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BEIJING, Oct. 19 (Xinhua) -- China's premium revenue is expected to hit one trillion yuan (146.3 billion U.S. dollars) this year due to strengthened promotion and increasing demand, said a senior official here on Sunday.     The premium revenue grew at an annual rate of 30 percent from 460 million yuan in 1980, when insurance business began to enter into full swing in China, to hit 703.58 billion yuan in 2007, said vice chairman of the China Insurance Regulatory Commission (CIRC) Zhou Yanli at the opening ceremony of an insurance exhibition.     The revenue in the first eight months this year rose 52.24 percent year on year to 713.40 billion yuan which exceeded the total of last year, he said.     The revenue for the whole year is likely to break one trillion yuan at the current pace, he predicted.     The development of China's insurance business had been halted for 20 years after the founding of the new China in 1949. After the opening up and reform initiated in 1979, the sector was on the way to the right track and entered into full swing.     The value of the industry assets totaled more than three trillion yuan, which is owned by more than 110 insurers, according to Zhou.     Despite of the progress, insiders noted the revenue growth is poised to slow down in the fourth quarter of 2008 and the first half of 2009 as insurers are expected to retain dividends to protect its profit margin which was hurt by stock investment returns slumps. That is likely to discourage the future premium growth.     China Life, the nation's largest life insurer, saw premium jump52.9 percent from a year ago to 23.44 billion yuan in September, much slower than the 93.7 percent growth in August. The combined revenue in the first nine months totaled 248.6 billion yuan, up 56.7 percent year on year, comparing with the 57.14 percent growth in August.

DESTROYER WUHAN, Dec. 30 (Xinhua) -- A Chinese naval fleet en route to the Gulf of Aden and waters off Somalia for an escort mission against pirates completed its first replenishment at sea Tuesday.     The fleet, two destroyers and a supply ship, has entered the Indian Ocean after a four-day voyage which set sail from China's southernmost island province of Hainan.     In the afternoon, the supply ship Weishanhu successfully refueled the two destroyers Wuhan and Haikou with several hundred tons of oil, an operation that an official for fleet support described as "highly efficient."     The fleet will cruise for about 10 days before arriving in the Gulf of Aden to join a multinational patrol in one of the world's busiest sea lanes endangered by surging piracy.     The recent pirate attack on a Chinese fishing vessel has raised great concern of the Chinese government and people. Statistics showed that some 1,265 Chinese commercial vessels have passed through the gulf so far this year and seven have been attacked.     The UN Security Council has adopted four resolutions calling on all countries and regions to help patrol the gulf and waters off Somalia since June. The latest resolution authorized countries to take all necessary measures in Somalia, including in its airspace to stop the pirates. A helicopter of the Chinese naval fleet attends a landing exercise at night on Dec. 28, 2008, while the Chinese naval fleet heads for the Gulf of Aden. The Chinese naval fleet including two destroyers and a supply ship set off on Dec. 26 for waters off Somalia for an escort mission against piracy

BEIJING, Jan. 24 (Xinhua) -- Chinese leaders offered their Spring Festival greetings to the nation at a gathering to mark the coming Lunar New Year here Saturday.     President Hu Jintao chaired the gathering of more than 4,000 people from various sections of society.     On behalf of the Central Committee of the Communist Party of China (CPC) and the State Council, Hu, who is general secretary of the CPC Central Committee, conveyed festival greetings to all Chinese people and his thanks to the friends of China across the world.     Premier Wen Jiabao, who is also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, delivered a speech.     2008 was an extraordinary year for China, in which the country succeeded in fighting the severe winter weather, the May 12 earthquake, in hosting the Beijing Olympics and launching the Shenzhou-7 manned spacecraft and actively coping with the current international financial crisis, he said.     The achievements "demonstrated that no difficulty could defeat the great Chinese people and the road of socialism with Chinese characteristics will be broadened," he said.     The country will embrace the 60th founding anniversary of new China in 2009, Wen said.     Priority should be given to maintaining stable and relatively fast economic growth this year. This will be achieved through expanding domestic demand especially consumption demand, restructuring the economy and transforming the growth pattern, he said.     All will ultimately target maximally satisfying people's increasing material and cultural needs, he added.     In 2009, China will enhance and improve macroeconomic control efforts and carry out an active fiscal policy, as well as a moderately easy monetary policy, he said.     "We have the confidence and the ability to overcome various difficulties and achieve further development," he added.     The government will pool strength of the nation to do some practical things for the people, including expanding employment, improving the social security system, promoting medicare system reform, enhancing development of the cultural industry, and ensuring smooth rebuilding in disaster-hit areas, he said.     The government will also strive to solve people's housing difficulties and to provide satisfactory education that ensures no child drops out of school because of financial difficulties, he said.     Other leaders, including Wu Bangguo, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang, also attended the gathering.     Spring Festival, or the Chinese Lunar New Year, is the most important traditional Chinese festival of family reunion. It falls on Jan. 26 this year.

BEIJING, Oct. 20 (Xinhua) -- China's top economic planning agency on Monday said it would raise the minimum purchasing price for wheat by as much as 15.3 percent starting next year.     The move by the National Development and Reform Commission (NDRC) aims to boost rural income and grain output. The country, with a population of more than 1.3 billion, relies mainly on domestic production for food.     By hiking grain purchasing prices the NDRC hopes to motivate farmers to increase agricultural production.     The government's minimum purchasing price for white wheat next year will be 0.87 yuan (12.7 U.S. cents) per 500 grams, 13 percent higher than prices in 2008. In addition, prices for red and mixed wheat will be 0.83 yuan per 500 grams, up 15.3 percent.     The agency also pledged to further increase subsidies for agricultural production materials, machinery and crop seeds.     It will also increase commercial reserves of fertilizer to help ensure market supply and price stability.     The NDRC would like to expand China's grain production capacity by 50 million tons.     On Oct. 11, China's Ministry of Agriculture predicted an increase in grain output for the fifth consecutive year.     According to estimates from the State Grain Information Center, this year's grain output should reach 511.5 million tons, up 10 million tons from 2007.     The central government allocated 102.86 billion yuan (15.1 billion U.S. dollars) in agriculture subsidies this year, doubling the money from 2007.     The NDRC also plans to raise the minimum purchasing price for rice next year, although it did not give further details.

BEIJING, Jan. 5 (Xinhua) -- Chinese exporters face an increased risk of not being paid for their goods as foreign banks run out of cash and some overseas importers evade paying debts, China's Ministry of Commerce (MOC) warned Monday.     "The cases of malicious debt evasion and breach of contracts by importers in certain countries or regions are on the rise," said the ministry in a notice. It attributed the phenomenon to the impact of the deepening global financial crisis.     The MOC urged local governments, guilds and overseas Chinese businesses to more closely monitor the credit of foreign importers.     Priority should be placed on tracking the credit ratings of foreign lenders, it said.     The ministry also called on local governments to support the development of export credit insurance and encourage exporters to carry such insurance by reducing premiums.     From January to November last year, China Export & Credit Insurance Corporation (SINOSURE) provided 56.5 billion U.S. dollars of guarantee for exporters against credit risks such as payment default. That is 63.6 percent higher than the same period a year earlier. The reason for the increase is that more exporters sought insurance, company figures show.     SINOSURE is China's only policy insurance company undertaking export credit insurance.     In that period, SINOSURE paid 210 million U.S. dollars of indemnities, up 174.5 percent from the same period of 2007.     In December, the insurer reduced credit ratings for a record 48countries, including the United States. A total of 191 countries were reappraised in December.