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BEIJING, Jan. 4 (Xinhua) -- Major Chinese lenders are expanding a preferential policy on house loan interests to cut the burden of the country's home buyers hit by the spreading financial crisis. For individuals who bought houses on mortgage lending before Oct. 27, 2008 and have not paid off the loans, their credit interest rates could be reduced to 70 percent of the benchmark rate from the previous 85 percent, customer service staff of several banks told Xinhua on Sunday. The discount will be available for Beijing, Shanghai and Qingdao clients of the China Construction Bank after their applications go through default record checks. The Bank of China branch in Shanghai is also providing the preference but the Beijing branch keeps the rate unchanged. The Industrial and Commercial Bank of China, the country's largest lender, and the Agricultural Bank of China are also making specific rules for similar rate discounts. China's central bank announced in October it would reduce the lower limit of interest rates on individual house loans to 70 percent of the benchmark credit rate from 85 percent, starting from Oct. 27 last year. The move was viewed as a stimulus to the flagging property market but it has been unclear whether house mortgage deals before that date can enjoy the favor. Under the rate discount, home buyers with a 500,000-yuan (73,500 U.S. dollars) bank loan to be paid off within 20 years can save nearly 60,000 yuan of interest, analysts estimate.
CHENGDU, Jan. 25 (Xinhua) -- With red lanterns hanging from the eaves, the bangs of firecrackers outside, and tables of delicious food, the Chinese people, including millions of quake survivors, observed the Lunar New Year eve in the traditional way. In the prefab of quake survivor Hu Suqiong, a dozen family members gathered at the table on which were traditional local foods such as preserved ham and sausage. "I really had not expected that I could celebrate the Spring Festival with everyone in such a good prefab room," Hu's husband Chen Ziyi toasted Sunday noon's "reunion" (tuanyuan in Chinese) meal", which take place among Chinese families on the Lunar New Year's Eve. The "Qinjian Family" prefab housing area where Hu Suqiong lives near the downtown of Dujiangyan City has 120,000 people. Dujiangyang was a worst-hit area in Sichuan Province in last May's devastating earthquake which left more than 80,000 people dead or missing. "I feel rather satisfied and thank all those who have helped me," Chen said. Spring Festival, which falls on Monday, is the most important holiday for Chinese. People meet relatives and eat dumplings and various delicious food. They set off firecrackers to scare off evil spirits. For Chinese, the year 2008 was both a painful year and a proud year in which the 8.0-magnitude earthquake on May 12 in Sichuan caused huge casualties and damage, and the successful Olympic Games in August made China a focus in the world. In Longxi Village, Wenchuan County in Sichuan, the quake epicenter, 37-year-old Chen Shixue kept his simple temporary house warm with an electric heater. Locals select Spring Festival couplets at Kangxian County in Longnan, a quake-hit city of northwest China's Gansu Province, Jan. 25, 2009. Quake zone residents in west China had made their own ways to welcome the Spring Festival, or the Chinese Lunar New Year. Chen said the government offered construction materials and each family 2,000 yuan to help build the wind and rain-proof houses made of plastic cloth, straw beddings and wood boards. Some 90 out of 96 families in the village lost their homes in the quake. They built the temporary houses to live through the winter as their new permanent housing has not yet been completed. Before the winter came, the government also gave his family seven quilts and an electric carpet to keep warm in the winter, according to Chen. Locals perform folk dances celebrating the Spring Festival in Pengzhou, a quake-hit city of southwest China's Sichuan Province, Jan. 25, 2009. Quake zone residents in west China had made their own ways to welcome the Spring Festival, or the Chinese Lunar New YearUp until now, 560,000 rural households in Sichuan have completed the construction of their new permanent housing, accounting for 44 percent of the total number. Another half a million rural families have yet to complete their new housing, according to the Sichuan government. "Grandma, please bless our whole family with a safe new year," another villager Chen Zhihua said before the tomb of her grandma as she mourned her on Sunday. The 32-year-old woman, an ethnic Qiang, said none of her relatives died in the quake but she lost her house. "We had had too much fear with the tremors last year; to pray the safety of our whole family is the best wish for the new year.

WASHINGTON, Nov. 15 (Xinhua) -- Chinese President Hu Jintao on Saturday called on the international community to make concerted efforts to tide over difficulties arising from the global financial crisis. Hu made the appeal while addressing a summit meeting of the Group of Twenty (G20) on financial markets and the world economy in Washington. RESTORE MARKET CONFIDENCE President Hu urged the international community to take all necessary steps to promptly restore market confidence and stop the spread and development of the financial crisis. "The international financial crisis has now spread from some parts of the world to the entire globe, from developed countries to emerging markets, and from the financial sector to the real economy," said Hu, who arrived here Friday for the G20 summit. "To effectively deal with the financial crisis, all countries should strengthen confidence and intensify coordination and cooperation," he stressed. To deal with the crisis, Hu said major developed countries "should undertake their due responsibilities and obligations, implement macroeconomic policies that are conducive to economic and financial stability and growth both at home and internationally, take active steps to stabilize their own and the international financial markets and safeguard investors' interests." "Meanwhile, we should all enhance macroeconomic policy coordination, expand economic and financial information sharing, and deepen cooperation in international financial regulation so as to create necessary conditions for stability in both domestic and international markets," Hu added. REFORM INTERNATIONAL FINANCIAL SYSTEM Hu urged the international community to earnestly draw lessons from the ongoing financial crisis and, based on full consultations among all stakeholders, undertake necessary reform of the international financial system. "Reform of the international financial system should aim at establishing a new international financial order that is fair, just, inclusive and orderly and fostering an institutional environment conducive to sound global economic development," Hu said. He said the reform should be conducted in a comprehensive, balanced, incremental and result-oriented manner. "A comprehensive reform is one that has a general design and includes measures to improve not only the international financial system, monetary system and financial institutions, but also international financial rules and procedures," he noted. "A balanced reform is one that is based on overall consideration and seeks a balance among the interests of all parties," Hu said. "An incremental reform is one that seeks gradual progress," said the president, adding that it should proceed in a phased manner, starting with the easier issues, and achieve the final objectives of reform through sustained efforts. "A result-oriented reform is one that lays emphasis on practical results. All reform measures should contribute to international financial stability and global economic growth as well as the well being of people in all countries," he stressed. Based on those considerations, Hu listed four priorities in reforming the international financial system -- stepping up international cooperation in financial regulation; advancing reform of international financial institutions; encouraging regional financial cooperation; and improving the international currency system. HELP DEVELOPING COUNTRIES COPE WITH CRISIS President Hu also called for international efforts to help developing countries and the least developed countries cope with the global financial crisis. "When coping with the financial crisis, the international community should pay particular attention to the damage of the crisis on developing countries, especially the least developed countries (LDCs), and do all it can to minimize the damage." It is necessary to help developing countries maintain financial stability and economic growth, sustain and increase assistance to developing countries, and maintain economic and financial stability in developing countries, he said. CHINA TO PLAY CONSTRUCTIVE ROLE Responding to natural disasters and the global financial crisis, China has made timely adjustment to its policies and strengthened macroeconomic regulation, Hu said. "Steady and relatively fast growth in China is in itself an important contribution to international financial stability and world economic growth," he noted. "The Chinese government has adopted measures to boost economic development, including lowering the required reserve ratio, cutting the deposit and lending rates, and easing the corporate tax burdens," Hu told the participants. Meanwhile, as a responsible member of the international community, "China has taken an active part in the international cooperation to deal with the financial crisis and played a positive role in maintaining international financial stability and promoting the development of the world economy," he said. "Stability of the international financial markets and sustained development of the global economy are crucial to the well being of all countries and people," Hu noted. "Let us tide over the difficulties through concerted efforts and contribute our share to maintaining international financial stability and promoting global economic growth," he concluded.
LONDON, Feb. 2 (Xinhua) -- Airbus and Xi'an Aircraft Industry Company (XAC) signed a cooperation agreement here on Monday to have the A320 Family wing "fully completed and tested" in China. The agreement signed by Brian Fleet, Airbus senior vice president, and Meng Xiangkai, president of XAC, in London, in the presence of the visiting Chinese Premier Wen Jiabao and his British counterpart Gordon Brown. According to this fourth phase of the agreement, the wing equipping and testing will be done in Tianjin in a facility to be newly built close to the A320 FALC by XAC, a wholly owned subsidiary of China Aviation Industry Corporation (AVIC). The fully equipped and tested wings will be directly delivered to the nearby Final Assembly Line. The wing box structures assembled by XAC in China are now completed at Airbus' Broughton site, before being transported to the Final Assembly Line in China. The wing equipping operations are expected to start at the end of 2009, followed by the first delivery of a fully equipped set of wings in the first quarter of 2010. "With this project, Airbus is fulfilling its support to the cooperation agreement regarding A320 China wing manufacture," said Fleet. He said that having this facility close to the FALC is the most efficient industrial solution which will save transportation costs, reduce lead-time and risks in handling, and ensures quicker response time to our customers. Meng said that "I am confident that we will also be successful with this fourth phase, after successes in the first three phases."
BEIJING, Oct. 18 (Xinhua) -- China should pay more attention to its grain security in rural reform, said Jia Qinglin, the country's top political advisor, here on Saturday. It should be a top priority to maintain grain production when the country develops modern agriculture, said Jia, chairman of Chinese People's Political Consultative Conference (CPPCC) National Committee, when the third meeting of the CPPCC National Committee's Standing Committee concluded here. "China should stick to the most strict system to protect farming land." During the four-day meeting, senior political advisors reviewed the decision on rural development and reform made at the third Plenary Session of the 17th Communist Party of China (CPC) Central Committee. They exchanged views and presented valuable ideas on rural reform, said a statement issued after the meeting. "We should realize new situations and problems China faces in rural economic and social development, as well as urgency and responsibility to push forward rural reform," Jia said. The CPPCC would work on proposals on system building, agriculture and public service development in rural areas. He also asked political advisors to watch and study the global financial turmoil's impact on the domestic economy and contribute their talent to the administration.
来源:资阳报