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WASHINGTON -- Financial systems in Asia appear well placed to handle the effects of the global financial market turbulence that broke out in July, said a report released by the International Monetary Fund on Friday.The report, Regional Economic Outlook: Asia and Pacific, explained that Asia was not at the epicenter of the recent turmoil, and markets and financial institutions in the region have been less affected to date than those in the United States and Europe."This reflects the relatively small direct exposure to US subprime mortgages and, more broadly, to leveraged and complex structured credit products, including by hedge funds," said the report.But it also warned that markets have begun to normalize somewhat at the time of this writing, although much uncertainty remains.The report expressed optimism about Asia's future economic performance, saying growth has been stronger than expected across much of the region, with domestic demand making an increasing contribution in a number of economies."China and India continued to lead the way, with high growth backed by strong investment, although the contribution of net exports to growth in China continues to rise," said the report."The pace of activity in the NIEs and ASEAN-5 remained solid, with strong investment in the former and strong consumption in the latter," the report added.The NIEs, or Newly Industrialized Economies, refers to Hong Kong and Taiwan of China, South Korea, Singapore. ASEAN-5 refers to Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.China is expected to increase 11.5 percent in 2007 and 10.0 percent in 2008, while India is projected to expand 8.9 percent this year and 8.4 percent next year.The Asian economies as a whole will grow robustly at 8.0 percent this year and moderately to a still-brisk 6.9 percent next year, said the report.

BEIJING - China said Monday it will use global positioning satellites to ensure food safety at the Beijing Olympics as it steps up efforts to blacklist manufacturers who violate safety regulations. Wang Wei, an executive vice president of the Beijing Olympic Committee, said the high-tech system will monitor food production, processing factories and food hygiene during the games to make sure healthy food is delivered to the 10,500 athletes residing in the Olympic Village. Food products will be affixed with an "Olympic food safety logistics code" and transportation vehicles will be tracked using global positioning satellites, Wang said. He did not provide further details of either plan. "The whole process will be monitored from the start of production through transportation to the end users," Wang said. "We are very confident about ensuring food safety in Beijing." Wang said extra measures would also be taken to ensure food safety for the general public. "During the games some special monitoring mechanisms will also be applied to monitor restaurants and public food sellers to let people know how they can buy safe food," he said. In a separate announcement, Beijing-based Qianxihe Food Group, an Olympic sponsor, said it had begun selling a hormone-free line of pork for the games, a company official said. The company's pigs have been fed food without hormones and are part of the "Olympics Special Supply Pork" range, which will be consumed by athletes and can be bought in supermarkets by ordinary citizens, said the official, who would give only her surname Tong. Wang's comments came after Vice Commerce Minister Gao Hucheng announced that 429 exporters have been blacklisted and punished for producing dangerously substandard products

BEIJING -- China's central bank admitted on Wednesday that the country is coming under increasing pressure from price hikes, and acknowledged inflation risks are "worthy of attention".The People's Bank of China said in its second-quarter monetary report published on Wednesday that the current rising prices were not solely caused by accidental and temporary factors, adding that inflation risks were on the rise.It warned that the price hikes of food products could spread to other consumer products.The report identified four reasons behind the increasing risk of inflation.It said prices for grain and meat products would not fall in the short term and uncertainties over the autumn harvest were aggravated by the ongoing drought.Meanwhile, the demand for grain is increasing from both the public and the bio-fuel industry.The meat prices would probably continue to rise in the long term owing to the rising feeding costs and the short supply, which would not be replenished in the short term due to the breeding cycle of pigs, and the price hikes of meat could easily spread to other food products, the report said.Prices of energy and resources are under pressure as the world petroleum price has climbed to an even higher level and the domestic pricing reform of resources and the country's environmental protection efforts would also push the prices higher, it said.The report also said labor costs were rising which would eventually raise the prices of consumer products.People's anticipation of inflation had been enhanced, and it would put further pressure on price hikes, according to the report.A survey by the central bank in the second quarter showed that 40.2 percent of those interviewed, the second highest record since 1999, said they were worried about inflation.China's consumer price index (CPI) rose 3.2 percent in the first half of this year, and the growth rate was 1.9 percentage points higher than the year-earlier level.Price hike for foodstuffs, mainly grain, meat and fowl and eggs, contributed significantly to the rise. Statistics show that foodstuff prices rose 7.6 percent, with grain price up 6.4 percent, egg price up 27.9 percent and prices for meat and fowl as well as related products up 20.7 percent in the first half.

BEIJING - China's quality control watchdog has rejected a Hong Kong media report which alleged the mainland had exported hairy crabs containing carcinogens to Taiwan, confirming that the mainland had not exported any hairy crabs to Taiwan so far this year."The mainland's quarantine authorities have not approved the exports as the two sides are still in talks about quarantine standards," said a spokesman with the General Administration of Quality Supervision, Inspection and Quarantine (GAQSIQ ).Hairy crabs, mainly bred in East China's Jiangsu Province, have become a popular autumn delicacy in the mainland and have sold well in Taiwan, Hong Kong, Singapore, Japan and the United States.But in August the Taiwan authorities published new standards requiring the crabs to contain no detectable drug residues, despite an agreement met with the mainland in July."The new standards are too picky and have no scientific grounds, nor do they comply with the WTO rules," said the GAQSIQ spokesman."We have noticed that a group in Taiwan is trying to discredit mainland food products. Such politically driven acts will harm normal trade across the Taiwan Strait," said Li Weiyi, spokesman for the Taiwan Affairs Office of the State Council earlier this week.Official figures show more than 99 percent of the Chinese foods exported to the United States, the European Union and Japan were up to standard in the first half of the year.China's number one hairy crab exporter, Wuzhong District of Suzhou City, Jiangsu Province, sold 1,800 tons of hairy crabs abroad over the last two years.

Chinese Premier Wen Jiabao shares a light moment with children orphaned due to the death of their parents from AIDS in Shangcai County, Central China's Henan Province Novermber 30, a day before the 20th World AIDS Day which fell on Saturday. [Xinhua] ZHENGZHOU -- Chinese Premier Wen Jiabao paid his second visit to China's worst AIDS-hit villages in Henan Province, a day before the 20th World AIDS Day. It was Wen's fifth face-to-face talks with AIDS patients or their family members since 2003."What's your name?""Zhang Shuwan.""Do you remember how your parents were dying?""No, I don't."This was a dialog between the visiting Premier and Zhang Shuwan, a 10-year-old girl, whose parents died of AIDS seven years ago, at the Chinese Red Ribbon Home, an orphanage at the Wangying Village of Lugang Township in Shangcai County on Friday morning.Wen was accompanied by Henan's Communist Party chief Xu Guangchun and Governor Li Chengyu.Upon learning that all the orphans are studying hard and with good results, Wen said with smile: "I have come to see, because I have kept you in my mind.""You are very unfortunate for losing your parents at a young age, but you are very lucky, as well, since there are lots of people in the country who have taken care of you and showed concern for you," said the premier, advising the children to walk out of the shadow of losing parents.He expressed his hopes that these children will study even harder to make themselves useful for the people, the nation and the society, in the future. He asked them to be happy and take an optimistic attitude toward life.Afterwards, the premier sang a song together with the children. He also visited their dormitory, played table tennis, and had lunch with them.Wen first visited Shangcai County in 2005 on the eve of Spring Festival, China's traditional Lunar New Year.The county in Henan is well known for high AIDS incidence caused by illegal blood deals in 1990s. Among 38 worst AIDS-hit villages in Henan, 22 are located in Shangcai.Premier Wen Jiabao chats with children at the Red Ribbon Home, an orphanage in Shangcai County, Henan Province November 30, 2007. [Xinhua]The premier's second stop was Wenlou village, home to 373 HIV carriers, one tenth of the village population. And 360 of them have developed AIDS."I came here two years ago," Wen told some AIDS patients and medical staff, while visiting the village's clinic.Kong Chunyi, one of the patients and a worker of the village's mushroom factory, said he has been quite fine with the help of the government's special policies for this group of people.The Chinese government provides AIDS patients, who have been covered by social security umbrella, with free medicine; provides free consultation to all those who are voluntary to consult on the disease; provides free schooling to AIDS-caused orphans; and provides free consultation, medical check, and medical treatment to pregnant women from areas which have been made exemplary for comprehensive control over AIDS, so as to reduce the spreading of HIV between mother and infant; and make all AIDS patients accessible to financial assistance from the government.During his visit, the premier showed his concern for the problem of drugfastness among some patients. He asked Health Minister Chen Zhu, who was with him, to study the issue.In talks with some medical staff working with the clinic, Wen thanked them for their devotion.The premier also encouraged the patients to be confident and optimistic to face the illness.Wenlou Village is a vegetable production base, but its products do not sell well due to prejudice by some outsiders. Wen called for greater awareness about the disease among the public so as to eliminate prejudice against AIDS patients."You can tell them that the premier has eaten Wenlou's vegetable today," he told the villagers.According to the villagers, with the help of the government, great changes have taken place at the village. The village is gradually out of the shadow of AIDS. About a dozen of children in the village go to college every year."I believe that Wenlou will become better and better day by day," said the premier.In Shangcai County, there are some "simulation families" formed by volunteer "parents" and AIDS-caused orphans.On Friday afternoon, the premier visited one of them with father Hu Shaoling, mother Zhang Ping, and four orphans.In his talks with the "family", Wen questioned the "family members" carefully. "It is not a matter of money, but a matter of passion," he said, upon learning that the "mother" only gets a pay of 500 yuan (about 67 U.S. dollars) per month.The premier told the kids, "Your 'dad' and 'mum' are caring and kind people. You must study hard. Don't forget them and treat them with filial respect when you grow up."At another "simulation family", with five orphans, Wen wrote an inscription, "Study hard for a beautiful future."Later the day, Wen presided over a workshop attended by experts and local officials. In his speech, the premier urged local people to prepare for a protracted war against AIDS.On the same day, Chinese President Hu Jintao visited doctors and communities in north Beijing, talking and shaking hands with HIV carriers to encourage the people "not to be daunted by HIV."An official report released on Thursday said that China officially reported 223,501 HIV contracted cases, including 62,838 AIDS patients, by October this year while about 700,000 people are estimated to be living with HIV/AIDS.