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NANNING, Aug. 23 (Xinhua) -- Six people were killed and eleven others injured in an explosion at an illegal private firecracker factory in south China's Guangxi Zhuang Autonomous Region, local police said Sunday.The blast hit the factory in a village in Lingshan County, Qinzhou City at about 6 p.m. Sunday, the police said. The cause of the explosion is being investigated.Two people were killed on the spot while four injured died in the hospital after treatments failed.Police said they have arrested a suspect surnamed Lao.Authorities have ordered a city-wide crackdown on unlicensed firecracker factories following the incident.

BEIJING, June 11 (Xinhua) -- China's retail sales, the main gauge of consumer spending in the world's fastest-growing economy, rose 18.7 percent year on year to 1.25 trillion yuan (183 billion U.S. dollars) in May, the National Bureau of Statistics (NBS) announced Friday.The growth rate was 3.5 percentage points higher than the same period last year and 0.2 percentage points higher than April's, said NBS spokesman Sheng Laiyun.Urban consumption hit 1.08 trillion yuan in May, up 19.1 percent year on year, while rural residents spent 163.7 billion yuan, up 15.8 percent.  A woman walks by a sale advertising poster in Beijing, capital of China, May 11, 2010.In the first five months, total retail sales climbed 18.2 percent to 6.03 trillion yuan. The growth rate was 3.2 percentage points higher than the same period last year.The government rolled out a series of incentives to bolster consumption to counter the fallout from the global economic downturn, including subsidies for home appliances in rural areas and tax breaks for auto purchases, in early 2009, among others.China's auto sales in May rose 28.35 percent from a year earlier to 1.44 million units, bringing combined sales in the first five months to 7.6 million units, up 53.25 percent from a year earlier.Monthly sales of home appliances in China's countryside surged 220 percent year on year in May to 12.6 billion yuan. The figure for January-May period was 54.35 billion yuan, up 400 percent from year on year.

LHASA, Tibet, June 8 (Xinhua) -- The 11th Panchen Lama on Tuesday visited rural homes in Shannan Prefecture and chatted with peasants before finishing his first visit to this part of southern Tibet."I never dreamed a Living Buddha would come to my home," said Mila, 49, a resident in Ztang Township.The maroon-robed Panchen Lama sat with Mila on a bench in the family's bright new concrete house and talked about a wide range of issues including local living standards, incomes and religious life.The 11th Panchen Lama gives head-touch blessings to local devotees in front of Sanyai Monastery in Nedong County of Shannan Prefecture, southwest China's Tibet Autonomous Region, on June 8, 2010. The 11th Panchen Lama finised Tuesday the two-day visit in south Tibet's Shannan Prefecture where he held large prayer services and gave head-touch blessings to more than 5,000 local devotees.Patting the head of a three-year-old, the Panchen Lama, now in his 20s, told Mila's family to give the children a good education. He also told the family to work hard for a prosperous life."I will pray for you," the Panchen Lama said.The Panchen Lama gave head-touch blessings to locals as he walked from home to home. He also prayed at the thirteen-century-old Sanyai Monastery.The Panchen Lama started his tour to Shannan on Monday for his first visit to the area honored as the cradle of Tibetan civilization since he was enthroned as a Tibetan Buddhist leader in 1995.He returned to Lhasa late Tuesday.The 11th Panchen Lama, who spends most of his time since the enthronement studying Buddhism in Beijing, started his annual Tibet tour last Thursday, during which he visited a number of monasteries and participated in a variety of Buddhist events.

BEIJING,Aug 9(Xinhuanet) -- China's high savings rate is expected to fall substantially in coming years as its workforce shrinks, the population ages and social security spending increases, a BIS report shows.In research published by the Bank for International Settlements (BIS) on the “myth and reality” of China’s savings rate, Ma Guonan and Wang Yi found that the Asian giant needs its population to spend more in order to sustain rapid economic growth in coming years.The researchers, who were writing in their personal capacity, also reject claims that Chinese State firms have been benefiting from high savings thanks to exchange rate distortions and subsidies designed to drive economic growth.They point out that “less advantaged” and more efficient firms have been the ones posting the greatest gains in earnings in recent years rather than State-owned companies.China’s gross national savings soared from 39.2 percent of output in 1990 to 53.2 percent in 2008, far higher than the United States, which saved only 12.2 percent in 2008.Even compared to other Asian giants — Japan with 27 percent in 2007 and India with 33.6 percent in 2008 — China’s share of savings as a percentage of gross domestic product (GDP) is significantly larger.Nonetheless, the population and social trends that have underpinned China’s growth and savings rates are likely tail off significantly over the next decade, the two Chinese researchers argued.In the wake of the global slump, world leaders and economists have been asking China to spend more, rather than pin its economic growth on exports to the West, in order to help address world trade imbalances.Ma, a BIS economist and Wang, who is from the Chinese central bank, said however that the current savings trend by Chinese households will not last.The swelling working population in recent years has boosted savings in recent years, they said.In addition, large-scale corporate restructuring between 1995 and 2005 increased job uncertainty, forcing workers to set aside more money in case they were fired. The lack of a social safety net also pushed workers to make “precautionary savings.”Beyond households, government savings have also been increasing in tandem, as more is being set aside to meet pension needs which are expected to rise significantly as the population ages.However, these trends are expected to be reversed in coming years.“It is reasonable to assume that the large-scale labor retrenchment observed during 1995 to 2008 is by and large been behind us,” say the researchers.In addition, China is expected to enter into a phase of “accelerated population ageing within a decade.” This means that the workforce will decline, leading to a fall in overall income and therefore savings.At the same time, infrastructure spending is expected to continue, in order to provide for the ageing population and the urbanization of the country.

来源：资阳报