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BEIJING, Sept. 19 (Xinhua) -- Chinese President Hu Jintao on Friday urged all the members of the Communist Party of China(CPC) to put people's interests first and learn the bitter lessons from the latest security incidents. Addressing the opening ceremony of a seminar for the country's ministerial-level leaders in Beijing, Hu, also the General Secretary of the CPC Central Committee, said that the major accidents on work and food safety which occurred in some places of the country this year had incurred severe losses of people's lives and property. These accidents had indicated that some leaders lacked a sense of responsibility and had a loose governance, he said. These accidents also showed some of the leaders paid no attention to people's problems and complaints and were insensitiveto the problems which threats people's life security, said Hu. He urged all the leaders to fully understand the serious consequences of the accidents and learn the bitter lessons from the accidents. Those accidents reminded us once again that only by solving the problems emerged from the Party leaders ... and putting people's interests first, could the Party better lead the people towards the building of a well-off society, Hu said. The President also urged more efforts from the leaders to realize and safeguard the fundamental interests of the people. Leaders should strive hard to do practical and good things for the people and ensure that people benefits from the country's developing economy, he noted. More efforts should be made to mobilize people to be involved in the cause of the country's scientific development, and leaders should collect people's ideas and listen to their opinions in the process, he said.
SHANGHAI, Sept. 5 (Xinhua) -- The world's widest tunnel with an inner diameter of 13.7 meters completed its excavation here under the Yangtze River on Friday. The 8.9-km tunnel is part of a 12.6 billion yuan (1.84 billion U.S. dollars) bridge and tunnel project to link Shanghai with Chongming Island, the country's third largest after Taiwan and Hainan. The tunnel will accommodate a six-lane expressway and a rail line. When operational in 2010, travel to Chongming from urban Shanghai will take 20 minutes, according to Yu Xuanping, vice general manager of the Shanghai Tunnel Engineering Co., Ltd, builder of the tunnel. The company used a tunnel boring machine with a diameter of 15.43 meters, the largest of its kind, to excavate under the Yangtze. The tunnel and bridge project would make the transport networkson the southern and northern sides of the river more closely connected, said Wu Liangyong, a Chinese Academy of Sciences academician. The tunnel connects Shanghai's vast Pudong District with Changxing Island in the Yangtze, while the bridge connects Changxing and Chongming. Currently, Chongming is connected with Jiangsu Province to its north. Located at the Yangtze River mouth, Chongming covers an area of1,200 sq. km, equal to about 20 percent of Shanghai's total land area. China's central government plans to turn the island into a model of an eco-friendly town in the country. Shanghai municipal government is also paying great attention, with infrastructure projects being built within the island. Experts said the inconvenient traffic between Shanghai and Chongming once blocked the development of the island. The construction of the bridge and tunnel would help attract overseas investment and make the suburb a major channel of the Yangtze River Delta area.
BEIJING, April 25 -- The key mainland stock index yesterday soared 9.29 percent, the biggest one-day jump in six years, as investor sentiment was boosted by the government lowering of stamp duty. The slashing of trading tax from 0.3 percent to 0.1 percent, effective yesterday, was widely seen as another government effort to lift the stock market from the doldrums it has been in for six months. It followed the introduction of trading rules last Sunday to mitigate the impact of an expected flood of previously non-tradable shares after the lock-in period, which could greatly depress the market. Investors look over information at a stock exchange at a stock trading hall in Beijing, April 24, 2008. Equities trading tax cut, which is widely believed as policy boost by government to stem the recent slump, sends Chinese shares 9.29 percent higher on Thursday, the biggest gain since Oct 23, 2001 The Shanghai Composite Index yesterday surged 304.7 points to close at 3583.03. In yesterday's trading, gainers outnumbered losers by 853 to 1. The Shenzhen Component index jumped 9.59 percent, or 1130.61 points to close at 12914.76. Total market capitalization swelled 9.2 percent to 22.94 trillion yuan (.3 trillion). Turnover on the two bourses more than doubled from the day before to 261 billion yuan ( billion), the highest this year. Analysts said the reduction in the stamp duty and restrictions on the sale of unlocked shares showed that the market has fallen as low as the government would like to see. "The timing of the stamp duty cut suggests that the 3000 point may be a psychological bottom line for policymakers," said Peng Cheng, an economist at Citi China. "The government had been patient in waiting until the market correction was more than 50 percent before taking action," Peng added. Xu Wei, an analyst at Sinolink Securities, estimated that the cut in stamp duty saves investors up to 102 billion yuan (.7 billion) a year. In addition, "the relatively lower A-share valuation and the more stable performance of overseas stock markets have combined to help investors regain confidence," said Rui Kun, a fund manager at China international Fund Management Co Ltd. Security companies, especially those focusing on brokerage services, will benefit from the increasingly active trading because of the stamp tax cut, analysts said. Shanghai-based Haitong Securities, Sinolink Securities and Guoyuan Securities soared to the daily limit of 10 percent. However, some market insiders said that weak fundamentals and unfavorable China economic growth data are likely to outweigh the positive impact of the government move, and the rebound may not last long. "It is doubtful that such administrative measures can have a sustained effect on shares when earnings face significant challenges in the periods ahead," said Peng at Citi China. "The cumulative effect of tightening policies and rising input costs, along with shrinking demand, could cut profits more deeply than what is currently evident," Peng added.
HANGZHOU, July 8 (Xinhua) -- Vice Premier Li Keqiang has urged the country's enterprises to raise their international competitiveness by speeding up transformation and adjustment in line with the changing domestic and global economic situation. During a three-day inspection and research tour in the booming southeastern Zhejiang Province, which ended on Tuesday, Li visited textile factories, electric machinery companies and high-tech enterprises to get a first-hand assessment of enterprise reform amid a new domestic and international market climate. Chinese Vice Premier Li Keqiang (2nd L, front) speaks while visiting auto parts producer Wanxiang Group in China’s Zhejiang Province on July 7, 2008.During visits to Wenzhou-based enterprises including garment producer Fapai Group and lighter maker Rifeng, Li said the overall Chinese economy was fundamentally in good shape and China was confident of keeping its economy growing steadily and fast. However, he said, the global economic slowdown and imported inflation were having an increasing impact on the economy and the country should take aggressive measures to deal with such challenges. Chinese Vice Premier Li Keqiang (C, front) talks with migrant worker Qiu Xucui (R, front) who is from the quake-hit Mianzhu city of southwest China’s Sichuan Province while visiting shoemaker Kangnai Group in China’s Zhejiang Province on July 6, 2008.In visiting electric machinery companies such as leading auto parts producers Wanxiang Group and Ruili Group Corp., Li said the economy was undergoing a critical period, which called for deeper reform. The government should lose no time or opportunity to improve the market economic system and try to make price increases "acceptable" for both industries and the public, Li said. He noted that China should also seek better development of foreign trade, improve the mix of imports and exports, and encourage Chinese enterprises to expand into the international market. At high-tech enterprises like Supcon Group and Alibaba, which owns China's largest e-commerce website, Li said enterprises should also continue to promote technological innovation and improve their management so as to boost their competitiveness. He also said vigorous development of enterprises was vital for the economy to maintain steady and fast growth and governments at all levels should do their best to provide better services for all companies and create a better climate for the development of enterprises
ISLAMABAD, April 26 (Xinhua) -- Pakistani President Pervez Musharraf and Prime Minister Yousuf Raza Gillani met respectively with visiting Chinese Foreign Minister Yang Jiechi on Saturday and reiterated their resolve to improve bilateral ties to a new level. They said Pakistan will always stand with China on the Taiwan and Tibet issues and Beijing Olympics will be a great success. Pakistani President Pervez Musharraf (L) meets visiting Chinese Foreign Minister Yang Jiechi in Rawalpindi, Pakistan, April 26, 2008.Musharraf, at a meeting with Yang in the city of Rawalpindi close to Islamabad, appreciated China's consistent assistance and help, saying Pakistan would continue to carry out cooperation with China in such fields as trade, energy, communication, education and culture. The smooth holding of the Beijing Olympic torch relay in Islamabad showcased the deep-rooted friendship between the two neighboring countries, said Musharraf Gillani, while meeting with Yang, said Pakistan and China enjoy "all-weather and time-tested" relations and the new Pakistani government will strive to push bilateral relations forward on the basis of mutually-beneficiary cooperation. Gillani welcomed Chinese firms to invest in Pakistan, saying to develop relationship with China will be the priority of the Pakistani government. Pakistani Prime Minister Yousaf Raza Gilani (R) meets visiting Chinese Foreign Minister Yang Jiechi (L) in Islamabad, capital of Pakistan, April 26, 2008. Yang described China-Pakistan relations as good neighbors, friends, partners and brothers, saying the two countries have seen sound cooperation on politics, trade, mega projects, military, security, culture as well as regional and international issues. China thanks Pakistan for its firm support on the Taiwan and Tibet issues, and will support Pakistan's efforts to safeguard national stability and development, Yang said. Yang said the Chinese government attaches great importance to relations with Pakistan and will deepen bilateral strategic cooperation and lift China-Pakistan strategic partnership to a new height. Yang also expressed appreciation for Pakistan's successful holding of the Beijing Olympic torch relay, which he said is a testimony to sincere friendship between the two countries. Yang arrived in Islamabad o Friday afternoon for a two-day visit to Pakistan, the first visit by the Chinese foreign minister since the new Pakistani government took office last month. Yang is also the first senior Chinese official visiting Pakistan after Musharraf paid a state visit to China from April 10 to 15. Pakistani President Pervez Musharraf (L) meets visiting Chinese Foreign Minister Yang Jiechi (R) in Rawalpindi, Pakistan, April 26, 2008.Yang held talks with his Pakistani counterpart Shah Mahmood Qureshi after his arrival, and they discussed possibilities to expand cooperation between the two countries. At a news briefing following the talks, Yang announced that China will provide Pakistan 70 million RMB (around one million U.S. dollars as technical and economic assistance and 500,000 RMB (around 71,429 U.S. dollars) for equipment for Pakistan foreign ministry. During the 24-hour visit, Yang also met with Pakistan's National Assembly Speaker Fehmida Mirza, Senate Chairman Muhammad Miam Soomro, Nawaz Sharif, leader of Pakistan Muslim League-Nawaz (PML-N), and Pakistan Muslim League-Quaid (PML-Q) chief Chaudhry Shujaat Hussain.