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 New CPC top leaders meet the press at the Great Hall of the People in Beijing on October 22, 2007. [newsphoto]The newly-elected top leadership of the Communist Party of China (CPC), with four new faces added to the all-powerful Standing Committee of the Political Bureau of the CPC Central Committee, Monday promised to "serve the people wholeheartedly" and "promote social equity and justice". Hu Jintao, 64, was reelected Party chief for a second five-year term at the first plenum of the 17th CPC Central Committee, which was attended by the 204 members and 166 alternate members.The central committee was elected at the end of the seven-day 17th National Congress of the CPC on Sunday.Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang joined the nine-member Standing Committee. The others are Hu, Wu Bangguo, Wen Jiabao, Jia Qinglin and Li Changchun.Before taking over as Party chief of Shanghai earlier this year, Xi, 54, was the top Party official in Zhejiang Province and the governor of Fujian.Li Keqiang, 52, is the youngest among the newly-elected. He was the governor of Henan before becoming Party chief of Liaoning.Hu led the new leadership line-up in the Great Hall of the People and introduced the new members to the media Monday."Both Xi and Li are relatively younger comrades," Hu said.He Guoqiang, 63, has established a reputation for his tough stance against corruption since taking over the Organization Department of the CPC Central Committee in 2002. He becomes head of the Party's Central Commission for Discipline Inspection.Zhou serves as the minister of public security and the first commissar of the Armed Police Force.In his speech, which was televised live nationwide, Hu vowed to do the best "to be worthy of the great trust" of all Party members and live up to the expectations of people."We will be firmly committed to development, which is the Party's top priority in governing and rejuvenating the country, concentrate on construction and development, make all-round progress in developing the socialist market economy, socialist democracy, an advanced socialist culture and a harmonious socialist society, and strive for scientific development by putting people first and making it comprehensive, balanced and sustainable," Hu said.He also promised to press ahead with the reform and opening-up, serve the people wholeheartedly and adhere to scientific, democratic and law-based governance."We will pursue an independent foreign policy of peace and unswervingly follow the path of peaceful development and a win-win strategy of opening-up."We will develop friendship and cooperation with all other countries on the basis of the Five Principles of Peaceful Coexistence and push for the building of a harmonious world of lasting peace and common prosperity," he added.Apart from the nine-member Standing Committee, 16 others were named to the Political Bureau of the CPC Central Committee. Among those newly elevated are Beijing Mayor Wang Qishan, Commerce Minister Bo Xilai, Jiangsu Party Secretary Li Yuanchao, Tianjin Party Secretary Zhang Gaoli, Chongqing Party Secretary Wang Yang and Vice-Chairman of the Central Military Commission Xu Caihou.Liu Yandong, 61, is the only woman in the Political Bureau. She is the vice-chairwoman of the National Committee of the Chinese People's Political Consultative Conference, the top advisory body.Hu was also named chairman of the Central Military Commission of the CPC at the first plenary session Monday. Guo Boxiong and Xu Caihou were named vice-chairmen.Hu met military delegates to the Party Congress last night. 

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.

The government is to increase the level of pensions and housing subsidies for poor families in a bid to bridge the widening income gap. A State Council meeting chaired by Premier Wen Jiabao on Wednesday pledged to increase pensions for more than 40 million retirees from State-owned enterprises over the next three years. The government has already raised their pensions in the past three years by an average of 8 percent a year. But the cabinet considers the present pension level "still quite low". It said the increases over the next three years would exceed the rises made between 2005 and 2007 to "further ease social tensions caused by the income gap". The move is aimed at helping retired senior technology professionals and those who now get a relatively low pension. The cabinet ordered local governments to make sure this year's pensions are paid by the end of the month. While pledging to regularize pension increases, the cabinet also called for the development of other forms of pension rather than solely relying on the budget. It mentioned commercial and enterprise-funded insurance schemes. The average pension of enterprise employees is about 750 yuan (0) per month - the minimum salary set for developed cities, including Beijing. "With my pension, I can just about make ends meet. Consumer prices have kept on rising in the first half of this year," a 72-year-old retiree said. The cabinet also endorsed a plan to provide affordable housing to urban low-income groups. The policy aims to provide rent subsidies or low-rent housing for those who cannot afford commercial housing in the cities. By pledging to set aside more funding and land for the construction and acquisition of such housing, the government hopes to provide low-rent housing for all low-income urban residents - not just the poorest - by the end of 2010. The government aims to achieve this goal through multi-channels - construction, purchases, renovation and donations. "With the country's economic boom, it's time to share the pie with all levels of society," Chen Liangwen, an economic researcher with Peking University, said.

Many parts of China experienced extreme weather conditions including heatwaves, storms and floods last month, the China Metrological Administration (CMA) said on Friday.Vehicles drive along a flooded street in Guangzhou, South China's Guangdong Province August 14, 2007. Downpours caused flooding in the city and paralyzed local transport. [Xinhua]Data indicated that last month's average temperature reached 21.6 C, 1.1 degrees warmer than usual. This is also the second-highest average temperature since 1951 and only 0.3 degrees lower than last August's average of 21.9 C, said Zhu Qiwen, deputy chief of the disaster forecasting and relief department of the CMA.Northwest China's Qinghai Province was hit by its worst heatwave since 1951, with high temperatures also roasting Beijing, Gansu, Tibet and Inner Mongolia.CMA head Zheng Guoguang said the country has been more frequently hit by extreme weather conditions this year.The conditions match predictions in a weather forecast report jointly published by the CMA, the Ministry of Science and Technology and the Chinese Academy of Sciences.It says that China's average temperature rose by 0.5 to 0.8 degrees in the 20th century. And the extreme weather's frequency and intensity are all under dramatic change.The CMA's list of extreme weather events includes heavy rains and floods in East China's Shandong Province and Northwest China's Xinjiang Uygur Autonomous Region where rainfall increased 50 per cent. The severe flooding also triggered landslides, which resulted in 89 deaths in Southwest China's Yunnan Province.Further north and west, Inner Mongolia Autonomous Region, Shaanxi Province and Chongqing Municipality suffered from ongoing droughts.Other events include lightning strikes that killed 109 and wounded another 43 last month. More than 588,000 people were forced to evacuate their homes in Central China's Hunan Province in the wake of Typhoon Sepat, which has left two people dead and seven missing in the province. 

Many parts of China experienced extreme weather conditions including heatwaves, storms and floods last month, the China Metrological Administration (CMA) said on Friday.Vehicles drive along a flooded street in Guangzhou, South China's Guangdong Province August 14, 2007. Downpours caused flooding in the city and paralyzed local transport. [Xinhua]Data indicated that last month's average temperature reached 21.6 C, 1.1 degrees warmer than usual. This is also the second-highest average temperature since 1951 and only 0.3 degrees lower than last August's average of 21.9 C, said Zhu Qiwen, deputy chief of the disaster forecasting and relief department of the CMA.Northwest China's Qinghai Province was hit by its worst heatwave since 1951, with high temperatures also roasting Beijing, Gansu, Tibet and Inner Mongolia.CMA head Zheng Guoguang said the country has been more frequently hit by extreme weather conditions this year.The conditions match predictions in a weather forecast report jointly published by the CMA, the Ministry of Science and Technology and the Chinese Academy of Sciences.It says that China's average temperature rose by 0.5 to 0.8 degrees in the 20th century. And the extreme weather's frequency and intensity are all under dramatic change.The CMA's list of extreme weather events includes heavy rains and floods in East China's Shandong Province and Northwest China's Xinjiang Uygur Autonomous Region where rainfall increased 50 per cent. The severe flooding also triggered landslides, which resulted in 89 deaths in Southwest China's Yunnan Province.Further north and west, Inner Mongolia Autonomous Region, Shaanxi Province and Chongqing Municipality suffered from ongoing droughts.Other events include lightning strikes that killed 109 and wounded another 43 last month. More than 588,000 people were forced to evacuate their homes in Central China's Hunan Province in the wake of Typhoon Sepat, which has left two people dead and seven missing in the province.