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BEIJING, June 10 (Xinhua) -- China's foreign exchange regulator said Thursday it will strengthen monitoring of cross-border capital flows to reduce risk.The regulator will keep a close watch on the economic and financial situation home and abroad this year, the State Administration of Foreign Exchange (SAFE) said in its annual report on management of foreign exchange posted on its website.It will also enhance its monitoring of abnormal cross-border capital flows by cracking down on illegal private banks and internet-based speculation in foreign exchange.The SAFE will maintain a prudent approach to managing foreign currency reserves and will continue to improve its diversification strategy.China's balance of payments continue to expand, albeit slowly, despite the impact of the global financial crisis.At the end of 2009, China's foreign exchange reserves hit 2.4 trillion U.S. dollars, a 453 billion U.S. dollar increase from the end of 2008.China had gold reserves of 1,054 tonnes at the end of last year, the fifth largest in the world.Although gold has commodity and monetary properties, the global gold market is relatively small and illiquid, the report noted, adding that because of its volatile price and high cost of holding and trading, gold has limited utility in asset allocation.
BEIJING, July 30 (Xinhuanet) --Zhejiang Geely Holding Group Co is expected to complete it takeover of Swedish luxury car brand Volvo from US automaker Ford Motor Co on Monday after getting government approval for the deal.Ministry of Commerce officials told China Daily on Thursday that the government cleared the Volvo deal on Monday 26, after the National Development and Reform Commission cleared the proposal last week.Geely has also got the necessary anti-trust approvals from the European Union and the US government for the deal.Li Shufu (center), chairman of Zhejiang Geely Holding Co, arrives for a news conference in Beijing earlier this year. The Geely-Volvo deal has won approval from the Chinese government."With this the decks are now clear for Geely to complete its acquisition of Volvo and start manufacturing the brand in China," said Wang Zhile, director of the research center on transnational corporations under the Ministry of Commerce.Yuan Xiaolin, Geely's spokesman for the Volvo deal was unavailable on Thursday for comment. However, unnamed sources from Geely told China Daily that the Zhejiang-based automaker will hold a formal function on Monday to complete the deal.Geely's shares surged nearly 11.32 percent and closed at HK.95 per share in Hong Kong on Thursday.Privately owned Geely paid .8 billion to acquire the Volvo car brand from Ford on March 28 this year. It was the biggest overseas deal made by Chinese automakers in recent times.Geely Chairman Li Shufu had at that time indicated that the company would invest 0 million as operating capital in Volvo apart from the US.8 billion purchase price.Geely said on July 15 that it had appointed Li as the chairman of the board at Volvo Car Corp. At the same time it appointed the former president and CEO of Volvo Hans-Olov Olsson as the vice-chairman.More appointments to the board and top management, including the chief executive and chief financial officer, may be made next week, said sources.Analysts said the Volvo buy will help Geely gain a competitive edge in China and also a major toehold in Europe.Pursuant to completion of the deal, Geely is likely to start making Volvo cars locally.Though it has not announced a location yet, indications are that it may consider Jiading in Shanghai, Chengdu in Sichuan, Beijing or Tianjin as possible production sites.During the firsts six months of the year, Volvo sold 15,497 cars in China, up 88 percent over last year.That compares to the Swedish luxury brand's 5.2 percent and 9 percent year-on-year decline in major markets like the United States and Germany.Geely plans to increase Volvo's annual sales in China to 150,000 units by 2015, said sources.

BEIJING, May 10 (Xinhua) -- Home prices in 70 large and medium-sized Chinese cities rose by 12.4 percent year on year in May, the National Bureau of Statistics (NBS) said in a statement Thursday.The growth rate was 0.4 percentage points lower than that of April, as property sales in first-tier cities, including, Beijing, Shanghai and Shenzhen, contracted following a string of government measures to rein in price rises.Second-hand homes prices posted a year-on-year increase of 9.2 percent in May, but fell 0.4 percent from April, said the NBS in the statement.New home prices rose 15.1 percent year on year, down 0.3 percentage points from April.In May, floor space sold stood at 67.77 million square meters, a decrease of 12.74 million square meters from April.Floor space sold in the first five months climbed 22.5 percent from a year earlier to 302 million square meters. Growth in the first five months was down 10.3 percentage points compared with the January-April period.
BEIJING, July 26 (Xinhua) -- The All-China Federation of Trade Unions (ACFTU) said Monday it would work to help 1 million job-seekers find jobs this year, as well as provide vocational training for an additional 1 million people.Also, the ACFTU will provide training and job opportunities for 200,000 housekeeping workers this year, said Li Shouzhen, spokesperson with the ACFTU, at a meeting of the national union's executive committee.The ACFTU has launched a five-year campaign of vocational training to help improve the skills of workers, Li said.The ACFTU has been working to protect migrant workers' rights and recovered 2.5 billion yuan (366.03 million U.S. dollars) of defaulted salaries for migrant workers in the first half of the year, Li said.The national union, founded on May 1, 1925, had a membership of 169.94 million, with migrant workers accounting for 24.1 percent of the total, in 2007.ACFTU chairman Wang Zhaoguo said at the meeting that trade unions at various levels should work to protect employee rights to ensure stability.The meeting stressed the importance of the collective wage negotiation system and seeks to implement its use in wage discussions between businesses with trade unions by 2012.
CAIRO, July 5 (Xinhua) -- A seminar aimed at improving the levels of trade between Egypt and China was held in Cairo late Monday.The two-hour forum was attended by about 60 officials and representatives from both Egyptian and Chinese companies. Cao Jiachang, commercial counselor at the Chinese embassy to Egypt and Mohamed Shafeek, chairman of Egypt's General Authority for Imports and Exports Control, joined the discussion.The forum discussed the pre-shipment inspection of Egypt's imported industrial products from China and other topics such as the improvement of trade structure between the two countries.In February 2009, China's top quality watchdog and Egypt's Ministry of Trade and Industry signed a memorandum of understanding for pre-shipment inspection of Chinese industrial products exported to Egypt.Trade and economic cooperation between China and Egypt have seen rapid development in recent years. In 2009, bilateral trade volume reached 5.86 billion U.S. dollars.
来源:资阳报