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BEIJING, Oct. 28 (Xinhua) -- Chinese Vice President Xi Jinping on Wednesday called for efforts to carry on patriotism and spirit of selfless devotion for the advancement of the country's modernization drive. Xi made the call at a seminar to mark the 120th anniversary of the birth of Li Dazhao, a founder of the Communist Party of China(CPC). Chinese Vice President Xi Jinping (R) shakes hands with a relative of Li Dazhao in Beijing, Oct. 28, 2009. A conference was held Wednesday to commemorate the 120th anniversary of the birth of Li Dazhao(1889-1927), one of the main founders of the Communist Party of China (CPC). Xi called Li a forerunner of the CPC movement, a great Marxist and an outstanding proletarian revolutionist. Born on Oct. 29, 1889, Li was a Chinese intellectual and one of the leaders of the anti-imperialism "May Fourth Movement" in 1919.He was captured by a warlord in 1927 and then executed. Photo taken on Oct. 28, 2009 shows a scene at a conference to commemorate the 120th anniversary of the birth of Li Dazhao(1889-1927), one of the main founders of the Communist Party of China (CPC).
BEIJING, Nov. 2 (Xinhua) -- Stocks on ChiNext, the country's Nasdaq-style board for domestic start-up firms, rode on a roller coaster on the first two trading days: soaring at debut and taking a sudden turn on the second day. Twenty stocks out of the total 28 fell by the daily limit of 10percent at Monday close, compared with an average of 106.23 percent surge on Friday, the first trading day, driven by a speculative surge for quick profits. About 252,600 individual investors bought 423 million new shares at ChiNext on Friday, accounting for more than 97 percent of all new shares on the market. The average price-earnings ratio for the initial public offering prices was at around 55.70 times, and then was pushed up to around 111 times, much higher than 25.98 times and 37.80 times at main boards in Shanghai and Shenzhen bourses respectively. The bubbly opening led to warnings of risks posed by excessive speculation and inflated stock price. Jin Yanshi, chief economist with the Sinolink Securities, said the price-earnings ratio was too high driven by the irrational buying spree. He said the frenzy would gradually cool off, and he expected a 30 percent to 50 percent drop of share prices in three to six months. Analysts said it was typical in China that new shares would face speculation at debut and see large initial gains, followed by a continuous pullback. China State Construction Engineering Group shares soared more than 60 percent at debut in Shanghai on July 29 from a initial public offering price of 4.18 yuan and ended at 6.53 yuan, up 56.22 percent. On Monday, its close price stood at 4.79 yuan. It also reminded of the launch of board for small and medium-sized enterprises at Shenzhen Stock Exchange market on June25, 2004, when shares of eight new stocks rose more than 130 percent. The share prices fell by an accumulative 40 percent from the close prices on the first trading day three months later. China made plans to launch the Nasdaq-style board for trading of start-up shares in 1999 to boost development of small and medium-sized enterprises. The plan was postponed in 2001 when the Internet bubble burst in the United States. Since 1962, a total of 39 nations or regions have launched 75 such boards for start-up companies to raise funds. However, about half of them ended up closing due to weak market sentiment and regulatory inconsistencies, and 41 markets were operational as of the end of 2007. The Growth Enterprise Market, kicked in Hong Kong in 1999, was a luck luster as investors were scared away by the plunge in value of technology stocks in 2001. The index fell about 90 percent since then. By contrast, Nasdaq set up in the United States in 1971 has been a successful one, which attracted giants like Microsoft and Intel, and became the major market for overseas listing of Chinese enterprises. There are currently 116 Chinese companies listed on Nasdaq, including Baidu. Analysts attributed the main reasons for failure of some markets to blindly lowering threshold of market entry, poor supervision and inactive transaction. The wild fluctuation challenged the ability of regulators to control volatility in the new bourse and stirred concerns whether it would grow to be a second Nasdaq or the dazzling debut would be the last wild ride. Shang Fulin, chairman of the China Securities Regulatory Commission said on Oct. 23 that trading on the new board may have a probability of becoming "irrational" than on other bourses. "Preventing risk is our main task," he said. "We'll make sure risk is estimated, detected and controlled." The Shenzhen Stock Exchange issued special suspension rules to clamp down on speculation. Trading would be suspended for 30 minutes if share price rises or falls by 20 percent from its debut level. If a stock fluctuates again beyond 50 percent of its opening price, it will be suspended for 30 minutes. The stock can also suspend a stock until three minutes before the close of trading session on a rise or drop above 80 percent. Zuo Xiaolei, chief economist of the China Galaxy Securities, said the lesson from failure of other markets showed the key to the success of such start-up board was to strengthen supervision while completing rules, which would ward off excessive speculation and rule violations. The government should develop more policies to attract more firms with great potential growth to make the board bigger and stronger, but threshold for access to the market should not be lowered, analysts said.

BEIJING, Nov. 18 (Xinhua) -- Chinese Premier Wen Jiabao will meet here Wednesday with US President Barack Obama, who is on his first state visit to China since his January inauguration. They will have a working lunch before Obama's sightseeing visit to the Great Wall in the north suburb of the Chinese capital, which will be another chance for the US head of state, who toured the Imperial Palace Tuesday, to learn more about the ancient Chinese civilization. Obama will conclude his fist visit to China and fly to the Republic of Korea, the last leg of his four-state Asian tour, in the afternoon. He arrived in China's economic hub Shanghai Sunday night to kick off this visit as guest of his Chinese counterpart Hu Jintao. Hu held talks with him in Beijing on Tuesday and they met international reporters for about 40 minutes after the talks, both pledging to further bilateral ties. Top Chinese legislator Wu Bangguo also met Obama on Tuesday, several hours before a state banquet in the Great Hall of the People in downtown Beijing. In a joint statement issued on Tuesday, the two sides spoke highly of the tremendous development achieved since the two countries established diplomatic relations 30 years ago and reached consensus on further bilateral ties.
BEIJING, Oct. 29 (Xinhua) -- Equality has become a catchphrase when Chinese lawmakers mull over two major moves in the history of China's legislative progress. Chinese rural and urban people are about to get equal representation in lawmaking bodies. It means farmers will have the same say in the country's decision-making process as urbanites. At the five-day legislative session beginning Tuesday, members of national legislature discussed to give rural and urban people equal representation in people's congresses. A draft amendment to the Electoral Law was tabled at the bimonthly meeting of the National People's Congress (NPC) Standing Committee. It requires that both rural and urban areas adopt the same ratio of deputies to the people's congresses. The electoral system is the foot stone of democracy, and the principle of equality is a prerequisite to guarantee people's democratic rights. The Electoral Law was enacted in 1953 and completely revised in1979. It then underwent four minor amendments. Senior people are still nostalgic about the bean-counting way of electing their representatives in villages, which was the country's primitive mode of democracy after New China was founded in 1949. Candidates who stood for election as deputies to a people's congress were elected if they received more than half of the beans. Later voters began to use ballots. After the last amendment in 1995, the law stipulates that each rural deputy represents a population four times that in urban areas. That means in China, every 960,000 rural residents and every 240,000 urbanites are represented by one rural and urban NPC deputy respectively. Critics say this can be interpreted as "farmers only enjoy a quarter of the suffrage of their urban counterparts." During previous amendments in the 1980s, the difference was even as great as eight times. But Li Shishi, director of the Commission for Legislative Affairs of the NPC Standing Committee, said such a provision is "in accordance with the country's political system and social conditions of that time" and is "completely necessary" as the rural population is much more than that of cities and an equal ratio of rural and urban representation will mean an excessive number of rural deputies. Rural population made up almost 90 percent of the country's total in 1949. With the process of urbanization, the ratio of urban and rural residents was about 45.7 to 54.3 last year. Li said that with rapid urbanization and rural economic development, the time is right for equal representation, which is conducive to "mobilizing people's enthusiasm and creativity" and the development of democracy. Zhou Hanhua, a research fellow with the Law Institute under the Chinese Academy of Social Sciences, said the draft amendment is inline with social change, and "from the legal perspective it shows that all rights are equal under the law." Obviously, the change will be a significant political progress and it is in line with the constitutional spirit that "everyone in the nation is equal." It also reflects the transition of the country's urban and rural society. According to the law, the number of deputies to the NPC is limited within 3,000, and the distribution of NPC deputies is decided by the NPC Standing Committee, the top legislature. The draft amendment says the quotas of NPC deputies are distributed to 31 provinces, municipalities and autonomous regions on the basis of their population, which ensures equal representation among regions and ethnic groups. Another big issue that lawmakers deliberate at the session this week is to grant "equal compensation" to the victims of traffic, mining and industrial accidents as well as medical negligence, among others, regardless of the victims' identity, status, income and regional disparity. The proposal is specified in the draft on tort liability, which is deliberated by members of the NPC Standing Committee for the third time. Farmer victims normally get much less compensation than their urban counterparts. And there are often disputes from "different prices paid to different lives." At the session, lawmakers consider to set the same compensation for all victims of an accident that results in many deaths. It will be a significant step if the draft law on tort liability is adopted by the legislature, as it ensures equal rights for each Chinese and shows respect for every human life.
COPENHAGEN, Dec. 15 (Xinhua) -- UN Secretary General Ban Ki-Moon said on Tuesday that China, a developing country, has taken important measures in reducing its emission of greenhouse gas. "China has also taken quite important measures by cutting forty to forty-five percent of energy intensity by 2020," Ban said at a press conference on the sidelines of the UN climate change conference in Copenhagen. Ban arrived here earlier on Tuesday to open a high-level segment of the conference, which entered its ninth day of negotiations on a new global deal to push forward the fight against climate change. The UN chief said he was fully aware of particular challenges faced by developing countries, in particular poor countries, calling on rich countries to improve their commitments in climate financing. The climate change negotiations were now in a critical but difficult situation as developed countries and developing countries remain divided on key issues, including climate financing. Developed countries have been reluctant to provide financial support to help developing countries mitigate and adapt to climate change. So far, they only indicated to give 10 billion U.S. dollars annually in the three years between 2010 and 2012. Ban said developed countries should go beyond the fast-start support and also address medium and long-term financing scaled up to needs. "I have been urging that developed countries should begin discussing the medium and long term financial support packages," he said, calling on all countries to overcome national interests or interests of any particular groups. "That would be one of the keys in bridging the gap between developed and developing countries," he added. Speaking at the same press conference, Danish Prime Minister Lars Lokke Rasmussen said he was encouraged by China's move to set national targets of reducing greenhouse gas emission. "I am very encouraged by the fact that China has proposed, at this stage, nationally binding targets for mitigation which deviates from business as usual," he said. But he added China should translate those national targets into some kind of international language.
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