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BEIJING, Oct. 31 (Xinhua) -- China's decision to cut interest rates on Thursday is part of its flexible monetary policy to cope with the world financial crisis and boost domestic economy, a central bank spokesman said on Friday. Li Chao, spokesman of the People's Bank of China (PBOC) explained the government's cut in interest rates for the second time in one month. On Wednesday, the PBOC announced to cut interest rates by 0.27 percentage points as of Oct. 30 to spur economic growth. The benchmark one-year deposit rate dropped to 3.60 percent from 3.87percent, while the benchmark one-year lending rate fall from 6.93 percent to 6.66 percent. The previous cut was on Oct. 8, when the PBOC announced a lowering of deposit and lending rates by 0.27 percentage points and decided to cut the reserve-requirement ratio by 0.5 percentage points from Oct. 15. Li said the move was in response to a spreading and worsening world financial crisis. "The severe crisis was beyond most people's expectations." He said: "China's economy relies highly on external markets. It is very necessary for the country to adjust economic policy, including monetary policy, in a timely and flexible manner to reduce the negative impact to a minimum." "Recently, China's exports have weakened as a result of weak world demand. Domestic export-oriented enterprises, especially those coastal based companies, face difficulties," he added. The country's export value in the first three quarters was 1.07trillion dollars -- up 22.3 percent -- the growth rate was 4.8 percentage points lower, official figure showed. "Meanwhile, the nation's inflation pressure has been eased," he said, adding the latest interest rate cut aims at maintaining the energy of China's economic growth. China's gross domestic product (GDP) grew to 20.16 trillion yuan (2.96 trillion U.S. dollars) in the first three quarters of this year, up 9.9 percent from the same period of last year. The growth rate was 2.3 percentage points lower than the same period last year. Consumer price index (CPI), the main gauge of inflation, rose 4.6 percent in September over the same period last year, off from the 12-year high of 8.7 percent in February. When asked the reason why the government only reduced interest rates and left the reserve-requirement ratio unchanged in the latest move, Li said this is because liquidity of the country's bank is adequate. Li said to cope with the international financial crisis and maintain sound and relatively fast national economic growth, the central bank has removed mandatory restriction on the commercial banks' loan plan. He said that China has confidence that it can resist the world financial crisis, as the country has great potential in expanding its domestic demand, and the financial system is stable. He called for cooperation between countries worldwide to cope with the crisis, and to carry out international financial system reform
BEIJING, Jan. 9 (Xinhua) -- Chinese Foreign Minister Yang Jiechi and his Iranian counterpart Manouchehr Mottaki exchanged views over the phone Friday on promoting further development of bilateral relations in 2009 and international and regional issues of common concern. On the situation in the Gaza Strip, Yang said China is seriously concerned and deeply worried about the grave humanitarian crisis caused by the escalation of the Palestinian-Israeli conflict. China has made unremitting efforts to promote adoption by the United Nations Security Council of a relevant resolution on Gaza, Yang said. He said China welcomes and supports U.N. Security Council Resolution 1860 and urges all the parties concerned to fully honor the resolution, cease fire immediately, ensure smooth operation of humanitarian assistance and promote an early relaxation of the humanitarian crisis taking place in Gaza. China has always proposed that the issue of Palestine be resolved through political negotiation on the basis of related U.N. resolutions, the "Land for Peace" principle and the Arab Peace Initiative, he added.

BEIJING, Nov. 17 (Xinhua) -- As mass layoffs and labor disputes become more frequent when global economic slowdown wipes out more companies from business, Chinese government has urged local authorities to make best efforts to properly respond. The top priority should be given to ensuring stable employment, said China's Ministry of Human Resources and Social Security (MOHRSS) in a notice issued on Monday. Investigation should be carried out concerning individual companies' possible layoffs, especially labor-intensive factories, it said. The labor situation of companies that go bankrupt should be closely monitored. In October, Local government in Dongguan of Guangdong Province, where many labor-intensive companies located, took out more than 24 million yuan (3.5 million U.S. dollars) to compensate for the salaries of over 7,000 workers, who was left helpless when a company owner secretly fled. Emergency plans should be formulated in order to better prevent and deal with incidents involving a large group of unemployed workers, and make sure to report to higher level of the government and make appropriate arrangement as soon as possible, it said. An efficient and convenient channel should be created for people to appeal for arbitration of labor disputes, so as to resolve major or mass disputes in time, it said. The notice also required that arrangements be made to guarantee unemployment insurance, encourage reemployment, and better serve the migrant workers.
BEIJING, Feb. 1 (Xinhua) -- China's Foreign Ministry has demanded that the U.S. Embassy to China facilitate travel for the families of those killed and injured in Friday's tour bus crash near the Hoover Dam in Arizona. In a statement released Sunday, the ministry confirmed that six Chinese nationals died and nine were injured, including one from Hong Kong. The Chinese Embassy in the United States and Consulate General in Los Angeles immediately dispatched a team assist U.S. authorities with treating the injured and investigating the accident. An official walks by a fatal tour bus accident that left seven Chinese tourists dead on US-93 near Dolan Springs, Arizona January 30, 2009. In collaboration with the Shanghai municipal government, the foreign ministry will send a task force to the United States to help deal with the accident, the statement said. The foreign ministry also notified the Hong Kong Special Autonomous Region government, regarding the Hong Kong residents involved in the crash.
BEIJING, Jan. 22 (Xinhua) -- Xinhua News Agency published an article by Hao Shiyuan, an academician of the Chinese Academy of Social Sciences (CASS), on Thursday, to hail that the Democratic Reform is historic stride for social system in Tibet. Hao, who is also director of the CASS center for the study of Tibetan history and culture, has contributed the article to the Beijing-based Guangming Daily as part of the newspaper's serial articles to mark the establishment of the "Serfs Emancipation Day" by the Tibetan legislature on Monday. Before the launching in 1959 of the Democratic Reform in Tibet, the highland area was under a hierarchical rule by monks and aristocrats, says the article, citing a book by Edmund Candler, an India-based correspondent of the British newspaper "Daily Mail", who entered Tibet with British army in 1905. According to the British reporter's "The Unveiling Lhasa", Tibet was then under a feudalist serfdom, where peasants were slaves of lamas. He even compared the Potala Palace, the residence of Tibetan Buddhist leaders, with the bloodiest medieval castles in Europe in the Middle Ages. The British journalist was so surprised at what he saw in Tibet that he depicted the Tibetan serfdom as unprecedentedly stubborn and dark. The Communist Party of China (CPC), which represents the fundamental interests of the Chinese of different ethnic groups, is the only power which can lead the one million Tibetan serfs to end the hierarchical serfdom in Tibet, says Hao. In 1951, the central government signed a 17-article Agreement with the local government of Tibet, which marks the peaceful liberation of Tibet. In 1954, late Chinese leader Chairman Mao Zedong told the ** Lama, who was then a vice chairman of the Standing Committee of the National People's Congress (NPC), the top legislature, that the central government was not eager to implement the Democratic Reform in Tibet, though the reform had been underway in other minority areas. "It needs the consent of the Tibetan people and the will of the Han people must not be forcibly given to the Tibetan people," said Mao, who indicated that the central government was patient enough on the issue of Democratic Reform in Tibet, though "some Han officials might be" eager to carry out the reform. The scholar explains that "some Han officials", who were not as patient as the central government, came to the idea to start the reform at an early time, because they witnessed that the Tibetan people were increasingly eager to end the serfdom, under which, the Tibetan serfs were living in an abyss of suffering. Between 1952-58, the local government of Tibet had a financial income of 392.9 million yuan (about 52 million U.S. dollars), but 357.17 million yuan, or 91 percent, came from the central government. Meanwhile, the central government had invested a lot of money to build highways in Tibet. By 1957, the length of Tibetan highways topped 6,000 kilometers. Under serfdom, however, Tibetan serfs could not enjoy the economic achievements in Tibet, which were made with the financial assistance by the central government, the article says. The Buddhist monks, aristocrats and the local government were frightened by the bulging demand of the Tibetan people for carrying out the reform. In 1955, a preparatory committee of the Tibet Autonomous Region was set up, with the ** Lama as the chairman and the Banqen Lama as a vice chairman. In the same year, some Tibetan aristocrats began plotting for armed rebellions. Beginning in 1957, some Tibetan people were organized to lay siege to government organizations, kill government staff workers, and hold armed rebellions. In 1958, a large number of rebellious armed forces were set up in Tibet. On Mar. 10, 1959, an all-around armed rebellion was launched by the local government of Tibet and the stubborn upper-class forces, and the ** Lama went into exile, in betrayal of the nation and the Tibetan people. The Tibetan hierarchical ruling forces headed by the ** Lama held the 1959 armed rebellion - an attempt to safeguard the feudalist serfdom and their fundamental interests, oppose all kinds of changes in Tibet, and seek for "Tibetan independence", according to the article. On Mar. 28, the central government dissolved the local government of Tibet and replaced it with the preparatory committee, while launching the Democratic Reform, which allowed the Tibetan people to step in the process of a modern social development. Since then, a series of reform policies and measures had been issued to abolish the old system and set up a new system. In 1961, the Democratic Reform was initially completed as the 1million emancipated Tibetan serfs became the master of Tibet and people's governments were set up across the autonomous region. Thanks to the support of the central government, the Tibetan economy had achieved a big progress. As of 1965, the grain output in Tibet reached 290 million kilograms, an 88.6 percent increase over 1958, while the number of the livestock stood at over 18 million, an increase of 54.1 percent comparing with that of 1958. On Sept. 1, 1965, the Tibet Autonomous Region was established, which marks the beginning of a socialist drive in Tibet, a historic stride for social system in Tibet, the article says.
来源:资阳报