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BEIJING, July 18 (Xinhua) -- Vice Premier Li Keqiang has urged officials and workers at the section of the Three Gorges in southwest China to ensure safety and quality for the project as the flood season draws near. The member of the Standing Committee of the Communist Party of China Central Committee Political Bureau made the remark at a meeting here on Thursday by the Office of the State Council Three Gorges Project Construction Committee. The Three Gorges Dam started discharging water earlier this month to lower the water level in the reservoir after excessive rainfall upstream. The discharge would continue as more heavy rain was expected on the upper reaches of the Yangtze River. Flood is discharged from the Three Gorges Reservoir through the dam in Yinchang, central China's Hubei Province, July 5, 2008. "The project is now entering the key post-construction phase. Meanwhile, the flood season is coming and our safety task is very arduous," said Li after hearing reports on the project by teams of experts, the Ministry of Land and Resources and other organizations, among them. Li stressed the evacuation and relocation of people living in the dam section was a long-term mission. Related organizations should see to their basic life requirements and employment by fulfilling policies on supporting migrants and training them for professional skills. The world's largest dam, 2,309 meters long and 185 meters high, is expected to help minimize damage caused by floods that might occur only once every 1,000 years. In addition, Li urged to build an ecological protection area around the dam to prevent water pollution, soil loss and mud-sand silting. He said the section of the Three Gorges Dam should be built as an ecological barrier for the Yangtze. The 22.5 billion U.S. dollar project was launched in 1993. Its 26 turbo-generators is designed to produce 85 billion kwh of electricity annually after their installation is completed at yearend. According to the office, more than 1.24 million people had been relocated and the project was going smoothly in terms of the local economic society development, environment construction and geologic disaster prevention.
BEIJING, April 27 (Xinhua) -- China should still be alert to the credit crisis starting in the United States more than one year ago that has afflicted the Chinese financial sector and export, Ou Minggang, deputy editor-in-chief of Chinese Banker magazine, said on Saturday. Ou told Xinhua during an interview that domestic banks and other financial institutions bear the brunt of the widespread U.S. subprime mortgage crisis, as those agencies' asset value and book earnings would dip to some extent. "Currently the impact on domestic financial institutions is still limited," he said. The Industrial and Commercial Bank of China, the country's largest lender, said at the end of last month its 2007 net profit rose 64.9 percent year-on-year to 82.3 billion yuan (11.7 billion U.S. dollars). The Bank of China posted a 31.3 percent net profit rise in 2007 after booking 1.3 billion U.S. dollars as an impairment allowance for its 4.99 billion U.S. dollars in investment in securities linked to U.S. subprime mortgages by the end of last year. However, the International Monetary Fund (IMF) said on April 8 that the recent financial turbulence triggered by the collapse of the U.S. subprime mortgage market could cost the global financial system to the tune of 945 billion U.S. dollars. "The global financial system has undoubtedly come under increasing strains since October 2007, and risks to financial stability remain elevated," the IMF warned in its latest Global Financial Stability Report. Ou said, "The crisis also made Chinese financial supervision regulators face up to the challenges of balancing financial innovation and risks, which requires them to push forward the reforms in the country's financial system in a more cautious manner." Experts warned that financial risks know no national boundaries and some foreign capital has fled from the Chinese financial market as many banking titans including Citigroup and Merrill Lynch were in deep water in credit crisis. China's benchmark Shanghai Composite Index, which covers both A and B shares, shrank nearly half from the peak of 6124.04 points of Oct. 16 last year to 3094.67 points on April 18. The overnight announcement of a cut in share trading taxes drove Chinese stocks 9.29 percent higher in soaring turnover on Thursday, with the key Shanghai Composite Index up 304 points to 3,583.03, the largest gain since Oct. 23, 2001. Chinese regulators announced curbs on the sale of non-tradable shares that come out of lock-up periods on April 20, another move to bolster the falling market. However, market observers held that the credit crisis and the U.S. economic slowdown are still casting gloom over Chinese investors' confidence. Experts said the crisis was spreading beyond the financial sector. Consumption confidence in the United States is dampened as the credit crisis unfolded, with Chinese exports also hurt. From January to March, China's total exports rose 21 percent to206 billion U.S. dollars, 6.4 percentage points lower than a year earlier. The exports to the U.S. grew 5.4 percent to 53 billion yuan, 15 percentage points lower than the same period of last year, according to customs statistics. In the trade hub of southern Guangdong Province, the growth of exports to the United States dwindled to 4.8 percent in the first quarter of this year from 15.5 percent in the same period of 2007,said Wu Gongquan, vice director-general with the province's department of foreign trade and economic cooperation. Zhang Yansheng, director of the International Economic Research Institute under the National Development and Reform Commission, said China needs to shift its economic driving force from relying on exports to domestic consumption, technology upgrading and management innovation. Ou added that the country should increase financial transfer payments to help low-income families to consume more and boost the consumption in the vast rural areas. Experts suggested that Chinese exporters should upgrade their products mix and open new markets besides their traditional key markets in the United States and Europe.

BEIJING, Oct. 9 (Xinhua) -- China's securities regulator on Thursday said publicly-traded companies must pay dividends in cash rather than stock over three years before submitting their refinancing applications. The move could help to encourage long-term investment and reduce market volatility, the China Securities Regulatory Commission (CSRC) said. The benchmark Shanghai Composite Index has plunged 66 percent from its record high last October. In a new regulation stipulating cash dividend payment by listed companies, the CSRC said: "The listed firms, if applying for refinancing, must pay dividends in cash totaling no less than 30 percent of its distributed profits over the past three years." The regulation went into effect on Thursday. In the draft version released in August, companies were allowed to pay dividends either in cash or stock. The listed firms were also ordered to reveal their cash dividend policies and previous cash dividend data to investors in their annual reports to improve transparency. "The listed company should give reasons why it failed to pay a cash dividend if it is able to and where the money goes," according to the rule. Cash dividends could offer stable investment returns and prompt large institutional investors to reduce speculation on the secondary market, the regulator said. A couple of huge refinancing plans earlier this year triggered a market plunge on concerns over stake dilution and liquidity stress. In a separate regulation on share buy-back, also effective on Thursday, the CSRC said it allowed a cash dividend payment when the controlling shareholders bought stocks on the secondary market. Such action was banned in the draft version released in late September to solicit public opinion. Share buy-back through bidding at stock exchanges also no longer needs regulatory approval. The CSRC added it would continue to revise the rules on stock buy-back and also give consideration to repurchase through agreement or tender offer.
BEIJING, Oct. 4 (Xinhua) -- China on Saturday denounced the U.S. government's decision to sell arms worth of about 6.5 billion U.S. dollars to Taiwan. Foreign Ministry spokesman Liu Jianchao said the Chinese government and people firmly opposed this action which seriously damaged China's interests and the Sino-U.S. relations. The U.S. government, in spite of China's repeated solemn representations, on Friday notified the Congress about its plan to sell arms to Taiwan, including Patriot III anti-missile system, E-2T airborne early warning aircraft upgrade system, Apache helicopters and other equipment. Chinese Vice Foreign Minister He Yafei has summoned the charge d'affaires of the U.S. Embassy to China to raise strong protest against the U.S. move, according to spokesman. China firmly opposes to arms sales by the United States to Taiwan, said Liu, noting that this has been a consistent and clear stance of China. The U.S. government's agreement on arms sale to Taiwan severely violated the principles set in the three joint communiques between China and the United States, especially the communique on the U.S. arms sales to Taiwan signed on Aug. 17, 1982, grossly interfered in China's internal affairs, endangered Chinese national security, and disturbed the peaceful development of cross-Strait relations, Liu stressed. "It is only natural that this move would stir up strong indignation of the Chinese government and people," he said. "We sternly warn the United States that there is only one China in the world, and that Taiwan is a part of China," Liu said. He said nobody could shake the strong will of the Chinese government and people to safeguard national sovereignty and territorial integrity and to oppose external interference, and nobody could stop the efforts to promote cross Strait exchanges and opening a new chapter of peace in cross Strait relations. China urged the United States to recognize that it is seriously harmful to sell arms to Taiwan, Liu said, noting that the United States should honor its commitment to stick to one-China policy, abide by the three China-U.S joint communiques, and oppose the so-called "Taiwan independence". Liu said the United States should immediately take actions to correct its mistakes, cancel the proposed arms sale, stop military links with Taiwan, and stop disturbing the peaceful development of cross Strait relations, so as to prevent further damage to the Sino-U.S. relations and the peace and stability across the Taiwan Strait. China reserved the right for taking further measures, he noted. The Standing Committee of the National People's Congress (NPC),China's top legislature, and the National Committee of Chinese People's Political Consultative Conference (CPPCC), China's top advisory body, on Saturday also express strong indignation over the U.S. arms sale plan. The foreign affairs committee of the NPC Standing Committee and that of the CPPCC National Committee each issued a statement, stressing that people of all walks of life in China were firmly opposed to the U.S. arms sale to Taiwan. "We firmly support our government's solemn stances over this issue," the statements said. The statements said the cross Strait relations have recently witnessed sound momentum, which accords with the interests of both Chinese and U.S. peoples. The U.S. proposed arms sale to Taiwan actually was a move disturbing the improvement of the cross Strait relations. The statements called for the United States to immediately correct its wrongdoing, and refrain from any further moves that will damage the Sino-U.S. relations and the world peace. China's Defense Ministry also issued a statement Saturday, condemning the U.S. move. Defense Ministry spokesman Hu Changming said the U.S. decision has ruined the good atmosphere of cooperation that had existed between the two armed forces over recent years. The statement also warned China reserves the right of making further reactions.
CHENGDU, June 29 (Xinhua) -- The current earthquake relief and rebuilding work have further displayed the nature and capabilities of the Communist Party of China (CPC), said Chinese Vice President Xi Jinping Sunday in a tour to quake-hit areas of Sichuan Province. The mainstay role played by Party organizations at different levels, Party members and officials in the anti-quake campaign shows that the recent years' efforts to Party building have been "very fruitful," said Xi, also member of the Standing Committee ofthe CPC Central Committee Political Bureau. During his 3-day inspection tour, Xi visited Youxian, Pingwu, Beichuan, Jiangyou, Dujiangyan and Wenchuan counties, which were worst hit by the May 12 earthquake. Chinese Vice President Xi Jinping (Front) looks at quake ruins in Yingxiu Town of Wenchuan County, southwest China's Sichuan Province, June 29, 2008. Xi Jinping inspected the quake relief work in Sichuan Province in the recent daysHe talked to ordinary quake survivors, Party members and officials, and rescuers, while visiting tents and makeshift residence buildings. He also distributed books to some students. He told construction workers from Shandong, Guangdong and all other provinces to ensure the quality of the temporary houses. Wherever he went, Xi inquired the performances of local Party organizations and Party members in the rescue and relief work. He spoke highly of the many "Party Member Commandoes", who have won high appreciation by the people. "(We must) ensure that where there are people still in need, anti-quake efforts and rebuilding work to be done, there are grassroots Party organizations and Party work," he said. On Sunday afternoon, Xi presided over a workshop, to hear reports by local officials and study relief, post-quake rebuilding, and economic and social development in Sichuan. Chinese Vice President Xi Jinping (C) visits quake-affected people at a resettlement in Dujiangyan, southwest China's Sichuan Province, June 28, 2008. Xi Jinping inspected the quake relief work in Sichuan Province in the recent daysHe said "a safe, timely and smooth relay of the Olympic Torch in Sichuan must be ensured," which will be the last leg of the torch relay only second to Beijing, host city of the 29th Olympic Games. On the same day, Xi had a meeting with visiting delegations of the Hong Kong and Macao special administrative regions, respectively led by HK Chief Executive Donald Tsang Yam-kuen and Macao Chief Executive Ho Hau-wah. Chinese Vice President Xi Jinping (L) shakes hands with a woman as he visits quake-affected people in Pingtong Town of Pingwu County, southwest China's Sichuan Province, June 28, 2008. Xi Jinping inspected the quake relief work in Sichuan Province in the recent days.
来源:资阳报