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CAPE TOWN, South Africa - Central bank chiefs from the U.S., Europe and Japan warned Tuesday of the risks of the Chinese economy overheating, potentially adding to inflationary pressures in other countries. U.S. Federal Reserve Chairman Ben Bernanke and European Central Bank President Jean-Claude Trichet also urged Beijing to let its currency rise in value, saying it would benefit both China and the global economy. "A quick pace toward greater flexibility would be in China's interest and create more flexibility for monetary policy to address the potential overheating of their economy," Bernanke said in a satellite linkup with a banking conference in Cape Town. "We could all be better off, China on the one hand and the global economy on the other hand," echoed Trichet. Critics argue that China is keeping its currency artificially low, contributing to its massive trade surplus with other countries and undermining competitors' prices. Both Bernanke and Trichet conceded that the cheapness of Chinese products flooding world markets had helped reduce global inflation, although said this was balanced by China's huge appetite for fuel and raw materials -- which has contributed to higher oil prices. Overall, China's impact on global inflation was "modest," Bernanke said. China is one of the world's fastest-growing economies, and its expansion has had a ripple effect on prosperity in other countries and offset more modest growth rates in North America, Europe and Japan. Trichet said the current boom was "absolutely exceptional in the global economy," but warned that this could not last indefinitely. "Complacency would be the worst possible advice for all of us," he said. Japan, where growth is a sluggish 2 percent, is keeping a watchful eye on the new Asian giant. "We need to be mindful of the risk of overheating and we can't rule out some risk of inflation in the Chinese economy," said Toshihiko Fukui, governor of Japan's central bank. China is witnessing a stock market boom, with millions of first-time investors jumping into the market, tapping savings and retirement accounts and mortgaging homes to buy stocks. Authorities are worried that the new money is fueling a bubble in prices. Chinese stocks rebounded Tuesday in volatile trading after their sharpest one-day drop in three months a day earlier as strong buying by institutions offset selling by retail investors. The benchmark Shanghai Composite Index fell 8.3 percent on Monday -- the benchmark's sharpest decline since an 8.8 percent drop Feb. 27 triggered a global market sell-off.
JINAN - Seven fishermen on two boats were rescued on Saturday off east China after their boats lost control in high gales, local rescue sources said. The engine of a fishing boat with six people aboard at the Bajiao offshore area near Yantai city, Shandong Province stopped working around 1:20 p.m. Saturday as its screw propeller was enlaced by aquatic plants amid sudden gales on the sea. A helicopter from the Beihai No. 1 Rescue Flying Squad was dispatched to the site and rescued the six in 20 minutes. The helicopter saved another fisherman on a separate boat on its way back. All the rescued fishermen were sent to Penglai, an island city near Yantai, Saturday afternoon.

BEIJING -- The Chinese government on Sunday promulgated a revised decree to strike the activities of driving up prices through hoarding or cheating.The revision was made on the basis of regulations passed in 1999 and amended in February 2006 by the State Council.The new decree, effective as of Sunday, raises the maximum fine to 1 million yuan(US,000), which almost triples the sum in the old regulations, for those who manipulate market prices and ignore the prices advised by the government under emergencies.Commercial associations which deliberately spread rumors on price information can be fined at a maximum of 500,000 yuan. Those who severely violate the decree may have their legal certificates revoked.The State Council and local governments can set profit ratios or price ceilings for key items of goods and services when prices rise too sharp, according to the decree.
BEIJING - China imported 139,900 sedans in 2007, up 25.13 percent over the previous year, with the largest share of 46 percent, or 63,800 units, coming from Germany, China Customs figures revealed.The sedan imports worth 5.01 billion US dollars, up 25.41 percent from the previous year, took up 45 percent of China's total automobile imports which has slightly overshot the previous year's total to stand around 310,889 units.China Trading Center for Automobile Import predicted late January that tariff reduction since July 1 had given a stimulus to China's consumption of overseas made automobiles, which could reach 300,000 in 2007.China customs figures showed about 79 percent of the imports were vehicles with an engine size of or larger than 2.5 liters.Japan exported 29,700 sedans to China, the second largest total, while the United States ranked third with 18,000 units.China's sedan exports, by contrast, more than doubled year-on-year to 188,600 units in 2007.Chery, the flag-bearer of Chinese brands, saw a 132-percent surge in exports in 2007, to 119,800 units. The carmaker, which has accelerated its expansion overseas in recent years, expected to export 180,000 units this year.Chang'an Automotive Group, China's fourth largest automaker, sold more than 40,000 cars overseas last year, against 21,700 in 2006.China, the world's third largest vehicle producer, after Japan and United States, found its auto output grow 22.9 percent to 9.04 million units last year, according to figures with the National Development and Reform Commission (NDRC), the country's top economic planner.The NDRC deputy economic performance department director Zhu Hongren said, since quantity was not a problem anymore, auto producers should increase their focus on quality.In 2006, China overtook Japan to become the world's second largest car market after the United States, with sales of 7.2 million units, up 25.13 percent year-on-year.Compared with their international counterparts, China's auto makers are still small in terms of production scale and behind in technology. In addition, the country's auto boom has created growing problems, such as increasing traffic jams and pollution.
People in the southern city of Guangzhou appear to be suffering mental problems at ever younger ages as they struggle to adapt to life outside the home and school, a source with the local health authority said.There are currently 43,803 registered cases of mental illness in the city. Up to 40 percent of them are between 16 and 25 years old, according to the Guangzhou health bureau."A decade ago, most people with mental illnesses were between 18 and 30 years old. But now they are five years younger," Zhao Zhenghuan, director of the Guangzhou Brain Hospital, said.Zhao attributed the situation to young people's "relatively poor social adaptability.""Children from single-child families receive a lot of care at home and school, but when they leave home and school, they find it hard to adapt to life. They easily develop mental problems such as anxiety and depression," Zhao said.Pan Jiyang, a psychologist with the first Affiliated Hospital of Jinan University in Guangzhou, Thursday called for "early treatment and mental education" for teenagers who are mentally ill.Not seeking helpPan said some 80 percent of people who suffer from mental illness do not seek help after their conditions are diagnosed."Delayed treatment at the early stage will lead to more serious conditions. Most parents just cannot believe their kids have developed mental problems," Pan said, adding that young mental patients could attempt suicide or commit crimes if they are not treated well.In one case, a 21-year-old student believed to be suffering from a mental illness stabbed six of his classmates at an IT college in Zhuhai, Guangdong Province, last month.To better cope with the situation, the Guangzhou Teenager Service Center, a psychological treatment center affiliated to the Guangzhou Communist Youth League, has employed eight psychological experts.The experts will work with people suffering from mental illness through a hotline (12355).Meanwhile, nearly 100 psychologists will soon be deployed in communities, schools and work units to promote mental health among young people.
来源:资阳报