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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, April 7 (Xinhua) -- Chinese Premier Wen Jiabao said here on Monday the free trade agreement signed between China and New Zealand was of importance and profound significance.     Wen told New Zealand Prime Minister Helen Clark in their talks that the signing of the free trade accord "explored broad prospects for deepening mutually beneficial cooperation between the two countries". He added the China-New Zealand ties were faced with important new development opportunity.     The two reached consensus to push the China-New Zealand comprehensive, friendly and cooperative relations to a new high.     Wen hailed the vigorous development of China-New Zealand relations in recent years, saying the practical cooperation in every area had made constant breakthroughs, bringing real benefits to the two peoples. Chinese Premier Wen Jiabao meets New Zealand Prime Minister Helen Clark in Beijing on April 7, 2008. The two attended the signing ceremony of the free trade agreement and respectively delivered speeches    He noted the two nations shared broad common interests in promoting peace, stability and prosperity in the Asia-Pacific region. Wen pledged China was ready to implement the annual meeting mechanism between the leaders of the two countries, strengthen consultation at all levels and consolidate the political basis for the bilateral relations.     Wen suggested the two sides make full use of complementary advantages in sustainable development areas, such as climate change, energy saving, environmental protection and low-carbon economy, foster new growing points in trade and economic cooperation, expand cooperation on culture, education, science, technology and justice, and increase communication and coordination on important international and regional issues.     Clark said since China was an important cooperation partner, New Zealand attached great importance to the bilateral relations from a strategic level. "New Zealand explicitly sticks to the one-China policy, advocates to enhance contact and cooperation with China and supports China in its efforts to play an active role in the world," she said.     On the FTA deal, Clark said New Zealand and the country's business circle would firmly support and earnestly carry out the agreement.     She added New Zealand was ready to maintain high-level exchanges with China, step up exchanges and cooperation in the spheres of goods, service trade, agriculture, stock-breeding, energy saving, environmental protection, culture and education, and increase consultation and cooperation between the two countries in the United Nations and the Asia-Pacific Economic Cooperation.     After the talks, the two attended the signing ceremony of the free trade agreement and respectively delivered speeches.

CHENGDU, May 13 (Xinhua) -- A senior official with the Sichuan Provincial government said Tuesday the death toll in the province has exceeded 12,000, and is still rising.     Li Chengyun, vice governor of Sichuan, said at a news conference Tuesday afternoon that the death toll was based on incomplete figures tallied by 4:00 p.m. Tuesday. He said another 26,206 people were injured, and more than 9,400 people were buried in debris.     Li also provided a breakdown of the death toll, including 161 in the Aba Tibetan and Qiang Autonomous Prefecture, 7,395 in Mianyang City, 2,648 in Deyang City, 959 in the provincial capital Chengdu and 700 in Guangyuan City. Other casualties were reported in cities including Ya'an, Ziyang and the Garze Tibetan Autonomous Prefecture. Photo taken on May 13, 2008 shows the scene of the earthquake-hit Beichuan County, about 160 kilometers northeast of the epicenter of Wenchuan County, southwest China's Sichuan Province. Beichuan County is badly damaged in Monday's quake, with great numbers of buildings collapsed and landslides around the county.    The death toll climbed from an earlier tally provided by the Ministry of Civil Affairs, which put the Sichuan death toll at 11,608. Authorities said the death toll might change every hour, as they heard reports from rescuers who were seizing every minute to pull out bodies from the earthquake rubble.     The earthquake, which centered on the province's Wenchuan County at 2:28 p.m. Monday, has left the province in chaos. More than 3.46 million houses were wracked, Li said.     Li said he was deeply saddened by the super earthquake. He called on both officials and the masses in Sichuan to speed up efforts to fight the disaster and rescue themselves.     Chinese Premier Wen Jiabao, who arrived in Sichuan Monday afternoon to oversee rescue work, ordered the clearance of rocks and mud slides that were blocking roads to the epicenter by midnight on Tuesday.     "People are trapped in debris; we must use every second," he told an emergency meeting at 7:00 a.m. Tuesday.     On Tuesday afternoon, a brigade of about 20 soldiers have reached Yingxiu Town of the earthquake epicenter Wenchuan, the disaster relief headquarters in the Chengdu Military Area Command said.     The soldiers reported they saw more than 70 percent of the roads in the town were wracked, and nearly all bridges collapsed. A large number of people were believed to be under the debris.     They said 3,000 people were known to have survived, and the town's total population is 12,000. No information on detailed casualties could be available.     Li Shiming, commander of the Chengdu Military Area Command, said the soldiers had distributed food and water to children and injured people in the town, and more supplies would be airdropped to the area.

BEIJING, April 25 (Xinhua) -- Chinese President Hu Jintao said here on Friday that he hoped China and the European Union (EU) would enhance its dialogue and consultation to ensure the healthy and stable development of the China-EU all-round strategic partnership.     Hu made the remarks in a meeting with EU Commission President Jose Manuel Barroso.     He said it was not only in line with both sides' fundamental interests, but also conducive to the peace, stability and development of the world to further cement and step up China-EU ties under current circumstances. Chinese President Hu Jintao (R) meets with the European Union Commission President Jose Manuel Barroso in Beijing, April 25, 2008    "I hope the two sides would keep high-level visits and enhance dialogue and consultation, increase understanding and recognition for the policy trends of each other," Hu told Barroso.     Hailing the development of China-EU cooperation in recent years, Hu called to promote exchange and cooperation in various sectors, deepen coordination on key multilateral affairs and global issues, and properly handle and solve major concerns or disputes between the two.     Barroso said maintaining robust EU-China ties were vital to both sides and the international society.     It needed efforts from both China and the EU to safeguard international energy, finance, food safety and stability and solve global issues of climate change, sustainable development and terrorism, said the former Portuguese prime minister.     He said the EU was committed to developing a strategic partnership with China and was willing to solve disputes through dialogue on the basis of mutual respect and constructive spirit.     Barroso expressed appreciation for China's consistent support for the EU integrity, and wished the Beijing Olympics a success.     Vice Premier Wang Qishan attended the meeting.

BEIJING, Sept. 18 (Xinhua) -- China's State Council, the country's Cabinet, issued an implementation regulation for Labor Contract Law here on Thursday in an effort to clarify confusion surrounding the law.     The new law, which was put into effect on Jan. 1, was hailed as a landmark step in protecting employee's rights. But many complained the law increased a company's operational cost as it overemphasized protection of workers.     One of the most debated terms was one that entitled employees of at least 10 years' standing to sign contracts without specific time limits. Some employers believed the "no-fixed-term contract" would bring a heavy burden to them and lower company vitality.     "By issuing the regulation, we hope to make it clear that labor contracts with no fixed termination dates did not amount to lifetime contracts," a Legislative Affairs Office of the State Council official told Xinhua.     The regulation listed 14 conditions under which an employer can terminate a labor contract. These included an employee's incompetence to live up to the job requirements, serious violations of regulations and dereliction of duty.     Another 13 circumstances were also included in the regulation, under which an employee could terminate his or her contract with an employer, including delayed pay and forced labor.     Compensation should be given if employers terminate the contract lawfully. Employers should double the amount of compensation if they terminated a contract at their own will. No further financial compensation was required, according to the regulation.     China's top legislative body, the Standing Committee of the National People's Congress, adopted the Labor Contract Law in June2007, which was followed by a string of staff-sacking scandals.     The best known was the "voluntary resignation" scheme by Huawei Technologies Co. Ltd., the country's telecom network equipment giant.     The Guangdong Province-based company asked its staff who had worked for eight consecutive years to hand in "voluntary resignations." Staff would have to compete for their posts and sign new labor contracts with the firm once they were re-employed.     Huawei later agreed to suspend the controversial scheme after talks with the All China Federation of Trade Unions.     The NPC Standing Committee said on Thursday it would start a law enforcement inspection at the end of September in 15 provinces, municipalities and autonomous regions.     The Legislative Affairs Office of the State Council issued a draft of the implementation regulation on May 8 to solicit public opinion. By May 20, the office had received 82,236 responses. On Sept. 3, the State Council approved the regulation.