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BEIJING, Dec. 17 (Xinhua) -- Premium of China's insurance companies hit 1.02 trillion yuan (149.6 billion U.S. dollars) in the first 11 months of this year, up 11.65 percent from a year earlier, according to the China Insurance Regulatory Commission Thursday. The year would be the first year that China's insurance premiums exceeded 1 trillion yuan, data from the commission showed. From January to November, premium of property insurance rose 22.28 percent year on year to 264.02 billion yuan, and that of life insurance was 757.66 billion yuan, an annual increase of 8.37percent. The commission said the country's insurance firms were expected to eye combined profits at 46.09 billion yuan in the first 11 months, an increase of 57.45 billion yuan over the same period of last year. Profits of the country's insurers nationwide was about 26.1 billion yuan in the first half, up 98 percent, the commission said in July.
BEIJING, Dec. 26 (Xinhua) -- China will make unswerving efforts and work jointly with the international community for the completion of the Bali Roadmap negotiations at the Mexico climate talks next year, a senior official said Saturday. Xie Zhenhua, vice minister of the National Development and Reform Commission (NDRC), told Xinhua that China, as it has always done, would continue to play an active and constructive role on that front. Also head of the Chinese delegation to the Copenhagen climate conference, Xie said developed countries bound by the Kyoto Protocol should confirm their second-phase emission reduction targets as soon as possible. He said almost no progress was made on some key issues during the international climate change meeting in Copenhagen because developed countries were seeking to shift off obligations demanded by international climate agreements. "Developing countries have raised requests concerning slowing and adapting to climate change, as well as funding and technology assistance, but developed countries have given no clear response, resulting in almost stagnation on key issues in these talks," he said. It is also necessary to define the comparability of efforts in emission reduction between non-contracting developed countries and those who have endorsed the Protocol, said Xie. He said parties bound by the Protocol should fulfill their commitment to short-term financing and stick to their promises on long-term funding. Xie also urged developed nations to speed up technology transfer to developing countries. Prior to the climate meeting, the Chinese government announced to cut emissions intensity by 40 to 45 percent by 2020 from the 2005 level. During the talks in Copenhagen, China played an active role in seeking a viable solution to tackle global warming when diversity existed among countries, and it made great efforts to seek common ground while putting aside differences for further discussions, Xie said.
ASTANA, Dec. 12 (Xinhua) -- Chinese President Hu Jintao and Kazakh President Nursultan Nazarbayev on Saturday pledged to advance their countries' strategic partnership. During a meeting with Nazarbayev, Hu put forward a five-point proposal for the development of bilateral relations between China and Kazakhstan. Firstly, China and Kazakhstan should strengthen their political mutual trust by maintaining the momentum of frequent high-level contact and expanding cooperation and exchanges between parliaments and government departments, Hu said.Chinese President Hu Jintao (L) meets with Kazakhstan's President Nursultan Nazarbayev in Astana Dec. 12, 2009. The Chinese president said the two sides should strengthen mutual support on major issues concerning each other's core interests so as to enhance mutual understanding and trust. Hu said he has accepted an invitation by Nazarbayev to visit Kazakhstan next year, adding that he also invited Nazarbayev to visit China at a convenient time in the near future. Secondly, Hu said the two countries should deepen their cooperation in the energy sector, and earnestly implement the operation and maintenance of the China-Kazakhstan natural gas pipeline. The two countries should also strengthen cooperation in the mining sector, he said. Thirdly, China and Kazakhstan should advance their cooperation in non-energy sectors so as to push forward practical bilateral ties in an all-round manner. The Chinese president said the two countries should step up efforts to carry out their cooperation plans in non-energy sectors and in promoting the implementation of the first batch of their cooperation projects. Hu also called for joint efforts from both sides in expanding the scale and improving the economic returns of their non-energy cooperation. Fourthly, the two sides need to strengthen cooperation in the financial sector, especially in such areas as loans and financing, financial supervision, risk prevention and anti-money laundering. He said the two sides should accelerate the implementation of agreements on the 10-billion-dollar loan China provided for Kazakhstan to create favorable conditions for their cooperation in energy, mining and non-energy sectors. Chinese President Hu Jintao (L) and Kazakhstan's President Nursultan Nazarbayev (R) attend the completion ceremony of the Kazakhstan-China natural gas pipeline in Astana Dec. 12, 2009. Fifthly, Hu said the two sides should expand cooperation and exchanges in the fields of humanities and culture. He said China is ready to expand cooperation with Kazakhstan insuch areas as science, technology, education, culture, sports and tourism. He also announced a decision to increase from 100 to 200 the number of Kazakh students who study in China on Chinese government scholarships every year. Nazarbayev agreed with Hu's five-point proposal and said the Kazak side was satisfied with the development of the good-neighborly friendship and strategic partnership enjoyed by the two countries. Hu's visit took place on the eve of the 18th anniversary of Kazakhstan's independence, which Nazarbayev said reflects the importance that China places on its relations with his country. The two leaders watched the completion of a natural gas pipeline in Kazakhstan earlier Saturday. The pipeline is part of the China-Central Asia gas pipeline that links Turkmenistan, Uzbekistan and Kazakhstan. Noting that bilateral relations have ushered in a new stage of energy cooperation, Nazarbayev said his country was willing to strengthen pragmatic cooperation with China in the fields of trade, finance, infrastructure, energy and non-energy. He also agreed with China's handling of the July 5 incident in Urumuqi in northwest China's Xinjiang Uyghur Autonomous Region and reiterated his support for China's efforts to strike against the "three evil forces" of terrorism, separatism and extremism China's efforts were necessary to maintain stability in Xinjiang, and were good for stability in Kazakhstan, he said. The president also thanked the Chinese government for increasing the number of Kazak students studying in China and said his country was ready to work with Beijing to smoothly run the two Confucius Institutes in Kazakhstan. China and Kazakhstan have witnessed sustained, rapid and healthy progress of bilateral ties since establishing diplomatic relations in 1992. Kazakhstan has become China's largest trading partner in Central Asia. Despite the global financial crisis, two-way trade reached 17.55 billion U.S. dollars in 2008, exceeding the 15-billion-dollar target set by the two countries' governments. China and Kazakhstan have also made concerted efforts in fighting against the "three evil forces", cracking down on drug trafficking and other cross-border crimes. Hu arrived in Astana earlier Saturday for a two-day visit to Kazakhstan at the invitation of Nazarbayev. Kazakhstan is the first leg of Hu's two-nation Central Asia trip. He is expected to leave Kazakhstan on Sunday for Turkmenistan.
GUANGZHOU, Nov. 1 (Xinhua) -- China is to maintain basic stability and continuity in the economic policies and RMB exchange rate to ensure a foreseeable prospect for its businesses. Minister of Commerce Chen Deming made the remarks Sunday at the Canton Fair, an important barometer of China's foreign trade, in Guangzhou City, capital of southern Guangdong Province. In the following months, China would maintain stability of the macro-economic policies, stick to the proactive fiscal policy and moderately easy monetary policy, Chen said. Meanwhile, the RMB exchange rate should also maintain relatively stable so that domestic manufacturers and exporters can better predict and adjust to the market, Chen added. Chen said the number of participants to the fair and the trade volume showed China's foreign trade was recovering, but uncertainties remained. Chen urged Chinese enterprises to enhance their competitiveness with better quality and lower cost by technological upgrading and restructuring. "Next year, our focus will be on the quality of export products," he said. "Enhancing competitiveness with better product quality and brand-building is also an effective way of avoiding trade protectionism," Chen added. In the previous three quarters this year, 19 countries and regions have launched 88 trade remedy investigations against Chinese goods, totaling 10.2 billion U.S. dollars. "In addition to the recovering export, China's import is also on the rise, contributing significantly to the recovery of the world economy," Chen said.
BEIJING, Oct. 26 -- Delegations from more than 84 countries and regions will participate the ITD conference Monday, and a host of international experts from governments, the private sector and academia will make presentations and lead discussions on this important topic. The ITD is a cooperative venture formed in 2002 and comprised of the International Monetary Fund (IMF), the Organisation for Economic Cooperation and Development (OECD), the World Bank, the Inter-American Development Bank, the European Commission and the UK Department for International Development. Its purpose is to foster dialogue on important topics in tax policy and administration and to function as a disseminator and repository of information on matters of interest in taxation around the world, through its website, www.itdweb.org. The IMF attaches great importance to its role as a founding member of the ITD. Recent events in the world economy have made even clearer the necessity of international cooperation and sharing experience in economic matters, and this is the very purpose, which the ITD serves. The topic of this conference is a timely and critical one. The world has been reminded recently and forcefully of the great importance of the financial sector for macroeconomic stability, growth, and development goals. The sector plays a critical intermediating function - without it credit could not exist, capital could not be channeled to useful purposes and risks could not be managed. The conference will take place against the background of the worst financial and economic crisis to strike the world in three generations, and, while taxation was not itself the cause of the crisis, elements of the tax system are relevant to its background and resolution. Most tax systems embody incentives for corporations, financial institutions and in some cases individuals to use debt rather than equity finance. This is likely to have contributed to the crisis by leading to higher levels of debt than would otherwise have existed - even though there were no obvious tax changes that would explain rapid increases in debt. Tax distortions may also have encouraged the development of complex and opaque financial instruments and structures, including through extensive use of low-tax jurisdictions - which in turn contributed to the difficulty of identifying true levels of risk. The magnitude of the fiscal challenges facing the world economy is greater than at any other time since World War II. Estimates done by IMF staff on the fiscal adjustment necessary to bring government debt-to-GDP ratios down to 60 percent by 2030 - over 20 years hence - show a gap in the cyclically adjusted primary balances of some 8 percentage points of GDP in advanced economies to be closed between 2010 and 2020. This cannot all be accomplished by expenditure reduction. New, or increased, sources of revenue will need to be found, on average perhaps 3 percentage points of GDP. While improvements in compliance and administration could account for some of that gap, it will be necessary to adjust tax policies to a degree not hitherto seen on a wide scale. Although the world economy remains weak with downside risks and much hardship remain, signs of improvement are thankfully now visible. This is an opportune juncture, therefore, to begin the work of planning countries' exits from the deteriorated fiscal positions developed in response to the crisis, and to give thought to questions raised by the performance of the financial sector in triggering the crisis. What role can better tax policies and administration play in preventing a recurrence of this costly episode in economic history? The financial sector has been, and must continue to be, a critical link in the development of the world's economies. The sector has played a key role in accelerating the development of the emerging markets - many of which, prior to this most recent episode, had grown able to tap the world's financial resources at an increasing rate unparalleled in history. And for the world's most vulnerable economies, continued financial deepening will be absolutely necessary to permit them to meet their development goals. The upcoming conference will consider the role of taxation in both the industrial and developing countries with respect to these goals. The conference will address not only the role of the financial sector as a source of revenue itself, and its broader role in the development and growth of the world economy, but also its function in assisting in administration of the tax system-through information reporting, collection of tax payments, and withholding. This latter role will become ever more important with growing international cooperation in fighting tax evasion and avoidance. Finally, we must not lose sight of the main function of the tax system - to raise revenue in an economically efficient, non-distortionary, and administratively feasible manner. Even fully recognizing the existence of both market failures and policy-induced vulnerabilities, including those that contributed to this crisis, it is important to avoid accidentally introducing distortions through the tax system that may prove worse than the evils they are intended to remedy. "Neutrality" of taxation of the financial sector in this sense is a benchmark against which deviations from this objective may be measured and judged. One must ask whether any proposed interventions are targeted at a recognized externality or existing distortion, and, if so, whether the proposed action is the most appropriate response. And the multilateral institutions, in particular, must look to the effects which the financial sector and its taxation may have not only on the world's highly developed economies-those with the greatest depth of financial intermediation-but at the effects, direct and indirect, on the world's developing nations. International cooperation on these matters will be critical to making improvements that will benefit all of us. This week's important event, hosted by the Chinese government and organized by the ITD, is itself a model in this regard.