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BEIJING, Nov. 18 (Xinhua) -- China's economy is expected to grow by 9 percent next year on robust property and automobile sectors, chairman of CCXI, a China-based credit rating agency said Tuesday. Mao Zhenhua, the chairman, also forecast the country's GDP growth this year would expand by as much as 8.8 percent. He added China's economic growth for the next ten years would slightly fall from the peak in 2010 to around 7 percent around 2020, still a relatively fast pace compared to other countries. But he cautioned the heavy reliance on exports and investment as major drivers to the Chinese economy has not changed currently, and that the structure for economic growth has not been optimized. Mao made the remarks while addressing a conference that also shared outlooks for China's property market, and its automobile industry for the next year. "China's property market is to remain steady in the next 6 or 12 months due to strong underlying housing demand in the country," said Kaven Tsang, assistant vice president of Moody's Investors Service Hong Kong Limited. He attributed strong housing demand to rapid economic growth, expanding urbanization and rising living standards in the country. Reduced inventory after strong sales over the past few quarters and improved liquidity of developers are also preventing a substantial decline in the property sector, he said. According to the National Bureau of Statistics (NBS), housing sales in China reached 2.75 trillion yuan (403 billion U.S. dollars) in value for the first three quarters this year, a year-on-year increase of 73 percent. Amid weak exports, the Chinese government will also continue to promote domestic consumption and see fixed-asset investment increase, with the property sector remaining "central" to the Chinese economy, said Tsang. NBS figures show investment in the real estate sector in China posted a 28.4 percent growth in October this year. The CCXI also forecast China would continue to see robust growth in auto sales in 2010, driven by the steady development of national economy, rise in individual income and stronger demand from China's central and west regions. Chang Haizhong, senior CCXI analyst, said "cars have great market potential in the central and west regions which will become a new growth point for auto industry." For example, sales of heavy trucks are expected to grow considerably next year, boosted by the government's massive fixed-asset investment, fast development of logistics and expansion of expressway network. "Bus and sightseeing coach sales will also rise next year, as the government is determined to step up development of public transit systems, and people show more willingness to travel," Chang said. He also said auto joint ventures in the country would try to seek a bigger share of middle and low-end market while keeping the dominant position in high-end market next year, posing a threat to domestic self-owned automakers. Chevrolet, an arm of Shanghai GM, introduced SAIL, a new car model last week. Sales of the new model, priced less than 60,000 yuan, would start in January next year. In the first ten months this year, auto sales in China broke the 10 million mark to 10.89 million units, up 36.23 percent from a year ago, surpassing the United States as the world's largest auto market.
BEIJING, Oct. 31 (Xinhua) -- Chinese Premier Wen Jiabao on Saturday called for tightened prevention measures against A/H1N1 influenza as the country recorded an increasing number of people catching seasonal influenza upon the arrival of winter. In a visit to a children's hospital in the Chinese capital, Wen said the country faces severe challenges in the prevention and control of A/H1N1 and some areas are likely to have a sharp increase in the number of patients infected by the epidemic. He said the country is fully confident and capable of doing well the prevention and control work of the A/H1N1 flu and would spare no effort in helping patients, especially those with severe symptoms, to recover. Chinese Premier Wen Jiabao (R2) talks with patients at the Beijing Children's Hospital in Beijing, capital of China, Oct. 31, 2009. Premier Wen visited A/H1N1 patients and medical staff at the Beijing Children's Hospital in Beijing on Saturday Doctors would reassure patients that A/H1N1 flu can be prevented, controlled, and cured, he said. Wen required intensified efforts to spread the knowledge concerning prevention and control of A/H1N1 flu and asked medical authorities to beef up prevention measures in schools and urban communities. He also urged to mobilize residents to inoculate A/H1N1 flu vaccines on a volunteer basis and called on vaccine producers to speed up their production. Medical staff should be careful and avoid infection when treating patients, he said.

BEIJING, Dec. 21 (Xinhua) -- China proposed on Monday to advance its economic and trade relations with France to a new level by taking the opportunities that may emerge when tackling global challenges including the financial crisis and climate change. Premier Wen Jiabao made the remarks when meeting with visiting French Prime Minister Francois Fillon, who witnessed an unveiling ceremony of the biggest new energy joint venture between the two countries Monday morning. Chinese Premier Wen Jiabao (L) holds a welcoming ceremony for French Prime Minister Francois Fillon (R) at the Great Hall of the People in Beijing, capital of China, Dec. 21, 2009. "We should take the opportunities of tackling the international financial crisis, climate change, energy security and other global challenges, and change our ways of thinking and deepen cooperation to advance bilateral economic and trade relations to a new level," Wen told Fillon "We should follow the opening and win-win principles, oppose trade protectionism, and take effective measures to help bilateral trade resume growth at an early date," Wen proposed. Statistics showed that the China-France trade volume has been falling since the third quarter of 2008, with China's exports to France declining significantly. Chinese Premier Wen Jiabao (R) shakes hands with French Prime Minister Francois Fillon during a welcoming ceremony Wen holds for Fillon at the Great Hall of the People in Beijing, capital of China, Dec. 21, 2009According to China's customs data for the first three quarters of this year, the two countries' trade volume was about 24.6 billion U.S. dollars, down 15.6 percent from the same period last year. It was the first year-on-year decline since 1996.
SIEM REAP, Dec. 20 (Xinhua) -- Visiting Chinese Vice President Xi Jinping met here with Cambodia's deputy prime minister on Sunday and voiced China's willingness to push for a higher-level relations with the country. During the meeting, Xi said bilateral friendship could date back to ancient times and both sides have maintained close contacts. Describing the ties as an example for friendly cooperation, Xi said the Chinese side is willing to enhance cooperation with Cambodia in various fields and push bilateral relations to a higher level, so as to bring more benefits to the two peoples. Visiting Chinese Vice President Xi Jinping (L front) meets with Sok An, Cambodian deputy prime minister and minister of council of ministers, in Siemreab, Cambodia, Dec. 20, 2009. Xi noted that Siemp Reap province has become a sister province with Yunnan, southwest China. He hoped that Siemp Reap, during its close contact with Yunnan, as well as other Chinese provinces, could give full play to the complementary advantages and expand exchanges and cooperation, in a bid to achieve common development. Sok An said Xi's visit will definitely promote the current bilateral friendly cooperation between the two countries. Cambodia is willing to enhance all-round cooperation with China to bring further benefits to the people of the two countries, Sok An said.
BEIJING, Dec. 17 (Xinhua) -- Premium of China's insurance companies hit 1.02 trillion yuan (149.6 billion U.S. dollars) in the first 11 months of this year, up 11.65 percent from a year earlier, according to the China Insurance Regulatory Commission Thursday. The year would be the first year that China's insurance premiums exceeded 1 trillion yuan, data from the commission showed. From January to November, premium of property insurance rose 22.28 percent year on year to 264.02 billion yuan, and that of life insurance was 757.66 billion yuan, an annual increase of 8.37percent. The commission said the country's insurance firms were expected to eye combined profits at 46.09 billion yuan in the first 11 months, an increase of 57.45 billion yuan over the same period of last year. Profits of the country's insurers nationwide was about 26.1 billion yuan in the first half, up 98 percent, the commission said in July.
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