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BEIJING, Jan. 30 (Xinhua) -- As of Jan. 28, 77.4 million mu (5.16 million acres) of crops had been harmed by the ongoing drought, and 2.57 million people were faced with drinking water shortages in China, the national drought control authorities said Sunday.Local governments of the affected regions must make efforts to monitor drought conditions, speed up the building of water projects, increase drought-fighting material reserves and grant subsidies to the drought-stricken population, said officials at a meeting attended by Chen Lei, deputy head of the Office of State Flood Control and Drought Relief Headquarters (SFDH).The National Meteorological Center (NMC) forecast the drought to worsen in the next two months, saying Sunday that the drought-hit north China and regions along the Yellow and Huaihe rivers would receive little rain or snow in February and March.Chen, also minister of water resources, stressed the importance of drought relief efforts, guaranteeing agricultural production and ensuring drinking water safety for boosting consumers' confidence, controlling consumer prices and inflation and maintaining economic growth.Since last Autumn when the drought began, local authorities have assigned 9.55 million people and 2.15 million sets of drought-fighting machineries to draw 8.2 billion cubic meters of water to irrigate 110 million mu of crop land.

BEIJING, Feb. 14 (Xinhuanet) -- The exchange rate against the US dollar is currently at an appropriate level but could fluctuate in the future, Yi Gang, vice-governor of the central bank and head of the State Administration of Foreign Exchange, said on Sunday."In the future, as markets fluctuate and labor productivity changes, the rate will certainly show some fluctuation," he said at a seminar. Last Thursday, the yuan's central parity rate rose to a record high of 6.5849 against the US dollar, after rising for three consecutive trading days, before declining to 6.5952 on Friday.The yuan has appreciated about 3.6 percent against the dollar since mid-June. A report from the US Treasury said earlier that on an inflation-adjusted basis, the appreciation was even higher, at an annual rate of more than 10 percent.US Federal Reserve Chairman Ben Bernanke said last Wednesday that China's recent measures to control inflation by raising interest rates is "surprising" and urged Beijing to let its currency rise in value.Currently the exchange rate is still underestimated by no more than 10 percent, said Lu Mai, secretary-general of the China Development Research Foundation (CDRF).The resilience of exporters to the rising yuan is stronger than previously estimated, which helps to pave the way for more currency reform to liberalize the yuan, he said.In 2007 and 2008, the Chinese currency rose by 7 percent annually against the US dollar, but China's GDP only declined by 0.28 percentage points, with inflation down by 0.42 points and workers' wages up by 0.07 points, according to CDRF research."The figures showed that progressive currency reform since July 2005 was successful, and the government should accelerate the reform and further free the yuan in the next five years to promote healthy, long-term economic development," Lu said.China should keep the proportion of its trade surplus to GDP within 5 percent, and avoid further increasing its huge foreign exchange reserves to allow the currency to settle at a balanced level, he said.China's foreign reserves rose to a record .85 trillion at the end of last year, an 18.7 percent increase year-on-year, according to statistics from the People's Bank of China, the central bank.Yi said he took note of the CDRF findings, but emphasized that further moves depended on both the domestic and international economic situation and appropriate timing.Lu Feng, an economist at Peking University, said now is the right time to deepen currency reform and let the yuan trade at a higher price as inflation is rising.Analysts have predicted that the yuan will appreciate this year as inflation may see the government opt for a rising yuan to lower the cost of purchasing international commodities.Lian Ping, chief economist at the Bank of Communications, predicted the yuan would rise by 5 to 7 percent in 2011.

BEIJING, Jan. 27 (Xinhua) -- The State Council, China's cabinet, has approved on a trial basis the launch of property tax reforms in some cities.The pilot reform will tax property owner-occupiers for the first time, officials from the Ministry of Finance, the State Administration of Taxation and the Ministry of Housing and Urban-Rural Development said Thursday.China's 1986 provisional property tax regulations did not tax owner-occupiers.The cities themselves will decide the details of the real estate levy. File photo taken on Apr. 23, 2010 shows residential areas in Shanghai, east China. The State Council, China's cabinet, has approved on a trial basis the launch of property tax reforms in some cities. Shanghai and Chongqing are cities that will trial the tax first. Shanghai sets its property tax rate at 0.4 to 0.6 percent. Municipalities impose property taxes on owners of real estate based upon the value of the property.Shanghai and Chongqing are cities that will trial the tax first.Shanghai set its property tax rate at 0.4 to 0.6 percent. Chongqing sets its at 0.5 to 1.2 percent. 

BEIJING, Feb. 11 (Xinhua) -- Chinese society will age fast in the next five years and the government must be well prepared for the demographic change, said Chinese Vice Premier Hui Liangyu here Friday.Government policies needed adjusting and the social insurance network should be improved, Hui said at a meeting of the China National Committee on Aging.Also services for senior citizens should be better developed to meet their needs, said Hui, also the committee's director.The country will also work to expand the pension system in the rural area and cover as many senior people as possible, he said.Health authorities plan to build more medical facilities for the elderly and urban planning should take the needs of senior people into consideration, he said.

CHICAGO, Jan. 21 (Xinhua) -- Chinese President Hu Jintao, on a trip to the United States, Friday visited an exhibition of companies operating in the U.S. Midwest.Most companies present at the exhibition, which was held in Chicago's suburban city of Woodridge, are Chinese-funded ones.During the visit, Hu encouraged Chinese companies operating in the United States to play a bigger role in promoting economic and trade cooperation between the two countries.Chinese President Hu Jintao visits an exhibition of companies operating in the U.S. Midwest, in Chicago, the United States, Jan. 21, 2011. Most companies present at the exhibition are Chinese-funded ones.The success of Chinese companies in the United States is a specific example of the China-U.S. mutually beneficial cooperation, he added.The operation of these companies not only yields profits for themselves, but adds momentum to economic development in the U.S. Midwest.Hu flew to Chicago after finishing a visit to Washington Thursday afternoon.He will wrap up his four-day state visit to the United States later Friday.

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