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BEIJING, June 24 (Xinhua) -- China's State Council reached a decision at an executive meeting on Wednesday to promote a new type rural social pension pilot projects.     The meeting, presided over by Premier Wen Jiabao, said building a new rural social pension system was key to reducing rural poverty and narrowing the gaps between urban and rural areas. It was also key to maintaining social stability and promoting domestic consumption.     According to the meeting, the new-type rural social pension pilot programs will be carried out in 10 percent of counties this year. Rural residents above the age of 16 are all eligible to join the program.     The meeting also ordered local governments to strengthen supervision of pension funds.

BEIJING, June 21 -- Chinese stocks rose to a weekly high on Friday after the securities regulator lifted a nine-month ban on initial public offerings (IPOs), indicating investors' strengthened confidence in the market based on ample liquidity and clearer signs of economic recovery.     The Shanghai Composite Index, which tracks the bigger of China's bourses, rose 26.59, or 0.9 percent, to 2,880.49 at close, its highest close since July 28, 2008.     The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, gained 0.7 percent to 3,080. Investors are set to return to the bourses in a big way with the return of initial public offerings and robust economic indicators. The market barometer has also shown significant gains in the past few days. Shi Yan    "We expected the new IPOs to be the biggest bad news for the capital market this year," said James Yuan, chief investment officer of Everbright Pramerica Fund Management Co Ltd. "But now it is not as daunting, thanks to the improved economy, more liquidity and new listing rules."     Guilin Sanjin Pharmaceutical Co, a medium-sized drug firm, on Thursday night received regulatory approval from the China Securities Regulatory Commission (CSRC) to seek a stock exchange listing, marking the resumption of IPOs since September last year.     The company said it plans to float 46 million A shares on the Shenzhen bourse on June 29 and will start a road show for the same on June 22.     "The restarting of IPOs of smaller firms rather than the big caps indicates that the government aims to stabilize the market," said Dong Chen, senior analyst, CITIC China Securities. "If the market does not panic after the new round of IPOs, the regulator will grant more approvals next week, but probably for small caps."     Earlier reports said China State Construction Engineering Corp (CSCEC), the country's biggest home-builder, would probably be among the first batch of companies to issue 12 billion shares to the public and raise about 40 billion yuan.     Based on the number of new shares to be issued and the average price-earning ratio on the secondary market, analysts said the 32 companies now waiting could raise as much as 70 billion yuan through their IPOs.     "The loose monetary policy, coupled with the huge advance of the Shanghai Composite Index, has bolstered confidence that the stock market can withstand the added supply of stock," said Dong.     "Meanwhile, the anticipation of gains on their investments may propel more investors to test the market waters, when the bullish trend becomes clear," he said.     China's major market barometer has surged nearly 58 percent this year, thanks to the government's timely launch of the 4-trillion-yuan economic stimulus package and loose monetary policy.     The resumption of IPOs is also expected to give a strong boost to brokerages whose earnings are expected to improve on the investment banking revenues.     CITIC Securities gained 2.8 percent to 29.54 yuan, the highest in a year, while Sinolink jumped 10 percent to 21.46 yuan.     Shares of medical companies also outperformed on news of drugmaker Guilin Sanjin's listing and the spread of the H1N1 flu virus.     Beijing Tiantan Biological Products, a biological bacterin producer, jumped to its 10 percent daily limit for the second day in a row to 26.26 yuan after it said on Thursday that it had started to research bacterin for fighting the H1N1 flu virus.

BEIJING, April 24 (Xinhua) -- The People's Liberation Army (PLA) Navy should comprehensively push forward its modernization to constantly enhance its capability to carry out its missions in the new century and new phase, Chinese President Hu Jintao said here Friday.     Hu, also chairman of the Central Military Commission, made the remarks when meeting with veteran officers and model soldiers of the PLA Navy Friday night, a day after the 60th anniversary of the founding of the PLA naval force.     Hu first paid respects to the veteran officers and model soldiers for their contributions to the development of the navy and extended regards to all members of the navy. Chinese President Hu Jintao (R Front) shakes hands with fighting hero Mai Xiande during his meeting with representatives of veterans, heroes and models of the Navy of the Chinese People's Liberation Army (PLA) in Beijing, capital of China, April 24, 2009, on the occasion of the 60th anniversary of the founding of the PLA Navy.     He expressed his hope that these officers and soldiers would continue to play a leading role in contributing wisdom and strength to the navy's development.     Through six decades of development, a relatively modern naval force consisting of combined arms had taken shape thanks to the leadership of the Communist Party of China Central Committee, the Central Military Commission, the support of the people, and unremitting efforts by naval officers and soldiers, Hu said.     The navy had played an important role in protecting China's sovereignty, national security and territorial integrity, promoting the reform and opening up drive and socialist modernization, and safeguarding world peace and development, he said.     The president expressed hope that the navy would achieve further development.     Thursday morning, Hu reiterated that the country's military build-up was purely defense-oriented.     In a meeting with heads of 29 foreign navy delegations gathered for the PLA Navy's anniversary celebration, Hu pledged that China's armed forces, including the navy, would never be a threat to other nations.     China would always be an important force in safeguarding world peace and development, he said.     "For now and in the future, China would never seek hegemony, nor would it turn to military expansion or arms races with other nations," he said.

BEIJING, June 2 (Xinhua) -- China's national college entrance exam saw a decrease in candidates for the first time in the past seven years, said the Ministry of Education Tuesday.     About 10.2 million people registered to attend the upcoming exam, down 3.8 percent year on year, according to the ministry.     In contrast, candidates for the exam saw a continuous increase from 2002 to 2008, jumping from 5.27 million in 2002 to 10.5 million in 2008.     This year's examinees would have more opportunities to enter colleges as they would compete for 6.29 million seats in China's universities and colleges, up four percent from last year, the ministry's figure showed.     About half of the country's provinces and regions earlier reported a decrease in candidate number. Some media reports came to the conclusion that greater employment pressure caused by the international economic downturn led to the drop.     "I don't agree with this view," said Jiang Gang, deputy director of the ministry's college students office.     "The drop of candidate number is mainly due to the decline of senior high school graduates," he said.     Jiang, however, admitted the financial crisis did inflict great pressure the country's job market.     In China, most of the candidates for higher education are students finishing three-year study in senior high schools.     Figures from the National Bureau of Statistics showed the number of senior high school graduates decreased from 8.49 million last year to 8.34 million this year. It is estimated to be 8.03 million in 2010.     College graduates are having a hard time finding jobs this year as posts are being axed due to the economic slowdown.     China has 6.11 million college students due to graduate this year, and one million from last year are still looking for jobs, according to the Ministry of Human Resources and Social Security.     Known as "gao kao" in Chinese, the national college entrance exam, which falls on June 7 to 9 each year, is the largest examination in the world. The exam can change the candidates' lives in a fiercely competitive society.

BEIJING, May 8 (Xinhua) -- China's top economic planner Friday announced details of the country's new oil pricing mechanism, for the first time after the new pricing system kicked in at the beginning of this year.     In a statement on its website, the National Development and Reform Commission (NDRC) said China would adjust domestic fuel prices when global crude prices reported a daily fluctuation band of more than 4 percent for 22 working days in a row.     The commission said refiners would enjoy "normal" profit when global crude prices are below 80 U.S. dollars per barrel, but would face narrower profit margins when the crude prices rise above 80 U.S. dollars per barrel.     However, fuel prices would not go further up, or only be raised by a small margin, when crude prices rise above 130 U.S. dollars per barrel, and fiscal and tax tools would be used to ensure supplies, the NDRC said.     Light, sweet crude for June delivery rose 37 cents a barrel to settle at 56.71 U.S. dollars on the New York Mercantile Exchange Thursday after reaching a six-month high of 58.57 dollars.     Crude prices staged strong rally on news of upbeat economic data in the United States, rising more than 10 percent in two weeks.     The NDRC statement also came a day after it denied an online report claiming imminent price hike.     C1 Energy, an energy information website, Thursday reported that the Chinese government would raise fuel prices as of midnight Thursday, but said later the price adjustment had been canceled, with reasons unknown.     Xu Kunlin, deputy head of NDRC's pricing department, said the new oil pricing mechanism is not to be followed "word by word" without any flexibility, when asked whether the commission would soon adjust fuel prices at a press conference held in Beijing.     "There has been pressure to raise domestic fuel prices as crude prices continued to rise," Xu said, "however, the final decision will depend on developments in crude prices in coming days."     Friday's statement did not say how the global crude prices would be measured.     Xu declined to reveal details on the basket of crude prices for evaluating international price changes, and said such details would remain a secret in a bid to prevent speculation.     The NDRC said in the statement that the government would continue to control fuel prices at the current stage, because of insufficient market competition and imperfect market mechanisms.     However, fuel prices would eventually be determined by market forces only in the long run under the new pricing mechanism, which is aimed to bring in more market forces, said the NDRC.     China's fuel prices, with taxes included, are at a relatively lower level among major oil importers, said the NDRC.     Domestic fuel prices are lower than in Japan, the Republic of Korea, India, Mongolia, and many European countries, but higher than in oil exporters in the Middle East and than some cities in the United States, according to surveys by the NDRC.     China's retail fuel prices vary in different regions. Currently, gasoline 93, the most commonly used type of gas, sells for 5.56 yuan (81.8 U.S. cents) per liter in Beijing.