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BEICHUAN, Sichuan, May 10 (Xinhua) -- The quake-devastated Beichuan county seat in southwest China's Sichuan Province reopened Sunday to residents to mourn the dead ahead of the first anniversary of the disaster. Some 21,000 people, or two-thirds of the county seat's population, were dead or missing in the 8.0-magnitude earthquake on May 12 last year, making the county the worst hit in the quake. The county will be open for four days till Wednesday. Mourners brought flowers, incense and candles and set off firecrackers in the ruins of former bus stations, county government buildings and homes. The police distributed bottled water to the crowd for free. A mother mourns for her child who was only 67 days old when killed in last year's May 12 earthquake in Beichuan, the hardest-hit area in the disaster, in southwest China's Sichuan Province, on May 10, 2009. Parents who lost their children came back to Beichuan as the first anniversary of the disaster approaches"I come here today to tell my mom that dad, sister and I will live a better life. I miss her and I will often come to see her," said Zheng Chengrong, a student who returned from a vocational college in Mianyang City and dedicated flowers to her mother. Zheng's younger sister studies at Beichuan Middle School, where more than 1,000 students were dead or missing in the quake. Construction of the new school will begin on May 12. "I wish my sister can study hard to enter the senior high school. My mom would be very happy then if she knew that," Zheng said. Cheng Piyi and Huang Guiqiong, a couple who lost their daughter, brought their 16-month son to Beichuan. A mother mourns for her child who was killed in last year's May 12 earthquake in Beichuan, a hardest-hit area in the disaster, in southwest China's Sichuan Province, on May 10, 2009. Parents who lost their children came back to Beichuan as the first anniversary of the disaster approaches."We wish she could see the flowers," Cheng said. "When our son grows up, we will tell him that he had a sister who liked him very much." The town has been closed since May 20 last year. It reopened to former residents during Qingming, or tomb-sweeping day, in April. A new county seat will be built 23 km from the former one. The new town is expected to have 58,000 residents in 2010 and 110,000 in 2020.
BEIJING, April 28 (Xinhua) -- China and Peru on Tuesday signed a free trade agreement (FTA) in Beijing, capping over-a-year-long negotiations and legal processes. Chinese Vice President Xi Jinping and his Peruvian counterpart Luis Giampietri Rojas witnessed the signing ceremony in Beijing, with both hailing the deal "a new landmark" in bilateral ties. "China-Peru agreement is the first FTA package China has signed with a Latin American country," said the Chinese Commerce Ministry. Chinese Vice President Xi Jinping (R) meets with Peruvian First Vice President Luis Giampietri Rojas at the Great Hall of the People in Beijing, capital of China, April 28, 2009. After 14 months of negotiations, China and Peru concluded their free trade talks in November 2008, followed by some legal processes in both countries. "With the global financial crisis looming, the China-Peru deals ends a positive message of deepening cooperation and tiding over difficulties," said Zhu Hong, deputy director general of the International Department of the Chinese Commerce Ministry. The pact is China's second in Latin America, following an accord with Chile in 2005. "The China-Peru FTA is a comprehensive deal, covering goods, service, investment and other fields while the accord with Chile deals with goods only," Zhu said. A complementary deal on service trade was signed with Chile in 2008. "The pact features a high degree of openness," Zhu said, citing phased, free tariffs on more than 90 percent of goods ranging from China's electronic products and machinery to Peru's fish powder and minerals. Under the deal, both pledged to further open their service sectors and offer national treatment to investors from the other country. China and Peru also reached agreement on intellectual property, trade rescue, customs procedures and other fields. The official said the pact would play an important role in helping both nations deal with global financial foes and boosting their own economies. Trade between the two countries reached 7.5 billion U.S. dollars in 2008, according to Chinese customs authority. The FTA deal is likely to come into force in early 2010, Zhu said. Since the beginning of the decade, Beijing has vigorously pursued free trade agreements. So far, China has signed FTA deals with the Association of Southeast Asian Nations (ASEAN), Chile, Pakistan, New Zealand, Singapore and Peru. China is also in free trade talks with Australia, the Gulf Cooperation Council, Iceland, Norway and Costa Rica, among others.
QINGDAO, April 20 (Xinhua) -- China's senior navy officer said here Monday that the international fleet review to be held in east port city Qingdao on Thursday is aimed at promoting understanding about China's military development. Ding Yiping, deputy commander of the Chinese People's Liberation Army (PLA) Navy, told Xinhua in an exclusive interview that the review would serve as a platform for navies from other countries to increase their understanding about China and the Chinese navy. China's People's Liberation Army (PLA) kicks off a grand maritime ceremony to mark the 60th anniversary of its navy at 6 p.m. Monday off the coast of the eastern city of Qingdao,China's Shandong Province, April 20, 2009 "Suspicions about China being a 'threat' to world security are mostly because of misunderstandings and lack of understandings about China," Ding said. "The suspicions would disappear if foreign counterparts could visit the Chinese navy and know about the true situations." Ding also said the review is expected to build a platform for navies from different countries to enhance understanding about each other and for navy leaders to address matters on safeguarding global sea security. High-level delegations from 29 countries and 21 vessels from 14countries will take part in the review, according to the Defence Ministry. China would send domestic-made warships and weapons to the review, including the debut of its nuclear submarines. As the review is to start in days, Ding said the weather in Qingdao is their "prime concern" for the review. "It would definitely affect the review if bad weather appears," Ding said, "such as rain and fog." But Ding also said that according to weather forecast, the cold air which caused rain and heavy wind in Qingdao since Saturday afternoon would come to an end by Wednesday. He is confident that the weather on Thursday would be good enough for the review to go smoothly, if "no major weather accidents happen."
BEIJING, May 6 (Xinhua) -- China's central bank said Wednesday the economy is doing "better than expected" in the first quarter, and pledged to maintain "ample" liquidity in the financial system for economic recovery. China would stick to its moderately easy monetary policy and ensure "ample" liquidity at banks, the People's Bank of China (PBoC) said in its quarterly monetary policy report posted on its website. The country has pumped 4.58 trillion yuan (670 billion U.S. dollars) of new loans into the economy in the first quarter to stimulate growth. The figure is already nearing 5 trillion yuan of new loans targeted for the whole year. In March alone, new loans increased by a record 1.89 trillion yuan. The country's financial institutions and enterprises would digest the huge amount of new loans in the following months, the report said. Industry insiders have said credit extended by China's banks in April may have dropped to above 600 billion yuan after staying at above 1 trillion yuan for three straight months. The central bank said new lending from commercial banks focused on government-backed projects. It encourages more bank loans to be channeled to small and medium-sized enterprises as they play an important role in the national economy and in increasing employment. The central bank said in the first-quarter monetary policy report it would continue to instruct financial institutions to extend new loans, despite the earlier surge. The pick-up in bank lending is conducive to stabilize the financial market and boosting market confidence, PBoC said. Meanwhile, the bank urged lenders to improve credit quality to avoid a possible rebound in bad loans. There have been "positive changes" in the economy in the first quarter, the bank said, echoing remarks made by Premier Wen Jiabao last month. The quarter-on-quarter growth is improving, compared to the fourth quarter of last year, it said, without giving specific figures. China's economy expanded 6.1 percent in the first quarter, the lowest pace in 10 years and down from 9 percent in the fourth quarter last year. The central bank also said foundations for the recovery are not solid, as uncertainties in external economies still exist and private investment is yet to become active with new lending concentrated on government projects. In listing uncertainties ahead, the bank said the country still has to battle against the financial crisis that is unfolding and a collapse in external demand that is hurting exports. The country is also under great pressure to create enough jobs and from a slower growth in residents' income, which would suppress future consumption, it said. The bank also warned overcapacity and insufficient demand may drive prices lower in the country with the world economy in a downturn. But it also said continued falls in prices may become less likely along with the world recovery, a turnaround in the national economy and fast credit growth. "Prices of primary products and assets may rebound quickly once investor confidence is restored, as the global credit is relatively loose thanks to injection of liquidity and stimulus packages across the world," the bank said. The central bank also said it was concerned that the extraordinary monetary policy adopted by other major economies would result in inflation risks. It referred to the quantitative easing policy adopted by the U.S., Japan, Britain and Switzerland to pump cash into their economies. The quantitative easing policy meant increasing currency supply through purchasing mid- and long-term treasury bonds after central banks cut interests rates to near zero. The extraordinary monetary policy harbored huge risks for international financial markets and the global economy, said the central bank. It would increase the risk of global inflation, said the central bank, suggesting it would create new assets bubbles and inflation if central banks of major economies failed to mop up thehuge liquidity when the global economy recovered. "A policy mistake made by some major central banks would put the whole world in risk of inflation," it said. The quantitative easing policy would also make exchange rates of major currencies more volatile, according to the report. The central bank cited the U.S. move to purchase treasury bond in March as an example, saying although the dollar had appreciated against other major currencies, it fell after the purchase. PBoC said the policy would leave the bond markets subject to fluctuations. It said massive purchase of mid- and long-term treasury bonds may keep yield at a low level. But in the long run, as the financial markets returned to stability and the economy recovered, inflation expectations would grow, interest rates would rise, and bond prices would adjust sharply, according to the report.