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BEIJING, Feb. 11 (Xinhua) -- Senior Chinese leader Zhou Yongkang Thursday called for efforts to ensure the nation's sound development and stability, to ensure the safe operation of the economy.Zhou, a Standing Committee member of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks after hearing reports from government departments and major enterprises in the transportation and power supply sectors.He stressed the significance of the adjustment of the economic development mode, saying the adjustment would help improve the sectors' development quality and expand their space for development."Our country is still in a stage where conflicts are likely to arise," he said.He asked relevant authorities to handle conflicts and disputes properly, and to boost efforts to prevent them from taking root in the first place by balancing interests and relations between different groups of people.He also called for an "all-out" effort to ensure sound operation during the upcoming Spring Festival holiday and the two national sessions of the country's top legislative and advisory bodies.He asked relevant authorities and companies to guard against workplace and public security accidents, and to ensure supplies of coal, electricity, oil, and gas during the festive period.The Spring Festival, the Chinese lunar New Year begins Sunday this year and the holiday lasts for a week.The annual sessions of the country's legislative and advisory bodies, the National People's Congress (NPC) and the the Chinese People's Political Consultative Conference (CPPCC), to be held in March, are China's two most important political gatherings
BEIJING, Feb. 25 (Xinhua) -- Presidents of China and Zambia on Thursday pledged joint efforts to bringing bilateral relationship to a new high.The pledge came out of their hour-long summit talks in Beijing as China rolled out the red carpet for Rupiah Banda, who was on his first state visit to the country since becoming Zambian President in 2008.Banda was welcomed by Chinese President Hu Jintao at the Great Hall of the People in downtown Beijing.Chinese President Hu Jintao (R) holds a welcoming ceremony for visiting Zambian President Rupiah Banda in Beijing, China, Feb. 25, 2010. Banda arrived here Wednesday to kick off his first state visit to China, strengthening the ties of friendship"I highly appreciate your commitment to promoting practical cooperation between China and Zambia since you assumed presidency," Hu said at the start of the talks."I believe your visit will turn a new page in the bilateral friendship and bring the relationship to a new high," Hu said.Banda recalled "the historic relations that exist between our two countries that go back before our independence." China and Zambia forged diplomatic ties in October 1964.Banda highlighted "the sacrifices many young Chinese made in order to construct the first railway line connecting Tanzania and Zambia."The about-1,860-kilometer railway, one of the largest foreign-aid project undertaken by China, was financed and built by China in 1970s. More than 60 Chinese died in constructing the railway.

NANJING, Jan. 18 (Xinhua) -- Top Chinese legislator Wu Bangguo has urged to accelerate transformation of the mode of economic development, so as to improve sustainable development when fighting the global financial crisis.Wu, chairman of the Standing Committee of the National People's Congress, China's top legislature, made the remarks during his visit to east China's Jiangsu Province from Thursday to Sunday.He called for more efforts for the transformation of the mode of economic development, adjusting economic structure and boosting industrial upgrading."To accelerate transformation of the mode of economic development should be an important goal and strategic measure in carrying out the Scientific Outlook on Development," Wu said.Wu Bangguo (2nd L, front), member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and also chairman of the Standing Committee of the National People's Congress (NPC), talks with staff members as he visits COSCO (Nantong) Shipyard in Nantong of east China's Jiangsu Province, Jan. 15, 2010. Wu Bangguo paid a visit in Jiangsu for investigation and research on Jan. 14-17The economic recovery should be based on an optimized and upgraded economic structure, and the fight against global financial crisis be a process of improving sustainablity of development, he said.Wu stressed the importance of bringing in high-level human resources, advanced technologies and management expertise. He also encouraged domestic companies to acquire research and development institutions, sales networks, and famous brands, as well as to build production bases, in foreign countries.Advanced technologies and new economic growth points are needed for transformation of development mode, economic restructuring and industrial upgrading, and also for China to participate in international competition, he said.Wu Bangguo (C), member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and also chairman of the Standing Committee of the National People's Congress (NPC), shakes hands with a staff member as he visits WuXi AppTec company in Suzhou of east China's Jiangsu Province, Jan. 16, 2010. Wu Bangguo paid a visit in Jiangsu for investigation and research on Jan. 14-17Wu also called for more efforts to develop emerging industries, including new energy, new materials, Internet of Things, low-carbon technologies and others, "to ensure China will not lose a new round of international economic competition."Human recourses are the key factor of industrial upgrading and nurturing new economic growth points, Wu said."We shall bear in mind that human resources are of utmost importance," he said.Wu visited industrial parks, scientific research institutions and workshops of enterprises in the cities of Nantong, Suzhou and Wuxi.
BEIJING, Feb. 12 (Xinhua) -- Most of the melamine-tainted milk products recently resurfacing in China have been recalled and destroyed, and none has been put into market or exported, the nation's food safety office said Friday."Due to early discovery and timely check, as of now, most of the tainted milk products have been recalled and destroyed, and none has entered the market or been exported," said the National Food Safety Rectification Office in a statement.Media reports said melamine-tainted dairy products have resurfaced in several Chinese provinces. Explaining why such cases could happen, the office said some producing and processing companies didn't fulfil the responsibilities for food safety and some violators hid tainted milk products or fabricated test reports to dodge inspections.The office urged related departments at all levels to thoroughly investigate the new cases and severely punish violators.In 2008, milk laced with melamine led to the deaths of six babies and sickened 300,000 others who had been fed with baby formula made from tainted milk. Melamine is an industrial compound which can give a false positive on protein tests and cause kidney stones.Melamine-contaminated milk products killed at least six children in 2008 and sickened 300,000In the recently reported melamine-tainted milk cases, some of the tainted milk products were apparently made of old batches of tainted milk powder slated for destruction but hoarded away instead by dairy firms and later repackaged
BEIJING, Jan. 13 (Xinhua) -- The decision of the People's Bank of China (PBOC), the central bank, to increase the deposit reserve requirement ratio has drawn worldwide attention and fluctuations in global markets. The PBOC decided on Tuesday to raise the deposit reserve requirement ratio by 0.5 percentage points as of Jan. 18, which analysts translated as a move to manage inflationary expectations and avoid a recurrence of the lending boom. This was the first time that the PBOC adjusted the ratio of deposit that lenders are required to set aside since the end of 2008 and the first increase for the ratio since June 2008. The PBOC cut the bank reserve requirement ratio four times in the second half of 2008 to stimulate growth as the global financial crisis started to weigh on the economy. The adjustment of the reserve requirement ratio, without changing benchmark interest rates, indicated the central bank was targeting inflationary expectations instead of inflation, said Zhao Qingming, a senior researcher at the China Construction Bank. Ma Jun, chief economist with Deutsche Bank (Great China), said that the rise in the reserve requirement ratio has ended the expansionary monetary policy and started a tightening cycle. Global markets took a hit after the Chinese attempt to cool the world's fastest-growing major economy. Chinese equities saw their sharpest dip in seven weeks on Wednesday after the central bank asked lenders to set aside more reserves as record bank lending last year ignited fears of inflation and asset bubbles. The benchmark Shanghai Composite Index went down 3.09 percent, or 101.31points, to close at 3,172.66 points. The Shenzhen Component Index lost 2.73 percent, or 364.69 points, to close at 13,016.56 points. Hong Kong stocks shed 578.04 points, or 2.59 percent, to close at 21,748.60 on Wednesday. The Hong Kong market was also dragged by overnight losses on the United States markets. The benchmark Hang Seng Index opened down 1.42 percent and widened its losses to 2.24 percent by lunch break, and further to 2.59 percent by market close. South Korea's financial markets on Tuesday reacted as the Chinese central bank raised the deposit reserve requirement ratio, with the stock markets and foreign exchange rate plunging from the last close. The benchmark Korea Composite Stock Price Index (KOSPI) and the Korean Securities Dealers Automated Quotations (KOSDAQ) jointly marked a plunge of 27.23 points and 3.65 points, respectively, from the last close. The report from China also affected the foreign exchange market, with the local currency also sliding against the U.S. dollar by 1.9 won. The New Zealand share market also fell on Wednesday after the Chinese move. The share market closed 0.43 percent lower with the benchmark NZSX-50 down 14.1 points at 3,276.2. Canadian stocks fell for the second day, weighed down by a metal and mining sector that was hit by the Chinese central bank's decision to cool economic growth. The S&P/TSX Composite Index declined 126.94 points, or 1.06 percent, to 11,820.18 on Tuesday. Earlier the index shed 173 points to 11, 774, the lowest level this year. U.S. stocks retreated Tuesday, with S&P falling for the first time in 2010, as disappointing Alcoa fourth-quarter results and rising U.S. trade deficit cooled optimism for a strong earnings season and a sustainable economic recovery. Crude tumbled the most in five weeks on concerns that demand from China, the world's second-largest oil consumer, will wane as the government moves to curb lending. Benchmark crude for February delivery fell 1.73 dollars to settle at 80.79 dollars a barrel on the New York Mercantile Exchange. It's the first time this year a barrel has closed below 81 dollars a barrel. Meanwhile, analysts widely hold that the Chinese central bank's decision is to cast only a short-term, instead of mid-term, stroke on the domestic stock market, as the impact would largely be psychological. Zhuang Jian, a senior economist with the Asian Development Bank, said the adjustment did not indicate a shift in the moderately easy monetary policy, but was an effort to control the pace of lending. Through the reserve requirement ratio increase, the central bank intended to call for balanced lending at commercial banks, which would support economic growth while avoiding higher inflationary expectations, Zhuang said.
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