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WASHINGTON, Oct. 11 (Xinhua) -- Deputy Governor of the People's Bank of China Yi Gang called for international cooperation here on Saturday to restore global financial stability.     "Our current priority is to enhance international cooperation to prevent further deterioration and spillover of the crisis and restore global economic and financial stability," Yi said.     The deepening and widening of the U.S. financial crisis have triggered a major global slowdown and escalating uncertainty, Yi Gang said in a statement at the 18th meeting of the International Monetary and Financial Committee (IMFC) held here Saturday.     While the advanced economies have slowed significantly since the U.S. sub-prime crisis, the emerging market economies have maintained robust growth but the deteriorating external environment is putting the resilience of their macroeconomic policies to the test, he said.     The crisis has underscored shortcomings in the financial markets, Yi said. He expressed his hope that the stabilizing measures of the advanced economies will have the positive effect of calming the markets and restoring confidence.     "China is willing to strengthen its cooperation with other countries and, through such joint efforts, we hope global financial stability can be safeguarded," he said.     In line with their status, Yi said, the major reserve currency issuing countries should shoulder the responsibility for preventing further spillovers and minimizing shocks to other economies -- especially to the emerging markets.     To promote balanced and steady global growth over the longer term, efforts should be made to advance structural reforms and increase savings, he pointed out.     The International Monetary Fund -- at the core of the international monetary system -- should carry out its mandate to safeguard global economic and financial stability, he said. The IMFC is the steering committee of the 185-nation lending institution.     Yi also noted that as the impact of the crisis on the real economy is much worse than expected and the recovery more protracted and difficult, the risks of deflation in some countries as a result of the credit crunch have increased significantly.     "It is imperative that the major advanced economies coordinate rapid implementation of bailout packages to avoid deflation and facilitate the global recovery," said Yi.     "However, we should be aware that the injection of liquidity from these emergency measures could be a potential source of inflation in the medium and long term," the deputy governor said.

MIANYANG, Sichuan, 23 (Xinhua) -- Premier Wen Jiabao continued his second trip around the quake disaster zone on Friday, visiting surviving students in Mianyang, one of the worst-hit cities in the May 12 quake.     In a tent school, where more than 500 students from the destroyed Beichuan Middle School were studying, Wen encouraged them to study harder following the calamity.     "Let us not forget the earthquake," he told the students in a tender voice. "Then you will know what life is all about -- it is bumpy, as the roads are."     "Today, people save us and take good care of us. In the future, we will help them in return," the premier added.     "Trials and tribulations serve only to revitalize the nation," he wrote on the blackboard to encourage them. Chinese Premier Wen Jiabao (C) salutes with the students to pay tribute to the quake victims during his visit to the makeshift tent school at Jiuzhou Stadium in Mianyang City, southwest China's Sichuan Province, May 23, 2008. Wen Jiabao went to the temporary schoolhouse of Beichuan Middle School and the makeshift tent school established at Jiuzhou Stadium in Mianyang on Friday to visit teachers and students who survived the May 12 earthquake.    The students, many of whose 1,300 schoolmates and teachers were killed or missing, resumed classes on Monday.     Wen also visited tent schools near the Jiuzhou Indoor Stadium in downtown Mianyang. There, he put on a red scarf and joined primary school students to salute the quake dead.     During his visit on Friday, the premier underlined that providing shelters for the quake victims and preventing infectious diseases and secondary disasters are the priorities of the current relief work.     His first trip to the region was just hours after the mid-afternoon earthquake jolted Sichuan.

BEIJING, April 25 -- The key mainland stock index yesterday soared 9.29 percent, the biggest one-day jump in six years, as investor sentiment was boosted by the government lowering of stamp duty.     The slashing of trading tax from 0.3 percent to 0.1 percent, effective yesterday, was widely seen as another government effort to lift the stock market from the doldrums it has been in for six months.     It followed the introduction of trading rules last Sunday to mitigate the impact of an expected flood of previously non-tradable shares after the lock-in period, which could greatly depress the market. Investors look over information at a stock exchange at a stock trading hall in Beijing, April 24, 2008. Equities trading tax cut, which is widely believed as policy boost by government to stem the recent slump, sends Chinese shares 9.29 percent higher on Thursday, the biggest gain since Oct 23, 2001    The Shanghai Composite Index yesterday surged 304.7 points to close at 3583.03.     In yesterday's trading, gainers outnumbered losers by 853 to 1. The Shenzhen Component index jumped 9.59 percent, or 1130.61 points to close at 12914.76. Total market capitalization swelled 9.2 percent to 22.94 trillion yuan (.3 trillion).     Turnover on the two bourses more than doubled from the day before to 261 billion yuan ( billion), the highest this year.     Analysts said the reduction in the stamp duty and restrictions on the sale of unlocked shares showed that the market has fallen as low as the government would like to see.     "The timing of the stamp duty cut suggests that the 3000 point may be a psychological bottom line for policymakers," said Peng Cheng, an economist at Citi China.     "The government had been patient in waiting until the market correction was more than 50 percent before taking action," Peng added.     Xu Wei, an analyst at Sinolink Securities, estimated that the cut in stamp duty saves investors up to 102 billion yuan (.7 billion) a year.     In addition, "the relatively lower A-share valuation and the more stable performance of overseas stock markets have combined to help investors regain confidence," said Rui Kun, a fund manager at China international Fund Management Co Ltd.     Security companies, especially those focusing on brokerage services, will benefit from the increasingly active trading because of the stamp tax cut, analysts said.     Shanghai-based Haitong Securities, Sinolink Securities and Guoyuan Securities soared to the daily limit of 10 percent.     However, some market insiders said that weak fundamentals and unfavorable China economic growth data are likely to outweigh the positive impact of the government move, and the rebound may not last long.     "It is doubtful that such administrative measures can have a sustained effect on shares when earnings face significant challenges in the periods ahead," said Peng at Citi China.     "The cumulative effect of tightening policies and rising input costs, along with shrinking demand, could cut profits more deeply than what is currently evident," Peng added.

BEIJING, June 10 (Xinhua) -- The quake relief headquarters of the State Council (cabinet) Tuesday sent a congratulatory telegram to the Tangjiashan lake emergency rescue headquarters for the successful drainage of the quake lake.     "After more than 10 consecutive days of hard work, you successfully drained the Tangjiashan quake lake and eliminated a huge threat of secondary disaster after the May 12 quake," the telegram said. The drainage water of Tangjiashan quake-formed lake passes Mianyang City, southwest China's Sichuan Province, June 10, 2008. The crest of the flood from Tangjiashan quake-formed lake passed safely by downstream Mianyang City on Tuesday afternoon. (Xinhua Photo)Photo Gallery>>>    "Your work has ensured the people's security, avoided a huge loss and created a miracle in dealing with large quake-formed lakes," it said.     "The State Council quake relief headquarters would like to express heart-felt gratitude and respect to the troops, geologists and quake and weather technicians working at the front line and those who helped evacuate people in low-lying areas," it said.     The headquarters urged people to continue the work until they were done with follow-up activity in terms of drainage and evacuations.     The Tangjiashan lake was formed after quake-triggered landslides from Tangjiashan Mountain blocked the Tongkou River running through Beichuan County, one of the worst-hit areas in the quake that struck southwestern Sichuan Province.     Had the lake overflowed, it could have threatened some 1 million people on the lower reaches of the lake.     A man-made spillway started to drain the lake on Saturday morning and military engineers used recoil-less guns, bazookas and dynamite on Sunday and Monday to blast boulders and other obstructions in the channel and speed up the outflow.     The lake shrank dramatically on Tuesday as muddy water flowed into the low-lying areas.     About half of the lake's 250 million cubic meters of water has been discharged since the drainage started.     More than 250,000 people in low-lying areas of Mianyang were relocated under a plan based on the assumption that one-third of the lake volume breached the dam.

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