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BEIJING, Oct. 31 (Xinhua) -- Chinese shares dropped 1.97 percent on Friday, the month's last trading day. The benchmark Shanghai Composite Index lost 1.97 percent, or 34.82 points, to close at 1,728.79. The Shenzhen index was down 1.19 percent, or 70.33 points, to close at 5,839.33 points. The combined turnover was 35.23 billion yuan (5.03 billion U.S.dollars), compared with 49.35 billion yuan on the previous trading day. Losses outnumbered gains by 656 to 199 in Shanghai and 576 to151 in Shenzhen. Almost all sectors fell except industries related to aircraft making after the Commercial Aircraft Corporation of China Ltd. (CACC) announced Chinese indigenous regional jets would be sold to the United States, analysts said. CACC is not a publicly traded company. Coal companies suffered the most losses. Kailuan Clean Coal Co.lost 7.21 percent to 10.3 yuan. Taiyuan Coal Gasification Company fell 4.34 percent to 7.50 yuan. "I don't think the fall was related to recent mine accidents. It was a reflection of diminishing global energy demand," said Alex Xue, analyst with JL McGregor & Company. The finance sector also dropped by an average of 3 percent. CITIC securities lost 2.46 percent to 17.84 yuan. Bank of Communications fell 4.20 percent to 4.33 yuan. According to estimates from Friday's China Securities News, third-quarter profits of the country's 1,466 listed companies would fall 10.17 percent from the same period a year ago and 18.41 percent from the previous month to 206.09 billion yuan. Operating net cash flow fell 51.75 percent to 827.4 billion yuan in the first three quarters. Analysts said rising material costs and weakening demand led to slumping profits. The country's industrial output value growth slowed to 11.4 percent in September, the lowest rate since April 2002, the National Development and Reform Commission said on Thursday. Despite the latest rate cut, which was viewed as helpful to stabilizing the stock market, analysts said the market could possibly continue falling. The long-term affects from the rate cut are yet to been seen.
BEIJING, Dec. 12 (Xinhua) -- Chinese President Hu Jintao has vowed the Chinese people will, as always, work together with the international community to promote healthy development of the human rights cause in the world. Hu made the remarks in a letter to the China Society for Human Rights Studies on the occasion of the 60th anniversary of the publication of the Universal Declaration of Human Rights. He said China will strengthen international cooperation, as it has always done, in the human rights field to make its due contribution to the building of a harmonious world featuring lasting peace and common prosperity. China, however, will base its human rights development on the basic situation of the country while acknowledging the universal value of human rights, Hu said in the letter. The country will prioritize people's rights to existence and development in its socialist modernization drive and ensure, in accordance with law, the equal rights to participation and development of all society members, Hu said, stressing the principle of "people first". Citing the enshrinement of human rights in the Constitution, Hu said the country has recorded a new chapter of human rights development since the founding of New China and especially since the reform and opening-up 30 years ago, which has been witnessed by the whole world.

BEIJING, Jan. 1 (Xinhua) -- China Dairy Industry Association (CDIA) on Thursday told Xinhua more information on setting up a medical compensation fund for victim babies in the tainted milk powder scandal. "The scandal caused great harm to infants and the society, so firms involved in the scandal feel very regretful for this. To be responsible for their wrongdoing and rebuild the dairy industry's reputation, these companies offer to shoulder social responsibilities," said the association. Sanlu, the dairy producer at the center of the tainted milk powder scandal, and other 21 firms blamed in the scandal had decided to set up a compensation fund for the victim infants. "The money from these companies for this fund has been in place now. The fund will cover the charge on acute disease medical treatment and the one-time cash payment for victims," said the Beijing-based association. But no specific amount of the fund or compensation for each victim baby was revealed. "The fund is big enough to cover all the medical care charge for the victim infants and the compensation work is now underway," according to the association. "After the acute disease medical treatment, if those infants develop related diseases before they are 18 years old, they can also get full reimbursement for their medical expenses from the fund," the CDIA added. The fund will be entrusted to China Life Insurance Co., Ltd., the country's leading life insurer, to manage. To make it easier for the victim families to get compensation, they can get the medical charge reimbursement through China Life's outlets nationwide. China's tainted dairy scandal was exposed in September after babies who had milk powder produced by the northern Hebei Province-based Sanlu Group developed kidney stones. Other leading dairy firms were also involved. The contamination killed six babies and more than 290,000 infants suffered from urinary problems such as kidney stones.
BEIJING, Jan. 7 (Xinhua) -- Chinese Vice Premier Li Keqiang urged more efficient and transparent use of government funds as the country faces rising fiscal expenditures while tackling the global financial crisis. China should strengthen management and scrutiny of the fiscal budget and should reduce administrative expenses as the country faces relatively high fiscal pressure, Li said at a national fiscal conference on Tuesday. The government must "firmly oppose extravagance and waste", he said. China will have "a difficult fiscal year" in 2009 because of lower tax revenues and surging expenditures, Finance Minister Xie Xuren said on Monday. China's 2008 fiscal revenue is expected to rise 19 percent to exceed 6 trillion yuan (about 857 billion U.S. dollars), said Xie. That growth was slower than the 32.4-percent annual gain made in 2007. The country's fiscal revenue increase started to slow down in the second half of 2008, said Xie. He attributed that change to economic deceleration, corporate profit decline and tax cuts made to boost growth. China decided to carry out an "active fiscal policy" and "a moderately easy monetary policy" in 2009. It has unveiled a four trillion-yuan fiscal package to stimulate domestic demand.
BEIJING, Jan. 26 (Xinhua) -- China is to promote the use of energy-efficient and new-energy vehicles in public sector in 13 cities, the Ministry of Finance (MOF) said here Monday. According to a joint statement by the MOF and the Ministry of Science and Technology, the central government will offer one-off subsidy for the purchase of mixed-power, electric and fuel-cell vehicles. The statement said the subsidy will be decided by the gap between the prices of energy-efficient vehicles and automobiles powered by traditional fuel. The program will be put into trial in public transport, taxi industry, postal and urban sanitary services in 13 cities including Beijing and Shanghai. The program is aimed at facilitating the technology upgrading and structural optimization of the automobile industry, said the statement. Local governments should also allocate funds for the building and maintenance of related facilities, said the statement.
来源:资阳报