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BEIJING, April 27 (Xinhua) -- China should still be alert to the credit crisis starting in the United States more than one year ago that has afflicted the Chinese financial sector and export, Ou Minggang, deputy editor-in-chief of Chinese Banker magazine, said on Saturday.     Ou told Xinhua during an interview that domestic banks and other financial institutions bear the brunt of the widespread U.S. subprime mortgage crisis, as those agencies' asset value and book earnings would dip to some extent.     "Currently the impact on domestic financial institutions is still limited," he said.     The Industrial and Commercial Bank of China, the country's largest lender, said at the end of last month its 2007 net profit rose 64.9 percent year-on-year to 82.3 billion yuan (11.7 billion U.S. dollars).     The Bank of China posted a 31.3 percent net profit rise in 2007 after booking 1.3 billion U.S. dollars as an impairment allowance for its 4.99 billion U.S. dollars in investment in securities linked to U.S. subprime mortgages by the end of last year.     However, the International Monetary Fund (IMF) said on April 8 that the recent financial turbulence triggered by the collapse of the U.S. subprime mortgage market could cost the global financial system to the tune of 945 billion U.S. dollars.     "The global financial system has undoubtedly come under increasing strains since October 2007, and risks to financial stability remain elevated," the IMF warned in its latest Global Financial Stability Report.     Ou said, "The crisis also made Chinese financial supervision regulators face up to the challenges of balancing financial innovation and risks, which requires them to push forward the reforms in the country's financial system in a more cautious manner."     Experts warned that financial risks know no national boundaries and some foreign capital has fled from the Chinese financial market as many banking titans including Citigroup and Merrill Lynch were in deep water in credit crisis.     China's benchmark Shanghai Composite Index, which covers both A and B shares, shrank nearly half from the peak of 6124.04 points of Oct. 16 last year to 3094.67 points on April 18.     The overnight announcement of a cut in share trading taxes drove Chinese stocks 9.29 percent higher in soaring turnover on Thursday, with the key Shanghai Composite Index up 304 points to 3,583.03, the largest gain since Oct. 23, 2001.     Chinese regulators announced curbs on the sale of non-tradable shares that come out of lock-up periods on April 20, another move to bolster the falling market.     However, market observers held that the credit crisis and the U.S. economic slowdown are still casting gloom over Chinese investors' confidence.     Experts said the crisis was spreading beyond the financial sector. Consumption confidence in the United States is dampened as the credit crisis unfolded, with Chinese exports also hurt.     From January to March, China's total exports rose 21 percent to206 billion U.S. dollars, 6.4 percentage points lower than a year earlier. The exports to the U.S. grew 5.4 percent to 53 billion yuan, 15 percentage points lower than the same period of last year, according to customs statistics.     In the trade hub of southern Guangdong Province, the growth of exports to the United States dwindled to 4.8 percent in the first quarter of this year from 15.5 percent in the same period of 2007,said Wu Gongquan, vice director-general with the province's department of foreign trade and economic cooperation.     Zhang Yansheng, director of the International Economic Research Institute under the National Development and Reform Commission, said China needs to shift its economic driving force from relying on exports to domestic consumption, technology upgrading and management innovation.     Ou added that the country should increase financial transfer payments to help low-income families to consume more and boost the consumption in the vast rural areas.     Experts suggested that Chinese exporters should upgrade their products mix and open new markets besides their traditional key markets in the United States and Europe.

BEIJING, July 4 (Xinhua) -- China's State Council published on Friday guidelines on post-quake reconstruction, emphasizing house repair and building work.     The State Council, China's Cabinet, stressed priority for repairing and building houses for people whose homes were destroyed during the May 12 tremor.     "Check for repairable buildings and fix them as soon as possible; scientifically choose sites, economically use land and set down reasonable quake-resistant levels for building new houses," the guidelines said.     Areas suitable for living must be marked off based on scientific standards and evaluations on geology and natural resources. Meanwhile, the government will see to the reasonable distribution regarding population, industry and productivity, according to the guidelines. A local man builds house at ruins at Yuzixi Village, Yingxiu Township, Wenchuan County in Southwest China's Sichuan Province, June 9, 2008. Residents in quake-hit Yingxiu Township are now reconstructing their hometown    The reconstruction of buildings should take local advice into account, and be based on governmental subsidies, social support and local resources.     All the measures were aimed to let quake-hit people live in "safe and comfortable houses as soon as possible", said the guidelines.     Resources should be optimized to upgrade quake resistance standards and improve the quality of construction, the guidelines said.     Priority should be given to the reconstruction of public facilities, including schools and hospitals, and these buildings should be the "safest, most solid and trustworthy".     The guidelines required high schools and vocational schools be located in county seats, middle school in townships while primary school sites be relatively concentrated.     The guidelines also underscored the importance of protecting the ethnic and cultural relics affected by the major quake.     Earthquake sites and memorial halls would be erected, and the reconstruction of government buildings should be "frugal" and "practical."     The restoration of infrastructure should be adjusted to local conditions and planning, the guidelines added.

BEIJING, July 17 (Xinhua) -- China's State Flood Control and Drought Relief Headquarters said Thursday night it had launched a level-three flood control emergency response mechanism to cope with Typhoon Kalmaegi.     Tropical storm Kalmaegi escalated to typhoon level on Thursday and was expected to be reinforced and land the coast areas in east China's Zhejiang and Fujian provinces on Friday, according to the headquarters. Workers speed up the construction work as the typhoon Kalmaegi approaches Taizhou, east China's Zhejiang Province, July 17, 2008. The storm is expected to hit the coast of Zhejiang province on Friday, according to Zhejiang Provincial Meteorological Observatory. Chen Lei, deputy commander-in-chief of the headquarters, ordered local governments to start their emergency mechanism and make full preparations for the typhoon's landfall.     Meteorological, water resources, and transportation, and other related departments should closely monitor the situation and inform the public on time, said Chen.     Kalmaegi, the seventh tropical storm this year, is also expected to affect Shanghai on Friday and Saturday.     Under its influence, force 8-10 winds is predicted to blow on the sea off Zhejiang. Heavy storms are likely to hit the coast cities in Zhejiang, the provincial meteorological authority said Thursday.     It is also expected to bring heavy rain to Quanzhou, Xiamen and Zhangzhou in Fujian in the next two days.     The heavy rain would continue in Fujian until this weekend, according to the weather services.     Flood-control, offshore fishery and marine authorities in Fujian, Zhejiang and Shanghai have sent out warnings for early preparations against the storm. Ships and boats are advised to return to ports.

China's hotel and catering industry saw its retail sales rose 24.3 percent in the first seven months over the same period last year, the Ministry of Commerce (MOC) said on Friday.The growth rate was 6.5 percentage points higher than the same period last year, said the MOC on its website.Retail sales of the country's hotel and catering industry amounted to 837.49 billion yuan (1.99 billion) between January and July, accounting for 14 percent of the nation's total domestic retail sales during the same period.China's retail sales of consumer goods in the first seven months of this year was 5.9672 trillion yuan, up 21.7 percent, compared with 15.5 percent growth rate recorded over the same period of last year.Foreign hotel and catering enterprises established 399 new branches in China during the January and July period, down 18.2 percent over the same period last year, while contract value rose 4.3 percent to .71 billion.The country's hotel and catering industry reaped 116.8 billion yuan in July alone, representing an increase of 26.5 percent over the same month last year, according to the MOC.

BEIJING, April 19 (Xinhua) -- The All-China Journalists Association (ACJA) on Saturday asked U.S.-based. news network CNN and its commentator Jack Cafferty to apologize for his remarks regarding China.     In an interview with Chinese media including Xinhua News Agency, a senior official with the ACJA strongly condemned Cafferty for his "insulting" words in a TV show on April 9 and asked him and CNN to make a formal apology to all Chinese as soon as possible.     Cafferty said in the TV show that Chinese products were "junk" and China was "basically the same bunch of goons and thugs they've been for the last 50 years" when the Olympic torch relay was going on in San Francisco.     Since the Lhasa violence on March 14, some foreign media including CNN had made a number of biased reports about the incident, the official said.     CNN had violated the principle of objective reporting, and "this is not what responsible media should do," he said.     "And Cafferty also disregarded a journalist's professional ethics to attack a country with insulting words," the official said.     Despite having an effective mechanism to deal with false reporting, CNN issued a statement on its website six days after Cafferty's remarks, which not only pleaded for him, but also spearheaded its attack on the Chinese government, he said.     CNN issued a statement on Tuesday saying, "It was not Mr. Cafferty's nor CNN's intent to cause offence to the Chinese people, and CNN would apologize to anyone who has interpreted the comments in this way."     But, the statement said that Cafferty was offering his "strongly held" opinion of the Chinese government, not China's people.     "We hope CNN and Cafferty to realize that they have harmed the feelings of Chinese and apologize with a rational and responsible attitude," the official said.     With the Olympic Games drawing near, the ACJA welcomed all foreign media to cover the event in an objective and balanced way, he said.

来源：资阳报