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BEIJING, March 31 -- The appointment of three new academic members to the central bank's monetary policy committee on Monday reflects the increasing inclusiveness of monetary policymaking, but may not have any apparent bearing on the timing of an interest rate hike, analysts said.The People's Bank of China (PBOC) said three Chinese economists - Xia Bin, Li Daokui and Zhou Qiren - will replace Fan Gang, the only academic member of the committee, which advises on major monetary issues."Adding two more academics to the monetary policy committee is a welcome change," said Wang Tao, head of China economic research at UBS Securities. "I hope this helps to increase healthy debate within the committee, and increase the independence of monetary policy.""The appointment of three academic members this time - instead of one - indicates the increasing importance of academic voices in monetary policymaking and the three, with different backgrounds, are expected to complement each other to add to the inclusiveness of the panel," said Sun Lijian, an economist with Fudan University. It would make the country's monetary decision-making more rational, he said.Going by their recent comments on inflation, with Li saying that China could precede the United States in raising the rates and Zhou urging a timely and firm exit from stimulus policies, it is speculated that their appointment may signal chances of an earlier rate hike.Zhou said in a February speech that it was high time that China exited from the stimulus measures. "Given the past experiences, the stimulus through expanding money supply and debt only has a short-term effect," he said in the speech.One of the side effects of the stimulus is rising inflation. "The price of the stimulus policies is mainly the adverse effect of the large-scale release of money on the overall market price situation," he said. "We have seen it on the market."Li said early this month once China's consumer price index (CPI), a major measure of inflation, rises 3 percent, the country is set to increase the rates. China's CPI rose by 2.7 percent year-on-year in February.He also said on Monday that China may suffer from exported inflation from developed economies as their continued relaxed monetary policy would lead to surging raw material prices and large-scale capital flowing into the emerging economies, including China.Meanwhile, China should keep itself alert against possible price rises due to weather changes, such as the recent severe drought in southwestern regions.Xia Bin said on Monday that three factors should be taken into account when deciding on whether to raise the interest rates. It should be considered if real negative deposit interest rates occurred. But if inflationary expectations are not strong, the hike would be inappropriate. Moreover, China should not move ahead of the US since it would bring in speculative capital.China's benchmark one-year deposit rate stands at 2.25 percent.Dong Xian'an, chief macroeconomic analyst of Industrial Securities, said economic fundamentals should be the paramount determinant in interest rate related policymaking and the appointment of a new monetary policymaking panel would not have any substantial bearing on the timing of the possible hike.The month-on-month CPI figure is a crucial factor and as it continues to rise, the hike may come in the second quarter of this year, he said.

BEIJING, March 31 (Xinhua) -- China's State Council, the cabinet, has said innovation in science and technology will improve the nation's competitiveness in the world stage.Scientific and technological innovation could solve major scientific and technical issues that concerned the country's overall situation and long-term development, said a statement released after a regular meeting of the State Council Wednesday.During the meeting, an official from the Chinese Academy of Sciences (CAS) delivered a report on the implementation of the "Knowledge Innovation Program" (KIP), which aims to make the academy a world-leading base for scientific research.The program was initiated in 1998 and scheduled to finish in 2010.The government would extend the KIP from 2011 to 2020, the meeting was told.The State Council called for deeper reform of research institutes and improved rewards and restrictions to encourage competition among scientists and researchers and to foster talent.The government planned to develop education programs that were closely related to the innovation drive and strengthen international cooperation, said the statement.Premier Wen Jiabao presided over the meeting.

BEIJING, April 28 (Xinhua) -- The severe drought in southwest China has broken after six falls of rain in the past month, Chen Zhenlin, spokesman with the China Meteorological Administration (CMA), said here Wednesday.The rain occurred from March 22 to April 26 and ranged from 50 to 100 millimeters.The drought had parched the southern areas of Yunnan Province, the northeast regions of Guizhou Province, and the eastern and southern parts of Guangxi Province, Chen said at a briefing.The drought was among the most severe in decades, having a serious impact on people's lives and economic development.More than 20 million people and 10 million farm animals were affected by water shortages at the drought's peak.The CMA dispatched 28 teams and expert groups to drought-hit areas to enhance drought-relief work and seed clouds after the drought began last autumn.

BEIJING, May 14 (Xinhua) -- China's Ministry of Agriculture Friday ordered local departments to strengthen field management to ensure the summer grain output after prolonged extreme weather in some areas.China faced with a challenging grain situation this summer as persistent cold weather had ravaged major production zones since the winter, which prolonged growing season for wheat and raised the risk of dry hot wind and heavy rains during the harvest time, said Wei Chao'an, Vice Minister of Agriculture.Wei urged authorities to intensify disaster and pest disease prevention, and to quickly harvest in fine weather.According to the ministry, China needs to maintain an annual grain output of 500 million tonnes to feed the nation's 1.3 billion people.China's summer grain output rose six years in a row to top 123.35 million tonnes last year, 2.6 million tonnes more than the previous year. Grain output reached 530.8 million tonnes in 2009, the sixth consecutive year of a growth in grain yield.