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A vice-governor of China's central bank, Xiang Junbo, is expected to take the helm at the Agricultural Bank of China (ABC) to steer it through its shareholding reform in order to secure a market listing.It is not clear what post the People's Bank of China's Xiang will take but Caijing magazine, a leading financial publication, reported that the 50-year-old would be appointed as the governor and the chairman of the board upon the accomplishment of the shareholding reform.Analysts say the new appointment will not lead to immediate moves such as inviting strategic investors or financial restructuring as the bank is widely known to be the worst hit by massive lending to the rural sector, with a non-performing loan rate of 23.43 percent at the end of 2006, far higher than those of the other three state commercial banks, which have all been listed in Hong Kong and domestic A share markets.Before being promoted to the post of vice-governor of the People's Bank of China in July 2004, Xiang spent eight years with the National Audit Office. His background will be constructive to strengthening the risk control of the ABC, analysts say.China initiated the reform of the "big four" banks after the first national financial work conference in 1997. The China Construction Bank took the lead in market listing in October 2005, followed by the Bank of China last year.The Industrial and Commercial Bank of China, the country's biggest lender, staged a dual debut in both Hong Kong and Shanghai bourses on Oct. 27.All three have followed the steps of government capital injections, dealing with non-performing loans, establishing shareholding companies, introducing strategic investors and seeking opportunities for listing. Up to US billion would be needed to clear the bank's non-performing loans before it could meet overseas listing standards, analysts have said. Su Ning, vice governor of the People's Bank of China, replaced Xiang as the chief of the Shanghai Head Office of the PBOC, a central bank statement said on Monday.
BEIJING, March 25 (Xinhua) -- China's upcoming growth enterprise board for small start-ups to raise funds is no threat to the main stock market, Yao Gang, new vice chairman of the China Securities Regulatory Commission (CSRC), said here Tuesday. His comments followed continuous declines in China's bourses partly caused by fears of capital shortages after a series of restraining measures and huge refinancing. "The market is not short of money but of better and more attractive investment products," said Yao in an online interview. CSRC statistics showed the average market capitalization of the222 companies listed on the Shenzhen small and medium-sized enterprises (SMEs) board was only 300 million yuan. The number would be even lower, ranging from 100 million to 200million yuan, on the growth enterprise board, he said. Therefore the capitalization of listing 100 such enterprises would only match one major enterprise on the Shanghai Stock Exchange, he said. The CSRC began to solicit opinions on the growth enterprise board on March 21. Shang Fulin, CSRC chairman, said in January the board would be opened on the Shenzhen Stock Exchange in the first half of 2008. Lack of finance has been a problem for China's 42 million small and medium-sized enterprises, more than 95 percent of which are privately owned. Less than 2 percent of the SMEs access funds directly from the financial market, according to statistics from the National Development and Reform Commission.

BEIJING - More than 50 people in the Chinese capital have been fined for spitting during the week-long May Day holidays, according to officials in charge of the city's image. Beijing's management department and civilization promotion office have jointly sent five inspection teams to patrol the downtown Wangfujing pedestrian street, Tian'anmen Square, commercial centers and railway stations to stop people from spitting, littering, random posting of advertisements and scrawling. By Sunday, 56 people were fined for spitting and refusing to correct the bad habit, according to the teams. The officials also handed out more than 10,000 bags to tourists, reminding them not to litter. The government is now anxious to correct the embarrassing habits of Chinese travelers ahead of next year's Olympics Games. And there is no better opportunity of doing it than the May Day travel spree, when an estimated 150 million Chinese will be on the road. The China National Tourism Administration has issued a circular, making travel agencies and tour guides responsible for correcting tourists' bad behavior during the holidays. Jumping the line, spitting, littering and clearing one's throat loudly in public are some of the frequently observed practices among Chinese travelers, according to a guideline prepared and released last year by the Spiritual Civilization Steering Committee (SCSC) of the Chinese Communist Party, the official etiquette watchdog. "We are supposed to remind people constantly throughout the tour, and also lead an etiquette discussion at the end of the tour," said Huang Xiaohui, a travel guide with a Beijing-based travel agency. "The Olympics are coming, and we don't want to get disgraced," Huang said, summing up the purpose succinctly.
Wuhan -- China's first bank-invested trust company is officially set up in Wuhan, capital of central China's Hubei Province, on Sunday.The new trust company is held by the Bank of Communications (BOCOM), China's fifth largest lender, and Hubei provincial finance department, which control 85 percent and 15 percent of the total shares respectively.The BOCOM invested 1.2 billion yuan (about US0m) to buy the shares of the Hubei international trust and investment company, the first commercial bank investment in a trust company approved by the China Banking Regulatory Commission.Jin Dajian, chairman of the new company named "jiaoyin-guoxin", or BOCOM-International Trust, said the company would focus on "professional wealth management".Jin called the establishment of the new trust company "a breakthrough for China's trust industry", given that the country's law on commercial banks, effective since 1995, did not allow commercial banks to make trust investment.The regulation was not lifted until the end of last year, when the China Banking Regulatory Commission encouraged financial institutions, including commercial banks, to acquire trust companies.The BOCOM, a large state-owned commercial bank, was established in 1908, and the Hubei international trust investment company was founded as a non-banking financial institution under Hubei provincial government in 1981.
China kicked off an annual rural work conference in Beijing on Saturday to map out the country's strategies and policies for agricultural and rural development in 2008.China's rural development will continue to be one of the areas that top the government's agenda in the coming year, as stressed at the 17th National Congress of the Communist Party of China (CPC) concluded in October.A recent CPC meeting urged continuing to modernize the agricultural sector to close the gap between urban areas and relatively underdeveloped rural regions in the coming year.The meeting called on to boost infrastructure constructions in rural areas, promote the steady development of agriculture, increase the income of farmers, ensure the basic supply of farm produce and improve the livelihood of rural population.It asked to establish a long-term mechanism for boosting the agriculture sector, continue to increase government investment on agriculture, give more support to the agricultural sector and boost grain production in 2008.Experts believed balancing inflation curbs and steady price hikes of farm produce for the good of farmers would be a key challenge for the Chinese government next year.Farm produce such as grain, meat and cooking oil, were major factors behind this year's soaring inflation.The Chinese government had pledged to modernize the agricultural industry and invest more money in the country's vast rural areas at the annual conference last year.The Party and government had annually devoted its first work document to rural development four times since 2004 to draw up a variety of preferential policies to support the rural sector. The move indicated that rural development was a top concern of the central government.This year's rural work conference is scheduled to last two days.
来源:资阳报