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BEIJING, May 11 -- China's monetary authorities are struggling to address conflicting policy goals, but inflation will remain the top policy concern, the country's central bank governor said on Saturday. While the United States and other countries are more focused on fending off a recession, China's monetary policy must target inflation over growth and employment, Zhou Xiaochuan, the People's Bank of China governor, told a forum in Lujiazui, Shanghai's financial center. "There is no cure-all medicine, and we have to make the final decisions -- everyone hopes there would be a cure-all solution, but there is not," said Zhou. China's consumer price inflation would likely to rise to 8.5 percent in April from 8.3 percent in March, two sources familiar with the data said late on Thursday. The data, which is subject to last-minute revisions, will be officially released on Monday. Zhou Xiaochuan, governor of the People's Bank of China, addresses the Lujiazui Forum 2008 in Shanghai, east China, May 10, 2008. Heads of the People's Bank of China, the country's central bank, the Securities Regulatory Commission, the Banking Regulatory Commission and the Insurance Regulatory Commission all attended the two-day financial forum, opened on May 9. Lujiazui is the name of Shanghai's financial district. Meanwhile, the government said on Friday that China's producer price index, or factory-gate inflation, hit a three-year high of 8.1 percent in April, showing a sustained build-up in pressures on consumer price inflation. Zhou listed development of financial institutions and the imbalance in global money transfers as other issues that China's monetary policy may have to target. He said China needs to reduce the savings ratio as the fundamental way to address its over-reliance on trade, which now accounts for more than 60 percent of its annual GDP, but he did not elaborate on possible specific measures. On other issues, Zhou said Beijing has yet to reach a consensus over how to develop a properly functioning domestic bond market. Disputes remain about market infrastructure, the regulatory framework as well as laws and regulations, Zhou said.
BEIJING, Oct. 14 (Xinhua) -- China on Tuesday reaffirmed its resolve to keep its economy on track amid the global financial turmoil. In a meeting with visiting U.S. Senator Chuck Hagel, Vice Premier Wang Qishan said the financial crisis, triggered by the U.S. credit crunch, had exerted a grave impact on the global financial market. Chinese Vice Premier Wang Qishan(R) shakes hands with visiting U.S. Senator Chuck Hagel in Beijing, capital of China, Oct. 14, 2008 "As a responsible country, China has always valued the communication and cooperation with other nations to ensure world financial and economic stability." Wang said China would make great efforts to keep its economy on the right track, which would be the country's greatest contribution to the world. China had implemented and would continue measures to ensure the stability of finance, economy and the capital market, he said, referring to a package of new policies to spur economic growth. The central bank cut interest rates on Sept. 15 for the first time in six years. The People's Bank of China, the central bank, announced the deposit and lending rates would be lowered by 0.27 percentage points and the reserve-requirement ratio would be reduced 0.5 percentage points starting Oct. 15. "With tools at our disposal, we are confident and capable of prevailing over the overall difficulties and challenges," Wang told Hagel. He added the overall bilateral relations of the two countries had moved forward and become increasingly interdependent since forging diplomatic ties in 1979. To promote China-U.S. ties was in the fundamental interests of the two nations, he said. Wang proposed the two deepen a strategic trust and take a candid and pragmatic approach in addressing differences. They should work more closely on economy, trade, investment, energy, environment and high-tech. He also urged the United States to observe the three joint communiques, refrain from anything harmful to bilateral ties and the stability of the Taiwan Straits, so as to ensure the sound and steady progress of bilateral constructive cooperation. As all nations were becoming more connected, Hagel, a Republican senator from Nebraska, said the stronger cooperation between the United States and China would help ensure world financial and economic stability.

HAIKOU, Oct. 3 (Xinhua) -- Higos, the 17th tropical storm of the year, landed in China's southernmost Hainan Province Friday evening, local observatory said. Higos landed at 10:15 p.m. in Longlou Town, Wenchang City, 19.6 degrees north latitude and 111.0 degrees east longitude. The wind speed at the eye of the storm was 18 meters per second, according to the Hainan Provincial Meteorological Observatory. It was forecast to weaken and move northwest towards the coastal areas of western Guangdong Province. Delayed trucks are parked at the Xiuying port in Haikou, capital of south China's Hainan Province Oct. 3, 2008, due to the suspension of ferry service.In total, 24,115 fishing boats in the province had returned to port and coastal fisheries staff had gone home. All recreational sporting activities on the air or sea were also suspended on Friday, said Lin Mingzhong, Hainan Provincial Office for Flood, Wind and Drought Control deputy director. He predicted Higos would have minor impact on the island as the rainfall was expected to be around 100 mm. It was likely to affect some small reservoirs as their current water level was high. Higos was formed on Tuesday in the Pacific Ocean, coming on the heels of tropical storms Jangmi and Hagupit, which combined had killed about 20 people in China. A rescue ship waits at a port in Haikou, capital of south China's Hainan Province Oct. 3, 2008. Higos, the 17th tropical storm this year, will drop heavy rain on parts of south China's Guangdong and Hainan provinces over the next two days, the country's National Meteorological Observatory said on Thursday.
BEIJING, May 11 -- China's monetary authorities are struggling to address conflicting policy goals, but inflation will remain the top policy concern, the country's central bank governor said on Saturday. While the United States and other countries are more focused on fending off a recession, China's monetary policy must target inflation over growth and employment, Zhou Xiaochuan, the People's Bank of China governor, told a forum in Lujiazui, Shanghai's financial center. "There is no cure-all medicine, and we have to make the final decisions -- everyone hopes there would be a cure-all solution, but there is not," said Zhou. China's consumer price inflation would likely to rise to 8.5 percent in April from 8.3 percent in March, two sources familiar with the data said late on Thursday. The data, which is subject to last-minute revisions, will be officially released on Monday. Zhou Xiaochuan, governor of the People's Bank of China, addresses the Lujiazui Forum 2008 in Shanghai, east China, May 10, 2008. Heads of the People's Bank of China, the country's central bank, the Securities Regulatory Commission, the Banking Regulatory Commission and the Insurance Regulatory Commission all attended the two-day financial forum, opened on May 9. Lujiazui is the name of Shanghai's financial district. Meanwhile, the government said on Friday that China's producer price index, or factory-gate inflation, hit a three-year high of 8.1 percent in April, showing a sustained build-up in pressures on consumer price inflation. Zhou listed development of financial institutions and the imbalance in global money transfers as other issues that China's monetary policy may have to target. He said China needs to reduce the savings ratio as the fundamental way to address its over-reliance on trade, which now accounts for more than 60 percent of its annual GDP, but he did not elaborate on possible specific measures. On other issues, Zhou said Beijing has yet to reach a consensus over how to develop a properly functioning domestic bond market. Disputes remain about market infrastructure, the regulatory framework as well as laws and regulations, Zhou said.
BEIJING, Oct. 8 (Xinhua) -- President Hu Jintao on Wednesday urged China to carry on the spirit of unity, courage, "people first" and scientific thinking that characterized the May 12 earthquake relief effort. At a ceremony in Beijing's Great Hall of the People to honor outstanding organizations and individuals for their contributions to the rescue and relief work, Hu said the spirit should be promoted among the Communist Party of China (CPC) members and the public. This would help advance the sound and rapid economic and social development. He said that in face of the major disaster, the CPC Central Committee had listed quake relief as the most important and urgent task for the Party and country as soon as possible. Quake relief headquarters under the State Council had been set up and a system to coordinate the military and local governments had been established to mobilize the nation to advance the quake relief and reconstruction. "We organized the fastest quake relief work with the most people mobilized in China's history, saved as many as possible lives and minimized the losses from the disaster," Hu said. The 8.0-magnitude quake was the most destructive one since the People's Republic of China was founded in 1949, with more than 30,000 aftershocks, affecting 500,000 square km over more than 10 provinces, autonomous regions and municipalities, including Gansu, Shaanxi and Chongqing. It was felt in 417 counties, 4,667 townships and 48,810 villages. It left 69,227 dead with 17,923 still missing. About 15.1 million people were displaced, Hu said. Direct losses exceeded 845.1 billion yuan (124 billion U.S. dollars) as infrastructure was destroyed and industrial and agricultural production was affected, causing major environmental damage. Party committees, governments, grassroots cadres and the people in quake-hit regions had responded quickly to the devastating quake, making the utmost effort to help themselves and others. Hu praised the 146,000 troops, armed police, reservists and police which had been mobilized for the anti-quake work, describing them as the "main force" and "commandoes." Chinese President Hu Jintao and other Chinese Party and state leaders including Wu Bangguo, Wen Jiabao, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang meet with representatives of the organizations and individuals who made major contributions to the relief work after the May 12 earthquake before the ceremony honoring organizations and individuals for their contributions to relief work after the May 12 earthquake struck southwest China, at the Great Hall of the People in Beijing, China, Oct. 8, 2008OUTSTANDING INDIVIDUALS, ORGANIZATIONS HONORED Hu, also the CPC Central Committee general secretary and Central Military Commission chairman, and other senior officials, presented awards to soldiers, police, grassroots cadres, teachers, medical workers, journalists, construction workers and volunteers, among others. A total of 319 governmental organs, Party committees, businesses and hospitals, as well as 522 individuals were honored at the ceremony attended by about 6,000 people and broadcast live nationwide. Five of the recipients were awarded posthumously for dying in the line of duty, including 23-year-old teacher Gou Xiaochao. Gou was in a classroom at Yong'an Village's primary school in Tongjiang County, Sichuan Province, when the whole building began shaking violently at 2:28 p.m. on May 12. Realizing it was a strong earthquake, he herded the shocked students out of the building. His actions saved dozens of schoolchildren before he was buried in hail of concrete and bricks. He died on the way to hospital, only 10 days after getting married. Policewoman Jiang Min is another heroine whose story is now known all over China. She lost 10 family members, including her two-year-old daughter and her mother, when the quake almost leveled her hometown, Beichuan County. Despite her tremendous grief, Jiang kept helping others affected in the quake. Hu Jintao said the May earthquake was "a great test of Chinese will, courage and strength, as well as the Party's ruling capability." "The relief work showed the great strength of the CPC and the socialist state, the great strength of the 1.3 billion Chinese people, the great strength of the reform and opening up, and the great strength of socialism with Chinese characteristics," he said. During his speech, Hu suggested people who attended the ceremony stand in silent tribute for compatriots who died in the quake and the martyrs who sacrificed themselves in the relief work. RECONSTRUCTION NOW A MAJOR FOCUS Hu said the anti-quake work had again proved China's system of socialism had great vitality for development with the advantage of "concentrating strength on big events." This proved people are the real driving force for the country's development. In addition, it proved the army is the "iron great wall" to protect the people and proved the CPC's core leadership role in developing socialism with Chinese characteristics. "We have gained precious experience in dealing with emergencies and combating major natural disasters," Hu said. Hu said the Sichuan quake caused huge loss of life and property and damaged economic and social development. The quake relief work had tested and demonstrated the great achievement of the last 30 years of reform and opening up. He stressed to fully implement the rebuilding policies after the disaster to build happy new homes for the quake-affected people, solving the problems concerned with their livelihood. Reconstruction should be scientifically planned and carried out step by step. "We should realize the goal of 'homes and jobs for each household, social security for everyone, improvement to local infrastructure, development of the economy and improvement to the environment,'" he said. People's basic living conditions and public service facilities should be resumed first and the working conditions should be resumed as soon as possible. "Currently, we should help the people get through the winter season safely." Hu urged the quake-affected people to work hard and other regions to provide support to the rebuilding. In addition to Hu, Chinese Party and state leaders including Wu Bangguo, Wen Jiabao, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang, and about 6,000 people attended the ceremony. Premier Wen, who presided over the ceremony, said the outlines and policies of the rebuilding would be well implemented
来源:资阳报