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BEIJING, Aug. 16 (Xinhua) -- China's central bank and banking regulatory commission have ordered the country's financial institutions to provide preferential loan policies to victims in the mudslide-hit regions of Gansu and Sichuan provinces.The minimum down payment for a home in the disaster-affected urban regions could be reduced to 10 percent while the interest rate for home loans could be cut to possibly 60 percent of the benchmark rate, the People's Bank of China, the central bank, and China Banking Regulatory Commission said in a joint statement issued over the weekend.Banks were also asked to help ease loan pressures for rural residents in the disaster-affected regions.A massive mudslide, which took place on Aug. 8 in Zhouqu County of northwest China's Gansu Province, has killed 1,248 people as of 4 p.m. Sunday, with 496 still missing. Flooding and mudslides in southwest China's Sichuan Province has left at least 13 dead and 59 missing.
HONG KONG, June 25 (Xinhua) -- Air China, China's leading carrier listed in Hong Kong, said late Friday that it would pay 1. 3 98 billion U.S. dollars to buy 20 Boeing 737-800 planes.In a statement filed to the HK stock exchange, the carrier said the cost would be "payable by cash in installments" and it would " take delivery of the Boeing Aircraft in stages from 2013 to 2015"."The aircraft price is subject to price escalation by applying a formula. Boeing Company has granted to the Company (Air China) significant price concessions with regard to the Boeing Aircraft," said the statement.The transaction will be funded through cash generated from Air China's business operations, commercial bank loans and other financing instruments of Air China, said the statement.The Beijing-based airlines said the transaction would expand its fleet capacity with an increase of around 5 percent based on available tonne kilometers of Air China by the end of 2009.In particular, the deal would reinforce Air China's market share in the Chinese domestic market, and would also increase frequency of flights for a number of domestic and neighboring international routes, it added.By the end of September last year. Air China owned 256 passenger planes, mostly Boeing and Airbus. It operated 250 routes covering 32 countries and regions worldwide. It currently has another 130 or so planes in several orders.

BERLIN, July 29 (Xinhua) -- China is gradually learning and absorbing ideas on human rights that can grow on its soil, and remains opposed to attempts by the West to impose its standards on China, says Chinese Vice Foreign Minister Fu Ying.In a recent interview with the German weekly newspaper Die Zeit, Fu said it seems "controversial and illogical" that Western countries acknowledge China's economic success and contributions to efforts against the global financial crisis, while "definitely" turning a blind eye to China's political progress.It seems as if the West wants to say that China has achieved all these without the leadership of the government and the Communist Party, maybe in total anarchy, Fu said."I still remember when I was an interpreter in the 1980s, human rights was always on the menu in our dialogues and our European guests brought lists of names with them," she said."Thirty years later, China has moved on, and so much has changed. In 2004, protection of human rights was incorporated into China's constitution. Many relevant laws and rules have been amended accordingly," Fu said.However, European delegations still come to China with the same stance, accusing China in a commanding way, Fu said."I really don't hear much mentioning of China' s human rights progress," she said.Yet, those political extremists seem to be presenting the whole picture of China's human rights for European countries, she said.Fu believes that to know the real China, it's not enough to "single out things you are interested in, or only listen to people who talk your talk."The most important is to look at the benefits of the majority of the people, she said.
BEIJING,July 11 (Xinhua) -- China issued a new anti-corruption regulation Sunday to require officials to report changes in their marital status, the whereabouts of their spouses and children if they have moved abroad, personal incomes, housing as well as their family' s investments.The new regulation was issued by the General Office of China's State Council and the General Office of the Communist Party of China (CPC) Central Committee.The regulation defines "officials" as those leaders holding official ranks of and above county level in government agencies, democratic parties, public institutions, state owned enterprises and state holding enterprises.The new regulation requires officials to report changes in their marital status and the location of their spouses and children if they have moved abroad, within 30 days after such a change takes place.Specifically, officials should report their ownership of passports or visas and their children's marital status if they are married to foreigners or residents of Hong Kong, Macau, and Taiwan.Officials should also report any businesses their spouses and children are involved in, both within China and abroad.The new regulation also requires officials to report their ownership of property, including property in their spouses' or children's names, their family's investment in financial assets and in enterprises.According to the regulation, if officials fail to report honestly or in a timely fashion, they would face punishment to various degrees, even as harsh as removal of official ranks.The regulation also ordered party organizations at all levels to strengthen management and supervision over officials to guarantee the implementation of the regulation.This regulation is considered an important measure to ensure strict self-discipline for Party and government officials and to improve the intra-Party supervision system.
BEIJING, June 21 (Xinhua) -- China's announcement that it would allow more flexibility in its yuan exchange rate meant an end to the crisis-mode policy the government took to cushion the blow from the global financial crisis, experts interviewed by Xinhua said Monday.The People's Bank of China, also known as the central bank, said Saturday that it decided to proceed even further with the reform of the Renminbi exchange rate to add flexibility to the RMB exchange rate.The decision was made in view of the recent economic situation and financial market developments at home and abroad, as well as due to the balance of payments situation in China, the central bank said. However, it ruled out a one-off revaluation of the yuan as there was no basis for large changes in its value.Experts noted it was the correct time for the exchange rate policy to return to its normal state, given the consolidated economic recovery, large decline in trade surplus and more balanced international payments.Zhao Xijun, deputy dean of the School of Finance with the Renmin University of China, said the normalization of China's exchange rate policy would intensify China's economic connection to the global economy and help promote the country's economic restructuring and adjustments of its development mode.China moved to a managed floating exchange rate regime in July 2005 which was based on market supply and demand and referencing a basket of currencies. The reform of the RMB exchange rate has made continuous progress since then, producing the anticipated results and playing a positive role.The financial crisis which broke out in the United States in 2008 shook the global financial markets and dented investment confidence. To counter fallout from the economic turmoil, nations rolled out their crisis-mode measures.Zhou Xiaochuan, governor of the central bank, said in March that the exchange rate policy China took amid the crisis was part of the government's stimulus packages, and would exit "sooner or later" along with other crisis-measures.China's economy expanded at 11.9 percent year on year in the first quarter of this year and exports surged 48.5 percent in May, government data showed.Zhao said China narrowed fluctuation of the RMB exchange rate to stabilize market sentiment and stimulate economic growth amid crisis, which was in the interests of China and contributed to the country's economic recovery.During the worst of the global crisis, exchange rates of a number of sovereign currencies to the U.S. dollar depreciated by large margins while the yuan kept stable. Against these depreciating currencies, the value of the yuan has been rising."Undoubtedly, it improved the trade environment for these countries and helped them through hard times," Zhao said, noting the policy contributed significantly to the Asian and global recovery."Narrowing the fluctuation of the yuan's value was the best exchange rate policy China could take during the crisis period, which gave export businesses a stable expectation of the yuan's value and reduced costs caused by a volatile currency," said Xiang Songzuo, Deputy Director of the Center for International Monetary Research at Renmin University of China.The central bank's move also intended to increase competitiveness of export businesses and accelerate economic restructuring.Zhao said when the RMB exchange rate regime becomes more market-oriented, China's export businesses should take more responsibilities and become more self-reliant.The central bank said Sunday that the management and adjustment of the yuan exchange rate would occur gradually, which was necessary to give export businesses time to adjust their business structures and create more jobs in the service sector.Cao Honghui, senior researcher with the Institute of Finance and Banking under the Chinese Academy of Social Sciences, said the further proceeding meant China would rely more on domestic demands for economic growth, which would push forward adjustments of the global economic structure.The central parity of the Renminbi against the U.S. dollar remained at 6.8275 Monday, unchanged from the previous trading day, according to the China foreign Exchange Trading System.
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