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BEIJING, Nov. 15 (Xinhua) -- China should enhance supervision and management of the country's insurance investment, said Li Kemu, vice chairman of the China Insurance Regulatory Commission (CIRC),on Sunday. "With insurance funds were extended into disparate fields, other than bank deposit, demand for a better supervision and risk control enhanced, said Li at the International Finance Forum held in Beijing. By the end of September, 3.4 trillion yuan (497.8 billion U.S. dollars) of insurance funds were invested in bonds, mutual funds, and stocks markets. Bonds investment alone accounted for 50.6 percent of the total. Jiang Dingzhi, China Banking Regulatory Commission (CBRC) Vice Chairman also highlighted the importance of establishing a "all-coverage" financial supervision system. He suggested the country broaden the financial supervision and management system, which would put the mutual funds, hedge funds, and credit risks appraisal agencies under control. The new system requires financial institutions to share information, and also cooperate to fill the supervision blanks between different financial markets, he said.
BEIJING, Nov. 27 (Xinhua) -- China's promise on its carbon dioxide emissions cut target was "a serious and solemn one," said Premier Wen Jiabao here Friday. Wen made the remarks in a meeting with representatives from India, South Africa, Brazil and the G77 group of developing nations, who were here for consultations with China on climate change issues. The State Council, or the Chinese cabinet, announced Thursday that China was going to reduce the intensity of carbon dioxide emissions per unit of GDP in 2020 by 40 to 45 percent compared with the level of 2005. Chinese Premier Wen Jiabao (2nd, R) meets with representatives from India, South Africa, Brazil and the G77 group of developing nations, who are here for consultations with China on climate change issues, in Beijing, China, Nov. 27, 2009. Wen told the foreign representatives that the Chinese government set down the task plan"based on our own national conditions and long-term interests," and "in the spirit of being responsible for the welfare of all the people in the world." China's target was made after full scientific research and conformed to reality, the premier noted. "We need to devote great efforts to reach the target," he said. Wen called for global cooperation in addressing climate change issues, saying that the developing nations enjoyed common interests in this sector. China valued the mechanism of consultation with India, Brazil and South Africa, and would increase coordination with the G77 group, he said. "We will work with all parties concerned to help bring about reasonable and realizable outcome of the upcoming UN climate change conference in Copenhagen," said Wen, who is scheduled to attend the conference next month. The foreign representatives applauded China's efforts and achievements in tackling climate change issues. They agreed that developing nations should work together to safeguard common interests and make contribution to coping with this challenge and achieve sustainable development. Indian Minister of State for Environment and Forests Jairam Ramesh, Brazilian Presidential Advisor Marcel Fortuna Biato, and South African Minister of Water and Environmental Affairs Buyelwa Sonjica were here for the ministerial consultations on climate change on Nov. 28. The Chinese representative to the consultations will be Xie Zhenhua, vice minister in charge of the National Development and Reform Commission. Sudan's Lumumba Stanislaus Di-Aping, a representative of the G77, had concluded his consultations with Xie earlier Friday.
BEIJING, Dec. 17 (Xinhua) -- Premium of China's insurance companies hit 1.02 trillion yuan (149.6 billion U.S. dollars) in the first 11 months of this year, up 11.65 percent from a year earlier, according to the China Insurance Regulatory Commission Thursday. The year would be the first year that China's insurance premiums exceeded 1 trillion yuan, data from the commission showed. From January to November, premium of property insurance rose 22.28 percent year on year to 264.02 billion yuan, and that of life insurance was 757.66 billion yuan, an annual increase of 8.37percent. The commission said the country's insurance firms were expected to eye combined profits at 46.09 billion yuan in the first 11 months, an increase of 57.45 billion yuan over the same period of last year. Profits of the country's insurers nationwide was about 26.1 billion yuan in the first half, up 98 percent, the commission said in July.
BEIJING, Dec. 27 (Xinhua) -- The Chinese Premier Wen Jiabao stressed on Sunday that the final ends of the nation's economic growth is to improve people's well-being, which is always a priority on the government's agenda amid the global financial crisis. Despite the tight fiscal condition, China beefed up the income and welfare enjoyed by the retirees and low-income residents, and unveiled the significant health-care reform in 2008, Wen told Xinhua in an exclusive interview. "We will overcome every difficulty to well implement the health-care reform which has close bearing on people's health," he said. Chinese Premier Wen Jiabao (L) speaks during an exclusive interview with Xinhua News Agency at Ziguangge building inside Zhongnanhai, an office compound of the Chinese central authorities at the heart of Beijing, capital of China, Dec. 27, 2009. Wen said the rural medical cooperative system has covered more than 800 million people, and more than 400 million urban dwellers had joined the urban medical insurance system. Although the health care security service has covered more than 1.2 billion people, the current safety level remains low, he said. Wen noted the government had made great efforts to step up health care infrastructure in rural areas and urban communities. Reforms are also made to make medicine more affordable for patients. He also stressed the significance of the pilot program of rural pension insurance. "Farmers aged over 60 could get 55 yuan a month. It is not a big sum, but it begins a new era," he said. Since the global economic crisis broke out at the end of last year, the Chinese government has timely implemented a stimulus package which stepped up financial support and policy incentives to improve people's well-being and stimulate domestic demand, in order to shore up economic recovery. China has spent 728.46 billion yuan (107.13 billion U.S. dollars) to enhance education and medical systems, social security, job promotion, affordable housing construction, and cultural development. The investment was an increase of 165.33 billion yuan from a year ago.
BEIJING, Nov. 25 (Xinhua) -- China's Ministry of Commerce (MOC) Wednesday voiced strong opposition against the United States' imposition of anti-subsidy tariffs on Chinese oil well pipes, saying the move was "discriminatory." The United States made a decision Tuesday to impose duties ranging from 10.36 percent to 15.78 percent on Chinese oil well pipes for alleged unfair subsidies. "China is strongly opposed to the U.S. move of continuing with its discriminatory measures and arbitrarily raising the anti-subsidy duty rates," said Yao Jian, spokesman of the MOC. Yao reiterated that the United States should live up to its promise made at the G20 Summit and the consensus reached earlier by leaders of the two countries to fight trade protectionism. Earlier this month, the U.S. Commerce Department also slapped preliminary anti-dumping tariffs on the pipe up to 99 percent based on the allegation that "Chinese producers/exporters have sold OCTG (oil country tubular goods) in the United States at prices ranging from zero to 99.14 percent less than normal value." Customs data showed that pipes involved were worth 3.2 billion U.S. dollars in 2008, taking up 46 percent of the total amount of Chinese steel products exported to the United States (6.9 billion dollars). More than 90 companies were affected, including major steel companies like Baosteel, Tianjin Pipe and Ansteel.