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BEIJING, Feb. 8 (Xinhua) -- China's state assets watchdog will closely watch over projects implemented by state-owned enterprises(SOEs) in the country's massive stimulus package to prevent corruption, an official said here Sunday.     The State-owned Assets Supervision and Management Commission (SASAC) will strictly look into the progress and fund use of projects by SOEs directly under the central government, said the SASAC director Li Rongrong.     Many projects are estimated to see over tens of millions of yuan put in, making it a more important task to fend off corruption, he said at an SOE meeting on disciplinary inspection work.     China unveiled a stimulus package with a total investment of 4 trillion yuan (586 billion U.S. dollars) in November to boost domestic demand and offset the world economic slowdown.     Of the total, 100 billion yuan had been allocated by the central government by the end of last year.     Li said inspectors will particularly focus on projects in such sectors as power grids, telecommunications, transportation, equipment, construction and metallurgy.     The SASAC will also check whether the projects cause environmental hazards, consume too much energy and resources or result in excessive capacity, said Li.     A total of 4,960 Chinese officials above the county level were punished in a year ending November 2008, data show. They were involved in corruption and commercial bribes, hurting people's interests.

BEIJING, March 3 (Xinhua) -- A Taipei court has rejected here Tuesday former Taiwan leader Chen Shui-bian's appeal against his detention and ordered that he be held in custody for a further two months, starting on March 26.     According to the island's law, a defendant whose maximum, basic, potential sentence is below ten years should not be held for more than three months during trial. If necessary, courts can prolong the detention for no more than two months every time. The detaining period can be prolonged for at most three times.     However, Chen Shui-bian was accused of many corruption charges and his most severe basic sentence could be life, which made the court consider prolonging his detention more than three times.     Chen was first detained on Dec. 30, 2008.     According to the resolution made Tuesday by the Taipei court, the charges against Chen were very severe, and he had repeatedly disturbed the judicial procedure to protect himself and delay the litigation.     "Under the current circumstances, it will be very hard to hold more trials if Chen Shui-bian is not detained," the court said in the resolution.     It added that since Chen was likely to destroy or change evidence and collude with witnesses, it wouldn't be effective enough to confine his living compared to detention. "Thus Chen's appeal for repealing the detention was rejected," it said.     Chen and his wife are accused of taking bribes worth 100 million New Taiwan dollars (29 million U.S. dollars) and 6 million U.S. dollars in a corporate land procurement, and the couple are also allegedly involved in deceivingly pocketing over 104 million New Taiwan dollars of special funds. Chen and his collaborators are also accused of laundering the illegal income.

BEIJING, March 10 (Xinhua) -- Yi Gang, vice governor of China's central bank, said Tuesday that China still has room to cut interest rates, but such room is "quite limited".     "China still has room to cut interest rates, but not a lot," Yi told Xinhua.     "The room for cuts is quite limited, because a zero interest rate is not the best choice for China at the moment," he said.     The People's Bank of China, the country's central bank, has cut interest rates five times and reduced required reserve ratio for commercial banks four times since last September.     The one-year benchmark deposit rate now stands at 2.25 percent.     Yi pointed out interest rates of China and the United States are actually almost the same.     The 12-month deposit rate in the U.S. stands at around 2 percent, although its key interest rate, or an inter-bank rate, is zero to 0.25, he explained.     The equivalent inter-bank rate in China is at around 0.8 percent, he added.     China's current rate still has room for manoeuvre, Yi said, but if the interest rate falls to zero, there will be no more room for using interest rates to deal with any further world economic downturn.     Su Ning, also vice governor of the central bank, told Xinhua on Monday that China still has plenty of space to manoeuvre in its monetary policy.     Su said the room for further adjustment is "smaller but still exists."     "There's a quite a lot of room for cutting the bank's reserve requirement ratio," he added.

BEIJING, Feb. 23 (Xinhua) -- China's central bank on Monday warned of deflation in the near term caused by continuing downward pressure on prices.     Commodities prices were low and weak external demand could exacerbate domestic over-capacity, the People's Bank of China (PBOC) said in an assessment of fourth-quarter monetary policy.     "Against the backdrop of shrinking general demand, the power to push up prices is weak and that to drive down prices is strong," the PBOC said. "There exists a big risk of deflation."     China's consumer price index (CPI), a major gauge of inflation, rose 1 percent in January from a year earlier. In that period, the producer price index (PPI), a measure of inflation at the wholesale level, dropped 3.3 percent.     But the PBOC also warned of medium and long-term inflation risks.     As the central banks worldwide injected a huge amount of liquidity into the financial system, commodities prices could repeat earlier rallies if market confidence recovered, it said.     The PBOC stated that China's economy faced further downside risks because of slackening external demand, over-capacity in some sectors and increases in urban job losses.     The gross domestic product expanded at a slower rate of 6.8 percent in the fourth quarter of 2008, as exports slumped and the property sector sagged, dragging down growth for the whole of 2008to a seven-year low of 9 percent     But China had huge market potential and as the macro controls started to take effect, its economy was likely to maintain stable and relatively fast growth, it said.     To spur growth, the PBOC said it would ensure ample liquidity in the banking system and promote the reasonable and stable growth of credit.     It also reaffirmed that China would keep the Renminbi (RMB) exchange rate basically stable, while making it more flexible in a self-initiated, gradual and controllable manner.

LHASA, March 14 (Xinhua) -- Five bouquets of lily and chrysanthemum, one for each of the five young women who died in the riots exactly a year ago.     "We are here today, to bring you our best regards," murmured Tang Qingyan, manager of the Yishion casual wear outlet in downtown Lhasa. "May you be happy every day in heaven."     Yishion, one of the 908 shops torched by the rioters on March 14, 2008, lost five employees, including four Han nationals and one Tibetan. The women were aged between 19 and 24.     Exactly a year after the tragedy, Tang brought six employees to mourn the dead Saturday on the exposed riverbed of the Lhasa River, whose water has, in the dry season, given way to a huge expanse of sand and cobblestones.     The place was quietly sandwiched between high mountains and the "Sun Island", Lhasa's new development project with restaurants, apartments and villas. The occasional whining chirps of aquatic birds added to people's woes.     Silently, the group laid offerings on the ground: five candles, piles of "paper money", incense sticks, and two strings of firecrackers.     "Here, we've brought you some money, too, so that you won't be short of cash," said Tang as he led four young women and two men to put the "paper money" in a little flame they lit on the ground.     The Chinese traditionally burn "paper money" for the deceased, hoping they would have enough cash in the afterlife.     "Dear sister, I've got your favorite sweater," Zeng Yaoyao sobbed as she put a white sweater in the flame. "Please rest in peace."     Zeng, 20, said she dreamed of her cousin Yang Dongmei Friday night. "I was so excited I ran up to embrace her. Then she said something about her sweater. I woke up in tears."Photo taken on March 14, 2009 shows the manager of the Yishion garment store Tang Qingyan (C) and employees mourn by the Lhasa river the five sales assistants burned to death in an arson attack by the rioters on March 14, 2008, in Lhasa, capital of southwest China's Tibet Autonomous RegionOf the five dead, Yang, Liu Yan and Chen Jia were still single. "According to the customs in our home province Sichuan, the death of an unmarried daughter is considered evil. They could only be buried in the obscure graveyard far from their homes," said Tang.     The three girls' parents therefore agreed to have their ashes spilled into the Lhasa River. "It's a beautiful place, even better than our home province," Tang said.     Tsering Zhoigar, the only Tibetan girl, was taken to her hometown in Xigaze Prefecture for the "sky burial", the traditional Tibetan burial.     Tsering Zhoigar's close friend Basang joined Yishion after the torched store was revamped and reopened in May. "I used to spend a lot of time with her at her store after work. Now that she's gone, I feel closer to her by doing her job."     Six sales women huddled together on the second floor of the store when rioters set the ground floor on fire. Zhoi'ma, 24, was the only one to escape the fire site at the last minute.     A year after the tragedy, the nightmare still clings to Zhoi'ma, who refused to talk to the media and stayed away from the mourning. "We called many times on her cell phone, but she didn't answer," said Tang. "She told me this morning she was going to mourn her friend Zhoi'gar in the Tibetan way, and at monasteries."     Towards the end of the mourning, the flames spread to burn card-boards they had carefully propped up with cobblestones to contain the fire. With all the offerings burnt, the group threw the bouquets into the river. A young man lit firecrackers before he stood with others, bowed, and paid a silent tribute to the dead.     Four police officers, who had been silently watching the scene, lowered their heads, too. "It's sad indeed. That's why we have tightened security this year to avoid similar tragedies," said one of them, who refused to be named.     Tang still stays in touch with families of the dead.     "These good girls were all their families" breadwinners," he said. "Zhoi'gar worked with me for three years and Yang Dongmei, my wife's younger cousin, worked for a year."Photo taken on March 14, 2009 shows employees of the Yishion garment store put bunches of fresh flowers into the Lhasa river to mourn the five sales assistants burned to death in an arson attack by the rioters on March 14, 2008, in Lhasa, capital of southwest China's Tibet Autonomous RegionTang had known Chen Jia, the youngest of the five, since she was a toddler. "Her father is my close friend. Until the day she died, she'd been worrying for her younger brother, who was blind in one eye."     With the government's compensation for Chen Jia's death, her parents had arranged an operation for her brother, Tang said. "Now I hope she'll have nothing more to worry about."     Tang hadn't had the time to get familiar with the other two girls, Liu Yan and He Xinxin, who had worked for a week and three days respectively.     He Xinxin's parents took her home to the central Henan Province after the riots. "Her cousin used to work in Lhasa, but left for home before the new year holidays," said Tang.     "I had planned to take all my 14 employees here to mourn them today, but I didn't want everyone to point to my store and say 'hey, look, Yishion is closed,'" he said. "Together, we'll try to walk out of the shadow soon."