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SHIJIAZHUANG, May 12 (Xinhua) -- The brand of Sanlu Group, the dairy company embroiled in China's tainted-milk scandal, was sold at an auction Tuesday for 7.3 million yuan (1.07 million U.S. dollars), court officials said. An unidentified individual entrepreneur from south China won the bid at an auction in the Shijiazhuang Intermediate People's Court in northern Hebei Province. No further information about the bidder was released. The auction started at 7 million yuan and drew three bids from only two bidders. The "Sanlu" brand was worth 14.9 billion yuan in 2006, according to the China Brand Asset Evaluation Center. Sanlu Group, which was based in Shijiazhuang, had been China's leading seller of milk powder for 15 years until the melamine adulteration scandal broke last September. The group's revenue hit 10 billion yuan in 2007. The company's tainted baby milk powder was found to have caused the deaths of at least six children and sickened more than 300,000others. Beijing-based dairy producer Sanyuan bought the core assets of Sanlu, which went bankrupt in February, for 616.5 million yuan at an auction on March 4. Also Tuesday, Sanlu sold 51-percent stakes in three dairy companies for 22.8 million yuan. The purchasers' identities were not immediately known. But it failed to sell 51 percent stakes in another two dairy firms and withdrew 12 patent techniques from auction. The bankruptcy trustee is to announce plans to dispose of Sanlu's last remaining assets, which include a 51-percent stake in a third dairy firm in Hebei's Baoding City
BEIJING, May 6 (Xinhua) -- China's central bank said Wednesday the economy is doing "better than expected" in the first quarter, and pledged to maintain "ample" liquidity in the financial system for economic recovery. China would stick to its moderately easy monetary policy and ensure "ample" liquidity at banks, the People's Bank of China (PBoC) said in its quarterly monetary policy report posted on its website. The country has pumped 4.58 trillion yuan (670 billion U.S. dollars) of new loans into the economy in the first quarter to stimulate growth. The figure is already nearing 5 trillion yuan of new loans targeted for the whole year. In March alone, new loans increased by a record 1.89 trillion yuan. The country's financial institutions and enterprises would digest the huge amount of new loans in the following months, the report said. Industry insiders have said credit extended by China's banks in April may have dropped to above 600 billion yuan after staying at above 1 trillion yuan for three straight months. The central bank said new lending from commercial banks focused on government-backed projects. It encourages more bank loans to be channeled to small and medium-sized enterprises as they play an important role in the national economy and in increasing employment. The central bank said in the first-quarter monetary policy report it would continue to instruct financial institutions to extend new loans, despite the earlier surge. The pick-up in bank lending is conducive to stabilize the financial market and boosting market confidence, PBoC said. Meanwhile, the bank urged lenders to improve credit quality to avoid a possible rebound in bad loans. There have been "positive changes" in the economy in the first quarter, the bank said, echoing remarks made by Premier Wen Jiabao last month. The quarter-on-quarter growth is improving, compared to the fourth quarter of last year, it said, without giving specific figures. China's economy expanded 6.1 percent in the first quarter, the lowest pace in 10 years and down from 9 percent in the fourth quarter last year. The central bank also said foundations for the recovery are not solid, as uncertainties in external economies still exist and private investment is yet to become active with new lending concentrated on government projects. In listing uncertainties ahead, the bank said the country still has to battle against the financial crisis that is unfolding and a collapse in external demand that is hurting exports. The country is also under great pressure to create enough jobs and from a slower growth in residents' income, which would suppress future consumption, it said. The bank also warned overcapacity and insufficient demand may drive prices lower in the country with the world economy in a downturn. But it also said continued falls in prices may become less likely along with the world recovery, a turnaround in the national economy and fast credit growth. "Prices of primary products and assets may rebound quickly once investor confidence is restored, as the global credit is relatively loose thanks to injection of liquidity and stimulus packages across the world," the bank said. The central bank also said it was concerned that the extraordinary monetary policy adopted by other major economies would result in inflation risks. It referred to the quantitative easing policy adopted by the U.S., Japan, Britain and Switzerland to pump cash into their economies. The quantitative easing policy meant increasing currency supply through purchasing mid- and long-term treasury bonds after central banks cut interests rates to near zero. The extraordinary monetary policy harbored huge risks for international financial markets and the global economy, said the central bank. It would increase the risk of global inflation, said the central bank, suggesting it would create new assets bubbles and inflation if central banks of major economies failed to mop up thehuge liquidity when the global economy recovered. "A policy mistake made by some major central banks would put the whole world in risk of inflation," it said. The quantitative easing policy would also make exchange rates of major currencies more volatile, according to the report. The central bank cited the U.S. move to purchase treasury bond in March as an example, saying although the dollar had appreciated against other major currencies, it fell after the purchase. PBoC said the policy would leave the bond markets subject to fluctuations. It said massive purchase of mid- and long-term treasury bonds may keep yield at a low level. But in the long run, as the financial markets returned to stability and the economy recovered, inflation expectations would grow, interest rates would rise, and bond prices would adjust sharply, according to the report.

JINAN, June 29 (Xinhua) -- Chinese Premier Wen Jiabao has encouraged domestic enterprises to make breakthroughs in science and technology development to weather the global financial crisis. Wen made the remarks during his inspection tour in east China's Shandong Province from Saturday to Sunday. It had been the Premier's fourth consecutive weekend inspection tour outside Beijing this month. Wen said the government would continue the current proactive fiscal policy and moderately ease monetary policy and take it a top task to keep a steady economic growth. In JinJing Group, China's first glass-manufacturing company with a history of 105 years, Wen was pleased to see the company had gained steady sales increase with its independently-developed new products amid the global downturn. Chinese Premier Wen Jiabao talks with workers at a workshop of Weiqiao Textile Company Ltd. in east China's Shandong Province. Wen Jiabao made an inspection tour in Shandong from June 27 to June 28 Wen said that technological breakthroughs were fundamental and long-term solutions which should be relied on to fight against the economic downturn. He urged the enterprises in Shandong to provide better environment for young talent to contribute their ability and wisdom to technology development. When inspecting Jigang Group, Wen asked the steelmaker to improve its products' competitiveness by carrying out technological innovation, cutting manufacturing cost and developing energy-efficient products. Wen also visited privately owned Shandong Weiqiao Textile Company, the largest cotton textile enterprise in Asia with more than 150,000 employees. He said China's textile industry, which was strongly affected by export market, had encountered many difficulties caused by the global financial crisis. Wen urged efforts to create an environment of fair competition and fight against monopoly to facilitate the development of private companies. "It is a must to attach importance to the development of private businesses and private fund investment in an effort to deal with the financial crisis and boost economic growth," he said. Wen said coping with the financial crisis and overcoming difficulties in economic development both serve the purpose of improving people's livelihood and better development of individuals. Only when people's lives are improved and secured, will the economic development have a true meaning, Wen said.
BEIJING, May 12 (Xinhua) -- A senior Chinese official has called on discipline chiefs of the Communist Party of China (CPC) at all levels to take the initiative of being self-regulatory and clean-handed. He Guoqiang, secretary of the CPC Central Commission for Discipline Inspection, made the remark when meeting the Party's discipline chiefs at county level in Beijing on Tuesday. He, also a member of the Standing Committee of the CPC Central Committee Political Bureau, attached great importance to county-level discipline organs comprising the Party's discipline and inspection system. The official called on the chiefs to conduct a determined and uncompromising fight against all corrupted officials and behaviors to defend the people's interests. He urged Party committees and governments at all levels to improve the financial conditions, equipment and facilities of the county-level discipline organs for a better anti-corruption performance with the discipline inspectors. More than 2,000 secretaries of discipline organs at county level throughout the country have been gathered in Beijing to attend a focused training course, the first of its kind in the history of the CPC's discipline work. The training course, held in Party School of the CPC Central Committee, National School of Administration and training center of Supervision Ministry, has been aimed at improving their abilities to fight against corruption as well as maintain social stability.
BEIJING, June 11 (Xinhua) -- China's Central Authorities have launched a new round of campaign to crack down on "small coffers" illegally held in the hands of Party and government organizations at different levels. This year, Party and government departments that completely rely on the budgetary funds are the first to carry out the work and later, the campaign will involve all nongovernmental organizations, state-run companies, and state-held companies, in a step-by-step way, says a document recently issued by the General Offices of the Communist Party of China (CPC) Central Committee and the State Council. The document, known as "Directions on Deepening the Crackdown of Small Exchequers", criticized the illegal phenomenon, emphasizing that in some areas and departments it has occurred frequently or even seriously. "The masses have responded to it strongly," it says. It calls these "small coffers" a "cancer" and says they must be eliminated. The illegal phenomenon has resulted in inaccuracy in accounting, disturbance in market order, losses in state income and property and corruption, according to the circular. It encourages all units concerned to check the problem by themselves and those that pretend to do so will be punished. It pledges to punish those who try to boycott the campaign or retaliate the tippers. Those that are involving huge sum of the illegal treasuries or criminal activities will be handed over to judicial departments in accordance with law, according to the document. The Central Authorities have set up a special leading group with members from the Central Commission for Discipline Inspection of the CPC Central Committee, the Ministry of Supervision, the Ministry of Finance, and the State Auditing Administration. In the late 1990s, the Chinese Authorities conducted the first round of auditing and cracking down on "small coffers" throughout the country.
来源:资阳报