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SHANGHAI, July 15 (Xinhua) -- Argentine President Cristina Fernandez de Kirchner paid a visit here Thursday as the last leg of her China trip.Shanghai was more prosperous and beautiful now, said Kirchner, who came to the city in 2004 for the first time, in a meeting with Shanghai Mayor Han Zheng Thursday morning.Over 40 heads of states and governments from various nations had visited Shanghai since the opening of the Shanghai World Expo on May 1, Han said, adding that 15 state and government chiefs were expected to attend the closing ceremony scheduled for the end of October.Kirchner said the Expo was a "real world gathering" and reiterated Argentina's support to the event.One hundred and eighty-nine countries and fifty-seven international organizations have participated the Expo.Deeply impressed by the sound construction and administration of Shanghai, Kirchner said the cities in other countries including those of Argentina should learn from Shanghai's development."We will introduce Shanghai's experience to Argentina after this China visit," she added.Kirchner visited the Chinese and Argentine Pavilions after the meeting.She will leave Shanghai and conclude her China visit later Thursday night.

GUANGZHOU, July 22 (Xinhua) -- Two people were killed and the lives of more than one million people were disrupted after Chanthu, the third typhoon of the season, made landfall at the coastal area in south China' s Guangdong Province Thursday noon.Two pedestrians were killed by walls that blew over in strong gales accompanying Chanthu after it went ashore at Wuchuan City at around 1:45 p.m., according to officials at the provincial flood control headquarters.Chanthu also brought torrential rains to several cities in Guangdong.As of 8 p.m., more than 1.35 million people in 20 counties or cities in Guangdong were affected and 2,915 houses collapsed in the rainstorms and strong gales, with economic losses estimated at 2.2 billion yuan (about 324 million U.S. dollars), according to statistics from the headquarters.Photo taken on July 22, 2010 shows fishing boats anchored at Shapa Harbor in Yangjiang City, southern China's Guangdong Province. Chanthu, the third typhoon of the season, made landfall at the coastal area of Wuchuan City, southern China's Guangdong Province on Thursday afternoon, with winds near its center at 126 km per hour. Local meteorologists said Chanthu brought strong gales and torrential rains to many parts of the province, particularly in the west.After weakening into a tropical storm, Chanthu moved on to neighboring Guangxi Zhuang Autonomous Region at around 8 p.m.Chanthu delayed 30 flights at the Baiyun International Airport in Guangzhou. However, few passengers have been stranded at the airport, according to Baiyun airport officials.The airport also provided free food and made hotel reservations for passengers whose flights were delayed for more than two hours.At least 26 flights in and out of Haikou Meilan International Airport in Haikou, capital of the island province of Hainan, which is just one strait away from Guangdong, had been canceled Thursday.Passengers who arrived at the airport were provided with free hotel services, and no passengers were left stranded at the airport, said an airport spokesman.No casualties have been reported in Hainan.Meteorologists in Guangdong forecast that in the next 24 hours Chanthu would continue traveling northwestward at a speed of 15-20 km per hour while gradually weakening.

BEIJING, June 10 (Xinhua) -- A solution that satisfies all parties' concerns through dialogue and negotiation is the right course for the settlement of the Iranian nuclear issue, said Chinese Foreign Ministry spokesman Qin Gang early Thursday morning.Qin made the remarks when commenting on a new UN resolution on the Iranian nuclear issue, which prohibits Iran from investing abroad in nuclear and enrichment operations and imposes binding new restrictions on Iran's import of conventional arms.The resolution was the fourth set of UN sanctions against Iran since December 2006, with 12 votes in favor. Brazil and Turkey, two non-permanent members of the Security Council, voted against the draft resolution while Lebanon, another non-permanent member, abstained."China always holds it is the right way to address the Iranian nuclear issue through dialogue, negotiation and other diplomatic means to seek a solution that satisfies the concerns of all parties", said Qin.China's consideration in addressing the issue is to maintain the validity of the international nuclear non-proliferation mechanism and safeguard peace and stability in the Middle East, Qin said, adding China supports the dual-track strategy for resolving the issue.

BEIJING,Aug 9(Xinhuanet) -- China's high savings rate is expected to fall substantially in coming years as its workforce shrinks, the population ages and social security spending increases, a BIS report shows.In research published by the Bank for International Settlements (BIS) on the “myth and reality” of China’s savings rate, Ma Guonan and Wang Yi found that the Asian giant needs its population to spend more in order to sustain rapid economic growth in coming years.The researchers, who were writing in their personal capacity, also reject claims that Chinese State firms have been benefiting from high savings thanks to exchange rate distortions and subsidies designed to drive economic growth.They point out that “less advantaged” and more efficient firms have been the ones posting the greatest gains in earnings in recent years rather than State-owned companies.China’s gross national savings soared from 39.2 percent of output in 1990 to 53.2 percent in 2008, far higher than the United States, which saved only 12.2 percent in 2008.Even compared to other Asian giants — Japan with 27 percent in 2007 and India with 33.6 percent in 2008 — China’s share of savings as a percentage of gross domestic product (GDP) is significantly larger.Nonetheless, the population and social trends that have underpinned China’s growth and savings rates are likely tail off significantly over the next decade, the two Chinese researchers argued.In the wake of the global slump, world leaders and economists have been asking China to spend more, rather than pin its economic growth on exports to the West, in order to help address world trade imbalances.Ma, a BIS economist and Wang, who is from the Chinese central bank, said however that the current savings trend by Chinese households will not last.The swelling working population in recent years has boosted savings in recent years, they said.In addition, large-scale corporate restructuring between 1995 and 2005 increased job uncertainty, forcing workers to set aside more money in case they were fired. The lack of a social safety net also pushed workers to make “precautionary savings.”Beyond households, government savings have also been increasing in tandem, as more is being set aside to meet pension needs which are expected to rise significantly as the population ages.However, these trends are expected to be reversed in coming years.“It is reasonable to assume that the large-scale labor retrenchment observed during 1995 to 2008 is by and large been behind us,” say the researchers.In addition, China is expected to enter into a phase of “accelerated population ageing within a decade.” This means that the workforce will decline, leading to a fall in overall income and therefore savings.At the same time, infrastructure spending is expected to continue, in order to provide for the ageing population and the urbanization of the country.

BEIJING, Aug. 20 (Xinhua) -- China's insurers felt the side effect of the country's booming auto market -- with operating losses totaling 2.9 billion yuan (427 million U.S. dollars) in 2009.Insurance Association of China said here Friday that its 30 member insurance companies that are engaged in traffic compulsory insurance business underwrote 85.02 million units of vehicles in 2009, up 23 percent from a year ago.Total compulsory insurance premiums rose 21 percent year on year to 66.8 billion yuan (9.84 billion U.S. dollars), according to the association.Meanwhile, the industry handled 11.78 million claims regarding traffic liability mandatory insurance products last year with reimbursements totaling 47.2 billion yuan (6.95 billion U.S. dollars), it said.Offsetting 2.4 billion yuan (353 million U.S. dollars) investment revenue with 18.6-billion-yuan (2.74 billion U.S. dollars) operating costs, the industry posted a loss of 2.9 billion yuan (427 million U.S. dollars) last year, according to the association.Retail sales of China-made autos rose 17.18 percent year on year to 1.056 million units in July this year, raising auto sales in the first seven months to more than 8.24 million units, up 28.58 percent from a year earlier, according to data from the China Automotive Technology and Research Center released earlier this month.