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MONTEGO BAY, Jamaica, Feb. 14 (Xinhua) -- Visiting Chinese Vice President Xi Jinping on Saturday broke ground for a China-funded convention center in Montego Bay, north of Jamaica. At the ceremony, Xi described the amity between China and Jamaica with a Chinese saying which says bosom friends stay close at heart though thousands of miles apart. The China-Jamaica friendly partnership for common development, established in 2005, has led the bilateral cooperation into a new stage as mutual understanding and trust between the two peoples were deepened and cooperation in various fields achieved remarkable progress, Xi said. Visiting Chinese Vice President Xi Jinping (L) shakes hands with Jamaican Prime Minister Bruce Golding during the ground-breaking ceremony for the Montego Bay Convention Center, which is contracted to be built by China, in Montego Bay, Jamaica, Feb. 14, 2009China highly values the friendly and cooperative relations with the Caribbean region, and is determined to build an all-around cooperative partnership for equality, mutual benefit and common development with Latin American-Caribbean countries, Xi said. With a project budget of about 52 million U.S. dollars, the convention center, once completed, will provide approximately 20,000 square meters of rooms for meetings, exhibitions and other events. Xi said the convention center will become not only a new sight in the coastal tourism city, but also a milestone in the China-Jamaica mutually beneficial cooperation. Jamaican Prime Minister Bruce Golding, Minister of Tourism Edmund Bartlett, Montego Bay Mayor Charles Sinclair were also present at the groundbreaking ceremony. Xi concluded his visit to Jamaica in the afternoon and left for Colombia to continue his six-nation tour, which includes the trips to Mexico, Jamaica, Colombia, Venezuela, Brazil and Malta.
BEIJING, Feb. 24 (Xinhua) -- Chinese President Hu Jintao has called for greater awareness of both hardships and opportunities presented by the global financial crisis in order to offset the impacts of the crisis. In a speech to the Communist Party of China (CPC) Central Committee Political Bureau on Tuesday, Hu said China must be prepared for the most difficult and complicated situations in the world economy and meanwhile make good use of or create development opportunities amid the transformation of international and domestic conditions. The world economic situation was austere and complicated; the global financial crisis had yet to level out; and China's economic growth was under pressure of a slow-down, he said. He said no fundamental changes had occurred in the country's basic economic development situation, its advantageous conditions for economic development, its accelerating trend of industrialization and urbanization, and the external environment of peace, development and cooperation. "The strong Party leadership, the advantages of the socialist system, and the united efforts of our people of all ethnic groups are the strength for us to overcome the difficulties and withstand the impacts of the global financial crisis," he said. The government should maintain the policy of giving top priority to increasing domestic demand while stabilizing external demand, he said. He called for more powerful and efficient measures to increase domestic demand, consumer demand in particular. He urged continuing to make the reform and opening-up a powerful driving force for economic growth, actively pushing forward reform in key areas and links. Hu urged all Party committees and governments to deepen the implementation of the "scientific view of development" and "carry out the decisions and arrangements of the central authorities in a creative way". Hu, General Secretary of the CPC Central Committee, presided over Tuesday's panel study of the Politburo, at which two scholars explained world economic situation and ways to boost economic growth. The lecturers were Zhao Jinping, of the State Council's Development Research Center, and Bi Jiyao, of the Macro-economic Research Institute under the National Development and Reform and Commission.
BEIJING, March 31 (Xinhua) -- China has announced the launch of a long-awaited growth enterprise board on May 1 as a new direct financing platform for innovative companies. Companies that seek listing at the new Nasdaq-like second board should have net assets of at least 20 million yuan and be open for business for more than three years, the country's securities regulator said in a set of guidelines that was made public in the small hours Tuesday and take effect on May 1. The Shanghai Composite Index gained 15.17 points, or 0.64 percent to 2,373.21 on Nasdaq-style second board launch in China, Mar.31,2009 The China Securities Regulatory Commission also requires the issuer stay in the black for the recent two consecutive years with combined profits of at least 10 million yuan, or report profits of at least 5 million yuan for the most recent year on revenues of at least 50 million yuan, with annual revenue growth of at least 30 percent in the recent two years. A CSRC spokesman called the move "an important measure to improve the structure of China's capital market and expand the market's depth and width." The proposal of establishing a second board was first put forth more than a decade ago. In 2004, a mini second board for small and medium-size enterprises was set up at the Shenzhen Stock Exchange to test the waters.. Small and medium-size enterprises have long been a pillar in China's economy, which has grown to the world's third largest
BEIJING, Feb. 21 (Xinhua) -- All unemployed urban residents in China will have access to medical insurance this year as the country plans to expand the coverage of an insurance scheme to all cities and towns, according to a government official Saturday. Li Zhong, vice director of Health Insurance Department under the Ministry of Human Resources and Social Security, said at a forum that the program, which has benefited residents in more than 300 cities as of 2008, is expected to be promoted to all cities and towns this year. The program, introduced in 2007, aimed to bring urban children, students and jobless adults under the umbrella of medical insurance. China established a medical insurance system for urban employees in 1998 and implemented a new cooperative medical care system for rural residents since 2003. If the program is successfully implemented, it means all Chinese residents can have access to medical insurance. Under the program, the premiums are paid by households, instead of individuals. The government gives each participant a subsidy of at least 40 yuan annually, and grants extra subsidies for low-income families and disabled ones. Residents have to pay a share of premium in the program and their participation is based on their free will. Urban residents with only temporary jobs could also participate in the program. Li said the program will gradually increase its reimbursement rate and include more common diseases for compensation. The program currently mainly covers expenses of residents for hospitalization and major illness. There are more than 240 million unemployed urban residents in China. Among them, more than 100 million have joined the program so far.