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BEIJING, Nov. 10 (Xinhua) -- The Chinese government will inject more funds for investment and improve investment structures to better cope with adverse global economic conditions, the State Council (Cabinet) decided at an executive meeting presided over by Premier Wen Jiabao on Monday. To achieve "steady and relative fast" economic growth and prevent "economic ups and downs" amid global and domestic economic challenges was on top of the country's agenda, said Wen. The government on Sunday announced it would launch a stimulus package estimated at 4 trillion yuan (570 billion U.S. dollars) to be spent over the next two years to finance programs in 10 major areas, such as low-income housing, rural infrastructure, water, electricity, transport, the environment and technological innovation. "The country should strengthen management of large-scale investment projects, conduct feasibility studies in an earnest manner and increase investment efficiencies and profits," said a statement from the meeting, in which provincial leaders and Cabinet ministers participated. Wen said the stimulus package was crucial to tiding over the difficulties and maintaining long-term economic growth momentum. He urged local governments to be "quick" and "effective" in carrying out these measures with "large-scale" investment programs launched to boost domestic demand. The meeting participants called for more efforts to increase incomes and consumption capabilities, raising low-income earnings, promoting the "stable and healthy" development of the property sector and maintaining steady export growth. The country should endeavor to enhance competitiveness, improve financial macro-management and facilitate the steady and healthy development of the stock market. China announced on Sunday that it would adopt "active" fiscal and "moderately active" monetary policies to expand domestic demand and speed up construction of public facilities. The meeting also decided to push forward a series of key reforms, including restructuring the value-added tax regime, which could cut the tax burden on enterprises by 120 billion yuan next year.
BEIJING, Jan. 4 (Xinhua) -- Chinese President Hu Jintao on Sunday spoke over telephone with his U.S. counterpart George W. Bush about bilateral relations and major international issues of common concern. The two leaders exchanged congratulations on achievements that have been made in the development of bilateral relations since the forging of diplomatic ties between China and the U.S. 30 years ago. They expressed the hope that a series of events to mark the 30th anniversary of the establishment of diplomatic relations would be successful. President Hu agreed with Bush's positive remarks on China-U.S. relations and hailed his efforts to develop a constructive and cooperative Sino-U.S. relationship. In the new historical period of time, China and the United States, through their joint efforts, will surely be able to stay firm in the general direction of the China-U.S. constructive and cooperative relationship and promote sound, stable, all-round and in-depth development of bilateral ties, Hu noted. Bush, for his part, said China and the United States have engaged in good cooperation over the past 30 years which deserves congratulation. The U.S. president said he was pleased that he has conducted satisfactory cooperation with President Hu during his presidency. On the Middle East situation, Hu said China is seriously concerned about escalation of the Palestinian-Israeli conflict and worsening of the volatile situation in the Middle East and is deeply worried about the humanitarian crisis taking place in the Gaza Strip. China calls on all the parties concerned to stop military operation and armed conflicts, promote the relaxation of tension in the region and create conditions for a solution to the conflict by political means, Hu said.
BEIJING, Oct. 29 (Xinhua) -- Chinese President Hu Jintao on Wednesday sent a message of sympathy to his Pakistani counterpart Asif Ali Zardari over a major earthquake that has killed at least 160 people in Pakistan's southwestern Balochistan province. Hu said in the message that he was shocked upon hearing the news of the earthquake and felt pain over the great casualties and property loss in Pakistan. People search for survivors at the ruined houses in the worst-hit Ziarat area in southwestern Pakistan's Balochistan province, Oct. 29, 2008. At least 160 people died as an earthquake hit southwestern Pakistan's Balochistan province early Wednesday morning.The Chinese people are very sympathetic to the victims of the earthquake in Pakistan as they themselves are still recovering from a magnitude-8 quake that rocked China's Sichuan province in May, Hu said. The Chinese president extended his condolences to the victims and expressed the belief that the Pakistani people will overcome the difficulties and rebuild their homeland. Chinese Premier Wen Jiabao and Foreign Minister Yang Jiechi also sent sympathy messages to their Pakistani counterparts on the same day. At least 160 people were killed and many others were injured in a major earthquake that hit Pakistan's Balochistan province early Wednesday morning.
BEIJING, Jan. 4 (Xinhua) -- Major Chinese lenders are expanding a preferential policy on house loan interests to cut the burden of the country's home buyers hit by the spreading financial crisis. For individuals who bought houses on mortgage lending before Oct. 27, 2008 and have not paid off the loans, their credit interest rates could be reduced to 70 percent of the benchmark rate from the previous 85 percent, customer service staff of several banks told Xinhua on Sunday. The discount will be available for Beijing, Shanghai and Qingdao clients of the China Construction Bank after their applications go through default record checks. The Bank of China branch in Shanghai is also providing the preference but the Beijing branch keeps the rate unchanged. The Industrial and Commercial Bank of China, the country's largest lender, and the Agricultural Bank of China are also making specific rules for similar rate discounts. China's central bank announced in October it would reduce the lower limit of interest rates on individual house loans to 70 percent of the benchmark credit rate from 85 percent, starting from Oct. 27 last year. The move was viewed as a stimulus to the flagging property market but it has been unclear whether house mortgage deals before that date can enjoy the favor. Under the rate discount, home buyers with a 500,000-yuan (73,500 U.S. dollars) bank loan to be paid off within 20 years can save nearly 60,000 yuan of interest, analysts estimate.
BEIJING, Dec. 26 (Xinhua) -- The three warships forming the small fleet that set sail from Sanya in south China's Hainan Province for escort mission off Somali are among the most sophisticated vessels of the Chinese navy. The flagship of the fleet, DDG-169 Wuhan, is a multi-purpose missile destroyer of Type 052B of the People's Liberation Army Navy. It was built by Jiangnan Shipyard of Shanghai in 2002. A ceremony is held before a Chinese naval fleet sets sail from a port in Sanya city of China's southernmost island province of Hainan on Dec. 26, 2008. The Chinese naval fleet including two destroyers and a supply ship from the South China Sea Fleet set off on Friday for waters off Somalia for an escort mission against piracy. With a displacement of 7,000 tonnes, DDG-169 Wuhan is equipped with 16 anti-ship missiles, 48 surface-to-air missiles, close-in weapons system and a helicopter. DDG-171 Haikou, the Navy's latest destroyer model, is one of the two Type 052C destroyers. It was built by Jiangnan Shipyard in2003. Photo taken on Dec. 25, 2008 shows the Chinese Navy's supply ship Weishanhu in Sanya, capital of South China's Hainan Province. The Chinese Navy's three-ship fleet awaiting sail to waters off Somalia has finished its preparations for the overseas deployment, the fleet commander said Thursday. DDG-171 Haikou is equipped with China's first generation of phased-array radar and a vertically launched long-range air defence missile system. It will provide air defense the fleet. The ship displaces nearly 7,000 tonnes. Type 052C destroyers provide the Navy with China's first true aerial defense capability. Both the Wuhan and Haikou have a maximum speed of 30 knots. The supply ship, Weishanhu (pennant number 887) of the Navy's Qiandaohu class, was launched by Huangpu Shipyard in Guangzhou in 2003. It was commissioned in 2004. Weishanhu is the Navy's first model designed to have round-the-clock supply capacity. Having a displacement of 23,000 tonnes and maximum speed of 19 knots, Weishanhu is the biggest homemade multi-product replenishment ship. Although its primary role is supply, it can also defend itself and take part in offensive operations using its eight 37mm guns. All three warships belong to the South China Sea Fleet, headquartered in Zhanjiang of Guangdong Province. The task force commander is Real-Admiral Du Jingchen, who serves as chief of staff of the South China Sea Fleet. En route to the Gulf of Aden and waters off Somalia, the commander told Xinhua that the expedition has not been given any landing plans and Chinese warships will not accept assignment from other countries or regional organizations. "But we will exchange information with other country's escort ships and provide humanitarian help in our power to foreign vessels in danger," Du said. Specification source