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BEIJING, Nov. 1 (Xinhua) -- In the space of a year, Yang Chanjuan's career plan has changed direction. A soon-to-graduate college student in economics, Yang is feeling her fortunes being buffeted by the financial crisis. Yang was recently told by her schoolmates already working in the financial sector that their companies would cut staff, or there would no bonus this year. Amid the turmoil and full of uncertainty, a job in banking or securities company was no longer desirable to her. As a result, she decided to apply for a government job. Yang's change in career plan came as the financial crisis is spreading around the world. As it is now beginning to hit the real economy, more and more people, not only those in banks, have lost their jobs. International Labor Organization (ILO) estimated earlier that the financial crisis would cost 20 million jobs globally by the end of 2009. The ILO said the new projections could prove to be underestimates if the effects of the current economic turmoil are not quickly confronted and plans laid for the looming recession. Migrant workers fill in application forms at a job fair in Chongqing, southwest China on Jan. 1, 2008. International Labor Organization (ILO) estimated earlier that the financial crisis would cost 20 million jobs globally by the end of 2009. In the birthplace of the crisis, the United States, big companies from Goldman Sachs to Coca Cola, Motorola to Alcoa, have all announced their job cut plans. Economists believed the jobless total could increase by 200,000. Back to China, unemployment now becomes a concern too. Although with 2-trillion U.S. dollars of foreign reserves, a budget surplus and a controlled capital market, China would suffer limited direct impact from the crisis. However, weakening demand from its major markets, North America and Europe, is now leading China's real economy in the export sectors into a tough situation. In China's coastal areas, export enterprises are now struggling with soaring labor cost and fewer orders from foreign customers. Many toy factories in South China's Guangdong Province were shut from January to July this year. Earlier last month, two big factories of a Hong Kong listed toy-maker were shut. As a result, 7,000 workers lost their jobs. Affected by the global financial crisis, the company was suspended from trading thus it faced severe shortage of current funds. Statistics from the Ministry of Commerce showed that China's export suffered a growth slowdown in the first three quarters compared with the same period last year -- from 27.1 percent to 22.3 percent. The government said the gross domestic product (GDP)growth rate in the first three quarters this year slowed to 9.9 percent - a 2.3 percentage points fall compared with the same period last year. "The greatest impact is on these labor-intensive, small and medium-sized export enterprises," said Wang Dewen, a labor economist from China Academy of Social Sciences. These export-oriented enterprises that make China the world's workshop, are mainly small and medium-sized and vulnerable to market changes. These are China's major employers, absorbing 70 percent of the aggregate 20-million new jobs every year. Wang said that the lower-end labor market, especially the migrant workers who are the biggest source of employees in the export enterprises, would suffer from unemployment. As the crisis is now just beginning to hit the real economy, the whole situation could be worse if there is no countermeasure. The fear of unemployment is also hovering over other places. College students and white-collar workers are now worried about their future in the open market.
BEIJING, Oct. 21 (Xinhua) -- Chinese President Hu Jintao on Tuesday spoke over phone with his U.S. counterpart George W. Bush about international cooperation to cope with the ongoing global financial turmoil. The leaders exchanged ideas about the planned international financial summits and strengthening international cooperation to stabilize the financial markets. Bush said the United States hopes to make joint efforts with the international community to seek measures to overcome the crisis and maintain the stability of the world economy. Hu, for his part, said China has noted the efforts made by the U.S. government to stabilize the domestic financial market. He expressed hope that the measures would take effect as soon as possible, restore investor confidence and prevent further expansion of the crisis. The measures are conducive to the stability of the world economy and financial markets, Hu said. The Chinese government has taken a series of important measures to tackle the financial crisis and maintain the stability of financial and capital markets, as well as ensure steady economic growth, he added. The government of China will continue to assume a responsible attitude toward the Chinese people and people of other countries, and to work closely with the international community to maintain the stability of the global economy and financial markets, President Hu said.
DOHA, Nov. 29 (Xinhua) -- China on Saturday called for efforts to create global development partnerships and urged the international community to take practical steps to help developing nations in confronting the ongoing global financial crisis. Vice Chinese Foreign Minister He Yafei, as the special envoy of Chinese President Hu Jintao, made the remarks at the plenary session of the U.N.-sponsored Follow-up International Conference on Financing for Development. The spreading international financial crisis, coupled with the complicated and grave international economic situation, is posing a challenge to efforts to implement the Millennium Development Goals, He said. The international community should approach the issue of financing for development from an overall and long-term perspective, establish partnerships for global development and take practical steps to help the developing countries. On the issue of financing for development, a balance needs to be struck in the following points, He said. Special attention should be given to efforts to minimize the impact of the financial crisis on developing countries, so as to maintain a good balance between stabilizing the financial market and helping vulnerable countries and communities. Moreover, relevant parties should do more to promote global economic growth and stability, and stand firm against protectionism in efforts to conclude the Doha round of negotiations at an early date, he said. He also urged the developed nations to fulfill their commitments on aid, and offer debt forgiveness and technology transfers to the developing nations. While seeking solutions to the longstanding problem of development deficits, countries around the world should also mobilize new and extra funds to effectively cope with such emerging challenges as energy security, food security and climate change, He said. On crisis response and prevention, He called on countries worldwide to continue their efforts in stabilizing the financial market as well as in building a just, equitable, inclusive and orderly international financial system. Efforts should be made to carry out necessary reforms of the existing international financial system and its governance structures in a timely, gradual, comprehensive and balanced manner, He added. The United Nations, the most authoritative international organization in the world, should continue to play its leading role in financing so as to encourage the international community to make bigger investments in development, he noted.
BEIJING, Jan. 21 (Xinhua) -- China's State Council, or Cabinet, passed a long awaited medical reform plan which promised to spend 850 billion yuan (123 billion U.S. dollars) by 2011 to provide universal medical service to the country's 1.3 billion population. The plan was studied and passed at Wednesday's executive meeting of the State Council chaired by Premier Wen Jiabao. Medical reform has been deliberated by authorities since 2006. Growing public criticism of soaring medical fees, a lack of access to affordable medical services, poor doctor-patient relationship and low medical insurance coverage compelled the government to launch the new round of reforms. According to the reform plan, authorities would take measures within three years to provide basic medical security to all Chinese in urban and rural areas, improve the quality of medical services, and make medical services more accessible and affordable for ordinary people. The meeting decided to take the following five measures by 2011: -- Increase the amount of rural and urban population covered by the basic medical insurance system or the new rural cooperative medical system to at least 90 percent by 2011. Each person covered by the systems would receive an annual subsidy of 120 yuan from 2010. -- Build a basic medicine system that includes a catalogue of necessary drugs produced and distributed under government control and supervision starting from this year. All medicine included would be covered by medical insurance, and a special administration for the system would be established. -- Improve services of grassroots medical institutions, especially hospitals at county levels, township clinics or those in remote villages, and community health centers in less developed cities. -- Gradually provide equal public health services in both rural and urban areas in the country. -- Launch a pilot program starting from this year to reform public hospitals in terms of their administration, operation and supervision, in order to improve the quality of their services. Government at all levels would invest 850 billion yuan by 2011 in order to carry out the five measures according to preliminary estimates. The meeting said the five measures aimed to provide universal basic medical service to all Chinese citizens, and pave the road for further medical reforms. The meeting also decided to publish a draft amendment to the country's regulation on the administration on travel agencies for public debate. It also ratified a list of experts and scholars who would receive special government allowances.
BEIJING, Dec. 19 (Xinhua) -- Chinese Vice President Xi Jinping said here Friday that universities should pay more attention to the Communist Party of China (CPC) organ development on campus. Party organs on campus are an important mechanism to unite and organize teachers and students, Xi said at a meeting here on CPC organ development on campus. It will also help the universities to improve students' virtue and foster talents that fit the need of the country, he added. Xi appreciated the great progress Chinese universities have made in developing CPC organs on campuses in the past three decades. The CPC work shall always serve the reform and development of universities and personal development of students, he said. It should aim to maintain stability on campus and adapt to changing realities, he said. Universities should try to recruit high-quality grassroots Party workers, who love and are good at this work, and create a favorable working and living environment for them, he said. When it comes to the university administration, Xi said, college heads should not only have outstanding academic performance but also stand out in personal virtue and capability to manage people.