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BEIJING, Dec. 17 (Xinhua) -- Chinese Premier Wen Jiabao on Wednesday called for a healthy development of the country's real estate market at an executive meeting of the State Council, or the Cabinet. A document released after the meeting said the recently-adopted domestic demand expansion and economic stimulus policies had positive impact on the property market. Trading volumes in some cities were picking up. At present, efforts should be made to keep market-oriented in developing real estate, step up building of houses for low-income families, encourage housing transactions and maintain a reasonable scale of real estate development. The document said governments would spend three years to build houses for 7.5 million low-income families in urban areas and 2.4 million households in shanty towns in forests, reclamation areas and coal mines. They would also continue renovating aged buildings in rural areas. The central government would keep financing these building and renovating projects, offer higher subsidies for the less developed central and western regions and carry out pilot projects in some area to test the feasibility of supporting construction with idle funds in local housing provident fund accounts. In a bid to encourage transaction, second-home buyers, with per-capita room-at-home lower than the local average, would be allowed to enjoy favorable policies for first-time house buyers. Tax on house transactions would also be reduced next year. Homeowners who had lived-in for more than two years would be exempted from a transaction tax, which had been levied on houses lived in for less than five years. For those who had lived-in for less than two years, the base of tax would be transaction price minus the original price. Banks should lend to developers of low-price apartments, especially those under construction, and offer services for mergers by credible developers. The central government demanded local authorities keep a close eye on the real estate market, find new problems in time and step up supervision on use of subsidies and quality of construction projects.
Chinese Premier Wen Jiabao (R) shakes hands with former Japanese Prime Minister Yasuo Fukuda ahead of the closing ceremony of "China-Japan Friendly Exchange Year of the Youth" in Beijing, capital of China, Dec. 20, 2008. BEIJING, Dec. 20 (Xinhua) --A total of 2,008 young people from China and Japan on Saturday concluded a year-long youth exchange program between the two countries. Chinese Premier Wen Jiabao and former Japanese Prime Minister Fukuda Yasuo joined the youth at the closing ceremony in Beijing University of Aeronautics and Aerospace. In their half-hour meeting before the ceremony, Wen and Fukuda, who decided on this program during their talks in Singapore last year, hailed the exchange program "reached its expected aims." The program coincided with the 30th anniversary of the signing of the China-Japan Peace and Friendship Treaty, which Wen said "made the exchange activities more significant." Under the program, more than 12,000 youth from China or Japan paid visits to the other country since the program was launched in March in Beijing. "Hopefully the young generation of the two countries will keep the old memories, cherish the current days and create a bright future," Wen said, calling for youth to carry forward China-Japan friendship. Fukuda said Japan-China was founded on the deeper mutual understanding and friendship between the two peoples. "The exchange program is a great success and will help boost the youth interaction," Fukuda said. As a finale of the program, a 1,000-member Japanese delegation were paying week-long visit to China. Among the delegations were Japanese youth from various walks of life, including parliamentarians, government officials, businessmen and journalists.

CHENGDU, Oct. 26 (Xinhua) -- Chinese Vice Premier Li Keqiang met on Sunday with leaders of Slovenia, Laos and Sri Lanka who are here to attend the Ninth Western China International Economy and Trade Fair, also known as West China Expo. Li said he welcomed the three countries' leaders to attend the expo that will open on Monday in Chengdu, capital of southwestern Sichuan Province. Chinese Vice Premier Li Keqiang (R) meets with Slovenian President Danilo Turk in Chengdu, capital of southwest China's Sichuan Province, Oct. 26, 2008. Danilo Turk was here to attend the opening ceremony of the 9th Western China International Economy and Trade Fair, scheduled to be held on Oct. 27.He also thanked the governments and people of the three countries for their aid to China after the May 12 Wenchuan earthquake and their support for the Beijing Olympic Games. When meeting Slovenian President Danilo Turk, Li said China would continue to promote the opening-up and development of the western area. Slovenia is welcome to make use of its own advantages and expand cooperation with China's vast western area, he added. Chinese Vice Premier Li Keqiang (R) meets with Lao Prime Minister Bouasone Bouphavanh in Chengdu, capital of southwest China's Sichuan Province, Oct. 26, 2008. Bouasone Bouphavanh was here to attend the opening ceremony of the 9th Western China International Economy and Trade Fair, scheduled to be held on Oct. 27.The West China Expo is an important platform for China to enhance international economic and trade cooperation, Li said when talking with Lao Prime Minister Bouasone Bouphavanh. It is hoped that the expo would promote the trade between China and Laos, Li said. Chinese Vice Premier Li Keqiang (R) meets with Sri Lankan Prime Minister Ratnasiri Wickremanayake in Chengdu, capital of southwest China's Sichuan Province, Oct. 26, 2008. Ratnasiri Wickremanayake was here to attend the opening ceremony of the 9th Western China International Economy and Trade Fair, scheduled to be held on Oct. 27The premier said he hoped the two sides could deepen the cooperation in such fields as trade, investment and infrastructure when he met with Sri Lankan Prime Minister Ratnasiri Wickremanayake. The three foreign leaders all said they would like to further promote relations with China.
BEIJING, Jan. 4 (Xinhua) -- Major Chinese lenders are expanding a preferential policy on house loan interests to cut the burden of the country's home buyers hit by the spreading financial crisis. For individuals who bought houses on mortgage lending before Oct. 27, 2008 and have not paid off the loans, their credit interest rates could be reduced to 70 percent of the benchmark rate from the previous 85 percent, customer service staff of several banks told Xinhua on Sunday. The discount will be available for Beijing, Shanghai and Qingdao clients of the China Construction Bank after their applications go through default record checks. The Bank of China branch in Shanghai is also providing the preference but the Beijing branch keeps the rate unchanged. The Industrial and Commercial Bank of China, the country's largest lender, and the Agricultural Bank of China are also making specific rules for similar rate discounts. China's central bank announced in October it would reduce the lower limit of interest rates on individual house loans to 70 percent of the benchmark credit rate from 85 percent, starting from Oct. 27 last year. The move was viewed as a stimulus to the flagging property market but it has been unclear whether house mortgage deals before that date can enjoy the favor. Under the rate discount, home buyers with a 500,000-yuan (73,500 U.S. dollars) bank loan to be paid off within 20 years can save nearly 60,000 yuan of interest, analysts estimate.
BEIJING, Oct. 22 (Xinhua) -- China called on Vietnam for cooperation in the South China Sea to discover ways to address bilateral disputes over the region. In a meeting here with visiting Vietnamese Prime Minister Nguyen Tan Dung on Wednesday, Chinese President Hu Jintao proposed the two neighboring countries always keep the overall situation of the bilateral relations in mind and make efforts to strengthen bilateral efforts and properly settle the issues concerning the South China Sea. "We should make it (South China Sea) a place of peace, cooperation and friendship," Hu said. Nguyen said Vietnam would insist on the negotiation for the peaceful and lasting resolution of the issue and reduce the differences based on mutual trust, respect and understanding. Chinese President Hu Jintao (R) meets with visiting Vietnamese Prime Minister Nguyen Tan Dung at the Great Hall of the People in Beijing, capital of China, Oct. 22, 2008. Nguyen Tan Dung was here for an official visit and to attend the Seventh Asia-Europe Meeting (ASEM7) scheduled for Oct. 24-25 Vietnam was willing to resolve disputes with China concerning the issue in a spirit of cooperation and brotherhood and to cement the bilateral ties in the South China Sea in fields such as oil and natural gas exploration, environmental protection, marine rescue mission and in combating against piracy, he noted. Nguyen arrived in China on October 20 at the invitation of Chinese Premier Wen Jiabao. He will attend the Seventh Asia-Europe Meeting (ASEM7) here on Oct. 24-25.
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