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BEIJING - China's currency, the yuan, hit a new high against the US dollar on Thursday, following an overnight key interest rate cut in the United States.The yuan, also known as the renminbi, went up 145 basis points from the previous day to a central parity rate of 7.1853 yuan to one dollar, breaking the 7.19 mark.The Federal Reserve on Wednesday cut US interest rates by a bold half-percentage point as part of its efforts to shore up economic growth.The move came just eight days after the US central bank slashed rates by three quarters of a percentage point, leading the dollar to weaken against other major world currencies.The Chinese currency had appreciated against the greenback by about 12 percent since a new currency regime was imposed in July 2005 to revalue and de-peg it from the dollar.It had climbed 6.9 percent against the dollar in the past year, but some US critics say it remains undervalued, giving Chinese exporters an unfair advantage and resulting in the massive trade imbalance between the two countries.China was not against revaluation of the yuan, but opposed "excessively rapid" appreciation that was inappropriate to its national conditions, Commerce Minister Chen Deming said last month.Premier Wen Jiabao also said China would improve the yuan's exchange rate mechanism in a controllable and gradual manner, let the market play a bigger role in the mechanism and enhance the currency's flexibility.
A regular inspection last month by the Ministry of Agriculture showed that food quality in 37 major cities has improved after a four-month promotional campaign, the ministry said on Friday.The nationwide inspection of vegetables, pork and aquatic products found acceptance rates had risen since August when the campaign was launched.The inspection found that:- 95.3 percent of the country's vegetables were safe in terms of pesticide residues.- 98.4 percent of meat products were up to scratch with regard to residues of clenobuterol hydrochloride, a drug some farmers used to put in pig feed but which is now banned due to the damage it can cause to the human heart.- 99.8 percent of aquatic products were free of chloramphenicol, and 95.7 percent were free from malachite green, both of which are banned fish food supplements.- No pork products in Beijing, Shenzhen, Shanghai and 25 other cities were polluted with banned drugs.- Aquatic products in seven cities including Beijing, Tianjin and Guangzhou were also found to be safe from illegal drugs.The ministry, which carries out five regular food safety inspections a year, attributed the achievements to its four-month campaign.It said in a news release that all 676 agricultural wholesale markets in large and medium cities have now been put under surveillance, up from 479 in September.Five kinds of pesticides that the ministry banned for their high toxicity have been seized and destroyed.The ministry also issued six regulations on pesticide registry management to standardize labeling and control product quantities."Thanks to the campaign, public awareness of agricultural product quality and food safety has been strengthened," the news release said.The ministry said it will follow up the campaign by cracking down on fake agricultural supplies and develop a network that gives farmers access to authentic and good-quality agricultural materials.
BEIJING - Zhang Bing grew up in remote Inner Mongolia, where his family herded sheep and raised chickens. Today he's a manager in a glittering karaoke club 1,000 kilometers (600 miles) away in a booming eastern Chinese city. Zhang, 26, is part of a huge wave of rural workers streaming into China's cities in search of work and opportunity. A UN report released Wednesday said more than half of China's population - now 1.3 billion people - will be living in urban areas within 10 years. Government officials say an estimated 150 million people moved to China's cities between 1999 and 2005, providing labor to fuel the country's breakneck economic growth. "From 1980 to 2030, the population of China will go from being 20 percent urban to almost two-thirds urban. We're in the middle of that transformation. Within the next 10 years we'll cross that halfway mark," said William Ryan, the United Nations Population Fund's information adviser for Asia and the Pacific region. The agency's State of World Population 2007 report says more than half the world's population will live in cities and towns in 2008, with the number expected to grow to 60 percent, or 5 billion people, by 2030. Asia is at the forefront of this demographic shift, expected to nearly double its urban population between 2000 and 2030, from 1.4 billion to 2.6 billion. Zhang moved to Tianjin after high school and earns about US0 (euro370) a month at the Oriental Pearl karaoke club. He saves two-thirds, and is thinking of opening a store to sell knockoff purses. He said he expects to have a wife, house and car - "an Audi, definitely" - within 10 years. Like 80 percent of migrant workers in China, Zhang is under 35 and works in the service industry, which along with construction and manufacturing employs most migrant workers. But his story, told in the UNFPA's youth supplement, is atypical. Although most workers have only a middle school education, Zhang finished high school and attended business school in Tianjin. His salary is much higher than the average worker's 500 to 800 yuan (US to 5; euro48 to euro78) a month, according to Duan Chengrong, a demographics professor at Renmin University. In comparison, a typical Beijing urbanite makes about 2,000 yuan (US0; euro193) a month. Migrant workers generally cram themselves into rented housing on the outskirts of town, with an average of five square meters (50 square feet) of living space per person and no heat, running water or sanitation facilities, Duan said. At many construction sites, the workers lodge in ramshackle dormitories, or even in tents pitched on a nearby sidewalk. China's government has taken measures to "avoid the emergence of urban slums and the transformation of rural poor to urban poor," said Hou Yan, deputy director of the social development department in China's Development and Reform Commission. She mentioned programs such as establishing a minimum living standard, providing medical and educational assistance, and supplying affordable housing and basic public services. Hou did not give details of the programs. China's urbanization is unique in that it stems largely from migration instead of natural population growth. The Communist government that took control in 1949 imposed residency rules as part of strict controls on where people could live, work or even whom they could marry. It was not until recent years that rising wealth and greater personal freedoms eroded the system, allowing farmers to move to cities. The UNFPA estimates that, in less than a decade, China will have 83 cities of more than 750,000 people. Zhang, who spoke at the news conference where the UNFPA report was released, believes cities are the future of China. Before taking the job at the karaoke club, he made money teaching Chinese to foreign students, selling phone cards and running a copy shop. "In order to get employed, what is most important is to be diligent," he said. "Only when you work hard can you get good results."
Nearly 5,000 officials were punished for squandering public funds in the first half of this year, according to the Ministry of Supervision (MOS).The government took disciplinary action ranging from warnings to dismissal against 4,866 officials from the Communist Party of China and government bodies, after an investigation found their use of funds violated rules.The joint investigation of officials suspected of using public funds for banquets, overseas tours, luxury cars or entertainment was launched earlier this year by the MOS, the Ministry of Finance, National Office of Audit, Government Offices Administration of the State Council and the Ministry of Foreign Affairs.Earlier this month, the Central Commission for Discipline Inspection (CCDI), the Party's graft buster, slammed officials at a local procuratorate for taking an overseas tour on taxpayers' money.Xu Wenai, vice procurator-general of East China's Anhui Province, was removed from his post for wasting public funds on the trip to Finland.A delegation of 10 people from the procuratorate headed by Xu was found to have fabricated an invitation from the Finnish government in November 2006.The CCDI investigation found the delegation also tampered with business travel routes, adding a number of destination countries.The incident caused a nationwide stir, with many provinces considering tighter regulations to screen officials who plan to take overseas trips for international conferences or study.The central authorities have urged government at all levels to implement the country's anti-corruption policies and called on all Chinese officials to avoid wasting public funds.Xinhua-China Daily