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BEIJING, May 23 (Xinhua) -- China unveiled Saturday credit rating standards for the sovereignty entity of a central government, the first sovereign credit rating standards in China, aiming broader participation in global credit rating. The standards were announced by Dagong Global Credit Rating Co., Ltd, one of the first domestic rating agencies in China. The sovereign credit rating standards would be able to evaluate the willingness and ability of a central government to repay its commercial financial debts as stipulated in contracts, said the company. The rating results could reflect the relative possibility of a central government to default as a debtor, and the rating is based on the country's overall credit value, according to Dagong. Elements of credit risks will include the country's political environment, economic power, fiscal status, foreign debt and liquidity, said the company, adding that it judges the credit of a sovereign entity on the basis of a comprehensive evaluation of its fiscal strength and foreign reserves. Compared with other rating agencies, Dagong pays more attention to the different economic stage of each country, and examines the features of its credit risks in a holistic and systematic view, according to Dagong. Jiang Yong, director of the Center for Economic Security Studies under the China Institutes of Contemporary International Relations, said the financial crisis exposed a risk of the international society relying solely on the credit rating institutions of a single country, which is the largest risk of the world economy. Luo Ping, head of the training center under China Banking Regulatory Commission, said the launch of the sovereign credit rating standards would help improve the transparency of credit rating information, and would strengthen China's position in the international financial arena.
BEIJING, May 30 (Xinhua) -- China's central authorities issued a circular here Saturday urging candidates to practice fair play in direct elections of village heads amid complaints of bribery and other dirty tricks to win votes. "The villagers' committee election work in some rural areas is not properly conducted as bribery situation is grave and seriously harms the impartiality of election," said the circular jointly issued by the General Office of the State Council and the General Office of the Communist Party of China (CPC) Central Committee. According to the circular, candidates' behaviors must be "strictly regulated". Punishment ranging from disqualification from election, removing current post to criminal penalty will be given to those who try to win votes from villagers with money, violence or intimidation and those who cheat in vote count. Villagers have the rights to report any improper behaviors of the candidates and such reports should be investigated and managed immediately, the circular said. "Currently, the country's rural areas are experiencing fresh reform and farmers' ideas are also undergoing deep changes," said the circular." Improving the work of election will help ensure villagers to practise their rights and develop grass-root democracy." In addition, government organizations at provincial, city, county and township levels should set up special departments to regulate and guarantee the smooth run of village elections. According to the circular, related organizations are also urged to "carefully" deal with post-election issues, such as auditing the work of former villagers' committees, ensuring former committee members' social welfare and even comforting candidates who lose. A villagers' committee in China's countryside is a mass organization of self-management comprising local villagers, usually five members that manage village affairs. China has introduced the practice of self-administration and direct elections at village levels since the Organic Law of Villagers' Committees was enacted in 1988. The law, which sets out basic principles to ensure democracy at a local level, states that any villager aged 18 years or over has the right to vote or stand as a candidate.

BEIJING, July 1 (Xinhua) -- The Purchasing Managers' Index (PMI) of China's manufacturing sector stood at 53.2 percent in June, the China Federation of Logistics and Purchasing (CFLP) said Wednesday. The figure was up 0.1 percentage points from May, when the index fell 0.4 percentage points from the previous month. A reading of above 50 suggests expansion, while below 50 indicates contraction. The PMI includes a package of indices that measure economic performance. The survey, conducted by the National Bureau of Statistics, covers purchasing and supply managers at more than 700 firms across China. The output index was 57.1 percent, up 0.2 percentage points from a month ago. The new order index fell to 55.5 percent from 56.2 percent in May and 56.6 percent in April. The purchasing price index climbed 4.7 percentage points to 57.8 percent, the seventh monthly increase since December.
HONG KONG, May 18 (Xinhua) -- China will definitely be able to meet the target of achieving eight percent economic growth in 2009, a senior official of the country's top economic planning body said here Monday. "Judging from the indicators of the first four months, I do believe it is highly possible to achieve an eight percent growth for the full year. In fact, I believe the target will definitely be met," said Xulin, head of the Department of Fiscal and Financial Affairs of the National Development and Reform Commission. Speaking at a briefing in Hong Kong, Xu said the basic assessment was that there has been consolidation in the recovery momentum and that the minor slowdown in April, normal as it has been when considering the past experiences, did not necessarily signal a second bottom in the ongoing economic downturn. Economic planners have been monitoring the economy closely and are prepared to put in place additional measures in the coming months if it is necessary, Xu said. Post-earthquake reconstruction in Sichuan province was being carried out quicker than previously planned. Small and medium enterprises were receiving financing aid from guarantee programs, Xu told local as well as foreign reporters. The National Development and Reform Commission will approve 600 billion yuan (88 billion U.S. dollars) of corporate bonds this year as the IPO market remained cool, compared with 236 billion (35 billion U.S. dollars) for 2008, Xu said. The debt of the Chinese government was about 20 percent of gross domestic product, compared with over 190 percent for Japan, close to 100 percent for the United States and 60 percent on average for the European economies. The Chinese government has planned a budget deficit of 950 billion yuan (139 billion U.S. dollars) for 2009, which represented about 2.8 percent of gross domestic product. Xu said the ample resources could sustain heavy government investment to stimulate the economy for several years although "it was not necessary. "The Chinese government will spend more resources to develop public housing programs and a pension system and to push forward the health reform, so as to increase the contribution of domestic consumption to economic growth," Xu said. "I don't think export can still play the roles as they did in past few years in driving the Chinese economy," Xu said, adding that China, as a responsible player, would like to see a moderately stable yuan.
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
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