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BEIJING, June 11 (Xinhua) -- China's Central Authorities have launched a new round of campaign to crack down on "small coffers" illegally held in the hands of Party and government organizations at different levels. This year, Party and government departments that completely rely on the budgetary funds are the first to carry out the work and later, the campaign will involve all nongovernmental organizations, state-run companies, and state-held companies, in a step-by-step way, says a document recently issued by the General Offices of the Communist Party of China (CPC) Central Committee and the State Council. The document, known as "Directions on Deepening the Crackdown of Small Exchequers", criticized the illegal phenomenon, emphasizing that in some areas and departments it has occurred frequently or even seriously. "The masses have responded to it strongly," it says. It calls these "small coffers" a "cancer" and says they must be eliminated. The illegal phenomenon has resulted in inaccuracy in accounting, disturbance in market order, losses in state income and property and corruption, according to the circular. It encourages all units concerned to check the problem by themselves and those that pretend to do so will be punished. It pledges to punish those who try to boycott the campaign or retaliate the tippers. Those that are involving huge sum of the illegal treasuries or criminal activities will be handed over to judicial departments in accordance with law, according to the document. The Central Authorities have set up a special leading group with members from the Central Commission for Discipline Inspection of the CPC Central Committee, the Ministry of Supervision, the Ministry of Finance, and the State Auditing Administration. In the late 1990s, the Chinese Authorities conducted the first round of auditing and cracking down on "small coffers" throughout the country.
YEKATERINBURG, Russia, June 15 (Xinhua) -- President Hu Jintao on Monday expressed China's readiness to work with Uzbekistan to push forward their relations of friendship, cooperation and partnership. At a meeting with Uzbek President Islam Karimov here, the Chinese president said relations between China and Uzbekistan have witnessed healthy and stable growth since the two countries established friendly and partnership relations in 2005. The two countries have maintained frequent high-level exchanges, deepened their political mutual trust and expanded cooperation in such fields as trade, economy, energy, security and culture, he said. Chinese President Hu Jintao (R) meets with Uzbekistan's President Islam Karimov in Yekaterinburg, Russia, June 15, 2009. They have supported each other on major issues of respective concerns, conducted robust cooperation in the United Nations, the Shanghai Cooperation Organization and other multilateral organizations, and contributed to promoting peace and stability in the region and the world at large, Hu said. He said China highly values its relations with Uzbekistan and stands ready to implement the existing agreements and consensus between the two countries so as to strengthen their relations of friendship, cooperation and partnership. Hu proposed that the two countries give full play to the intergovernmental economic and trade cooperation committee, boost cooperation in trade, economy, transport, energy, telecommunications, light industry and agriculture, and maintain the momentum for the growth of two-way trade to promote social and economic development of both countries. Hu said the global financial crisis is still spreading, posing grave difficulties and challenges for China's economic development. In order to tackle the crisis and maintain steady and relatively fast growth of the economy, China has timely adjusted its macroeconomic policies and adopted a package of measures to further expand domestic demand and boost economic growth, Hu said. These measures are being implemented and have started to take effect, he said. China is confident of overcoming the difficulties, achieving the steady and relatively rapid growth of its economy and contributing to the recovery and healthy, stable development of the global economy, Hu said. China stands ready to strengthen exchanges and cooperation with Uzbekistan in the financial sector, jointly guard against global financial risks and promote the healthy and stable economic and financial development of both countries, he said. Karimov, for his part, said Uzbekistan appreciates its relationship with China, which features friendship, mutual trust and cooperation. Uzbekistan appreciates China's continued supply of aid over a long period of time, especially the sincere help and support provided by China at times of hardship for Uzbekistan, he said. Amid the current global financial crisis, Uzbekistan is ready to strengthen cooperation with China in such sectors as the economy, trade, energy and natural resources to jointly tackle the financial crisis. Uzbekistan is willing to strengthen cooperation with China within the framework of the Shanghai Cooperation Organization (SCO) and enhance coordination in international affairs, Karimov said. Uzbekistan firmly supports China on the issue of Taiwan and issues related to Tibet, he said. The Chinese president arrived in Russia's Ural mountain city of Yekaterinburg on Sunday for the annual SCO summit, which will discuss how to tackle the international financial crisis and expand cooperation in the political, economic and security fields, and in other areas, among member states. Founded in 2001, the SCO consists of China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Mongolia, India, Pakistan and Iran are observers of the organization. Chinese President Hu Jintao (2nd R) meets with Uzbekistan's President Islam Karimov (2nd L) in Yekaterinburg, Russia, June 15, 2009.
SHANGHAI, June 3 (Xinhua) -- Standard Chartered Bank (China) Limited announced Wednesday that it plans to issue 3.5 billion yuan (512 million U.S.dollars) financial bonds in China, the first foreign bank to issue Renminbi bonds in the Chinese mainland. The announcement was made in the wake of a circular released by the State Council in April on building Shanghai into an international financial center and shipping hub. The municipal government of Shanghai convened a working meeting late last month on preparation for the financial center goal, promising to support foreign banks to issue yuan-denominated bonds. "As China's financial market continues to liberalize, Standard Chartered is seeing a number of opportunities for our business," said Peter Sands, Group Chief Executive of Standard Chartered Bank, during his visit to Beijing this week. The issuance is expected to help elevate the Renminbi's status as an international reserve currency, develop local capital markets, and contribute towards Shanghai's development as a global financial center, said Sands. Standard Chartered Group reported 26 percent income growth in 2008, or 13.97 billion U.S. dollars despite the difficult global economic environment. In China, the bank has grown by an average annual compounded growth rate of 80 percent over the past four years. Standard Chartered Bank is China's oldest foreign bank enjoying150 years of history. It is among the first batch of locally-incorporated foreign banks and has one of the largest foreign bank networks operating in China.
DALIAN, May 25 (Xinhua) -- China started the trading of polyvinyl chloride (PVC) futures contracts at 9 a.m. at DALIAN Commodity Exchange Monday, with September contract V909 opening 275 yuan higher at 6575 yuan per ton. After steel futures and rice futures, this is the third new futures trading launched in China this year. PVC is a kind of synthetic resin widely used in construction, plumbing, electric wires and packaging. China is the world's largest PVC manufacturer, with an annual output of 8.82 million tonnes last year. A trading staff looks at the price of futures contracts at the hall of the Dalian Commodity Exchange in Dalian, a coastal city in northeast China's Liaoning Province, May 25, 2009. China started the trading of polyvinyl chloride (PVC) futures contracts at 9 a.m. at Dalian Commodity Exchange Monday, with September contract V909 opening 275 yuan higher at 6575 yuan per ton. China is the world's largest PVC manufacturer, with an annual output of 8.82 million tonnes last year
UNITED NATIONS, June 15 (Xinhua) -- China on Monday called for the peaceful resolution of the Iranian nuclear issue through diplomatic negotiations. La Yifan, minister-counselor of China's Permanent Mission to the UN, told a Security Council meeting that China has always called for resolving the Iranian nuclear issue through diplomatic negotiations in a peaceful manner. "China always believes that resolving this issue through diplomatic means is in the interest of peace and security in the Middle East and is in the common interest of the international community," he said. La said China is ready to continue to play a constructive role in this regard. At present, "rare opportunities" exist with regard to the restart of the negotiations with Iran over the nuclear issue, he said. La called on Iran to strengthen its cooperation with the International Atomic Energy Agency (IAEA) to resolve outstanding issues as early as possible. He also urged the international community to seize the opportunity to intensify diplomatic efforts so as to ensure an early start of the negotiations.