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BEIJING, July 27 (Xinhua) -- China's largest gold producer said on Tuesday its operating profits rose by three fold to 1.55 billion yuan (228.09 million U.S. dollars) in the first six months this year.China National Gold Group Corp. said in a statement that its first-half revenue grew by 98 percent from a year earlier to 27.67 billion yuan and expected its full-year revenue to reach 50 billion yuan.At the end of June, the gold producer had 1,250 tonnes of gold reserves, eight million tonnes of copper reserves and 1.6 million tonnes of molybdenum, according to the statement.In the first half of 2010, the company added a total of 24.7 tonnes of gold, 683,000 tonnes of copper and 445,000 tonnes of molybdenum to its reserves, said the statement.The company had improved its development strategies through conducting merge and acquisitions, integrating regional resources and exploring overseas, said Sun Zhaoxue, general manager of the gold producer.

BEIJING,Aug 9(Xinhuanet) -- China's high savings rate is expected to fall substantially in coming years as its workforce shrinks, the population ages and social security spending increases, a BIS report shows.In research published by the Bank for International Settlements (BIS) on the “myth and reality” of China’s savings rate, Ma Guonan and Wang Yi found that the Asian giant needs its population to spend more in order to sustain rapid economic growth in coming years.The researchers, who were writing in their personal capacity, also reject claims that Chinese State firms have been benefiting from high savings thanks to exchange rate distortions and subsidies designed to drive economic growth.They point out that “less advantaged” and more efficient firms have been the ones posting the greatest gains in earnings in recent years rather than State-owned companies.China’s gross national savings soared from 39.2 percent of output in 1990 to 53.2 percent in 2008, far higher than the United States, which saved only 12.2 percent in 2008.Even compared to other Asian giants — Japan with 27 percent in 2007 and India with 33.6 percent in 2008 — China’s share of savings as a percentage of gross domestic product (GDP) is significantly larger.Nonetheless, the population and social trends that have underpinned China’s growth and savings rates are likely tail off significantly over the next decade, the two Chinese researchers argued.In the wake of the global slump, world leaders and economists have been asking China to spend more, rather than pin its economic growth on exports to the West, in order to help address world trade imbalances.Ma, a BIS economist and Wang, who is from the Chinese central bank, said however that the current savings trend by Chinese households will not last.The swelling working population in recent years has boosted savings in recent years, they said.In addition, large-scale corporate restructuring between 1995 and 2005 increased job uncertainty, forcing workers to set aside more money in case they were fired. The lack of a social safety net also pushed workers to make “precautionary savings.”Beyond households, government savings have also been increasing in tandem, as more is being set aside to meet pension needs which are expected to rise significantly as the population ages.However, these trends are expected to be reversed in coming years.“It is reasonable to assume that the large-scale labor retrenchment observed during 1995 to 2008 is by and large been behind us,” say the researchers.In addition, China is expected to enter into a phase of “accelerated population ageing within a decade.” This means that the workforce will decline, leading to a fall in overall income and therefore savings.At the same time, infrastructure spending is expected to continue, in order to provide for the ageing population and the urbanization of the country.

ISTANBUL, Turkey, June 8 (Xinhua) -- Chinese President Hu Jintao's special representative and State Councilor Dai Bingguo and Turkish President Abdullah Gul on Tuesday vowed to boost bilateral ties and increase exchanges of visits by leaders and senior officials.Dai met with Gul on the sidelines of the third summit of the Conference on Interaction and Confidence-building Measures in Asia (CICA) here. Turkey held the rotating presidency of the 20-member forum.Dai said Israel's recent raid on a Turkish humanitarian aid convoy heading to beseiged Gaza, which had resulted in deaths, should be condemned, and he also offered condolences to those affected.Turkish President Abdullah Gul (R) talks with China's State Councillor Dai Bingguo (L) who is also a special representative of Chinese President Hu Jintao during a meeting in Istanbul, Turkey, June 8, 2010. China was glad to see Turkey enjoying rapid development and increasing international influence, Dai said, noting the positive and strong development of relations between the two countries in recent years.China attached great importance to the relations with Turkey and had been trying to handle them with a strategic and long-term approach. China was willing to work with Turkey for more visits by leaders and senior officials, more political trust and closer cooperation, he said.Gul said he was pleased to see efforts to implement the consensus reached between him and President Hu on boosting relations between China and Turkey.He noted the strong and rapid development of the bilateral friendship and cooperation, including the quick growth of Turkish exports to China.The president said Turkey attached great importance to developing relations with China, and hoped to strengthen coordination with it in international affairs.Turkey looked forward to increasing exchanges of visits by leaders and senior officials and boosting bilateral cooperation, he said.

BEIJING, June 16 (Xinhua) -- China's National Meteorological Center (NMC) issued a rainstorm alert Wednesday as heavy rains were expected to pound the flood-affected southern provinces.Most regions in south China, including provinces of Guizhou, Jiangxi, Zhejiang, Guangdong, and the flood-hit Fujian, Hunan and Guangxi Zhuang Autonomous Region, would experience heavy rain or rainstorms between 8 a.m. Wednesday to 8 a.m. Thursday (Beijing time), the NMC said.Rainstorms were forecast for south China also during the next three days, while regions in Xinjiang Uygur Autonomous Region in northwest China, Inner Mongolia Autonomous Region in the north, and northeastern China would also experience rainfalls, it said.The observatory warned local authorities in south China, especially in the flood-battered regions, to get prepared for possible floods and geological disasters.In Fujian, heavy rains have triggered landslides and flash floods, which engulfed two vehicles in Nanping City and left at least six people dead as of Tuesday.China's Office of State Flood Control and Drought Relief Headquarters has dispatched work teams to the southern provinces of Hunan, Fujian and Guangxi and to Xinjiang after heavy rains hit the regions.

BEIJING, June 9 (Xinhua) -- Chinese President Hu Jintao left Beijing on Wednesday for the 10th annual summit of the Shanghai Cooperation Organization (SCO) scheduled for June 10-11 in the Uzbek capital of Tashkent.Hu will also pay state visits to Uzbekistan and Kazakhstan as guest of Uzbek President Islam Karimov and Kazakh President Nursultan Nazarbayev respectively.Established in 2001, the regional body SCO now groups China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.