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VIENTIANE, March 29 (Xinhua) -- Chinese Premier Wen Jiabao arrived here on Saturday evening, starting his working visit to Laos. Wen is also scheduled to attend the 3rd Summit of the Great Mekong Subregion countries -- China, Laos, Vietnam, Cambodia, Thailand and Myanmar -- to be convened in this Laos capital city on Monday. According to the Chinese Foreign Ministry, Wen, invited by Lao Prime Minister Bouasone Bouphavanh, will meet with Lao President Choummaly Saygnasone and hold talks with his Lao counterpart Bouasone on future bilateral cooperation. Wen and Bouasone are scheduled to attend the signing ceremony of cooperation agreement in the sectors of economy, technology, coal and e-governance. Chinese Premier Wen Jiabao (C) arrives in Vientiane, capital of Laos, March 29, 2008. Wen started his working visit to Laos on Saturday evening by the invitation of Lao Prime Minister Bouasone Bouphavanh, and he is also scheduled to attend the 3rd Summit of the Great Mekong Subregion countries in Vientiane After his working visit to Laos, Wen will join with leaders from the other five GMS members as well as representatives from the Asian Development Bank at the summit and attend the opening ceremony of a 1,800-km international road from China's Kunming city to Thailand's Bangkok. The GMS, established in 1992, promotes economic and social development, irrigation and cooperation within the six Mekong countries. About 320 million people live within the GMS region, and their common link, the Mekong River, winds its way for 4,200 km. The great majority of these people live in rural areas where they lead subsistence or semi-subsistence agricultural lifestyles. The area boasts abundant natural resources and huge development potential. With a long history of cultural and economic exchanges among the nations, the area has formed peculiar cultural and economic characteristics based on different folk customs and natural landscapes of the six nations sharing the river. The first GMS Summit was held in Cambodia's Phnom Penh in 2002,and the second in southwest China's Kunming in 2005.
TIANJIN, Sept. 27 (Xinhua) -- China has full confidence and capability to overcome various difficulties to ensure sound and fast economic growth for an even longer period of time, said Premier Wen Jiabao on Saturday. Addressing the opening ceremony of the 2008 Summer Davos Forum in the north China port metropolis of Tianjin, Wen said China is in the stage of rapid industrialization and urbanization, and has huge potential for economic growth. The important period of strategic opportunities for China's development will last quite a long time. Despite the heavy snow and sleet storms and the devastating earthquake and a complex situation both at home and abroad the nation faced, China have overcome difficulties one after another and maintained the momentum of steady economic growth. "There are many favorable conditions for China to maintain sustained and fast growth, such as abundant supply of labor and capital as well as huge potential of increased domestic consumption and investment demands, vast market and more competitive and dynamic enterprises," said Wen. The demands for investment, consumption and export are growing in a more balanced way. The economic fundamentals in China remain unchanged and the economy is moving in the direction envisaged in the macro-economic control policy, he added. The two-day forum, also known as the New Champions 2008, has attracted about 1,400 participants from nearly 90 countries and regions, including business elite and senior officials, to discuss topics about the theme "The Next Wave of Growth". The second Annual Meeting of the New Champions organized by the World Economic Forum is officially opened at Tianjin Binhai Convention and Exhibition Center in north China's Tianjin Municipality, Sept. 27, 2008

BEIJING, Sept. 5 (Xinhua) -- The Communist Party of China (CPC) will launch a 1.5-year campaign from this month to learn and implement the Scientific Outlook on Development, the CPC Central Committee Political Bureau said here on Friday. The campaign aims to push Party members, especially leading Party members and government officials, to learn how to implement the Scientific Outlook on Development and carry it out effectively, a statement issued after a CPC Central Committee Political Bureau meeting said. The meeting was presided over by and CPC Central Committee General Secretary Hu Jintao, also Chinese president. As Hu explained in his keynote speech at the 17th CPC National Congress in October 2007, the guideline takes development as its essence. It puts people first as its core with comprehensive, balanced and sustainable development as its basic requirement. Overall consideration is its fundamental approach. "The Scientific Outlook on Development is an important guiding principle for China's economic and social development and a major strategic thought that we must uphold and apply in developing socialism with Chinese characteristics," said the statement. Through the campaign, the CPC expects its officials to change their way of administration that don't meet the requirements of scientific development and to find solutions for the problems that hold back its implementation and the issues people complain about most, the statement said. In the campaign, the CPC also aims to develop the administrative system that can boost scientific development and to improve the Party's ruling capability, it added. The CPC Central Committee Political Bureau asked all Party members to take part in the campaign, especially senior Party members and government heads at county level and above
BEIJING, Sept. 4 (Xinhua) -- China's State Council, or the Cabinet, has ordered government agencies to take immediate actions to rectify the financial abuses exposed by the National Audit Office (NAO) in late August. All units that misused funds were required to report their rectification results to the State Council before Oct. 31, according to an executive meeting of the Cabinet Thursday, which was presided over by Premier Wen Jiabao. The NAO found 29.38 billion yuan (4.32 billion U.S. dollars) worth of "problematic" expenditures after auditing the 2007 state budget spending of 53 ministerial-level departments and 368 of their affiliates. It also found 258 million yuan of disaster relief funds were embezzled and used for administrative expenses or government construction projects. The meeting decided that more central agencies shall make public their budgets. Eleven of them did this last year. The Cabinet also reviewed a draft ordinance complementary for the enforcement of the Labor Contract Law, and decided that further revision has to be done before it could be enacted. The Labor Contract Law took effect on Jan. 1 and has raised concern in China's corporate world because of its enhanced protection of laborers' rights.
BEIJING, April 25 -- The key mainland stock index yesterday soared 9.29 percent, the biggest one-day jump in six years, as investor sentiment was boosted by the government lowering of stamp duty. The slashing of trading tax from 0.3 percent to 0.1 percent, effective yesterday, was widely seen as another government effort to lift the stock market from the doldrums it has been in for six months. It followed the introduction of trading rules last Sunday to mitigate the impact of an expected flood of previously non-tradable shares after the lock-in period, which could greatly depress the market. Investors look over information at a stock exchange at a stock trading hall in Beijing, April 24, 2008. Equities trading tax cut, which is widely believed as policy boost by government to stem the recent slump, sends Chinese shares 9.29 percent higher on Thursday, the biggest gain since Oct 23, 2001 The Shanghai Composite Index yesterday surged 304.7 points to close at 3583.03. In yesterday's trading, gainers outnumbered losers by 853 to 1. The Shenzhen Component index jumped 9.59 percent, or 1130.61 points to close at 12914.76. Total market capitalization swelled 9.2 percent to 22.94 trillion yuan (.3 trillion). Turnover on the two bourses more than doubled from the day before to 261 billion yuan ( billion), the highest this year. Analysts said the reduction in the stamp duty and restrictions on the sale of unlocked shares showed that the market has fallen as low as the government would like to see. "The timing of the stamp duty cut suggests that the 3000 point may be a psychological bottom line for policymakers," said Peng Cheng, an economist at Citi China. "The government had been patient in waiting until the market correction was more than 50 percent before taking action," Peng added. Xu Wei, an analyst at Sinolink Securities, estimated that the cut in stamp duty saves investors up to 102 billion yuan (.7 billion) a year. In addition, "the relatively lower A-share valuation and the more stable performance of overseas stock markets have combined to help investors regain confidence," said Rui Kun, a fund manager at China international Fund Management Co Ltd. Security companies, especially those focusing on brokerage services, will benefit from the increasingly active trading because of the stamp tax cut, analysts said. Shanghai-based Haitong Securities, Sinolink Securities and Guoyuan Securities soared to the daily limit of 10 percent. However, some market insiders said that weak fundamentals and unfavorable China economic growth data are likely to outweigh the positive impact of the government move, and the rebound may not last long. "It is doubtful that such administrative measures can have a sustained effect on shares when earnings face significant challenges in the periods ahead," said Peng at Citi China. "The cumulative effect of tightening policies and rising input costs, along with shrinking demand, could cut profits more deeply than what is currently evident," Peng added.
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