiled by Forbes.China's top performers recorded a modest 4.72 percent on profit margin, lower than the average 7.32 percent of the world's top 500, the CEC report said.The return on equity of the top 500 was 10.1 percent, much lower than the 16.1 percent of the world's top 500."The top 500 China is still mainly ranked in size instead of performance," Li Wei, deputy director of the State-owned Assets Supervision and Administration Commission of the State Council said."That is a gap between China and developed countries."A total of 22 Chinese companies were among the world's top 500 in 2007. Sinopec, the largest company in China, ranked 17th."China's top firms have still focused their business on traditional industries, mainly manufacturing," Yang Du, professor at Renmin University of China, said.As many as 280 companies, accounting for 56 percent of the top 500 are from manufacturing industries, and less than 30 percent are from service-related industries.China's top 500 have been continually expanding, with 131 of them, merging and acquiring some 408 other businesses last year."But these merger and acquisition (M&A) activities are mainly limited within the same industries and few of the M&A deals are cross-industries," Yang said.Among the top 500, 96 are headquartered in Beijing and 40 are from East China's Jiangsu Province.
来源:资阳报