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TAIYUAN, Sept. 11 (Xinhua) -- Rescuers on Thursday had finished searching more than half the mud-covered areas in north China after a mud-rock slide left 128 people dead.     Shanxi Provincial Government Secretary-General Wang Qingxian said about 60 percent of the area had been combed. Altogether 2,000-plus rescuers, with the aid of more than 110 excavators, were searching for survivors.     He said Internet claims that hundreds of people were missing was mere speculation.     "The specific figure of the people missing in the disaster has not been established yet," said Wang at a news conference. "We are still evaluating the situation."     He promised timely and transparent updated casualty numbers, adding 36 people had suffered injuries.     If the weather conditions allowed, searchers would finish looking for survivors in three to five days, he said.     Relatives of the dead will get 200,000 yuan (29,215 U.S. dollars) each as compensation, according to the provincial government.     The State Council, China's Cabinet, has set up an accident investigation team, including officials from the State Administration of Work Safety, Shanxi provincial government, Supervision Ministry, Land and Resources Ministry and All China Federation of Trade Unions. Wang Jun, the State Administration of Work Safety director, was heading the team.     The government has begun examinations to more than 700 tailing ponds in the province to avoid similar accidents from happening again.     There was no epidemic at the area and the injured were receiving treatment, said Gao Guoshun, the provincial health department head, at the news conference.     The water there was not polluted after examination, Gao added.     The disaster happened when the bank of a pond holding waste oredregs of an unlicensed mine burst.     Some reports said hundreds were feared to have been buried underneath the mud, but the local government had released no figures concerning the number of missing.     Wang Qingxian said the mine was purchased and transferred to a man named Zhang Peiliang when the local government auctioned it off in 2005.     But Zhang did not apply for new licenses after its safety production license was suspended in 2006 and the mining license expired in 2007.     "It was an accident of grave responsibility after initial analysis," said Wang Dianxue, the State Administration of Work Safety deputy head and also the investigation team deputy head.     The accident occurred around 8 a.m. on Monday in a pond holding waste ore dregs of the Tashan Mine in Xiangfen County, Linfen City, which was soaked by torrential rain.     In total, an area of 30.2 hectares was covered by the mud. The mud-rock flow damaged buildings, trade markets and some residences lying downstream.

BEIJING, July 12 (Xinhua) -- The Chinese government will modify its temporary subsidy plan for quake survivors starting in September, with each survivor experiencing financial hardship to get 200 yuan (29 U.S. dollars) per month, a State Council statement said on Saturday.     "Life in most parts of the area will return to normal by September but, in some worst-hit areas, some people might still suffer difficulties. To help them, the government decided to continue financial assistance after the present policy ends," said the statement issued after a cabinet meeting presided over by Premier Wen Jiabao. Chinese Premier Wen Jiabao (C) presides over the 23rd meeting of the quake relief headquarters of China's State Council in Beijing, capital of China, July 12, 2008. The quake, on May 12, left millions of people homeless and destitute.     The policy will cover such categories as orphans, the elderly and the disabled without family support, those whose relatives were killed or severely injured, those who were displaced and those whose residences were destroyed, it said.     Since the disaster, every needy survivor has been eligible to receive 10 yuan and 500 grams of food a day. The policy has covered about 8.82 million people but will end in August. The new system won't include any food allotment.     Some types of survivors could receive more than the minimum. Under the present policy, about 261,000 orphans, elderly and disabled without family support have received 600 yuan a month. Under the new policy, they will receive more than 200 yuan, the statement said, without elaborating.     The new policy will expire in November, the statement said. Chinese Premier Wen Jiabao speaks at the 23rd meeting of the quake relief headquarters of China's State Council in Beijing, capital of China, July 12, 2008    The meeting heard a report by an experts' committee on the Wenchuan County-centered quake and ordered it to keep monitoring aftershocks in the quake zone for another two months.     The panel was also told to forecast areas that might be affected by major secondary disasters and evaluate possible losses to help reconstruction. The experts were also told to locate sites where quake debris can be stored for long periods for later investigation and take measures to protect such sites.     The meeting endorsed an assessment report by central and provincial authorities, which listed 10 counties and cities, including Wenchuan County, Beichuan County and Dujiangyan City, as the worst-hit areas.     Another 41 counties, cities and districts were characterized as heavily affected and other 186 were said to be moderately affected.     The first two categories will be covered by the national reconstruction plan, it said.     The 8.0-magnitude quake has claimed nearly 70,000 lives, injured more than 374,000 people and left another 18,340 missing.

BEIJING, Oct. 8 (Xinhua) -- China's central bank on Wednesday announced cuts in both the interest rate and reserve-requirement ratio in the latest effort to boost the domestic economy amid worries over the deepening global financial crisis.     The deposit and lending rates would be lowered by 0.27 percentage points from Thursday and the reserve-requirement ratio would be down by 0.5 percentage points from Oct. 15, the People's Bank of China (PBOC) said.     "This was mainly out of concerns over an economic slowdown," said Ba Shusong, deputy chief of the Finance Research Institute under the Development Research Center of the State Council.     "The rate cut was expected as the world was faced with a cycle of interest rate cuts," he told Xinhua.     OUT OF SLOWDOWN CONCERNS     The loosening in monetary policy, the second such move in less than a month, highlighted the government's rising concern over the slowing economy and slumping capital market.     The PBOC cut the benchmark one-year lending rate by 0.27 percentage points on Sept. 16, the first rate cut in six years. It also lowered the reserve requirement at medium- and small-sized lenders by 1 percentage point as of Sept. 25.     Tang Min, China Development Research Foundation deputy secretary, echoed Ba's viewpoint.     Tang said the government made the move mainly out of concerns over domestic problems. "The deepening U.S.-originated credit crisis has impacted the psychology of Chinese and also the real economy," he told Xinhua.     Investors, gripped by lingering fears of global economic downturn, dumped equities to drive the stock market down 66 percent from its peak last October.     China's gross domestic product (GDP) expanded 10.1 percent in the second quarter of the year, marking a deceleration for four consecutive quarters.     Its exports, a major driver behind the economy, reported slowing growth this year as the credit crisis reduced overseas demand for its goods. This has led to the closures of tens of thousands of local exporters and also job losses.     Local businesses bore the brunt of higher borrowing costs and were even finding it difficult to get credit after last year's tightening measures aimed at curbing inflation and averting economic overheating.     The easing in inflation has given room for the authorities to loosen monetary policy. The consumer price index rose 4.9 percent in August, off from the 12-year-high of 8.7 percent in February.     "Inflation is no longer a threat with the declining commodities prices," Tang said.     The monetary policy has been starting to loosen and the trend would not change in the short term, said Zhuang Jian, an Asian Development Bank (ADB) economist. "The whole world doesn't have strong confidence in the economic outlook."     TAX CUT TO BOOST DEMAND     In another move to boost domestic demand, the State Council, China's Cabinet, said it would scrap the 5 percent individual income tax on savings interest earnings starting on Thursday.     China began levying a 20 percent individual income tax on interest earnings in 1999 to narrow the income gap and encourage consumption and investment. The tax rate was slashed to 5 percent on Aug. 15, 2007.     The income tax cut was a must as it would help alleviate the erosion on personal income by high prices, especially given the cut in the deposit rate, Li Yang, head of the Finance Research Institute under the Chinese Academy of Social Sciences.     The tax cut, together with lower borrowing costs, would boost domestic demand, an increasingly more important driver of economy in the global credit crisis, Zuo Xiaolei, China Galaxy Securities chief economist, said.     GLOBAL COORDINATED RESPONSE     The move was also a timely response to the rate cuts by other major central banks and part of a coordinated effort to stem the global crisis, Tang said.     Six other major central banks, including the U.S. Federal Reserve, slashed interest rates on the same day to cope with the current financial crisis.     The U.S. Federal Reserve lowered its target for the federal funds rate by 0.5 percentage points to 1.5 percent. The Bank of England cut its rate by half a point to 4.5 percent and the European Central Bank cut by the same margin to 3.75 percent.     Central banks of Canada, Sweden and Switzerland took similar actions. The Bank of Japan said it strongly supported these policy actions.     Australia's central bank on Tuesday slashed the interest rate by 1 percentage point, the largest cut since 1992.

BEIJING, Sept. 4 (Xinhua) -- China's State Council, or the Cabinet, has ordered government agencies to take immediate actions to rectify the financial abuses exposed by the National Audit Office (NAO) in late August.     All units that misused funds were required to report their rectification results to the State Council before Oct. 31, according to an executive meeting of the Cabinet Thursday, which was presided over by Premier Wen Jiabao.     The NAO found 29.38 billion yuan (4.32 billion U.S. dollars) worth of "problematic" expenditures after auditing the 2007 state budget spending of 53 ministerial-level departments and 368 of their affiliates.     It also found 258 million yuan of disaster relief funds were embezzled and used for administrative expenses or government construction projects.     The meeting decided that more central agencies shall make public their budgets. Eleven of them did this last year.     The Cabinet also reviewed a draft ordinance complementary for the enforcement of the Labor Contract Law, and decided that further revision has to be done before it could be enacted.     The Labor Contract Law took effect on Jan. 1 and has raised concern in China's corporate world because of its enhanced protection of laborers' rights.

BEIJING, Sept.1 (Xinhua) -- China's securities watchdog on Monday required fund companies to make their information release more transparent and rolled out a draft regulation on brokers, its latest moves to boost the healthy development of the country's stock market.     The information of stock-oriented funds, such as their periodic results, would be regularly publicized on the website of the China Securities Regulatory Commission, according to a standard format in the eXtensible Business Reporting Language (XBRL), starting from Jan. 1 next year, the CSRC said in a statement on Monday night.     "The move was to further improve the quality of information release by fund companies," said the CSRC.     The new rule was expected to help third-party agencies to appraise and supervise the management of fund companies. Previously it was difficult for a third party to collect and analyze the first-hand information of funds, which was not available to all.     Meanwhile, the CSRC said a new regulation on securities brokers would prohibit them from surpassing their authority by manipulating customers' accounts or providing investment counseling.     The dealers would also be forbidden to "offer or spread false, misleading information", or "tempt customers to make unnecessary deals," said the CSRC. Nor could they make agreements on sharing investment proceeds with customers, or promise gains or compensation for losses.     "It was aimed at protecting the legal interests of fund investors and ward off risks caused by ill regulation of securities dealers," said the CSRC in a separate statement.     The watchdog's actions were part of China's recent efforts to straighten out the stock market order and lay a sound foundation for a long-term development.     The CSRC announced earlier this month it would raise the refinancing threshold for listed companies, saying the dividend they pay to shareholders in the recent three years should be no less than 30 percent of its distributed profits, compared with the previous set line of 20 percent.     Refinancing plans of listed companies had led to share price declines and complaints in China as liquidity concerns loomed over the stock market. Investors also blamed their losses on insider trading and opacity of fund companies.     Last week, a draft amendment to the Criminal Law was submitted to China's top legislature, stating that employees of financial institutes will face criminal prosecution for insider trading. Currently there were no relevant provisions in the Criminal Law.     China's benchmark Shanghai Composite Index has shed more than 60 percent from its peak in mid October last year.     In the first half, 364 funds in the country incurred a record loss of 1.08 trillion yuan (about 154 billion U.S. dollars), more than 90 percent coming from stock-oriented or hybrid funds, according to statistics from the TX Investment Consulting Co..