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BEIJING, Nov. 10 (Xinhua) -- China's central bank moved a step further to tighten liquidity amid increasing inflation pressures as it ordered Chinese banks to set aside more reserves on Wednesday.The People' s Bank of China, or the central bank, announced it would raise the deposit reserve requirement ratio (RRR) for Chinese financial institutions that accept deposits by 50 basis points from Nov. 16, which was estimated to freeze more than 300 billion yuan (45.1 billion U.S. dollars).The order came on the eve of Thursday's release of China' s October consumer price index (CPI), which is projected, by some economists, to reach 4 percent.The RRR for the four big state-owned banks - the Industrial and Commercial Bank of China, China Construction Bank, Bank of China and Agricultural Bank of China - will stand at 18 percent once the rise takes effect.Further, Wednesday's move will raise the deposit reserve ratio for other large financial institutions to 17.5 percent and that for small-and medium-sized financial institutions to 15.5 percent.The adjustment is the fourth RRR increase the central bank has ordered for Chinese banks this year, and the first time it has done so since it hiked interest rates by 0.25 percentage points last month.Chinese experts believe combined concerns, ranging from the looming hot money inflows caused by the United State quantitative easing to the growing inflation risks and soaring assets bubbles, have caused the central bank to raise the RRR to rein in liquidity."The central bank announced interest rates hikes and the RRR rise within one month, as the U.S. 600 billion-US-dollar quantitative easing is likely to send more speculative capital flowing to the emerging markets, and domestic commodities prices continue to increase, " senior economist with the Asian Development Bank, Zhuang Jian said, adding that the RRR increase will trim the banks' credit capital, which will help curb market speculation inflows and stabilize commodities prices.China's central bank, on Oct. 20, announced a rise of its benchmark one-year lending and deposit rate by 0.25 percentage points, the first interest rates hike in three years, as the nation's CPI hit a 23-month high to 3.6 percent in September.October's CPI is due to be announced on Thursday, while economists anticipate the October year-on-year inflation is likely to rise to 4.1 percent.Further, prices of China' s edible farm produce have witnessed consecutive increases since mid-October, as prices of 18 types of vegetables in 36 large and medium-sized cities rose by 4.9 percent during the week that ended Nov. 7, according to data released Wednesday by the Ministry of Commerce.Zhang Ping, head of the National Development and Reform Commission, said Tuesday that the nation's CPI is expected to exceed the government' s annual target of 3 percent.Also, the nation's real estate prices continued the upward trend in October, though at a slower pace, with property prices in 70 major Chinese cities increasing by 8.6 percent year on year in October, down from the 9.1-percent increase in September, the National Bureau of Statistics showed Wednesday.Li Huaiding, analyst with the Guoxin Securities Co., said Wednesday's rise would contribute to scaling back liquidity, but pressures still exist in the upcoming months, and the central bank may again increase interest rates before the end of the year.Additionally, the central bank said in a report issued on Nov.2 that it would gradually normalize the monetary policy from its counter-crisis mode and tighten control over liquidity to maintain moderate credit growth in the coming months this year.
BEIJING, Dec. 12 (Xinhua) -- Chinese Premier Wen Jiabao will pay official visits to India and Pakistan from Dec. 15 to 19 at the invitation of Indian Prime Minister Manmohan Singh and Pakistani Prime Minister Yousuf Raza Gilani, Chinese Foreign Ministry spokesperson Jiang Yu announced Sunday.Wen will meet and exchange views with leaders of the two countries during the visits on bilateral relations and cooperation as well as international and regional issues of common concern, Jiang said.During his visit to India, Wen will attend activities marking the 60th anniversary of the China-India diplomatic ties with Prime Minister Singh, and meet with Indian people from all circles, Jiang said.In Pakistan, Wen will attend the China-Pakistan business summit and meet friends who have contributed to the friendship of the two countries."I believe Premier Wen's visits will help further China's relations with the two countries and promote regional peace, development and stability," said Jiang.

BEIJING, Dec. 21 (Xinhua) -- Chinese lawmakers on Tuesday continued discussing a draft amendment to the country's Criminal Law which, if passed, could criminalize the act of "drunk driving".The draft amendment, which was tabled during a bimonthly session of China's top legislature on Monday for the second reading, stipulates that the act of car racing, which has caused "serious consequences", or drunk driving, are violations of the Criminal Law and convicted car racers or drunk drivers would be detained and fined.Currently, those suspected of drunk driving or street racing, if no serious consequences such as road accidents are caused, are not charged with criminal offences and are only subject to administrative or civil penalties.According to the road traffic safety law, drunk drivers will face up to 15 days in detention and their driving licenses will be suspended from one to six months. Meanwhile, drivers will have to pay a fine ranging from 200 yuan (30 U.S. dollars) to 2,000 yuan.On the other hand, when drunk driving has become vital or has caused "serious consequences", drivers are ruled to be committing traffic crimes or crimes against public security and receive jail terms ranging from no more than three years detention or more than seven years imprisonment.The latest amendment stipulates that drunk driving, even if it has caused no road accidents or other serious consequences, would constitute a criminal offence.According to China's current standard, drunk drivers refer to those having 80 milligrams of alcohol in 100 milliliters of blood.Xia Ji'en, a member of the Standing Committee of the National People's Congress (NPC), China's top legislature, hails the proposal to criminalize the act of drunk driving as "progress" that would better protect people's safety and reduce the frequency of drunk driving.Xia proposed imposing harsher penalties for drunk drivers who caused road accidents.Member Lang Sheng said administrative detention for drunk drivers is having little effect on quelling the practice of drunk driving, and criminalizing the act of drunk driving would work more effectively.However, NPC Standing Committee member Fang Xin proposed to fully consider the consequences of criminalizing drunk driving.A civil servant could no longer keep his post if he commits a crime, even if its drunk driving and no one was hurt, according to Fang.Member Li Lianning suggested authorities mete out punishment for drunk drivers based upon the severity of their cases and take a cautious approach in legislation.In most cases, a draft law will be read two or three times before being passed.China's fast economic development has enabled a growing number of Chinese to realize their middle class dream of owning a car.China' s auto sales jumped past the United States to reach record levels in 2009. China had 199 million motor vehicles on its roads as of September, including 85 million cars, according to the Ministry of Public Security.However, in a country where drinking liquor is an important part of the dining ritual, the pleasures of drinking alcohol have made drunk driving sometimes an unavoidable practice.In 2009, Chinese police apprehended 313,000 drunk drivers.Earlier this month, Gu Qingyang, a post office official in Luoning County of central China' s Henan Province, was arrested after he, under the influence of alcohol, drove his car into five teenagers before trying to escape.More fatal car accidents in big cities such as Chengdu, Nanjing and Hangzhou have triggered heated public complaints and calls for stricter penalties for drunk driving.
TAIPEI, Nov. 26 (Xinhua) -- On the eve of Taiwan's mayoral and city councilor elections, Sean Lien, son of Lien Chan, honorary chairman of Kuomintang (KMT) party, was reportedly shot in the face when he was campaigning for a KMT candidate in Taipei County Friday evening.He was being treated at a local hospital. Local media cited doctors as saying Sean Lien's brain was not injured and his injury would not endanger his life.A spokeswoman of the hospital where Sean Lien was treated said he was sober-minded when he was sent to the hospital. Doctors only found wounds in the man's left cheek and right temple."Though the injury is not life threatening, he needs further observation," said the spokeswoman.Policemen keep guard at a hospital where Sean Lien receives medical treatments, in Taipei, southeast China's Taiwan, Nov. 26, 2010. Sean Lien, son of Lien Chan, honorary chairman of Kuomintang (KMT) party, was reportedly shot in the face when he was campaigning for a KMT candidate in Taipei County Friday evening.According to local police, the shooting occurred at around 8:20 p.m., and a 29-year-old local resident died on the spot after being hit by a stray bullet.A suspect, who was found carrying a pistol and bullets, has been detained.Ting Yuan-chao, director of Lien Chan's office, hoped such violence would not happen again and the society would be peaceful.Mayoral and city councilor elections are scheduled to be held Saturday in Taiwan's five major cities including Taipei City, Taichung, Tainan, Kaohsiung and Taipei County.
BEIJING, Nov. 19 (Xinhua) -- The Chinese government will increase grain supplies to meet people's needs and stabilize market prices, the nation's grain authorities said Friday.The government will also sell a set amount of cooking vegetable oil and soybeans from its reserves beginning next week, in addition to the weekly policy-oriented sales of wheat, rice and corn that has already begun, the State Administration of Grain said in a statement posted on its website Friday.The authority will also send groups of staff to major grain production regions to inspect and guide purchases of autumn grain and regulate business practices, according to the statement.The move was in line with the government's efforts to protect farmers' interests and maintain moderate prices in the grain market, the statement said.China's State Council, or the Cabinet, said Wednesday that it would impose temporary price controls on important daily necessities and production materials when necessary, and urged local authorities to offer temporary subsidies to needy families.It also ordered efforts be implemented to ensure market supplies and strengthen market supervision.These steps were introduced after China's consumer price index (CPI), a major gauge of inflation, rose to a 25-month high of 4.4 percent in October. The increase was mainly pushed up by the 10.1 percent surge in food prices, which accounts for one-third of the basket of goods used to calculate the country's CPI.
来源:资阳报