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BEIJING, June 23 (Xinhua) -- President Hu Jintao on Monday hailed the country's remarkable science and technology achievements since the launch of its 1978 Reform and Opening-up Drive, but he also admitted that there is "still a large gap" with the world's most advanced.     Among developing countries, China had now taken the lead regarding the general level of science and technological development, said Hu, also general secretary of the Communist Party of China (CPC) Central Committee.     He attributed the achievements to the full support of the Party, the nation and the hard work by Chinese scientists and technicians.     Hu made the remarks at Monday's inaugural ceremony for both the 14th Congress of the Chinese Academy of Sciences and the Ninth Congress of the Chinese Academy of Engineering Science. Chinese President Hu Jintao makes a speech at the joint inaugural ceremony of both of the 14th Congress of the Chinese Academy of Sciences (CAS) and the Ninth Congress of the Chinese Academy of Engineering (CAE) at the Great Hall of the People in Beijing, capital of China, June 23, 2008.    He began his speech by giving a brief summary of the country's strenuous anti-earthquake efforts after a powerful 8.0-quake struck Wenchuan County in the southwestern Sichuan Province on May 12.     Members of the two academies had made full use of their collective wisdom and power to play an important role in the quake relief, he said.     In his speech, Hu mentioned two major historic events -- the National Science Congress in March 1978, and the Third Plenary Session of the 11th CPC Central Committee in December that same year.     The science conference has been called a "Spring" for the country's science circles following the end of the Cultural Revolution (1966-1976). The latter ushered in the Reform and Opening-up Drive in the country.     Hu recalled it was Deng Xiaoping who talked about major issues regarding the political status. At the meeting, the late leader proposed that science and technology were a productive force, intellectuals were part of the working class, and the key of the country's modernization drive lay with the modernization of science and technology.     He reiterated science and technology were the No.1 productive force; human resources were the No. 1 resource; and it was a must to persistently increase the capabilities in independent innovation; it was a must to adhere to the political advantage of socialism, which enabled the government to gather powers to do big things; it was a must that science and technology served economic and social development as well as the people; and it was a must to display the scientific spirit.

PYONGYANG, April 21 (Xinhua) -- The torch relay in Pyongyang will enhance friendship between the Democratic People's Republic of Korea (DPRK) and China, the DPRK's Olympic chief said Monday.     The event will promote the cooperation and exchanges in sports between the two countries, and will show their traditional friendship to the world, said Park Hak Seon, chairman of the National Olympic Committee of the DPRK.     The official made the remarks at a reception held by the Chinese Embassy to welcome the Beijing Olympic Flame to Pyongyang.     The reception was attended by senior DPRK officials, including Yang Hyong Sop, vice president of the Presidium of the Supreme People's Assembly, and Park Kwan O, chairman of the People's Committee of Pyongyang, foreign diplomats in Pyongyang and famous DPRK athletes.     Liu Xiaoming, Chinese Ambassador to the DPRK, expressed thanks to various departments of the DPRK for their hard work in preparing for the torch relay in Pyongyang.     He said he sincerely appreciates the strong support from the people of the DPRK to the Chinese people.     The Olympic torch which will be used to carry the sacred flame in Pyongyang was displayed at the reception.     The torch relay will be held on April 28 in Pyongyang, the 18thleg of its global trip. The preparations are going smoothly.     "The committee will try its best to ensure the torch relay in Pyongyang is the smoothest and safest one," Park Hak Seon said.

BEIJING, April 13 (Xinhua) -- Chinese companies will no longer need the central bank's approval when issuing short-term bonds on the inter-bank market amidst government efforts to boost direct financing and reduce bank loan risks.     The People's Bank of China (PBOC) announced non-financial companies could issue bonds with maturities of less than one year on the inter-bank market without its approval from April 15.     Instead, they would only need to register at the National Association of Financial Market Institutional Investors set up in September, the PBOC said in a statement issued late on Saturday.     It said other negotiable notes "with a certain maturity" issued by non-financial companies on the inter-bank bond market wouldn't need administrative examination and approval, either. Nor would future innovative financing tools on the market.     China has vowed to develop its capital market and broaden direct financing channels to curb enterprises' heavy reliance on bank credit.     "China's financial structure has long been unbalanced, with its direct financing underdeveloped," said the statement. "Enterprises rely on bank loans too much, bringing them fairly large hidden risks."     To boost innovation in debt offering and raise the share of direct financing could mobilize the transfer of deposits to investment and decrease credit risks of the banking system, it said.     China allowed companies to offer short-term bonds to qualified institutional investors on the inter-bank market in May 2005.     From then to the end of 2007, 316 companies issued 769.3 billion yuan (about 109.9 billion U.S. dollars) of short-term bonds, with 320.3 billion yuan of outstanding debts, statistics showed.     In comparison, short-term loans to non-financial companies and other institutions surged 1.25 trillion yuan in 2007, while middle- and long-term loans jumped 1.65 trillion yuan.

BEIJING, Aug. 8 -- China's consumer inflation may continue to decline in July, marking the second consecutive month this year that it has dropped, according to economists' estimates.    That may mean a departure from the rising spiral of inflation after it peaked at an annualized 8.7 percent in February. Lehman Brothers economist Sun Mingchun said his team's research found the July consumer price index (CPI), the main barometer of inflation, may drop to 6.7 percent year-on-year from 7.1 percent in June.     The domestic Bank of Communications research arm said the figure could fall at 6.4 percent, which is also the estimate of Southwest Securities. China's consumer inflation may continue to decline in July, marking the second consecutive month this year that it has dropped, according to economists' estimates.    One of the reasons why prices are stable is that there has been no flooding, a regular feature of the rainy seaon, said Sun of Lehman Brothers.     Daily price data from the Ministry of Agriculture and the National Development and Reform Commission show that agricultural product prices rose only slightly in July while meat prices fell. Weekly price data released by the Ministry of Commerce also showed a moderate decline in food prices.     The relatively high statistical base of last July also contributed to the drop in inflation this July, said Guo Tianyong, economist with the Central University of Finance and Economics.     China's CPI hit 5.6 percent year-on-year last July, the first time it reached the 5-percent level that year.     "If no major natural disaster hits China in August, CPI could fall below 6 percent in August, providing more room for the government to remove its price controls," said Sun.     Economists said that without many unexpected incidence, it will gradually ease to around 5 percent by the year-end.     A possible price liberalization of oil products, however, should not be a one-off adjustment, which will put a huge pressure on the country's battle against inflation, Guo said.     China raised the prices of oil products and electricity late June. Analysts said that once the inflation pressure eases, policymakers may start a second round of price liberalization, which may lead to a rebound in CPI.     If such liberalization moves are indeed made, they should be done in phases, not in one go, said Guo. Only that will ensure inflation does not peak again, as it did in February.     The pressure from the rising producer price index (PPI), which gauges ex-factory prices and influences CPI, may be a concern, but even taking into consideration its impact, consumer inflation may no longer exceed the February peak in the coming months and the first half of next year     "The worst times are behind us," said Dong Xianan, macroeconomic analyst with Southwest Securities.     "From the second half of last year, the tightenting stance had been obvious, which is a pre-emptive move to ensure the current easing of inflation."     Macroeconomic growth     The economic growth may gradually slow down in the rest of the year, analysts said, but the fine-tuning of policies would shore it up.     Dong from Southwest Securities forecasts that given the current growth momentum, the whole-year figure for GDP growth may be 10.1 percent, well below the 11.9 percent of last year. Other estimates are around the 10 percent mark.     The global economic slow-down, which reduces external demand for China's exports, will bring much trouble to China, but its domestic consumption and investment will remain stable, analysts said.     More importantly, the central authorities may adjust its tight policies to cater to individual demand of regions and sectors that have found it difficult to survive the tightened policies.