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BEIJING, Aug. 5 (Xinhua) - The People's Bank of China (PBOC), also known as the central bank, said Thursday it would maintain its moderately loose monetary policy and enhance financial supports to boost the economy's sustainable development.The bank will apply multiple monetary tools to keep an appropriate growth in money supply in a bid to strike a balance between meeting the need of funding economic development and managing the inflation expectation, the PBOC said in a statement posted on its website.The PBOC reiterated it would maintain continuity and stability in monetary policy while, at the same time, making the policy more specific and more flexible.It vowed to improve the yuan's exchange rate mechanism, and increase financial support to promote the transformation of the economic growth pattern and adjustment of the economic structure.China's broad money supply (M2), which covers cash in circulation and all deposits, increased 18.5 percent year on year to 67.39 trillion yuan by the end of June, which marked a slowdown from the 21 percent increase at the end of May, the PBOC said.During the same period, narrow money supply (M1), cash in circulation plus current corporate deposits, climbed 24.6 percent from a year earlier to 24.06 trillion yuan, representing a decrease of 5.3 percentage points from the end of May, according to the PBOC.The bank also warned of potential domestic inflation risks due to complicated situations both at home and abroad.Increases in the costs of labor and environmental requirements, combined with continuing progresses in the reforms in the prices of resource products, will likely impact the inflation expectation.Meanwhile, the central bank pointed out that external 'hot money' may push up price hike pressures."The global monetary situation is relatively loose, as nations across the world have been prudent in their stimulus exits due to continuing uncertainties in the economic recovery. Excessive money is likely to seek various outlets, adding potential risks of inflation expectations," the PBOC said in its statement.
BEIJING, Aug. 12 (Xinhua) -- China has decided to impose anti-dumping tariffs on pure terephthalic acid imported from Thailand and the Republic of Korea (ROK), the Ministry of Commerce (MOC) said Thursday.The five-year tariffs, ranging from 2 percent to 20.1 percent, took effect Thursday, the ministry said in a notice posted on its website.The MOC said the dumping of terephthalic acid on the China market had caused substantial damage to the domestic industry.The ministry started an anti-dumping probe into imports of the acid on Feb. 12, 2009.On Feb. 12, 2010, the MOC announced the the preliminary ruling of the investigation, which required importers of pure terephthalic acid from Thailand and the ROK to put down a security deposit.Terephthalic acid is an organic compound used in polyester coatings and resins.
BEIJING, Aug. 21 (Xinhua) -- China's flood control authority Saturday urged more efforts to battle flooding in areas along the Yalu River in northeast China's Liaoning Province, to ensure the safety of local residents.The Office of National State Flood Control and Drought Relief Headquarters has required relevant departments to focus on the prevention of landslides.The office dispatched a work team to Liaoning Saturday to assist flood-control efforts.As of 7 a.m. Saturday, three people were missing and about 51,000 people had been evacuated, after the swollen Yalu River flooded parts of Dandong City in Liaoning.
BEIJING, Aug. 10 (Xinhua) -- Food, clothing and shelter supplies for the mudslide-affected people in Zhouqu County in northwest China's Gansu Province are to be properly handled, the Ministry of Civil Affairs said Tuesday.The affected people will be helped by the government to reconstruct their homes, the ministry said in a statement.China's Ministry of Finance has allocated 500 million yuan (73 million U.S. dollars) for emergency aid to fund the relief efforts.The statement said the resettlement program will be carried out in three stages.The first stage of emergency aid is resettling the affected people in temporary shelters.The second stage is the stopgap resettlement of people in houses of relatives, friends, neighbors as well as rented houses and houses offered by the government.The third stage is reconstruction and the moving of people into their new homes.Efforts should be made to finish reconstruction of toppled houses before winter sets in, or no later than June 2011, the statement said, noting the repair of damaged houses shall be finished by November this year.The ministry will soon flesh out the resettlement program after learning further details of the disaster, an official at the Ministry of Civil Affairs said.The death toll from the massive rain-triggered mudslide in Zhouqu County has risen to 702, with 1,042 others still missing.Also on Tuesday, the Ministry of Civil Affairs said 7,000 tents, 21,400 cotton quilts, 5,000 folding beds and 5,000 sleeping bags had arrived in Zhouqu.Along with the shelter supplies, instant noodles, drinking water, generators, candles and flashlights have also arrived in the county, with more supplies en route.In addition, the State Administration of Radio Film and Television has transported 10,000 radios and 5,000 televisions and satellite dishes to the affected area to ensure local people know the latest information concerning the rescue and relief efforts.As of 6 p.m. Monday, the Red Cross Society of China and its local branches had offered relief funds and materials worth more than 6 million yuan (about 886,000 U.S. dollars).The organization has called for more donations, asking the public to log on to redcross.org.cn to donate, apart from donating through banks and post offices.The State Council, China's Cabinet, released a circular Tuesday calling for better coordination between local rescue and relief teams.The circular encouraged financial donations from the public for the organized procurement of supplies.It also urged people other than rescue and relief workers to not go to the disaster-hit county.
URUMQI, Aug. 7 (Xinhua) -- A group of 192 Chinese workers and engineers, who had been trapped and later rescued in flood- hit Pakistan's northwest province of Khyber Pakhtunkhwa, returned home at 8:24 p.m.Saturday on a charter flight.The plane took them to Urumqi, northwest China' s Xinjiang Uygur Autonomous Region, and after a brief stay, they will fly to their home towns in central China's Henan Province, east China's Shandong Province and southwest China's Sichuan Province."I feel safe coming back home," Feng Yong, an engineer said at the Urumqi airport.Chinese workers and engineers walk out of a chartered plane at the airport in Urumqi, capital of northwest China's Xinjiang Uygur Autonomous Region, Aug. 7, 2010. The first batch of 192 Chinese workers and engineers, who had once been trapped and rescued in flood-hit Pakistan's northwest province of Khyber Pakhtunkhwa, returned to China Saturday. A total of 268 Chinese workers and engineers working at a hydro-power station project in the Patan area of Kohistan District in Khyber Pakhtunkhwa were trapped on a mountain as a huge landslide, triggered by floods and torrential rains, washed across their work site on July 29.All 265 people were safely evacuated, except for three workers who went missing.Fourteen Chinese engineers are still taking care of the flood-ravaged project site while the remaining 59 workers are waiting for other arrangements in Islamabad.