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BEIJING, June 23 (Xinhua) -- Chinese banks should set up an independent risk management system in line with its strategic expansion plan as part of efforts to ward off financial risks, China's banking regulator said Wednesday.The breakout of the global financial crisis highlighted the necessity of increasing management of differentiated sovereign risks, the China Banking Regulatory Commission said in a guideline published on its website.Just as Chinese banks were expanding throughout the world, the overseas risks they were facing were on the rise, the guideline noted.Sovereign risks refer to ones that banks are exposed to when overseas borrowers or debtors are unable to repay debt because of their countries' economic, political and social changes.Chinese lenders were required to differentiate risks according to the countries involved and make policies on the minimum potential loan loss provisions ranging from 0.5 percent to 50 percent, according to the guideline.The banks must meet the requirements under the guideline by June 1, 2011.
BEIJING, Aug. 11 (Xinhua) -- China's consumer price index (CPI), one of the main gauges of inflation, rose to its highest level this year boosted by rising food prices.The CPI gained 3.3 percent in July from a year earlier, 0.4 percentage points higher than in June, the National Bureau of Statistics (NBS) said Wednesday. It has exceeded the 3-percent full-year target ceiling the government set in March.Food prices, which account for about a third of the weighting in calculating the CPI, climbed 6.8 percent in July, compared with June's increase of 5.7 percent.The country's CPI gained 2.7 percent year on year in the first seven months of this year, 0.1 percentage points higher than the January-June figure, the NBS said.The producer price index, a major measure of inflation at the wholesale level, grew 4.8 percent year on year in July, 1.6 percentage points lower than in June, the NBS said.
BEIJING, July 4 (Xinhua) -- Authorities in different fields, as well as local governments around China, have been engaged in implementing the central authorities' strategic plans for the far western Xinjiang Uygur Autonomous Region to achieve what authorities have described as leapfrog development and lasting stability.The following are some key facts about China's efforts over the past month since the central work conference on Xinjiang's development concluded on May 19:-- In late May, the Ministry of Culture decided to launch several projects to strengthen the cultural heritage protection and cultural market supervision and boost the culture industry in Xinjiang. A working staff walks at the Xinjiang Islamic Scripture College in Urumqi, capital of northwest China's Xinjiang Uygur Autonomous Region, June 26, 2010. High school graduated students aged 18 to 25 across Xinjiang will be enrolled in the college, giving lectures in both Ugyur language and Arabic. About 70 percent of the classes given are religious ones. Every students in the government-funded college will get a monthly dining subsidy of 120 RMB. Graduates of the college will receive a religious bachelor's degree and serve in mosques and Islamic associations across the region.-- Also in late May, the Ministry of Transport issued a statement jointly with Xinjiang's regional government pledging to spend more money-- which will cover 50 percent of the construction costs-- for road building in Xinjiang.-- On June 1 the regulation on reform of resource taxes in Xinjiang, which was jointly issued by the Ministry of Finance and the State Administration of Taxation, took effect, marking Xinjiang as the first region in China to begin such reform.The regulation provides a shift to taxing crude oil and natural gas by price, rather than volume. The reform aims to raise local revenue for the resource-rich Xinjiang.-- From June 9 to June 12, officials of central governmental departments, including the Ministry of Science and Technology, the Ministry of Commerce and the National Development and Reform Commission, as well as officials of the China Development Bank, visited Xinjiang to inspect the development of local industries.
URUMQI, July 30 (Xinhua) -- Rescuers were racing to evacuate more than 800 people still trapped by rain-triggered mountain torrents in a remote valley in China's far west Xinjiang Uygur Autonomous Region late Friday afternoon.Rescuers managed to reach the site in Kuqa County, of Aksu Prefecture, at 1:26 a.m. Friday, about 24 hours after rains and floods stranded more than 1,000 residents, construction workers and tourists in the mountainous area.As of 5 p.m. Friday, more than 170 trapped people, including 120 tourists and some 50 railway construction workers, had been taken to safe places. No casualties had been reported, said a spokesman with the prefecture's committee of the Communist Party of China.The locals dam up at a village of Alaer city in the upper reaches of the Tarim River, northwest China's Xinjiang Uygur Autonomous Region, July 30, 2010. The Tarim River was hit by the largest flood in eight years on Friday.Some 100 more rescuers, carrying drinking water, drugs and food, had been sent to the site. The regional government had dispatched helicopters to drop food and bottled water to the trapped people, said the spokesman.Floods have inundated many roads, as well as damaged three bridges and 12 buildings in the county. More than 13,000 youths from the county were ready to strengthen the dikes to combat flood waters, he said.
BEIJING, June 17 (Xinhua) -- Chinese Premier Wen Jiabao held talks with his Mozambican counterpart Aires Bonifacio Baptista Ali here on Thursday, vowing to facilitate bilateral cooperation in energy, mine exploration and agriculture fields.Wen hailed the progress of bilateral relations since diplomatic ties were forged 35 years ago, saying that the two countries always had supported each other's core interests and major concerns.China values its relations with Mozambique and hopes to maintain high-level exchanges with the country and enhance consultations at various levels, Wen said.He stressed bilateral coordination within the framework of the Forum on China-Africa Cooperation and other international organizations including the United Nations.Chinese Premier Wen Jiabao (R) shakes hands with his Mozambican counterpart Aires Ali in Beijing, China, June 17, 2010.Ali, who is on a six-day China tour, appreciated China's support to his country in its national independence cause and country building.He told Wen that Mozambique attaches great importance to its relations with China and firmly adheres to the one-China policy. He invited more Chinese companies to invest in his country.In response, Wen said China encourages reliable and promising Chinese companies to invest in Mozambique, calling on both sides to explore cooperation in energy, agriculture and mine exploitation.The Chinese premier said China had offered unconditional economic and technological aid to Mozambique over the years, vowing to continue to help the country improve its people's living standards.Ali arrived in Beijing on Wednesday to start his working visit to China. Besides Beijing, he will also visit central China's Hubei Province and Shanghai.