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HONG KONG, Aug. 22 (Xinhua) -- China Construction Bank (CCB), the country's second largest bank, said Sunday its net profit in the first half of this year jumped 27 percent to reach 70.78 billion yuan (10.4 billion U.S. dollars) from a year earlier and its non-performing loan (NPL) ratio dropped to 1.22 percent.In a filing to the Hong Kong stock exchange, CCB said its profit before tax amounted to 92.19 billion yuan, up 27.2 percent year on year.RAPID GROWTH IN H1Key contributors to the rapid year-on-year growth of net profit were increased credit supply, service and product innovation, and decreased impairment losses, according to the statement.Regarding credit supply, the bank said its average balance of interest-bearing assets rose by 18.26 percent in the first half, prompting net interest income to surge by 15.33 billion yuan, or 15 percent.On service and product innovation, CCB said net fee and commission income rose by 10.22 billion yuan, or 43.63 percent year on year, as a result of sustained rapid expansion of fee-based business.The Beijing-based lender also said its impairment losses fell by 2.995 billion yuan, or 23.36 percent, due to price rally in foreign currency debt securities with the improving market.CCB President Zhang Jianguo said in the statement that there were signs of recovery in developed economies and robust growth of emerging economies against the backdrop of a gradually warming-up global economy in the first half.China has sustained rapid economic growth, thanks to the government's ongoing stimulation of domestic demand, he said. Foreign trade has gradually improved, while investment and consumption spending have continued to expand at a fast pace, and China's overall financial market performed steadily in the first half.Amid the European sovereign debt crisis and the Chinese government's macro-control policies in the property sector, domestic capital and property markets have undergone noticeable adjustments and are experiencing increasing uncertainties about the future market direction, he said.According to the statement, CCB's net interest income was 117.8 billion yuan, an increase of 15.33 billion, or 14.96 percent year on year.But compared to the same period of 2009, CCB's net interest spread for the first half of this year had dropped by two basis points to 2.32 percent, largely because the yield of interest- bearing assets decreased more than the cost of interest-bearing liabilities, it said.In the first half, CCB's interest income surged by 11.22 billion yuan, or 6.66 percent year on year to 179.65 billion yuan. While the interest expense was 61.85 billion yuan, a year-on-year decrease of 4.12 billion yuan, or 6.24 percent.The bank said its credit asset quality had steadily improved, with non-performing loans standing at 65.17 billion yuan by the end of June this year, a decrease of nearly 7 billion yuan over the end of 2009.

CHANGCHUN, Aug. 7 (Xinhua) -- Floods have left 85 people dead and 66 missing in northeast China's Jilin Province over the past two months, local authorities said Saturday.More than 5 million people have been affected since the flood season began in June and some 1.5 million people have been evacuated, the Jilin Provincial Civil Affairs Department said in a statement.Additionally, almost 82,000 houses have collapsed and 198,000 others have been damaged, the statement said.Soldiers pack stones to reinforce a bank in Yongji County, northeast China's Jilin Province, Aug. 4, 2010. Floods hit dozens of counties in Jilin, causing more than 300,000 houses collaped and over 70 people died since this July.Direct economic losses were estimated at more than 45 billion yuan (6.6 billion U.S. dollars), it added.In the hardest-hit areas, flash floods have cut roads, isolated villages and disrupted communications and water supplies.

NANJING, July 3 (Xinhua) -- The population of China, the world's most populous country, is projected to reach 1.39 billion by the end of 2015, with those age 60 or over topping 200 million people, said Li Bin, head of the country's top population policy agency.Li, director of the National Population and Family Planning Commission, released these estimates Saturday during a speech at the annual conference of the China Population Association in Nanjing, capital city of east China's Jiangsu Province.The urban population is projected to be over 700 million over the next five years, for the first time exceeding the rural population, according to Li.She said the increase in the next five years would be based upon the nation's population momentum, which, according to her, would begin to decline after 2015.Population momentum is the tendency of a highly fertile population that has been rapidly increasing in size to continue to do so for decades after the onset of even a substantial decline in fertility.Chinese government statistics show China's population stood at 1.32 billion at the end of 2008, which was about 2.5 times the number in 1949 when the People's Republic of China was founded.To put a hold on the fast growth, the Chinese government adopted a one-child policy in the late 1970s. The policy had helped China's total population increase less than 40 percent between 1978 and 2008, whereas it nearly doubled between 1949 and 1978.However, during the next five years the development of China's population is expected to go through major transitional changes, Li said.China's first boom in its aging population is expected in the next five years, with roughly an average of eight million people turning 60 each year, 3.2 million more than occurred between 2006 and 2010, she said.In the coming five years, the ratio of the population aged 15 to 59 would peak and then slowly fall, whereas the population dependency ratio, a measure of the proportion of the population too young or too old to work, would rise for the first time after over 40 years of decreasing.In general, China would still retain the advantage of a plentiful labor supply and a relatively low population dependency ratio, she said.

CHANGSHA, July 4 (Xinhua) -- Chinese Premier Wen Jiabao has warned that China's macro economic control policy is facing mounting difficulties with the severity of the international financial crisis and the unpredictable nature of the global economic recovery."China's current economy remains good, but the domestic and international environment is extremely complicated," Wen said while addressing a symposium held Saturday in Changsha, capital of central China's Hunan Province.The symposium, which was presided over by Premier Wen, was thrown to feature economic situation in three provinces of Hubei, Hunan and Guangdong.At the symposium, Wen reiterated the government's stance in maintaining the continuity and stability of macro economic policies, and making these macro policies more flexible and targeted.Wen said the government would "work to promote stable and relatively fast domestic economic growth, restructure the economy and manage inflation expectations to ensure the government's goals for 2010 are met."The government would endeavor to resolve long-term structural problems while targeting urgent issues, Wen said.Before the symposium, Wen also inspected flood prevention and control efforts in parts of Hunan Thursday, and moved on to Changsha, the provincial capital, to visit a number of other venues including companies ranging from machinery, outsourcing to animation companies Friday.While inspecting the companies, Wen enquired about their business, employment and social security, and encouraged them to step up innovation."An internationally competitive enterprise needs products of the best quality, world-leading patent technologies and generations of excellent staff," Wen said when talking with employees in Sany Group, a Changsha-based leading Chinese engineering machinery manufacturer.Wen talked with employers and job hunters at a job market in Changsha. He told a female university student named Yan Youping that the priority for university students was to study hard and grasp skills at school, and students should be clear about personnel demands and be prepared.

LONDON, Aug. 2 (Xinhua) -- Chinese automaker Geely has completed the acquisition of Volvo Car Corporation from Ford in London.Geely Chairman Li Shufu and Lewis Booth, Ford's chief financial officer (CFO) attended a signing ceremony in London on Monday."This is a historic day for Geely, which is extremely proud to have acquired Volvo Cars," said Li."The signing and completion of this acquisition reflects the commitment of Ford and Volvo executives to the future of this company, along with the vital efforts of union representatives and government officials in Sweden, Belgium and China as well as other relevant countries," said Li."This famous Swedish premium brand will remain true to its core values of safety, quality, environmental care and modern Scandinavian design as it strengthens the existing European and North American markets and expands its presence in China and other emerging markets," he added.Geely named Stefan Jacoby, chief executive of Volkswagen Group of America, as president and chief executive officer of Volvo Cars.Jacoby said: "I am honored to join a company with the prestige and growth potential of Volvo. Our employees, suppliers, dealers, and above all our customers, can be confident that Volvo will preserve its special status as the industry leader in vehicle safety and innovation, even as it pursues new market opportunities."Jacoby will join the board of Volvo Cars, chaired by Geely chairman Li. The board comprises several new directors including Hans-Olov Olsson, former president and chief executive of Volvo Cars and former chief marketing officer of Ford, who will become vice chairman of the board.Hans-Oskarsson, deputy chief financial officer, will replace Stuart Rowley as the CFO of Volvo Cars. Rowley and former Volvo president and chief executive Stephen Odell are moving to leadership roles at Ford of Europe.Geely paid 1.3 billion U.S. dollars in cash plus a 200-million-dollar note, less than the price worth 1.8 billion dollars announced in March due to changes in pension obligations and working capital.Under the new ownership, Volvo Cars will keep its headquarters and manufacturing presence in Sweden and Belgium, and its board will have autonomy to execute its strategic plan. Volvo and Ford will maintain close relations in component supply.