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BEIJING, Aug. 20 (Xinhua) -- Chinese mainland authorities have promised ethnic minority groups in Taiwan preferential assistance in trade, tourism and other sectors to promote the island's economic and social development after the devastating Typhoon Morakot. Minister of Commerce Chen Deming said in meeting a Taiwan delegation led by politician Kao Chin Su-mei on Thursday that the ministry would lead mainland entrepreneurs to visit the island's areas inhabited by ethnic minorities to purchase local products. The ministry would also encourage mainland commercial distributors to buy more agricultural products from Taiwan and help the Taiwan minorities participate in trade fairs on the mainland, Chen said. Shao Qiwei, director of China's National Tourism Administration, told the Taiwan delegation that his administration would extend existing travel routes to areas where Taiwan's ethnic minorities live. Shao suggested that the reconstruction work in the typhoon-hit minority area should also be combined with tourism development. He Junke, chief of the China Youth Development Foundation (CYDF), said the non-profit organization has started fund-raising for Taiwan's victims of the disaster and would like to mobilize more mainland youth to help dropout students on the island.China's Commerce Minister Chen Deming (2nd R) meets with Kao Chin Su-mei (2nd L) who heads a delegation of ethnic minorities from Taiwan province, in Beijing, Aug. 20, 2009.Kao Chin Su-mei said that she hoped the mainland authorities could increase the purchase of processed agricultural products from Taiwan, especially from the island's mountainous regions. Currently, about 500,000 ethnic people live in Taiwan, 80 percent of whom make a living by growing and processing agricultural products. In another meeting with the Taiwan delegation, Yang Jianqiang, Vice-Minister of the State Ethnic Affairs Commission, said his commission would encourage mainland people to visit the island and welcome Taiwan's minority students to study on the mainland.
SHANGHAI, Aug. 23 (Xinhua) -- Serbian President Boris Tadic on Sunday visited China's economic powerhouse Shanghai, continuing his week-long visit to the country. Accompanied by Wei Jinghua, China's ambassador to Serbia, Tadic arrived here Saturday evening from the ancient capital Xi'an in northwest China. During his stay, Tadic visited the landmarks of Shanghai, such as the Oriental Pearl TV Tower, Yuyuan Garden, a renowned traditional Chinese-style garden, and the Shanghai Urban Planning Exhibition Center, where the progress of and plans for the city's major projects are illustrated. Serbian President Boris Tadic (1st R) looks at a Shanghai local dwelling during his visit at the Shanghai History Museum in Shanghai Municipality, east China, Aug. 23, 2009. Tadic made the week-long visit as guest of his Chinese counterpart Hu Jintao.

URUMQI, July 22 (Xinhua) -- A key expressway in northwest China's Xinjiang Uygur Autonomous Region began construction on Wednesday in a move to improve the region's road network and serve its economic development. The 135-km expressway will link Kuytun City to Karamay City. The project, funded by the central government and Xinjiang regional government, will cost 3.87 billion yuan (about 567 million U.S. dollars). The road is bidirectional with four lanes. It will be completed and put into use in November 2011. Dai Gongxing, vice chairman of the Xinjiang regional government, said at the groundbreaking ceremony in Kuytun that the expressway, also part of the national expressway network, would improve the regional transport and promote local economic development.
PYONGYANG, Sept. 25 (Xinhua) -- Chinese living in the Democratic People's Republic of Korea (DPRK) on Friday expressed willingness to help boost bilateral ties at a reception in the Chinese embassy to Pyongyang. The reception was held to mark the 60th anniversary of the founding of the People's Republic of China. A powerful and prosperous motherland is a powerful backing for the Chinese in the DPRK, said Liang Zuojun, vice president of the Central Committee of the Federation of the Chinese Residing in the DPRK. Chinese Embassador Liu Xiaoming (front, R) presents a gift to an oversea Chinese teacher at a reception held by the Chinese Embassy to mark the 60th anniversary of the founding of the People's Republic of China in Pyongyang, capital of the Democratic People's Republic of Korea (DPRK), Sept. 25, 2009He said all Chinese in the DPRK will live harmoniously with local residents and make efforts for the enhancement of the China-DPRK relationship, and the construction of both countries. Liu Xiaoming, the Chinese ambassador to the DPRK, said the Chinese in the DPRK have devoted their wisdom to the socialism construction of the DPRK, and have won the respect and praise of the DPRK government and people. He encouraged the Chinese to continue to support the construction and reunification cause of their motherland China.
BEIJING, June 29 -- Chinese listed banks, which have lent record high amounts in the first half, are likely to report lower profit growth in the period due to narrowing interest spreads and higher provisioning requirements, industry analysts said. "We are expecting a 7 to 8 percent year-on-year profit fall among the 14 listed banks in the first half-year," said Wang Liwen, banking analyst with Shanghai-based Guotai Junan Securities Co, citing stretched interest spreads as the major reason. In 2008, the net interest rate spread for banks ranged from 2.45 percentage points to 3.62 percentage points, with the average figure hovering around 3 percentage points. This year, as the government cut interest rates several times to spur economic growth amid the global financial crisis, the net interest rate spread is expected to be lower, at around 2.36 percentage points. Clients walk into the Suzhou branch of Bank of Ningbo in Suzhou, east China's Jiangsu Province, March 27, 2009.The bank, the first listed lender to file a mid-term report, said its first-half profits would drop nearly 5 percent from a year earlier "A drop of 0.7 percentage points in the average net interest rate spread could mean some 7-billion-yuan decrease in the interest yield for each trillion yuan of new loans," said Wang. Chinese banks extended a record 7.37 trillion yuan of new loans in the first half, triple the amount offered in the same period a year earlier and 47 percent more than the government's full-year target, after lending restrictions were eased in November to stem an economic slowdown. However, most securities firms' reports said the country's 14 listed banks might post an average profit decrease ranging from 6 percent to 10 percent year-on-year in the first six months. According to Wind Info, a financial data provider, the 14 listed banks reported a net profit of 232.7 billion yuan in the first half of 2008, an increase of 73 percent year-on-year. But this year, the net profit could probably stand at 210 billion yuan, down 10 percent on a yearly basis. Bank of Ningbo, for instance, on July 14 announced no more than a 5-percent decease in net profit in its pre-released semi-annual report to the Shenzhen bourse. It is the first Chinese listed bank to report a profit fall in the first half. Wang Yifeng, an analyst at TX Investment Consulting, said the improved provision coverage ratio requirement might also cripple profits at listed banks. To prevent potential risks arising from the lending spree, China Banking Regulatory Commission raised the minimum provision coverage ratio requirement to 150 percent from 130 percent earlier this year. "The increase will mainly eat into the profits of several large State-controlled banks as they are still not up to the new requirements," said Wang. But as the squeezed spreads bottom out in the second half, most analysts said listed banks would still post positive growth for the whole year. "Thanks to the widened interest rate spreads and lower loan cost in the following months, we are expecting a 10-percent growth in profits overall this year," said Liu Yinghua, an analyst with Shenzhen-based Ping An Securities.
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