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BEIJING, Oct. 29 (Xinhua) -- China's central bank, the People's Bank of China (PBOC), announced on Wednesday it would cut benchmark interest rates by 0.27 percent to spur economic growth as of Oct. 30.     The benchmark one-year deposit rate would drop to 3.60 percent from 3.87 percent, while the benchmark one-year lending rate would fall from 6.93 percent to 6.66 percent.     This is the second such move in less than one month, highlighted the government's rising concern over the slowing economy and slumping capital market.     The previous was on Oct. 8, when the PBOC announced to cut deposit and lending rates was lowered by 0.27 percentage points and decided to cut the reserve-requirement ratio by 0.5 percentage points from Oct. 15.     "It reflects that the government is worried about a cooling down economy and other domestic problems, amid a deepening U.S.-originated world credit crisis, " said Tang Min, China Development Research Foundation deputy secretary.     China's gross domestic product (GDP) grew to 20.16 trillion yuan (2.96 trillion U.S. dollars) in the first three quarters of this year, up 9.9 percent from the same period of last year.     The growth rate was 2.3 percentage points lower than the same period of last year, and half a percentage point lower than the first half.     "This was also a timely response to the rate cuts by other central banks worldwide and part of a coordinated effort to stem the global financial crisis, " said Tang.     The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability, experts say.     Tang added, the easing in inflation has given room for the authorities to loosen monetary policy. Inflation is no longer a threat with the declining commodities prices.     China's consumer price index (CPI), the main gauge of inflation, rose 4.6 percent in September over the same period last year, off from the 12-year high of 8.7 percent in February.     "A lower interest rate will help domestic enterprises to cut business costs, and boost economic development. This is in line with the country's expectation," Tang noted.     Zhuang Jian, senior economist with Asia Development Bank echoed with Tang, saying a relaxed credit and financing environment is a key factor to enlarging domestic demand and boost consumption.     "Maintaining a fast and sound economic development is the government's top priority currently," Zhuang added.     However, Zhuang noted, monetary policy alone was not enough to boost domestic economy in the long term. Other fiscal policies were also very important.     Guo Tianyong, director of banking research center with Central University of Finance and Economics said, this move was also contribute to rebuilding people's confidence over the poorly-performing domestic stock market and real estate market.     China's stock market dropped more than 66 percent from its peak last October, while real estate prices continue to fall in recent months.     Last week, China announced an array of policies, including tax exemption and mortgage deposits reduction, to boost the falling real estate sector amid the global economic slowdown.     The interest rates on a mortgage for first time home buyers was cut by 0.27 percentage points as of Oct. 27. The floor for interest rates would be lowered to 70 percent of the central bank's benchmark rate, the central bank said.

  天津男性领龙济   

BEIJING, Nov. 19 (Xinhua) -- Chinese top legislator, Wu Bangguo, met here Wednesday with visiting speaker of the Slovak National Council, Pavol Paska, calling on the two sides to step up inter-parliamentary cooperation to further boost bilateral relations.     Wu, chairman of the Standing Committee of China's National People's Congress (NPC), China's top legislature, highlighted China-Slovakia relations, noting that the ties already entered into a phase of development.     Citing Slovakia as one of the fastest growing member states in the European Union (EU) and China as the biggest developing country in the world, Wu said that the two share a solid foundation for further cooperation. Wu Bangguo, chairman of the Standing Committee of the National People's Congress(NPC), meets with Pavol Paska, the speaker of the National Council of the Slovak Republic, in the Great Hall of the People in Beijing, China, on Nov. 19, 2008    He added, China is willing to explore new approaches to expand cooperation in an aim to optimize the two-way trade structure and increase mutual understanding between the two businesses.     "We should give full play to the two business communities and help them promote bilateral trade relations to a higher level," Wu said.     Paska said that Slovakia attaches great importance to its ties with China and hopes to learn China's successful ways of boosting national development. It also wants to forge cooperation with China in fields such as infrastructure.     He noted that Slovakia, as a new EU member state, is willing to play a role of bridging the EU-China strategic partnership for further development, reiterating that Slovak parliament and government will continue to cohere to the one-China policy.     The two sides also exchanged their views on inter-parliamentary cooperation, agreeing to push forward collaboration among parliamentary special groups and exchanges of the young parliament members in an effort to generate contribution to the new growth of the bilateral relations.     Paska arrived here Monday for a 5-day visit to China as Wu's guest.

  天津男性领龙济   

BEIJING, Oct. 27 (Xinhua) -- General Secretary of the Communist Party of China (CPC) Central Committee Hu Jintao has urged Party schools at all levels to play more important roles in the Party and country's development.     Hu, also Chinese President and Chairman of the Central Military Commission, made the remark when he gave a keynote speech to a meeting attended by delegates of the Party schools across the country in Beijing on Monday. General Secretary of the Communist Party of China (CPC) Central Committee Hu Jintao (C), also Chinese President and Chairman of the Central Military Commission, gives a keynote speech to a meeting attended by delegates of the Party schools across the country in Beijing, capital of China, Oct. 27, 2008. Xi Jinping (2nd L), president of the Party School of the CPC Central Committee and also member of the Standing Committee of the Political Bureau of the CPC Central Committee, chaired the meeting. Senior leaders Li Changchun (2nd R), He Guoqiang (1st R) and Zhou Yongkang (1st L) also attended the meetingIn his speech, Hu stressed that to deal with various challenges and problems foreign and domestic, the Party and the government need a large number of officials who are capable, clean-handed and whom the people could trust.     "Party schools at all levels have an important responsibility in training and improving official's capabilities," Hu said in his speech. "Party committees at all levels should regard the Party school construction as one of the fundamental works."     Hu urged Party schools to adopt reforms and innovative policies in improving their qualities of education.     Party schools should act as a main channel for the Party to train officials on a large scale and increase their abilities to take both foreign and domestic situations into policy making, Hu said.     Party schools should also help the officials improve their abilities to govern the Party itself and resolve its internal problems, he added.     He said that Party schools should act as an important theoretical academy of the Communist Party.     Party schools are expected to provide theories of socialism with Chinese characteristics and make the theories understandable, acceptable and adoptable for the officials.     Innovation in socialism theories should be an essential job for the Party schools, Hu said in the speech, adding that the schools should also unite theories with practice and serve the Party and governments at all levels in decision making.     Another important role that the Party schools should play is imparting modern scientific knowledge, Hu said.     Party schools should cultivate officials with more loyalty to the Party, he said.     Xi Jinping, president of the Party School of the CPC Central Committee and also member of the Standing Committee of the Political Bureau of the CPC Central Committee, chaired the meeting. Senior leaders Li Changchun, He Guoqiang and Zhou Yongkang also attended the meeting.

  

BEIJING, Oct. 22 (Xinhua) -- China's top political advisor has called for seriously studying the essence of the third plenary session of the 17th Central Committee of the Communist Party of China (CPC), which is ushering in a new round of rural reforms in the country.     Great efforts should be made to push forward the rural reforms, so as to consolidate and develop the country's general situation featuring a stable and fast economic development and a harmonious and stable society, said Jia Qinglin, chairman of Chinese People's Political Consultative Conference (CPPCC) National Committee.     Jia, who is also a member of the Standing Committee of CPC Central Committee Political Bureau, made a study tour in Jilin Province on Oct. 18-22 in the company of Jilin's Party chief Wang Min and Governor Han Changfu.     During his stay, he visited local factories, villages, schools, research institutions and construction sites, and heard reports by local officials to learn about the real situation in this northeastern province. Jia Qinglin (R front), a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and chairman of Chinese People's Political Consultative Conference (CPPCC) National Committee, talks with a farmer at the Cerestar China Resources Maize Industry Co., Ltd. in northeast China's Jilin Province, Oct. 20, 2008. Jia made a study tour in Jilin Province on Oct. 18-22    Jia showed special interest in rural development and urged local grain-processing companies to play a leading role in promoting agricultural production, increasing farmers income and achieving prosperity in the countryside.     He urged locals to probe ways in setting up new-type rural cooperatives to speed up the formation of a new-type public service system for farming and enhance the level of public service in the agricultural sector.     In addition, the senior official highlighted the issue of improving the country's self-reliant and innovative abilities, while visiting a number of large companies in oil, railway, pharmaceuticals and research and educational institutions.     Jilin, which boasts a sound industrial foundation and a large army of scientists and teachers, has the valuable conditions for increasing its self-reliant and innovative abilities and accelerating the pace of reforms, Jia said.     Over the past few days, the top political advisor had meetings with local CPPCC officials and leaders of local branches of non-communist parties and the local federations of industries and commerce.     Jia reiterated the important role of China's political consultative system, which puts the CPC at the center while making all these non-Communist parties as participants in the country's arena, the so-called United Front, which is aimed to unite all forces around the CPC in the governance.     China must adhere to its correct political orientation and the leadership of the CPC, Jia said. He called for firmly taking the socialist road with China's own characteristics in the country's political development, under the guidance of the great banner of socialism.

  

SHUIFU, Yunnan, Dec. 28 (Xinhua) -- The Jinsha River in south China was blocked on Sunday to make way for construction of a new hydropower project on the upper reaches of the Yangtze River.     At a cost of 43.4 billion yuan (about 6.3 billion U.S. dollars), the Xiangjiaba Hydropower Project is expected to be completed by 2015. It will be able to generate 30.7 billion kw hours of electricity a year.     "Electricity generated by hydropower stations will mainly be sold to China's eastern, southern and central regions," said Li Yong'an, general manager of the China Yangtze River Three Gorges Project Development Corporation. "Sichuan and Yunnan provinces will also benefit from it." Workers cheer for the damming of the Jinsha River in the construction of the Xiangjiaba Hydropower Station which is the third largest of its kind in China.     In addition to providing power, the project will play a role in flood control and farmland irrigation.     About 125,100 people from three counties of Yunnan Province and three counties of Sichuan Province have been resettled to make way for the project.     The Xiangjiaba project is one of a series of hydropower plants China plans to build on the Jinsha River to supply electricity to its economically more developed coastal regions.     The 2,290-kilometer-long Jinsha River, a tributary of Yangtze River, originates in Tanggula Range and flows through Qinghai, Tibet, Yunnan, and Sichuan.     Water is mostly stored in the river's middle and lower reaches where China plans to build 12 hydropower stations to share a 59.08- million-kilowatts installed capacity. Photo taken on Dec. 28, 2008 shows the last phase of damming the Jinsha River in the construction of the Xiangjiaba Hydropower Station which is the third largest of its kind in China.

来源:资阳报

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