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BEIJING, Dec. 26 (Xinhua) -- China will make unswerving efforts and work jointly with the international community for the completion of the Bali Roadmap negotiations at the Mexico climate talks next year, a senior official said Saturday. Xie Zhenhua, vice minister of the National Development and Reform Commission (NDRC), told Xinhua that China, as it has always done, would continue to play an active and constructive role on that front. Also head of the Chinese delegation to the Copenhagen climate conference, Xie said developed countries bound by the Kyoto Protocol should confirm their second-phase emission reduction targets as soon as possible. He said almost no progress was made on some key issues during the international climate change meeting in Copenhagen because developed countries were seeking to shift off obligations demanded by international climate agreements. "Developing countries have raised requests concerning slowing and adapting to climate change, as well as funding and technology assistance, but developed countries have given no clear response, resulting in almost stagnation on key issues in these talks," he said. It is also necessary to define the comparability of efforts in emission reduction between non-contracting developed countries and those who have endorsed the Protocol, said Xie. He said parties bound by the Protocol should fulfill their commitment to short-term financing and stick to their promises on long-term funding. Xie also urged developed nations to speed up technology transfer to developing countries. Prior to the climate meeting, the Chinese government announced to cut emissions intensity by 40 to 45 percent by 2020 from the 2005 level. During the talks in Copenhagen, China played an active role in seeking a viable solution to tackle global warming when diversity existed among countries, and it made great efforts to seek common ground while putting aside differences for further discussions, Xie said.
BEIJING, Jan. 2 (Xinhua) -- China's National Audit Office (NAO)announced on Saturday that, in 2009, no serious violations were found in the management of reconstruction funds for regions hit by the 2008 Wenchuan earthquake. Auditors, however, did find some problems in the implementation of post-quake rebuilding plans, distribution of relief funds and management of reconstruction projects, said the NAO. The NAO has transfered one violation case to the procuratorial organ in 2009. Two people responsible for the violation were arrested and another 11 people were in custody. The NAO said it and its local offices have already released the auditing results to the public. Liu Jiayi, chief auditor of the NAO said earlier that they would, in 2010, continue to keep a close eye on the whole process of post-quake rebuilding.

BEIJING, Nov. 2 (Xinhua) -- Stocks on ChiNext, the country's Nasdaq-style board for domestic start-up firms, rode on a roller coaster on the first two trading days: soaring at debut and taking a sudden turn on the second day. Twenty stocks out of the total 28 fell by the daily limit of 10percent at Monday close, compared with an average of 106.23 percent surge on Friday, the first trading day, driven by a speculative surge for quick profits. About 252,600 individual investors bought 423 million new shares at ChiNext on Friday, accounting for more than 97 percent of all new shares on the market. The average price-earnings ratio for the initial public offering prices was at around 55.70 times, and then was pushed up to around 111 times, much higher than 25.98 times and 37.80 times at main boards in Shanghai and Shenzhen bourses respectively. The bubbly opening led to warnings of risks posed by excessive speculation and inflated stock price. Jin Yanshi, chief economist with the Sinolink Securities, said the price-earnings ratio was too high driven by the irrational buying spree. He said the frenzy would gradually cool off, and he expected a 30 percent to 50 percent drop of share prices in three to six months. Analysts said it was typical in China that new shares would face speculation at debut and see large initial gains, followed by a continuous pullback. China State Construction Engineering Group shares soared more than 60 percent at debut in Shanghai on July 29 from a initial public offering price of 4.18 yuan and ended at 6.53 yuan, up 56.22 percent. On Monday, its close price stood at 4.79 yuan. It also reminded of the launch of board for small and medium-sized enterprises at Shenzhen Stock Exchange market on June25, 2004, when shares of eight new stocks rose more than 130 percent. The share prices fell by an accumulative 40 percent from the close prices on the first trading day three months later. China made plans to launch the Nasdaq-style board for trading of start-up shares in 1999 to boost development of small and medium-sized enterprises. The plan was postponed in 2001 when the Internet bubble burst in the United States. Since 1962, a total of 39 nations or regions have launched 75 such boards for start-up companies to raise funds. However, about half of them ended up closing due to weak market sentiment and regulatory inconsistencies, and 41 markets were operational as of the end of 2007. The Growth Enterprise Market, kicked in Hong Kong in 1999, was a luck luster as investors were scared away by the plunge in value of technology stocks in 2001. The index fell about 90 percent since then. By contrast, Nasdaq set up in the United States in 1971 has been a successful one, which attracted giants like Microsoft and Intel, and became the major market for overseas listing of Chinese enterprises. There are currently 116 Chinese companies listed on Nasdaq, including Baidu. Analysts attributed the main reasons for failure of some markets to blindly lowering threshold of market entry, poor supervision and inactive transaction. The wild fluctuation challenged the ability of regulators to control volatility in the new bourse and stirred concerns whether it would grow to be a second Nasdaq or the dazzling debut would be the last wild ride. Shang Fulin, chairman of the China Securities Regulatory Commission said on Oct. 23 that trading on the new board may have a probability of becoming "irrational" than on other bourses. "Preventing risk is our main task," he said. "We'll make sure risk is estimated, detected and controlled." The Shenzhen Stock Exchange issued special suspension rules to clamp down on speculation. Trading would be suspended for 30 minutes if share price rises or falls by 20 percent from its debut level. If a stock fluctuates again beyond 50 percent of its opening price, it will be suspended for 30 minutes. The stock can also suspend a stock until three minutes before the close of trading session on a rise or drop above 80 percent. Zuo Xiaolei, chief economist of the China Galaxy Securities, said the lesson from failure of other markets showed the key to the success of such start-up board was to strengthen supervision while completing rules, which would ward off excessive speculation and rule violations. The government should develop more policies to attract more firms with great potential growth to make the board bigger and stronger, but threshold for access to the market should not be lowered, analysts said.
WUHAN, Nov. 28 (Xinhua) -- A senior leader of the Communist Party of China (CPC) has urged officials and governments at all levels to serve the people by addressing their concerns. He Guoqiang, member of the Standing Committee of the CPC Central Committee, made the remarks during his visit in Chibi City of central China's Hubei Province on Saturday. He said officials and governments must solve well the problems that concern people's immediate interests to ensure social harmony and stability. When visiting a local village and urban community of the city, He urged local officials to help residents increase their incomes and answer the needs required by the people. He asked the officials to improve their ability of resolving practical problems to bring about more tangible benefits to local people. He, also secretary of the Central Commission for Discipline Inspection of the CPC, also called on local Party organs to improve their organizational construction, promote intra-party democracy and strengthen the struggle against corruption.
COPENHAGEN, Dec. 17 (Xinhua) -- Chinese Premier Wen Jiabao said Thursday that the Copenhagen climate talks have reached the decisive moment and all parties should focus on consensus in a future-oriented manner and seek common grounds while shelving differences so as to bring hope to the world people. Wen made the remarks when he met British Prime Minister Gordon Brown, German Chancellor Angela Merkel and Japanese Prime Minister Yukio Hatoyama on the sidelines of the UN-led talks being held here. Wen said many developed countries have tabled quantified emission reduction targets while some developing countries have also set up voluntary goals in curbing emissions, which represents new progress in international cooperation in tackling climate change. Chinese Premier Wen Jiabao (R) shakes hands with British Prime Minister Gordon Brown in Copenhagen, Denmark, Dec. 17, 2009. The key to fighting climate change is to follow the principle of "common but differentiated responsibilities," Wen said. Countries should deliver their commitments in earnest and enhance mutual trust instead of harboring mistrust or even confronting with each other, he added. China is always true in word and resolute in deed, Wen said, adding that the Chinese side will overcome difficulties to realize the goal of curbing greenhouse gas emissions. Chinese Premier Wen Jiabao (R) shakes hands with German Chancellor Angela Merkel in Copenhagen, Denmark, Dec. 17, 2009.Wen also said China's work in this regard is open and transparent and is subject to the supervision of domestic laws and media, and China is willing to conduct international exchanges, dialogues and cooperation in information disclosure. Brown, Merkel and Hatoyama spoke highly of China's efforts in dealing with climate change and introduced their own countries' positions during the climate talks. They also expressed willingness to strengthen cooperation with China to strive for achieving positive results at the summit. Wen also attended a banquet hosted by Danish Queen Margrethe II for world leaders at the summit. Chinese Premier Wen Jiabao (front) arrives to attend the dinner hosted by Denmark's Queen Margrethe II in Copenhagen, Denmark, Dec. 17, 2009. The dinner was held to welcome the leaders attending the United Nations Climate Change Conference.
来源:资阳报