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BEIJING, March 3 (Xinhua) -- The Third Session of the 11th National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top political advisory body, opened in the Great Hall of the People in Beijing Wednesday.More than 2,000 CPPCC National Committee members, from across the country, will discuss major issues concerning the nation's development during the annual meeting scheduled to conclude on March 13.Jia Qinglin, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), delivers a report on the work of the CPPCC National Committee's Standing Committee over the past year at the Great Hall of the People in Beijing, capital of China, March 3, 2010. The Third Session of the 11th CPPCC National Committee opened on Wednesday afternoon.After the session started at 3 p.m., CPPCC National Committee Chairman Jia Qinglin delivered a report on the work of the CPPCC National Committee's Standing Committee over the past year."The CPPCC (last year)...made important contributions to effectively responding to the impact of the global financial crisis, pushing forward the process of building a moderately prosperous society in all respects, and promoting the great cause of peaceful reunification of the motherland," Jia said."The CPPCC's cause entered a period of unity, harmony, pragmatic progress and vigorous development," he said.Top Communist Party of China (CPC) and state leaders Hu Jintao, Wu Bangguo, Wen Jiabao, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang were present at the opening meeting.Founded in 1949, the CPPCC consists of elite members of the Chinese society who are willing to serve the think tank for the government and for the country's legislative and judicial organs.

BEIJING, Feb. 21 (Xinhua) -- With Chinese banks' record new lending in 2009 igniting fears about asset bubbles and bad loan, the banking regulator's latest rules aim to bring financial risk under control.The new directives order banks to focus on loan quality control, rather than quantity restriction, and aim to make loans flow to the real economy -- rather than the property and stock markets, which are susceptible to asset bubble formation.Analysts say the directives are a smart way to handle the policy dilemma the central bank faced: with inflationary pressures growing after increased money supply, how can monetary policy be tightened without hurting the fragile economic recovery?The China Banking Regulatory Commission (CBRC) issued new regulations on Saturday evening telling banks to set lending quotas after "prudent calculation" of borrowers' "actual demand".It also reiterated working capital should not finance fixed-asset investment and equity stakes. The new rules also ask lenders to give funds directly to the end user declared by the borrower, instead of directly giving it to the debtor, in an effort to ensure loans are used for their declared purpose.Execution of the directives will help banks exit the "credit stimulus spree", as they pay more attention to risk control. The directives are crucial for the banks' sustainable expansion, said Yu Xiaoyi, analyst with Guangfa Securities.Loose oversight and easy monetary policy have led to many banks developing the bad habit of being excited about loan extension but indifferent to the tracking of loan use, which can result in credit appropriation, an unnamed insider told Xinhua.That allowed many Chinese enterprises to borrow much more than they needed in order to speculate with various types of investment, even though they had ample funds on hand for their routine business operations.In support of the government's 4-trillion yuan stimulus package, Chinese banks lent an unprecedented 9.6 trillion yuan in 2009, nearly half of 2009 gross domestic product.Researchers said that large amounts of the borrowed funds went into property and stock market speculation, further pushing up soaring house prices and further inflating asset bubbles.According to official data released by CBRC, some regions reported two to three percent of funds were misappropriated.Wang Kejin, an official with the Supervision Rules and Regulation Department of CBRC, told Xinhua "the current working capital and individual loans exceeded real market demand,"The inadequate monitoring of loan use demands improvement, otherwise creditors will suffer losses and systemic risks will build, the CBRC said in a statement on its website."Our purpose was to prevent it happening," the statement said.Ba Shusong, a researcher with the Development Research Center of the State Council, China's cabinet, said the new rules will further strengthen credit risk controls and put a "brake" on lending and keep the financial system in good health,Guo Tianyong, a professor with the Central University of Finance and Economics, said the new directive will prevent systemic risk after the rapid expansion in credit.Although the CBRC and the nation's central bank have repeatedly warned banks to maintain an even pace in lending growth and to avoid big fluctuations, new yuan loans hit a massive 1.39 trillion yuan in January, as banks scrambled to lend before an expected tightening in credit later in the year.CBRC chairman Liu Mingkang said on Jan. 27 the Chinese government is aiming to restrict credit supply to 7.5 trillion yuan (about 1.1 trillion U.S.dollars) in 2010.Analysts expect short-term loans to fall significantly on account of tougher lending requirements that prevent businesses using new loans to repay old credit, a phenomena rampant when bill financing with 180-day maturity comprised nearly half of new loans in the first quarter of 2009.To soak up the excess liquidity on the heels of lending spree, China has raised the deposit reserve requirement ratio (RRR) twice this year, after holding it steady for over a year, to handle the "comparatively loose liquidity" while keeping the "moderately easy" monetary policy unchanged.Jing Ulrich, Chairman of China Equities and Commodities at JP Morgan Chase, estimated China's new lending would fall 17 percent this year as the government takes steps to prevent inflation."While lending support for real economic activity is expected to continue, banks are likely to be more vigilant on shorter term credit facilities, given the regulator's anxiety over asset bubbles and capital adequacy ratios," she said.

XI'AN, Feb. 6 (Xinhua) -- A high-speed railway linking central China city Zhengzhou and northwestern city Xi'an, went into operation Saturday.The 505-km Zhengzhou-Xi'an high-speed railway, the first of its kind in central and western China, cut the travel time between the two cities from former more than six hours to less than two hours, said local railway authorities Saturday.The first train left Xi'an, capital of Shaanxi Province, at 10:50 a.m. and arrived at Zhengzhou, capital of Henan Province, at 1:15 p.m., said Long Jing, head of the Xi'an Railway Bureau. With a speed of 350 kilometers per hour, the high-speed Electric Multiple Unit (EMU) train coded G2004 is about to leave Xi'an for Zhengzhou in Xi'an Railway Station, northwest China's Shaanxi Province, on Feb. 6, 2010.The train traveled at 350 kilometers per hour, said Long. A total of 14 trains would be traveling between Zhengzhou and Xi'an everyday, said Long.The first train from Zhengzhou to Xi'an departed from Zhengzhou at 11:25 a.m. and arrived at Xi'an at 2:01 p.m., said Niu Jianfeng, spokesman of the Zhengzhou Railway Bureau.The Zhengzhou-Xi'an high-speed railway, included in the country's "Mid- and long-term railway network plan", has been built since Sept. 25, 2005, with a total investment of about 35.31 billion yuan (5.17 billion U.S. dollars), said Niu. With a speed of 350 kilometers per hour, a high-speed Electric Multiple Unit (EMU) train is on test operation en route from Xi'an to Zhengzhou, in Tongguan, northwest China's Shaanxi Province, on Feb. 4, 2010."The Zhengzhou-Xi'an high-speed railway will meet the growing demand of of passenger and cargo transportation in central and western China, and help promote local development," said Wang Yongping, spokesman of the Ministry of Railways.Henan is one of the major grain producers of China and an emerging economic and industrial powerhouse. This most populous province in China is also a major tourist attraction with a great number of sites of historical and cultural interests. Shaanxi boasts rich cultural resources and is endowed with rich natural resources such as coal, petroluem, and natural gas.The country's total railway coverage will be more than 110,000 kilometers by 2012 and 120,000 kilometers by 2020, according to the "Mid- and long-term railway network plan"."By 2012, it will take less than eight hours to travel by train from Beijing to most provincial capitals in China," said Long.

BEIJING, Feb. 24 (Xinhua) -- Chinese Vice President Xi Jinping on Wednesday met here with senior executives of Republic of Korea's technology powerhouse Samsung Electronics.The executives included Samsung Electronics' Permanent Consultant Yun Jong Yong and Chief Executive Officer Choi Geesung.Xi praised an exchange program which had yielded positive results, allowing some middle-aged and young students at the Party School of the CPC Central Committee to visit the ROK for inspection purposes.This was a cooperative program attended by the Organization Department of the Communist Party of China (CPC) Central Committee, Party School of the CPC Central Committee and Seoul-based Samsung Electronics, the world's leading electronics and technology company.Chinese Vice President Xi Jinping (2nd R) meets with senior executives of Republic of Korea's technology powerhouse Samsung Electronics in Beijing, China, Feb. 24, 2010. The executives included Samsung Electronics' Permanent Consultant Yun Jong Yong and Chief Executive Officer Choi GeesungXi voiced the hope that the two sides can step up cooperation, enrich and deepen the inspection so as to make new contributions to China-ROK friendly relations.On the broader bilateral relationship, Xi said the two countries witnessed frequent high-level visits, close trade cooperation, active people-to-people exchanges and good communication on international and regional issues."China is satisfied with the relationship and would like to make joint efforts with the ROK to advance our friendship and mutually-beneficial cooperation," Xi said.Trade ties, which have seen robust growth since the two countries forged diplomatic relations in 1992, stood as a key pillar of the China-ROK relationship and generated substantial benefits for both peoples, Xi said.Xi encouraged Samsung Electronics to seize opportunities and expand businesses in China and play a bigger role in pushing bilateral economic cooperation.Yun, who took the helm of Samsung Electronics from 1996 to 2008, said the company's China business was in a good shape and it would continue to pursue its planned investment projects.Yun pledged Samsung Electronics would cooperate with the Chinese side on the exchange program for students at the Party School of the CPC Central Committee.Yun and his delegation will conclude their visit to Beijing on Friday.