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BEIJING, Oct. 8 (Xinhua) -- China's central bank on Wednesday announced cuts in both the interest rate and reserve-requirement ratio in the latest effort to boost the domestic economy amid worries over the deepening global financial crisis.     The deposit and lending rates would be lowered by 0.27 percentage points from Thursday and the reserve-requirement ratio would be down by 0.5 percentage points from Oct. 15, the People's Bank of China (PBOC) said.     "This was mainly out of concerns over an economic slowdown," said Ba Shusong, deputy chief of the Finance Research Institute under the Development Research Center of the State Council.     "The rate cut was expected as the world was faced with a cycle of interest rate cuts," he told Xinhua.     OUT OF SLOWDOWN CONCERNS     The loosening in monetary policy, the second such move in less than a month, highlighted the government's rising concern over the slowing economy and slumping capital market.     The PBOC cut the benchmark one-year lending rate by 0.27 percentage points on Sept. 16, the first rate cut in six years. It also lowered the reserve requirement at medium- and small-sized lenders by 1 percentage point as of Sept. 25.     Tang Min, China Development Research Foundation deputy secretary, echoed Ba's viewpoint.     Tang said the government made the move mainly out of concerns over domestic problems. "The deepening U.S.-originated credit crisis has impacted the psychology of Chinese and also the real economy," he told Xinhua.     Investors, gripped by lingering fears of global economic downturn, dumped equities to drive the stock market down 66 percent from its peak last October.     China's gross domestic product (GDP) expanded 10.1 percent in the second quarter of the year, marking a deceleration for four consecutive quarters.     Its exports, a major driver behind the economy, reported slowing growth this year as the credit crisis reduced overseas demand for its goods. This has led to the closures of tens of thousands of local exporters and also job losses.     Local businesses bore the brunt of higher borrowing costs and were even finding it difficult to get credit after last year's tightening measures aimed at curbing inflation and averting economic overheating.     The easing in inflation has given room for the authorities to loosen monetary policy. The consumer price index rose 4.9 percent in August, off from the 12-year-high of 8.7 percent in February.     "Inflation is no longer a threat with the declining commodities prices," Tang said.     The monetary policy has been starting to loosen and the trend would not change in the short term, said Zhuang Jian, an Asian Development Bank (ADB) economist. "The whole world doesn't have strong confidence in the economic outlook."     TAX CUT TO BOOST DEMAND     In another move to boost domestic demand, the State Council, China's Cabinet, said it would scrap the 5 percent individual income tax on savings interest earnings starting on Thursday.     China began levying a 20 percent individual income tax on interest earnings in 1999 to narrow the income gap and encourage consumption and investment. The tax rate was slashed to 5 percent on Aug. 15, 2007.     The income tax cut was a must as it would help alleviate the erosion on personal income by high prices, especially given the cut in the deposit rate, Li Yang, head of the Finance Research Institute under the Chinese Academy of Social Sciences.     The tax cut, together with lower borrowing costs, would boost domestic demand, an increasingly more important driver of economy in the global credit crisis, Zuo Xiaolei, China Galaxy Securities chief economist, said.     GLOBAL COORDINATED RESPONSE     The move was also a timely response to the rate cuts by other major central banks and part of a coordinated effort to stem the global crisis, Tang said.     Six other major central banks, including the U.S. Federal Reserve, slashed interest rates on the same day to cope with the current financial crisis.     The U.S. Federal Reserve lowered its target for the federal funds rate by 0.5 percentage points to 1.5 percent. The Bank of England cut its rate by half a point to 4.5 percent and the European Central Bank cut by the same margin to 3.75 percent.     Central banks of Canada, Sweden and Switzerland took similar actions. The Bank of Japan said it strongly supported these policy actions.     Australia's central bank on Tuesday slashed the interest rate by 1 percentage point, the largest cut since 1992.

BEIJING, April 5 (Xinhua) -- Chinese President Hu Jintao and other senior leaders took part in a voluntary tree planting activity at the Olympic Forest Park here on Saturday.     China's top legislator Wu Bangguo, Premier Wen Jiabao, top political advisor Jia Qinglin, as well as Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang, and Zhou Yongkang also planted trees at the park next to the national stadium, the main venue of the Beijing Olympic Games.     Covering some 680 hectares in the north of Beijing, the park is a major part of the 2008 Olympics infrastructure, which is expected to improve the city's environment and air quality.     Hu said during the activity that the Beijing Olympics and Paralympics are approaching. He urged Beijingers to support the Green Olympics initiative and make the city greener and more beautiful before athletes from worldwide come in August. Chinese President Hu Jintao (C) takes part in tree planting at the Olympic Forest Park in Beijing, capital of China, April 5, 2008    Beijing's air quality has been a subject of concern among some foreign athletes planning to attend the Games. However, many have acknowledged that the city has done much to improve its air quality.     This is the fifth time since 2001 for top leaders to take part in planting at the park, where nearly 500,000 trees have been planted.     Hu said voluntary tree planting is an effective way to get everyone involved in improving the environment. "For every tree we plant today, we gain another spot of green in the future," he said.     About 2 million Beijingers took part in planting activities in the capital on Saturday, which is Beijing's 24th voluntary tree planting day. 

BEIJING, June 11 (Xinhua) -- Senior Chinese leaders have called on Chinese people to concentrate their energy on quake relief and economic and social development at the same time.     Li Changchun, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the call when meeting quake-relief model workers here on Wednesday.     Xi Jinping, who is China's vice-president and also member of the Standing Committee of the Political Bureau of the CPC Central Committee, also met with the model workers. Li Changchun (6th L, 1st row), a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, and Chinese Vice President Xi Jinping (7th L, 1st row), also member of the Standing Committee of the Political Bureau of the CPC Central Committee, pose for a group photo with quake-relief model workers before the first lecture on the heroic deeds and thoughts in quake relief efforts, in Beijing, capital of China, June 11, 2008.    The model workers made lectures in the Great Hall of the People on their deeds and thoughts in quake relief efforts.     Li Changchun said that in fighting against the 8.0 magnitude quake that jolted southwest China's Sichuan Province on May 12, great national solidarity and spirit have been shown.     He praised the 37 model workers who came from different occupations, including the military, police, medical services and education, for their courage and engagement at the very front of the relief missions. Li Changchun (3rd R, 1st row), a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, and Chinese Vice President Xi Jinping (2nd R, 1st row), also member of the Standing Committee of the Political Bureau of the CPC Central Committee, applaud during the first lecture on the heroic deeds and thoughts in quake relief efforts by quake-relief model workers in Beijing, capital of China, June 11, 2008    Li stressed that all party and government officials in quake-affected areas should not let up in supporting survivors and striving to help them rebuild their homes and the local economy.     On the other hand, officials should also make more preparations for the impending Olympics, he said.

BEIJING, Oct. 7 (Xinhua) -- President Hu Jintao and other Chinese leaders including top legislator Wu Bangguo and Premier Wen Jiabao on Tuesday visited an exhibition which pays tribute to victims of the May earthquake in Sichuan Province and the nation's concerted efforts to assist the disaster-stricken areas.     Photos and videos showing the aftermath of the catastrophic earthquake, as well as items that were used to rescue victims drew attentions of the leaders.     They were also briefed on how the people from all walks of life had made donations and contributions to help the earthquake-stricken areas recover from the country's worst disaster in the past 30 years. Chinese President Hu Jintao visits an exhibition featuring the rescue work on the May 12 earthquake that hit southwest China's Sichuan Province, in Beijing, capital of China, Oct. 7, 2008    Carrying on the great spirit displayed in the quake rescue and relief efforts, the nation would be able to overcome all difficulties on its way of development, Hu said during his visit.     State and Communist Party leaders Jia Qinglin, Li Changchun, XiJinping, Li Keqiang, He Guoqiang and Zhou Yongkang also visited the exhibition at the Military Museum of the Chinese People's Revolution in Beijing.     The exhibition, which featured pictures and objects collected in the quake, aimed to serve as a lively lesson to promote patriotism and the selfless spirit displayed in the quake-relief work.     It has received more than 300,000 visitors since it was opened on Sept. 20.     The exhibition was jointly sponsored by the Publicity Department of the Communist Party of China Central Committee, the National Development and Reform Commission and the General Political Department of the People's Liberation Army.     On May 12, a quake measuring 8.0 on the Richter Scale struck Wenchuan County in the southwestern Sichuan Province. The quake, which has left more than 80,000 dead or missing, was the deadliest and strongest tremor to hit China since the 1976 Tangshan earthquake.

BEIJING, April 14 (Xinhua) -- Chinese Premier Wen Jiabao held talks with Swedish Prime Minister Fredrik Reinfeldt here Monday. Both agreed to deepen cooperation.     During their talks, Wen said as the first western country to establish diplomatic ties with the People's Republic of China 58 years ago, Sweden and China have continued to increase mutual trust and understanding, as well as expand cooperation in all areas.     The recent years, in particular, have seen rapid growth in bilateral trade volume, said Wen, noting that China has become the largest trade partner for Sweden in Asia. Chinese Premier Wen Jiabao holds talks with Swedish Prime Minister Fredrik Reinfeldt at the Great Hall of the People in Beijing, on April 14, 2008Fruitful results have been made in bilateral investment and technological cooperation with vigorous exchanges among the two peoples and sound coordination in international affairs.     Wen said against the backdrop of development of economic globalization, enhancing bilateral cooperation is in the fundamental interests of the two countries and is conducive to promote China-EU strategic partnership.     China is ready to maintain high-level contacts and consultations at all levels, and develop exchanges and cooperation in human rights on the basis of equality and mutual respect.     China will also actively expand cooperation in environment protection and energy saving technology, create conditions to encourage business investment and trade exchange, as well as cement exchanges in culture and social development, said the premier.     In response, Reinfeldt said Sweden attached importance to keeping good dialogue and cooperation with China.     Sweden is opposed to trade protection against China and is willing to further expand bilateral cooperation in trade, investment and protection of intellectual property right.     Reinfeldt also expressed his hope of strengthening exchanges and cooperation with China in energy saving, emission reduction and climate change in accordance with the principle of common but differentiated responsibilities.     After their talks, the two leaders attended a signing ceremony of a series of agreements concerning environment protection, sustainable development and communication.     China's top legislator Wu Bangguo also met with Reinfeldt.     Both of them pledged to enhance political dialogue, expand cooperation under the principle of mutual respect, equality and mutual benefits.     Reinfeldt arrived in Beijing on Sunday, continuing his five-day state visit to China. He has just finished his attendance in the year's annual meeting of the Boao Forum for Asia (BFA) in China's Sanya, a platform for high-level interaction between leaders from Asia and the world.