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HONG KONG, Aug. 22 (Xinhua) -- China Construction Bank (CCB), the country's second largest bank, said Sunday its net profit in the first half of this year jumped 27 percent to reach 70.78 billion yuan (10.4 billion U.S. dollars) from a year earlier and its non-performing loan (NPL) ratio dropped to 1.22 percent.In a filing to the Hong Kong stock exchange, CCB said its profit before tax amounted to 92.19 billion yuan, up 27.2 percent year on year.RAPID GROWTH IN H1Key contributors to the rapid year-on-year growth of net profit were increased credit supply, service and product innovation, and decreased impairment losses, according to the statement.Regarding credit supply, the bank said its average balance of interest-bearing assets rose by 18.26 percent in the first half, prompting net interest income to surge by 15.33 billion yuan, or 15 percent.On service and product innovation, CCB said net fee and commission income rose by 10.22 billion yuan, or 43.63 percent year on year, as a result of sustained rapid expansion of fee-based business.The Beijing-based lender also said its impairment losses fell by 2.995 billion yuan, or 23.36 percent, due to price rally in foreign currency debt securities with the improving market.CCB President Zhang Jianguo said in the statement that there were signs of recovery in developed economies and robust growth of emerging economies against the backdrop of a gradually warming-up global economy in the first half.China has sustained rapid economic growth, thanks to the government's ongoing stimulation of domestic demand, he said. Foreign trade has gradually improved, while investment and consumption spending have continued to expand at a fast pace, and China's overall financial market performed steadily in the first half.Amid the European sovereign debt crisis and the Chinese government's macro-control policies in the property sector, domestic capital and property markets have undergone noticeable adjustments and are experiencing increasing uncertainties about the future market direction, he said.According to the statement, CCB's net interest income was 117.8 billion yuan, an increase of 15.33 billion, or 14.96 percent year on year.But compared to the same period of 2009, CCB's net interest spread for the first half of this year had dropped by two basis points to 2.32 percent, largely because the yield of interest- bearing assets decreased more than the cost of interest-bearing liabilities, it said.In the first half, CCB's interest income surged by 11.22 billion yuan, or 6.66 percent year on year to 179.65 billion yuan. While the interest expense was 61.85 billion yuan, a year-on-year decrease of 4.12 billion yuan, or 6.24 percent.The bank said its credit asset quality had steadily improved, with non-performing loans standing at 65.17 billion yuan by the end of June this year, a decrease of nearly 7 billion yuan over the end of 2009.
XIAMEN, June 20 (Xinhua) -- The Chinese mainland and Taiwan have come closer to signing a comprehensive economic pact as "substantial progress" has been made in negotiations, the mainland's chief Taiwan affairs official said on Sunday.Speaking at a centerpiece conference of the week-long Straits Forum held in the southeastern city of Xiamen, Director of the State Council's Taiwan Affairs Office, Wang Yi, said the progress in talks on the Economic Cooperation Framework Agreement (ECFA) is a result of joint endeavors and shall be honored by both sides.The two sides discussed the main contents of the pact and items of the goods and services to be included in the "early harvest program" at the third round of expert-level talks in Beijing last week.The Association for Relations Across the Taiwan Straits (ARATS) and Taiwan's Straits Exchange Foundation (SEF) represented both sides during the negotiations. Two previous talks were held in Beijing and Taipei earlier this year.The ECFA is intended to normalize mainland-Taiwan economic ties and bring the two economies closer, the pact's initiators said. Its "early harvest program" will cover certain industries to first benefit from tariff reductions.

SALZBURG, Austria, July 26 (Xinhua) -- Austrian President Heinz Fischer and Chancellor Werner Faymann on Monday met respectively with visiting Chinese Foreign Minister Yang Jiechi in Salzburg in the northern part of the country.Fischer recalled with pleasure his January visit to China, and asked Yang to convey his greetings to Chinese President Hu Jintao.In the 40 years since Austria and China established diplomatic ties, bilateral relations have witnessed continuous development, with frequent exchange of high-level visits, fruitful outcome in trade and other areas, as well as close consultations on international affairs, said Fischer during the meeting.He added that Austria would like to further strengthen its friendly relations with China.Yang conveyed President Hu's greetings to Fischer. He said leaders of the two countries had reached a series of important consensus on Sino-Austrian relations since President Fischer's successful visit to China.The minister also noted the two countries had maintained momentum in the exchange of high-level visits and achieved new progress in bilateral cooperation in such areas as infrastructure construction, new energy, environmental protection, aviation and tourism.While meeting with Chancellor Faymann, Yang pointed out that a good relationship between China and Austria is in the interest of both sides and also conducive to the development of China-Europe relations.China and Austria should make joint efforts to strengthen dialogue, deepen mutual trust, and enhance coordination on major international issues, said Yang.Faymann recalled his visit two months ago to Shanghai for the Austria National Pavilion Day at the World Expo, and said China's development had deeply impressed him.He hoped he would have the opportunity to pay an official visit to China to help deepen mutual understanding and promote the further development of bilateral relations.
BEIJING, July 18 (Xinhua) -- State Councilor Meng Jianzhu Sunday called on China's armed police to enhance their capacity to tackle emergencies and terrorist attacks to ensure China's national security and social stability.Meng, also Minister of Public Security and first political commissar of the Chinese People's Armed Police Force, made the remarks at a plenary meeting of the Communist Party of China (CPC) Committee of the Armed Police Forces.He stressed the leadership of the CPC over the armed police force and said Party building must be enhanced and carried out in a scientific way.He called on the armed police to strengthen ideological and political development.
BEIJING, June 26 (Xinhua) -- The Chinese Premier Wen Jiabao has warned local authorities to keep a sober mind in the face of the complicated economic situation, even though the economic recovery has strengthened over the last six months.Wen made the remarks during his two-day visit to Hangzhou, the capital city of east China's Zhejiang Province, which concluded on Saturday.He asked local officials to step up efforts to a keep close watch on the economy's development and find new problems quickly.During discussions with local authorities of the eastern provinces of Zhejiang, Jiangsu and the Shanghai municipality, Wen said the Yangtze River Delta, where the three regions are situated, should take the lead in choosing a development path featuring scientific nature, harmony, and integration.Chinese Premier Wen Jiabao (C) visits staff members of e-commerce company Alibaba in east China's Zhejiang Province June 25, 2010. Wen made an inspection tour in Zhejiang from June 25 to June 26."The Yangtze River Delta holds an important position in the country's national economy, it is necessary for the delta to strive to foster new edges and score breakthroughs in order to make new, greater contributions to the country's economic and social progress," said Wen.While urging efforts in fully implementing the legions of measures and policies worked out by the central government to step up and improve macro control and in advancing good and fast growth in economic and social development, Wen reiterated that the Yangtze River Delta should also work harder to speed up transfer in the mode for economic development.He also asked Jiangsu, Zhejiang and Shanghai to seize favorable chances brought along by the recent approval of the State Council, China's Cabinet,regarding the regional development blueprint calculated to bolster growth of the Yangtze River Delta in the forthcoming five years, and concentrate efforts on improving industrial structure and advancing integration in constructing major infrastructure projects, so as to expediate formation of an effective system for sustainable development.Wen stressed that it was imperative for local governments to work out effective measures to promote harmony between workers and businesses amid rising calls for wage increases.During his inspection to a local garment-making factory in Hangzhou, Wen encouraged the enterprise administrators to promote innovation and cut costs to make the products more competitive in more markets.When he visited Alibaba.com, a leading Chinese E-commerce company also based in Hangzhou, Wen emphasized integrity should always be the basis of business activity.
来源:资阳报