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BEIJING, Dec. 2 (Xinhua) -- China cannot use its 3.2 trillion U.S. dollars in foreign exchange reserves to rescue other countries, a senior diplomat said on Friday."The argument that China should rescue Europe does not stand, as reserves are not managed that way," Vice Foreign Minister Fu Ying said at the Lanting forum, a gathering of Chinese officials, scholars and social groups held by the Ministry of Foreign Affairs to discuss international issues and foreign policy."China is not absent from international efforts to rescue Europe; it has been a positive and healthy participant," Fu said.Since the outbreak of the European financial crisis, China has dispatched more than 30 procurement delegations to Europe, helping to boost imports from the continent, Fu said.Fu added that there are many misunderstandings about the use of China's foreign reserves. "Foreign reserves are not domestic income or money that can be disposed of by the premier or finance minister," she said."Foreign reserves are akin to savings, and their liquidity should be ensured," Fu said."Foreign reserves are not revenue and cannot be relocated randomly. Under this circumstance, China should take the prospect of yields into consideration if it invests its foreign reserves," said Tian Dewen, an analyst at the Institute of European Studies at the Chinese Academy of Social Sciences.However, the outlook for the economic situation in the eurozone is currently uncertain, Tian said.Fu said China learned a lesson about the importance of foreign reserves during the Asian financial crisis of the late 1990s. ' "Reserves cannot be used domestically to alleviate poverty or taken abroad for development support," she said.She said that the way in which foreign reserves are managed should be in line with the principles of "safety, liquidity and proper profitability.""China's purchases of European bonds, International Monetary Fund bonds and U.S. bonds are also based on those principles," Fu said.Fu also said that China has no intention to gain profit by leveraging financial instruments."China will make efforts to overcome the crisis with Europe and the international community in the future," Fu said."As for the current turbulence in European markets, an authoritative voice is necessary in restoring market confidence. However, voices are diversified in Europe due to its political framework," said Chen Xin, an analyst at the Institute of European Studies at the Chinese Academy of Social Sciences.Fu also reviewed achievements made in trade and investment cooperation between the two sides."It is normal for Europe to strengthen its economic cooperation with China in the process of conquering its difficulties, although it is not proper to add negative political implications," Fu said.She urged Europe not to politicize China's foreign investments."Successful investment should be reciprocal. We hope our economic activities are not interpreted from a political prospective and are not imbued with political interests. We should follow market economy principles," Fu saidFu also took time to single out media reports about the crisis that she believes have been overtly political."Many European countries have shown their understanding and support for us, but there have also been some negative reports," Fu said."We should treat each other with a moderate and impartial mentality. That will make bilateral relations easier to handle," Fu said.She cited an investment bid by a Chinese company in Iceland that was turned down by the country's government.Zhongkun, a private Chinese real estate company founded in 1995, planned to buy 300 square km of land in Iceland to build a high-end resort with a total investment of 200 million U.S. dollars.However, Iceland's Interior Ministry rejected the bid, citing the size of the area of land involved and the fact that there is no precedent in Iceland for foreign countries to purchase large tracts of land.
SAN FRANCISCO, Dec. 8 (Xinhua) -- Apple on Thursday released iTunes Rewind 2011 and App Store Rewind 2011, its annual lists of top selling music, TV shows, movies and apps for the year.Apple picks Instagram as "iPhone App of the Year." Instagram is a free photo sharing application which enables users to confine photos into a square shape in an homage to both Kodak Instamatic and Polaroid cameras, and share them on a variety of social networking services.Photo editing software Snapseed is picked as "iPad App of the Year.""Angry Birds" was the top paid iPhone and iPad app for 2011. Its spinoffs, "Angry Birds Seasons" and "Angry Birds Rio," also make to the top 10 lists.ITunes' best-selling movie is "The Social Network" and "Doctor Who" is the best-selling season TV series. An episode of "Walking Dead" is the best-selling TV episode.The best-selling fiction book was "The Help." "Steve Jobs," the only official biography of the late Apple co-founder, was the best- selling non-fiction book.In iTunes Rewind 2011, British singer Adele sweeps three major music category, named for top-selling song (Rolling in the Deep), top-selling album (21) and iTunes Artist of the year for 2011.ITunes also picked Foo Fighter's "Wasting Light" as album of the year, "Pumped up Kicks" by Foster the People as song of the year, and Nicki Minaj as its breakthrough artist of the year.First launched as iTunes Music Store in 2003, the Apple online digital media store became the largest music seller in the United States in 2008. Last February, Apple announced that more than 10 billion songs have been sold in iTunes Store. In 2008, Apple said over 200 million TV episodes had been sold.The Apple App Store was initially released in July 2008. According to Apple's data, more than 18 billion apps have been downloaded as of Oct. 4.
SEOUL, Nov. 8 (Xinhua) -- Samsung Electronics, the world's largest flat screen TV vendor, said Tuesday that it has suspended its plan to develop active shutter three-dimensional (3D) TVs with RealD, the U.S.-based 3D technology supplier."Samsung has decided to focus on our own initiatives of 3D technology, and continues to research and develop next-generation 3D display technologies, including a glasses-free 3D solution for the home," the tech firm said in an e-mailed statement.The active shutter 3D technology drew public attention after Samsung reached a deal with RealD earlier this year to jointly develop such technology, aiming to unveil 3D TVs based on the technology early next year.The active shutter is a next generation 3D technology that incorporates merits from both shutter-glass (SG) technology, which Samsung adopted, and film patterned retarder (FPR) technology, which LG introduced in December last year.The SG technology has been touted as better picture quality and deeper 3D images, but the eyewear is heavier because it requires batteries and chips to work. The active shutter 3D technology moved its function of 3D image creation from eyewear to flat panel, making the eyewear lighter.Despite the upgraded technology and its convenience, Samsung decided to focus on its existing SG technology as the global TV market is grappling with weak demand. The penetration rate, which gauges the ratio of 3D sets against the total flat screen TVs, was expected to rise to 9.9 percent by year-end from the 3 percent a year earlier, according to Woori Investment & Securities, a local securities firm.
BEIJING, Oct. 10 (Xinhua) -- The State Council, or China's cabinet, announced on Monday it will tax all resource products starting Nov. 1, extending the resource tax on domestic sales of crude oil and natural gas from some regions to the entire country.The list of taxable resources widened from crude oil and natural gas to coal, rare earth, salt and metal from Nov. 1, according to the country's revised resource tax regulations.The expansion of the resource tax is part of China's efforts to encourage energy conservancy and limit environmental damage.Sales of crude oil and natural gas nationwide will be taxed at a rate between five and 10 percent of their sales value, according to the revised regulations.The regulations impose a sales tax ranging from eight (1.25 U.S. dollars) to 20 yuan per metric ton on coking coal and from 0.40 to 60 yuan per metric ton on rare earth ore.Taxes on other types of coal stood unchanged at 0.30 to five yuan per metric ton.The tax rate for other non-ferrous metals is set between 0.4 to 30 yuan per metric ton. Ferrous metals will be taxed at two to 30 yuan per metric ton.Taxes on precious non-metallic ore will be between 0.5 to 20 yuan per kg or per carat, while taxes on cheap non-metallic ore are set between 0.5to 20 yuan per metric or per cubic meter.China's current resource tax is levied based on production volume instead of sales value, thus preventing the government from benefiting from energy and commodity price increases.Nonetheless, energy giants and mining companies such as PetroChina and Sinopec have enjoyed large profit margins on the sale of resources under the current tax scheme.A resource tax on oil and natural gas was introduced at a rate of five percent in northwest China's Xinjiang Uygur Autonomous Region on June 1, 2010 before being extended to 11 other provinces in December last year.
HONOLULU, United States, Nov. 13 (Xinhua) -- Chinese President Hu Jintao and leaders of other Asia-Pacific Economic Cooperation (APEC) members met in Honolulu, Hawaii, Sunday to find ways to speed up regional economic integration, free trade and investment, and economic and technological cooperation.The annual meeting, hosted by U.S. President Barack Obama in his home state, is being convened at the JW Marriott Ihilani, Honolulu, to boost regional economic integration, trade, green growth, job creation in green industries, energy security, and regulatory cooperation.President Hu is expected to speak at the meeting. He will introduce China's stand on the topics and call for "improving global economic governance, shifting the growth methods, promoting economic globalization and regional economic integration," according to Chinese diplomats.Hu will join other APEC leaders in meeting with the APEC Business Advisory Council (ABAC), which presents recommendations to APEC leaders in an annual dialogue and advises APEC officials on business sector priorities and concerns.During this year's dialogue, APEC leaders are expected to discuss regional economic integrity, the development of small- and medium-sized enterprises, food security and other issues with ABAC representatives.This year's APEC meeting convenes at a time when the global economic recovery is fraught with instability and uncertainty, and encounters growing risks and challenges.Some major economies are experiencing an economic slowdown, while in the eurozone, sovereign debt risks are rising in some countries. High inflationary pressure is a problem in emerging economies, including some in the Asia-Pacific region. Protectionism in various forms is mounting.In face of the challenges, the APEC leaders will look for effective measures to stimulate the global economy, regional economic integration, free trade and investment, and economic and technological cooperation.China hopes the APEC members will implement the economic growth strategy agreed on last year, striving to achieve a balanced, inclusive, sustainable, innovative and safe economic growth, said Wu Hailong, assistant foreign minister of China, at a press briefing last week.He said that China expects the APEC members to comprehensively promote regional trade and investment liberalization, adding that all members should fulfill their commitments and oppose all forms of trade protectionism.APEC should strengthen economic and technical cooperation to enhance the ability of the developing members to develop further, and therefore to achieve common prosperity, said the senior diplomat."APEC members generally hold positive attitudes toward U.S. proposals in various fields such as green growth, innovation policy. But some of the U.S.'s expected outcomes are beyond the capacity of the developing members, and they have expressed their difficulties and concerns," Wu said.