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CHANGSHA, March 30 (Xinhua) -- Chinese Vice Premier Li Keqiang on Monday called for faster construction of affordable housing. "In the affordable housing projects lie the immediate interests of the people, especially low-income families," said Li at a working conference on the issue in Changsha, capital of the central Hunan Province. He said affordable homes could increase investment and stimulate consumption, and were an important measure to deal with the global financial crisis and to maintain economic growth. The government has pledged that 7.5 million affordable homes will be provided in cities, and 2.4 million in forest districts, reclamation areas, and coal-mining regions by the end of 2011. This year, 2.6 million urban and 800,000 rural homes would be built. Another 800,000 rural homes in poor condition will be renovated.
LHASA, March 14 (Xinhua) -- Five bouquets of lily and chrysanthemum, one for each of the five young women who died in the riots exactly a year ago. "We are here today, to bring you our best regards," murmured Tang Qingyan, manager of the Yishion casual wear outlet in downtown Lhasa. "May you be happy every day in heaven." Yishion, one of the 908 shops torched by the rioters on March 14, 2008, lost five employees, including four Han nationals and one Tibetan. The women were aged between 19 and 24. Exactly a year after the tragedy, Tang brought six employees to mourn the dead Saturday on the exposed riverbed of the Lhasa River, whose water has, in the dry season, given way to a huge expanse of sand and cobblestones. The place was quietly sandwiched between high mountains and the "Sun Island", Lhasa's new development project with restaurants, apartments and villas. The occasional whining chirps of aquatic birds added to people's woes. Silently, the group laid offerings on the ground: five candles, piles of "paper money", incense sticks, and two strings of firecrackers. "Here, we've brought you some money, too, so that you won't be short of cash," said Tang as he led four young women and two men to put the "paper money" in a little flame they lit on the ground. The Chinese traditionally burn "paper money" for the deceased, hoping they would have enough cash in the afterlife. "Dear sister, I've got your favorite sweater," Zeng Yaoyao sobbed as she put a white sweater in the flame. "Please rest in peace." Zeng, 20, said she dreamed of her cousin Yang Dongmei Friday night. "I was so excited I ran up to embrace her. Then she said something about her sweater. I woke up in tears."Photo taken on March 14, 2009 shows the manager of the Yishion garment store Tang Qingyan (C) and employees mourn by the Lhasa river the five sales assistants burned to death in an arson attack by the rioters on March 14, 2008, in Lhasa, capital of southwest China's Tibet Autonomous RegionOf the five dead, Yang, Liu Yan and Chen Jia were still single. "According to the customs in our home province Sichuan, the death of an unmarried daughter is considered evil. They could only be buried in the obscure graveyard far from their homes," said Tang. The three girls' parents therefore agreed to have their ashes spilled into the Lhasa River. "It's a beautiful place, even better than our home province," Tang said. Tsering Zhoigar, the only Tibetan girl, was taken to her hometown in Xigaze Prefecture for the "sky burial", the traditional Tibetan burial. Tsering Zhoigar's close friend Basang joined Yishion after the torched store was revamped and reopened in May. "I used to spend a lot of time with her at her store after work. Now that she's gone, I feel closer to her by doing her job." Six sales women huddled together on the second floor of the store when rioters set the ground floor on fire. Zhoi'ma, 24, was the only one to escape the fire site at the last minute. A year after the tragedy, the nightmare still clings to Zhoi'ma, who refused to talk to the media and stayed away from the mourning. "We called many times on her cell phone, but she didn't answer," said Tang. "She told me this morning she was going to mourn her friend Zhoi'gar in the Tibetan way, and at monasteries." Towards the end of the mourning, the flames spread to burn card-boards they had carefully propped up with cobblestones to contain the fire. With all the offerings burnt, the group threw the bouquets into the river. A young man lit firecrackers before he stood with others, bowed, and paid a silent tribute to the dead. Four police officers, who had been silently watching the scene, lowered their heads, too. "It's sad indeed. That's why we have tightened security this year to avoid similar tragedies," said one of them, who refused to be named. Tang still stays in touch with families of the dead. "These good girls were all their families" breadwinners," he said. "Zhoi'gar worked with me for three years and Yang Dongmei, my wife's younger cousin, worked for a year."Photo taken on March 14, 2009 shows employees of the Yishion garment store put bunches of fresh flowers into the Lhasa river to mourn the five sales assistants burned to death in an arson attack by the rioters on March 14, 2008, in Lhasa, capital of southwest China's Tibet Autonomous RegionTang had known Chen Jia, the youngest of the five, since she was a toddler. "Her father is my close friend. Until the day she died, she'd been worrying for her younger brother, who was blind in one eye." With the government's compensation for Chen Jia's death, her parents had arranged an operation for her brother, Tang said. "Now I hope she'll have nothing more to worry about." Tang hadn't had the time to get familiar with the other two girls, Liu Yan and He Xinxin, who had worked for a week and three days respectively. He Xinxin's parents took her home to the central Henan Province after the riots. "Her cousin used to work in Lhasa, but left for home before the new year holidays," said Tang. "I had planned to take all my 14 employees here to mourn them today, but I didn't want everyone to point to my store and say 'hey, look, Yishion is closed,'" he said. "Together, we'll try to walk out of the shadow soon."
BEIJING, Feb. 13 -- Chinese banks issued 1.62 trillion yuan (7 billion) in new loans in January, up 101 percent year-on-year, prompting some economists to say the government might not cut interest rates for the time being to boost the economy. The massive jump in lending is equal to about one-third of the loans issued in the whole of 2008, a year that began on a generally tight credit line, the central bank said yesterday. M2, which includes cash and all types of deposits and indicates overall liquidity in the financial system, grew in January, too, by 18.8 percent year-on-year. It increased 17.8 percent in December. The massive growth in lending comes at a time when banks are rushing to cherry-pick the juiciest stimulus-package projects, especially major infrastructure ones that need long-term investment, the economists said. Chinese banks issued 1.62 trillion yuan (7 billion) in new loans in January, up 101 percent year-on-year The government announced a 6-billion package on November 9 to boost domestic demand and shore up investment. Though the central government will shoulder one-third of the cost, banks will play an important role in financing the construction of bridges, railways and highways. "The banks are fighting for the best projects in the government's stimulus package," said Ha Jiming, chief economist of China International Capital Corp. "It's not surprising to see that an array of the deals were sealed in the past month." "The massive lending growth minimizes the need to further cut interest rates heftily," said Lian Ping, chief economist with Bank of Communications. "The liquidity problem should ease with such a growth." The central bank has cut the benchmark lending rate by 2.16 percentage points in the past four months and reduced the deposit reserve requirement ratio in order to ensure there's enough liquidity in the market to boost the economy. The growth in lending could also prove to be a blessing for cash-strapped domestic enterprises trying to stay afloat amid shrinking overseas demand and waning consumer confidence. Central bank figures show bill financing, which supplies working capital, accounted for 39 percent of the new loans. Medium and long-term corporate loans made up 32 percent. "It (growth) reduces the default risks of domestic firms, which in turn eases worries over bank asset quality at least in the short term," said Sun Mingchun, an economist with Nomura International. The economists said the dramatic rise in lending could be partly attributed to pent-up demand for loans last year. The central bank had imposed a curb on lending till November last year to combat inflation and prevent the economy from overheating. That left "many firms, especially small- and medium-sized ones, facing a severe cash flow problem", Sun said. Policymakers lifted the curb in November and raised the target for M2 growth to 17 percent for 2009, up from 16 percent that had been in practice since 2006. The move is expected to ensure there's enough liquidity in the market to spur investment and boost the economy, whose growth dropped to a seven-year low of 6.8 percent in the fourth quarter last year. "Credit expansion in the first quarter of this year is expected to be very high because banks can maximize investment returns by front-loading new loans," said Jing Ulrich, managing director and chairwoman of China Equities at JP Morgan. But Ulrich cautioned against a possible rise in credit risk because the increase in liquidity could cause a sharp rise in banks' non-performing loans.
BEIJING, April 16 (Xinhua) -- Chinese Premier Wen Jiabao said Thursday that government stimulus moves had begun to produce results and the economy was now in "better-than-expected" shape. Wen's remarks at a cabinet executive meeting came after the government said there had been positive economic changes, even though the economy grew just 6.1 percent in the first quarter, the slowest pace in a decade. The premier cited pick-ups in investment, consumption and industrial output, abundant liquidity in the banking system, and improved market expectations as signs of those "positive changes." The National Bureau of Statistics said Thursday that first-quarter industrial output grew 5.1 percent year on year, with a rise of 8.3 percent in March. It also said fixed asset investment rose 28.8 percent to 2.81 trillion yuan (413.2 billion U.S. dollars), with real growth exceeding 30 percent, while retail sales grew 15 percent to 2.94 trillion yuan. Such positive changes indicated that the government's macroeconomic policies, taken since the second half of last year, have been "timely, powerful, and effective," said Wen, who presided over the meeting. China announced a 4-trillion-yuan stimulus package last November to boost domestic demand, slashed interest rates five times since last September, unveiled support plans for 10 key industries, and projected a record fiscal deficit of 950 billion yuan this year. These measures were prompted by a collapse in exports as the global downturn took its toll on the world's fastest-growing economy. China's economic growth cooled to a seven-year low of 9 percent last year, ending five years of double-digit expansion. "However, we must also be clear-headed and understand that grounds for the country's economic recovery are not solid enough yet, as circumstances both at home and abroad remain grim," Wen warned. He said that global financial turmoil was still spreading, and was exerting a deepening influence on the national economy. The premier cited continued falling in external demands, oversupply in some sectors that would suppress industrial output growth and worsen corporate earnings, reluctance in private investment, increased difficulty in raising farmers' income, the dwindling fiscal revenue, and the acute pressure to create enough jobs. He warned against blind optimism and called for unslackened efforts to achieve the country's goals of social and economic development. China is aiming to achieve an 8-percent growth this year, which has long been held as essential for the populous developing nation. "We should anticipate more risks and difficulties ahead, expect a longer time frame within which we would be able to overcome the crisis, and get prepared with more satisfying measures." The government would focus on following moves, according to the premier. -- To bring into play measures aimed at expanding investment. The country would soon cash in the third batch of pledged central government investment. The central government has so far cashed in 230 billion yuan (33.8 billion U.S. dollars), which is part of the 4-trillion-yuan stimulus package. The government would also revise government approval of investment projects -- or loosen government grip on investment project approval, to encourage private investment, and would continue the work on stabilizing and expanding foreign investment. -- To expand consumption, and consumer spending in particular. The country would continue to improve its policy for subsidies to farmers who buy designated brands of home appliances, and stimulate spending on culture, tourism and information in the service sector. It would also try to keep spending on such items as housing and auto stable. -- "Using every possible means" to maintain stable trade growth. The government would scrap policies that could restrict exports, and extend support to exports of hi-tech and labor-intensive products. It would also increase imports of important energy resources, heavily-demanded raw materials and key technologies and equipment, and encourage domestic firms to invest overseas. -- To keep the stable development of agriculture. The country would continue to carry out policies favorable to farmers and agriculture. It would initiate the plan to increase the country's grain output by 50 million tonnes over the next 12 years. -- To promote the restructuring of key industries. The government will unveil details of the stimulus packages for10 key industries as soon as possible, and cash in the fund from central government that will be exclusively used for the restructuring and technological renovation. The Chinese government would improve policies in favor of innovation and hi-tech industries, and may cultivate new growth in sectors of new energy, energy conservation, environmental protection, bio-pharmaceuticals, telecommunications and modern services. -- To advance with efforts to improve people's livelihood. The government would make public the execution plan and documents for the huge health care reforms as soon as possible. The reforms are aimed to provide universal health care to the country's large population. It would continue to provide support to migrant workers and college graduates who are hunting for jobs. -- To make sure the financial system is providing necessary support for the economic growth. The government would adjust the market demand for capital and ensure capital is used to fuel the economic growth. It would give more support to small- and medium- sized enterprises to meet their capital demand. -- To increase fiscal revenue by making more efforts to collect taxes that are due according to laws and regulations, and at the same time cutting back on unnecessary expenditures.
BEIJING, Feb. 22 (Xinhua) -- Chinese President Hu Jintao and Premier Wen Jiabao on Sunday called for all efforts to rescue the miners trapped or injured in the coal mine blast in north China's Shanxi Province. As of 6 p.m., 74 people were confirmed dead from the accident which occurred early Sunday morning at the Tunlan Coal Mine of Shanxi Coking Coal Group. The president and premier urged rescuers to spare no efforts to save the trapped miners and ensure the safety of rescuers, and prevent secondary accidents. Vice Premier Zhang Dejiang headed for the site Sunday evening to direct the rescue operation and console the injured miners and families of the victims. Zhang also declared to set up an investigation team to probe into the cause of the accident. Leaders from the State Administration of Work Safety and Shanxi provincial officials have also arrived at the scene. Luo Lin (1st L, rear), head of the State Administration of Work Safety, Zhao Tiechui (R, rear), head of the State Bureau of Coal Industry, and Zhang Baoshun (C, rear), the Provincial Communist Party Committee chief, talk with a miner injured during the accident at a hospital Gujiao City, north China's Shanxi Province, Feb. 22, 2009.