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BEIJING, Sept. 4 (Xinhua) -- China's State Council, or the Cabinet, has ordered government agencies to take immediate actions to rectify the financial abuses exposed by the National Audit Office (NAO) in late August. All units that misused funds were required to report their rectification results to the State Council before Oct. 31, according to an executive meeting of the Cabinet Thursday, which was presided over by Premier Wen Jiabao. The NAO found 29.38 billion yuan (4.32 billion U.S. dollars) worth of "problematic" expenditures after auditing the 2007 state budget spending of 53 ministerial-level departments and 368 of their affiliates. It also found 258 million yuan of disaster relief funds were embezzled and used for administrative expenses or government construction projects. The meeting decided that more central agencies shall make public their budgets. Eleven of them did this last year. The Cabinet also reviewed a draft ordinance complementary for the enforcement of the Labor Contract Law, and decided that further revision has to be done before it could be enacted. The Labor Contract Law took effect on Jan. 1 and has raised concern in China's corporate world because of its enhanced protection of laborers' rights.
BEIJING, June 26 (Xinhua) -- The headquarters for quake-relief command of the State Council, China's Cabinet, on Thursday called for priority in reconstructing public facilities such as schools and hospitals in the country's southwestern quake-hit region. At a regular meeting presided over by Premier Wen Jiabao, the headquarters clarified the main tasks of the relief and reconstruction in the quake-hit zone, giving priority to rebuilding and quality of public facilities that were closely related to the lives of local residents. Chinese Premier Wen Jiabao (C) speaks during the 22nd meeting of the headquarters for quake-relief command of the State Council, in Beijing, capital of China, June 26, 2008. Reconstruction should also pay great attention to the preservation of traditional and cultural relics. When the local governments help farmers rebuild homes, officials should fully respect their will and mobilize more social aid, as well as governmental subsidies, the headquarters ordered. It suggested that those involved in the rebuilding of transport, communication, energy and other infrastructure should first resume their operation and properly arrange their location in accordance with local geological conditions. Chinese Premier Wen Jiabao looks at a map of the quake-hit areas during the 22nd meeting of the headquarters for quake-relief command of the State Council, in Beijing, capital of China, June 26, 2008.Many factories, arable land and farmer's crops were damaged by the devastating May 12 quake that killed nearly 70,000. The headquarters stressed the seriously-destroyed factories be rearranged to resume production in new sites and for the recovery of local agriculture as soon as possible. It reminded all quake-relief officials the reconstruction would be long-term and a tough task for governments as it required scientific planning and an orderly procedure.

BEIJING, Oct. 4 (Xinhua) -- China on Saturday denounced the U.S. government's decision to sell arms worth of about 6.5 billion U.S. dollars to Taiwan. Foreign Ministry spokesman Liu Jianchao said the Chinese government and people firmly opposed this action which seriously damaged China's interests and the Sino-U.S. relations. The U.S. government, in spite of China's repeated solemn representations, on Friday notified the Congress about its plan to sell arms to Taiwan, including Patriot III anti-missile system, E-2T airborne early warning aircraft upgrade system, Apache helicopters and other equipment. Chinese Vice Foreign Minister He Yafei has summoned the charge d'affaires of the U.S. Embassy to China to raise strong protest against the U.S. move, according to spokesman. China firmly opposes to arms sales by the United States to Taiwan, said Liu, noting that this has been a consistent and clear stance of China. The U.S. government's agreement on arms sale to Taiwan severely violated the principles set in the three joint communiques between China and the United States, especially the communique on the U.S. arms sales to Taiwan signed on Aug. 17, 1982, grossly interfered in China's internal affairs, endangered Chinese national security, and disturbed the peaceful development of cross-Strait relations, Liu stressed. "It is only natural that this move would stir up strong indignation of the Chinese government and people," he said. "We sternly warn the United States that there is only one China in the world, and that Taiwan is a part of China," Liu said. He said nobody could shake the strong will of the Chinese government and people to safeguard national sovereignty and territorial integrity and to oppose external interference, and nobody could stop the efforts to promote cross Strait exchanges and opening a new chapter of peace in cross Strait relations. China urged the United States to recognize that it is seriously harmful to sell arms to Taiwan, Liu said, noting that the United States should honor its commitment to stick to one-China policy, abide by the three China-U.S joint communiques, and oppose the so-called "Taiwan independence". Liu said the United States should immediately take actions to correct its mistakes, cancel the proposed arms sale, stop military links with Taiwan, and stop disturbing the peaceful development of cross Strait relations, so as to prevent further damage to the Sino-U.S. relations and the peace and stability across the Taiwan Strait. China reserved the right for taking further measures, he noted. The Standing Committee of the National People's Congress (NPC),China's top legislature, and the National Committee of Chinese People's Political Consultative Conference (CPPCC), China's top advisory body, on Saturday also express strong indignation over the U.S. arms sale plan. The foreign affairs committee of the NPC Standing Committee and that of the CPPCC National Committee each issued a statement, stressing that people of all walks of life in China were firmly opposed to the U.S. arms sale to Taiwan. "We firmly support our government's solemn stances over this issue," the statements said. The statements said the cross Strait relations have recently witnessed sound momentum, which accords with the interests of both Chinese and U.S. peoples. The U.S. proposed arms sale to Taiwan actually was a move disturbing the improvement of the cross Strait relations. The statements called for the United States to immediately correct its wrongdoing, and refrain from any further moves that will damage the Sino-U.S. relations and the world peace. China's Defense Ministry also issued a statement Saturday, condemning the U.S. move. Defense Ministry spokesman Hu Changming said the U.S. decision has ruined the good atmosphere of cooperation that had existed between the two armed forces over recent years. The statement also warned China reserves the right of making further reactions.
BEIJING, Oct. 1 (Xinhua) -- Some 53.2 million people hit the roads in China on Wednesday, the third day of the "golden week", said a Ministry of Transport (MOT) spokesman. Although that figure was an increase of 5.1 percent year-on-year, it was 4.2 percent lower than Tuesday's 55.5 million, because most travelers began their journey in the first two days of the holiday, he said. The "golden week" National Day holiday this year runs from Sept. 29 to Oct. 5. The spokesman said 740,000 medium-sized and large vehicles were used to move travelers around the country on Wednesday, compared with Tuesday's 760,000 vehicles. People watch the national flag raising ceremony at the Tian'anmen Square in Beijing, capital of China, Oct. 1, 2008. Some 53.2 million people hit the roads in China on Wednesday, the third day of the "golden week", said a Ministry of Transport (MOT) spokesman The transportation situation nationwide remained stable on Wednesday, and there were no serious traffic accidents. Trains transported 5.83 million people on Tuesday, up 19.6 percent from a year earlier, according to the Ministry of Railways. Some 920,000 people traveled by water on Wednesday, up 1.1 percent over the same day last year, said the MOT.
BEIJING, April 25 -- The key mainland stock index yesterday soared 9.29 percent, the biggest one-day jump in six years, as investor sentiment was boosted by the government lowering of stamp duty. The slashing of trading tax from 0.3 percent to 0.1 percent, effective yesterday, was widely seen as another government effort to lift the stock market from the doldrums it has been in for six months. It followed the introduction of trading rules last Sunday to mitigate the impact of an expected flood of previously non-tradable shares after the lock-in period, which could greatly depress the market. Investors look over information at a stock exchange at a stock trading hall in Beijing, April 24, 2008. Equities trading tax cut, which is widely believed as policy boost by government to stem the recent slump, sends Chinese shares 9.29 percent higher on Thursday, the biggest gain since Oct 23, 2001 The Shanghai Composite Index yesterday surged 304.7 points to close at 3583.03. In yesterday's trading, gainers outnumbered losers by 853 to 1. The Shenzhen Component index jumped 9.59 percent, or 1130.61 points to close at 12914.76. Total market capitalization swelled 9.2 percent to 22.94 trillion yuan (.3 trillion). Turnover on the two bourses more than doubled from the day before to 261 billion yuan ( billion), the highest this year. Analysts said the reduction in the stamp duty and restrictions on the sale of unlocked shares showed that the market has fallen as low as the government would like to see. "The timing of the stamp duty cut suggests that the 3000 point may be a psychological bottom line for policymakers," said Peng Cheng, an economist at Citi China. "The government had been patient in waiting until the market correction was more than 50 percent before taking action," Peng added. Xu Wei, an analyst at Sinolink Securities, estimated that the cut in stamp duty saves investors up to 102 billion yuan (.7 billion) a year. In addition, "the relatively lower A-share valuation and the more stable performance of overseas stock markets have combined to help investors regain confidence," said Rui Kun, a fund manager at China international Fund Management Co Ltd. Security companies, especially those focusing on brokerage services, will benefit from the increasingly active trading because of the stamp tax cut, analysts said. Shanghai-based Haitong Securities, Sinolink Securities and Guoyuan Securities soared to the daily limit of 10 percent. However, some market insiders said that weak fundamentals and unfavorable China economic growth data are likely to outweigh the positive impact of the government move, and the rebound may not last long. "It is doubtful that such administrative measures can have a sustained effect on shares when earnings face significant challenges in the periods ahead," said Peng at Citi China. "The cumulative effect of tightening policies and rising input costs, along with shrinking demand, could cut profits more deeply than what is currently evident," Peng added.
来源:资阳报