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BEIJING, Nov. 2 (Xinhua) -- China's economy is in good shape despite the changing economic environment, and it will maintain stable and relatively fast growth, National Bureau of Statistics (NBS) chief Ma Jiantang told Xinhua on Sunday. "The fundamentals of China's economy remain unchanged despite the changing world economic environment," the new NBS director said. "We should be confident about the country's economic outlook." The world's fastest economic growth rate, successful commodity price controls, increasing foreign exchange reserves and good employment rates were the factors to support the economic fundamentals, said Ma. The consumer price index (CPI), the main gauge of inflation, eased to 4.6 percent in September from the same period last year. It hit a 12-year high of 8.7 percent in February. The country's gross domestic product (GDP) grew by 9.9 percent in the first three quarters, 2.3 percentage points down from the same period last year. The slowdown was a result of combined effects, including the global financial crisis, the world economic downturn and severe domestic natural disasters, Ma said. However, he said, "We should be confident about the country's economic outlook." The country had rich resource reserves, great market potential, vigorous enterprises and the government had strong macro-control abilities. The government had made a series of macro-economic policy adjustments against the changing economic environment, which would guarantee a steady and sound economic development, he said.
YICHANG, Hubei, Nov. 7 (Xinhua) -- The Three Gorges Project has completed trial water storage operations for the year, with the water level in the reservoir exceeding 172 meters. As of Tuesday, the water level had risen 27.3 m since Sept. 28,when this year's storage plan began, said the developer of the massive water conservancy project, the China Three Gorges Project Corp. (CTGPC) on Friday. The water-raising measures ended on Tuesday when the water behind the dam reached 172.3 m and the reservoir held more than 19.3 billion cubic meters of water. The reservoir then began to discharge water. Generally speaking, the trial operation, which is a test of quality, went well. The structure, generators and shipping locks were all in normal condition and the water quality was not affected, said a CTGPC statement. The water level is expected to reach 175 m in 2009 when the Three Gorges project is completed. At 156 m, the target level for the second phase, the reservoir could be fully functional in terms of flood control, power generation and navigation control. Launched in 1993, construction of the gigantic concrete structure of the dam was completed and began to store water in May2006. Previously, the reservoir's temporary cofferdams held water at a depth of 135 to 139 m. The Three Gorges Project, with a budget equivalent to 22.5 billion U.S. dollars, is a multi-functional water control system built at the upper and middle reaches of the Yangtze River. Its main works are a dam, a five-tier ship lock and 26 hydropower turbo-generators. The dam will have 14 turbo-generators on the left bank and 12 on the right. Combined, they will produce 84.7 billion kw of electricity annually. There are plans to add six more turbines by 2012. As of June, 1.24 million residents had been relocated to make way for the dam construction.

BEIJING, Dec. 10 (Xinhua) -- A compensation scheme for families of sickened and dead babies in the tainted milk powder scandal, which caused a food safety scare in China, is under review, a Health Ministry spokesman said on Wednesday. The ministry is collecting medical records and checking statistics to make preparations for compensation, spokesman Mao Qun'an told reporters. Mao said he "has not been authorized to release details" about the compensation plan but assured the media that relevant departments are working on it and will release the results after the plan is adopted. Mao also said local governments paid a large amount of money for hospital ultrasound equipment and medication after more than 22 million children needed testing after drinking formula containing an industrial chemical known as melamine. That testing started in September. Children who were confirmed to have developed kidney stones received free treatment. The ministry said earlier it was likely six babies died from drinking toxic milk powder. Another 294,000 infants suffered from urinary problems such as kidney stones. The General Administration of Quality Supervision, Inspection and Quarantine publicized the names of 22 dairy companies which produced milk products containing melamine after milk powder produced by Sanlu Group was found to contain the banned chemical in mid September.
BEIJING, Oct. 19 (Xinhua) -- China's premium revenue is expected to hit one trillion yuan (146.3 billion U.S. dollars) this year due to strengthened promotion and increasing demand, said a senior official here on Sunday. The premium revenue grew at an annual rate of 30 percent from 460 million yuan in 1980, when insurance business began to enter into full swing in China, to hit 703.58 billion yuan in 2007, said vice chairman of the China Insurance Regulatory Commission (CIRC) Zhou Yanli at the opening ceremony of an insurance exhibition. The revenue in the first eight months this year rose 52.24 percent year on year to 713.40 billion yuan which exceeded the total of last year, he said. The revenue for the whole year is likely to break one trillion yuan at the current pace, he predicted. The development of China's insurance business had been halted for 20 years after the founding of the new China in 1949. After the opening up and reform initiated in 1979, the sector was on the way to the right track and entered into full swing. The value of the industry assets totaled more than three trillion yuan, which is owned by more than 110 insurers, according to Zhou. Despite of the progress, insiders noted the revenue growth is poised to slow down in the fourth quarter of 2008 and the first half of 2009 as insurers are expected to retain dividends to protect its profit margin which was hurt by stock investment returns slumps. That is likely to discourage the future premium growth. China Life, the nation's largest life insurer, saw premium jump52.9 percent from a year ago to 23.44 billion yuan in September, much slower than the 93.7 percent growth in August. The combined revenue in the first nine months totaled 248.6 billion yuan, up 56.7 percent year on year, comparing with the 57.14 percent growth in August.
BEIJING, Jan. 22 (Xinhua) -- China's economy cooled to its slowest pace in seven years in 2008, expanding 9 percent year-on-year as the widening global financial crisis continued to affect the world's fastest-growing economy, official data showed Thursday. Gross domestic product (GDP) reached 30.067 trillion yuan (4.4216 trillion U.S. dollars) in 2008, Ma Jiantang, director of the National Bureau of Statistics (NBS), told a press conference. The 9-percent rate was the lowest since 2001, when an annual rate of 8.3 percent was recorded, and it was the first time China's GDP growth fell into the single-digit range since 2003. The year-on-year growth rate for the fourth quarter slid to 6.8 percent from 9 percent in the third quarter and 9.9 percent for the first three quarters, according to Ma. Graphics shows China's gross domestic product (GDP) in the year of 2008, released by the National Bureau of Statistics (NBS) on Jan. 22, 2009. China's GDP reached 30.067 trillion yuan (4.4216 trillion U.S. dollars) in 2008, expanding 9 percent year-on-year. Economic growth showed "an obvious correction" last year, but the full-year performance was still better than other countries affected by the global financial crisis, said Zhang Liqun, a researcher with the Development Research Center of the State Council, or cabinet. He attributed the fourth-quarter weakness to reduced industrial output as inventories piled up amid sharply lower foreign demand. Exports, which accounted for about one-third of GDP, fell 2.8 percent year-on-year to 111.16 billion U.S. dollars in December. Exports declined 2.2 percent in November from a year earlier. Industrial output rose 12.9 percent year-on-year in 2008, down 5.6 percentage points from the previous year, said Ma. SEEKING THE BOTTOM Government economist Wang Xiaoguang said the 6.8-percent growth rate in the fourth quarter was not a sign of a "hard landing," just a necessary "adjustment" from previous rapid expansion. "This round of downward adjustment won't bottom out in just a year or several quarters but might last two or three years, which is a normal situation," he said. A report Thursday from London-based Standard Chartered Bank called the 6.8-percent growth in the fourth quarter "respectable" but said the data overall presented "a batch of mixed signals." It said: "We probably saw zero real growth in the fourth quarter compared with the third quarter, and it could have been marginally negative." The weakening economy has already had an impact on several Chinese industrial giants. Angang Steel Co. Ltd. (Ansteel), one of the top three steel producers, said Wednesday net profit fell 55 percent last year as steel prices plunged. It cited weakening demand late in the year. However, officials and analysts said some positive signs surfaced in December, which they said indicated China could recover before other countries. December figures on money supply, consumption, and industrial output showed some "positive changes" but whether they represented a trend was unclear, said Ma. Outstanding local currency loans for December expanded by 771.8 billion yuan, up 723.3 billion from a year earlier, according to official data. Real retail sales growth in December accelerated 0.8 percentage points from November to 17.4 percent. Industrial output also accelerated in December, up 0.3 percentage points from the annual rate of November. Wang Qing, Morgan Stanley Asia chief economist for China, said GDP growth would hit a trough in the first or second quarter. China will perform better than most economies affected by the global crisis and gradually improve this year, he said. Zhang also predicted the economy will touch bottom and start to recover later this year, depending on the performance in January and February. Zhang forecast GDP growth of more than 8 percent for 2009, based on the assumption that domestic demand and accelerating urbanization would help cushion China from world economic conditions. Wang Tongsan, an economist with the Chinese Academy of Social Sciences, said whether GDP growth exceeds 8 percent this year depends on how the world economy performs and how well the government stimulus policies are implemented. Ma characterized the "difficulties" China experienced in the fourth quarter as temporary, saying: "We should have the confidence to be the first country out of the crisis." Overall, the economy maintained good momentum with fast growth, stable prices, optimized structures and improved living standards, said Ma. China's performance was better than the average growth of 3.7 percent for the world economy last year, 1.4 percent for developed countries and 6.6 percent for developing and emerging economies, he said, citing estimates of the International Monetary Fund. "With a 9-percent rate, China actually contributed more than 20 percent of global economic growth in 2008," said Ma. He said the industrial structure became "more balanced" last year, with faster growth of investment and industrial output in the less-developed central and western regions than in the eastern areas. Meanwhile, energy efficiency improved: energy intensity, the amount of energy it takes to produce a unit of GDP, fell 4.21 percent year-on-year in 2008, a larger decrease than the 3.66 percent recorded in 2007, said Ma. WORRIES ABOUT CONSUMPTION A slowing economy poses a concern for the authorities, which they have acknowledged several times in recent weeks, as rising unemployment could threaten social stability. It could also undermine consumer spending, which the government is counting on to offset weak external demand. The government has maintained a target of 8 percent annual economic growth since 2005. China announced a 4 trillion-yuan economic stimulus package in November aimed at boosting domestic demand. Retail sales rose 21.6 percent in 2008, 4.8 percentage points more than in 2007, said Ma. Ma said he believed domestic consumption would maintain rapid growth as long as personal incomes continue to increase and social security benefits improve. Urban disposable incomes rose a real 8.4 percent last year, while those of rural Chinese went up 8 percent, he said. Analysts have warned that consumption could be affected if low rates of inflation deteriorate into outright deflation and factory closures result in more jobless migrant workers. The urban unemployment rate rose to 4.2 percent at the end of 2008, up 0.2 percentage point year-on-year. Ma said about 5 percent of 130 million migrant workers had returned to their rural homes since late 2008 because their employers closed down or suspended production. Other officials have said that 6.5 percent or even 10 percent of migrant workers have gone home after losing their jobs.
来源:资阳报