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BEIJING, Jan. 26 (Xinhua) -- The Chinese government Wednesday raised the minimum down payment requirement for the purchase of second home to 60 percent of the property's value from 50 percent, to curb property market speculation.The decision was announced in a statement released after an executive meeting of the State Council, China's cabinet, which was presided over by Premier Wen Jiabao.File photo taken on Nov. 14, 2010 shows a newly built residential community in east China's Shanghai Municipality.
SINGAPORE, April 21 (Xinhua) -- Singapore's first locally-built satellite has been officially launched from a space center in India after a four-year delay, Singapore media reported on Thursday.The 105 kg fridge-size X-Sat was one of three riding on Isro's Polar Satellite Launch Vehicle (PSLV-C16) from the Satish Dhawan Space Center in India on Wednesday. It will be used to take photographs to measure soil erosion and environmental changes on earth, local daily Straits Times said.The launch at 12:42 p.m. on Wednesday was the 18th successful lift-off since the maiden flight of PSLV in 1994.The satellite was designed and built by Singapore's Nanyang Technological University and Singapore's defense research body DSO National Laboratories.Now in orbit, the satellite is establishing communication contact with the ground control in Nanyang Technological University, a process that is likely to take up to a week.The launch capped more than nine years of hard work by scientists and engineers. It also makes Singapore one of the first countries in Southeast Asia to have its own satellite in space. Previous satellite launched by Singapore involved construction efforts by foreign companies.

BEIJING, Feb. 28 (Xinhua) -- Construction began on China's first low-speed maglev line Monday in Beijing, a project that will make China only the second country with a low-speed maglev line after Japan.The project marked China's ability to industrialize low-speed maglev technologies, said Chang Wensen, father of China's maglev technology and professor at the National University of Defense Technology.The 10-kilometer line runs from Shimenying Station in west Beijing's Mentougou District to Pingguoyuan Station in the Shijingshan District.The line, a section of Line S1 on the Beijing subway network, is expected to be completed in 2013 with a designed speed of 100 to 120 km per hour.China's research of maglev technologies was started in the 1980s by a team led by Chang Wensen. A 204-meter test line in central China's Hunan Province and a 1.5-km test line in north China's Hebei Province were built jointly by Beijing Maglev Technology Development Co., Ltd. and National University of Defense Technology.The intensity of the magnetic field had been tested as safe, according to a test report of Institute of Electrical Engineering, Chinese Academy of Sciences.The cost of the low-speed maglev line was estimated at 300 million yuan (4.6 million U.S. dollars) per kilometer, slightly more than light rail, but cheaper than the subway, which cost more than 600 million yuan a kilometer, said Li Jie, director of technology research center of National University of Defense Technology.The technology was also under consideration for Line 8 of the subway network in Shenzhen, in south China's Guangdong Province, said Liu Zhiming, board chairman of Beijing Maglev Technology Development Co., Ltd.."If Shenzhen adopts the technology, Line 8 will be China's second low-speed maglev line," he said.The world's first low-speed maglev line, at 8.9 km long, was completed in Japan in March 2005.Maglev, short for magnetic levitation, technology uses a large number of magnets to lift and propel a vehicle, making it faster, quieter and smoother than conventional wheeled transport systems.High-speed maglev vehicles can reach speeds of 450 km per hour and are usually used in long distance transportation, while low-speed maglev lines are usually used in short distance transportation.Construction also began on another seven lines on the Beijing subway network Monday.With an investment of 82 billion yuan (12 billion U.S. dollars), the eight lines will total 113.7 km in length and are expected to open from 2013 to 2015.Beijing has 16 lines under construction.
BEIJING, Jan. 20 (Xinhua) -- China on Thursday announced it had introduced a regulation to better manage state compensation funds. The regulation was signed by Chinese Premier Wen Jiabao Monday and immediately came into effect then.The regulation is aimed to ensure eligible claimants receive state compensation on time and in full.The regulation means governments at all levels must budget for state compensation payouts each year, and if the actual amount of state compensation payouts exceed what is budgeted for, additional funds must be used.The regulation also standardizes the procedure of applying for state compensation.State compensation refers to government pay outs to citizens for damages it has caused them through infringements of their rights.The State Compensation Law of China took effect since 1995.
WASHINGTON, Feb. 4 (Xinhua) -- Major trading partners of the United States, including China, did not manipulate their currencies to gain an unfair advantage in international trade in 2010, according to a report released by the U.S Treasury Department on Friday."Based on the resumption of exchange rate flexibility last June and the acceleration of the pace of real bilateral appreciation over the past few months," China's behavior did not qualify under the official definition of manipulation, the Treasury said in its long-delayed semiannual report to the Congress on International Economic and Exchange Rate Policies.With respect to exchange rate policies, ten economies were reviewed in this report, accounting for nearly three-fourths of U. S. trade. Many of the economies have fully flexible exchange rates. A few have more tightly managed exchanges rates, with varying degrees of management."No major trading partners of the United States" met the standards identified by the Congress as currency manipulator, concluded the report.Since the June 19, 2010 announcement by China's central bank of greater exchange rate flexibility, its currency, also known as renminbi (RMB) has appreciated 3.7 percent against the dollar, or about 6 percent annualized. The renminbi has appreciated 26 percent in total against the dollar since 2005.The Treasury said that because inflation in China is significantly higher than it is in the U.S., the RMB has been appreciating more rapidly against the dollar on a real, inflation- adjusted basis, at a rate which if sustained would amount to more than 10 percent per year.The U.S. accuses Beijing of keeping its currency undervalued, flooding the country with cheap exports and costing U.S. jobs. But many economists believe that the appreciation of RMB will help little to the U.S. employment."Treasury today again made the right call on China's currency policy in its latest exchange rate report," John Frisbie, President of the U.S.-China Business Council (USCBC) said in a statement after the U.S. Treasury Department'report."While USCBC believes that China should allow its exchange rate to better reflect market forces, designating China as a ' manipulator' would achieve nothing. USCBC continues to support the Obama administration's approach of combined multilateral and bilateral engagement with China as the most effective way to make progress on the exchange rate issue."
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