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BEIJING, March 28 (Xinhuanet) -- Google Inc. is working with MasterCard Inc. and Citigroup Inc to develop a technology that could make mobile payments, according to media reports Monday.The new technology named "Nexus S Android" is embedded in Android mobile devices and allows customers to make purchases by waving their smartphones in front of a small reader at the checkout counter.Credit-card reader producer VeriFone Systems Inc, also involved in the new payment service, is developing contact-less devices that could allow people to pay with a wave or tap of credit card or a tap of smartphone.To use the service, holders of Citigroup-issued debit and credit cards must activate a mobile-payment application developed for one current model of Android phones. More models will be coming as the technology advances.Besides mobile payment, consumers would also be able to get targeted ads or discount offers, manage credit-card accounts and track spending through an application on their smartphones.Due to the deliberate design of the technology, customers have no need to worry about the security of their payment information. Nick Holland, a mobile-transactions analyst at Yankee Group, said the new technology is more sophisticated than credit cards with a magnetic stripe.With the coming service, Google is aiming to boost its advertising business by offering retailers more data about their customers and help them target ads and discount offers to mobile-device users near their stores.An insider told that Google was not expected to get a cut of the transaction fees.The service is expected to be released this year. Once released, it will broaden the uses of smartphones for everyday activities—from chatting to emailing to shopping.

BEIJING, Jan. 27 (Xinhua) -- China's foreign exchange watchdog said Thursday that the surplus of Chinese banks' foreign exchange purchases to sales in client transactions increased 51 percent through 2010 to stand at 397.7 billion U.S. dollars at year-end.China' s institutional and individual clients sold 1.33 trillion U.S. dollars in foreign exchange to banks in 2010 while purchasing 932.7 billion U.S. dollars, said the State Administration of Foreign Exchange (SAFE) in an online statement.In 2009, the annual surplus fell 42 percent to 263.5 billion U.S. dollars, according to SAFE's data released in March 2010.The statement noted the figures did not include banks' own forex transactions and interbank transactions.The forex surplus in December 2010 totaled 51.5 billion U.S. dollars, as clients sold 146.2 billion U.S. dollars of foreign exchange, up 13 percent from November, while purchasing 94.7 billion U.S. dollars, up 12 percent, it said.Chinese banks received 1.89 trillion U.S. dollars for their clients in overseas business in 2010 and paid 1.59 trillion U.S. dollars to overseas business, it added.The SAFE only began releasing monthly and quarterly data on bank foreign exchange transactions in 2010.

The severe water shortages have become a major bottleneck to our sustainable development. Nearly two-thirds of the cities in China lack water," said Chen Lei, Minister of Water Resources.From 2011 to 2015, China will strive to limit its annual water consumption within 620 billion cubic meters and cut water consumption per 10,000 yuan of GDP by 30 percent.

BEIJING, May 4 (Xinhuanet) -- No formalin has been found in the milk powder imported from S. Korea into China due to different milk sources, the general agency of South Korea's Maeil Dairies said Tuesday.The declaration came after Maeil Dairies, South Korea's third-largest dairy company, was found to have produced milk from cows given feed tainted with formalin.The agency said that the milk used in the dairy products exported to China comes from New Zealand, Europe and other places outside South Korea, so Chinese consumers should have nothing to worry about.Formalin, a liquid form of formaldehyde gas, was largely used in the past as a disinfectant, pesticide and bactericide for preservation of biological specimens.Its use has dwindled over the years due to health concerns.After the incident, South Korea has decided to conduct emergency inspections on milk sold in the market by four major dairy companies, to check the presence of formalin.

LOS ANGELES, May 1 (Xinhua) -- Middle-aged adults who sleep too less or too much may be more likely to suffer cognitive decline, a new study suggests.According to the study, less than six hours of sleep each night is considered too little and more than eight hours as too much for middle-aged adults.The study, conducted by researchers at University College London Medical School, was published May 1 in the American medical journal Sleep.The researchers conducted the study in two periods -- the 1997- 1999 period and the 2003-2004 period. The participants were asked how many hours they slept on an average week night, and were asked the same question in 2003-2004 after an average 5.4 years of follow-up.The researchers compared those who reported changes in their sleep patterns with people whose sleep duration stayed the same over the course of the study.In the follow-up, each individual was given a battery of standard tests to assess his or her memory, reasoning, vocabulary, global cognitive status and verbal fluency.The study findings show that women who slept seven hours per night had the highest score for every cognitive measure, followed by those who had six hours of sleep. For men, cognitive function was similar for those who reported sleeping six, seven or eight hours.However, less than six hours of sleep -- or more than eight hours -- were associated with lower scores."Sleep provides the body with its daily need for physiological restitution and recovery," explained Jane Ferrie, a senior research fellow in the department of epidemiology and public health at the school. "While seven hours a night appears to be optimal for the majority of human beings, many people can function perfectly well on regular sleep of less or more hours."However, since most research has focused on the effects of sleep deprivation on biological systems, it is not yet fully understood why seven hours is optimal -- or why long sleeping appears to be detrimental, Ferrie said."Chronic short sleep produces hormones and chemicals in the body which increase the risk of developing heart disease and strokes, and other conditions like high blood pressure and cholesterol, diabetes and obesity," she added.