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BEIJING, Nov. 15 (Xinhua) -- China should enhance supervision and management of the country's insurance investment, said Li Kemu, vice chairman of the China Insurance Regulatory Commission (CIRC),on Sunday. "With insurance funds were extended into disparate fields, other than bank deposit, demand for a better supervision and risk control enhanced, said Li at the International Finance Forum held in Beijing. By the end of September, 3.4 trillion yuan (497.8 billion U.S. dollars) of insurance funds were invested in bonds, mutual funds, and stocks markets. Bonds investment alone accounted for 50.6 percent of the total. Jiang Dingzhi, China Banking Regulatory Commission (CBRC) Vice Chairman also highlighted the importance of establishing a "all-coverage" financial supervision system. He suggested the country broaden the financial supervision and management system, which would put the mutual funds, hedge funds, and credit risks appraisal agencies under control. The new system requires financial institutions to share information, and also cooperate to fill the supervision blanks between different financial markets, he said.
BEIJING, Dec. 9 (Xinhua) -- The Chinese government reiterated Wednesday that to spur "sustainable and fast consumer spending" will be a priority next year, as the world's third-largest economy seeks to break from dependence on export and government pump-priming to drive post-crisis growth. The government will continue to raise the earnings of the middle and low income groups to boost consumer spending, said a senior official with the nation's top economic planning body. The government will step up research on optimization the income distribution mechanism to improve residents' purchasing power, Zhang Ping, minister in charge of the National Development and Reform Commission (NDRC), made the remarks at a national meeting charting the ministry's work in 2010. The rare official stance on improving income distribution echoed the unanimous call from experts and the general public to bridge the yawning wealth gap between the rich and poor, which underlined the government's resolution to address the simmering social conflicts and the urgency to rebalance economic growth. Zhang said the government will exert more efforts to sort out problems that have close bearing on public interests and ensure that all public members share the fruits of the development and reform, so as to safeguard social harmony and stability. In concrete, the government will raise the pensions for enterprise retirees and improve treatment for those who enjoy special care. Local education, cultural and health-care facilities will also receive greater subsidy for expansion. To revive the economic growth which lapsed to a decade low amid the global financial crisis, Chinese government unveiled a 4-trillion-yuan stimulus package, which was led by government investment, to counter falling exports, the driving force of the Chinese economy before the crisis took a toll. As a result, as the GDP growth accelerated to 8.9 percent in the third quarter, investment contributed 7.3 percentage points while consumption devoted 4 percentage points. "As the Chinese authorities have recognized that the rapid pace of recovery has exacerbated some of the economy structural imbalances, the authorities will focus on rebalancing growth, primarily by supporting consumption and private investment, with many consumer incentives to be carried out in 2010," said Jing Ulrich, managing director and chairman of China Equities and Commodities of J.P. Morgan. Also on Wednesday, the State Council, or cabinet, decided to renew the preferential policies introduced early this year to boost car and home appliance sales. "While investment growth should be managed at a reasonable pace, consumer spending should maintain sustainable and relatively fast expansion," Zhang said. As investment binge and runaway bank lending prompted fears for asset bubble, Zhang said the government will step up efforts to curb speculative property transaction, and provide more affordable housing to middle and low income families.
WELLINGTON, Nov. 2 (Xinhua) -- Chinese Vice Premier Li Keqiang and New Zealand Prime Minister John Key agreed during a meeting Monday to actively explore new ways to advance cooperation between the two countries. Li said during the meeting that in recent years, China and New Zealand have expanded cooperation in many areas such as politics, economy and culture. He said they also have kept good communications and coordination on major global and regional issues. The smooth implementation of the China-New Zealand free trade agreement has helped bilateral trade surge, Li said. Chinese Vice Premier Li Keqiang (R) shakes hands with New Zealand Prime Minister John Key in Wellington, New Zealand, Nov. 2. 2009. New Zealand was the first developed nation to wrap up WTO entrance talks with China, the first developed country to recognize China as a market economy, and the first developed nation to sign a free trade agreement with China. The development of China-New Zealand comprehensive cooperative relations suits the fundamental and long-term interests of both countries and is conducive to peace, stability and prosperity in the Asia Pacific region, Li said. He said respecting and caring for each other's core interests and major concerns are key to a stable development of bilateral ties. Li said China is willing to work with New Zealand to actively explore mutually beneficial cooperation in sustainable development and cultural exchanges and to enhance coordination in multilateral organizations and on major international and regional issues in a bid to bring bilateral ties to a new level. Key said New Zealand values its comprehensive cooperative relationship with China. He said the smooth implementation of the bilateral free trade agreement has benefited New Zealand a lot. The prime minister said he looked forward to visiting China and attending the Shanghai Expo next year. New Zealand has spent five times as much on the Shanghai Expo as on the last Aichi Expo, an evidence of New Zealand's high regard and expectations for relations with China, he said. The New Zealand government respects China's positions on issues concerning its core interests such as Taiwan, Tibet and Xinjiang, and sticks to the one-China policy, Key said. Li arrived in New Zealand on Sunday after concluding an official visit to Australia. His three-nation tour will also take him to Papua New Guinea.
BEIJING, Oct. 25 (Xinhua) -- Chinese Vice Premier Hui Liangyu has called for attention on the ageing problem, noting this is a major issue that concerns "people's livelihood and the nation's lasting peace and stability." Hui's call came several days ahead of the country's traditional "Senior Citizen's Day," or Double Ninth Festival, which falls on the ninth day of the ninth month in the lunar calendar, or Monday. Hui, also director of China National Working Commission on Ageing, said at a recent meeting on the aging problem held in Beijing that the elderly were "valuable wealth of the Party and the country," and researchers should provide solid scientific foundation for the government to make strategies for the well-being of the ageing population. Statistics from the commission show more than 8.3 percent of the 1.3-billion Chinese population are above 65, and in most cities, more than 50 percent of the elderly people live without the company of their children. Hui said efforts should be made to deal with new conditions concerning ageing, such as unbalanced distribution of the aged between urban and rural areas.