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BEIJING, Nov. 17 (Xinhua) -- As mass layoffs and labor disputes become more frequent when global economic slowdown wipes out more companies from business, Chinese government has urged local authorities to make best efforts to properly respond. The top priority should be given to ensuring stable employment, said China's Ministry of Human Resources and Social Security (MOHRSS) in a notice issued on Monday. Investigation should be carried out concerning individual companies' possible layoffs, especially labor-intensive factories, it said. The labor situation of companies that go bankrupt should be closely monitored. In October, Local government in Dongguan of Guangdong Province, where many labor-intensive companies located, took out more than 24 million yuan (3.5 million U.S. dollars) to compensate for the salaries of over 7,000 workers, who was left helpless when a company owner secretly fled. Emergency plans should be formulated in order to better prevent and deal with incidents involving a large group of unemployed workers, and make sure to report to higher level of the government and make appropriate arrangement as soon as possible, it said. An efficient and convenient channel should be created for people to appeal for arbitration of labor disputes, so as to resolve major or mass disputes in time, it said. The notice also required that arrangements be made to guarantee unemployment insurance, encourage reemployment, and better serve the migrant workers.
HAVANA, Nov. 18 (Xinhua) -- Chinese President Hu Jintao on Tuesday visited Fidel Castro, first secretary of the Central Committee of the Communist Party of Cuba, in Havana. The two leaders warmly shook hands, exchanged greetings and had a long conversation in a sincere and friendly atmosphere. Hu said he was delighted to see Castro again. The comrades of the Central Committee of the Communist Party of China "have all cared about your health and I brought their sincere greetings to you," he said. "I see in person that you have recovered and have been energetic so I feel very pleased," he told Castro. Chinese President Hu Jintao (L) visits Fidel Castro, first secretary of the Central Committee of the Communist Party of Cuba, in Havana, capital of Cuba, Nov. 18, 2008. Castro extended a warm welcome to Hu for his second state visit to Cuba. "We are old friends. I am happy to see that you are as energetic as when I met you last time," he said. Hu said that as the founder of the Cuban socialist revolution and construction, Castro is dearly adored by the Cuban people. During the past half century, Castro led the heroic Cuban people in their fearless struggle to safeguard state sovereignty and adhere to the path of socialism, thus winning respect from people worldwide, including the Chinese people. Hu said that Castro has followed closely his country's development, showed great concern about people's life and dedicated himself to profound reflections of major strategic issues, such as international affairs and national development. "Your thoughts and experience will surely guide the Cuban people to continue their march on the road of socialist construction," he said. On Sino-Cuban relations, Hu said relations between the two countries have withstood the changes of international situation thanks to the joint efforts to forge and nurture their bilateral ties by generations of Chinese leaders, including Mao Zedong, DengXiaoping and Jiang Zemin, and Castro and other Cuban leaders. "The brotherly friendship between our two countries and two parties has been deeply rooted in the hearts of our two peoples," he said. "The Chinese people will never forget that thanks to your concern and effort that Cuba became the first Latin American nation to forge diplomatic ties with China 48 years ago," he said. Thanks to the concerted efforts of both sides, the Sino-Cuban mutually beneficial and friendly cooperation in all areas have been expanding continuously, and bilateral ties have entered a new era of all-round development, said Hu. "Our two nations, parties and peoples have become reliable friends and brothers who share weal and woe," he said. "What affected me and other Chinese leaders most is that you always pay close attention to China's development and remain committed to promoting friendly cooperation between our two countries," Hu added. Hu noted that Castro ordered to send a medical team to China immediately after the devastating earthquake in Wenchuan, southwest China's Sichuan province on May 12. The Cuban leader also made constant phone calls to offer instructions on the team's work in China, Hu added. Moreover, in his article entitled China's Victory, Castro has showed his firm support for China on such major issues as Taiwan, Tibet and the Olympic Games in Beijing, the Chinese president said. The Cuban leader has also showed great concern about the Chinese students studying in Cuba and the progress of a joint ophthalmic hospital. "The Chinese people, the Communist Party of China and the Chinese government will for ever remember all these," he said. Castro expressed appreciation of China's relief and reconstruction efforts following the Wenchuan earthquake and other natural disasters. He once again congratulated China on its successful hosting of the Beijing Olympic Games and Paralympics as well as the success of the Shenzhou-7 manned space mission. Hu said that the Chinese government will always adhere to the principle of long-term friendship between China and Cuba. The Chinese people will, as always, support the just struggle of the Cuban people in safeguarding state sovereignty and opposing outside interference. China will continue to provide assistance for Cuba within its capacity, and will firmly support the country's socialist cause, he said. "We will work with the Cuban people to continuously push forward the development of friendship between China and Cuba," he added. Castro said he and other Cuban comrades have followed closely "everything that happened in China." "China has a large population and a culture of long standing and the Chinese people are known for their diligence," he said, adding that the Chinese people "have surmounted all manner of unimaginable difficulties and accomplished great achievements in construction." "As the current international financial crisis is spreading, the Chinese economy has kept a sound momentum for development, demonstrating that China is the most prepared country," he said. China is the most dynamic nation in the world and "no force can stop it from forging ahead," he said. The two leaders also exchanged views on the two countries' economic development and major international and regional issues, including the international financial crisis and the world economy. Before the conclusion of the meeting, Hu again expressed his heartfelt wish for Castro's good health. Castro, in return, expressed his gratitude. Cuba is the third leg of Hu's five-nation trip. He has attended a Group of 20 summit on the financial crisis in Washington and visited Costa Rica. He will also visit Peru and Greece, and attend the Economic Leaders' Informal Meeting of the Asia-Pacific Economic Cooperation (APEC) forum in the Peruvian capital of Lima.

BEIJING, Jan. 15 (Xinhua) -- The global financial crisis is an austere test of the nation and the ruling Communist Party of China (CPC), and every Party member and official should work for economic growth, Chinese Premier Wen Jiabao said Thursday. Wen, a member of the Standing Committee of the CPC Central Committee Political Bureau, said at a Party conference of the central and state agencies, "The world is experiencing the sort of financial crisis that has rarely been seen before, which has seriously affected our economy." He called for confidence to achieve stable and relatively fast economic and social development. He urged all Party members and officials to have a strong sense of responsibility and mission. "Party members and officials must be a model of clean governance," he said. The people's trust needed to be won by sharing their trials. In addition, Wen urged Party members and officials to avoid using public authority for personal interests and privilege. "Be politically staunch, good in work style, and strictly disciplined. Work hard for the people, fulfill your duties, and be honest and clean," the premier said.
BEIJING, Oct. 29 (Xinhua) -- China's central bank, the People's Bank of China (PBOC), announced on Wednesday it would cut benchmark interest rates by 0.27 percent to spur economic growth as of Oct. 30. The benchmark one-year deposit rate would drop to 3.60 percent from 3.87 percent, while the benchmark one-year lending rate would fall from 6.93 percent to 6.66 percent. This is the second such move in less than one month, highlighted the government's rising concern over the slowing economy and slumping capital market. The previous was on Oct. 8, when the PBOC announced to cut deposit and lending rates was lowered by 0.27 percentage points and decided to cut the reserve-requirement ratio by 0.5 percentage points from Oct. 15. "It reflects that the government is worried about a cooling down economy and other domestic problems, amid a deepening U.S.-originated world credit crisis, " said Tang Min, China Development Research Foundation deputy secretary. China's gross domestic product (GDP) grew to 20.16 trillion yuan (2.96 trillion U.S. dollars) in the first three quarters of this year, up 9.9 percent from the same period of last year. The growth rate was 2.3 percentage points lower than the same period of last year, and half a percentage point lower than the first half. "This was also a timely response to the rate cuts by other central banks worldwide and part of a coordinated effort to stem the global financial crisis, " said Tang. The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability, experts say. Tang added, the easing in inflation has given room for the authorities to loosen monetary policy. Inflation is no longer a threat with the declining commodities prices. China's consumer price index (CPI), the main gauge of inflation, rose 4.6 percent in September over the same period last year, off from the 12-year high of 8.7 percent in February. "A lower interest rate will help domestic enterprises to cut business costs, and boost economic development. This is in line with the country's expectation," Tang noted. Zhuang Jian, senior economist with Asia Development Bank echoed with Tang, saying a relaxed credit and financing environment is a key factor to enlarging domestic demand and boost consumption. "Maintaining a fast and sound economic development is the government's top priority currently," Zhuang added. However, Zhuang noted, monetary policy alone was not enough to boost domestic economy in the long term. Other fiscal policies were also very important. Guo Tianyong, director of banking research center with Central University of Finance and Economics said, this move was also contribute to rebuilding people's confidence over the poorly-performing domestic stock market and real estate market. China's stock market dropped more than 66 percent from its peak last October, while real estate prices continue to fall in recent months. Last week, China announced an array of policies, including tax exemption and mortgage deposits reduction, to boost the falling real estate sector amid the global economic slowdown. The interest rates on a mortgage for first time home buyers was cut by 0.27 percentage points as of Oct. 27. The floor for interest rates would be lowered to 70 percent of the central bank's benchmark rate, the central bank said.
WASHINGTON, Nov. 15 (Xinhua) -- Chinese President Hu Jintao on Saturday called on the international community to make concerted efforts to tide over difficulties arising from the global financial crisis. Hu made the appeal while addressing a summit meeting of the Group of Twenty (G20) on financial markets and the world economy in Washington. RESTORE MARKET CONFIDENCE President Hu urged the international community to take all necessary steps to promptly restore market confidence and stop the spread and development of the financial crisis. "The international financial crisis has now spread from some parts of the world to the entire globe, from developed countries to emerging markets, and from the financial sector to the real economy," said Hu, who arrived here Friday for the G20 summit. "To effectively deal with the financial crisis, all countries should strengthen confidence and intensify coordination and cooperation," he stressed. To deal with the crisis, Hu said major developed countries "should undertake their due responsibilities and obligations, implement macroeconomic policies that are conducive to economic and financial stability and growth both at home and internationally, take active steps to stabilize their own and the international financial markets and safeguard investors' interests." "Meanwhile, we should all enhance macroeconomic policy coordination, expand economic and financial information sharing, and deepen cooperation in international financial regulation so as to create necessary conditions for stability in both domestic and international markets," Hu added. REFORM INTERNATIONAL FINANCIAL SYSTEM Hu urged the international community to earnestly draw lessons from the ongoing financial crisis and, based on full consultations among all stakeholders, undertake necessary reform of the international financial system. "Reform of the international financial system should aim at establishing a new international financial order that is fair, just, inclusive and orderly and fostering an institutional environment conducive to sound global economic development," Hu said. He said the reform should be conducted in a comprehensive, balanced, incremental and result-oriented manner. "A comprehensive reform is one that has a general design and includes measures to improve not only the international financial system, monetary system and financial institutions, but also international financial rules and procedures," he noted. "A balanced reform is one that is based on overall consideration and seeks a balance among the interests of all parties," Hu said. "An incremental reform is one that seeks gradual progress," said the president, adding that it should proceed in a phased manner, starting with the easier issues, and achieve the final objectives of reform through sustained efforts. "A result-oriented reform is one that lays emphasis on practical results. All reform measures should contribute to international financial stability and global economic growth as well as the well being of people in all countries," he stressed. Based on those considerations, Hu listed four priorities in reforming the international financial system -- stepping up international cooperation in financial regulation; advancing reform of international financial institutions; encouraging regional financial cooperation; and improving the international currency system. HELP DEVELOPING COUNTRIES COPE WITH CRISIS President Hu also called for international efforts to help developing countries and the least developed countries cope with the global financial crisis. "When coping with the financial crisis, the international community should pay particular attention to the damage of the crisis on developing countries, especially the least developed countries (LDCs), and do all it can to minimize the damage." It is necessary to help developing countries maintain financial stability and economic growth, sustain and increase assistance to developing countries, and maintain economic and financial stability in developing countries, he said. CHINA TO PLAY CONSTRUCTIVE ROLE Responding to natural disasters and the global financial crisis, China has made timely adjustment to its policies and strengthened macroeconomic regulation, Hu said. "Steady and relatively fast growth in China is in itself an important contribution to international financial stability and world economic growth," he noted. "The Chinese government has adopted measures to boost economic development, including lowering the required reserve ratio, cutting the deposit and lending rates, and easing the corporate tax burdens," Hu told the participants. Meanwhile, as a responsible member of the international community, "China has taken an active part in the international cooperation to deal with the financial crisis and played a positive role in maintaining international financial stability and promoting the development of the world economy," he said. "Stability of the international financial markets and sustained development of the global economy are crucial to the well being of all countries and people," Hu noted. "Let us tide over the difficulties through concerted efforts and contribute our share to maintaining international financial stability and promoting global economic growth," he concluded.
来源:资阳报