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BEIJING, May 7 (Xinhua) -- Chinese Vice President Xi Jinping has urged universities to reform and improve themselves to turn out more high-quality personnel for the society. Universities are supposed to produce "qualified builders and reliable successors of socialism with Chinese characteristics," Xi said while touring major Beijing-based universities from Wednesday to Thursday. Centering on the fundamental task of personnel fostering, he said, universities should reform all concepts and mechanisms that go against the mission, lift the overall quality of teachers, offer better services in helping students find jobs, beef up campus stability, and provide technical service and intellectual support for companies to weather the financial crisis. He also urged universities to prevent and punish academic corruption.
BEIJING, May 6 (Xinhua) -- China's central bank said Wednesday the economy is doing "better than expected" in the first quarter, and pledged to maintain "ample" liquidity in the financial system for economic recovery. China would stick to its moderately easy monetary policy and ensure "ample" liquidity at banks, the People's Bank of China (PBoC) said in its quarterly monetary policy report posted on its website. The country has pumped 4.58 trillion yuan (670 billion U.S. dollars) of new loans into the economy in the first quarter to stimulate growth. The figure is already nearing 5 trillion yuan of new loans targeted for the whole year. In March alone, new loans increased by a record 1.89 trillion yuan. The country's financial institutions and enterprises would digest the huge amount of new loans in the following months, the report said. Industry insiders have said credit extended by China's banks in April may have dropped to above 600 billion yuan after staying at above 1 trillion yuan for three straight months. The central bank said new lending from commercial banks focused on government-backed projects. It encourages more bank loans to be channeled to small and medium-sized enterprises as they play an important role in the national economy and in increasing employment. The central bank said in the first-quarter monetary policy report it would continue to instruct financial institutions to extend new loans, despite the earlier surge. The pick-up in bank lending is conducive to stabilize the financial market and boosting market confidence, PBoC said. Meanwhile, the bank urged lenders to improve credit quality to avoid a possible rebound in bad loans. There have been "positive changes" in the economy in the first quarter, the bank said, echoing remarks made by Premier Wen Jiabao last month. The quarter-on-quarter growth is improving, compared to the fourth quarter of last year, it said, without giving specific figures. China's economy expanded 6.1 percent in the first quarter, the lowest pace in 10 years and down from 9 percent in the fourth quarter last year. The central bank also said foundations for the recovery are not solid, as uncertainties in external economies still exist and private investment is yet to become active with new lending concentrated on government projects. In listing uncertainties ahead, the bank said the country still has to battle against the financial crisis that is unfolding and a collapse in external demand that is hurting exports. The country is also under great pressure to create enough jobs and from a slower growth in residents' income, which would suppress future consumption, it said. The bank also warned overcapacity and insufficient demand may drive prices lower in the country with the world economy in a downturn. But it also said continued falls in prices may become less likely along with the world recovery, a turnaround in the national economy and fast credit growth. "Prices of primary products and assets may rebound quickly once investor confidence is restored, as the global credit is relatively loose thanks to injection of liquidity and stimulus packages across the world," the bank said. The central bank also said it was concerned that the extraordinary monetary policy adopted by other major economies would result in inflation risks. It referred to the quantitative easing policy adopted by the U.S., Japan, Britain and Switzerland to pump cash into their economies. The quantitative easing policy meant increasing currency supply through purchasing mid- and long-term treasury bonds after central banks cut interests rates to near zero. The extraordinary monetary policy harbored huge risks for international financial markets and the global economy, said the central bank. It would increase the risk of global inflation, said the central bank, suggesting it would create new assets bubbles and inflation if central banks of major economies failed to mop up thehuge liquidity when the global economy recovered. "A policy mistake made by some major central banks would put the whole world in risk of inflation," it said. The quantitative easing policy would also make exchange rates of major currencies more volatile, according to the report. The central bank cited the U.S. move to purchase treasury bond in March as an example, saying although the dollar had appreciated against other major currencies, it fell after the purchase. PBoC said the policy would leave the bond markets subject to fluctuations. It said massive purchase of mid- and long-term treasury bonds may keep yield at a low level. But in the long run, as the financial markets returned to stability and the economy recovered, inflation expectations would grow, interest rates would rise, and bond prices would adjust sharply, according to the report.
BEIJING, May 22 (Xinhua) -- Twenty-nine large and medium-sized Chinese steel producers reported 5.18 billion yuan (762.46 million U.S. dollars) in aggregate losses in the first four months, the China Iron and Steel Association (CISA) said here Friday. The 29 producers were among 72 surveyed by CISA, the association's vice chairman, Luo Bingsheng, said. The 72 companies reported 575.59 billion yuan in revenue, down 18.9 percent year on year, Luo said. They paid 15.42 billion yuan in taxes, down 85.07 percent year on year, Luo said. Losses were mainly caused by slumping domestic steel prices, Luo said. Many producers have cut costs, and the production cost of steel dropped 13.75 percent in the first quarter, Luo said.
BEIJING, July 10 (Xinhua) -- China's Ministry of Finance (MOF) announced Friday that it will launch two more batches of electronic savings bonds of up to 50 billion yuan (7.32 billion U.S. dollars) since next week. According to the ministry, one batch of the e-savings bonds of 40 billion yuan has a term of three years, with a fixed annual interest rate of 3.73 percent. The other, the five-year e-savings bonds, is worth 10 billion yuan at a fixed annual interest rate of four percent. The two bonds will be issued from July 15 to 31, with interests to be calculated from July 15 and paid annually, said the ministry in a statement on its website. These bonds are open to only individual investors, the MOF said. Compared with other types of bonds, the e-savings bond is seen as more convenient for investors. For example, the interest can bepaid through direct deposit into the investor's account. This is the second time the ministry launches this kind of bond this year, with the first issuance of two batches of e-savings bonds in April. The ministry also said it would issue two batches of book-entry treasury bonds next week with a face value of 12.48 billion yuan and 12.65 billion yuan each. One with the face value of 12.48 billion yuan has a term of 91 days, and the issue price, set by competitive bidding, was 99.72 yuan for a face value of 100 yuan. In this sense, the annual yield will be 1.15 percent, the ministry said. The other has a term of 273 days, and the issue price was set at 99.077 yuan for 100 yuan, with an annual yield of 1.25 percent. The ministry said the book-entry T-bonds will be sold from July 13 to July 15. Trading of the bonds will begin July 17.
SHARM EL-SHEIKH, July 16 (Xinhua) -- Chinese Vice Foreign Minister He Yafei, head of the Chinese delegation to the 15th Non-Aligned Movement (NAM) summit held in Egypt, said on Thursday China will continue to support NAM as always. "As one of the developing countries, China will continue to support NAM as always for it to play a role in international affairs and speak in one voice on issues related to the common interests of developing countries," said He. "This is the chief purpose of my presence at the summit on behalf of the Chinese government," he said in an exclusive interview with Xinhua on the sidelines of the summit. He said that though great changes in internal and external circumstances have taken place since its birth nearly half a century ago, NAM is still an important platform for developing countries to unite and strive to become stronger, with its tenet and spirit still showing great vitality. China, now an observer to NAM, has attached great importance to its ties with NAM and maintained good cooperation with the movement in international affairs. When NAM was formally established in 1961, then Chinese PremierZhou Enlai and other Chinese leaders sent congratulation messages to the founding conference, expressing support for the NAM's cause of independence, peace and development and its non-alignment policy. China became an observer to NAM in September 1992, when a Chinese governmental delegation, headed by then State Councilor and Foreign Minister Qian Qichen, attended the 10th NAM summit in the Indonesian capital of Jakarta. Since then, China has been a participant at every top NAM meeting. At the 15th summit which wrapped up on Thursday in the Egyptian Red Sea resort of Sharm el-Sheikh, the Chinese vice foreign minister reiterated China's policy in strengthening cooperation with NAM to safeguard world peace, stability and development, particularly in jointly addressing the global financial crisis. He told Xinhua that he has stressed in his speech at the summit that though the developing countries were not the maker of the global financial crisis, they are the most unfortunate victim. "This is unreasonable and unfair," he said. He said besides the economic crisis and financial crisis on the tongues of men all over the world, the world is actually facing an unprecedented development crisis. "Therefore, China has always urged the international community to attach great importance to the development issue when dealing with the financial crisis," the Chinese vice foreign minister said. He said the world should increase input in development and work towards the realization of the UN Millennium Development Goals, as well as paying attention to major global issues, such as energy and food. "If we don't do so, we will pay a higher price for our shortsightedness," He noted. He said that at the upcoming G20 summit in Pittsburgh and the 64th session of UN General Assembly, both slated for September, China will continue to push the international community to give prominent importance to the development issue. Chinese President Hu Jintao and Premier Wen Jiabao have repeatedly pledged that China would earnestly fulfill its aid commitments to other developing nations, despite the severe difficulties it is facing due to the financial crisis, He said. "We will continue to work together with other developing nations to strengthen unity and cooperation, weather through hardships and strive to build a harmonious world featuring lasting peace and common prosperity," He said. During the 15th summit, NAM member states reached consensus on promoting solidarity and ratified documents on jointly addressing international and regional issues. Founded in September 1961, NAM devotes itself to striving for the interests of developing countries all over the world. The movement now groups 118 member states, 17 observer countries and 10 observer organizations, comprising nearly two-thirds of UN member states and 55 percent of the world population.