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BEIJING, Nov. 10 (Xinhua) -- China's central bank moved a step further to tighten liquidity amid increasing inflation pressures as it ordered Chinese banks to set aside more reserves on Wednesday.The People' s Bank of China, or the central bank, announced it would raise the deposit reserve requirement ratio (RRR) for Chinese financial institutions that accept deposits by 50 basis points from Nov. 16, which was estimated to freeze more than 300 billion yuan (45.1 billion U.S. dollars).The order came on the eve of Thursday's release of China' s October consumer price index (CPI), which is projected, by some economists, to reach 4 percent.The RRR for the four big state-owned banks - the Industrial and Commercial Bank of China, China Construction Bank, Bank of China and Agricultural Bank of China - will stand at 18 percent once the rise takes effect.Further, Wednesday's move will raise the deposit reserve ratio for other large financial institutions to 17.5 percent and that for small-and medium-sized financial institutions to 15.5 percent.The adjustment is the fourth RRR increase the central bank has ordered for Chinese banks this year, and the first time it has done so since it hiked interest rates by 0.25 percentage points last month.Chinese experts believe combined concerns, ranging from the looming hot money inflows caused by the United State quantitative easing to the growing inflation risks and soaring assets bubbles, have caused the central bank to raise the RRR to rein in liquidity."The central bank announced interest rates hikes and the RRR rise within one month, as the U.S. 600 billion-US-dollar quantitative easing is likely to send more speculative capital flowing to the emerging markets, and domestic commodities prices continue to increase, " senior economist with the Asian Development Bank, Zhuang Jian said, adding that the RRR increase will trim the banks' credit capital, which will help curb market speculation inflows and stabilize commodities prices.China's central bank, on Oct. 20, announced a rise of its benchmark one-year lending and deposit rate by 0.25 percentage points, the first interest rates hike in three years, as the nation's CPI hit a 23-month high to 3.6 percent in September.October's CPI is due to be announced on Thursday, while economists anticipate the October year-on-year inflation is likely to rise to 4.1 percent.Further, prices of China' s edible farm produce have witnessed consecutive increases since mid-October, as prices of 18 types of vegetables in 36 large and medium-sized cities rose by 4.9 percent during the week that ended Nov. 7, according to data released Wednesday by the Ministry of Commerce.Zhang Ping, head of the National Development and Reform Commission, said Tuesday that the nation's CPI is expected to exceed the government' s annual target of 3 percent.Also, the nation's real estate prices continued the upward trend in October, though at a slower pace, with property prices in 70 major Chinese cities increasing by 8.6 percent year on year in October, down from the 9.1-percent increase in September, the National Bureau of Statistics showed Wednesday.Li Huaiding, analyst with the Guoxin Securities Co., said Wednesday's rise would contribute to scaling back liquidity, but pressures still exist in the upcoming months, and the central bank may again increase interest rates before the end of the year.Additionally, the central bank said in a report issued on Nov.2 that it would gradually normalize the monetary policy from its counter-crisis mode and tighten control over liquidity to maintain moderate credit growth in the coming months this year.

BEIJING, Dec. 1 (Xinhua) -- China and the Democratic People's Republic of Korea (DPRK) Wednesday pledged to cement legislative ties.The pledge came out of talks in Beijing between Chairman of the Standing Committee of the National People's Congress (NPC) of China Wu Bangguo and Chairman of the DPRK Supreme People's Assembly (SPA) Choe Tae Bok.In his opening remarks, Wu said the meeting was his third with Choe this year.The first meeting took place when DPRK leader Kim Jong Il visited China in May. Choe was then a part of Kim's entourage.Wu and Choe then met on the sidelines of an international parliamentary leaders' meeting in Geneva in July."Three meetings in one year reflects our special relationship," Wu said, adding that he expects Choe's visit to boost bilateral relations and ties between the two nations' legislatures.Saying China and DPRK are good neighbors, Wu noted that China-DPRK relations have withstood the tests of changes in the international arena.China-DPRK relations have witnessed significant progress this year, Wu said, citing DPRK leader Kim Jong Il's two visits to China during which Chinese President Hu and Kim reached a number of important agreements.Wu said it is the unswerving principle of the Communist Party of China and the Chinese government to cement and develop friendly ties with the DPRK.China hopes to work with the DPRK to carry out the consensus of their leaders while maintaining high-level exchanges and stepping up strategic consultation, Wu said.Choe hailed China's remarkable achievements of the reform and opening-up and China's modernization drive, expressing hope the Chinese people will make further progress in building socialism with Chinese characteristics.On legislative ties, Wu said the NPC and the SPA play crucial roles in their countries' politics.The NPC hopes to work closely with the SPA on state governance and legal system building while boosting communication and consultation on international and regional parliamentary organizations, Wu said.Choe began a five-day visit to China Tuesday. After spending time in Beijing, he will travel to northeast China's Jilin Province.

BEIJING, Nov. 8 (Xinhua) -- China has moved to speed up the building of a clean government ruled by law, part of the country's efforts to further enhance the government's credibility and maintain a harmonious social order for its rapid economic development.The Legislative Affairs Office of the State Council, or China' s cabinet, issued guidelines on Monday focusing on creating a government ruled by law, which requires officials and government staff to improve their ability in addressing "prominent problems" through legal means and invites the public to contribute to legislation.According to a statement issued along with the guidelines, the State Council said it was "important" and "imperative" to build a government ruled by law, as China now faces challenges, including imbalanced development of rural and urban areas, a widening income gap, an increased numbers of "social conflicts" , as well as corruption and injustice in law enforcement in some sectors.An official with the Legislative Affairs Office said Monday that the guidelines will further safeguard public interests and maintain social and economic order by requiring stepped-up efforts from authorities to investigate and punish cases that run counter to the country' s mandate for the safe production and issues related to food safety, the protection of natural resources and the environment, as well as public security.The guidelines, which requires officials and government staff to improve their ability in addressing "prominent problems" through legal means, also stipulates that if officials perform their duties according to the law or are skillful at solving disputes by legal means, they will more likely be promoted.However, government officials will be held liable for malfeasance or failure to fulfil their duty in major accidents or cases that have seriously violated laws.Further, the guidelines stress the importance of public participation in legislation, saying people's opinions, reasonable needs and legitimate interests should all be considered in lawmaking.Additionally, the guidelines state that the legislative process shall not be influenced to favor the interests of a certain sector or protect local interests.Also, to facilitate the creation of a clean and transparent government, the guidelines require all government information, aside from that involved in state, commercial or private secrets, to be open to the public.Government departments are also required to reply to pubic requests on the release of government information within a certain period of time and improve the ways of handling government affairs, according to the guidelines.

HANGZHOU, Dec. 24 (Xinhua) -- Fire engulfed an electric appliance store in east China's Zhejiang Province Friday night, local police said.Flames broke out at around 8:30 p.m. at a store of GOME, China's leading electric appliance franchiser, in downtown Jinhua City, Zhejiang, according to the police.The store occupies the first three floors of a 13-storey residential building. The store was in business when the fire broke out."The fire has engulfed six floors of the building so far. At least 10 people from the upper residential apartments have been transferred to safer places by firefighters as of 9:50 p.m.," said a witness.The witness said there were people trapped on the 12th floor of the building, but the exact number of the trapped remained unknown.Ambulances are waiting on the road. So far, no casualties were reported.Fire fighters continue rescuing people from the upper floors by stairs.

CANCUN, Mexico, Dec. 4 (Xinhua) -- China will not compromise on issues of principle at the ongoing UN climate change conference in Cancun, Mexico, the country's chief negotiator said on Saturday.Su Wei, the chief Chinese negotiator and head of the climate change department of China's National Development and Reform Commission, made the remarks in response to some parties' call for "compromise to make achievements.""All the parties want to reach substantial achievements at the Cancun conference, which can lay a solid foundation for the completion of 'Bali Roadmap' negotiations," Su told Xinhua in an exclusive interview."I think we can cooperate with other parties and even make compromises on some non-principle issues, but we will not compromise on the issues of principle, such as the continuation of the Kyoto Protocol, which is the basis for a package of agreements to be made in Cancun," Su said.The negotiator stressed that the developing countries have reached consensus on the principle issues. "We are keeping solidarity and trying to play a constructive role," he added.Su said some country's opposition to the Kyoto Protocol is no good news to the developing countries, and has exerted negative influence on the conference.Negotiators at the Cancun conference are trying to establish a replacement for the Kyoto Protocol, which obliges rich nations except the United States to cut greenhouse gas emissions by an average of 5.2 percent below 1990 levels by 2008-2012."At the end of the first week of the Cancun conference, there are some progresses in adaptation, finance, technology and mitigation for the developing countries, but it is hard to say if the progresses are final ones," Su observed.As for the rumors about a secret Mexican text, Su said that the president of COP16 has told the delegations from every country including China that Mexico will not put forward a secret text."As I know, Mexico, the host country of COP16, is always pursuing the principles of 'open, transparent and widening participation' for the climate negotiations this year. I believe Mexico will continue to keep the principles to try to get the results of balance at the Cancun Conference," he said.Su noted that the ministers will arrive in Cancun in the second week of the conference. He hopes the ministers can play an active role in promoting the progress of the conference.A 70-strong-member delegation of the Chinese government, headed by Xie Zhenhua, deputy director of the National Development and Reform Commission, is cooperating with other parties to seek a solution to global warming in Cancun.The Cancun talks, from Nov. 29 to Dec. 10, are aimed at finding solutions to global climate change. It has attracted about 25,000 participants from governments, businesses, nongovernmental organizations and research institutions in nearly 200 countries.