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BEIJING, Jan. 25 (Xinhua) -- Many Chinese received a smaller bonus this year because of the global financial crisis and decided to tighten their belts - but they still let their hair down for the traditional Spring Festival. The freezing weather and slowdown in economic growth did not affect Chinese people's festivities, with supermarkets and shopping malls crowded with shoppers seeking goods for the Spring Festival celebration. Even dairy products, which have experienced shrinking sales because of the melamine scandal, were selling. Milk powder products of domestic brands have reappeared on the shelves, a Xinhua reporter found in Wal-Mart at Xuanwumen, Beijing. "This is the safest period for dairy products as the government has intensified quality supervision and inspection after the scandal," said saleswoman Qiao Xinhong. Many Chinese people like to buy boxed milk or yogurt for family reunions or as gifts to friends and relatives during the holiday. Dairy products, however, were only one part of people's shopping list, and snacks with wider varieties, clothes, jewellery and home appliances were also popular. The week-long Spring Festival holiday, which starts from Sunday, is China's closest equivalent to the West's Christmas shopping season. According to the Ministry of Commerce, sales at the country's major retailers on Thursday were 2.4 times as much as that on December 31. China's real retail sales growth in December accelerated 0.8 percentage points from November to 17.4 percent, according to figures released by the National Bureau of Statistics (NBS) Thursday. Retail sales jumped by 21.6 percent last year to 10.8 trillion yuan (1.6 trillion U.S. dollars), which was 4.8 percentage points higher than 2007. The booming Chinese market has become more attractive to foreign retail giants, who have suffered from weak demand caused by the global financial crisis. "Although the global financial crisis has weighed on China's economy, the fundamental of the country's economy remains unchanged and we are very optimistic about the prospects for the Chinese market," Britain's largest retailer Tesco told Xinhua in an email. Sales in the rural market, which is believed to have the great potential to boost domestic demand, has reported month-on-month increases since May. November retail sales in rural areas rose 18.3 percent, 8.2 percentage points higher compared with the same period of 2007 and for the first time surpassed urban consumption growth. Wei Wanqian, a farmer in eastern China's Shandong Province, was busy with the last-minute preparations to celebrate the Spring Festival. He bought a new tractor earlier this month. "Boosting domestic demand should be the government's major taskof economic work," said Zuo Xiaolei, senior analyst at the Beijing-based Galaxy Securities. "Effective boosting measures along with the improvement of social security system will accelerate the consumption growth by two to three percentage points this year," Zuo said. The State Council, or the Cabinet, has taken an array of measures to enhance domestic consumption. These included improving the rural distribution network, promoting the subsidized home appliance program and boosting festival consumption. More detailed measures would come out in March during the delivery of the government work report, sources said. Although the impacts of global financial crisis were still unfolding, some positive signs surfaced in December economic date, officials and analysts have said. These included the figures on money supply, consumption and industrial output. Whether the "positive changes" represented a trend was unclear, NBS director Ma Jiantang said.
BEIJING, Jan. 14 (Xinhua) -- China's State Council unveiled a long-awaited support package for the auto and steel sectors Wednesday to boost the two "pillar industries". Under the plan, the government will lower the purchase tax on cars under 1.6 liters from 10 percent to 5 percent from Jan. 20 to Dec. 31 in a bid to stimulate sales. It will also allocate 5 billion yuan (730 million U.S. dollars) to provide one-off allowances to farmers to upgrade their three-wheeled vehicles and low-speed trucks to mini-trucks or purchase new mini-vans under 1.3 liters from March 1 to Dec. 31. It will also increase subsidies for people to scrap their old cars and will straighten out and cancel regulations that restrict car purchase. The plan encourages large auto companies, as well as major auto-part makers to expand through mergers and acquisitions so as to optimize resources and improve their competitiveness on the international market. In the next three years, the central government will earmark 10 billion yuan as a special fund to support auto companies to upgrade technologies, and develop new engines that use alternative energies. The government will offer financial support to promoting the use of energy-saving autos and those fueled by new energies, and support automakers to develop independent brands and build auto and parts export bases. The plan also urges improvements in the credit system for car purchase loans. More than 93 percent of Chinese vehicles are sold in the domestic market, but less than 10 percent are purchased on credit. It also requires accelerated upgrading of the steel sector, transforming "big" industry competitors into "strong" international players. It said the industry needed to eliminate outdated technology, and must not establish new projects that merely add to steel output. China also needed to increase domestic demand for steel and adopt a more flexible tax rebate policy to keep international markets. Special funds will be allocated from the central budget to promote technological advancement of the sector, readjustment of products mix and improvements of product quality, according to the plan.

BEIJING, Jan. 24 (Xinhua) -- The People's Bank of China, the country's central bank, disproved Saturday the allegations by a U.S. Treasury official that China is manipulating the exchange rates of its currency, saying the statement is untrue and misleading. Su Ning, vice governor of the central bank, said that the allegation could sidetrack the effort to track the real cause of the financial crisis. "President Obama -- backed by the conclusions of a broad range of economists -- believes that China is manipulating its currency," the U.S. Treasury Secretary-designate Timothy Geithner wrote to the Senate Finance Committee in documents released on Thursday. "Also, we should avoid any excuse that might lead to the revitalization of trade protectionism. Because it will do no good to the fight against the crisis, nor will it help the healthy and stable development of the global economy," Su said. Yi Xianrong, a researcher with the financial research center of the CASS, told Xinhua on Friday if the U.S. labeled China as a "currency manipulator," it would hurt the concerted action of fighting the global financial crisis. It would also hamper the global efforts to shake off an economic slowdown as the Sino-U.S. economic tie had become one of the world's most important bilateral economic ties, Yi said. According to China customs statistics, Sino-U.S. trade hit 333.74 billion U.S. dollars last year, up 10.5 percent year on year. With a 9-percent rate, China contributed more than 20 percent of global economic growth in 2008, while the U.S. remained the world's largest economy, Yi said. Geithner's comment was just aiming to try out the Chinese government's response, said Zuo Xiaolei, senior analyst with the Beijing-based Galaxy Securities. Yuan appreciation and the pace of appreciation should not only be decided by trade surplus but also the status of domestic economic development, Zuo said. "The price advantage of Chinese exports may not be a result of currency issues, but the country's lower costs of labor, resources and land," she said. In July 2005, China abandoned a decade-old peg to the U.S. dollar and allowed its currency to appreciate by 2.1 percent. Since then, the yuan has strengthened further, rising more than 20 percent against the U.S. dollar.
Premier Wen Jiabao is in Russia for a visit. "Currently, women account for 45.4 percent of China's total employed population," said All-China Women's Federation (ACWF) Deputy-Chairwoman Huang Qingyi, who delivered a work report on behalf of the ninth ACWF Executive Committee. Huang said there were nearly 700,000 women models working in various circles who had greatly inspired people. Exemplar women included Ren Changxia, a late policewoman in central Henan Province who devoted herself to her police career and died of fatigue at 40, and Song Yushui, a judge in a Beijing district court who has long been engaged in handling cases involving economic and intellectual property rights issues. Gu Xiulian, chairwoman of the All-China Women's Federation (ACWF), presides over the opening ceremony of the 10th National Women's Congress at the Great Hall of the People in Beijing, China, on Oct. 28, 2008. Chinese women also played larger role in the political sector. Female deputies comprised 21.33 percent of the National People's Congress (NPC), up 1.09 percentage points from the previous congress, and women make up 17.7 percent of the 11th National Committee of the Chinese People's Political Consultative Conference (CPPCC), up 1 percentage point. The proportion of female deputies to the 17th National Congress of the Communist Party of China was also up two percentage points, said Huang, adding "women have become an important force pushing forward political development". She said the education gap between men and women has narrowed as proportions of women receiving various levels of education have increased steadily, with their mind continuing to be emancipated and concept updated and employment improved. The 10th National Women's Congress opens at the Great Hall of the People in Beijing, China, on Oct. 28, 2008. China's maternal mortality rate has reduced to 36.6 per 100,000 from 51.3 per 100,000 in 2003, and the infant mortality rate has dropped to 15.3 per 1,000 from 25.5 per 1,000 in 2003, according to Huang. She said more and more women bought various social securities and women's life expectancy reached 75.25 years. Statistics show more than 27,000 women and children rights protection agencies had been set up to handle cases involving rights infringement. The 10th National Women's Congress opens at the Great Hall of the People in Beijing, capital of China, on Oct. 28, 2008Women of ethnic minority groups and those who were religious believers were also greatly motivated to contribute to the social development, Huang said, adding mainland women groups had conduced various exchanges with their counterparts in Hong Kong, Macao and Taiwan. International exchanges such as bilateral and multilateral visits were well under way, with the ACWF having established friendship with 697 women and children groups in 164 countries and regions. The five-day congress will hear and discuss a work report by the Nineth Executive Committee of the ACWF, deliberate and adopt amendments to the federation's constitution, and elect the 10th ACWF Executive Committee. ACWF Chairwoman Gu Xiulian said 1,407 delegates from across the country were present at the once-every-five-year congress. Among the 1,280 elected delegates, 1,020 of them are newly elected. Each of China's 55 ethnic minorities has at least one delegate to the congress. Officials in charge of women affairs from Beijing and other provinces, autonomous regions and municipalities, ACWF former leaders and representatives from Hong Kong and Macao, also attended the congress.
来源:资阳报