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BEIJING, Oct. 11 (Xinhua) -- The latest tests found that Chinese liquid dairy products met the new temporary restrictions on melamine, the country's top quality control agency said on Saturday. It was the ninth investigation on the industrial chemical following the tainted baby formula scandal that killed at least three infants and sickened more than 50,000 others, according to the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ). The latest tests covered 532 batches of liquid milk, including yogurt, from 69 brands in 23 major cities nationwide, the agency said. At present, 4,213 batches of liquid dairy products from 131 brands produced after Sept. 14 were tested and all in line with the limit, it added. Melamine, often used in the manufacturing of plastics, was added to sub-standard or diluted milk to make the protein levels appear higher. China on Wednesday set temporary limits on melamine content in dairy products. The limits were a maximum of 1 mg of melamine per kg of infant formula and a maximum 2.5 mg per kg for liquid milk, milk powder and food products containing at least 15 percent milk. The State Council, or Cabinet, issued a series of quality control regulations for dairy products on Thursday. The regulations tighten control of how milk-yielding animals are bred, how raw milk is purchased and the production and sales of dairy food. They promised more severe punishment for people who violated safety standards and quality control departments that failed to fulfil their duties.
WASHINGTON, July 29 (Xinhua) -- Visiting Chinese Foreign Minister Yang Jiechi and U.S. President George W. Bush met at the White House on Tuesday, agreeing to push forward with the constructive and cooperative relations between the two countries. During the meeting, Yang hailed the great development that two countries have achieved in the past seven years in enhancing China-U.S. relations, which he said also contributed to the peace, stability and development of the Asia-Pacific region and the world. He noted that Chinese President Hu Jintao and President Bush have set the direction for the future development of bilateral relations during their meeting held at the sidelines of the Hokkaido G8 summit in Japan earlier this month. China is willing to work with the United States to follow the direction and push forward with the constructive and cooperative relations between the two countries, Yang added. For his part, Bush told the visiting Chinese top diplomat that he is glad to see China-U.S. relations developing on a favorable momentum that the United States is committing to maintaining, and he also appreciates a good working relationship built with Chinese President Hu Jintao. On the coming Olympic games in Beijing, Yang expressed his welcome to Bush, who is set to attend the opening ceremony, and wished American athletes excellent performance in the competitions. Bush said, in return, that he looks forward to visiting China to attend the Olympic games' opening ceremony. On the issues of human rights and religion, Yang told the U.S. president that China would like to continue to exchange its views with the United States on basis of equality, mutual respect and non-interference in each other's domestic affairs, as a way to promote mutual understanding. He also noted at the meeting that the WTO's Doha Round trade negotiations are at a critical moment, and its success would help promote world economy growth, which is in the common interest of China, the United States and the international community. China hopes that all sides can work together to push forward with the negotiations and achieve a comprehensive and balanced result, he added. Yang also met with Stephen Hadley, assistant to the president for national security affairs.
BEIJING, Aug. 27 (Xinhua) -- The Chinese government will stick to an economic policy that focuses on curbing inflation for the rest of the year, a senior official on Wednesday told China's top legislature, as slowing output and rising prices loom over the post-Games economy. Economic planners would exert themselves to increase supplies of necessities, closely track key prices and make price controls more effective, National Development and Reform Commission deputy chief Zhu Zhixin told the fourth session of the Standing Committee of the 11th National People's Congress. "A lot of factors can drive prices up," said Zhu. "There is a strong demand for primary products, with prices hovering high on international markets, while more expensive land and labor at home will add to costs." His statements came after China's main inflation indicator showed a deceleration in July and as the world wondered where the already slowing economy would head after the glitz of the Games. The consumer price index was up 6.3 percent last month over July last year, lower than the 7.1 percent in June and 7.7 percent in May, as tighter monetary policies adopted last year seemed to bite. Meanwhile, the country's economic output in the first half was 10.4 percent higher, compared with 10.6 percent in the first quarter and 12.2 percent in the first half last year. Zhu said the output slowdown was "a moderate correction from a high level". "The national economy is heading in the direction expected by the macro-control policy." Zhu cited the pressures on some industries and enterprises as one of the major conflicts in the economy, saying it would take time for the latest supportive policies to show an effect and for companies to adjust. He told the top legislature the government would continue to seek a balance between fighting inflation and maintaining growth. Tasks for the rest of the year included improving the contribution of domestic consumption to economic growth, boosting agricultural output and increasing aid to small enterprises, he said. The government had been focusing on preventing the economy from overheating before changing the goal to "keeping steady, rapid growth" in July. Many analysts foresaw a loosening of the tight monetary policy to provide liquidity for enterprises, especially exporters, that were squeezed by weakening demand, credit controls and rising costs. Earlier this month, administrators raised the export tax rebate rates for some textiles and garments, while the central bank allowed more credit to small and medium-sized enterprises. "The fiscal and monetary policies are likely to be eased, if the current trend is a guide," said CITIC Securities analyst Zhu Jianfang. "The central bank is not expected to come up with any big tightening moves after the Olympics."
BEIJING, April 2 -- China Everbright Bank, Everbright Group's banking unit, will go public in Shanghai in July or August, Everbright Group said Tuesday. The bank will issue more than 820 million A shares, accounting for 10 percent of its enlarged share capital, said Everbright Group, a State-owned financial conglomerate. The bank may float shares on the Hong Kong stock exchange if its Shanghai IPO is successfully completed before the 2008 Olympic Games. "But the bank has no timetable for a Hong Kong listing yet," said its vice-president Xie Zhichun. "And the Shanghai listing plan will be further discussed by and is subject to approval from the board and shareholders." Xie added: "The board may enlarge the A-share issue further to more than 10 percent of the enlarged share capital as we don't know whether we can realize a Hong Kong listing or not, but we expect to finish the Shanghai listing before the Olympic Games." The bank has postponed inviting strategic investors as concerns are rising that the subprime crisis will worsen the finances of financial institutions, the bank said. "We will restart the work after the strategic investors release their third-quarter report," said Li Jie, another vice-president of the bank. The bank is a target for foreign investors given its low share price and large scale. It said earlier it will reserve a 20 percent stake for foreign strategic investors and would like to pick investors that can hold the bank's stakes for a long time. The bank disclosed that Industrial Bank from France showed interest to invest in it, but the French banking scandal hindered talks. It will restart inviting strategic investors after its Shanghai listing, the bank said. The bank is 24.16-percent-owned by China Everbright Group and 21.4-percent-owned by Hong Kong-listed China Everbright Ltd.
BEIJING, July 27 (Xinhua) -- The China National Petroleum Corp. (CNPC), the country's largest oil producer, planned to cut its workforce by 5 percent in upcoming three years as its profits had been squeezed by heavy refining losses. The oil giant had 1.67 million staff last year, which meant more than 80,000 of them would be laid-off within three years, Beijing News reported. The move followed CNPC's earlier announcement to cut non-production spending by 10 percent from a year earlier, the paper said. The China National Petroleum Corp. (CNPC), the country's largest oil producer, planned to cut its workforce by 5 percent in upcoming three years as its profits had been squeezed by heavy refining losses. CNPC's profit before tax dropped by 39 percent year-on-year to 56.4 billion yuan (8.3 billion U.S. dollars) in the first half year as a result of refining loss and windfall taxes on crude oil sales. To reduce costs, CNPC halted or cut investment in 49 projects in June, saving the company up to 20.72 billion yuan. PetroChina, CNPC's listed arm, announced last month to issue no more than 60 billion yuan to "satisfy the operational needs of the company, further improve its debt structure, reduce financing costs and supplement working capital."