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NANJING, Dec. 31 (Xinhua) -- A court in east China's Jiangsu Province sentenced a man to death and another to life in prison Friday for illegally raising up to 4 billion yuan (606 million U.S. dollars) in a fraudulent investment scheme.Another 11 suspects were given jail terms ranging from two-and-a-half to 10 years for collusion in the fraud, which caused losses of 650 million yuan (98 million dollars) to 14,822 investors, the Intermediate People's Court in the provincial capital, Nanjing, said in a statement.According to the statement, Sun Haiyu and Hu Zhen jointly set up a company, Nanjing Runzai Biology Co., Ltd. in January 2004 and began soliciting investments from the public in the name of planting glossy ganoderma, or reishi mushrooms, which are widely used in traditional Chinese medicine.The judge said the company exaggerated its profits in planting glossy ganoderma and fraudulently claimed that the investment was risk free.The duo, together with 11 accomplices, raised more than 4 billion yuan from April 2004 to July 2008.Sun was sentenced to death for the crime of illegal fund-raising by fraudulent means, while Hu was sentenced to life imprisonment.
BEIJING, Dec. 7 (Xinhua) -- China said on Tuesday it would fulfill its obligations to the UN Convention Against Corruption.He Yong, deputy secretary of the Central Commission for Discipline Inspection (CCDI) of the Communist Party of China (CPC), made the remarks at a meeting.He said that China would give priority to fulfilling its binding obligations to the convention and improving its anti-corruption laws and regulations.He also stated that China would advance international cooperation on anti-corruption measures and learn the best international practices to advance China's anti-corruption efforts.The Tuesday meeting reviewed progress China made in fulfilling the UN Convention Against Corruption and outlined plans for the next stage in the battle.

WASHINGTON, Dec. 15 (Xinhua) -- A plenary session of the annual trade talks between China and the United States opened in Washington D.C. on Wednesday.Visiting Chinese Vice Premier Wang Qishan co-chairs the 21st Joint Commission on Commerce and Trade (JCCT) meeting with U.S. Commerce Secretary Gary Locke and Trade Representative Ron Kirk.
BEIJING, Dec.24 (Xinhua) -- China will bring its overall money supply to a normal level with a range of policy tools next year as the government shifts monetary policy from "moderately loose" to "prudent", the central bank said Friday in a statement on its website, citing Deputy Governor Hu Xiaolian.Hu, a deputy governor of the People's Bank of China (PBOC), said at a meeting with bankers that China needs a shift to a prudent monetary policy to rein in rising consumer prices and curb asset bubbles.China is facing tremendous inflationary pressures, with the country' s consumer price index (CPI), a main gauge of inflation, accelerated to a 28-month high in November of 5.1 percent."The major task for next year's monetary policy will be normalizing money supplies," she said, noting that the growth in money supply, mostly measured by M2, or the broad money supply, should be slowed from the pace during the implementation of a moderately loose policy.The Chinese government should maintain a "reasonable and moderate" credit growth next year that is in line with the country's goal in economic development and inflation control.New yuan-denominated loans in China stood at 7.45 trillion yuan in the first 11 months of this year - just shy of the government's full-year target of 7.5-trillion-yuan.Hu said with the global financial crisis having eased from its peak and China's stabilized economic momentum, the country is able to maintain a steady and relatively rapid economic growth with a prudent monetary policy.Hu stressed that China is facing pressure due to ample liquidity from home and abroad, and for the next phase, the Chinese government will work on liquidity controls with a range of policy tools, including open market operations and adjustment in interest rates and reserve requirement ratios.She highlighted the use of the differential reserve requirement ratio to supplement regular policy tools, which could guide banks to lend "reasonably, moderately and steadily" and boost risk controls in the financial system.China increased interest rates by 0.25 percentage points in October and hiked the bank reserve requirement ratio six times this year to 18.5 percent and 19 percent for some large commercial banks in a move to curb lending amid accelerating inflation.
BEIJING, Dec. 24 (Xinhua) -- China's health care reform funds - 850 billion yuan (126 billion U.S. dollars) over three years - were mainly used to build a basic medical insurance system for urban and rural residents, said Minister of Finance Xie Xuren Friday.Xie made the remarks at the 18th session of the Standing Committee of the 11th National People's Congress (NPC), a bimonthly session that began Dec. 20 and will end Dec. 25.The government in April 2009 unveiled a 850 billion yuan three-year plan for national health care reform.With the funds, the government promised universal access to basic health insurance, the introduction of an essential drugs system, improved primary health care facilities, equitable access to basic public health services and a pilot reforms for state-run hospitals.Chinese lawmakers attend a meeting of the 18th session of the Standing Committee of the 11th National People's Congress (NPC) in Beijing, capital of China, Dec. 24, 2010. Xie reported that in 2009, the government spent 399.4 billion yuan on health care, with 64.5 billion yuan on the medical insurance system, 24.6 billion yuan on public health services and 21.7 billion yuan on grassroots medical institutions in rural townships and small urban communities.This year's medical and health budget was 443.9 billion yuan, Xie said.By the end of last month, 55.6 billion yuan had been spent on the medical insurance system and 31.6 billion yuan on grass-roots medical institutions, according to statistics from the Ministry of Finance.Xie said the central government will enhance health care reform, strengthen monitoring on the funds' disbursement, and supervise local governments allocation of funds."We will fulfil the 850 billion yuan plan," he said.Thanks to the country's financial support, some 1.26 billion Chinese are covered by the basic medical insurance system, with 424 millon of them in cities and towns and 835 million in rural areas.Under the medical insurance system, governments in urban and rural areas this year paid no less than 120 yuan per person per year in subsidies, with about 60 to 75 percent of inpatient medical expenses being reimbursed.According to Vice Minister of Health Zhang Mao, improving the medical insurance system and decreasing the cost of individuals' medical treatment helps ensure affordable health services for all people.Regarding the increased cost of health care, Zhang urged state-run hospitals to seek less profit and stop over-treating.To make the payment of medical expenses convenient, the government is promoting the use of a one-card system, to allow patients to be reimbursed as soon as possible, Hu Xiaoyi, vice minister for human resources and social security, told lawmakers.According to Hu, more than 800 million cards will be issued during the next five-year program (2011-2015).
来源:资阳报