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BEIJING, Oct. 8 (Xinhua) -- China's central bank on Wednesday announced cuts in both the interest rate and reserve-requirement ratio in the latest effort to boost the domestic economy amid worries over the deepening global financial crisis.     The deposit and lending rates would be lowered by 0.27 percentage points from Thursday and the reserve-requirement ratio would be down by 0.5 percentage points from Oct. 15, the People's Bank of China (PBOC) said.     "This was mainly out of concerns over an economic slowdown," said Ba Shusong, deputy chief of the Finance Research Institute under the Development Research Center of the State Council.     "The rate cut was expected as the world was faced with a cycle of interest rate cuts," he told Xinhua.     OUT OF SLOWDOWN CONCERNS     The loosening in monetary policy, the second such move in less than a month, highlighted the government's rising concern over the slowing economy and slumping capital market.     The PBOC cut the benchmark one-year lending rate by 0.27 percentage points on Sept. 16, the first rate cut in six years. It also lowered the reserve requirement at medium- and small-sized lenders by 1 percentage point as of Sept. 25.     Tang Min, China Development Research Foundation deputy secretary, echoed Ba's viewpoint.     Tang said the government made the move mainly out of concerns over domestic problems. "The deepening U.S.-originated credit crisis has impacted the psychology of Chinese and also the real economy," he told Xinhua.     Investors, gripped by lingering fears of global economic downturn, dumped equities to drive the stock market down 66 percent from its peak last October.     China's gross domestic product (GDP) expanded 10.1 percent in the second quarter of the year, marking a deceleration for four consecutive quarters.     Its exports, a major driver behind the economy, reported slowing growth this year as the credit crisis reduced overseas demand for its goods. This has led to the closures of tens of thousands of local exporters and also job losses.     Local businesses bore the brunt of higher borrowing costs and were even finding it difficult to get credit after last year's tightening measures aimed at curbing inflation and averting economic overheating.     The easing in inflation has given room for the authorities to loosen monetary policy. The consumer price index rose 4.9 percent in August, off from the 12-year-high of 8.7 percent in February.     "Inflation is no longer a threat with the declining commodities prices," Tang said.     The monetary policy has been starting to loosen and the trend would not change in the short term, said Zhuang Jian, an Asian Development Bank (ADB) economist. "The whole world doesn't have strong confidence in the economic outlook."     TAX CUT TO BOOST DEMAND     In another move to boost domestic demand, the State Council, China's Cabinet, said it would scrap the 5 percent individual income tax on savings interest earnings starting on Thursday.     China began levying a 20 percent individual income tax on interest earnings in 1999 to narrow the income gap and encourage consumption and investment. The tax rate was slashed to 5 percent on Aug. 15, 2007.     The income tax cut was a must as it would help alleviate the erosion on personal income by high prices, especially given the cut in the deposit rate, Li Yang, head of the Finance Research Institute under the Chinese Academy of Social Sciences.     The tax cut, together with lower borrowing costs, would boost domestic demand, an increasingly more important driver of economy in the global credit crisis, Zuo Xiaolei, China Galaxy Securities chief economist, said.     GLOBAL COORDINATED RESPONSE     The move was also a timely response to the rate cuts by other major central banks and part of a coordinated effort to stem the global crisis, Tang said.     Six other major central banks, including the U.S. Federal Reserve, slashed interest rates on the same day to cope with the current financial crisis.     The U.S. Federal Reserve lowered its target for the federal funds rate by 0.5 percentage points to 1.5 percent. The Bank of England cut its rate by half a point to 4.5 percent and the European Central Bank cut by the same margin to 3.75 percent.     Central banks of Canada, Sweden and Switzerland took similar actions. The Bank of Japan said it strongly supported these policy actions.     Australia's central bank on Tuesday slashed the interest rate by 1 percentage point, the largest cut since 1992.

BEIJING, June 24 (Xinhua) -- Chinese Premier Wen Jiabao has called on the country's top scientists to make more contributions to the social and economic development with more science and technology achievements. Wen made the remark while attending a meeting Tuesday for both the 14th Congress of the Chinese Academy of Sciences and the Ninth Congress of the Chinese Academy of Engineering. Chinese Premier Wen Jiabao delivers a speech at the conference of the 14th Congress of the Chinese Academy of Sciences (CAS) and the 9th Congress of the Chinese Academy of Engineering (CAE) in Beijing, capital of China, June 24, 2008.    He highlighted the importance of science and technology for the reconstruction in quake-ravaged areas when he reported the latest situation of the relief work to the attending scientists.     Scientists and experts specializing in various of disciplines and fields of research should work closely and provide more scientific evidence and consultations to decision-making, Wen said.     He said after China experienced major disasters and incidents this year the social and economic development had been better than predicted due to Party and government endeavors. Chinese Premier Wen Jiabao (L) poses for a photo with his teacher Yang Zunyi, academician from the Chinese Academy of Sciences, after the conference of the 14th Congress of the Chinese Academy of Sciences (CAS) and the 9th Congress of the Chinese Academy of Engineering (CAE) in Beijing, capital of China, June 24, 2008.  However, he admitted there were still problems in the current economic situation that would challenge the economy's long-term, steady growth, adding the general level of the country's science and technology had not met the needs of the social and economic development.     Wen outlined science and technology research should make more achievements to reduce more energy consumption, safeguard agricultural production, prevent serious diseases and deal with climate change and disasters.     He hoped senior scientists and experts could cultivate and guide more young talents and provide more advice to the government's work.

TAIYUAN, Sept. 11 (Xinhua) -- Rescuers on Thursday had finished searching more than half the mud-covered areas in north China after a mud-rock slide left 128 people dead.     Shanxi Provincial Government Secretary-General Wang Qingxian said about 60 percent of the area had been combed. Altogether 2,000-plus rescuers, with the aid of more than 110 excavators, were searching for survivors.     He said Internet claims that hundreds of people were missing was mere speculation.     "The specific figure of the people missing in the disaster has not been established yet," said Wang at a news conference. "We are still evaluating the situation."     He promised timely and transparent updated casualty numbers, adding 36 people had suffered injuries.     If the weather conditions allowed, searchers would finish looking for survivors in three to five days, he said.     Relatives of the dead will get 200,000 yuan (29,215 U.S. dollars) each as compensation, according to the provincial government.     The State Council, China's Cabinet, has set up an accident investigation team, including officials from the State Administration of Work Safety, Shanxi provincial government, Supervision Ministry, Land and Resources Ministry and All China Federation of Trade Unions. Wang Jun, the State Administration of Work Safety director, was heading the team.     The government has begun examinations to more than 700 tailing ponds in the province to avoid similar accidents from happening again.     There was no epidemic at the area and the injured were receiving treatment, said Gao Guoshun, the provincial health department head, at the news conference.     The water there was not polluted after examination, Gao added.     The disaster happened when the bank of a pond holding waste oredregs of an unlicensed mine burst.     Some reports said hundreds were feared to have been buried underneath the mud, but the local government had released no figures concerning the number of missing.     Wang Qingxian said the mine was purchased and transferred to a man named Zhang Peiliang when the local government auctioned it off in 2005.     But Zhang did not apply for new licenses after its safety production license was suspended in 2006 and the mining license expired in 2007.     "It was an accident of grave responsibility after initial analysis," said Wang Dianxue, the State Administration of Work Safety deputy head and also the investigation team deputy head.     The accident occurred around 8 a.m. on Monday in a pond holding waste ore dregs of the Tashan Mine in Xiangfen County, Linfen City, which was soaked by torrential rain.     In total, an area of 30.2 hectares was covered by the mud. The mud-rock flow damaged buildings, trade markets and some residences lying downstream.

BEIJING, April 10 (Xinhua) -- Chinese Premier Wen Jiabao met with visiting Qatar Prime Minister and Minister of Foreign Affairs Sheikh Hamad Bin Jasim Bin Jabir Al-Thani here on Thursday. The two sides agreed to step up bilateral friendly and cooperative relations.     Wen hailed the development of bilateral ties on the basis of respect, equality and mutual benefits over the past 20 years since the two countries established diplomatic ties. He expressed China's appreciation of Qatar's adherence to the one-China policy. Chinese Premier Wen Jiabao (front, L) and Qatari Prime Minister and Minister of Foreign Affairs Sheikh Hamad Bin Jasim Bin Jabir Al-Thani (front, R) inspect the guard of honor at the welcoming ceremony in Beijing, capital of China, April 10, 2008.     Wen noted that breakthroughs had been made in energy cooperation between China and Qatar, which also brought along collaboration in relevant industries.     The advantages of economic complementarity of both countries were transforming into real results, he added.     Wen said all countries, regardless of size, could make contributions to world peace and development.     China attached great importance to developing relations with Qatar and was ready to maintain high-level exchanges and promote mutual trust with the country.     He proposed the two countries focus on cooperation in energy and infrastructure, encourage bilateral investments and expand trade scale, strengthen exchanges and cooperation in the areas of culture, education, aviation and tourism, as well as increase coordination in international and regional affairs.     Sheikh Hamad said Qatar had always adhered to the one-China policy and believed the country would host a successful Olympic Games.     Qatar was willing to make joint efforts with China to develop strategic friendly and cooperative relations, he said, adding Qatar would promote cooperation with China in energy, aviation and investment.     Qatar also supported China's efforts in its collective cooperation with the Gulf Cooperation Council (GCC), the prime minister said.     After the meeting, the two leaders attended a signing ceremony of a series agreements concerning energy, culture and education.     The Qatari prime minister arrived in Beijing on April 6, kicking off his visit to China. He will also attend the Boao Forum for Asia on April 12.

BEIJING, June 23 (Xinhua) -- President Hu Jintao on Monday hailed the country's remarkable science and technology achievements since the launch of its 1978 Reform and Opening-up Drive, but he also admitted that there is "still a large gap" with the world's most advanced.     Among developing countries, China had now taken the lead regarding the general level of science and technological development, said Hu, also general secretary of the Communist Party of China (CPC) Central Committee.     He attributed the achievements to the full support of the Party, the nation and the hard work by Chinese scientists and technicians.     Hu made the remarks at Monday's inaugural ceremony for both the 14th Congress of the Chinese Academy of Sciences and the Ninth Congress of the Chinese Academy of Engineering Science. Chinese President Hu Jintao makes a speech at the joint inaugural ceremony of both of the 14th Congress of the Chinese Academy of Sciences (CAS) and the Ninth Congress of the Chinese Academy of Engineering (CAE) at the Great Hall of the People in Beijing, capital of China, June 23, 2008.    He began his speech by giving a brief summary of the country's strenuous anti-earthquake efforts after a powerful 8.0-quake struck Wenchuan County in the southwestern Sichuan Province on May 12.     Members of the two academies had made full use of their collective wisdom and power to play an important role in the quake relief, he said.     In his speech, Hu mentioned two major historic events -- the National Science Congress in March 1978, and the Third Plenary Session of the 11th CPC Central Committee in December that same year.     The science conference has been called a "Spring" for the country's science circles following the end of the Cultural Revolution (1966-1976). The latter ushered in the Reform and Opening-up Drive in the country.     Hu recalled it was Deng Xiaoping who talked about major issues regarding the political status. At the meeting, the late leader proposed that science and technology were a productive force, intellectuals were part of the working class, and the key of the country's modernization drive lay with the modernization of science and technology.     He reiterated science and technology were the No.1 productive force; human resources were the No. 1 resource; and it was a must to persistently increase the capabilities in independent innovation; it was a must to adhere to the political advantage of socialism, which enabled the government to gather powers to do big things; it was a must that science and technology served economic and social development as well as the people; and it was a must to display the scientific spirit.