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BEIJING, Jan. 25 (Xinhua) -- Many Chinese received a smaller bonus this year because of the global financial crisis and decided to tighten their belts - but they still let their hair down for the traditional Spring Festival.     The freezing weather and slowdown in economic growth did not affect Chinese people's festivities, with supermarkets and shopping malls crowded with shoppers seeking goods for the Spring Festival celebration.     Even dairy products, which have experienced shrinking sales because of the melamine scandal, were selling.     Milk powder products of domestic brands have reappeared on the shelves, a Xinhua reporter found in Wal-Mart at Xuanwumen, Beijing.     "This is the safest period for dairy products as the government has intensified quality supervision and inspection after the scandal," said saleswoman Qiao Xinhong.     Many Chinese people like to buy boxed milk or yogurt for family reunions or as gifts to friends and relatives during the holiday.     Dairy products, however, were only one part of people's shopping list, and snacks with wider varieties, clothes, jewellery and home appliances were also popular.     The week-long Spring Festival holiday, which starts from Sunday, is China's closest equivalent to the West's Christmas shopping season.     According to the Ministry of Commerce, sales at the country's major retailers on Thursday were 2.4 times as much as that on December 31.     China's real retail sales growth in December accelerated 0.8 percentage points from November to 17.4 percent, according to figures released by the National Bureau of Statistics (NBS) Thursday.     Retail sales jumped by 21.6 percent last year to 10.8 trillion yuan (1.6 trillion U.S. dollars), which was 4.8 percentage points higher than 2007.     The booming Chinese market has become more attractive to foreign retail giants, who have suffered from weak demand caused by the global financial crisis.     "Although the global financial crisis has weighed on China's economy, the fundamental of the country's economy remains unchanged and we are very optimistic about the prospects for the Chinese market," Britain's largest retailer Tesco told Xinhua in an email.     Sales in the rural market, which is believed to have the great potential to boost domestic demand, has reported month-on-month increases since May. November retail sales in rural areas rose 18.3 percent, 8.2 percentage points higher compared with the same period of 2007 and for the first time surpassed urban consumption growth.     Wei Wanqian, a farmer in eastern China's Shandong Province, was busy with the last-minute preparations to celebrate the Spring Festival. He bought a new tractor earlier this month.     "Boosting domestic demand should be the government's major taskof economic work," said Zuo Xiaolei, senior analyst at the Beijing-based Galaxy Securities.     "Effective boosting measures along with the improvement of social security system will accelerate the consumption growth by two to three percentage points this year," Zuo said.     The State Council, or the Cabinet, has taken an array of measures to enhance domestic consumption. These included improving the rural distribution network, promoting the subsidized home appliance program and boosting festival consumption.     More detailed measures would come out in March during the delivery of the government work report, sources said.     Although the impacts of global financial crisis were still unfolding, some positive signs surfaced in December economic date, officials and analysts have said. These included the figures on money supply, consumption and industrial output.     Whether the "positive changes" represented a trend was unclear, NBS director Ma Jiantang said.

BEIJING, Nov. 17 -- Chinese banks should be alert to the risks of growing bad loans and narrowing profit margins amid a worsening global financial crisis and domestic interest rate cuts, a senior banking regulator has warned.     China Banking Regulatory Commission Vice Chairman Jiang Dingzhi told a financial forum in Beijing on Saturday that China's banking system, despite being generally healthy, faces growing risks.     "Our judgment is that losses at overseas financial institutions will widen further, and capital shortfalls will become more serious," Jiang said     "The financial crisis won't end in the near term. So we should not turn a blind eye to the risks " Jiang said, warning that the first risk China may face in the coming years is "exported inflation" from developed economies.     He said many developed economies have taken quick action to inject huge liquidity and credit into their banks to stabilize financial systems and it is likely that the banks will export capital to developing countries such as China (through direct investment or loans).     "That may cause high inflation (for us) and we should keep a close eye on cross-border capital flows," said Jiang.     Jiang also warned that bad loans, especially in the real estate sector, are the second risk that China's banks are confronted with.     "Bad loans are already showing an upward trend, especially in the property market where the mortgage default risk is growing at an accelerating pace," Jiang said, without elaborating.     Jiang also said Chinese banks may encounter growing losses from their overseas investment as the global financial crisis remains "far from over".     The government said earlier that Chinese banks suffered "very limited losses" overseas as their exposure to bankrupt global financial companies was not much.     Jiang said Chinese banks also face narrowing profit margins as the central bank cuts interest rates to boost the slowing economy. Banks are encouraged to lend after the government announced a 4 trillion yuan (586 billion U.S. dollars) stimulus plan a week ago.     The People's Bank of China has cut interest rates thrice this year after economic growth cooled to 9 percent in the third quarter, the slowest rate in five years. He said the banks will see declining profits next year as lower interest rates shrink margins and loan defaults may increase.     However, Jin Liqun, chairman of the supervisory board of China Investment Corp, said Chinese banks should continue market-oriented reforms despite the risks.     "All these risks cannot be used as excuses to defer further reform in the banking system," said Jin at the forum. "Only with market-oriented reforms can our banks further build up their capabilities in profit-making and risk-prevention."     Jiang said China's banking system remains "in good health" with all major indicators at their best levels ever.     Banks' total assets, 59.3 trillion yuan at the end of September, were five times the level of 10 years ago when the Asian financial crisis erupted, he added. And banks reduced their average bad-loan ratio to 5.49 percent at the end of September, from 6.3 percent at the end of March.     "These sound indicators are the basis of our confidence to battle financial crisis," Jiang said.

BEIJING, Oct. 17 -- The government is ready to introduce a series of measures to cushion the impact of slower growth in foreign trade and industrial output caused by the global credit crisis, the vice-minister of the National Development and Reform Commission, said Thursday.     Speaking at a press conference held by the State Council Information Office in Beijing, Du Ying said that as the global economy has slowed, foreign trade volume, value-added output and the profit growth of industrial firms based in China's coastal areas have shown a downward trend in the second half of the year.     "The State Council is greatly concerned by the trend and is ready to introduce a series of measures," he said.     But the full impact of the global financial crisis has yet to be seen, he said.    "We must have a full picture of the difficulties and challenges," he said. The government has already taken several measures to combat the impact, including lowering the deposit reserve ratio, helping small- and medium-sized factories to upgrade their technologies, and introducing more favorable credit policies, Du said.     He said he is confident China can weather the storm.     "As in the past, China can overcome the challenges and difficulties and enter a new stage of development. I'm fully confident of that," Du said.     With the global financial crisis continuing to escalate, China - the world's fourth largest economy - has seen its major economic indexes slide.     The National Bureau of Statistics is due to release figures on Monday for the economic situation over the past three quarters.     Some analysts have forecast that GDP growth might drop further in the third quarter, from 10.1 percent in the second quarter and 11.9 percent for the whole of last year.     Yang Xiong, vice-mayor of Shanghai, said the city's industrial output growth fell to 6 percent last month from an average of 11.5 percent per month in the first three quarters.     The financial hub remains in good shape, however, partly due to investments in preparation for the 2010 World Expo, he said.     Zhao Kezhi, deputy governor of Jiangsu, said the province's trade figures were down 4 percent year-on-year in the first nine months.     Chen Min'er, vice-governor of Zhejiang, said the province had witnessed "individual" cases of company failures, but denied media reports of widespread factory closures.     Authorities will respond by trying to cut the tax burden on local firms, make more credit available and ensure a sufficient supply of land and power for manufacturers, Chen said, adding that now was a good time to weed out obsolete, polluting plants.     On Wednesday, Zhou Xiaochuan, governor of the central bank, called for increased domestic consumption to counter the economic slowdown.     "Due to the impact of various factors, we may need to increase domestic demand," he told Hong Kong-based Phoenix TV.

BEIJING, Dec. 20 (Xinhua) -- Chinese Vice President Xi Jinping on Saturday called on officials and party members to well study two new guidelines while learning and implementing the Scientific Outlook on Development.     Xi told a video conference here that President Hu Jintao's speech at the event to commemorate the 30th anniversary of the 3rdplenary session of the 11th Communist Party of China (CPC) Central Committee on Thursday was an important guideline for Chinese people to bring the socialism with Chinese characteristics to a new stage.     Through this speech, all CPC members will fully understand the achievements in the past three decades and the bright future of the country, he said.     All the party members should realize their responsibility, fear no risk and remain resolved against any disturbance, he said.     Xi urged officials and party members to fully understand and implement the guidelines set at the annual Central Economic Work Conference.     In September, the CPC launched a one and a half year campaign to study and apply the Scientific Outlook on Development, which was adopted by the party at the 17th CPC National Congress in October 2007.     Now the campaign has entered a stage that officials should find out major problems that holds back the Scientific Development, Xi said.     Everyone should work hard to identify the exact problems and the cause of the problems in a bid to work out effective solutions, he said.

BEIJING, Dec. 27 (Xinhua) -- The Standing Committee of the National People's Congress (NPC), China's top legislature, concluded its week-long meeting on Saturday, with approval of the amendments of the Earthquake Prevention Law and the Patent Law.     President Hu Jintao has signed on the two amendments for them to take effect.     The session was presided by Wu Bangguo, chairman of the NPC Standing Committee and member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau.     A resolution was adopted at the meeting, deciding that the Second Session of the Eleventh NPC will be inaugurated in Beijing on March 5, 2009. Wu Bangguo, chairman of China National People's Congress (NPC) Standing Committee and member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau, attends the sixth session of the 11th NPC Standing Committee at the Great Hall of the People in Beijing, China, on Dec. 27, 2008.    The top legislature also approved a multilateral treaty signed by the Shanghai Cooperation Organization (SCO) member states on joint military drills and a bilateral treaty of judicial cooperation on criminal cases with the United Arab Emirates (UAE).     Wu made a speech after the completion of all the procedural issues, saying that NPC deputies and members of the NPC Standing Committee and its special committee have paid great attention to the country's economic situation since September.     As a result, the session held an additional hearing on a State Council report on taking pro-active measures to deal with the global financial crisis and ensure a stable and relatively fast economic growth, according to the top legislator.     He spoke highly of the Party Central Committee's timely decisions to readjust the country's macro-economic control policy, by changing the primary job to maintaining a stable and relatively fast economic growth and bringing the economic growth under control to prevent an excessive inflation, from the prevention of excessive economic growth and a remarked inflation, a goal set at the beginning of this year.     The top lawmaker hailed the country's success in 2008 in fighting natural disasters, hosting the Beijing Olympic Games and Paralympics, projecting the Shenzhou-7 manned spacecraft, achieving its economic, environmental and agricultural goals, and having people's life further improved and keeping the general situation stable. He praised the State Council and local governments for their efforts to achieve these goals.     In his speech, the top legislator analyzed the international and domestic situation, and he warned that while carrying out a pro-active financial policy, substantial efforts must be made to prevent low-level and overlapped construction and a new round of urban expansion.