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BEIJING, Oct. 12 (Xinhua) -- China's ruling Communist Party said on Sunday that it would strive to double the per-capita disposable income of rural residents by 2020 from the 2008 level.     The goal was part of the decision made at the close of the third Plenary Session of the 17th Communist Party of China (CPC) Central Committee, which focused on issues concerning rural reform and development. Hu Jintao, general secretary of the CPC Central Committee, delivered a work report at the four-day plenum, held from Oct. 9 to 12 in Beijing.     The government would also boost consumption of rural residents by a big margin and basically eliminate absolute poverty in rural areas by 2020, according to a communique issued on the plenum's conclusion. Hu Jintao, general secretary of the Communist Party of China (CPC) Central Committee, delivers an important speech at the third Plenary Session of the 17th CPC Central Committee in Beijing, Oct. 12, 2008. The third Plenary Session of the 17th CPC Central Committee was held from Oct. 9 to 12 in Beijing.     Per-capita disposable income was recorded at 4,140 yuan (605.6 U.S. dollars) in rural areas in 2007, a year-on-year gain of 9.5 percent in real terms. A rise of at least 6 percent was expected for 2008, according to a government report in March.     The rural population mired in absolute poverty was reduced to 15 million last year, down from 250 million in 1978.     Targets set at the plenum for rural reform and development till 2020 also included "improving the system of economic growth in the countryside and establishing a mechanism to integrate urban and rural areas in terms of economic growth and social development".     "The modernization of agriculture will advance with major progress, and agricultural productivity will be elevated to a higher level, with national grain security and product supplies guaranteed," said the communique.     The Central Committee also agreed a goal to improve grassroots democracy in the countryside, and vowed to guarantee equal public services in rural areas, such as education opportunities for all rural residents and better medical services and subsistence support.     The communique said there were several "musts" which should be followed:     -- strengthening the position of agriculture as the foundation of the national economy and putting the food security of 1.3 billion people as the top priority.     -- protecting farmers' rights and ensuring the aim and outcome of all the work of the Party and the state is to realize, safeguard and expand the fundamental interests of the majority of the farmers.     -- unremittingly liberating and developing the productive forces in rural areas and make reform and innovation as the fundamental driving force for the development of the rural regions.     -- taking into overall consideration the development of both urban and rural regions.     -- upholding the Party's role as the leadership in the development of the rural areas.     The communique outlined the plan for advancing rural reform and development in the next few years, giving priority to reform and innovation, developing modern agriculture, boosting the capacity of agricultural production, and developing public utilities in rural regions.     About the land policy, the communique said it was necessary to maintain and improve the basic system for rural operations and improve the strict management system of land in rural regions.     It was also necessary to set up a modern financial system in rural areas and establish a system which would help integrate economic and social development in urban and rural areas.     In addition, the communique said it was imperative to enhance standardization of agricultural products and strengthen work on improving quality of agricultural products.     "We should strictly conduct supervision in the entire production process and carry out supervisory duty to ensure quality of the products. We should never allow unqualified products to enter the market," it said.     A total of 202 full members and 166 alternate members of the Committee attended the plenum, according to the communique.     Members of standing committee of the CPC central committee for discipline inspection and top officials of the relevant departments were also present at the session, the communique said.     The plenum had also gathered delegates to the 17th CPC National Congress who had been working on agriculture and rural development at grassroots levels, and experts and scholars on agriculture, rural areas and farmers.     This meeting was significant because it was the third Plenary Session of the 11th CPC Central Committee 30 years ago that pushed the country on to the road of its historic reform and opening-up drive.

BEIJING, Aug. 15 (Xinhua) -- China's securities supervisor said on Friday that the heavy slump on the country's equities market was caused by a combination of factors, both domestic and foreign.     These included a need for internal correction, increasing uncertainties on the global markets and frequent natural disasters, China Securities Regulatory Commission (CSRC) spokesman said at a press conference.     The unsound mechanism and structure of the country's equities market worsened the situation and widened the range of the correction, he said.     The benchmark Shanghai Composite Index edged up 0.56 percent to 2,450.61 points on Friday, closing out the week slightly higher after five days of losses. The key index has tumbled nearly 60 percent from its peak in October.     However, the trend of a steady and healthy performance would remain unchanged, he said, as the country's economy maintained steady and fast growth.     CSRC would study the emerging problems, promote the improvement of basic systems and optimize the structure of fund raising, he said.     CSRC would also adjust new share supply in line with market demand, enhancing the market mechanism in regulation.     The commission has slowed new share issues this year in an effort to brake the steep index declines as any mention of new share offering would cause a sharp plunge in the index.     From January to July, CSRC only approved the new offering (at least 100 million shares) of four companies, which raised a combined 64.32 billion yuan (9.38 billion U.S. dollars). Both the frequency and amount decreased, by 64 percent and 49 percent respectively, compared with the same 2007 period.     The commission would join with the State-owned Assets Supervision and Administration Commission to set up a real-time monitoring system to supervise transfer of the state-owned shares.

BEIJING, Oct. 14 (Xinhua) -- China on Tuesday reaffirmed its resolve to keep its economy on track amid the global financial turmoil.     In a meeting with visiting U.S. Senator Chuck Hagel, Vice Premier Wang Qishan said the financial crisis, triggered by the U.S. credit crunch, had exerted a grave impact on the global financial market. Chinese Vice Premier Wang Qishan(R) shakes hands with visiting U.S. Senator Chuck Hagel in Beijing, capital of China, Oct. 14, 2008 "As a responsible country, China has always valued the communication and cooperation with other nations to ensure world financial and economic stability."     Wang said China would make great efforts to keep its economy on the right track, which would be the country's greatest contribution to the world.     China had implemented and would continue measures to ensure the stability of finance, economy and the capital market, he said, referring to a package of new policies to spur economic growth.     The central bank cut interest rates on Sept. 15 for the first time in six years.     The People's Bank of China, the central bank, announced the deposit and lending rates would be lowered by 0.27 percentage points and the reserve-requirement ratio would be reduced 0.5 percentage points starting Oct. 15.     "With tools at our disposal, we are confident and capable of prevailing over the overall difficulties and challenges," Wang told Hagel.     He added the overall bilateral relations of the two countries had moved forward and become increasingly interdependent since forging diplomatic ties in 1979.     To promote China-U.S. ties was in the fundamental interests of the two nations, he said.     Wang proposed the two deepen a strategic trust and take a candid and pragmatic approach in addressing differences. They should work more closely on economy, trade, investment, energy, environment and high-tech.     He also urged the United States to observe the three joint communiques, refrain from anything harmful to bilateral ties and the stability of the Taiwan Straits, so as to ensure the sound and steady progress of bilateral constructive cooperation.     As all nations were becoming more connected, Hagel, a Republican senator from Nebraska, said the stronger cooperation between the United States and China would help ensure world financial and economic stability.

BEIJING, Oct. 8 (Xinhua) -- China's central bank on Wednesday announced cuts in both the interest rate and reserve-requirement ratio in the latest effort to boost the domestic economy amid worries over the deepening global financial crisis.     The deposit and lending rates would be lowered by 0.27 percentage points from Thursday and the reserve-requirement ratio would be down by 0.5 percentage points from Oct. 15, the People's Bank of China (PBOC) said.     "This was mainly out of concerns over an economic slowdown," said Ba Shusong, deputy chief of the Finance Research Institute under the Development Research Center of the State Council.     "The rate cut was expected as the world was faced with a cycle of interest rate cuts," he told Xinhua.     OUT OF SLOWDOWN CONCERNS     The loosening in monetary policy, the second such move in less than a month, highlighted the government's rising concern over the slowing economy and slumping capital market.     The PBOC cut the benchmark one-year lending rate by 0.27 percentage points on Sept. 16, the first rate cut in six years. It also lowered the reserve requirement at medium- and small-sized lenders by 1 percentage point as of Sept. 25.     Tang Min, China Development Research Foundation deputy secretary, echoed Ba's viewpoint.     Tang said the government made the move mainly out of concerns over domestic problems. "The deepening U.S.-originated credit crisis has impacted the psychology of Chinese and also the real economy," he told Xinhua.     Investors, gripped by lingering fears of global economic downturn, dumped equities to drive the stock market down 66 percent from its peak last October.     China's gross domestic product (GDP) expanded 10.1 percent in the second quarter of the year, marking a deceleration for four consecutive quarters.     Its exports, a major driver behind the economy, reported slowing growth this year as the credit crisis reduced overseas demand for its goods. This has led to the closures of tens of thousands of local exporters and also job losses.     Local businesses bore the brunt of higher borrowing costs and were even finding it difficult to get credit after last year's tightening measures aimed at curbing inflation and averting economic overheating.     The easing in inflation has given room for the authorities to loosen monetary policy. The consumer price index rose 4.9 percent in August, off from the 12-year-high of 8.7 percent in February.     "Inflation is no longer a threat with the declining commodities prices," Tang said.     The monetary policy has been starting to loosen and the trend would not change in the short term, said Zhuang Jian, an Asian Development Bank (ADB) economist. "The whole world doesn't have strong confidence in the economic outlook."     TAX CUT TO BOOST DEMAND     In another move to boost domestic demand, the State Council, China's Cabinet, said it would scrap the 5 percent individual income tax on savings interest earnings starting on Thursday.     China began levying a 20 percent individual income tax on interest earnings in 1999 to narrow the income gap and encourage consumption and investment. The tax rate was slashed to 5 percent on Aug. 15, 2007.     The income tax cut was a must as it would help alleviate the erosion on personal income by high prices, especially given the cut in the deposit rate, Li Yang, head of the Finance Research Institute under the Chinese Academy of Social Sciences.     The tax cut, together with lower borrowing costs, would boost domestic demand, an increasingly more important driver of economy in the global credit crisis, Zuo Xiaolei, China Galaxy Securities chief economist, said.     GLOBAL COORDINATED RESPONSE     The move was also a timely response to the rate cuts by other major central banks and part of a coordinated effort to stem the global crisis, Tang said.     Six other major central banks, including the U.S. Federal Reserve, slashed interest rates on the same day to cope with the current financial crisis.     The U.S. Federal Reserve lowered its target for the federal funds rate by 0.5 percentage points to 1.5 percent. The Bank of England cut its rate by half a point to 4.5 percent and the European Central Bank cut by the same margin to 3.75 percent.     Central banks of Canada, Sweden and Switzerland took similar actions. The Bank of Japan said it strongly supported these policy actions.     Australia's central bank on Tuesday slashed the interest rate by 1 percentage point, the largest cut since 1992.

来源：资阳报