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BEIJING, Aug. 5 (Xinhua) -- China vowed to deepen its financial system reform and promote more efficient financial intermediation in support of domestic demand, according to a fact sheet released here on Wednesday. To meet the commitment, China would promote interest rate liberalization and consumer finance, said the economic track joint fact sheet of the first U.S.-China Strategic and Economic Dialogue (S&ED). It said China would accelerate the allocation of QFII quotas to billion and continue to allow foreign-invested banks incorporated in China that meet relevant prudential requirements to enjoy the same rights as domestic banks with regard to underwriting bonds in the inter-bank market. China would gradually increase the number of qualified joint-venture securities companies that can participate in A-share brokerage, proprietary trading and investment advisory services subject to the condition of meeting relevant laws and regulations. The country would also support qualified overseas companies to list on Chinese stock exchanges through issuing shares or depository receipts and continuously support qualified Chinese companies to be listed abroad, including in the United States, said the fact sheet. From the U.S. side, the country would pursue comprehensive reform of financial regulation and supervision to create a more stable financial system and to help prevent and contain potential future crises. Regulation and supervision would be strengthened to ensure that all financial firms that pose a significant risk to the financial system will be well regulated, major financial markets will be strong enough to withstand system-wide stress and the failure of large institutions, and the government has the tools it needs to respond rapidly and effectively when problems arise, the fact sheet said. The United States pledged to continue to have strong oversight of the Government Sponsored Enterprises (GSEs). Through Congressional action, the country remained committed to ensuring that the GSEs were able to meet their financial obligations, it said. The country was committed to undertaking a process of exploring the future of the GSEs, including through seeking public input, and the U.S. government resolved to report to Congress and the public by S&ED II. In the joint fact sheet, China and the United States pledged continued close communication and coordination to promote financial stability and would work together to expedite the financial sector reform, to improve financial regulation and supervision, and to promote greater financial market transparency, so as to make their financial sectors more robust. "We recognize the importance of ensuring sound regulation in our own countries and globally," said the fact sheet. The two countries were undertaking IMF Financial System Assessment Programs (FSAPs) and would complete them in a timely manner,it said. Both countries would continue to promote convergence towards a single set of high quality global accounting standards and would continue discussions on financial reporting matters. "The United States and China welcome continued dialogue between the bilateral competent authorities on the oversight of accounting firms providing audit services for public companies in the two countries based on mutual respect for sovereignty and laws," it said. The two countries would also conduct technical exchanges on the development of private pensions, and would share experiences and strengthen cooperation with regard to improvement of insurance regulation. The first S&ED was held in Washington, D.C from July 27 to 28. The mechanism was jointly launched by Chinese President Hu Jintao and US President Obama during their meeting in April in London as a way to show elevation of the importance of China-U.S. cooperation under the new historical circumstances.
URUMQI, July 22 (Xinhua) -- A key expressway in northwest China's Xinjiang Uygur Autonomous Region began construction on Wednesday in a move to improve the region's road network and serve its economic development. The 135-km expressway will link Kuytun City to Karamay City. The project, funded by the central government and Xinjiang regional government, will cost 3.87 billion yuan (about 567 million U.S. dollars). The road is bidirectional with four lanes. It will be completed and put into use in November 2011. Dai Gongxing, vice chairman of the Xinjiang regional government, said at the groundbreaking ceremony in Kuytun that the expressway, also part of the national expressway network, would improve the regional transport and promote local economic development.

ANCHORAGE, Sept. 12 (Xinhua) -- Top Chinese legislator Wu Bangguo on Saturday met with Alaska Governor Sean Parnell here before winding up his week-long official goodwill visit to the United States. Wu, chairman of the Standing Committee of China's National People's Congress, said he was glad to have Alaska as the final stop in his visit to the United States. Apart from meeting with U.S. government and parliament officials, Wu said he also conducted comprehensive contacts with people from all walks of life in the U.S. during his stay. The major topics included how to strengthen the Sino-U.S. cooperation, how to join hands to face challenges and how to realize common development of the two countries, Wu said. Wu Bangguo (1st R), chairman of the Standing Committee of China's National People's Congress, meets with Governor of Alaska Sean Parnell, in Anchorage, Alaska of the United States, on Sept. 12, 2009. Wu noted that, Alaska, a state with rich natural resources and a closest U.S. state to China, enjoys incomparable advantages in cooperation with regions of China. He wished that the Alaska state will further encourage its entrepreneurs to take the opportunities and expand new cooperation scopes in economy and trade with China, and boost exchanges and cooperation in the fields such as renewable energy, climate change, science and technology, and education. During the meeting, Parnell said he was pleased that Chairman Wu and the delegation chose to stop over in Alaska during their visit to the United States. China is an important market for Alaska, Parnell said. He and Wu had a good conversation on topics ranging across renewable energy, environmental conservation, natural resources development, Alaska seafood and tourism opportunities, he added. At the invitation of U.S. Speaker of the House of Representatives Nancy Pelosi, Wu started to visit the U.S. on Sept. 6. His trip to the United States was the first official visit to America by a top Chinese legislator in the past two decades. Wu met with U.S. President Barack Obama, Vice President Joe Biden and Secretary of State Hillary Clinton during the stay. Before visiting the Unites States, Wu has visited Cuba and the Bahamas.
BEIJING, Oct. 14 (Xinhua) -- Chinese President Hu Jintao on Wednesday met with visiting Russian Prime Minister Vladimir Putin, hailing fresh development of bilateral relationship and vowing closer collaboration. "Russia is one of the top agenda on China's diplomacy as we pay much attention to relations with Russia," Hu told Putin in their half an hour meeting in Diaoyutai State Guesthouse. Hu said this year was significant for China-Russia relations as both countries celebrated their 60th anniversary of the establishment of diplomatic ties. Russia was the first country to establish diplomatic relations with China, days after the People's Republic of China was founded on Oct. 1, 1949. Chinese President Hu Jintao (R) meets with Russian Prime Minister Vladimir Putin in Beijing, capital of China, Oct. 14, 2009. As an important milestone in deepening relations, both countries established strategic partnership of coordination in 1996. Hu said this partnership had reaped substantive benefits to both peoples and worked for the world peace, stability and prosperity. He underscored the mutual support both countries offered to each other on issues concerning their core interest and close coordination and cooperation on international and regional affairs. "China would like to work more closely with Russia to enhance political trust and strategic coordination," Hu said. Chinese President particularly called for both countries to boost cooperation in energy, high-tech and culture. "Let's work together to take strategic partnership of coordination to a higher level," Hu said. Putin said his China visit was very successful, marking "an important step forward" in bilateral cooperation. He said close exchanges between leaders of both nations contributed a lot to bilateral relations, which witnessed rapid progress in trade, energy and culture. Putin said the "Year of Russian Language" went on well in China and looked forward to the "Year of Chinese language" in Russia next year. During the "Year of Russian Language" in China, the two nations held more than 200 cultural exchange activities in about 20 provinces, autonomous regions and municipalities in China. Putin said he was satisfied with Russia's ties with China and would like to advance the relations. On Tuesday, Chinese Premier Wen Jiabao hosted a red-carpet welcome ceremony for Putin, who is on his first official visit to China since taking office in May 2008. They held closed-door talks and witnessed the signing of 12 agreements, including the agreements on natural gas and oil.
HONG KONG, Sept. 28 (Xinhua) -- The launch of Renminbi sovereign bonds in Hong Kong on Monday shows China's efforts to boost the international use of the yuan step by step, officials and analysts said. The bond issue, worth only 6 billion yuan (878.5 million U.S. dollars), marked a key milestone in the internationalization of the RMB. Hong Kong was chosen for, and will benefit from, the milestone bond sale thanks to its unique position as the international financial center providing desired cushion against the potential risks when the program was launched, analysts said. BOOSTING INTERNATIONAL USE OF RMB The bond issue in Hong Kong came earlier than expected, said Hu Yifan, an economist with CITIC Securities. "The need for the RMB to go international and convertible has been growing along with the increasing importance and openness of the Chinese mainland economy and the risks arising from over- reliance on the United States dollar as the reserve currency," said Tse Kwok-leung, head of economic research of Bank of China ( Hong Kong) Limited. China has been launching pilot RMB programs over the years, but the pace has obviously quickened since the onset of the global financial crisis. Pilot RMB programs launched in Hong Kong over the past 12 months also included yuan-denominated cross-border trade settlement and trade financing, yuan bonds issued by policy banks, commercial lenders and the branches of foreign banks, and currency swaps. The sovereign bond issue would help "boost the international use of the RMB in a steady and orderly manner," the Chinese Ministry of Finance quoted Acting Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Henry Tang as saying. The sovereign bond sale in Hong Kong serves the purpose of water testing to "see how it is received by international investors." Hong Kong has a unique strength in that it provides the desired cushion against potential risks when the pilot programs were launched, given that the mainland capital market was yet to open up, Tse said. BOOSTING NASCENT BOND MARKET IN HONG KONG The bond issue ahead of the Chinese National Day showed the central government's support for Hong Kong, Vice Minister of Finance Li Yong said. It will help Hong Kong build on its strength as an international financial center by boosting the nascent bond market in Hong Kong, Tse Kwok-leung said. "It calls for a banking system, a stock market and a bond market, all developed, to make a developed international financial center," Tse explained. Hong Kong has been aspiring to be the leading international financial center in the Asian time zone. Government statistics showed that the total assets of Hong Kong's banking system and the size of its stock market were both about six times its gross domestic product, compared with a bond market equivalent to 43 percent of its gross domestic product. Bonds issued in Hong Kong in 2008 totaled 424.4 billion HK dollars (54.4 billion U.S. dollars), with 67 percent issued by the Hong Kong Foreign Exchange Fund, which was established to defend the Hong Kong dollar peg to the U.S. dollar. The other 33 percent were accounted for by development banks from outside Hong Kong and corporate bonds issued by local players. There were no sovereign bonds. Tse said the bond issue will also help improve the liquidity of, and diversify, the local bond market. It will also improve the operation of the RMB bond market in Hong Kong by helping find the benchmark interest rate in the local market. Tse said the demand for sovereign bonds issued by an economy as strong as the Chinese mainland was huge, given the impact of the global financial crisis on the corporate bond market. Vice Minister of Finance Li Yong also said he believed the bonds will be well received. "I believe the RMB sovereign bonds will prove popular with investors looking for safe and prudent investments. I definitely think it will be successful," Li said.
来源:资阳报