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BEIJING, April 1 (Xinhua) -- Chinese equities closed 1.47 percent up Wednesday to stand at 2,408.02 points, surpassing the 2,400 points mark, echoing the overnight Wall Street rebound. The Shanghai Composite Index gained 34.81 points, or 1.47 percent to 2,408.02. The Shenzhen Component Index rose 174.06 points, or 1.94 percent to 9,156.01. Gains outnumbered losses by 675 to 183 in Shanghai and 599 to 140 in Shenzhen. Combined turnover expanded to 250.67 billion yuan (36.68 billion U.S. dollars) from 200.03 billion yuan on the previous trading day. Coal shares boosted the index up, as there were reports Monday that the government might consider raising the coal price by 4 percent. China Shenhua Energy, the country's leading coal producer, gained 5.8 percent to 21.9 yuan, while China Coal jumped 5.65 percent to 9.17 yuan. The benchmark Shanghai Composite Index continued the upward trend of the previous trading day and touched a 2422.63 points intra-day high Wednesday, exceeding the previous intra-day high of 2402 points on Feb. 17. Zhang Yunpeng, an analyst with Beijing-based Huarong Securities, said investors should not be overly optimistic about the continuing rebound, as the turnover in recent days was lower than that in mid-February, which suggested that some investors were still cautious. China's top banking regulator Liu Mingkang said Tuesday the government would require foreign banks taking stakes in domestic commercial banks to hold those stakes for at least five years, rather than three as at present, to reduce risks for local banks. Zhang said this was a piece of positive news for Chinese bank stocks for the long run, as this move would help stabilize their share prices. The Industrial and Commercial Bank of China, China's top lender, rose 0.76 percent to 3.97, while the China Construction Bank, the country's second largest commercial lender, gained 0.47 percent to 4.32 yuan. Chongqing Iron and Steel Co. rose 1.24 percent to 4.91 yuan, after the steel producer reported a 33.18 percent growth in net profit to 598.3 million yuan last year in its annual report released Wednesday.
BEIJING, Feb. 19 (Xinhua) -- Chinese Vice Premier Zhang Dejiang Thursday urged the country's labor department to find employment for people this year. China is facing a daunting task to secure jobs for its workforce after more than 20 million migrant workers lost their jobs in the global financial crisis. To compound the problem, more than seven million college graduates will be looking for jobs this year. "We must ensure a stable employment situation this year, as employment is related to people's livelihood and the harmony and stability of the society," Zhang said at a working conference of the Ministry of Human Resources and Social Security. The country's urban unemployment rate increase 0.2 percentage points to 4.2 percent at the end of 2008, even though migrant workers are not included in that number. Zhang asked the ministry to adopt more active policies to find employment for people. Tax burdens of firms could be reduced, and preferential policies for social security coverage could be employed to help firms survive the crisis and keep jobs, Zhang said. More subsidies should be offered to organize vocational training in order to get people reemployed, and training should be made more relevant to different jobs, he added. The Vice Premier also said the government should step up building a social insurance system that covers both urban and rural residents, and continue to raise pensions for retired workers. China created new jobs for 11.13 million people last year, 11 percent more than the target of 10 million. The country also found jobs for five million laid-off workers and for 1.43 million who had difficulty in finding a job. The combined 6.43 million was again higher than the original target of five million.

BEIJING, March 10 (Xinhua) -- Yi Gang, vice governor of China's central bank, said Tuesday that China still has room to cut interest rates, but such room is "quite limited". "China still has room to cut interest rates, but not a lot," Yi told Xinhua. "The room for cuts is quite limited, because a zero interest rate is not the best choice for China at the moment," he said. The People's Bank of China, the country's central bank, has cut interest rates five times and reduced required reserve ratio for commercial banks four times since last September. The one-year benchmark deposit rate now stands at 2.25 percent. Yi pointed out interest rates of China and the United States are actually almost the same. The 12-month deposit rate in the U.S. stands at around 2 percent, although its key interest rate, or an inter-bank rate, is zero to 0.25, he explained. The equivalent inter-bank rate in China is at around 0.8 percent, he added. China's current rate still has room for manoeuvre, Yi said, but if the interest rate falls to zero, there will be no more room for using interest rates to deal with any further world economic downturn. Su Ning, also vice governor of the central bank, told Xinhua on Monday that China still has plenty of space to manoeuvre in its monetary policy. Su said the room for further adjustment is "smaller but still exists." "There's a quite a lot of room for cutting the bank's reserve requirement ratio," he added.
BEIJING, Feb. 23 (Xinhua) -- The recent visits by Chinese leaders to 15 countries and the European Union (EU) have proved extremely fruitful, promoting China's traditional friendship with them and boosting people's confidence regarding the future amid the ongoing global financial crisis. Chinese President Hu Jintao, Premier Wen Jiabao and Vice President Xi Jinping paid visits to several countries in Asia, Africa, Europe and Latin America during the first month of the Chinese lunar year, which lasts from Jan. 26 to Feb. 24. Visiting Chinese President Hu Jintao addresses a welcoming rally attended by people from various sectors in Dar es Salaam, Tanzania, Feb. 16, 2009 Their tours were warmly welcomed and highly praised by governments and media of the countries visited by the Chinese leaders. Meanwhile, China and the United States carried out their maiden communication after U.S. President Barack Obama took office on Jan. 20, 2009. The talks were constructive and expected to boost bilateral ties and help tackle global challenges. Chinese President Hu carried out state visits to Saudi Arabia, Mali, Senegal, Tanzania and Mauritius from Feb. 10 to 17. Visiting Chinese President Hu Jintao (L) talks with Saudi Arabian King Abdullah bin Abdul-Aziz during their meeting in Riyadh, Saudi Arabia, Feb. 10, 2009During the visits, Hu comprehensively expressed China's views and stances on ways to deal with the financial crisis, emphasizing that the international community should take note of, and make all efforts to reduce, the crisis' impact on developing countries, especially those lowest on the development ladder. He also said China would like to strengthen cooperation and take coordinated action with developing countries and the entire world community to meet current challenges. The president reached a broad consensus with African leaders on the means to further boost bilateral cooperation, steadfastly implement measures to aid Africa made at the Beijing Summit of the Forum on China-Africa Cooperation in November 2006 and deepen the new China-Africa strategic partnership. Hu made a six-fold proposal to develop China-Africa ties under the current situation, saying the Chinese have always cherished their traditional friendship with Africa and regard Africans as all-weather, trustworthy and dependable friends, and would like to be the African people's brothers and partners for ever. The leaders of Mali, Senegal, Tanzania and Mauritius said Africa-China ties are a prime example of friendly cooperation among nations, adding that Africa is willing to promote cooperation with China and boost bilateral ties.
GUANGZHOU, Feb. 6 (Xinhua) -- Millions of migrant workers from rural areas in China are expected to enjoy their golden years with pensions, like the urbanites do, as the country's top social security authority has planned to help them systematically gain access to the service. A document released Thursday by the Ministry of Human Resources and Social Security to solicit public opinions said migrant workers could move their pension accounts from one place to another when they move, a practice that is currently banned for lack of proper regulations. "With the new rule, I can get pensions like urban elders when I am old," said Liu Xinguo, a migrant worker who comes from central Hunan Province. He is now working in a property management company in Guangzhou, capital of Guangdong Province. The proposed rule stipulates migrant workers who have joined pension plans can continue their pension accounts as long as they get pension premium payment certificates in their previous working places. Currently, Liu himself puts 100 yuan per month into his pension account while his company contributes 180 yuan on his behalf. "If I withdraw my pension account, I will no longer get the company's input in my pension account," said Liu, who has been working in Guangzhou for more than a decade. In fact, many migrant workers who have had pension accounts, have chosen to withdraw their accounts before they leave the place where they work and plans to work in other places. They only get the fund they have paid and cannot get the company's part in the accounts. Tang Yun, who comes from Jiangxi Province and is now in Dongguan City, Guangdong, is an example. Four months ago, Tang joined the pension plan in Dongguan. But now he plans to go to Shenzhen to find a new job. He had to withdraw his pension account and only got some 600 yuan in cash from the account. "I had no choice but to withdraw as the pension account could not go to Shenzhen," said Tang, who has been working in Guangdong for 8 years. However, with the new regulation, migrant workers will no longer face the same problem again. "It is a breakthrough in the pension system for migrant workers," said Cui Chuanyi, a rural economy researcher of the Development Research Center under the State Council, or cabinet. The new method removes the fundamental hurdles for migrant workers to join pension plans and protects their rights and interests, said the researcher. According to figures with the Ministry of Human Resources and Social Security, China has some 230 million migrant workers. By the end of last year, only 24 million joined pension programs. In addition to the transfer ban, high pension premiums present a challenge to the small number of migrant workers who do carry pension plans. According to the country's current regulations, the pension premium for urban workers include the employer's payment of 20 percent of an employee's salary and the employee's payment of 8 percent of his or her salary. The new rule says employers will pay 12 percent of employees' salaries and the employee will pay 4 to 8 percent of their salaries to meet the pension premiums. "The new rule will reduce the burden of companies and migrant workers in pension premium payment," said Cui Chuanyi. "That will encourage more companies to support the establishment of pension plans for migrant workers." The new regulations will also make it is easier for migrant workers to accumulate the 15 years of pension premium maturity required for receiving pensions, as the pension premium terms will be added when they move from place to place. In the past, the maturity was reset each time they withdrew. Chen Xinmin, a professor at South China Normal University, said from the point of view of narrowing the rural-urban gap, the adjustment of the pension system for migrant workers would have a far-reaching impact. "Given the fact that migrant workers have become a major part of China's industrial workforce, the new rule means a significant step forward to eliminating urban-rural differentiations and improving farmers' welfare," said the scholar. The upcoming revision of the pension system for migrant workers will also accelerate the urbanization process in China, said Chen. An official with the Ministry of Human Resources and Social Security said Thursday the country was also planning to set up a national social security information consultation system starting with migrant workers. The system will use the identity card number of a citizen as his or her life-long social security card number.
来源:资阳报