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BEIJING, Oct. 4 (Xinhua) -- The ongoing global financial turbulence will have a limited impact on China's banks and financial system in the short run, according to officials and experts. "We feel China's financial system and its banks are, to the chaos developed in the U.S. and other parts of the world, relatively shielded from those problems," said senior economist Louis Kuijs at the World Bank Beijing Office. He told Xinhua one reason was that Chinese banks were less involved in the highly sophisticated financial transactions and products. "They were lucky not to be so-called developed, because this (financial crisis) is very much a developed market crisis." Farmers harvest rice in 850 farm in Northeast China's Heilongjiang Province on Sept. 26, 2008. A few Chinese lenders were subject to losses from investing in foreign assets involved in the Wall Street crisis, but the scope and scale were small and the banks had been prepared for possible risks, Liu Fushou, deputy director of the Banking Supervision Department I of the China Banking Regulatory Commission, told China Central Television (CCTV). Chinese banks had only invested 3.7 percent of their total wealth in overseas assets that were prone to international tumult, CCTV reported. The ratio of provisions to possible losses had exceeded 110 percent at large, state owned listed lenders, 120 percent at joint stock commercial banks and 200 percent at foreign banks. Kuijs noted most of the banks resided in China where capital control made it more difficult to move money in and out. Besides, the country's large foreign reserves prevented the financial system from a lack of liquidity, which was troubling the strained international markets. "At times like this, one cannot rule out anything," he said. "But still we believe the economic development and economic fundamentals in China are such that it's not easy to foresee a significant direct impact on the financial system." However, he expected an impact on China's banks coming via the country's real economy, as exports, investment and plans of companies would be affected by the troubled world economy and in turn increase pressure on bad loans. Wang Xiaoguang, a Beijing-based macro-economist, said the growing risks on global markets would render a negative effect on China in the short term but provided an opportunity for the country to fuel its growth more on domestic demand than on external needs. He urged while China, the world's fastest expanding economy, should be more cautious of fully opening up its capital account, the government should continue its market reforms on the domestic financial industry without being intimidated. Chinese banks had strengthened the management of their investments in overseas liquid assets and taken a more prudent strategy in foreign currency-denominated investment products since the U.S.-born financial crisis broke out, CCTV reported.

BEIJING, April 19 (Xinhua) -- The All-China Journalists Association (ACJA) on Saturday asked U.S.-based. news network CNN and its commentator Jack Cafferty to apologize for his remarks regarding China. In an interview with Chinese media including Xinhua News Agency, a senior official with the ACJA strongly condemned Cafferty for his "insulting" words in a TV show on April 9 and asked him and CNN to make a formal apology to all Chinese as soon as possible. Cafferty said in the TV show that Chinese products were "junk" and China was "basically the same bunch of goons and thugs they've been for the last 50 years" when the Olympic torch relay was going on in San Francisco. Since the Lhasa violence on March 14, some foreign media including CNN had made a number of biased reports about the incident, the official said. CNN had violated the principle of objective reporting, and "this is not what responsible media should do," he said. "And Cafferty also disregarded a journalist's professional ethics to attack a country with insulting words," the official said. Despite having an effective mechanism to deal with false reporting, CNN issued a statement on its website six days after Cafferty's remarks, which not only pleaded for him, but also spearheaded its attack on the Chinese government, he said. CNN issued a statement on Tuesday saying, "It was not Mr. Cafferty's nor CNN's intent to cause offence to the Chinese people, and CNN would apologize to anyone who has interpreted the comments in this way." But, the statement said that Cafferty was offering his "strongly held" opinion of the Chinese government, not China's people. "We hope CNN and Cafferty to realize that they have harmed the feelings of Chinese and apologize with a rational and responsible attitude," the official said. With the Olympic Games drawing near, the ACJA welcomed all foreign media to cover the event in an objective and balanced way, he said.
HANGZHOU, July 8 (Xinhua) -- Vice Premier Li Keqiang has urged the country's enterprises to raise their international competitiveness by speeding up transformation and adjustment in line with the changing domestic and global economic situation. During a three-day inspection and research tour in the booming southeastern Zhejiang Province, which ended on Tuesday, Li visited textile factories, electric machinery companies and high-tech enterprises to get a first-hand assessment of enterprise reform amid a new domestic and international market climate. Chinese Vice Premier Li Keqiang (2nd L, front) speaks while visiting auto parts producer Wanxiang Group in China’s Zhejiang Province on July 7, 2008.During visits to Wenzhou-based enterprises including garment producer Fapai Group and lighter maker Rifeng, Li said the overall Chinese economy was fundamentally in good shape and China was confident of keeping its economy growing steadily and fast. However, he said, the global economic slowdown and imported inflation were having an increasing impact on the economy and the country should take aggressive measures to deal with such challenges. Chinese Vice Premier Li Keqiang (C, front) talks with migrant worker Qiu Xucui (R, front) who is from the quake-hit Mianzhu city of southwest China’s Sichuan Province while visiting shoemaker Kangnai Group in China’s Zhejiang Province on July 6, 2008.In visiting electric machinery companies such as leading auto parts producers Wanxiang Group and Ruili Group Corp., Li said the economy was undergoing a critical period, which called for deeper reform. The government should lose no time or opportunity to improve the market economic system and try to make price increases "acceptable" for both industries and the public, Li said. He noted that China should also seek better development of foreign trade, improve the mix of imports and exports, and encourage Chinese enterprises to expand into the international market. At high-tech enterprises like Supcon Group and Alibaba, which owns China's largest e-commerce website, Li said enterprises should also continue to promote technological innovation and improve their management so as to boost their competitiveness. He also said vigorous development of enterprises was vital for the economy to maintain steady and fast growth and governments at all levels should do their best to provide better services for all companies and create a better climate for the development of enterprises
BEIJING, Aug. 19 -- China will complete the construction of its first four strategic oil reserves by the end of this year, a senior government official said yesterday. "The progress has been smooth and all the four bases will be completed by the year end," Zhang Guobao, administrator of the National Energy Administration (NEA), said after a press conference in Beijing. "Their total capacity will amount to 16.4 million cu m." Zhang made the comments at his first public appearance since the NEA's inauguration on Aug 8. The administration came into being as part of the reshuffle of government agencies in March. Zhang now also holds the position of vice-minister of the National Planning and Reform Commission (NDRC), the nation's top economic planner. Two technicians check the equipments in an oil refinery of China Petroleum and Chemical Corporation (Sinopec) in Ningbo, east China's Zhejiang Province, March 29, 2008. China started to build its strategic oil reserves in 2004, in order to fend off the risk of oil shortages and reduce the impact of oil price fluctuations. The government plans to build strategic oil reserves in three phases over 15 years, involving an estimated investment of 100 billion yuan (14.6 billion U.S. dollars). The first four reserves, located in Dalian, Qingdao, Ningbo and Zhoushan, are expected to maintain strategic oil reserves equivalent to 30 days of imports in 2010. The reserve in Ningbo, a coastal city in Zhejiang province, was put into operation in late 2006. It is the largest of the first four reserves, with a total storage capacity of 5.2 million cu m. The central government is now reportedly selecting locations for the second batch of strategic oil reserves. Cities including Tangshan and Guangzhou are understood to be vying for the projects, but Zhang declined to comment on this. The newly established energy administration oversees the nation's oil reserves and monitors the domestic and overseas energy markets. It is also responsible for mapping out China's energy development strategy and formulating rules and regulations for the energy sector. Renewable energy Zhang also said yesterday that the installed capacity of wind power in the nation is expected to exceed 10 million kW by the end of this year, compared with 4.03 million kW in 2007. The drastic increase came as the government has being promoting the use of renewable energy in the face of rising oil prices. In recent years, the government has rolled out a host of fiscal and tax incentives to boost the development of the alternative energy sector, including a 50-percent cut in value-added tax for wind power plants. Last year, renewable energy such as wind power, biomass and hydropower accounted for 8.5 percent of the nation's total energy use. That figure is set to increase to 10 percent in 2010 and 15 percent in 2020. The newly established energy administration will set up more renewable energy projects to further spur the development of the sector, according to Zhang.
来源:资阳报