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Chinese Vice Premier Li Keqiang (front, 2nd R), also member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, visits a manufacturing factory of the Commercial Aircraft Corporation of China Co., Ltd. (COMAC) in east China's Shanghai municipality Dec. 12, 2008. Li inspected Shanghai from Dec. 12 to Dec. 13, 2008. SHANGHAI, Dec. 14 (Xinhua) -- China's vice premier Li Keqiang stressed the priority to maintain stable, healthy economic growth through domestic demand expansion and economic restructuring during his two-day inspection tour in the eastern metropolis of Shanghai. He said the economic development was the foundation for solving all problems. As the central government had pointed out, priority should be given to maintaining stable and relatively fast economic growth next year. This would be achieved through expanding domestic demand, restructuring the economy and transforming the growth pattern. All would ultimately target improving people's living standard. Chinese Vice Premier Li Keqiang (C), also member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, visits the Yangshan Port in east China's Shanghai municipality Dec. 12, 2008. Li paid a visit to the city from Dec. 12 to 13. He expressed appreciation for the progress Shanghai made in developing the Pudong New District and said the only way to sustain growth was to "deepen the opening-up". He urged local authorities to let the market play a fundamental role in the allocation of resources, step up innovation in corporate management. While visiting Yangshan Deep Water Port, he said planers need a "broad vision", adding that efforts should be made to sustain and expand export to sharpen the country's competitive edge in the global market. During his inspection tour at local companies such as Baosteel Group Co. and China UnionPay, he said companies were the main drive of domestic demand expansion. They must accelerate technological innovation and structural adjustment. Meanwhile, local government should encourage development of service industry, as well as advanced equipment manufacturing and high-tech industries, he said. The vice premier also visited local communities and chatted with residents. He said the government would continue promoting reforms in the housing and medicare systems. The ultimate goal was to improve people's living condition.
BEIJING, Jan. 24 (Xinhua) -- Chinese President Hu Jintao urged the promotion of stable agricultural and rural economic development and said issues concerning agriculture, countryside and farmers should continue to be the top priority of the Communist Party of China (CPC). Hu, also General Secretary of the CPC Central Committee, made the remarks during a meeting of the Political Bureau of the CPC Central Committee on Friday. Attendees at the meeting studied the means to promote agricultural modernization with Chinese characteristics. Maintaining stable agricultural and rural economic development was more important under current circumstance, Hu said. Agricultural production was the basic support to stimulate economic growth; rural areas had the potential to boost domestic demand; and to improve farmers' living standards was a major task and also a difficult job, he said. He called for more efforts on three major tasks of agricultural work. First, greater importance should be laid on ensuring the country's grain security and supplies of major agricultural products. The country should stick to the most strict system to protect and save farming land as well as stabilize the grain sowing area, Hu said. He said the government should increase subsidies for agricultural production and continue to raise the minimum state purchasing prices for grain. In the latest move to protect farmers' interests and boost grain output, the National Development and Reform Commission said Saturday it would raise the minimum state purchasing prices for rice in major rice-producing areas by as much as 16.9 percent this year. Hu also stressed the quality supervision and monitoring of agricultural products to ensure food safety. Second, more importance should be attached to promote rural infrastructure construction as well as improve social welfare and living standard of farmers, he said. He urged increasing capital input in infrastructure construction and rural social welfare and said greater efforts should be made to improve rural education, medical services and poverty alleviation. Third, an array of measures should be taken to promote the growth of farmers' income and expand the rural market, Hu said. He urged more efforts to discover new measures and channels to boost farmers' income and improve the commodity circulation network in rural areas. The program of subsidized home appliance, autos and motorcycles should be promoted, he said. He also urged quality authorities to make best efforts to protect farmers' interests and avoid fake and shabby products flowing in to rural markets. Speaking of rural workers employment, Hu said governments should encourage enterprises to be more responsible and employ more rural workers. The governments could also provide more job opportunities for rural workers by letting them work on the infrastructure projects amid the country's efforts to boost domestic demand, he said. More support should be given to migrant workers who returned because of employment difficulty in cities and encourage them to start their own businesses, Hu said. He also suggested Party leaders and governments at all levels should apply the scientific outlook on development to their work to deal with the emerging problems and challenges facing agricultural and rural economic development, and contribute more to promoting rural reform, development and stability.
BEIJING, Jan. 18 (Xinhua) -- The State Grid Corp. of China (SGCC), the country's biggest power supplier, said Sunday that its 2008 net profit fell almost 80 percent year on year due to natural disasters and higher power prices. Net profit was 9.66 billion yuan (1.4 billion U.S. dollars), compared with 47.1 billion yuan in 2007. Revenue rose 13.8 percent to 1.156 trillion yuan from a year earlier, the state-owned company noted. The power distributor suffered more than 22 billion yuan (3.2 billion U.S. dollars) of direct economic loss in the worst winter weather in at least 50 years in southern China and the May 12 earthquake. China raised the on-grid power price by 0.017 yuan per kwh in June and 0.02 yuan kwh in August to around 0.3 yuan per kwh on average to offset rising costs in power plants. But retail household power prices were capped amid concerns of a higher inflation. The company said it planned to invest 83 billion yuan (12 billion U.S. dollars) in ultra-high voltage (UHV) power lines in 2009 and 2010 to make long-distance transmission more efficient. China's power demand and installed power generating capacity would likely double to 7.4 trillion kwh and 1.47 billion kw respectively in 2020, it forecasted.
BEIJING, Oct. 17 -- The government is ready to introduce a series of measures to cushion the impact of slower growth in foreign trade and industrial output caused by the global credit crisis, the vice-minister of the National Development and Reform Commission, said Thursday. Speaking at a press conference held by the State Council Information Office in Beijing, Du Ying said that as the global economy has slowed, foreign trade volume, value-added output and the profit growth of industrial firms based in China's coastal areas have shown a downward trend in the second half of the year. "The State Council is greatly concerned by the trend and is ready to introduce a series of measures," he said. But the full impact of the global financial crisis has yet to be seen, he said. "We must have a full picture of the difficulties and challenges," he said. The government has already taken several measures to combat the impact, including lowering the deposit reserve ratio, helping small- and medium-sized factories to upgrade their technologies, and introducing more favorable credit policies, Du said. He said he is confident China can weather the storm. "As in the past, China can overcome the challenges and difficulties and enter a new stage of development. I'm fully confident of that," Du said. With the global financial crisis continuing to escalate, China - the world's fourth largest economy - has seen its major economic indexes slide. The National Bureau of Statistics is due to release figures on Monday for the economic situation over the past three quarters. Some analysts have forecast that GDP growth might drop further in the third quarter, from 10.1 percent in the second quarter and 11.9 percent for the whole of last year. Yang Xiong, vice-mayor of Shanghai, said the city's industrial output growth fell to 6 percent last month from an average of 11.5 percent per month in the first three quarters. The financial hub remains in good shape, however, partly due to investments in preparation for the 2010 World Expo, he said. Zhao Kezhi, deputy governor of Jiangsu, said the province's trade figures were down 4 percent year-on-year in the first nine months. Chen Min'er, vice-governor of Zhejiang, said the province had witnessed "individual" cases of company failures, but denied media reports of widespread factory closures. Authorities will respond by trying to cut the tax burden on local firms, make more credit available and ensure a sufficient supply of land and power for manufacturers, Chen said, adding that now was a good time to weed out obsolete, polluting plants. On Wednesday, Zhou Xiaochuan, governor of the central bank, called for increased domestic consumption to counter the economic slowdown. "Due to the impact of various factors, we may need to increase domestic demand," he told Hong Kong-based Phoenix TV.
BEIJING, Oct. 23 (Xinhua) -- Strengthening relations between China and the European Union (EU) will contribute to the world peace, stability and prosperity amid complicated international situations, Chinese President Hu Jintao said here on Thursday. The significance of Sino-EU relations has surpassed the bilateral level and is of more and more international significance, Hu said during his meeting with European Commission President Jose Manuel Durao Barroso, who is here to attend the seventh Asia-Europe Meeting (ASEM) to be held on Friday and Saturday. Chinese President Hu Jintao met on Thursday afternoon with European Commission President Jose Manuel Barroso who is in Beijing to attend the seventh Asia-Europe Meeting (ASEM) to be held on Oct. 24 to 25 Hu confirmed that China is willing to work with EU to push forward their comprehensive strategic partnership. The president proposed to consolidate Sino-EU political base under the principle of strengthening strategic mutual trust, to promote concrete cooperation in various sectors in a reciprocal and win-win principle, and to properly tackle concerns and divergent opinions based on mutual respect and equal consultation. Hu pledged that China is willing to reinforce communication and coordination with EU, jointly deal with the current financial crisis and maintain the stability of the global financial market. Barroso said during the meeting that the current financial, grain and energy crises, as well as climate change, poverty and terrorist threat require worldwide actions. He said EU appreciates China's responsible attitude in responding to the financial crisis and hopes to deepen cooperation with China. He said EU-Chinese relations are strategic, strong and mature.