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BEIJING, Jan. 7 -- China's central bank Wednesday said it will manage inflation expectations and keep a close watch on the property market through its credit and money supply policies. In a statement on its website, the People's Bank of China (PBOC) said it would try to maintain ample liquidity in the financial system, and ask banks to lend more evenly, while strictly implementing credit policies in the property sector. The nation will also take steps to rein in fast-rising property prices and strengthen credit controls for the sector, according to Housing and Urban-Rural Development Minister Jiang Weixin. A customer checking out a model of a real estate project in Shenzhen, Guangdong province. Property prices in China's 70 major cities rose at the fastest pace in 16 months in November "We should scrap or adjust local property policies launched last year that no longer comply with the current macroeconomic goals," Jiang said. According to Dong Chen, director of the research institute of Southwest Securities, the government moves on real estate policies indicate that while policymakers are striving to cement the economic rebound, they are also serious in curbing the excessive liquidity in the financial system to allay fears of asset bubbles and inflation. Property prices in China's 70 major cities rose at the fastest pace in 16 months in November, fueling concern that record lending and inflows of capital from abroad are building up asset bubbles. "Credit policy is the key to curb the rising property prices, as it would have a direct impact on transaction volumes," said Su Xuejing, an analyst with Changjiang Securities. "We anticipate more policy tightening in the future like increasing the down payment and mortgage rates for second-home buyers," he said. Shanghai Securities News said on Tuesday that the government plans to expand trials of a real estate tax, citing an unidentified person close to the State Administration of Taxation. The anticipated policy changes have also affected the capital market performance of leading realtors. Shares of China Vanke Co, the country's largest listed property developer, have fallen more than 12 percent in the past month on concerns that the measures to cool the property market would impact earnings. Poly Real Estate Group Co, the second largest real estate firm, also saw its shares fall to a four-month low. Meanwhile, a report from UK real estate service provider Savills said that the tighter credit policies and soaring realty prices have spurred property sales by international investors. Many of the investors had acquired the properties several years back and have been able to get handsome returns now, it said. "Sales by foreign investors increased from 7 percent in 2008 to 20 percent in 2009," said the report.
NEW YORK, Jan. 7 (Xinhua) -- Stopping importing from China may result in an increase in the U.S. trade imbalance, chief economist of the World Bank Justin Yifu Lin said during a speech here on Thursday. Addressing the audience at a forum about the forecast and views of Chinese economy held at the New York Stock Exchange, Lin said the imbalance between the United States and China actually "reflects some kind of specialization due to the state of development." The type of products that China exported to the United States are labor-intensive living necessities that the United States will never produce anymore and has no competitive advantages, Lin said. Chief economist of the World Bank Justin Yifu Lin delivers a speech at a forum about the forecast and views of Chinese economy held at the New York Stock Exchange in New York, the U.S., Jan. 7, 2009. He said stopping importing from China may result in an increase in the U.S. trade imbalance "If China will not export those type of labor-intensive products, U.S. will have to import from other middle income or lower income countries," he added. "And very likely, the cost of importing from other countries will be higher." Lin said U.S. companies always have a free choice to import from China or other countries, and they currently choose China is because the cost is lower. "If U.S. has to switch the source of the import from another country, (U.S.) people will have to pay for them no matter how high the price is because that is a definite necessity," Lin said," that means most likely the trade imbalance in U.S. may increase."

BEIJING, Nov. 17 (Xinhua) -- China and the United States on Tuesday called on Iran to "engage constructively" with the P5+1 and to "cooperate fully" with the IAEA to facilitate a satisfactory outcome. The call was made in a joint statement issued here after talks between Chinese President Hu Jintao and visiting U.S. President Barack Obama. The two sides reaffirmed their strong support for a comprehensive and long-term solution to the Iranian nuclear issue through negotiations. "The two sides agreed that Iran has the right to peaceful uses of nuclear energy under the Non-Proliferation Treaty (NPT) and it should fulfill its due international obligations under that treaty," said the statement. The two sides welcomed the talks in Geneva on Oct. 1 between the P5+1 (the five permanent members of the UN Security Council plus Germany) and Iran as "a promising start" towards addressing international concerns about Iran's nuclear program, and expressed their readiness to continue that engagement as soon as possible. They emphasized in the joint statement that all efforts should be made to take confidence building steps and to call on Iran to respond positively to the proposal of the Director General of the International Atomic Energy Agency (IAEA).
SHANGHAI, Nov. 16 (Xinhua) -- Visiting U.S. President Barack Obama said here Monday that Shanghai and Chicago can learn from each other especially on clean energy. He made the remarks during a dialogue with Chinese students at the Shanghai Science and Technology Museum. It is his first trip to China since taking office in January. "It's a terrific opportunity for us to learn from each other," he said. "In the United States we are learning how to develop buildings that use much less energy and that are much more energy-efficient. I noticed in Shanghai many new buildings are growing up. It's important to incorporate these new technologies so that each building is energy-efficient when it comes to lighting, when it comes to heating," he said. Clean energy issue is going to be a major focus in the 2010 Shanghai World Expo, he said. Shanghai and Chicago have been sister cities since 1985.
BEIJING, Nov. 21 (Xinhua) -- China's premium income hit 936.09 billion yuan (137.1 billion U.S. dollars) in the first 10 months, according to China Insurance Regulatory Commission. The figure represented an increase of 78 billon yuan, or 9.09 percent, over that in the first nine months. During January to October period, premium of property and casualty insurance was 243.18 billion yuan, and 692.9 billion yuan, respectively. Total asset of the country's insurance sector stood at 3.83 trillion yuan by the end of October.
来源:资阳报