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BEIJING, Dec. 22 (Xinhua) -- China unveiled a new asset-management company that aims to restructure and merge small, uncompetitive state-owned enterprises (SOEs) on Wednesday.The new firm, China Reform Holdings Corporation Ltd., will focus on "reorganizing small-sized SOEs which do not affect national security and are not crucial to the national economy," the State-owned Assets Supervision and Administration Commission (SASAC), the SOE watchdog, said in a statement.The first-phase registered capital of the new company, which is wholly owned by SASAC, is 4.5 billion yuan (681 million U.S. dollars). SASAC has not yet revealed which companies will be involved in the reshuffling.Xie Qihua, former chairman of the Baosteel Group Corporation, China's largest steel maker, has been appointed board chairman of the new company.Liu Dongsheng, an SASAC official, will act as general manager, it said."The launch of the new company marks an important move to optimize the relocation of state economic resources and to give state capital more vitality, control and impact on key sectors," Wang Yong, deputy director of SASAC, said at the launching ceremony.He noted because the assets of the reshuffled companies took up a considerable amount of the entire state assets, the restructuring plays an active role in improving asset quality.According to SASAC' s plan, the company will participate in the share-holding reform of the reshuffled enterprises, and will also invest in emerging industries with strategic importance.Also at the launching ceremony, Wang stressed that the company is an asset management company rather than an investment group, ending rumors that it will become China's second sovereign fund after the China Investment Corporation (CIC).He noted the new company's mission is explorative and challenging, which needs to deal with it in a proactive and cautious way.In order to enhance the state company's efficiency and competitiveness, SASAC cut the number of SOEs under its direct control from 196 to 122 over the last seven years. They are expected to be further consolidated into around 100 by the end of 2010, according to SASAC plans.However, SASAC officials said it remains difficult to meet the target in time."It takes time to meet the goal," said Shao Ning, deputy director of SASAC. He added that the restructuring should take place when the time is right, and should give priority to "quality" and "good results" to ensure stability of the enterprises.In order to help the uncompetitive companies withdraw from the market in a stable manner, SASAC promised to offer support for the employers in those companies.Zhou Fangsheng, an expert on SOE issues, said it is good news for the uncompetitive SOEs to be merged into the new company with their debt relieved.But it is still quite explorative, he added.The new company is the third oversight asset management company by SASAC, besides the China Chengtong Group and the State Development & Investment Corp.Shao Ning told Xinhua that the previous two companies have their own business scope, besides dealing with non-performing assets. But the new company will only focus on asset management.Profits of China' s SOEs rose by 43 percent year on year to hit 1.81 trillion yuan (271.92 billion U.S. dollars) in the first 11 months, according to the figures released by the Ministry of Finance on Dec. 17.However, profits were concentrated in a small number of companies, such as oil producers and refiners, telecom operators and power companies which enjoy monopolies and easy bank loans.Companies in the traditional sectors, such as textiles and light industries, reported meager profits.A stronger presence of the monopolistic SOEs aroused complaints by the nation's private businesses, which had no easy access to bank credit but provided more than 80 percent of the job opportunities in the nation.China's SOEs include SOEs directly controlled by the central government and SOEs supervised by local governments, but excludes state-owned financial enterprises.

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BRUSSELS, Nov. 29 (Xinhua) -- The European Union (EU) and China Monday signed an agreement aimed at enhancing cooperation in the field of disaster risk management between the two sides.European Commissioner for International Cooperation, Humanitarian Aid and Crisis Response Kristalina Georgieva and visiting Chinese State Councilor Ma Kai witnessed the signing ceremony of the agreement for a joint project totaling 9 million euros (11.7 million U.S. dollars), among which 6 millions euros (7. 8 million U.S. dollars) will come from the EU.As the first bilateral project in disaster prevention, it is aimed at strengthening China's disaster management system with the support of the EU and its member states.EU Commissioner for International Cooperation, Humanitarian Aid and Crisis Response Kristalina Georgieva (R) shakes hands with visiting Chinese State Councilor Ma Kai in Brussels, capital of Belgium, on Nov. 29, 2010. "We followed up on the commitment to strengthen cooperation in the field of emergency management, made in 2009 by Chinese Premier Wen Jiabao and President of the European Commission Jose Manuel Barroso," Georgieva said."Enhanced cooperation will provide a platform for knowledge exchange and will ensure more efficient and cost-effective response and preparedness for disasters," she said.Ferran Tarradellas, spokesman for Georgieva, stressed the importance of disaster prevention to Xinhua after the signing ceremony."The most effective way to save lives in crisis situations is to take steps to prevent disaster before it happens," Tarradellas said.According to the Chinese delegation, the project is part of the development assistance offered by the EU to China.Since 1984, the EU has funded 75 projects for development assistance to the tune of 730 million euros (949 million U.S. dollars) in China, especially in the field of socio-economic reform, agriculture, energy, protection of environment and social security.

  濮阳东方妇科医院做人流比较好   

BEIJING, Nov. 19 (Xinhua) -- China's central bank Friday ordered banks to set aside an additional 0.5 percent of their deposits from Nov. 29, the fifth such hike this year and the second increase this month.The People's Bank of China said the move was aimed at "enhancing liquidity management and moderately regulating credit supply." The increase was estimated to freeze liquidity of about 300 billion yuan (44.8 billion U.S. dollars).The reserve requirement ratio (RRR) for the four big state-owned banks -- the Industrial and Commercial Bank of China, China Construction Bank, Bank of China and Agricultural Bank of China -- will stand at 18.5 percent once the rise takes effect.Friday's move will raise the deposit reserve ratio for other large financial institutions to 18 percent and for small and medium-sized institutions to 16 percent.Analysts said the increase exceeded forecasts as it targeted over-liquidity in the banking system and looming hot money inflows caused by the United States' quantitative easing policy."The PBOC is under pressure, and it needs to do something to show its determination to tame inflation. However, it has no intention to kill growth by aggressively hiking interest rates or imposing a lending squeeze," said Lu Ting, China economist at the Bank of America-Merrill Lynch."Hiking the RRR is the natural choice of the PBOC," Lu said in an e-mailed note to clients.China's economic growth rate was likely to slow in the fourth quarter to 8.7 percent, mainly as a result of economic restructuring, the State Information Center (SIC) said Friday.The forecast was almost 1 percentage point lower than the third quarter's 9.6-percent growth rate, but the SIC expected the economy to grow by 10 percent for the full year on the back of a 10.6-percent growth rate for the first three quarters.The central bank, on Nov. 10, announced a 50-basis-point rise of the RRR for Chinese financial institutions that accept deposits from Nov. 16, as China's consumer price index (CPI), a main gauge of inflation, soared to a 25-month high of 4.4 percent year on year in October.Prices of meat have risen for the week ending Nov. 14, with prices of pork up 1.6 percent and mutton 0.5 percent. Prices of eggs also rose 0.9 percent, while rice rose 0.6 percent and flour 0.4 percent, according to a weekly report by the Ministry of Commerce.The report said prices of 18 types of vegetables were slightly lower, down by 0.8 percent compared to the previous week. However, on a year-on-year basis, the prices of 18 staple vegetables in the first 10 days this month were still significantly higher from a year earlier.The State Council, the Cabinet, Wednesday announced price control guidelines to reassure consumers facing rising inflation and urged local authorities to offer temporary subsidies to needy families.The market had been expecting an increase, but did not anticipate it would come so soon, said Tan Yaling, senior analyst at Bank of China.She said the central bank would not raise the benchmark interest rates soon after the ratio hike as higher interest rates would further expand the interest rate differences between China and other major economies, which would lead to the influx of hot money.The central bank's decision to raise the RRR, instead of interest rates, was because a higher RRR would have "a direct effect on withdrawing liquidity," said Yan Wei, chief economist with the Orient Securities.The decision was announced after Chinese stock markets edged up following a period of decline of up to 10 percent of their value, largely on concerns of tighter policies.The benchmark Shanghai Composite Index rose 0.81 percent to close at 2,888.57. The Shenzhen Component Index closed up 1.23 percent to end at 12,295.85.

  

BEIJING, Nov. 30 (Xinhua) -- Chinese Vice President Xi Jinping Tuesday told the country's Communist Party members to stick to the Party's principles and, with "a true heart," seek benefits for the people.Xi, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks while meeting with Wen Jianming, a grassroots Party official known for his diligent work.Wen, born in 1963, is a Party secretary at Chengnan town in southwest China's Sichuan Province. He has been working in eight villages and towns and was praised by local residents for developing effective methods to boost local development.Further, after contracting cancer and undergoing 19 surgeries, Wen has remained at work."Party members across the country, especially Party leaders and cadres, should learn from Wen's unswerving belief, loyalty to the Party and his passion for working at the grassroots levels," said Xi.

  

ISLAMABAD, Dec. 18 (Xinhua) -- Chinese Foreign Minister Yang Jiechi and his Russian counterpart Sergei Lavrov on Saturday night called for restraint from all parties concerned to avoid escalation of tension on the Korean Peninsula.During a phone conversation with Lavrov, Yang, who is accompanying Chinese Premier Wen Jiabao on a visit to Pakistan, said the situation on the peninsula has become tense recently and may further deteriorate.China firmly opposes any actions to cause tension and worsen the situation, and demands both sides on the peninsula show calmness and restraint, carry out dialogue and contact, and completely avoid any actions that would fuel the tension, Yang said.China hopes other concerned parties would do more to help ease the situation on the peninsula, he added.Yang said China insists that all parties concerned conduct dialogue and consultation, and seek a peaceful settlement of the dispute.China is willing to keep close communication and coordination with Russia to prevent the situation from deteriorating and getting out of control, and help maintain peace and stability on the peninsula and in Northeast Asia.Lavrov, for his part, said Russia attaches high importance to the developments on the peninsula, adding his country has expressed great concern to relevant countries and demanded utmost calmness and restraint from all parties concerned.Russia is willing to work with China to make active efforts to reduce the tension on the peninsula, he said.South Korea has declared plans for a live shell artillery drill in the tense waters southwest of Yeonpyeong Island on a selected date from Dec. 18-21 depending on weather conditions.The Democratic People's Republic of Korea (DPRK) on Friday urged Seoul to immediately stop its plans for the shelling exercise, warning it would deliver a second and third "unpredicted self-defense counterattack" that would be bigger and more powerful than the previous one.South Korea and the DPRK exchanged artillery fires near the Yeonpyeong Island on Nov. 23, which killed four South Koreans.

来源:资阳报

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