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BEIJING, Sept. 29 (Xinhua) -- Chinese Premier Wen Jiabao on Monday vowed the administration's resolve to stick to reform and opening up on the eve of the 59th anniversary of the People's Republic of China.     "We will continue to free our mind, stick to reform and opening up, promote social harmony and strive for new achievements in building a moderately prosperous society," Wen said at a reception in the Great Hall of the People marking the anniversary. Chinese Premier Wen Jiabao addresses the National Day reception at the Great Hall of the People in Beijing, capital of China, Sept. 29, 2008. China's State Council held the reception on Sept. 29 to celebrate the 59th anniversary of the founding of the People's Republic of ChinaPresent at the reception were senior Chinese leaders Hu Jintao, Wu Bangguo, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang, Zhou Yongkang and more than 1,000 Chinese and foreign personages.     Wen said the year 2008 has been eventful, citing the devastating snowstorm in January and the disastrous earthquake in May.     He also hailed the successes of the Beijing Olympics, the Paralympics and the Shenzhou-7 manned space flight.     Saying China is faced with "many difficulties and problems" in its striving for modernization, Wen said, "We have full confidence that we will overcome them."     Wen attributed the confidence to the strong leadership of the Communist Party of China and the government, the solidarity and the hard work of the Chinese people, the experience in reform and development, he said.     As this year coincided with the 30th anniversary of China's reform and opening up, Wen said this drive was "a crucial choice that shaped the course of China's development."     "It represents the only way leading to the great rejuvenation of the Chinese nation," Wen said.     Thanks to reform and opening up, China has embarked on the road of sustained and fast development, the premier said.     The central government will continue to work with compatriots in Hong Kong and Macao to maintain and promote prosperity and stability, to work with the Taiwan compatriots to bring about new progress in the peaceful development of cross-Strait relations, Wen said.     China will follow the path of peaceful development, adhere to an independent foreign policy of peace and work for a harmonious world of enduring peace and common prosperity, Wen said.

BEIJING, Oct. 8 (Xinhua) -- China's central bank on Wednesday announced cuts in both the interest rate and reserve-requirement ratio in the latest effort to boost the domestic economy amid worries over the deepening global financial crisis.     The deposit and lending rates would be lowered by 0.27 percentage points from Thursday and the reserve-requirement ratio would be down by 0.5 percentage points from Oct. 15, the People's Bank of China (PBOC) said.     "This was mainly out of concerns over an economic slowdown," said Ba Shusong, deputy chief of the Finance Research Institute under the Development Research Center of the State Council.     "The rate cut was expected as the world was faced with a cycle of interest rate cuts," he told Xinhua.     OUT OF SLOWDOWN CONCERNS     The loosening in monetary policy, the second such move in less than a month, highlighted the government's rising concern over the slowing economy and slumping capital market.     The PBOC cut the benchmark one-year lending rate by 0.27 percentage points on Sept. 16, the first rate cut in six years. It also lowered the reserve requirement at medium- and small-sized lenders by 1 percentage point as of Sept. 25.     Tang Min, China Development Research Foundation deputy secretary, echoed Ba's viewpoint.     Tang said the government made the move mainly out of concerns over domestic problems. "The deepening U.S.-originated credit crisis has impacted the psychology of Chinese and also the real economy," he told Xinhua.     Investors, gripped by lingering fears of global economic downturn, dumped equities to drive the stock market down 66 percent from its peak last October.     China's gross domestic product (GDP) expanded 10.1 percent in the second quarter of the year, marking a deceleration for four consecutive quarters.     Its exports, a major driver behind the economy, reported slowing growth this year as the credit crisis reduced overseas demand for its goods. This has led to the closures of tens of thousands of local exporters and also job losses.     Local businesses bore the brunt of higher borrowing costs and were even finding it difficult to get credit after last year's tightening measures aimed at curbing inflation and averting economic overheating.     The easing in inflation has given room for the authorities to loosen monetary policy. The consumer price index rose 4.9 percent in August, off from the 12-year-high of 8.7 percent in February.     "Inflation is no longer a threat with the declining commodities prices," Tang said.     The monetary policy has been starting to loosen and the trend would not change in the short term, said Zhuang Jian, an Asian Development Bank (ADB) economist. "The whole world doesn't have strong confidence in the economic outlook."     TAX CUT TO BOOST DEMAND     In another move to boost domestic demand, the State Council, China's Cabinet, said it would scrap the 5 percent individual income tax on savings interest earnings starting on Thursday.     China began levying a 20 percent individual income tax on interest earnings in 1999 to narrow the income gap and encourage consumption and investment. The tax rate was slashed to 5 percent on Aug. 15, 2007.     The income tax cut was a must as it would help alleviate the erosion on personal income by high prices, especially given the cut in the deposit rate, Li Yang, head of the Finance Research Institute under the Chinese Academy of Social Sciences.     The tax cut, together with lower borrowing costs, would boost domestic demand, an increasingly more important driver of economy in the global credit crisis, Zuo Xiaolei, China Galaxy Securities chief economist, said.     GLOBAL COORDINATED RESPONSE     The move was also a timely response to the rate cuts by other major central banks and part of a coordinated effort to stem the global crisis, Tang said.     Six other major central banks, including the U.S. Federal Reserve, slashed interest rates on the same day to cope with the current financial crisis.     The U.S. Federal Reserve lowered its target for the federal funds rate by 0.5 percentage points to 1.5 percent. The Bank of England cut its rate by half a point to 4.5 percent and the European Central Bank cut by the same margin to 3.75 percent.     Central banks of Canada, Sweden and Switzerland took similar actions. The Bank of Japan said it strongly supported these policy actions.     Australia's central bank on Tuesday slashed the interest rate by 1 percentage point, the largest cut since 1992.

BEIJING, Oct. 12 (Xinhua) -- A high-profile meeting of the Communist Party of China (CPC) ended on Sunday by concluding that the overall situation of the country's economy was good and the dynamic of economic growth remained unchanged.     "The country's overall economic situation is good. The economy is growing quickly and the financial sector is operating steadily. The basic momentum of the country's economy remains unchanged," said a communique released at the close of the third Plenary Session of the 17th CPC Central Committee. Photo taken on Oct. 12, 2008, shows participants listening during the third Plenary Session of the 17th Communist Party of China (CPC) Central Committee, which was held from Oct. 9 to 12 in BeijingThe four-day meeting focused on issues concerning rural reform and development.     The communique said all Party members should strengthen awareness of crises and face up to challenges as more uncertain and unstable factors emerged in the international economic climate amid deepening financial market turmoil and the slowdown of the world economy.     In the meantime, China's domestic economy featured some notable contradictions and problems, it said. "The most important thing is to do well in the country's own business.     "We should make flexible and careful macro-economic policies. We should step up efforts to boost domestic demand, particularly domestic consumption and keep the economy, the financial sector and the capital market stable.     "We should continue keeping social stability and pushing the country's economy towards sound and fast development," it said.     The meeting also came at a time when the outlook of the world economy became increasingly grim as a result of a serious global financial crisis.     This meeting was significant because it was the third Plenary Session of the 11th CPC Central Committee 30 years ago that pushed the country on to the road of its historic reform and opening-up drive.

BEIJING, July 5 (Xinhua) -- Heavy rainstorms that swept through most parts of China since Tuesday have left at least 12 dead, seven missing and about 3 million affected.     The casualties were reported after the rainstorms and flooding killed 252 people across China in June.     The new wave of rainstorms have caused suspended shipping service in the Three Gorges section of the Yangtze River, blocked traffic in cities, delayed flights, destroyed homes, and flooded farmland.     Central China's Hubei Province and southwestern Yunnan Province on Saturday each reported that six were killed by the torrential rain.     Twenty-five cities and counties in Hubei, where the country's largest river Yangtze runs through, reported a total of 700 million yuan in damages (102 U.S. dollars).     As of 5 p.m. on Saturday, the province saw another four missing, over 26,600 people evacuated and more than 2.58 million others affected, according to the provincial civil affairs department.     The rains also damaged 105,000 hectares of farmland destroyed and toppled1,063 homes in Hubei. People walk and the vehicle moves on the flooded Weiming Road in Cangzhou City, north China's Hebei Province, July 5, 2008. Heavy rainfall hit Cangzhou on Saturday. The provincial government has sent four task forces to investigate the damages. And relief materials, including food, bottled water, tents and clothes, have been sent to the affected area.     Yunnan, where the rainfall over the past 48 hours set a record high, reported three missing, 11 injured, 9,800 evacuated and more than 1,000 homes collapsed, according to the provincial civil affairs department.     More than 970,800 people were affected by the rain-triggered disasters in the province as of 5 p.m. on Saturday.     Rescuers are searching for the missing, and the injured have been hospitalized, said the government.     The atrocious weather also triggered floods in the Yangtze River, where the two huge hydroelectric projects, namely, the Three Gorges and the Gezhouba, both started discharging water to lower the water level in the reservoir. The discharging would continue as more heavy rains were expected on the upper reaches of the river.     The shipping services between two dams were suspended for five hours before they were resumed at 2:30 p.m. on Saturday. A man rides bike on the flooded Weiming Road in Cangzhou City, north China's Hebei Province, July 5, 2008. Heavy rainfall hit Cangzhou on SaturdayFor thirsty Shandong province, however, the strong rainstorms is not all a bad thing. The province received an average 50 millimeters of rainfall since Thursday, greatly alleviating the drought since June.     However, local meteorologists also warned that the government should consolidate banks and reservoirs for possible flooding of the Yellow River.     More rain was forecast in the next two days in many parts of China and the China Meteorological Administration asked local governments to be prepared.

BOAO, Hainan, April 12 (Xinhua) -- The economic and trade exchanges and cooperation between the Chinese mainland and Taiwan was facing a historical opportunity and needed joint efforts from both sides for further progress, Hu Jintao, general secretary of the Communist Party of China Central Committee, said on Saturday.     Hu made the remarks while meeting with Vincent C. Siew, chairman of the Taiwan-based Cross-Straits Common Market Foundation at the Boao Forum for Asia. Hu Jintao (R), general secretary of the Communist Party of China Central Committee, meets with Vincent Siew, chairman of the Taiwan-based Cross-Straits Common Market Foundation, in Boao, south China's Hainan Province, April 12, 2008Hu said under the new circumstances, the mainland would continue promoting cross-Straits economic and cultural exchanges and cooperation.     The mainland would also make efforts to push forward negotiations on weekend charter flights and mainland tourists' travel to Taiwan, Hu said.     He said the mainland would continue being concerned about Taiwan compatriots' welfare and protecting their legal rights and interests, and would step up efforts to restore cross-Straits negotiations and talks.     Hu said the fact that the forum was attended by so many participants from all walks of life home and abroad reflected from one aspect Asian countries and regions' strong desire to reinforce communication and cooperation and seek win-win solutions.     "The fact also inspired us to think deep about cross-Straits economic exchanges and cooperation under the new circumstances," Hu said.     Siew said the economies of the mainland and Taiwan were closely related, and the development of trade and economic relations had contributed to cross-Straits stability.     He hoped the weekend charter flights program would be launched as soon as possible and mainland tourists would soon travel to Taiwan, adding that direct flights and normal trade ties had become an inevitable choice.     Hu said the cross-Straits economic exchanges and cooperation had achieved a prominent progress after 20 years of development. Facts proved that the economic exchanges and cooperation was the most vigorous factor in the cross-Straits relations and an effective way to benefit people on both sides and expand their common interests.     Hu pointed out that in recent eight years, the cross-Straits relations "suffered twists and turns for reasons known to all", and people on both sides were not willing to see that.     He stressed that the peaceful development of the cross-Straits relations was the shared will and common interests of compatriots on both sides.