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BEIJING, July 28 (Xinhua) -- Profits at Chinese industrial enterprises in 24 regions climbed 71.8 percent year on year to 1.61 trillion yuan (237.5 billion U.S. dollars) in the first six months, the National Bureau of Statistics (NBS) said Wednesday.The growth rate was 11.2 percentage points lower than that in the first five months, the NBS said in a statement.Combined revenues for the enterprises totaled 25.9 trillion yuan in the first half of the year, up 36.5 percent from a year earlier - a growth rate 2.4 percentage points lower than in the January-to-May period.Most of the 39 major industries posted year-on-year profit growth.The 24 regions comprise all of the Chinese mainland provinces, municipalities and autonomous regions except the Inner Mongolia and Tibet autonomous regions; Hunan, Guangdong, Hainan and Yunnan provinces; and Chongqing.China's industrial value-added output expanded 17.6 percent year on year in the first half of the year. But month-on-month growth began to slow in March, with June's growth at 13.7 percent year on year.

ZHAOYUAN, Shandong, Aug. 7 (Xinhua) -- Fourteen miners were confirmed dead, 23 others still trapped underground while 292 were lift to the ground safely following a fire that engulfed a gold mine in east China's Shandong Province Friday, local authorities said early Saturday morning.A total of 329 miners were working underground when the fire broke out at about 5 p.m. at the Luoshan Gold Mine run by Lingnan Mining Co. Ltd. in Zhaoyuan city, a spokesman with the rescue headquarters told Xinhua.Three hundred and six were lifted to the ground as of 5 a.m., but 14 of them were found dead, he said.Twenty-three people were still trapped underground, with 21 miners' locations identified, he added.Dozens of injured miners had been sent to two local hospitals, he said.An initial investigation showed that the fire was likely caused by an underground cable. Police were further investigating the incident.The mine owner had been taken into police custody, he said.Over 100 rescuers are working at the scene. Provincial Party chief Jiang Yikang and governor Jiang Daming have rushed to the scene to oversee the rescue work.

BEIJING, July 19 (Xinhua) -- While China strives to create a more open and fair business environment, the country also wants business to embrace environmental-friendly policies. The move, aimed at a sustainable growth, should not be interpreted as worsening the investment conditions, analysts note."Currently, there is an allegation that China's investment environment is worsening. I think it is untrue," Premier Wen Jiabao said while talking with heads of prestigious German and Chinese firms in northwest China's Xi'an city over the weekend.Although Chinese leaders stated that China welcomes foreign investment as always, some western media have repeatedly run stories that claim China's investment environment is worsening.Statistics, however, tell a different story. Foreign direct investment (FDI) that flowed into China in June surged 39.6 percent from a year earlier, resulting in a 19.6-percent year-on-year increase during the first half of this year."Foreign investment will not pour into a country where the investment environment is worsening," Wen said.China will continue both its opening-up policy and improving its investment environment, as the government promised, but structural changes are expected because both China and the world are changing, analysts said.For the past 30 years, China has been wooing foreign investment with many preferential policies designed to attract badly-needed capital, advanced technology and management expertise.

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.

XI'AN, Aug. 3 (Xinhua) -- Chinese Vice Premier Hui Liangyu has urged local authorities to keep flood casualties and losses to minimum and to launch reconstruction work in a timely and orderly way.Hui was speaking during an inspection of flood-affected areas in Weinan and Shangluo cities in north China's Shaanxi Province from Aug. 2 to 3.He visited affected residents, as well as soldiers who were fighting the floods, saying the flood work had entered a crucial stage.Since mid July, many areas in Shaanxi Province have seen continuous rain, leading to frequent natural disasters, such as floods, mountain torrents and mud-rock flows.Continuous rainstorms caused mud-rock flows in Zhulinguan Village of Danfeng County, Shangluo city, on July 23 and 24. Hui visited the village and urged officials to address food, drinking water, clothing and housing issues.He also called for the repair of roads and resumption of water and electricity supplies as soon as possible.Homes, schools and hospitals should be reconstruction priorities, he said.Meteorologists forecast higher than average rainfall this month along the province's Hanjiang and Weihe rivers. Hui ordered local governments to intensify flood warnings, improve response plans, reinforce reservoirs and river embankments and replenish emergency materials, so as to be well prepared for more rain and floods.