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BEIJING, Nov. 10 (Xinhua) -- The Chinese government will inject more funds for investment and improve investment structures to better cope with adverse global economic conditions, the State Council (Cabinet) decided at an executive meeting presided over by Premier Wen Jiabao on Monday. To achieve "steady and relative fast" economic growth and prevent "economic ups and downs" amid global and domestic economic challenges was on top of the country's agenda, said Wen. The government on Sunday announced it would launch a stimulus package estimated at 4 trillion yuan (570 billion U.S. dollars) to be spent over the next two years to finance programs in 10 major areas, such as low-income housing, rural infrastructure, water, electricity, transport, the environment and technological innovation. "The country should strengthen management of large-scale investment projects, conduct feasibility studies in an earnest manner and increase investment efficiencies and profits," said a statement from the meeting, in which provincial leaders and Cabinet ministers participated. Wen said the stimulus package was crucial to tiding over the difficulties and maintaining long-term economic growth momentum. He urged local governments to be "quick" and "effective" in carrying out these measures with "large-scale" investment programs launched to boost domestic demand. The meeting participants called for more efforts to increase incomes and consumption capabilities, raising low-income earnings, promoting the "stable and healthy" development of the property sector and maintaining steady export growth. The country should endeavor to enhance competitiveness, improve financial macro-management and facilitate the steady and healthy development of the stock market. China announced on Sunday that it would adopt "active" fiscal and "moderately active" monetary policies to expand domestic demand and speed up construction of public facilities. The meeting also decided to push forward a series of key reforms, including restructuring the value-added tax regime, which could cut the tax burden on enterprises by 120 billion yuan next year.
LIBREVILLE, Nov. 6 (Xinhua) -- Chinese top legislator Wu Bangguo on Thursday afternoon began an official visit to Gabon on the second leg of his five-nation Africa tour. In a written statement released at the airport upon his arrival, Wu, chairman of the Standing Committee of China's National People's Congress, highlighted the rapid growth of the China-Gabon relations in the past 34 years since the two nations forged the diplomatic relations, noting that the purpose of his visit is to promote the bilateral ties to a higher level. Wu Bangguo (L, Front), Chairman of the Standing Committee of China's National People's Congress, is welcomed by President of Gabon's National Assembly Guy Nzouba Ndama as he arrives at Libreville, capital of Gabon, Nov. 6, 2008 Wu is scheduled to meet with Gabonese President El Hadj Omar Bongo Ondimba, Prime Minister and Chief of Government Jean Eyeghe Ndong, Speaker of Senate Rene Radembino Coniquet and hold talks with the President of Gabonese Parliament Guy Nzouba Ndama to exchange views on bilateral relations and other regional and international issues of common concern. The two sides are also expected to sign a series of economic and trade agreements. Wu arrived here after he concluded his official visit to Algeria. After Gabon, he will also visit Ethiopia, Madagascar and Seychelles.

BEIJING, Jan. 6 (Xinhua) -- After successfully carrying out its first escort mission, the Chinese Navy prepares to cover another 11 domestic merchant vessels planning to travel around Somalia this week. "We will actively provide information and necessary rescue services for those merchant ships passing through the Gulf of Aden and Somali waters," said He Jianzhong, spokesman with Ministry of Transport (MOT). A ship of China Ocean Shipping Group Company (COSCO) sails in the Gulf of Aden under the escort of a Chinese naval fleet (not seen in the picture) Jan. 6, 2009. The Chinese naval fleet arrived Tuesday in the waters of the Gulf of Aden off Somalia to carry out the first escort mission against pirates. Four Chinese ships, including one from China's Hong Kong Special Administrative Region, were escorted by the fleet. A governmental spokesman said on Tuesday that the naval task force will protect a total of 15 Chinese merchant ships between Tuesday and Saturday. Consisting of two destroyers and one supply ship, the naval fleet arrived in waters off Somali coast on Tuesday after a voyage of more than 4,400 nautical miles. It set sail on Dec. 26. Soon after its arrival, the fleet conducted its first escort service for four Chinese merchant vessels, including one from Hong Kong. The ship's cargo, origins and destinations were not released. Under command of the fleet's flagship DDG-169 Wuhuan destroyer, the four merchant vessels sailed in a line formation and passed through the warship's patrolling area. Surging piracy off the Somali coast has increasingly threatened internationals shipping. A total of 1,265 Chinese merchant ships passed through the Gulf of Aden last year. Seven were attacked by pirates. One Chinese fishing ship, Tian Yu 8, and its 18 crew members were hijacked on Nov. 14, 2008. They are still being held by pirates. The MOT announced Chinese merchant ships may ask for protection by applying to the China Shipowners' Association (CSA) and China Maritime Search and Rescue Center (CMSRC). According to the commander of the Chinese Naval expedition, Real-Admiral Du Jingchen, the main task for the warships is to dispel pirates with their presence. "We have started our escort mission and will conduct careful deployment and close contact with the vessels to secure their safety by strictly abiding by the U.N. resolutions and international laws," said Real-Admiral Du. The fleet is carrying about 800 crew members including 70 soldiers from the Navy's special forces along with weapons such as missiles, canons and helicopters. For the first phase of the escort mission, the fleet will patrol the Gulf of Aden and Somali waters for about three months, followed by possible replacement warships as needed.
BEIJING, Dec. 30 (Xinhua) -- Accountability became a vogue word in Chinese politics in 2008, highlighted by the resignation of the chief quality supervisor. Li Changjiang, former director of the General Administration of Quality Supervision, Inspection and Quarantine, stepped down in September in the tainted milk scandal, days after the resignation of Shanxi Governor Meng Xuenong following a deadly landslide triggered by the collapse of an illegal mining dump. Many junior officials also swallowed the bitter pills of penalties and resignations. In early December, the director of the construction bureau of Shijiazhuang, capital of Hebei Province, was removed from his post after six bureau officials were found gambling during work time. Officials were even punished for dozing in meetings, such as 12local officials in Shaanxi Province, who were reprimanded in June. "The accountability system has been taken to a new high, which reflects the method of administration as stipulated in the keynote report of the 17th Party congress," said Wu Zhongmin of the Party School of the Communist Party of China (CPC) Central Committee. "The party underlines the idea of people first, so it is not unusual that officials are punished after public interests are infringed," Wu said. Chinese media have used the word "storm" to describe the wave of cases in which officials were punished over accountability -- often indirect -- in accidents and scandals this year. Such events were rare in the past decade. In southwestern Yunnan Province, 864 officials have been punished so far this year, while at least 279 in the northeastern Jilin Province have been punished since last November. "A storm is powerful, and the accountability storm shows the country's determination to run the party and government properly," said Han Yu, professor in the Party School of the CPC Hebei Provincial Committee. The storm also shows the power of public opinion, Han added. "There should be someone held responsible for serious infringement of public interests." China activated the official accountability system during the severe acute respiratory syndrome (SARS) crisis in 2003. More than1,000 officials, including then Health Minister Zhang Wenkang and Beijing Mayor Meng Xuenong, were ousted for attempts to cover up the epidemic or incompetence in SARS prevention and control. The system was later introduced at all levels of government, and more officials lost their jobs over major accidents or administrative errors. Just days before Li's resignation, President Hu Jintao, also general secretary of the CPC Central Committee, reprimanded "some officials" over work and food safety accidents this year. These accidents indicated that some cadres lacked a sense of responsibility and had loose governance, and some paid no attention to people's complaints and were even insensitive to life-threatening problems, Hu said. As early as in May, a father complained about tainted milk powder after his 13-year-old daughter developed kidney stones, and the Department of Health of Gansu Province in July received a report implying problematic milk powder produced by the Sanlu Group headquartered in Shijiazhuang city. However, the scandal was covered up until September. The Ministry of Health has said it was likely the contamination killed six babies. Another 294,000 infants suffered from urinary problems such as kidney stones. Premier Wen Jiabao said development of enterprises and the economy should not be achieved at the cost of lives and public health, and he vowed to punish officials for major incidents. Conditions could be tougher for officials in the future, as the CPC Central Commission for Discipline Inspection said in late December that authorities are drafting rules to intensify the accountability system.
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.
来源:资阳报