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BEIJING, March 10 (Xinhua) -- Lhasa is stable, and troops there are in normal state, said Qiangba Puncog, chairman of the Tibet regional government, on Tuesday. "I was told in a phone talk with Lhasa in the noon that the whole city is stable and troops are in normal state as usual," he said in Beijing after a plenary meeting of the National People's Congress. He told Xinhua that he absolutely agrees with President Hu Jintao's remarks on Monday when Hu called for a "Great Wall of stability in Tibet." "It (Hu's call) is a good and long-term consideration," said Qiangba Puncog. On March 10, 1959, an armed rebellion was staged by the upper ruling class in Tibet in an attempt to preserve the old serfdom. The rebellion was quickly foiled by the People's Liberation Army, and the central government then decided to begin a democratic reform which put an end to serfdom and the theocratic regime. Qiangba Puncog said that the ** Lama and his secessionists clique have kept on smearing the central government and the Tibetan regional government over the past 50 years, but time and facts would prove what they said are nothing but purely lies. "They always lie that more than 1 million Tibetans had been killed in the past 50 years, but the truth is that the population in Tibet increased from 1.2 million in 1959 to 2.87 million in 2008," he said, adding Tibetans and people from other ethnic minorities now account for more than 95 percent of the population in the autonomous region. "The fabrication of the so-called 'genocide' in Tibet has become a stock-in-trade for them to cheat the world," he said.
BEIJING, March 8 (Xinhua) -- The Chinese government has announced a massive plan to rebuild and renovate dilapidated houses in rural areas, aiming to improve people's life, create jobs and boost domestic demand amid the global financial meltdown. Qi Ji, vice minister of Housing and Urban-Rural Development, said on the sidelines of the ongoing annual parliament session that the country will rebuild and renovate 800,000 rural houses this year, which was expected to create 1.5 million jobs. It was not available at the moment how much the government plans to spend in this program, which was announced at a time when the country's real economy is severely hurt by the financial crisis, resulting in export decline, factories shutdown and job losses. Premier Wen Jiabao told the annual session of the National People's Congress (NPC) Thursday that the country will this year "expand the pilot program for renovating dilapidated houses in rural areas." The pilot program started last year in the southwestern poverty-stricken Guizhou Province. A villager named Liu Yonggao inZunyi County, Guizhou, told Xinhua that he got a 10,000 yuan (1,460 U.S. dollars) subsidy from the government and the reconstruction cost him 80,000 yuan. "I also spend 20,000 yuan to buy home appliances including a color TV and a hi-fi system," he said. Officials from the government of Zunyi City that administers the Zunyi County said every one yuan that the government subsidizes for the rural housing program would drive a 10 yuan investment from farmers. It also brought about plenty of jobs. In Tongzhi County alone, more than 6,000 people, including 1,000 farmers who returned home after losing jobs in the cities, were working to rebuild or renovate rural houses. More than 20,000 houses in Guizhou collapsed amid a rare snow and sleet disaster at the beginning of last year and 138,000 others were damaged. The pilot program started after the government earmarked 260 million yuan and as of the end of the year more than 20,000 rural families have move to their new homes. Another 34,000-strong families in Guizhou are expected to benefit from the program this year. "Farmers became enthusiastic to rebuilding or renovating their homes after knowing that they would receive money from the government," said Liao Guoxun, a Guizhou-based NPC deputy. Guizhou Provincial Governor Lin Shusen, also an NPC deputy, said the central and provincial governments would set aside 10 billion yuan for the program this year. Meanwhile, east China's Shandong Province last month kicked off a program to renovate 800,000 dilapidated houses in the coming five years. It also plans to build 750,000-1,000,000 new houses annually in the countryside in the coming three years. Shandong Provincial Governor Jiang Daming said 270,000 new houses had been built annually over the past few years, with an average investment of 100,000 yuan for each house built or newly decorated. Three million new houses would then mean an investment of 300 billion yuan, which would at least create 800,000 jobs, Jiang said. China's consumer spending against economy size has been declining over the past ten years, experts said. Premier Wen Jiabao said China is facing "unprecedented difficulties and challenges" as economic growth slows, employment pressure mounts and social uncertainties increase in 2009, the most difficult year since the new millennium. China's economy cooled to a seven-year low of 9 percent last year, and broke a five-year streak of double-digit expansion, as the global financial crisis took its toll on the world's fastest growing economy. In addition to a 4-trillion yuan stimulus package that was announced in November, the premier also proposed a budgeted fiscal deficit of 950 billion yuan for 2009, a record high in six decades and nearly three times over the last record of 319.8 billion yuan set in 2003. Among the 4-trillion yuan stimulus package, 370 billion yuan will be used to improve people's life in rural areas. When delivering a government work report at the NPC session, Wen said China must boost domestic demand to sustain economic growth. "We need to...make boosting domestic demand a long-term strategic principle and a starting point in stimulating economic growth."

BEIJING, March 26 (Xinhua) -- China's central bank governor has spoken highly of the government's rapid responses to the current global financial crisis, featuring decisively adopting a proactive fiscal policy and an adaptively easing monetary policy, and launching a bundle of timely, targeted and temporary policies and measures. The prompt, decisive and effective policy measures adopted by the Chinese government demonstrates "its superior system advantage when it comes to making vital policy decisions," says Zhou Xiaochuan, president of the People's Bank of China (PBC), in an article entitled "Changing Pro-cyclicality for Financial and Economic Stability." It is Zhou's third article published on the central bank's official website (WWW.PBC.GOV.CN) this week to discuss the issue of the current global financial crisis. His first and second articles, published on Monday and Tuesday, are entitled "Reform the International Monetary System" and "On Savings Ratio," respectively. In the third article, the 61-year old central bank governor tries to find out the root causes for the current financial crisis, including but not limited to lessons on monetary policy, financial sector regulations, accounting rules. The top Chinese banker says he wants to stimulate debate and discussions on some of the pro-cyclical features in the system, possible remedial measures, and how monetary and fiscal authorities can play their professional roles at times of severe market distress. "Financial crises normally originate in the accumulation of bubbles and their subsequent bursts. Usually, economists pay a lot of attentions to pro-cyclicality on the macro level. However, on the micro level, there are quite a number of notable pro-cyclical features embedded in the market structure today, which should be addressed as we deal with the current crisis and reform the financial system," he says. Zhou suggests that in the current market structure, more counter-cyclical mechanisms or negative feedback loops on micro-level should be put in place to sustain a more stable financial system. In the article, he notes that rating problems and herding phenomenon arise from outsourcing. The global financial system relies heavily on the external credit ratings for investment decisions and risk management, giving rise to a prominent feature of pro-cyclicality, according to the central bank governor. "Economic upswings produce euphoria and downturns generate pessimism," he says, "Many market players adopting ratings from the three agencies and using them as the yardstick for operations and internal performance assessments clearly result in a massive "herd behavior" at the institutional level." Zhou points out that some market players seem to have forgotten that the ratings are no more than indicators of default probabilities based on past experiences but were never meant to be guarantees for the future, he says. "Once problems take place, as we have seen during the current crisis, fingers are pointed to the rating agencies," he says. He suggests that financial institutions should try to rely more on internal rating in assessing risks. He calls for giving full play to the professional role of authorities in maintaining overall financial stability and establishing a counter-cyclical mechanism for capital requirement "To stabilize markets under severe stress, finance ministries and central banks need to act fast and apply extraordinary measures," he says, "Untimely or delayed response falls behind the curve and would make the outcome less than desired even if the response is correct and strong." In modern Western societies, a prolonged political process for mandates to finance ministries or central banks often miss the best timing for action, Zhou says, adding, "We have observed such cases during the current crisis." He suggests that governments and legislatures may consider giving pre-authorized mandates to ministries of finance and central banks to use extraordinary means to contain systemic risk under well-defined stress scenarios, in order to allow them to act boldly and expeditiously without having to go through a lengthy or even painful approval process. "Such systematic pre-authorized mandates would put the specialized expertise of finance ministries and central banks to the best use when markets need it the most," he stresses. The central bank governor attributes China's current success in easing the impacts of the crisis to the country's financial sector reform and ongoing macroeconomic stimulus measures In 2003, fully aware of the systemic vulnerabilities of China's banking industry, the Chinese government made a courageous and strategic decision to restructure the four state-owned commercial banks, says Zhou, who took over as the PBC governor in late 2002. In the article, Zhou gives a look back on the reforms of the country's major banks and security industry. But he warns, "We should bear in mind that despite the notable achievements in banking reform, the major banks have not gone through a full business cycle and still have much to improve. An economic slowdown will be the ultimate stress test for the robustness of the banks' strengths." According to the bank governor, irrespective of China's sound financial sector, the Chinese economy, especially the export sector, has felt the impact brought by the slowdown of the global economy. He praises the Chinese government for its plans to stimulate domestic demand and promote stable and relatively rapid economic growth, including the extra investment of 4 trillion yuan (685 billion U.S. dollars) in over two years, the ten measures to revitalize the industrial sectors, and other bolster measures to increase money supply, promote employment, reform taxes and medical and healthcare system. "Having taken the above-mentioned measures, China expect to maintain stable economic growth by boosting domestic demand and reducing dependence on external demand, thus serving as a stabilizing force in global economy," Zhou says. In overall, the macroeconomic measures have produced preliminary result and some leading indicators are pointing to recovery of economic growth, indicating that rapid decline in growth has been curbed, he concludes.
LONDON, Feb. 12 (Xinhua) -- China's mining giant Aluminium Corporation of China (Chinalco) announced here on Thursday it will inject 19.5 billion U.S. dollars in cash into Rio Tinto. The cash injection is regarded as "firepower" for Rio Tinto, against the global economic downturn, Tom Albanese, chief executive of Rio Tinto, said. Xiao Yaqing, president of Chinalco, said following the signing of an agreement on investment that the investment is a show of confidence in both China and the world, adding that "the strategic partnership with Rio Tinto will prove to be valuable and successful." Xiao Yaqing (L), general manager of Aluminum Corp. of China (Chinalco), shakes hands with Rio Tinto Group chairman Paul Skinner at the signing ceremony in London, Britain, Feb. 12, 2009. Chinalco announced Thursday it would invest 19.5 billion U.S. dollars in mining giant Rio Tinto Group, bailing out the latter while securing for the state-owned Chinese company access to more resources As the leading Chinese diversified resources company, Chinalco's investment puts more emphasis on potential future values than on short-term returns, Xiao said. The transaction will forge a pioneering strategic partnership through the creation of joint ventures in aluminium, copper, and iron ore as well as the issue of convertible bonds to Chinalco, which would, if converted, allow Chinalco to increase its existing shareholding in Rio Tinto to about 18 percent. The transaction is still to be approved by shareholders of Rio Tinto, governments and other regulators. Albanese said the transaction will position Rio Tinto to lead the resources industry into the next decade and beyond by ensuring the continuity of its strategy. The new partnership with the Chinese company "will benefit from Chinalco's strong relationships within China, which Rio Tinto believes will continue to be the main driver of growth in commodity markets over the longer term," Albanese said. He said the Chinalco relationship will also help Rio Tinto to seek project funding from Chinese financial institutions.
BEIJING, March 10 (Xinhua) -- Lhasa is stable, and troops there are in normal state, said Qiangba Puncog, chairman of the Tibet regional government, on Tuesday. "I was told in a phone talk with Lhasa in the noon that the whole city is stable and troops are in normal state as usual," he said in Beijing after a plenary meeting of the National People's Congress. He told Xinhua that he absolutely agrees with President Hu Jintao's remarks on Monday when Hu called for a "Great Wall of stability in Tibet." "It (Hu's call) is a good and long-term consideration," said Qiangba Puncog. On March 10, 1959, an armed rebellion was staged by the upper ruling class in Tibet in an attempt to preserve the old serfdom. The rebellion was quickly foiled by the People's Liberation Army, and the central government then decided to begin a democratic reform which put an end to serfdom and the theocratic regime. Qiangba Puncog said that the ** Lama and his secessionists clique have kept on smearing the central government and the Tibetan regional government over the past 50 years, but time and facts would prove what they said are nothing but purely lies. "They always lie that more than 1 million Tibetans had been killed in the past 50 years, but the truth is that the population in Tibet increased from 1.2 million in 1959 to 2.87 million in 2008," he said, adding Tibetans and people from other ethnic minorities now account for more than 95 percent of the population in the autonomous region. "The fabrication of the so-called 'genocide' in Tibet has become a stock-in-trade for them to cheat the world," he said.
来源:资阳报