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BEIJING, Nov. 6 (Xinhua) -- The Agricultural Bank of China (ABC) on Thursday signed an agreement with Central Huijin Co., an investment arm of the government, for a 130-billion-yuan (19 billion U.S. dollars) capital injection in preparation for an eventual stock listing. Xiang Junbo, the state-owned bank's president, said the injection would boost the bank's capital base, improve its financial status and enhance its profitability. After the injection, Central Huijin and the Ministry of Finance each will have half of the bank's ownership. Lou Jiwei, head of Central Huijin's board of directors, said the company would help ABC improve its corporate governance to make it a modern commercial bank with global competitiveness. According to Xiang, ABC's profit grew 35 percent year-on-year to 98 billion yuan in the first three quarters. As of Sept. 30, deposits totaled 5.9 trillion yuan and loans 3.97 trillion yuan, rising by 690 billion yuan and 300 billion yuan, respectively, from a year earlier. The Agricultural Bank of China (ABC) on Thursday signed an agreement with Central Huijin Co., an investment arm of the government, for a 130-billion-yuan (19 billion U.S. dollars) capital injection in preparation for an eventual stock listing Of the loans, 1.39 trillion yuan went to agriculture-related projects, up 120 billion yuan year-on-year. Xiang said one of the bank's major tasks after the capital injection would be to develop its rural network and increase agricultural lending. The State Council, or the Cabinet, approved ABC's shareholding reform plan on Oct. 21.
BEIJING, Nov. 28 (Xinhua) -- Chinese President Hu Jintao said Friday the top priority of the country's 2009 agenda on economic development is to maintain a "stable and relatively fast growth", amid the grim global economic downturn. "We will ensure a quality and fast growth of the national economy next year," Hu said while sitting down with personages outside the ruling Communist Party of China (CPC) to seek their advice on the country's economic development. He said the country would pursue an "all-rounded and sustainable" growth that stresses both quality and efficiency. The world's fastest growing economy saw its growth slow sharply to nine percent year on year in the third quarter, the slowest pace in five years, as a result of slower export and investment growth. The president said the country would continue to practice "active" fiscal and "moderately loose" monetary policies next year, and would in the meantime strengthen and improve macro controls according to changing conditions. Such proactive policies is a transition made earlier this month against adverse global economic conditions from the earlier "prudent" fiscal and "tight" monetary policies aimed at curbing inflation and averting overheating. He stressed the importance of boosting domestic demands, saying the country would bring consumption to play a bigger role in driving the economic growth, and the expansion of consumer spending would receive more prominent emphasis. China would also increase its investment in rural areas, agriculture, and farmers "by a large extent" to guarantee the development of the agricultural sector and ensure the output of grain and other farm produce, according to the president. Hu said the country would continue to promote economic restructuring. China has been working to reduce its heavy reliance on exports and investment over the past years. "The country needs to take the challenges of the ongoing global financial crisis as opportunities to accelerate industrial restructuring to create new growth and foster other competitive edges," he said. China would continue with its reform and opening up, Hu said. "The country will lose no chance to introduce reforms that can promote the development at the right time, and will take note of bringing the market into full play in allocating resources." The country would actively develop the export-oriented sector and step up the diversification of exporting markets, Hu added. He also said the country would stick to improving people's living conditions and building a stable society. The country would adopt "more active" employment polices next year, Hu said. He pledged to improve urban and rural social security systems and vowed intensified efforts in supervision and inspection of food, drug and work safety. "The country has great potential in economic development and has also accumulated strong capabilities to withstand risks over the past 30 years of reform and opening up," Hu told the non-Communist people. The non-CPC personages said they endorsed the CPC and government's judgment on current situation as well as plans on next year's economic development. They also offered suggestions on economic issues such as the fight against the financial turmoil, and macro control measures.

BEIJING, Nov. 17 (Xinhua) -- As mass layoffs and labor disputes become more frequent when global economic slowdown wipes out more companies from business, Chinese government has urged local authorities to make best efforts to properly respond. The top priority should be given to ensuring stable employment, said China's Ministry of Human Resources and Social Security (MOHRSS) in a notice issued on Monday. Investigation should be carried out concerning individual companies' possible layoffs, especially labor-intensive factories, it said. The labor situation of companies that go bankrupt should be closely monitored. In October, Local government in Dongguan of Guangdong Province, where many labor-intensive companies located, took out more than 24 million yuan (3.5 million U.S. dollars) to compensate for the salaries of over 7,000 workers, who was left helpless when a company owner secretly fled. Emergency plans should be formulated in order to better prevent and deal with incidents involving a large group of unemployed workers, and make sure to report to higher level of the government and make appropriate arrangement as soon as possible, it said. An efficient and convenient channel should be created for people to appeal for arbitration of labor disputes, so as to resolve major or mass disputes in time, it said. The notice also required that arrangements be made to guarantee unemployment insurance, encourage reemployment, and better serve the migrant workers.
LONDON, Jan. 31 (Xinhua) -- Chinese Premier Wen Jiabao arrived here on Saturday for an official visit aimed at enhancing bilateral financial cooperation. "Recent years have seen enhanced China-Britain comprehensive strategic partnership and fruitful cooperation in all areas." Wen said in a statement upon arrival. "China successfully hosted the 2008 Beijing Olympic Games and Britain will host the 2012 London Olympic Games. This offers us a new platform to deepen mutual understanding, enhance friendship and expand cooperation," said Wen. Chinese Premier Wen Jiabao (R) shakes hands with British Prime Minister Gordon Brown during the dinner Brown hosts for him at the British prime minister's official residence on the outskirts of London Jan. 31, 2009. Chinese Premier Wen Jiabao arrived in London on Jan. 31 for a three-day visit to Britain "In the context of the current complex and volatile international situation, China and Britain, two countries with major influence in the world, have broad common interests and a noble common mission in maintaining world peace, promoting common development, tackling global financial crisis and other fields," Wen said. The premier said that he looked forward to having in-depth exchange of views with British leaders on regional and international issues of mutual interest, and extensive contact with the British people from all walks of life to explore ways to strengthen friendship and enhance mutually beneficial cooperation between the two countries. Chinese Premier Wen Jiabao (L) shakes hands with John Prescott, special representative of British Prime Minister Gordon Brown and former British deputy prime minister, at an airport in London Jan. 31, 2009. Chinese Premier Wen Jiabao arrived in London on Jan. 31 for a three-day visit to Britain"I am confident that with the joint efforts of both side, China-Britain comprehensive strategic partnership will continue to grow from strength to strength, bringing benefits to our peoples and contributing to world peace and development," said Wen. During his three-day visit, Wen will have broad contacts with people from political, business and financial circles of Britain. He will also deliver a speech at the University of Cambridge, according to the Chinese Foreign Ministry. The trip is a return visit for British Prime Minister Gordon Brown's China tour early last year. It is also aimed at implementing the annual meeting mechanism of the two leaders. Britain is the last leg of Wen's week-long European tour, which began Tuesday and has already taken him to Switzerland, Germany, the European Union (EU) headquarters in Brussels and Spain.
BEIJING, Nov. 11 (Xinhua) -- China's top political advisor Jia Qinglin on Tuesday called for more efforts to consolidate and develop an equal, unified, cooperative and harmonious relationship among all ethnic groups. All ethnic groups were inseparable, he said at a meeting with a 49-strong delegation of minority role models and local leaders in Beijing. Authorities in minority areas should work to rebuild shared growth and prosperity, and implement policies on minority regional development. The delegation from southwest China is scheduled to visit Shanghai, and southern China after leaving Beijing. Jia Qinglin (R), chairman of the National Committee of the Chinese People's Political Consultative Conference(CPPCC), meets with members of a delegation of China's ethnic minorities in Beijing, China, Nov. 11, 2008
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