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HARBIN, Aug. 10 (Xinhua) -- Chinese Vice Premier Li Keqiang said over the weekend that the rebuilding of shanty towns which have long-housed low-income workers is an important part of the country's effort to improve people's livelihood. Li made the comment at a working conference to address the rebuilding of shacks in cities and at compounds of large state-owned mining enterprises held in Harbin, capital of northeast China's Heilongjiang Province, on Saturday. Such shanty towns are shabby residential areas that were built when the country started to industrialize its economy, and people living there are more often low-income wage earners in factories. These people are either living in a space that is less than 10 square meters for each, or in apartments that have no tap water or sewers, or even toilets or kitchens. Chinese Vice Premier Li Keqiang (C) addresses a meeting on the rebuiding of cities and hut zones, in Harbin, capital of northeast China's Heilongjiang ProvinceChina is aiming to offer proper housing for 7.5 million low-income urban households and 2.4 million households living in shanty towns of coal mines, reclamation areas, and forest zones in three years, Premier Wen Jiabao said in March. There are another 1.14 million living in shabby apartments at compounds of state-owned mining enterprises, which are not included in the planning of cities, according to the conference. Li urged to integrate the rebuilding of such shanty towns with the low-income housing project, initiated by the Chinese government to build affordable houses for low-income urban residents. He also asked planners to build homes at different price levels in a region so as to avoid the concentration of poor population in a certain neighborhood. Li stressed that the government should dominate the project of rehousing low-income workers, but it could invite funding from outside the government. He said the government should secure land supplies for such projects and materialize tax supports. The central government pledged to allocate 49.3 billion yuan (7.25 billion U.S. dollars) from the central budget to finance such housing projects in 2009 alone.
CHANGCHUN, Sept. 8 (Xinhua) -- Chinese Vice Premier Hui Liangyu has urged more efforts to ensure grain production and improve rural livelihoods to ensure fast and steady rural development. Hui made the remark at an agricultural products fair in Changchun, capital of the northeastern Jilin Province on Tuesday, saying the government will continue to see maintaining a fast and steady rural economic development as a top task. He called for promotion of agricultural technology and products to increase the competitiveness of China's agricultural enterprises and their products in the global market. "The overall situation about the country's agriculture and rural development is good, and China has seen a summer grain output growth for six straight years this year", he said. He also urged more efforts to fight drought in parts of China and "try every means" to ensure harvest this fall and a continuous rise in farmers' income. As of Sept. 8, a severe drought has affected 19.72 million mu (1.31 million hectares) of crops in seven provinces of Hunan, Guizhou, Jiangxi, Hubei, Guangdong, Guangxi Zhuang Autonomous Region and Chongqing, according to data from the Office of State Flood Control and Drought Relief Headquarters. About 2.75 million people and about 1.20 million livestock had difficulties getting adequate water supply.
BEIJING, Aug. 5 (Xinhua) -- Tropical storm Goni has brought huge rainfall to south China after it landed early Wednesday morning in Taishan of south China's Guangdong Province. Downpours drenched most parts of Guangdong and neighboring Fujian province, with a hydrological station in Guangdong reporting precipitation of about 400 mm. The weakening Goni is moving westward slowing and is expected to bring downpours to west Guangdong from Thursday to Friday. Maritime affairs department in the southern island province of Hainan said Tuesday that it had issued an emergency warning to 20,000 fishing vessels in the South China Sea, calling them to harbor. Another tropical storm, Morakot, has strengthened into typhoon and is expected to make a landfall from late Friday to Saturday in central and northern Fujian, weather forecasters said. Local authorities have put in place emergency plans to evacuate residents amid other efforts to reduce losses from Morakot, the 8th typhoon this year. Severe rainstorms also wreak havoc in other parts of the country Wednesday. In Suichuan, eastern Jiangxi province, flash flood washed down five houses and killed at least three people. Rain-related disasters also killed two in the southwestern Guizhou province and another two in neighboring Chongqing municipality.
BEIJING, July 29 -- The securities watchdog is mulling further measures to plug the loopholes that showed up in the latest round of initial public offerings (IPO), according to Shang Fulin, chairman, China Securities Regulatory Commission (CSRC). The CSRC is generally satisfied with the results of the recent reforms, but also identified a number of areas that need to be improved. One of these areas is the lack of a provision to block institutional investors from taking advantage of the new allotment system by masquerading as personal investors in their IPO applications. "Some institutional investors were known to have circumvented the subscription limits on their accounts by making applications through personal investor accounts opened with borrowed ID cards," said Lu Junlong, analyst, China Finance Online. "Stockbrokers keen on earning commission fees usually turn a blind eye to such irregularities," he said. People watch the index screen at a stock market in Shanghai, China, July 1, 2009. The CSRC said it is planning to take steps to safeguard individual investors' interests. This has defeated, to some extent, the primary objective of the reform, of increasing the allotment of new shares to personal investors. In the past, the deluge of applications from well-financed institutional investors had largely crowded out applications from individual investors. Because of the loophole, the ratios of allocation of newly issued shares to personal investors in the past several IPOs were still deemed too low. For example, the ratio of allocation in the IPOs of Guilin Sanjin Pharmaceutical, one of the first companies to obtain a stock exchange listing after the lifting of the IPO suspension, was only 0.17 percent. The ratio of allocation in the Sichuan Expressway IPO was 0.26 percent, while it was 2.83 percent for China State Construction Engineering Corp's public float. "The ratio of allocation to subscription is at a low level, similar to the lottery system in the past," said Zhu Hongbin, an investor with over 10-year experience in the market. Considering the wide price gap between the primary and secondary markets, many institutional investors borrowed heavily from banks to subscribe for new shares. Easy credit and cheap money have given institutional investors a much greater edge over small investors in the fight for IPO allotments. "As long as the interbank seven-day repurchase rate stays below 3 to 4 percent, we can make profits by subscribing to new shares," a Shanghai-based fund manger said, who refused to be named. The investors' feverish penchant for newly listed stocks saw Sichuan Expressway Co soar 202 percent on debut. The bourse suspended trading in the scrip for two times to allow for a cooling off period on the first day. The company's issue price was 3.6 yuan, nearly 20 times the PE (price-to-earnings) ratio. After collective bidding, the opening price soared to 7.6 yuan and the shares finally closed at 10.9 yuan after touching a high of over 15 yuan. The high price was beyond the expectation of many analysts. According the reports from 23 securities firms, most analysts thought the reasonable price could be around 5 yuan. Guotai Junan Securities Co was the most optimistic, which estimated the shares could be worth around 7 yuan. The shares subsequently began to slump and closed at 9.81 yuan, with many individual investors burning their figures. According to the Shanghai Stock Exchange, individual investors were the main buyers for the new shares of Sichuan Expressway on its first trading day. Among the 74,000 accounts that bought shares on that date, about 99.9 percent was personal accounts. Institutional investors, including fund mangers, securities firms and insurance companies, did not join the speculation. According to CSRC Chairman Shang Fulin, the regulators are working on a plan to educate individual investors and also exploring effective mechanisms to protect investors' rights.
CHENGDU, Oct. 16 (Xinhua) -- China's relatively poor western regions are to receive 296 billion yuan (about 43.3 billion U.S. dollars) of investment through 551 projects signed Friday with investors from both China and abroad. Those deals were sealed at the tenth Western China International Economy and Trade Fair in Chengdu, provincial capital of southwest China's Sichuan Province. The region has 12 provinces, autonomous regions and municipalities, with a combined population of about 370 million. Chinese investors contributed 539 of the 551 projects, involving 288.9 billion yuan of investment. The rest 12 projects would be invested by foreign contractors, involving in around 1 billion U.S. dollars of investment. Sectors involving local resources, equipment manufacturing, service and new and high technology were investors' favorite target areas. According to agreements signed here, German industrial conglomerate Siemens would spend 30 million yuan in Chengdu to setup a "Global IT Operation Center", intending to provide better IT operation support for its customers. Meanwhile, Taiwan's Foxconn Group, the world's top maker of outsourced electronics, would invest 1 billion dollars to build an industrial base in Chengdu, setting up production lines for products like LED-TV, LCD module, LED backlight module and LCD package. The new base will also develop software and sell 3C digital products as wells.