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BEIJING, May 2 (Xinhua) -- The People's Bank of China (PBOC), the central bank, announced Sunday it will raise the deposit reserve requirement ratio (RRR) for most financial institutions for the third time this year amid growing concerns of asset bubbles and economic overheating.The bank said in a statement on its website that it would raise the deposit reserve requirement ratio (RRR) for financial institutions by half a percentage point from May 10.The ratio for the rural credit cooperatives and rural banks would remain unchanged at 13.5 percent, said the PBOC.However, the RRR for other small financial institutions would rise to 14 percent, and that for large financial institutions to 17 percent.This is the third rise in the deposit ratio this year. On Jan. 12 and Feb. 17, the central bank raised the deposit ratio by half a percentage point each time.The move indicated the government was taking further steps to tighten monetary policy in response to concerns of overheating and asset bubbles, said Liu Yihui, an expert with the Financial Research Center of the Chinese Academy of Social Sciences (CASS).The PBOC has cut the bank reserve requirement ratio four times during the second half of 2008 to stimulate growth, as the global financial crisis started to weigh on the economy.The country posted a better-than-expected 11.9 percent year-on-year economic growth in the first quarter, but the government was cautious and had repeatedly warned that the economic conditions this year were "very complicated."China's consumer price index (CPI), the main gauge of inflation, saw a rise of 2.4 percent year on year in March, nearing the ceiling of 3 percent inflation this year that the government has set at the annual parliamentary session that month."There is an obvious tendency of overheating," Liu said.
XIANGNING, Shanxi, April 2 (Xinhua) -- Rescuers Friday sent food and messages of hope to miners who have been trapped for five days in a flooded north China coal mine.The rescue team sent 360 bags of glucose, each 200 ml, down the 250-meter Wangjialing Coal Mine in Shanxi Province after hearing banging on a metal pipe.Pan Zengwu, deputy chief of the Shanxi provincial coal geological bureau, said rescuers heard what they believed to be the trapped miners making the noise at 2:15 p.m..The rescuers knocked on the drill pipe to respond, Pan said.A rescuer tears up a bag of glucose by his teeth at Wangjialing Coal Mine, which straddles Xiangning County, of Linfen City, and Hejin, a county-level city within Yuncheng City, north China's Shanxi Province, on April 2, 2010. Rescuers on Friday heard the sound of knocking on pipes at the flooded mine where 153 miners have been trapped for five daysHe said the rescue team sent 360 bags of glucose, each 200 ml, down the 250-meter pit.Rescuers have been drilling holes to pump out water and send down food.An iron wire was found attached at the end of a drill pipe when it was lifted to the surface at 3 p.m..Pan said this was apparently tied on by the trapped miners.Rescuers tried again to make contact with the miners by shouting through the pipe and knocking on the pipe at about 6:02 p.m. and 6:10 p.m. after they sent more bags of glucose down the pit.After a period of silence, Xinhua reporters at the site clearly heard several sounds of tapping on the pipe from underground."It is a good news. So long as they are still alive, it is all worth it for us to work even harder," said a rescuer surnamed Liu from central Henan Province.With glucose, rescuers sent a plastic bottle containing two short letters, a ballpoint pen and paper down the pit. They also sent down a special phone for use in mines.One letter said: "Dear fellow workers, the Party Central Committee, the State Council and the whole nation have been concerned for your safety all the time... All of us are very happy about the message of life you have conveyed, and are racing the clock and going all out to save you. You must have confidence and hold on to the last!"The other said: "Dear brothers, please wait in patience... The water will be soon drained. You must hold on and on! How about the gas and ventilation underground? What do you need us to do? Please tell us..."About 3,000 rescuers are struggling to pump water and reach the trapped miners.The water level underground had dropped by 3.3 meters by 4 p.m. Friday after a total of 66,000 cubic meters of water had been pumped from the shaft, said Liu Dezheng, a spokesman of the rescue headquarters and deputy director of the General Office with the Shanxi Provincial Work Safety Committee, at a news conference late Friday.Altogether 14 pumps were pumping up to 1,935 cubic meters of water per hour, he said, adding rescuers were installing one more pump.Rescuers said the trapped miners were working on nine different platforms, and four platforms had not been totally submerged, making it possible that some workers could have survived.The flooding happened at about 1:40 p.m. Sunday when underground water gushed into the pit of Wangjialing Coal Mine, which was under construction. Altogether 261 miners were working underground, and 108 were lifted safely to the surface.Rescuers said the flooding took place when workers digging tunnels broke through into an old shaft filled with water.The mine, which straddles Xiangning County, of Linfen City, and Hejin, a county-level city within Yuncheng City, covers about 180 square kilometers.The mining zone was estimated to have more than 2.3 billion tonnes of coal reserves, including 1.04 billion tonnes of proven reserves, according to the company's official website.The mine, affiliated to the state-owned Huajin Coking Coal Co. Ltd., is a major project approved by the provincial government. It is expected to produce 6 million tonnes of coal annually once in operation.If the trapped workers cannot be saved, the accident will be China's worst mining disaster in more than two years. In August 2007, a total of 181 workers died at two flooded coal mines neighboring each other -- 172 at one mine -- in Xintai, eastern Shandong Province.

BEIJING, May 9 (Xinhua) -- Chinese Vice Premier Li Keqiang has called for developed countries to help developing countries promote green economy.Li made the remark in his speech at the International Cooperative Conference on Green Economy and Climate Change on Saturday. The full text of his speech was released Sunday.Li, also member of the Political Bureau Standing Committee of the Communist Party of China Central Committee, said that developed nations should assist the developing world in its green economy endeavor by technology transfer, financial assistance and market liberalization. Chinese Vice Premier Li Keqiang delivers a speech on the opening ceremony of International Cooperative Conference on Green Economy and Climate Change in Beijing, capital of China, May 8, 2010.Green economy offers a new model where people could both protect the climate and develop the economy, said Li.In the speech, Li made three proposals on the development of green economy.
BEIJING, May 27 (Xinhua) -- Chinese and Indian presidents Thursday agreed that the two Asian countries should further develop partnership and cooperation for mutual benefits as well as regional and global peace and development.Chinese President Hu Jintao and his Indian counterpart Pratibha Devisingh Patil held talks in Beijing Thursday afternoon. Patil arrived in Beijing Wednesday for a six-day state visit to China, the first of its kind over the past decade.Hu said expanding the strategic partnership of cooperation between China and India conformed with fundamental interests of both countries and their people and was conducive to peace, stability and development of the region and the world.He said leaders of the two countries should have frequent meetings and negotiation to enhance mutual trust, for which governments, legislatures and political parties should also play a role. Chinese President Hu Jintao (L) and Indian President Pratibha Patil inspect a guard of honor during a welcoming ceremony held for Patil in Beijing, capital of China, May 27, 2010.President Patil said India-China relations were of global and strategic significance, and all political parties in India were supportive of further advancing such relations.On trade and economic cooperation, Hu urged the two countries to push forward cooperation in fields including finance, agriculture, science, technology, forest and environmental protection.The two countries should create a more flexible environment for each other's companies to make investment and undertake construction contracts, he said.Both countries must adhere to the principles of openness and mutual benefit while opposing protectionism in any form, he said.Describing trade and economic cooperation as a pillar of bilateral ties, Patil said India and China should work together to realize trade target that had been set.Hu said China and India should work more closely to address global issues such as economic downturn, climate change, energy security and food security.The two countries should maintain close communication and coordination within multilateral mechanisms such as China-Russia-India, BRIC, BASIC, and G20, in a bid to increase the voice of developing countries, Hu said.Patil said India was ready to strengthen cooperation with China to address the global issues and safeguard the interests of developing countries.Both presidents agreed that the two neighbors should step up people-to-people exchanges in the areas of culture, education, media, youth and non-government sectors.Celebrations such as "China Festival" in India and "India Festival" in China would be held this year to mark the 60th anniversary of the establishment of diplomatic relations.After the talks, the presidents witnessed the signing of a number of cooperative documents in the areas of tourism, human resources and sports.President Patil also met with top Chinese legislator Wu Bangguo and Premier Wen Jiabao Thursday.Besides Beijing, she will visit Luoyang City in central China's Henan Province and will attend the 2010 World Expo in Shanghai.
STOCKHOLM, April 30 (Xinhua) -- Sustainability expert, Professor Mohan Munasinghe who is also director general of Sustainable Consumption Institute at University of Manchester said China's development is more sustainable than the U.S. and Europe when they were in the similar development stage.In a recent interview with Xinhua in the Swedish capital city Stockholm, Munasinghe who was also Co-winner of the 2007 Nobel Prize for Peace as Vice Chairman of IPCC (Intergovernmental Panel on Climate Change) said sustainable development meant to balance the economic and social development with the damage of environment."What China proposes to develop harmonious society and especially to harmonize economic and social development and the environment is a way towards sustainable development," Munasinge said."China is more hopeful because stainability index shows that China's development is much more sustainable than the U.S. and Europe when they had similar development stage when per capita income was around 3,000 U.S. dollars he said."The second reason is that the discipline in eastern culture especially in China and Japan, you have a discipline to mix the social changes with economic development, you need a lot of discipline to bring about these changes," he said, adding that China's way of experiment in changes is very good."China often implements a pilot program and if it is good, it then promotes it in other areas and finally in the whole country and if you fail, then forget it and try new ways, this way you make the changes more beneficial than make it a total failure," commended Munasinge."China has the social capital that you make your society a consensus building society, this is Chinese social capital. Modernization sometimes is destroying very useful value systems, the value systems that survived from the ancient times are the sustainable values systems, for example, how to use less land and less water to farm and so on," he said.Munasinghe believes that due to Chinese culture and due to its development stage, China will be quicker to step into sustainable development track than that in developed countries because it is difficult to change their mindset and behavior.
来源:资阳报