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HONG KONG, Aug. 22 (Xinhua) -- China Construction Bank (CCB), the country's second largest bank, said Sunday its net profit in the first half of this year jumped 27 percent to reach 70.78 billion yuan (10.4 billion U.S. dollars) from a year earlier and its non-performing loan (NPL) ratio dropped to 1.22 percent.In a filing to the Hong Kong stock exchange, CCB said its profit before tax amounted to 92.19 billion yuan, up 27.2 percent year on year.RAPID GROWTH IN H1Key contributors to the rapid year-on-year growth of net profit were increased credit supply, service and product innovation, and decreased impairment losses, according to the statement.Regarding credit supply, the bank said its average balance of interest-bearing assets rose by 18.26 percent in the first half, prompting net interest income to surge by 15.33 billion yuan, or 15 percent.On service and product innovation, CCB said net fee and commission income rose by 10.22 billion yuan, or 43.63 percent year on year, as a result of sustained rapid expansion of fee-based business.The Beijing-based lender also said its impairment losses fell by 2.995 billion yuan, or 23.36 percent, due to price rally in foreign currency debt securities with the improving market.CCB President Zhang Jianguo said in the statement that there were signs of recovery in developed economies and robust growth of emerging economies against the backdrop of a gradually warming-up global economy in the first half.China has sustained rapid economic growth, thanks to the government's ongoing stimulation of domestic demand, he said. Foreign trade has gradually improved, while investment and consumption spending have continued to expand at a fast pace, and China's overall financial market performed steadily in the first half.Amid the European sovereign debt crisis and the Chinese government's macro-control policies in the property sector, domestic capital and property markets have undergone noticeable adjustments and are experiencing increasing uncertainties about the future market direction, he said.According to the statement, CCB's net interest income was 117.8 billion yuan, an increase of 15.33 billion, or 14.96 percent year on year.But compared to the same period of 2009, CCB's net interest spread for the first half of this year had dropped by two basis points to 2.32 percent, largely because the yield of interest- bearing assets decreased more than the cost of interest-bearing liabilities, it said.In the first half, CCB's interest income surged by 11.22 billion yuan, or 6.66 percent year on year to 179.65 billion yuan. While the interest expense was 61.85 billion yuan, a year-on-year decrease of 4.12 billion yuan, or 6.24 percent.The bank said its credit asset quality had steadily improved, with non-performing loans standing at 65.17 billion yuan by the end of June this year, a decrease of nearly 7 billion yuan over the end of 2009.

NANJING, July 3 (Xinhua) -- The population of China, the world's most populous country, is projected to reach 1.39 billion by the end of 2015, with those age 60 or over topping 200 million people, said Li Bin, head of the country's top population policy agency.Li, director of the National Population and Family Planning Commission, released these estimates Saturday during a speech at the annual conference of the China Population Association in Nanjing, capital city of east China's Jiangsu Province.The urban population is projected to be over 700 million over the next five years, for the first time exceeding the rural population, according to Li.She said the increase in the next five years would be based upon the nation's population momentum, which, according to her, would begin to decline after 2015.Population momentum is the tendency of a highly fertile population that has been rapidly increasing in size to continue to do so for decades after the onset of even a substantial decline in fertility.Chinese government statistics show China's population stood at 1.32 billion at the end of 2008, which was about 2.5 times the number in 1949 when the People's Republic of China was founded.To put a hold on the fast growth, the Chinese government adopted a one-child policy in the late 1970s. The policy had helped China's total population increase less than 40 percent between 1978 and 2008, whereas it nearly doubled between 1949 and 1978.However, during the next five years the development of China's population is expected to go through major transitional changes, Li said.China's first boom in its aging population is expected in the next five years, with roughly an average of eight million people turning 60 each year, 3.2 million more than occurred between 2006 and 2010, she said.In the coming five years, the ratio of the population aged 15 to 59 would peak and then slowly fall, whereas the population dependency ratio, a measure of the proportion of the population too young or too old to work, would rise for the first time after over 40 years of decreasing.In general, China would still retain the advantage of a plentiful labor supply and a relatively low population dependency ratio, she said.

BEIJING, July 26 (Xinhua) -- Drenched riverside towns in central and southern parts of China on Monday prepared for even more flooding as water levels in the country's huge rivers surged and rainstorms continued.In its latest update, the State Flood Control and Drought Relief Headquarters said floods this year had left 823 people dead and another 437 missing as of Monday morning.The direct economic loss had mounted to 154.1 billion yuan, more than double that of previous flood losses incurred in any single year since 2000.Premier Wen Jiabao has urged local authorities to fully prepare for more floods and related disasters.More than 370,000 soldiers and residents now have been mobilized to beef up the flood prevention efforts in eight provinces and municipalities along the country's major rivers, the flood control headquarters said.

LAS VEGAS, the United States, Aug. 9 (Xinhua) -- Top-quality light manufactured products and consumer goods have been on display at the China Brand Show 2010 held in Las Vegas since Sunday, as part of China's bid to further enhance the profiles of Chinese-made products and promote closer Sino-U.S. trade and economic relations.Co-hosted by the Chinese Ministry of Commerce (MOFCOM), and the Zhejiang and Fujian Provincial Governments, the exhibition is being held from Aug. 8 through Aug. 11. It has been staged in the United States for seven years in a row.A ribbon-cutting ceremony was held at the Las Vegas Convention Center on Monday morning. Ranking officials from MOFCOM, Zhejiang and Fujian provinces and Nevada and Las Vegas participated in the event. Around 200 people witnessed the occasion."The China Brand Show has become an important window for U.S. enterprises and consumers to understand 'Made in China,' Chinese brands and Chinese enterprises," said Wen Zhongliang, Deputy Chief of the Department of Foreign Trade under the Chinese Ministry of Commerce. "Also, the show is more and more attractive to Chinese enterprises."The show occupies a total exhibition area of 4,500 sq m and hosts 229 carefully selected top-brand Chinese firms from 18 provinces and cities in China, including Zhejiang, Fujian, Jiangsu, and Guangdong.The exhibits, including light manufactured products, consumer and household electronic goods, feature high-technology and ingenious design and represent a new dimension of China's latest economic achievements. This year's show has set records in scale, exhibitors and exhibit varieties.The show has served as a platform where corporate image can be built, products showcased and positive conditions for cultivating well-known Chinese brands created, the organizers said.For the past four years in a row, the show has been hosted in Las Vegas, one of the ideal venues for exhibitors around the world. China and Nevada have "a great future together as trade partners and friends," Lorraine Hunt-Bono, Commissioner and former Lt. Governor of Nevada, said.The appearance of participating enterprises and products in the show will not only facilitate American consumers to buy Chinese goods, but also provide cooperation opportunities for firms of the two countries."The increasingly close Sino-U.S. economic and trade cooperation not only benefits the peoples of both countries, but also provides new impetus for the development of bilateral relations, and contributes to the recovery of the global economy to a steady growth," Wen, the MOFCOM official, added.

BEIJING, June 24 (Xinhua) -- In effort to enhance its supervisory role, China's top legislature held an inquiry Thursday into the central government's final accounting for 2009, the first-ever inquiry held into a particular matter.On behalf of the State Council, China's Cabinet, several senior officials from the Ministry of Finance, attended the inquiry to answer questions raised by lawmakers at the 15th session of the Standing Committee of the 11th National People's Congress (NPC), the top legislature.The lawmakers focused on issues of general public concern such as how to improve the management of central government's budgeting and accounting, deepen the reform of financial and tax systems, and increase spending on social welfare projects.The decision to order inquiries into government work on certain issues of general public concern, which would require the attendance of senior officials of central government departments, was adopted during the annual NPC session in March.Li Fei, vice chairman of the Legislative Affairs Commission of the NPC Standing Committee, said the inquiry was a concrete and important step for the NPC Standing Committee to exercise and improve supervision of the government.According to the Law on Oversight, which took effect in 2007, senior officials of central government departments, the Supreme People's court and the Supreme People's Procuratorate, if requested, are required to attend legislative meetings to respond to lawmakers' questions over bills or government work reports being reviewed.