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BEIJING, Sept. 18 (Xinhua) -- China's State Council, the country's Cabinet, issued an implementation regulation for Labor Contract Law here on Thursday in an effort to clarify confusion surrounding the law. The new law, which was put into effect on Jan. 1, was hailed as a landmark step in protecting employee's rights. But many complained the law increased a company's operational cost as it overemphasized protection of workers. One of the most debated terms was one that entitled employees of at least 10 years' standing to sign contracts without specific time limits. Some employers believed the "no-fixed-term contract" would bring a heavy burden to them and lower company vitality. "By issuing the regulation, we hope to make it clear that labor contracts with no fixed termination dates did not amount to lifetime contracts," a Legislative Affairs Office of the State Council official told Xinhua. The regulation listed 14 conditions under which an employer can terminate a labor contract. These included an employee's incompetence to live up to the job requirements, serious violations of regulations and dereliction of duty. Another 13 circumstances were also included in the regulation, under which an employee could terminate his or her contract with an employer, including delayed pay and forced labor. Compensation should be given if employers terminate the contract lawfully. Employers should double the amount of compensation if they terminated a contract at their own will. No further financial compensation was required, according to the regulation. China's top legislative body, the Standing Committee of the National People's Congress, adopted the Labor Contract Law in June2007, which was followed by a string of staff-sacking scandals. The best known was the "voluntary resignation" scheme by Huawei Technologies Co. Ltd., the country's telecom network equipment giant. The Guangdong Province-based company asked its staff who had worked for eight consecutive years to hand in "voluntary resignations." Staff would have to compete for their posts and sign new labor contracts with the firm once they were re-employed. Huawei later agreed to suspend the controversial scheme after talks with the All China Federation of Trade Unions. The NPC Standing Committee said on Thursday it would start a law enforcement inspection at the end of September in 15 provinces, municipalities and autonomous regions. The Legislative Affairs Office of the State Council issued a draft of the implementation regulation on May 8 to solicit public opinion. By May 20, the office had received 82,236 responses. On Sept. 3, the State Council approved the regulation.
WASHINGTON, July 29 (Xinhua) -- Visiting Chinese Foreign Minister Yang Jiechi and U.S. President George W. Bush met at the White House on Tuesday, agreeing to push forward with the constructive and cooperative relations between the two countries. During the meeting, Yang hailed the great development that two countries have achieved in the past seven years in enhancing China-U.S. relations, which he said also contributed to the peace, stability and development of the Asia-Pacific region and the world. He noted that Chinese President Hu Jintao and President Bush have set the direction for the future development of bilateral relations during their meeting held at the sidelines of the Hokkaido G8 summit in Japan earlier this month. China is willing to work with the United States to follow the direction and push forward with the constructive and cooperative relations between the two countries, Yang added. For his part, Bush told the visiting Chinese top diplomat that he is glad to see China-U.S. relations developing on a favorable momentum that the United States is committing to maintaining, and he also appreciates a good working relationship built with Chinese President Hu Jintao. On the coming Olympic games in Beijing, Yang expressed his welcome to Bush, who is set to attend the opening ceremony, and wished American athletes excellent performance in the competitions. Bush said, in return, that he looks forward to visiting China to attend the Olympic games' opening ceremony. On the issues of human rights and religion, Yang told the U.S. president that China would like to continue to exchange its views with the United States on basis of equality, mutual respect and non-interference in each other's domestic affairs, as a way to promote mutual understanding. He also noted at the meeting that the WTO's Doha Round trade negotiations are at a critical moment, and its success would help promote world economy growth, which is in the common interest of China, the United States and the international community. China hopes that all sides can work together to push forward with the negotiations and achieve a comprehensive and balanced result, he added. Yang also met with Stephen Hadley, assistant to the president for national security affairs.
SHANGHAI, April 16 (Xinhua) -- A press release from the Chinese Foreign Ministry said here Wednesday that the six-nation talks on Iran's nuclear issue had reached an "important consensus" to formulate a plan to restart negotiations on Iran's nuclear issue. The press release said that the attendant parties had profound and constructive discussions on the next steps, however, it did not offer any further information about what the consensus was. Officials from China, United States, Russia, Britain, France, Germany and the Council of European Union gather in Shanghai to discuss a plan to restart negotiations on Iran's nuclear issue April 16. The involved parties all agreed to maintain close communication and consultation in an effort to continue their discussions on some unsolved issues concerning the plan, the press release added. At the invitation of Chinese Assistant Foreign Minister He Yafei, officials from China, United States, Russia, Britain, France, Germany and the Council of European Union gathered in Shanghai to discuss a plan to restart negotiations on Iran's nuclear issue. However, the meeting was overshadowed by Tehran's latest defiant moves, by announcing that the country had tested a new advanced centrifuge and started to install 6,000 new centrifuges at Natanz nuclear plant. Chinese Assistant Foreign Minister He Yafei(C) speaks at the meeting attended by officials from China, United States, Russia, Britain, France, Germany and the Council of European Union in Shanghai April 16."Today a new machine was put to test," Iranian President Mahmoud Ahmadinejad said in a televised speech on the occasion to mark Iran's National Day of Nuclear Technology on Tuesday evening, adding that "It is smaller," but its capacity "is five times greater than the current machines", according to Iran's official IRNA news agency. According to the press release, during the meeting, He reiterated China's call for a peaceful resolution of the issue through diplomatic negotiations, urging the concerned parties to reinforce their diplomatic efforts, demonstrate their flexibility to work out a concrete and creative plan to resume the negotiation on the final comprehensive and long-lasting settlement of the issue. The meeting itself is aimed at further carrying out the consensus reached in a statement by the six foreign ministers, the press release added. The 15-member United Nations Security Council adopted Resolution 1803 on March 3, which included travel restrictions and bans for more Iranians, an expansion of asset freezes, curbs on dual-use nuclear items, export credit, financial monitoring, cargo inspections on aircraft and vessels, and possible "next steps." The foreign ministers of the six countries issued a statement after the vote, saying that Resolution 1803 reflected "the international community's serious concerns about the proliferation risks of the Iranian nuclear program." "We remain committed to an early negotiated solution to the Iranian nuclear issue and reaffirm our commitment to a dual-track approach," the statement said. "We remain ready to negotiate future arrangements, modalities and timing ... once the conditions for negotiations have been established."
BEIJING, June 7 (Xinhua) -- China's central bank on Saturday ordered lenders to set aside more money as reserve, the fifth such move this year. It was the latest effort to enhance liquidity management in the banking sector. The reserve-requirement ratio would be raised by 0.5 percentage points on June 15, and another 0.5 percentage points on June 25, the People's Bank of China (PBOC) said on its website. This will bring the ratio to a record high of 17.5 percent. The PBOC also said that corporate financial institutions in the worst quake-hit areas including Chengdu and Mianyang, would postpone carrying out the regulation. But it didn't say how long the delayed period would be. "The rise, a further materialization of the tight monetary policy, is aimed at strengthening liquidity management in the banking system," the statement said. "The government adopted differential monetary policies to support reconstruction in the quake-hit areas," said Peng Xingyun, a senior expert with the Chinese Academy of Social Sciences (CASS). Zhou Xiaochuan, the central bank governor said earlier that the PBOC was to take flexible monetary policy to aid after-quake reconstruction. The 8.0-magnitude earthquake centered on Sichuan's Wenchuan County has so far caused 206.53 billion yuan of economic losses to the industrial and mining enterprises in the quake regions. The PBOC had raised the ratio four times previously this year. The latest was on May 12 when it lifted the ratio to a new high of16.5 percent. Yin Jianfeng, director of the Institute of Finance and Banking with the CASS, said the move would help the country reduce inflationary pressure and to control excessive investment. "But the move will not be as effective as the government expected because inflation nationwide mainly resulted from surging production material and food prices," he said. "A simple monetary policy will not help." The consumer price index (CPI), the main inflation gauge, was up 8.5 percent in April from a year earlier. This was nearly equal to February's 8.7-percent rise, the most since May 1996. Some market experts said that after-quake restoration and reconstruction would beef up fixed assets investment, and add more inflation pressure to the nation's sizzling economy. Soaring demand for cement, steel, copper, zinc, and a luminium were expected to push up the prices of basic building materials, according to the experts. Zuo Xiaolei, Galaxy Securities chief economist, said huge foreign exchange reserves and economy unrest in neighbouring countries had posed great pressure to China's economy. This had forced the government to adjust its economic policy before it could reach a balance. "A great deal of hot money swarmed into China's capital market, and the PBOC aims to hedging excessive monetary liquidity," said Wu Xiaoqiu, head of the Financial and Securities Research Institute of the China Renmin University. Wu said the government was likely to carry out more monetary policies to curb inflation and liquidity in the near future. China adopted the tight monetary policy late last year to prevent the economy from overheating. It was also to guard against a shift from structural price rises to evident inflation. The country adhered to the policy despite a global slowdown hit by the international credit crunch. The country's economic growth slowed in the first quarter but still reported double-digit growth. It expanded 10.6 percent, compared with 11.7 percent in the same period a year ago.