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BEIJING, May 8 (Xinhua) -- China's top economic planner Friday announced details of the country's new oil pricing mechanism, for the first time after the new pricing system kicked in at the beginning of this year. In a statement on its website, the National Development and Reform Commission (NDRC) said China would adjust domestic fuel prices when global crude prices reported a daily fluctuation band of more than 4 percent for 22 working days in a row. The commission said refiners would enjoy "normal" profit when global crude prices are below 80 U.S. dollars per barrel, but would face narrower profit margins when the crude prices rise above 80 U.S. dollars per barrel. However, fuel prices would not go further up, or only be raised by a small margin, when crude prices rise above 130 U.S. dollars per barrel, and fiscal and tax tools would be used to ensure supplies, the NDRC said. Light, sweet crude for June delivery rose 37 cents a barrel to settle at 56.71 U.S. dollars on the New York Mercantile Exchange Thursday after reaching a six-month high of 58.57 dollars. Crude prices staged strong rally on news of upbeat economic data in the United States, rising more than 10 percent in two weeks. The NDRC statement also came a day after it denied an online report claiming imminent price hike. C1 Energy, an energy information website, Thursday reported that the Chinese government would raise fuel prices as of midnight Thursday, but said later the price adjustment had been canceled, with reasons unknown. Xu Kunlin, deputy head of NDRC's pricing department, said the new oil pricing mechanism is not to be followed "word by word" without any flexibility, when asked whether the commission would soon adjust fuel prices at a press conference held in Beijing. "There has been pressure to raise domestic fuel prices as crude prices continued to rise," Xu said, "however, the final decision will depend on developments in crude prices in coming days." Friday's statement did not say how the global crude prices would be measured. Xu declined to reveal details on the basket of crude prices for evaluating international price changes, and said such details would remain a secret in a bid to prevent speculation. The NDRC said in the statement that the government would continue to control fuel prices at the current stage, because of insufficient market competition and imperfect market mechanisms. However, fuel prices would eventually be determined by market forces only in the long run under the new pricing mechanism, which is aimed to bring in more market forces, said the NDRC. China's fuel prices, with taxes included, are at a relatively lower level among major oil importers, said the NDRC. Domestic fuel prices are lower than in Japan, the Republic of Korea, India, Mongolia, and many European countries, but higher than in oil exporters in the Middle East and than some cities in the United States, according to surveys by the NDRC. China's retail fuel prices vary in different regions. Currently, gasoline 93, the most commonly used type of gas, sells for 5.56 yuan (81.8 U.S. cents) per liter in Beijing.
BEIJING, June 14 (Xinhua) -- The China Ping An Insurance (Group), which had plans to buy a 22 billion yuan (3.2 billion U.S. dollars) stake in Shenzhen Development Bank (SDB), said Sunday that there are no changes in buying into the bank for the moment. There are no changes in the bank, and the stake purchase aims to improve Ping An's financial service and asset structure, said Zhang Zixin, general manager of the China's second largest insurer via a telephone news conference. Ping An and SDB will operate with their own plans. The management team of the bank will not change right now, according to the Frank Newman, president of SDB, and Richard Jackson, president of the Ping An Bank Co., Ltd. The company said last Friday it would buy 520 million shares from the U.S.-based TPG's Asian arm Newbridge Capital for 11.45 billion yuan by the end of 2010. Newbridge Capital is currently the top shareholder in Shenzhen Development Bank. The Ping An would acquire no more than a 30 percent stake in Shenzhen Development Bank after the two deals, and become the top shareholder instead. The Ping An Group, together with Ping An Life Insurance, currently holds a 4.68 percent stake in Shenzhen Development Bank.

BEIJING, April 24 (Xinhua) -- Senior Chinese official Jia Qinglin called on Friday Chinese anti-independence organizations to continue their unique role and make new contributions to the promotion of national peaceful reunification. Jia made the comments in a meeting attended by representatives of overseas Chinese anti-independence organizations here. Jia, head of the China Council for the Promotion of Peaceful National Reunification, said that anti-independence organizations had played an important role in creating favorable conditions for the peaceful development of relations between the two sides of the Taiwan Straits. Jia Qinglin (L), chairman of the National Committee of the Chinese People's Political Consultative Conference and director of the China Council for the Promotion of Peaceful National Reunification (CCPPR), meets with directors of CCPPR's overseas branches in Beijing, capital of China, April 24, 2009 Jia, who is also chairman of the National Committee of the Chinese People's Political Consultative Conference, noted that last year, anti-independence organizations actively promoted exchanges and communications between the Chinese mainland and Taiwan and had firmly opposed separatist activities supporting "Taiwan independence" and "Tibet independence." They had also united overseas Chinese and compatriots from Hong Kong and Macao and especially those from Taiwan, he said. In promoting the peaceful development of cross-Straits relations, the global alliance of anti-independence organizations shouldered important responsibilities and would continue to play their unique and important role, according to Jia, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee. He urged anti-independence organizations to oppose separatist activities in any form. He warned anti-independence groups to be vigilant against and firmly oppose separatist attempts by the ** Lama and his followers, and asked anti-independence organizations to boycott the infiltration of "Tibet-independence" forces. He also extended a message to those who had proposed "Taiwan independence" or had participated in or followed "Taiwan independence" forces, saying they were most welcome to return to the track of promoting the peaceful development of cross-Straits relations.
BEIJING, July 10 (Xinhua) -- China's Ministry of Finance (MOF) announced Friday that it will launch two more batches of electronic savings bonds of up to 50 billion yuan (7.32 billion U.S. dollars) since next week. According to the ministry, one batch of the e-savings bonds of 40 billion yuan has a term of three years, with a fixed annual interest rate of 3.73 percent. The other, the five-year e-savings bonds, is worth 10 billion yuan at a fixed annual interest rate of four percent. The two bonds will be issued from July 15 to 31, with interests to be calculated from July 15 and paid annually, said the ministry in a statement on its website. These bonds are open to only individual investors, the MOF said. Compared with other types of bonds, the e-savings bond is seen as more convenient for investors. For example, the interest can bepaid through direct deposit into the investor's account. This is the second time the ministry launches this kind of bond this year, with the first issuance of two batches of e-savings bonds in April. The ministry also said it would issue two batches of book-entry treasury bonds next week with a face value of 12.48 billion yuan and 12.65 billion yuan each. One with the face value of 12.48 billion yuan has a term of 91 days, and the issue price, set by competitive bidding, was 99.72 yuan for a face value of 100 yuan. In this sense, the annual yield will be 1.15 percent, the ministry said. The other has a term of 273 days, and the issue price was set at 99.077 yuan for 100 yuan, with an annual yield of 1.25 percent. The ministry said the book-entry T-bonds will be sold from July 13 to July 15. Trading of the bonds will begin July 17.
ROME, July 6 (Xinhua) -- Chinese President Hu Jintao held talks with Italian President Giorgio Napolitano on Monday, calling for a boost to ties between the two countries. During the talks, Hu said Chinese-Italian relations have witnessed healthy and stable expansion over the past 39 years since the two countries established diplomatic relations. In 2004, the two countries agreed to establish an all-around strategic partnership, unveiling a new page for Chinese-Italian friendly cooperation, Hu said. As next year will mark the 40th anniversary of the forging of bilateral diplomatic relations, China is willing to join hands with Italy to lift bilateral ties to a higher level, Hu said. Chinese President Hu Jintao (L) shakes hands with Italian President Giorgio Napolitano prior to their talks in Rome, capital of Italy, July 6, 2009. According to a press release issued by the Chinese delegation, Napolitano agreed with Hu, saying cooperation between Italy and China has seen smooth expansion in a wide range of fields. Napolitano said Italy is willing to further increase its economic cooperation and trade with China, exert every effort to host the "Chinese Culture Year" in Italy and push forward the development of bilateral ties at large. In order to boost the ties, the Chinese president offered a five-point proposal, according to the press release. Firstly, Hu said the two countries should increase communications, exchanges and mutual visits between high-level leaders. Hu proposed that both sides host various events to mark the 40th anniversary of the establishment of diplomatic relations, adding that much attention should be attached to the "Chinese Culture Year" next year in Italy. Secondly, Hu said the two sides should enhance political mutual trust and understand each other's major concerns. The Taiwan and Tibet issues are the key concerns of the Chinese side, Hu said, urging Italy to understand China's concerns and offer support. Hu also said he believed Italy would continue to exert its influence within the European Union to boost the EU-China ties at large. Thirdly, Hu urged both sides to expand substantial cooperation on various fields such as trade, investment, science and technology, environment protection, medicine and tourism. Fourthly, the Chinese president said both sides should increase people-to-people communications and cultural exchanges in order to boost their bilateral friendship. Finally, Hu urged both sides to conduct more cooperation and communications in international organizations and on multi-national occasions. Hu said both countries could enhance dialogue and coordination on various major international issues such as the global financial crisis, reform of the UN Security Council, climate change, environment protection and sustainable development. Napolitano, on his part, praised China for its important role in the international arena as well as in addressing major global challenges. He said he appreciates China's role in the G20 summit, the G8 + 5 summit and active participation in UN peacekeeping actions. He also said the Italian side spoke highly of the measures China has taken to tackle the global financial crisis and economic downturn. He noted that China's participation is a must for the international community in its move to tackle the crisis, reform the international financial system and realize sustainable development. On the EU-China relations, Napolitano said Italy would continue to play an active role in boosting the ties. The president also reiterated Italy's adherence to the one-China policy. According to the press release, Hu also briefed his Italian counterpart on the latest social and economic developments in China. The two leaders held the talks at the Quirinal Palace, and Napolitano hosted a grand welcoming ceremony in honor of Hu prior to the talks. Hu arrived in Rome earlier on Sunday for a state visit at the invitation of Napolitano. Hu was also to attend the summit of the Group of Eight and major developing countries later this week in the central Italian city of L'Aquila. This is the sixth time that the Chinese president has attended the G8 outreach session. The previous one took place in the northern Japanese resort of Toyako last July. The G8, an informal forum of leading industrialized nations, includes Germany, France, Britain, Italy, Japan, the United States, Canada and Russia.
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