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BEIJING, Nov. 10 (Xinhua) -- China's central bank moved a step further to tighten liquidity amid increasing inflation pressures as it ordered Chinese banks to set aside more reserves on Wednesday.The People' s Bank of China, or the central bank, announced it would raise the deposit reserve requirement ratio (RRR) for Chinese financial institutions that accept deposits by 50 basis points from Nov. 16, which was estimated to freeze more than 300 billion yuan (45.1 billion U.S. dollars).The order came on the eve of Thursday's release of China' s October consumer price index (CPI), which is projected, by some economists, to reach 4 percent.The RRR for the four big state-owned banks - the Industrial and Commercial Bank of China, China Construction Bank, Bank of China and Agricultural Bank of China - will stand at 18 percent once the rise takes effect.Further, Wednesday's move will raise the deposit reserve ratio for other large financial institutions to 17.5 percent and that for small-and medium-sized financial institutions to 15.5 percent.The adjustment is the fourth RRR increase the central bank has ordered for Chinese banks this year, and the first time it has done so since it hiked interest rates by 0.25 percentage points last month.Chinese experts believe combined concerns, ranging from the looming hot money inflows caused by the United State quantitative easing to the growing inflation risks and soaring assets bubbles, have caused the central bank to raise the RRR to rein in liquidity."The central bank announced interest rates hikes and the RRR rise within one month, as the U.S. 600 billion-US-dollar quantitative easing is likely to send more speculative capital flowing to the emerging markets, and domestic commodities prices continue to increase, " senior economist with the Asian Development Bank, Zhuang Jian said, adding that the RRR increase will trim the banks' credit capital, which will help curb market speculation inflows and stabilize commodities prices.China's central bank, on Oct. 20, announced a rise of its benchmark one-year lending and deposit rate by 0.25 percentage points, the first interest rates hike in three years, as the nation's CPI hit a 23-month high to 3.6 percent in September.October's CPI is due to be announced on Thursday, while economists anticipate the October year-on-year inflation is likely to rise to 4.1 percent.Further, prices of China' s edible farm produce have witnessed consecutive increases since mid-October, as prices of 18 types of vegetables in 36 large and medium-sized cities rose by 4.9 percent during the week that ended Nov. 7, according to data released Wednesday by the Ministry of Commerce.Zhang Ping, head of the National Development and Reform Commission, said Tuesday that the nation's CPI is expected to exceed the government' s annual target of 3 percent.Also, the nation's real estate prices continued the upward trend in October, though at a slower pace, with property prices in 70 major Chinese cities increasing by 8.6 percent year on year in October, down from the 9.1-percent increase in September, the National Bureau of Statistics showed Wednesday.Li Huaiding, analyst with the Guoxin Securities Co., said Wednesday's rise would contribute to scaling back liquidity, but pressures still exist in the upcoming months, and the central bank may again increase interest rates before the end of the year.Additionally, the central bank said in a report issued on Nov.2 that it would gradually normalize the monetary policy from its counter-crisis mode and tighten control over liquidity to maintain moderate credit growth in the coming months this year.
BEIJING, Dec. 22 (Xinhua) -- Chinese auditors found 142 million yuan (21 million U.S. dollars) were wrongly paid to central government departments as reimbursements of fake invoices in June this year, and now 68.31 percent of the funds, or 97.37 million yuan, had been recovered.The remaining fake invoices, valued at 45.03 million yuan, have been transferred to supervisory organs or judicial authorities for further investigation, according to a report submitted Wednesday to the 18th session of the Standing Committee of the 11th National People's Congress (NPC), running from Dec. 20 to 25.A total of 5,170 invoices were confirmed fake among the 29,363 "problematic" invoices by 56 central departments, says the report.According to the report, China's National Audit Office (NAO) had recovered 5.34 billion yuan of funds which were found embezzled in 2009, by the end of October this year.A total of 95 officials were arrested, prosecuted, or convicted in the process, and 1,103 received disciplinary punishments, says the report.

BEIJING, Dec. 13 (Xinhua) -- China is trying to have more workers and farmers and fewer university graduates working as public servants because university graduates may have achieved academically, but farmers and workers often have grass-roots life experience.But achieving the goal has not been easy -- for the government, and workers and farmers as well.The annual National Public Servant Exam on Dec. 5 attracted more than 1 million candidates for 16,000 vacancies around the country, according to Nie Shengkui, a senior State Administration of Civil Service official.For the first time, it was stipulated that workers and farmers were preferred for some of the positions, in a move to make the exam more inclusive.As part of the pilot project, a total of 14 positions in grass-roots branches of central government departments at the county-level or below - including customs, taxation and rail police - in the regions of Guangdong, Sichuan, Xinjiang and Gansu were reserved for workers and farmers.Including more grass-roots workers and farmers in the exam is an improvement in the civil servant selection process, said Zhao Shuming, a professor of human resource management at Nanjing University in east China's Jiangsu Province.Compared with university graduates, workers and farmers are suited to some public service positions that involve work with grass-roots people, Zhao said.However, according to Nie, only 62 workers and farmers of the 171 qualified applicants took the exam."The competition in the public service exam is fierce, and I believe many workers and farmers lacked the confidence to take the exam," said Li Zhen, an official in Sichuan's provincial Department of Human Resources and Social Security.Li said that to his knowledge, there were no workers and farmers that took the exam in the province."Become a civil servant? I have never thought of that," said a migrant worker surnamed Zhang who does odd jobs for a construction company in Chengdu, Sichuan's provincial capital.
BEIJING, Dec. 10 (Xinhuanet) -- Provincial level officials and ministers will be held more fiscally responsible under an expanded auditing system, the country's top auditor said on Thursday."The regulation will be significant in supervising officials' power use and corruption prevention," Liu Jiayi, head of the National Audit Office, was quoted as saying in an interview posted on the office's website.Under the regulation, released by the general offices of the Communist Party of China (CPC) Central Committee and the State Council, leaders of public institutions and State-owned enterprises will also be audited.China introduced the first such regulation in 1999, but it only included measures to audit financial records of county-level and below Party and government officials.The audit target was extended to provincial governors and ministers in 2000 on a trial basis and to heads of provincial government departments in 2005.Chinese auditors have uncovered more than 68.4 billion yuan (.2 billion) in illegal use of funds during nationwide audits of some 410,000 Party and government officials and bosses of State-owned enterprises since 1998, according to Liu.During the audit of provincial governors and ministers, their implementation of economic policies, handling of income and expenses, key fund management and project construction will be examined."They have power and control many resources, and how they fulfill their economic accountability will impact local economic and social development," he said.More importantly, the audit can be carried out frequently, so illegal activities can be cleared up before they spread, he said.Liu also said the audit will be made during an official's tenure to solve any problems that exist.Results of the audit will be recorded in an official's file and it will be an important factor in performance assessments, promotions or removal, and rewards or punishments.The audit group will consist of officials from local discipline inspection commissions and sectors including audit, supervision, organization, human resources and State asset supervision and management."It's a big step in cracking down on corruption. And the regulation will deter officials who want to abuse their power," said Liu Xutao, a professor at the Beijing-based Chinese Academy of Governance.
BEIJING, Dec. 16 (Xinhua) -- Chinese State Councilor Liu Yandong met here Thursday with experts of the International Evaluation Committee on National Natural Science Foundation (NSFC)'s Funding and Management Performance.The Chinese government attaches great importance to the development of science and technology as well as the supervision and management of scientific funding, said Liu.She said by implementing the National Outline for Medium and Long Term Science and Technology Development and other supporting policies, China was gradually increasing investment in this area and continuing to promote technological innovation.Inviting prestigious international experts to evaluate the performance of scientific funding and management is very significant for the founding of the performance evaluation system as well as the development and improvement of the scientific funding system, she said.Liu said the establishment of the scientific funding system was a successful trial for the reform of China's science and technology system.She praised the positive role played by the NSFC in the past 25 years and hoped the experts would provide objective analysis and evaluation on the NSFC's Funding and Management Performance.She also asked the NSFC and other relevant departments to create favorable conditions for the experts' evaluation work.
来源:资阳报