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BEIJING, Feb. 20 (Xinhua) -- Jia Qinglin, chairman of the National Committee of the Chinese People's Political Consultative Conference, met here Friday with visiting Cambodian King Norodom Sihamoni. Jia spoke highly of the contribution of the Cambodian royal family to promoting Sino-Cambodian ties. He said the China-Cambodia relationship remains solid and has been growing stronger with joint efforts of the two peoples and cultivation of leaders of the two sides. Jia Qinglin (R), chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), meets with Cambodian King Norodom Sihamoni at the Great Hall of the People in Beijing, China, Feb. 20, 2009. China highly values its relations with Cambodia, and would work with Cambodia to advance high-level exchanges, promote practical cooperation, so as to realize common prosperity and cement bilateral relations, he said. Sihamoni said China is the "most reliable friend" of Cambodia, expressing his gratitude for China's long-term support and economic assistance and for its contribution to Cambodia's national reconciliation, peace and development. He said Cambodia would join hands with China to continue to promote the bilateral relations to a higher level.
BEIJING, Feb. 12 (Xinhua) -- A section of the local prosecutor's office that deals with dereliction of duty is involved in the investigation into Monday night's massive fire in downtown Beijing, the Supreme People's Procuratorate said here Thursday. The fire led to one death and seven injuries. The investigation involves two offices, the Supreme Procuratorate said: the Beijing People's Procuratorate and the district procuratorate of Chaoyang, the section of Beijing where the blaze at the China Central Television (CCTV) complex occurred. The Supreme People's Procuratorate declined to elaborate on what the investigations covered. China's procuratorate is the equivalent of a prosecutor's or attorney general's office, handling a range of civilian crimes, but it also has a special division responsible for crimes involving dereliction of official duty, such as bribery and corruption, that the police don't handle. The fire, which engulfed the building that houses some CCTV facilities as well as the unopened Mandarin Oriental Hotel near the futuristic tower that will house the state broadcaster, was caused by a powerful fireworks show put on by CCTV. One firefighter died from breathing toxic fumes and seven people were hospitalized. The huge blaze also caused widespread traffic congestion in eastern Beijing and led to the evacuation of hundreds of residents. The police have detained 12 people so far, including a man in charge of the new site's construction, three CCTV workers and eight people CCTV hired from a fireworks company in central Hunan Province to stage the show. The fireworks they used were dangerous and needed approval before being allowed in downtown Beijing, a Beijing government spokesman has said. He said that CCTV did not get approval and further alleged that its workers ignored police warnings that night. Monday was the Lantern Festival, which officially ends the Lunar New Year, and it's traditional to light fireworks on that night.

BEIJING, Feb. 13 -- Chinese banks issued 1.62 trillion yuan (7 billion) in new loans in January, up 101 percent year-on-year, prompting some economists to say the government might not cut interest rates for the time being to boost the economy. The massive jump in lending is equal to about one-third of the loans issued in the whole of 2008, a year that began on a generally tight credit line, the central bank said yesterday. M2, which includes cash and all types of deposits and indicates overall liquidity in the financial system, grew in January, too, by 18.8 percent year-on-year. It increased 17.8 percent in December. The massive growth in lending comes at a time when banks are rushing to cherry-pick the juiciest stimulus-package projects, especially major infrastructure ones that need long-term investment, the economists said. Chinese banks issued 1.62 trillion yuan (7 billion) in new loans in January, up 101 percent year-on-year The government announced a 6-billion package on November 9 to boost domestic demand and shore up investment. Though the central government will shoulder one-third of the cost, banks will play an important role in financing the construction of bridges, railways and highways. "The banks are fighting for the best projects in the government's stimulus package," said Ha Jiming, chief economist of China International Capital Corp. "It's not surprising to see that an array of the deals were sealed in the past month." "The massive lending growth minimizes the need to further cut interest rates heftily," said Lian Ping, chief economist with Bank of Communications. "The liquidity problem should ease with such a growth." The central bank has cut the benchmark lending rate by 2.16 percentage points in the past four months and reduced the deposit reserve requirement ratio in order to ensure there's enough liquidity in the market to boost the economy. The growth in lending could also prove to be a blessing for cash-strapped domestic enterprises trying to stay afloat amid shrinking overseas demand and waning consumer confidence. Central bank figures show bill financing, which supplies working capital, accounted for 39 percent of the new loans. Medium and long-term corporate loans made up 32 percent. "It (growth) reduces the default risks of domestic firms, which in turn eases worries over bank asset quality at least in the short term," said Sun Mingchun, an economist with Nomura International. The economists said the dramatic rise in lending could be partly attributed to pent-up demand for loans last year. The central bank had imposed a curb on lending till November last year to combat inflation and prevent the economy from overheating. That left "many firms, especially small- and medium-sized ones, facing a severe cash flow problem", Sun said. Policymakers lifted the curb in November and raised the target for M2 growth to 17 percent for 2009, up from 16 percent that had been in practice since 2006. The move is expected to ensure there's enough liquidity in the market to spur investment and boost the economy, whose growth dropped to a seven-year low of 6.8 percent in the fourth quarter last year. "Credit expansion in the first quarter of this year is expected to be very high because banks can maximize investment returns by front-loading new loans," said Jing Ulrich, managing director and chairwoman of China Equities at JP Morgan. But Ulrich cautioned against a possible rise in credit risk because the increase in liquidity could cause a sharp rise in banks' non-performing loans.
BEIJING, Feb. 8 (Xinhua) -- China's state assets watchdog will closely watch over projects implemented by state-owned enterprises(SOEs) in the country's massive stimulus package to prevent corruption, an official said here Sunday. The State-owned Assets Supervision and Management Commission (SASAC) will strictly look into the progress and fund use of projects by SOEs directly under the central government, said the SASAC director Li Rongrong. Many projects are estimated to see over tens of millions of yuan put in, making it a more important task to fend off corruption, he said at an SOE meeting on disciplinary inspection work. China unveiled a stimulus package with a total investment of 4 trillion yuan (586 billion U.S. dollars) in November to boost domestic demand and offset the world economic slowdown. Of the total, 100 billion yuan had been allocated by the central government by the end of last year. Li said inspectors will particularly focus on projects in such sectors as power grids, telecommunications, transportation, equipment, construction and metallurgy. The SASAC will also check whether the projects cause environmental hazards, consume too much energy and resources or result in excessive capacity, said Li. A total of 4,960 Chinese officials above the county level were punished in a year ending November 2008, data show. They were involved in corruption and commercial bribes, hurting people's interests.
BEIJING, Feb. 20 (Xinhua) -- Jia Qinglin, chairman of the National Committee of the Chinese People's Political Consultative Conference, met here Friday with visiting Cambodian King Norodom Sihamoni. Jia spoke highly of the contribution of the Cambodian royal family to promoting Sino-Cambodian ties. He said the China-Cambodia relationship remains solid and has been growing stronger with joint efforts of the two peoples and cultivation of leaders of the two sides. Jia Qinglin (R), chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), meets with Cambodian King Norodom Sihamoni at the Great Hall of the People in Beijing, China, Feb. 20, 2009. China highly values its relations with Cambodia, and would work with Cambodia to advance high-level exchanges, promote practical cooperation, so as to realize common prosperity and cement bilateral relations, he said. Sihamoni said China is the "most reliable friend" of Cambodia, expressing his gratitude for China's long-term support and economic assistance and for its contribution to Cambodia's national reconciliation, peace and development. He said Cambodia would join hands with China to continue to promote the bilateral relations to a higher level.
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