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SHIJIAZHUANG, April 9 (Xinhua) -- Beijing-based Sanyuan Group successfully bid 49 million yuan (7.2 million U.S. dollars) on Thursday to buy a 95-percent stake in the Sanlu (Shandong) dairy company, previously owned by the Sanlu Group, the bankrupt dairy firm at the center of the melamine contamination scandal. The shares were put up for sale at an auction in the northern city of Shijiazhuang, capital of Hebei Province, according to sources with the Hebei Jiahai Auction Co. Ltd. Four companies participated in the auction, which started at 10a.m., with the opening bid of 33 million yuan. "The company is happy with the result," said a representative of Sanyuan after the auction, but he refused to comment further. Sanlu (Shandong), which was set up in 2006, specializes in making and selling liquid milk products. The company changed its name to Shandong Ecological Pasture Co. Ltd. in October last year. The other three bidders were Beijing investment consultancy Tongde Tongyi, a Hebei food company Xiangyao, and Wandashan dairy company in northeast Heilongjiang Province. Auctioneer Yuan Guoliang told Xinhua that "the four bidders had clear idea about the value of the shares, and the atmosphere was tense." However, the sale of a Sanlu's 70-percent stake in the Tangshan Sanlu company had been revoked just before the auction. Sanyuan Group successfully bid 616.5 million yuan to buy Sanlu's core assets on March 4. Sanlu Group, which was based in Shijiazhuang, had been China's leading seller of milk powder for 15 years until the melamine scandal broke in September last year. The group's revenue hit 10 billion yuan in 2007, when Sanyuan's revenue was only 1 billion yuan.
BEIJING, Feb 7 (Xinhua) -- After some parts of the drought-stricken north China embraced the long-awaited rain on Saturday, more rainfall was expected to come on Sunday, said National Meteorological Center (NMC) on Saturday. Rain or snow is forecast for Sunday and next Monday in parts of the northwest and southwest China. They will also spread to the country's north and central regions, according to the NMC. Photo taken on Feb. 7, 2008, shows raindrops on wheat seedlings in Zhongmou County, Henan Province, central China. The provinces of Gansu, Shaanxi, Shanxi, Hebei, Shandong, Henan, Hubei and Anhui, the country's major wheat-growing areas which are hard-hit by the rare drought will brace rain or snow from Saturday night to Sunday. The rainfall will be less than 10 millimeters, but will help relieve the grim drought moderately.

BEIJING, March 21 (Xinhuanet) -- Against backdrop of world's financial crisis, China will play a vital role in world's economic recovery, said Murilo Portugal, Deputy Managing Director of the International Monetary Fund (IMF) on Saturday in Beijing. I think China's role is very important. Its fast growth has already made important contribution to the world economy, and it will continue playing that vital role in world's economic recovery, Portugal said on the first day of the three-day China Economic Forum 2009. China's financial policy has long been very self-regulated and prudent. Besides, China has large quantity of foreign exchange reserves and debts equaling to 20% of its GDP. Based on that, China can make great contribution to the world economic recovery, Portugal added. Murilo Portugal, Deputy Managing Director of the International Monetary Fund (IMF) delivers speech at the academic summit of China's Development and Reform in the Global Financial Crisis of China Development Forum 2009 in Beijing, capital of China, Mar. 21, 2009. Over fifty leaders of multinational corporations, senior officials of international organizations and well-known scholars are invited to attend the 3-day forum this year which focus on the topic of China's development and reform in the global financial crisis He went on to say that the economic stimulus plan that China unveiled last November, stipulating that the investment from 2008 to 2010 will equal 13% of its GDP, is undeniably a huge contribution to the world growth. Portugal said that he is confident that China will achieve high positive growth this year though the growth rate will lower than last year. China has announced a 4 trillion-yuan (585 billion U.S. dollars) two-year economic stimulus package to boost growth and domestic demand, 1.18 trillion yuan of which will be funded by the central government. The stimulus package plan has four major components, including large-scale government spending, industrial restructuring and rejuvenation, scientific research and social safety net. Economic recovery depends on effective measures The IMF predicted that world economic recession will further deepen in 2009 with world's per capita GDP probably dropping 2% or even lower, and World's total GDP also slumping and other related indexes further going down, Portugal said in his speech at the forum. He said that the economic recovery, to a large extent, depends on whether the governments of different countries can take effective measures to reform their financial institutions and systems. He added that if the financial and monetary conditions were improved, then the world would jump out of the current crisis at an earlier date. If the signs of recovery could appear in the second half of this year or in this summer, then the world could gradually walk out of this financial crisis. In another report, the IMF said on Thursday that the world economy is expected to contract in 2009 for the first time in 60 years as advanced economies will shrink sharply. Global activity will contract by 0.5 to 1 percent on an annual average basis, the first such fall in 60 years, the IMF said in an analysis provided to the Group of 20 (G20) industrialized and emerging market economies. Advanced economies will suffer deep recessions in 2009, while the United States will contract 2.6 percent, the assessment said. Capital injection into IMF at G20 Responding to the question of capital injection into the IMF at the upcoming G20 summit in London, Portugal said the IMF had enough resources to manage the problems the world economy is facing now. From the start of economic crisis, our credit capability is 250 billion U.S. dollars, among which we have used 50 billion dollars, so we still have 200 billion dollars left, said Portugal, adding that we hope to prepare for the worst to come, if more countries need our financial support. So far, we have got some commitments on capital injection from some countries. He said that Japan is the first country to make such commitment. The IMF has signed the agreement with Japan, which has pledged to add 100 billion U.S. dollars to IMF's funds. We can lend the money out, said Portugal. Ahead of the G20 summit, the United States is calling for trebling of the IMF's resources to help countries facing financial and economic problems. In preparation for the summit, finance ministers and central bankers from the G20 agreed last weekend to boost the IMF's funding capacity, but gave no figures.
GUANGZHOU, Feb. 6 (Xinhua) -- Millions of migrant workers from rural areas in China are expected to enjoy their golden years with pensions, like the urbanites do, as the country's top social security authority has planned to help them systematically gain access to the service. A document released Thursday by the Ministry of Human Resources and Social Security to solicit public opinions said migrant workers could move their pension accounts from one place to another when they move, a practice that is currently banned for lack of proper regulations. "With the new rule, I can get pensions like urban elders when I am old," said Liu Xinguo, a migrant worker who comes from central Hunan Province. He is now working in a property management company in Guangzhou, capital of Guangdong Province. The proposed rule stipulates migrant workers who have joined pension plans can continue their pension accounts as long as they get pension premium payment certificates in their previous working places. Currently, Liu himself puts 100 yuan per month into his pension account while his company contributes 180 yuan on his behalf. "If I withdraw my pension account, I will no longer get the company's input in my pension account," said Liu, who has been working in Guangzhou for more than a decade. In fact, many migrant workers who have had pension accounts, have chosen to withdraw their accounts before they leave the place where they work and plans to work in other places. They only get the fund they have paid and cannot get the company's part in the accounts. Tang Yun, who comes from Jiangxi Province and is now in Dongguan City, Guangdong, is an example. Four months ago, Tang joined the pension plan in Dongguan. But now he plans to go to Shenzhen to find a new job. He had to withdraw his pension account and only got some 600 yuan in cash from the account. "I had no choice but to withdraw as the pension account could not go to Shenzhen," said Tang, who has been working in Guangdong for 8 years. However, with the new regulation, migrant workers will no longer face the same problem again. "It is a breakthrough in the pension system for migrant workers," said Cui Chuanyi, a rural economy researcher of the Development Research Center under the State Council, or cabinet. The new method removes the fundamental hurdles for migrant workers to join pension plans and protects their rights and interests, said the researcher. According to figures with the Ministry of Human Resources and Social Security, China has some 230 million migrant workers. By the end of last year, only 24 million joined pension programs. In addition to the transfer ban, high pension premiums present a challenge to the small number of migrant workers who do carry pension plans. According to the country's current regulations, the pension premium for urban workers include the employer's payment of 20 percent of an employee's salary and the employee's payment of 8 percent of his or her salary. The new rule says employers will pay 12 percent of employees' salaries and the employee will pay 4 to 8 percent of their salaries to meet the pension premiums. "The new rule will reduce the burden of companies and migrant workers in pension premium payment," said Cui Chuanyi. "That will encourage more companies to support the establishment of pension plans for migrant workers." The new regulations will also make it is easier for migrant workers to accumulate the 15 years of pension premium maturity required for receiving pensions, as the pension premium terms will be added when they move from place to place. In the past, the maturity was reset each time they withdrew. Chen Xinmin, a professor at South China Normal University, said from the point of view of narrowing the rural-urban gap, the adjustment of the pension system for migrant workers would have a far-reaching impact. "Given the fact that migrant workers have become a major part of China's industrial workforce, the new rule means a significant step forward to eliminating urban-rural differentiations and improving farmers' welfare," said the scholar. The upcoming revision of the pension system for migrant workers will also accelerate the urbanization process in China, said Chen. An official with the Ministry of Human Resources and Social Security said Thursday the country was also planning to set up a national social security information consultation system starting with migrant workers. The system will use the identity card number of a citizen as his or her life-long social security card number.
HORSHAM, Britain, March 15 (Xinhua) -- The G20 finance ministers and central bank governors meeting sent a positive signal that the international community is rising unitedly to the economic and financial challenges, Chinese Finance Minister Xie Xuren said here Saturday. As the financial crisis continues to spread and bites harder from one country to another, solidarity achieved at the meeting will help boost market confidence and stabilize economic and financial conditions, Xie told Chinese reporters shortly after the meeting. Xie said the meeting provided a platform for economic leaders to have in-depth discussions on enhancing exchanges and coordination on policy issues. He said participants agreed to continue to adopt effective policies and measures and strengthen coordination on macroeconomic policy to restore market confidence as soon as possible. They also reached consensus on further deepening trade and economic cooperation and fight trade and investment protectionism, Xie said. Participants unanimously agreed to promote international trade with an open mind and pay close attention to the difficulties of the developing countries, especially the least developed countries, the minister added. Participants also agreed to strengthen financial supervision, enhance transparency and accelerate the reform of international financial institutions to ensure that the developing countries will have greater representation and bigger say, he said. Xie said China took an active part in the discussions on all issues at the meeting and extensive exchanges and consultations with various parties on the effective ways to deal with the global financial crisis and promote global economic revival and growth. China calls on countries around the world to strengthen policy coordination and step up the fight against protectionism to better cope with the crisis, he said. Xie said the meeting had made some necessary preparation for the upcoming G20 financial summit in London, and created a favorable atmosphere for a successful London summit.
来源:资阳报