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BEIJING, Oct. 4 (Xinhua) -- The ongoing global financial turbulence will have a limited impact on China's banks and financial system in the short run, according to officials and experts. "We feel China's financial system and its banks are, to the chaos developed in the U.S. and other parts of the world, relatively shielded from those problems," said senior economist Louis Kuijs at the World Bank Beijing Office. He told Xinhua one reason was that Chinese banks were less involved in the highly sophisticated financial transactions and products. "They were lucky not to be so-called developed, because this (financial crisis) is very much a developed market crisis." Farmers harvest rice in 850 farm in Northeast China's Heilongjiang Province on Sept. 26, 2008. A few Chinese lenders were subject to losses from investing in foreign assets involved in the Wall Street crisis, but the scope and scale were small and the banks had been prepared for possible risks, Liu Fushou, deputy director of the Banking Supervision Department I of the China Banking Regulatory Commission, told China Central Television (CCTV). Chinese banks had only invested 3.7 percent of their total wealth in overseas assets that were prone to international tumult, CCTV reported. The ratio of provisions to possible losses had exceeded 110 percent at large, state owned listed lenders, 120 percent at joint stock commercial banks and 200 percent at foreign banks. Kuijs noted most of the banks resided in China where capital control made it more difficult to move money in and out. Besides, the country's large foreign reserves prevented the financial system from a lack of liquidity, which was troubling the strained international markets. "At times like this, one cannot rule out anything," he said. "But still we believe the economic development and economic fundamentals in China are such that it's not easy to foresee a significant direct impact on the financial system." However, he expected an impact on China's banks coming via the country's real economy, as exports, investment and plans of companies would be affected by the troubled world economy and in turn increase pressure on bad loans. Wang Xiaoguang, a Beijing-based macro-economist, said the growing risks on global markets would render a negative effect on China in the short term but provided an opportunity for the country to fuel its growth more on domestic demand than on external needs. He urged while China, the world's fastest expanding economy, should be more cautious of fully opening up its capital account, the government should continue its market reforms on the domestic financial industry without being intimidated. Chinese banks had strengthened the management of their investments in overseas liquid assets and taken a more prudent strategy in foreign currency-denominated investment products since the U.S.-born financial crisis broke out, CCTV reported.
BEIJING, Oct. 1 (Xinhua) -- Some 53.2 million people hit the roads in China on Wednesday, the third day of the "golden week", said a Ministry of Transport (MOT) spokesman. Although that figure was an increase of 5.1 percent year-on-year, it was 4.2 percent lower than Tuesday's 55.5 million, because most travelers began their journey in the first two days of the holiday, he said. The "golden week" National Day holiday this year runs from Sept. 29 to Oct. 5. The spokesman said 740,000 medium-sized and large vehicles were used to move travelers around the country on Wednesday, compared with Tuesday's 760,000 vehicles. People watch the national flag raising ceremony at the Tian'anmen Square in Beijing, capital of China, Oct. 1, 2008. Some 53.2 million people hit the roads in China on Wednesday, the third day of the "golden week", said a Ministry of Transport (MOT) spokesman The transportation situation nationwide remained stable on Wednesday, and there were no serious traffic accidents. Trains transported 5.83 million people on Tuesday, up 19.6 percent from a year earlier, according to the Ministry of Railways. Some 920,000 people traveled by water on Wednesday, up 1.1 percent over the same day last year, said the MOT.

BEIJING, May 31 (Xinhua) -- The 28-year-old policewoman Jiang Min has become a national model for her devotion to quake victims while her own mother and two-year-old daughter died in the devastating May 12 earthquake. Jiang was received by Zhou Yongkang, secretary of the Central Committee for Political and Legislative Affairs of the Communist Party of China (CPC), at Zhongnanhai, the leadership compound in downtown Beijing, on Saturday afternoon. Zhou Yongkang, secretary of the Central Committee for Political and Legislative Affairs of the Communist Party of China (CPC), shakes hands with the 28-year-old policewoman Jiang Min at Zhongnanhai, the leadership compound in downtown Beijing, May 31, 2008. Jiang Min has become a national model for her devotion to quake victims while her own mother and two-year-old daughter died in the devastating May 12 earthquake. (Xinhua Photo) Many police officers risked their own lives to save others and help suffering victims after the major quake, said Zhou, also a member of the Standing Committee of CPC Central Committee Political Bureau, "You are one of them. You have been on the frontline to assist quake victims when bearing great pains of losing the beloved. All of us should learn from you." A day after the quake, Jiang learnt that ten members of her family living in Beichuan county, one of the worst-hit areas, passed away including her only daughter. She was working as a police officer in the neighboring city Pengzhou. "I felt that the sky was falling. I can't believe that. I had just talked with my baby girl on phone a day ago," she once recalled the dark moment in an interview. But Jiang did not leave her post as more and more displaced people came to Pengzhou from quake-hit areas and the police had to help them settle down. In the week following the earthquake, she had worked at temporary shelter camps and barely slept until she fainted on the spot and was sent to hospital. Jiang has showed the best of Chinese police officers, Zhou said. He hoped that local police officers and those from other parts of China to assist quake relief would stick to such a noble spirit to work together and well serve their duty in a bid to help create a stable society in the quake-affected areas. Jiang said she would not fail the Party and people's expectation and work harder in her own post.
BEIJING, June 30 (Xinhua) -- Chinese President Hu Jintao said Monday that supervision over the use of hefty quake relief fund and materials should be intensified to guarantee they would be exclusively used for what they were intended to. "We must ensure that the quake relief fund and materials will be veritably used for quake relief and the people affected by the earthquake," Hu, also general secretary of the Communist Party of China (CPC) Central Committee, told a workshop marking the 87th founding anniversary of the CPC. The meeting was attended by representatives of the Party's grassroots organizations and members who had been honored for their roles in the rescue and relief campaign after the May 12 earthquake. Top leaders Wu Bangguo, Wen Jiabao, Jia Qinglin and others were also present. The death toll of the 8.0-magnitude Wenchuan earthquake reached nearly 70,000, and more than 18,000 were reported missing Monday. Government relief fund totaled 54.72 billion yuan (about 7.82 billion U.S. dollars), while domestic and foreign donations hit 55.3 billion yuan in cash and goods. Hu told the meeting that education and supervision of Party members and leading officials in regard to clean governance should be strengthened, the system of punishing and preventing corruption further be improved, and efforts in the anti-corruption drive be increased. Chinese President Hu Jintao (R), also general secretary of the Communist Party of China (CPC) Central Committee, together with other members of the Political Bureau Standing Committee of the Communist Party of China (CPC) Central Committee, shakes hands with representatives of the party's grassroots organizations and members who had been honored for their roles in the rescue and relief campaign after the May 12 earthquake prior to their meeting in Beijing, June 30, 2008 These measures are essential for the Party members and leading officials "to maintain their original political color, and be clean in doing their jobs and behaving themselves," Hu said. He also promised that officials who "passed tests and showed extraordinary capability in the rescue, relief and rebuilding work" should be promoted to leading positions. Chinese President and general secretary of the Communist Party of China (CPC) Central Committee Hu Jintao (C) delivers a speech at a workshop marking the 87th founding anniversary of the CPC in Beijing on June 30, 2008. The meeting was attended by representatives of the Party's grassroots organizations and members who had been honored for their roles in the rescue and relief campaign after the May 12 earthquake. Top leaders Wu Bangguo, Wen Jiabao, Jia Qinglin and others were also presentHu called on all the CPC members to study and practise the great "earthquake rescue and relief spirit" displayed by the local Communist heroes, which he summarized as "all people of one mind", "unity in strength", "fearlessness of hardship", "people first", and "respect for science". "The spirit was a concentrated display and new development of the national spirit of modern China," he said. Hu attributed the major achievement of saving lives in the first stage of the earthquake relief campaign to the firm leadership of the Party, stressing that Party organizations at all levels and members played a vital role. The earthquake relief campaign was a test of the leadership and capabilities of the Party as well as a test for the capabilities of Party organizations and the nature of all Party members, he said. Now, he said, was the crucial period for achieving the goal of the country's economic and social development as the earthquake relief effort entered into the stage of settling the affected people by restoring normal life and rebuilding homes. Hu urged the whole Party to display excellence in the earthquake relief, in order to maintain the Party's flesh-and-blood link with the people. He urged Party organizations of all levels to increase their capabilities for handling emergencies, by establishing and perfecting the working mechanism with concentrated leadership, unified command, sensitivity in response, and high efficiency.
BEIJING, Sept. 3 (Xinhua) -- Premier Wen Jiabao inspected repair work and raised morale among residents over the past three days, during a visit to southwestern Sichuan Province nearly four months after the devastating May 12 earthquake. "The relief work [so far] is successful," said Wen, on his fourth visit to Sichuan since the quake. "Now we are entering a critical stage to boost rehabilitation." With a combination of temporary housing and repaired buildings, about 4.45 million homeless families in the province have found accommodation. Wen visited Zaoshu Village, Qingchuan County, one of the worst-hit areas, as the villagers were busy building or repairing houses. Chinese Premier Wen Jiabao (L) shakes hands with workers while visiting a road repair site near the epicenter, Yingxiu, southwest China's Sichuan Province, Sept. 2, 2008 A couple, Shi Guangwu and Zhang Zhengfang, told him that they received a subsidy of 23,000 yuan (3,333 U.S. dollars) from the government to build a new residence. Chinese Premier Wen Jiabao lays a wreath at a mass burial site of quake victims in the worst-hit Beichuan County, southwest China's Sichuan Province, Sept. 1, 2008.Under a provincial government policy issued in June, rural families who lost their homes will build new ones under government supervision. Each will receive about 20,000 yuan from the government. "I am glad to see farmers in the quake area are busy rebuilding their homes with their own hands. As long as we carefully plan and organize the work, new houses will rise soon," said Wen, who expressed appreciation for their self-reliant attitude. During the four-day trip beginning Sunday, Wen also visited an urban community in Qiaozhuang Town, Qingchuan. Permanent home rebuilding has not started in the urban area yet as the government is working on a subsidy policy for urban survivors. Chinese Premier Wen Jiabao is surrounded by children in the Xinjian primary school in Dujiangyan city, southwest China's Sichuan Province, Sept. 2, 2008.He explained to the residents that work has to be done to evaluate the condition of damaged houses and develop a rehabilitation plan. "As soon as a policy is formulated, rebuilding will start," he said. Besides residential buildings, schools and hospitals are priorities in rehabilitation. At a temporary hospital in Qingchuan, Wen promised patients that the new hospital would be built soon and medical facilities would be better than before the earthquake. Chinese Premier Wen Jiabao (C) visits Zaoshu Village, Qingchuan County, one of the worst-hit areas in southwest China's Sichuan Province, Aug. 31, 2008.The Premier chatted with doctors and nurses from eastern Zhejiang Province who were there helping to serve local residents. Wen thanked them for lending a hand to quake survivors. On the morning after the earthquake, the country saw Wen standing on the rubble of the Xinjian primary school in Dujiangyancity, encouraging a trapped child through a crack. Wen returned to the school, which is in makeshift buildings, during this visit. More than 240 students in the school were killed in the quake. Standing in a classroom before the blackboard, he said to the students: "You are our country's future. I believe beautiful flowers will blossom over the debris of the earthquake." Children presented handmade cards to Wen and invited him to take photos with them. The Premier presented flowers and bowed three times under the national flag on the campus to mark the victims. Agriculture and industry were gradually recovering in the quake area. At Yongquan Village in Deyang City, people were harvesting rice and planting potatoes. Wen went into the field, asking farmers about their crop yield. Told there was a bumper rice harvest despite the quake, he urged local officials to resume production as soon as possible where conditions allow. At quake-devastated Dongfang Steam Turbine Co., Ltd. of Deyang, which Wen had visited twice previously, he was visibly happy to see production back at the pre-quake level. He urged employees to continue working to build the company into a more advanced, secure and sustainable organization. The premier also visited a road repair site near the epicenter,Yingxiu, praising the soldiers and workers who braved aftershocks and landslides to keep the road clear after the quake. The worst-hit Beichuan County must be relocated as it was severely damaged in the quake and the original site might be vulnerable. Wen again visited the debris where the county seat was once located. He trudged on foot for an hour through the debris with a heavy heart. He laid a wreath at a mass burial site of quake victims and observed a one-minute silent mourning period together with his entourage. He told survivor Wang Dan, a 26-year-old woman of Qiang ethnic group, that the pain was overwhelming but the Beichuan people were strong. "Although half of the population perished, the other half -- the survivors -- will build a new Beichuan with hope," he said. When invited by Wang to come again when the new Beichuan is built, Wen promised he would come to the place, which he would remember for life. He told local officials that the county should be rebuilt not only materially but also spiritually, as its unique Qiang culture should be preserved and promoted. Presiding over a meeting attended by Sichuan provincial-level officials on Tuesday night, Wen said the quake rescue and relief work had entered an important phase of reconstruction. He urged local governments to seriously implement the reconstruction plan approved by the State Council, the country's Cabinet, and lead local people to accomplish the major tasks of rehabilitation and reconstruction in three years.
来源:资阳报