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BEIJING, April 6 (Xinhua) -- China would manage to make breakthrough in yuan-based cross-border payment system in 2009, People's Bank of China, or the central bank, said in an on-line report. According to the report reviewing the country's payment system in 2008, China would further develop regional and international cooperation in payments, and improve the yuan-based cross-border trade settlements this year. The report also pointed out that China's payment system had remained safe, stable and efficient last year despite severe natural disasters and global financial downturn, as a total of 1,131 trillion yuan (about 166 trillion U.S. dollars) had been spent through the payment system, 37.62 times of the GDP last year. The central bank's high-value payment system (HVPS), core infrastructure of the country's payment system, had conducted 214 million payments worth 64 trillion yuan last year, up 24.42. China's securities settlement system had remained steady and provided strong support to the securities business, said the report. Trading volume in China's interbank bond market reached 10.46 billion yuan, up 66.03 percent from that of 2007, it said. According to the report, non-cash payment products, such as bank cards and bill payment, had become more popular among Chinese citizens. Chinese people had conducted 13.8 payments through non-cash products per capita last year, up 18.1 percent from that of 2007. Up to 24.2 percent of China's retail sales last year had been spent through the bank card system, 2.3 percentage points higher than the 2007 level, it said.
BEICHUAN, Sichuan province, April 4 (Xinhua) -- Tears fell down her cheeks, like the rain dropping on her umbrella. "I dreamed of my granddaughter several times," Tan Yunlan said while sobbing. Supported by her daughter, the elderly woman gazed at a pile of rubble which used to be an apartment building in the former Beichuan county seat. Tan's son-in-law arranged several bricks to burn incense, while her daughter took out a folded handkerchief from her bag. She opened it and placed the photo of a four-year-old girl inside, then gently placed it on the ground. Behind the family, people walked slowly in twos and threes, holding candles or white chrysanthemums. Firecrackers would sound sporadically. As Saturday was China's traditional Tomb Sweeping Day, survivors of the quake-leveled county returned to what's left of their homes to mourn loved ones. GRIEF IN QUAKE ZONES More than 80,000 people were confirmed dead or missing after the May 12, 2008 earthquake in southwest China's Sichuan province. One of the worst-hit areas, 15,645 people were killed in Beichuan. Another 4,311 others remain missing. Because of the destruction, the county has been closed-off since May 20 last year. For the first time since then, former residents were allowed to return for four days of mourning starting Wednesday. Life forever changed for Zhu Xiuhua after her husband was buried under the county's vegetable market. "He was considerate and diligent, earning 3,000 yuan a month to support the family," she murmured, eyes swollen. After the quake, Zhu became the family provider, taking care of her parents-in-law and two sons. Although the local government gave her some subsidy, she now has to work at construction sites like a man. Facing the debris of the market, she drew a circle on the ground with a stick and wrote the name of her husband. "There were too many people who died in the quake. I am afraid he can't find the money I gave him," she wept. Zhu then lit a candle and placed it alongside the pork she had cooked and set by the debris. Pork, was her husband's favorite food. She then burned ghost money- one sheet after another, as an offering to help the dead in afterlife. "Don't worry about us. We can manage it," she whispered to him. In Qingchuan county, flower seller He Xiantong brought a bunch of chrysanthemums to an earthquake memorial park in Donghekou. "Somewhere in the county, 40 meters underground, lies my wife," he said. "I feel that we are so close." At the same time, their son, He Kaiyuan, who is in Chengdu, less than 300 kilometers away, stands facing Qingchuan. He also bought flowers for his mother and placed them on the ground. "Dad visits mom every day," he said. "Mom, dad is with you. You must be happy in heaven." In front of the tomb of Tan Qianqiu in Deyang city, just north of Chengdu, many strangers stopped to mourn. The teacher, from the Dongqi middle school, sheltered four students with his arms when the quake jolted the building. When rescuers arrived, they discovered Tan had died, but the students all survived. Huang Jing, a girl who was from Hunan province, dedicated a bouquet to Tan. "He is also a native of Hunan," she said. "Although he didn't know me, I brought him greetings from his hometown." MOURNING FROM ELSEWHERE In Fuzhou, capital of east China's Fujian province- some 2,000 kilometers away from the quake's epicenter- a ceremony was held for people to mourn victims. In front of more than 100 people, two girls tied letters they had written to deceased relatives, to the legs of pigeons, then let them go. "Dear little sister, how are you in heaven?" wrote 16-year-old Dong Yu. "Does it still hurt? How are uncle and aunt?" her letter went on to say. Her cousin was just eight months younger than her. "Mom still weeps sometimes, but there are so many people from Sichuan in heaven, you won't be lonely." Together with 33 other students from Sichuan, Dong was sent to a vocational school in Fuzhou after the disaster. "I am doing well here," she read, smiling, with tears. People also chose to mourn the dead on the Internet. "Chen Jian, I'm Xiaofeng. How are you in heaven?" This message was from Chen's wife Tan Xiaofeng on the website cq.qq.com. After the earthquake, Chen, worried about his pregnant wife. He survived 73 hours under crushed concrete and twisted steel rods. He passed away after he was pulled out of the debris. Netizens on the portal website Sohu, list his story as among the ten most touching from the earthquake. "I miscarried," Tan Xiaofeng wrote. After the earthquake she moved away from her hometown and went to work in eastern Jiangsu Province. "I will be back to sweep tombs for him later this month," she said. The website claims to be the first online platform for visitors to mourn quake victims on Tomb Sweeping day. So far, more than 7,000 messages were left by netizens. Photos showing touching moments during the quake and its aftermath were also posted. On Sina.com, the page for mourning showed candles forming "5.12" and a white chrysanthemum. More than 2,373,000 people had visited the site as of Saturday afternoon. Some posted their own messages for victims: "There is no disaster in heaven," and "Hope the survivors can be strong and live a better life." LOOKING INTO THE FUTURE Outside the barbed wire fence around the collapsed Beichuan middle school, 15-year-old Lu Chunqiao closed her eyes and held burning incense. Four other students nearby burned a letter. In Chinese, there is a superstition that if you burn a letter, you are sending it to the dead. The ninth grade students then knelt down, keeping their foreheads close to the ground. They survived the quake, but more than 1,000 of their classmates were dead or missing. "We want to tell them (the dead) the changes during this past year," Lu said. "Construction of the new school building is to start next month." About one kilometer away from the Beichuan county seat, work rebuilding Qushan township just began. Amid roaring machines, Liu Chunyi, an engineer from eastern Shandong province said, "it is the greatest comfort to the dead tohave those alive live a better life." In Wenxian county of northwestern Gansu province where 114 people succumbed in the quake, Liu Wencheng placed fruit and tea for his dead wife in a graveyard. He told her that their two daughters were doing well at school. Liu had 0.2 hectares of land, where he planted wheat, corn and potatoes. "Life has to go on," he said. After the quake, the local government sent him a quilt, food and electric blankets. Each affected family was also given 20,000 yuan (almost 3,000 U.S. dollars) for reconstruction. It was not enough to build a house which is why Liu still lives in a tent. He is not sure how long he will be there. In Sichuan, however, there is a timetable. The province vowed to rebuild all damaged houses in rural areas by the end of this year and those in cities or townships before next May. More than 90 percent of roads and 98 percent of the power supply system would be restored by Sept. 2010. But it will take longer than that for wounds in people's hearts to heal. Many people suggested Tan Xiaofeng, who is just 26, should re-marry. The idea just makes Tan cry. "I can't accept another man," she said while shaking her head. "Not now."
BEIJING, April 16 (Xinhua) -- Chinese Premier Wen Jiabao said Thursday that government stimulus moves had begun to produce results and the economy was now in "better-than-expected" shape. Wen's remarks at a cabinet executive meeting came after the government said there had been positive economic changes, even though the economy grew just 6.1 percent in the first quarter, the slowest pace in a decade. The premier cited pick-ups in investment, consumption and industrial output, abundant liquidity in the banking system, and improved market expectations as signs of those "positive changes." The National Bureau of Statistics said Thursday that first-quarter industrial output grew 5.1 percent year on year, with a rise of 8.3 percent in March. It also said fixed asset investment rose 28.8 percent to 2.81 trillion yuan (413.2 billion U.S. dollars), with real growth exceeding 30 percent, while retail sales grew 15 percent to 2.94 trillion yuan. Such positive changes indicated that the government's macroeconomic policies, taken since the second half of last year, have been "timely, powerful, and effective," said Wen, who presided over the meeting. China announced a 4-trillion-yuan stimulus package last November to boost domestic demand, slashed interest rates five times since last September, unveiled support plans for 10 key industries, and projected a record fiscal deficit of 950 billion yuan this year. These measures were prompted by a collapse in exports as the global downturn took its toll on the world's fastest-growing economy. China's economic growth cooled to a seven-year low of 9 percent last year, ending five years of double-digit expansion. "However, we must also be clear-headed and understand that grounds for the country's economic recovery are not solid enough yet, as circumstances both at home and abroad remain grim," Wen warned. He said that global financial turmoil was still spreading, and was exerting a deepening influence on the national economy. The premier cited continued falling in external demands, oversupply in some sectors that would suppress industrial output growth and worsen corporate earnings, reluctance in private investment, increased difficulty in raising farmers' income, the dwindling fiscal revenue, and the acute pressure to create enough jobs. He warned against blind optimism and called for unslackened efforts to achieve the country's goals of social and economic development. China is aiming to achieve an 8-percent growth this year, which has long been held as essential for the populous developing nation. "We should anticipate more risks and difficulties ahead, expect a longer time frame within which we would be able to overcome the crisis, and get prepared with more satisfying measures." The government would focus on following moves, according to the premier. -- To bring into play measures aimed at expanding investment. The country would soon cash in the third batch of pledged central government investment. The central government has so far cashed in 230 billion yuan (33.8 billion U.S. dollars), which is part of the 4-trillion-yuan stimulus package. The government would also revise government approval of investment projects -- or loosen government grip on investment project approval, to encourage private investment, and would continue the work on stabilizing and expanding foreign investment. -- To expand consumption, and consumer spending in particular. The country would continue to improve its policy for subsidies to farmers who buy designated brands of home appliances, and stimulate spending on culture, tourism and information in the service sector. It would also try to keep spending on such items as housing and auto stable. -- "Using every possible means" to maintain stable trade growth. The government would scrap policies that could restrict exports, and extend support to exports of hi-tech and labor-intensive products. It would also increase imports of important energy resources, heavily-demanded raw materials and key technologies and equipment, and encourage domestic firms to invest overseas. -- To keep the stable development of agriculture. The country would continue to carry out policies favorable to farmers and agriculture. It would initiate the plan to increase the country's grain output by 50 million tonnes over the next 12 years. -- To promote the restructuring of key industries. The government will unveil details of the stimulus packages for10 key industries as soon as possible, and cash in the fund from central government that will be exclusively used for the restructuring and technological renovation. The Chinese government would improve policies in favor of innovation and hi-tech industries, and may cultivate new growth in sectors of new energy, energy conservation, environmental protection, bio-pharmaceuticals, telecommunications and modern services. -- To advance with efforts to improve people's livelihood. The government would make public the execution plan and documents for the huge health care reforms as soon as possible. The reforms are aimed to provide universal health care to the country's large population. It would continue to provide support to migrant workers and college graduates who are hunting for jobs. -- To make sure the financial system is providing necessary support for the economic growth. The government would adjust the market demand for capital and ensure capital is used to fuel the economic growth. It would give more support to small- and medium- sized enterprises to meet their capital demand. -- To increase fiscal revenue by making more efforts to collect taxes that are due according to laws and regulations, and at the same time cutting back on unnecessary expenditures.
BEIJING, April 13 (Xinhua) -- Chinese shares rose 2.84 percent Monday, advancing for a third consecutive day to a nearly eight-month high, on hopes that the economy had outperformed expectations in the first quarter. Premier Wen Jiabao told reporters in Thailand Saturday that the economy showed signs of better-than-expected changes during the first quarter as a result of the economic stimulus package. The National Bureau of Statistics is scheduled to release first-quarter growth data Thursday, which are expected to demonstrate a recovery in the world's fastest-growing economy. An investor is inside a securities firm in Chengdu, southwest China's Sichuan Province April 13, 2009 Data already announced have been positive. The central bank said over the weekend that new loans increased 1.89 trillion yuan (about 278 billion U.S. dollars) in March, the third straight month that new loans exceeded 1 trillion yuan. Economists said the March figure indicated that China's liquidity was abundant, which was crucial to an economic recovery. Wen said industrial output rose 8.3 percent in March, up from a record low of 3.8 percent in the first two months of the year. The benchmark Shanghai Composite Index reacted to the positive news and closed at 2,513.7 points, up 69.48 points. The Shenzhen Component Index was up 2.08 percent, or 194.36 points, to 9539.8. Gains outnumbered losses by 616 to 205 in Shanghai and 532 to 173 in Shenzhen. Combined turnover rose to 280.46 billion yuan from 239.98 billion yuan the previous trading day. Coal producers led gains Monday on speculation that coal prices might be raised. The country's largest coal producer, China Shenhua Energy, and six other producers, surged by the daily limit of 10 percent. Steel stocks gained on hopes of more demand as industrial output picked up. Baoshan Iron & Steel, the nation's top steel maker, rose 4 percent to 5.97 yuan. PetroChina went up 4 percent to 11.94 yuan and Sinopec rose 5.34 percent to 9.47 yuan on news that the country might soon announce details on a stimulus package for the petrochemical sector. Shipping lines and other cargo carriers gained broadly on anticipation of an economic recovery. China Cosco rose by the daily limit of 10 percent to 12.87 yuan. China Shipping Development climbed 10 percent to 13.08 yuan. China Southern Airlines, one of the nation's three major carriers, rose 6.22 percent to 6.15 yuan. Securities analysts expressed optimism about continued gains in the near term. Shanghai-based Shiji Investment said in a report that heavyweights had showed signs of robust performance and the market may rise to new highs. Analysts at Huaxun, an on-line financial information service, said the market would find support at about 2,450 to 2,470 on buoyant confidence, with investors anticipating a recovery.
BEIJING, April 12 (Xinhua) -- China Pacific Insurance, one of the country's largest insurers, announced Saturday that its net profit dropped 80.6 percent to 1.339 billion yuan (196 million U.S. dollars) in 2008. The Shanghai-based insurer attributed the profit decrease to the sluggish stock market performance and the large amount of insurance indemnity after several natural disasters last year. However, the premium income of the company rose 26.6 percent to94.02 billion yuan, said the firm in its 2008 annual report. Its life insurance premium income increased 30.4 percent to 66.09 billion yuan last year, ranking the third in the domestic market. Its property insurance premium rose 18.7 percent to 27.88 billion yuan, making it the second largest among its peers.