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BEIJING, April 12 (Xinhua) -- China Pacific Insurance, one of the country's largest insurers, announced Saturday that its net profit dropped 80.6 percent to 1.339 billion yuan (196 million U.S. dollars) in 2008. The Shanghai-based insurer attributed the profit decrease to the sluggish stock market performance and the large amount of insurance indemnity after several natural disasters last year. However, the premium income of the company rose 26.6 percent to94.02 billion yuan, said the firm in its 2008 annual report. Its life insurance premium income increased 30.4 percent to 66.09 billion yuan last year, ranking the third in the domestic market. Its property insurance premium rose 18.7 percent to 27.88 billion yuan, making it the second largest among its peers.
BEIJING, March 21 (Xinhuanet) -- Against backdrop of world's financial crisis, China will play a vital role in world's economic recovery, said Murilo Portugal, Deputy Managing Director of the International Monetary Fund (IMF) on Saturday in Beijing. I think China's role is very important. Its fast growth has already made important contribution to the world economy, and it will continue playing that vital role in world's economic recovery, Portugal said on the first day of the three-day China Economic Forum 2009. China's financial policy has long been very self-regulated and prudent. Besides, China has large quantity of foreign exchange reserves and debts equaling to 20% of its GDP. Based on that, China can make great contribution to the world economic recovery, Portugal added. Murilo Portugal, Deputy Managing Director of the International Monetary Fund (IMF) delivers speech at the academic summit of China's Development and Reform in the Global Financial Crisis of China Development Forum 2009 in Beijing, capital of China, Mar. 21, 2009. Over fifty leaders of multinational corporations, senior officials of international organizations and well-known scholars are invited to attend the 3-day forum this year which focus on the topic of China's development and reform in the global financial crisis He went on to say that the economic stimulus plan that China unveiled last November, stipulating that the investment from 2008 to 2010 will equal 13% of its GDP, is undeniably a huge contribution to the world growth. Portugal said that he is confident that China will achieve high positive growth this year though the growth rate will lower than last year. China has announced a 4 trillion-yuan (585 billion U.S. dollars) two-year economic stimulus package to boost growth and domestic demand, 1.18 trillion yuan of which will be funded by the central government. The stimulus package plan has four major components, including large-scale government spending, industrial restructuring and rejuvenation, scientific research and social safety net. Economic recovery depends on effective measures The IMF predicted that world economic recession will further deepen in 2009 with world's per capita GDP probably dropping 2% or even lower, and World's total GDP also slumping and other related indexes further going down, Portugal said in his speech at the forum. He said that the economic recovery, to a large extent, depends on whether the governments of different countries can take effective measures to reform their financial institutions and systems. He added that if the financial and monetary conditions were improved, then the world would jump out of the current crisis at an earlier date. If the signs of recovery could appear in the second half of this year or in this summer, then the world could gradually walk out of this financial crisis. In another report, the IMF said on Thursday that the world economy is expected to contract in 2009 for the first time in 60 years as advanced economies will shrink sharply. Global activity will contract by 0.5 to 1 percent on an annual average basis, the first such fall in 60 years, the IMF said in an analysis provided to the Group of 20 (G20) industrialized and emerging market economies. Advanced economies will suffer deep recessions in 2009, while the United States will contract 2.6 percent, the assessment said. Capital injection into IMF at G20 Responding to the question of capital injection into the IMF at the upcoming G20 summit in London, Portugal said the IMF had enough resources to manage the problems the world economy is facing now. From the start of economic crisis, our credit capability is 250 billion U.S. dollars, among which we have used 50 billion dollars, so we still have 200 billion dollars left, said Portugal, adding that we hope to prepare for the worst to come, if more countries need our financial support. So far, we have got some commitments on capital injection from some countries. He said that Japan is the first country to make such commitment. The IMF has signed the agreement with Japan, which has pledged to add 100 billion U.S. dollars to IMF's funds. We can lend the money out, said Portugal. Ahead of the G20 summit, the United States is calling for trebling of the IMF's resources to help countries facing financial and economic problems. In preparation for the summit, finance ministers and central bankers from the G20 agreed last weekend to boost the IMF's funding capacity, but gave no figures.

BEIJING, March 18 (Xinhua) -- China's State Council (Cabinet) called Wednesday for thorough implementation of this year's government work report in face of the worsening global downturn. Since the 2nd Session of the 11th National People's Congress (NPC), the top legislature, endorsed the report delivered by Premier Wen Jiabao on March 5, it was now the task of the State Council and its subordinate bodies to implement the report, said the meeting chaired by Wen. Government work this year should follow the main themes of coping with the financial crisis, promoting steady, relatively fast economic development, and fully implementing the stimulus plan to shore up the economy, it said. Ministries should perform their duties, draw up and execute their implementation plans and coordinate with each other, it said. The meeting said the global downturn was still worsening, and although some regions and trades in China had shown signs of recovery, difficulties still lay ahead. It called for the establishment of surveillance and early warning system and immediate actions if problems were detected. The meeting also approved in principle a medium- and long-term plan for forest fire prevention and a draft law on the armed police. After further revision, the draft law goes to the NPC Standing Committee for deliberation
BEIJING, Feb. 19 (Xinhua) -- Chinese Vice Premier Zhang Dejiang Thursday urged the country's labor department to find employment for people this year. China is facing a daunting task to secure jobs for its workforce after more than 20 million migrant workers lost their jobs in the global financial crisis. To compound the problem, more than seven million college graduates will be looking for jobs this year. "We must ensure a stable employment situation this year, as employment is related to people's livelihood and the harmony and stability of the society," Zhang said at a working conference of the Ministry of Human Resources and Social Security. The country's urban unemployment rate increase 0.2 percentage points to 4.2 percent at the end of 2008, even though migrant workers are not included in that number. Zhang asked the ministry to adopt more active policies to find employment for people. Tax burdens of firms could be reduced, and preferential policies for social security coverage could be employed to help firms survive the crisis and keep jobs, Zhang said. More subsidies should be offered to organize vocational training in order to get people reemployed, and training should be made more relevant to different jobs, he added. The Vice Premier also said the government should step up building a social insurance system that covers both urban and rural residents, and continue to raise pensions for retired workers. China created new jobs for 11.13 million people last year, 11 percent more than the target of 10 million. The country also found jobs for five million laid-off workers and for 1.43 million who had difficulty in finding a job. The combined 6.43 million was again higher than the original target of five million.
ISTANBUL, Turkey, March 21 (Xinhua) -- The World Water Council (WWC) is ready for China's membership, WWC President Loic Fauchon said here Saturday evening. During his meeting with Chinese Minister of Water Resources Chen Lei on the sideline of the 5th World Water Forum, Fauchon said he welcomes China to "the WWC family," and "we are ready to sign the agreement" which just need a few days to finalize the details of the pact. "We need your experience and your tradition, It will be a nice relation," he added. Chen said China is willing to participate WWC activities and China will shoulder the obligation and responsibility when it becomes a member. Chen invited the president to visit Beijing. Fauchon said he is glad to visit the Chinese capital in May or June, when the both sides are expected to ink the pact. WWC, created by a number of key water institutions in 1996, unites over 300 member organizations from more than 60 countries. It is an international multi-stakeholder platform "to promote awareness, build political commitment and trigger action on critical water issues at all levels."
来源:资阳报