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BEIJING, Oct. 10 (Xinhuanet) -- China's small businesses turned to be the first to ring the alarm as the country is walking a fine line between fighting inflation and maintaining growth.Some entrepreneurs have disappeared and others have jumped off buildings almost every week since April in Wenzhou City, an entrepreneurial capital in eastern China's Zhejiang province, Xinhua reported.The sudden disappearance of the business owners has revealed a surprisingly gloomy picture for the small and medium-sized enterprises (SMEs) in China.RUNAWAY BOSSESAccording to a Xinhua investigation, at least 80 cash-strapped businesspeople in Wenzhou have skipped town or declared bankruptcy to invalidate more than 10 billion yuan (1.6 billion U.S. dollars) in debt.Just last month, two local entrepreneurs in Wenzhou killed themselves by jumping off the buildings and another broke his leg in a similar suicide attempt.The tragedies in Wenzhou are extreme cases of private SMEs struggling to survive a liquidity crunch amid the country's macro control policies set to curb inflation and cool down the over-heated property market.In Wenzhou, one-fifth of the 360,000 small and mid-sized businesses have stopped operating due to cash shortages, according to the city's council for small and medium-sized enterprises.Of the 855 companies surveyed by the Wenzhou Economic and Information Commission, more than 76 percent said they are almost out of money and are struggling to continue production.But many cash-strapped firms are unable to borrow money from banks, and some have turned to China's underground lending market to pool money from individuals and firms.The steep rates of the informal loans pushed some businesses to the brink of collapse.
HONOLULU, the United States, Nov. 12 (Xinhua) -- Chinese Commerce Minister Chen Deming has said that China-ASEAN Free Trade Area, launched at the beginning of last year, accords with the mutual interests of China and ten nations of the Association of Southeast Asian Nations (ASEAN) and brings advantage to both sides.Chen made the remarks during his meetings with Indonesian Trade Minister Gita Wirijawan and Thai Deputy Prime Minister and Commerce Minister Kittirat Na Ranong on Friday on the sidelines of the week-long Asia-Pacific Economic Cooperation (APEC) meetings held in Honolulu, Hawaii.According to information made available to Xinhua Saturday, Chen said in his meeting with Gita that China and Indonesia have witnessed a sound development of bilateral economic and trade relations. The China-ASEAN Free Trade Area has provided a new platform for the bilateral economic and trade cooperation, with more benefits and opportunities for enterprises from both countries.Chinese enterprises, especially those from the southern part of China, are keen to invest in Indonesia, said Chen, adding that China would like to discuss with Indonesia on creating areas similar to industrial parks so as to attract more Chinese enterprises and enterprises from other countries to invest in the Southeast Asian country.Gita said Indonesia will commit to the consensus reached between leaders of both countries to increase the volume of bilateral trade from current 34 billion U.S. dollars to 80 billion U.S. dollars in three or four years.He welcomed Chinese enterprises to invest in Indonesia, adding it will be conducive to the realization of the trade goal.Saying that the economies of Indonesia and China have been complimentary to each other, Gita expressed the will of comprehensive and long-term cooperation between both sides.During his meeting with Kittirat, Chen first expressed sympathy to the flood victims in the country, saying that China would like to offer assistance to the rescue and reconstruction efforts and strengthen cooperation in areas including infrastructure construction with Thailand.He said China and ASEAN nations should promote the substantial cooperation among member nations of the China-ASEAN free trade area, the largest free trade area in the world, improve infrastructure including highways, railroads, ports, telecommunication and electricity, so as to benefit the enterprises and people in the regions.China encourages enterprises to invest in the ASEAN nations and would like to conduct cooperation with enterprises from Thailand and other countries, Chen added.Kittirat, expressing his gratitude to China's help to the flood disaster, said that Thailand attaches great importance to the China-ASEAN Free Trade Area.Noting that Chinese enterprises are well-experienced in the construction of highways, railroads and bridges, he said Thailand welcomes Chinese enterprises to participate the construction and investment projects in these areas.

BEIJING, Jan. 27 (Xinhua) -- China is committed to helping African nations to improve their abilities for self-development, Chinese Vice Commerce Minister Gao Hucheng said on Friday.Gao, also International Trade Representative of the Ministry of Commerce, made the remarks in an article published by Xinhua ahead of top Chinese political advisor Jia Qinglin's visit to Africa. Jia, chairman of th
WASHINGTON, Sept. 30 (Xinhua) -- At least 15 people have been killed amid 84 sickened in 19 states in listeria outbreak traced to Colorado cantaloupes, making it the most deadly U.S. outbreak of food-borne infection since 1998, the Centers for Disease Control and Prevention (CDC) said Friday.Of the 15 victims, five were in New Mexico, three in Colorado, two in Texas, and one each in Kansas, Maryland, Missouri, Nebraska and Oklahoma. Health departments in Wyoming and Kansas have said they are investigating additional deaths that may be connected to the outbreak.The previous toll announced on Tuesday was 13 dead and 72 sick.The Food and Drug Administration on Sept. 14 warned consumers not to eat cantaloupes from Colorado's Rocky Ford region shipped by Jensen Farms. The cantaloupes with the brand name Rocky Ford were distributed from July 29 to Sept. 10 in at least 17 states."Even if some of the cantaloupe has been eaten without becoming ill, dispose of the rest of the cantaloupe immediately. Listeria bacteria can grow in the cantaloupe at room and refrigerator temperatures," the CDC said.Listeria is a common bacterium that typically causes mild illness in healthy people, but can cause severe illness in older people and those with compromised immune systems. It also can cause miscarriages and stillbirths in pregnant women and severe infections in new babies.Listeria infections lead to about 1,600 serious illnesses each year and about 260 people die, according to the CDC.The CDC estimates that about 48 million people in the U.S. each year get sick from tainted food, with about 128,000 hospitalized and 3,000 deaths.
BEIJING, Dec. 16 (Xinhua) -- China issued rules for pilot programs of RMB Qualified Foreign Institutional Investors (RQFII) on Friday, formally giving a green light to investment of overseas RMB funds in mainland securities markets.The move is expected to widen the investment channel of overseas RMB funds and add new momentum to the country's bid to make the RMB an international currency.Hong Kong subsidiaries of fund management companies and securities firms can use RMB funds raised in Hong Kong to invest in mainland securities within a permitted quota, according to the rules jointly released by the China Securities Regulatory Commission (CSRC), the People's Bank of China and the State Administration of Foreign Exchange.The total investment quota of RQFII pilot programs is set at around 20 billion yuan (3.15 billion U.S. dollars), according to the rules.To control risks, qualified investors should invest no less than 80 percent of the RMB funds they raised in fixed-income securities, while investment in stocks and equity funds should account for no more than 20 percent.The CSRC will join other related departments to study the possibility of further expanding the trial program after its launch, said a CSRC official who declined to be identified.The launch of the RQFII will open another significant channel for overseas RMB funds to flow back into the country, said the CSRC official.It will also help diversify investment products for overseas RMB funds and facilitate off-shore RMB business, the official said.The RMB is not fully convertible under the capital account but China has stepped up efforts to make the currency more international over the past few years.The government has encouraged the use of the RMB in cross-border trade and investment settlement and approved foreign direct investment in overseas RMB funds obtained overseas.It also allowed Hong Kong to establish an offshore yuan market and has expanded trade settlement agreements and currency swaps to create more channels for the yuan to circulate outside the mainland.
来源:资阳报