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BEIJING,Aug 9(Xinhuanet) -- China's high savings rate is expected to fall substantially in coming years as its workforce shrinks, the population ages and social security spending increases, a BIS report shows.In research published by the Bank for International Settlements (BIS) on the “myth and reality” of China’s savings rate, Ma Guonan and Wang Yi found that the Asian giant needs its population to spend more in order to sustain rapid economic growth in coming years.The researchers, who were writing in their personal capacity, also reject claims that Chinese State firms have been benefiting from high savings thanks to exchange rate distortions and subsidies designed to drive economic growth.They point out that “less advantaged” and more efficient firms have been the ones posting the greatest gains in earnings in recent years rather than State-owned companies.China’s gross national savings soared from 39.2 percent of output in 1990 to 53.2 percent in 2008, far higher than the United States, which saved only 12.2 percent in 2008.Even compared to other Asian giants — Japan with 27 percent in 2007 and India with 33.6 percent in 2008 — China’s share of savings as a percentage of gross domestic product (GDP) is significantly larger.Nonetheless, the population and social trends that have underpinned China’s growth and savings rates are likely tail off significantly over the next decade, the two Chinese researchers argued.In the wake of the global slump, world leaders and economists have been asking China to spend more, rather than pin its economic growth on exports to the West, in order to help address world trade imbalances.Ma, a BIS economist and Wang, who is from the Chinese central bank, said however that the current savings trend by Chinese households will not last.The swelling working population in recent years has boosted savings in recent years, they said.In addition, large-scale corporate restructuring between 1995 and 2005 increased job uncertainty, forcing workers to set aside more money in case they were fired. The lack of a social safety net also pushed workers to make “precautionary savings.”Beyond households, government savings have also been increasing in tandem, as more is being set aside to meet pension needs which are expected to rise significantly as the population ages.However, these trends are expected to be reversed in coming years.“It is reasonable to assume that the large-scale labor retrenchment observed during 1995 to 2008 is by and large been behind us,” say the researchers.In addition, China is expected to enter into a phase of “accelerated population ageing within a decade.” This means that the workforce will decline, leading to a fall in overall income and therefore savings.At the same time, infrastructure spending is expected to continue, in order to provide for the ageing population and the urbanization of the country.

BEIJING, Aug. 3 (Xinhua) -- Chinese Vice Premier Hui Liangyu has urged beefing up late rice planting in the wake of floods to ensure a good rice harvest.Hui stressed that soil in the flood-affected regions should be drained as soon as possible. Local authorities should restore damaged farmland to good conditions and make sure late rice is planted on time.In his recent instructions on late rice production and flood relief in agriculture, he also ordered local authorities to improve service for farmers and ensure seeds are supplied for planting.Efforts should also be made to strengthen field management and to intensify disaster and pest disease prevention, said Hui.As of July 21, more than 7 million hectares of farmland in China had been destroyed by torrential rains and floods, according to data from the State Flood Control and Drought Relief Headquarters.

ZHOUQU, Gansu, Aug. 11 (Xinhua) -- Rescuers were busy searching a possible survivor in a damaged building Wednesday night after they were told cries for help were heard from the building in a mudslide-hit town in northwest China.Zhang Guiquan, an army officer, told Xinhua some residents of Zhouqu County of Gansu Province heard cries from the partially-collapsed building near the Bailong River that overflowed after being blocked by mudslides.About 40 soldiers braving heavy rains and potential mudslides were detecting signs of life near the building after receiving the report from the residents, Zhang said.Hopes of finding any survivors faded as the thunderstorms battered the county seat of Zhouqu Wednesday night, nearly four days after the mudslides hit the town, leaving 1,117 people dead and 627 missing.

BEIJING, July 29 (Xinhua) -- The People's Liberation Army (PLA) Navy had conducted a large scale of live-ammunition training exercise in the South China Sea, according to a front-page report on Thursday's PLA Daily newspaper.The exercise, which was carried out on July 26, brought together a large group of warships, submarines and combat aircraft.During the exercise, warships and submarines from the Navy's South China Sea Fleet performed precision strikes on surface targets by firing guided missiles while surface warships conducted anti-missile air defense operations, said the PLA's official newspaper.A naval aviation fleet also participated in air control operations, according to the report, which did not specify the exact location of the training or the number of participating warships.In overseeing the training, General Chen Bingde, PLA's chief of the General Staff, said that the PLA should "pay close attention to the development of situation and tasks" and make "solid preparation for military struggle which depends on massive military training" .

XINING, July 21 (Xinhua) -- A senior Chinese official has called for more social and economic development in the nation's Tibetan-inhabited regions to improve people's livelihoods.Zhou Yongkang, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks during his visit to northwest China's Qinghai Province on Monday and Tuesday.Zhou visited workers fighting floods on the Golmud River and he urged local governments to work hard to ensure the safety of the Qinghai-Tibet railway.While visiting quake-devastated Yushu County, Zhou urged the local government to speed up the rebuilding of quake survivors' homes.Zhou encouraged the local Tibetan people to be optimistic about the future and to put the disaster behind them.Zhou also visited a PetroChina refinery in the province and called on the company's staff to overcome the difficulties of life on the plateau and to make greater contributions to the nation's energy industry.While visiting local communities in Golmud City, Zhou asked the local police to better serve residents and called on local Muslims to maintain national unity and social stability.