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Premier Wen Jiabao held talks Sunday with Turkmen President Gurbanguly Berdymukhamedov in the capital Ashgabat, as both sides exchanged views in various fields including security, trade and economy, and cultural exchanges.Turkmenistan President Gurbanguly Berdymukhamedov (R) welcomes Chinese Premier Wen Jiabao at a grand ceremony in the preseidential palace compound in Ashgabat on Sunday. [Xinhua]China-Turkmenistan relations have a long history and the ancient Silk Road is a strong bond linking the two countries, Wen said in his meeting with Berdymukhamedov. "China thanks Turkmenistan for its strong support in areas such as the Taiwan question, Tibet and 'East Turkistan' issues," Wen said, adding China will continue to support Turkmenistan's independence, sovereignty and economic development.Berdymukhamedov emphasized that strengthening Sino-Turkmen relations is in the interests of peoples in both countries and contributes to peace, stability and development in the region.He said Turkmenistan will work with China to expand collaboration in areas such as construction of oil and gas pipelines, transportation, telecommunication and textiles.The two leaders also witnessed the signing of two documents on the construction of fertilizer and glass plants.Turkmenistan is the second leg of Wen's four-nation trip, which has already taken him to Uzbekistan and will take him to Belarus and Russia.Wen arrived in Turkmenistan on Saturday after a two-day official visit to Uzbekistan where he attended the Sixth Meeting of Prime Ministers of Member States of Shanghai Cooperation Organization.The Chinese government regards Uzbekistan as a very important partner in Central Asia and will continue to promote the partnership on the basis of equality, mutual trust and benefit, and common development, Wen said in his meeting with his Uzbek counterpart Shavkat Mirziyaev on Saturday.During his visit, China and Uzbekistan issued a joint communique pledging further efforts to strengthen bilateral relations and cooperation in various fields.Uzbekistan reaffirms its adherence to the one-China policy, and recognizes that the government of the People's Republic of China is the sole legitimate government representing the whole of China and that Taiwan is an inalienable part of China's territory, the communiqu said."China reiterates its support to Uzbekistan and its leaders in their efforts to safeguard national independence, sovereignty and territorial integrity and uphold national dignity, and to maintain domestic stability and develop its national economy. China opposes any attempt to interfere in the internal affairs of Uzbekistan under the guise of 'human rights'," the communique said.Wen said he hopes Uzbekistan will work to improve the investment environment so that more Chinese companies could invest in the country and contribute to its economic development.The two prime ministers also attended the signing ceremony of 10 documents on closer cooperation in various fields including environmental protection, public health, water supply and finance.
A former top official from Beijing is facing prosecution for taking bribes from property developers, advertising companies and other businesses, a local newspaper reported Thursday.Zhou Liangluo, 46, former head of Haidian district, the city's thriving university and hi-tech hub, received bribes totaling 16 million yuan (.2 million) from 10 businesses and individuals, the Beijing Times reported.Caijing magazine said on its website last month that Zhou was apparently uncovered when authorities were investigating Liu Zhihua - the former vice-mayor of Beijing - for alleged corruption and finding out that a real estate developer Liu Jun had been bribing the two.However, there is so far no evidence proving the alleged links.Investigators last month handed Zhou's case to a city court for trial.His wife, Lu Xiaodan, also faces charges of taking more than 8 million yuan in bribes, the paper said.Beijing has enjoyed an influx of investment over recent years, partly spurred by its preparations to host the Olympics Games.Zhou's posts in Haidian, and before that in Chaoyang district, gave him a big say over lucrative projects.The report did not say when Zhou and Lu are to be tried or how they are expected to plead to the possible charges.
BEIJING -- Strong economic growth means that fiscal revenues for 2007 will far exceed forecasts made at the beginning of the year, according to a report by the State Council to the top legislature here on Saturday .The extra money will be used to improve people's livelihood with education, health care, social security on top of the government work agenda, the report said.Central government fiscal revenue is expected to total 2.84 trillion yuan (about 389.5 billion U.S. dollars), or 401.1 billion yuan above the budget forecast.In the first 11 months, central government fiscal revenue was 2.68 trillion yuan, up 37 percent over the same period last year, statistics from the Ministry of Finance showed.Local governments will get a windfall too, with their extra fiscal revenue expected to reach 300 billion yuan, the report said."The huge extra fiscal revenue reflects China's stable, rapid economic growth," the report said.By the end of the third quarter, most major economic indicators had already outstripped 2007 targets: industrial output, total fixed asset investment, retail sales, realized company profits and foreign trade.Tax revenues derived from those activities also expanded rapidly in the first nine months. Value-added tax, import tax and individual income tax collections rose 9.9, 10.8 and 12.9 percentage points, respectively.Corporate income tax, business tax and deed tax collections were up 39.2 percent, 29.7 percent and 38.4 percent year-on-year, respectively. Those gains were 24.2 percentage points, 16.7 percentage points and 28.9 percentage points above target, respectively.According to the State Council, the extra fiscal revenue will be used to improve people's livelihood with education, health care, social security to top the agenda.The central government will use 40 billion yuan to subsidize farmers to raise fine breeds of livestock and plant improved variety of crops, and to renovate agriculture infrastructure such as roads, bridges and reservoirs, the report said.The central government will give 21 billion yuan to subsidize the compulsory education, 40 billion yuan to social security, 31.8 billion yuan to medical care, 29 billion yuan to scientific and technological development and 1.1 billion yuan for cultural causes, the report said.The central government will use the extra revenue to offset fiscal deficit by 45 billion yuan and keep the deficit of this year at 200 billion yuan.The State Council required the local governments to focus the use of their 300 billion extra revenue on improving people's livelihood too.
BEIJING, March 24 (Xinhua) -- Chinese commercial banks will be allowed to trade gold futures in the domestic market, according to a notice released on the regulator's official website here on Monday. China gold futures trading was launched in January, but domestic banks were barred from trading by the China Banking Regulatory Commission. According to the notice, domestic banks that meet certain requirements, such as having capital adequacy ratio of more than 8percent, can apply for a trading permit. "That's great news for the gold futures market, which is not operating that well," said Hu Yuyue, an expert with Beijing Technology and Business University. "Commercial banks can provide more liquidity and stability to the market, after all, they hold huge capital," said Hu. "Gold futures trading can also help domestic banks to improve competitiveness against overseas banks as financial derivatives are supposed to be the largest revenue sources for leading banks," he said. Non-interest income usually accounts for at least 50 percent of bank revenues in developed countries and the proportion can reach 80 percent for some banks. However, Chinese banks depend heavily on the margins between deposits and loans.
BEIJING, Mar. 1 -- Mrs Zhang is very much looking forward to the opening of Beijing's new Line 10 metro route. On Friday, the 72-year-old was buffeted and bashed as she tried to get on a bus at Guomao, where she had been visiting her son at his office. She wanted to get to Shuangjing, she said, but the crowds were so big and boisterous, she kept getting pushed to the back of the queue. However, she knows that when the new Line 10 opens, her journey will be a lot less stressful. "I really wish I could take the subway. It's faster and less painful," she said, doing her best to avoid the crowds and passing buses. Scheduled to open in June, Line 10 will provide a high-speed link for commuters - and their elderly relatives - between Bagou in the west and Jinsong in the south. On Friday afternoon, Zhou Zhengyu, deputy director of the Beijing municipal committee of communications, joined a group of journalists to try out the new route. The 15.5-billion-yuan (2.18 billion U.S. dollars), 25-km line, along with two other routes linking the airport and the Olympic Green, will open in June, once testing has been completed - just in time for the millions of Olympic visitors, he said. "But we won't slow down our construction plans once the Games have finished," Zhou told China Daily inside one of the line's new carriages. "In fact, we will accelerate our development plans to provide an even better service for the people of Beijing." Since the opening of Line 5 in October, the number of passengers using the subway has risen by more than a third, he said. By 2015, Beijing's metro will stretch more than 561 km and feature 420 stations, Zhou said. The existing network spans 155 km and has 93 stations, with the cost to develop each additional kilometer averaging out at about 500 million yuan, Liu Hongtao, a senior official with the Beijing railway transportation construction corporation, said. He told China Daily the massive infrastructure project was already progressing well. "Three lines are close to completion, one is under construction, and ground has been broken at six others," he said. "The total cost of all the extra lines will be something like 200 billion yuan by 2015," he said. "The government's usual annual budget for public transport is about 1 billion yuan," Zhou, who will be in charge of public transport in Beijing for the next five years, said. Wang Hailong, who has worked as a taxi driver in the capital for the past five years is not worried about the metro taking away his business. "The new subway does us little harm," he said. "And it will certainly ease the pain of millions of people who now travel by bus."