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Asahi Breweries Ltd., Japan's largest beer producer, is targeting the Chinese milk products market with an all-around manner with its new milk factory being under construction in China's Shandong Province, company officials told Xinhua Saturday.     A milk company, which has been building the factory, was established in Laiyang city, Shandong Province, in April. It's the first time for a large-scale Japanese corporation to enter the Chinese integrated milk business in the fields of both production and sales.     The company is owned 90 percent by Asahi. Business of the new company will involve the entire process from raising cows to marketing, while products will be sold to major cities such as Beijing, Shanghai and Qingdao under Asahi's proprietary label, according to Asahi Breweries officials.     Price of the Asahi milk products will be about 50 percent to 100 percent higher than average local milk, and sales in the first year will be targeted at 1 ton per day, they said. (Www.hxen.com)    The products will be launched onto the market prior to Aug. 8, the opening day of the Beijing Olympics, they added.

BEIJING, June 7 (Xinhua) -- China's central bank on Saturday ordered lenders to set aside more money as reserve, the fifth such move this year. It was the latest effort to enhance liquidity management in the banking sector.     The reserve-requirement ratio would be raised by 0.5 percentage points on June 15, and another 0.5 percentage points on June 25, the People's Bank of China (PBOC) said on its website.     This will bring the ratio to a record high of 17.5 percent.     The PBOC also said that corporate financial institutions in the worst quake-hit areas including Chengdu and Mianyang, would postpone carrying out the regulation. But it didn't say how long the delayed period would be.     "The rise, a further materialization of the tight monetary policy, is aimed at strengthening liquidity management in the banking system," the statement said.     "The government adopted differential monetary policies to support reconstruction in the quake-hit areas," said Peng Xingyun, a senior expert with the Chinese Academy of Social Sciences (CASS).     Zhou Xiaochuan, the central bank governor said earlier that the PBOC was to take flexible monetary policy to aid after-quake reconstruction.     The 8.0-magnitude earthquake centered on Sichuan's Wenchuan County has so far caused 206.53 billion yuan of economic losses to the industrial and mining enterprises in the quake regions.     The PBOC had raised the ratio four times previously this year. The latest was on May 12 when it lifted the ratio to a new high of16.5 percent.     Yin Jianfeng, director of the Institute of Finance and Banking with the CASS, said the move would help the country reduce inflationary pressure and to control excessive investment.     "But the move will not be as effective as the government expected because inflation nationwide mainly resulted from surging production material and food prices," he said. "A simple monetary policy will not help."     The consumer price index (CPI), the main inflation gauge, was up 8.5 percent in April from a year earlier. This was nearly equal to February's 8.7-percent rise, the most since May 1996.     Some market experts said that after-quake restoration and reconstruction would beef up fixed assets investment, and add more inflation pressure to the nation's sizzling economy.     Soaring demand for cement, steel, copper, zinc, and a luminium were expected to push up the prices of basic building materials, according to the experts.     Zuo Xiaolei, Galaxy Securities chief economist, said huge foreign exchange reserves and economy unrest in neighbouring countries had posed great pressure to China's economy. This had forced the government to adjust its economic policy before it could reach a balance.     "A great deal of hot money swarmed into China's capital market, and the PBOC aims to hedging excessive monetary liquidity," said Wu Xiaoqiu, head of the Financial and Securities Research Institute of the China Renmin University.     Wu said the government was likely to carry out more monetary policies to curb inflation and liquidity in the near future.     China adopted the tight monetary policy late last year to prevent the economy from overheating. It was also to guard against a shift from structural price rises to evident inflation. The country adhered to the policy despite a global slowdown hit by the international credit crunch.     The country's economic growth slowed in the first quarter but still reported double-digit growth. It expanded 10.6 percent, compared with 11.7 percent in the same period a year ago.

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, Sept. 11 (Xinhua) -- With the Beijing Paralympic Games under way, Chinese President Hu Jintao and other top leaders watched a musical and dancing performance staged by disabled artists in Beijing on Thursday night.     The grand show, titled "My Dream," was presented by the China Disabled People's Performing Art Troupe (CDPPAT) in the Poly Theatre in downtown Beijing. Specially prepared for the Beijing Olympics and Paralympics, the show has been continuously modified and Thursday's was already its fifth edition.     Sitting among the audience were Party and state leaders Wu Bangguo, Wen Jiabao, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang, as well as International Paralympic Committee (IPC) President Philip Craven and International Olympic Committee Honorary President Juan Antonio Samaranch. Chinese President Hu Jintao greets artists of China Disabled People's Performing Art Troupe after their performance "My Dream" at the Poly Theatre in Beijing Sept. 11, 2008The performance -- a mixture of music, dancing, Peking Opera, dancing drama and music drama -- has been a hit since its debut on Aug. 10, staged for more than 40 times in the Chinese capital.     The performance on Thursday night began with a poem titled "My Dream," which was presented by performers using the sign language.     "We are trying to hear sounds and rhythms in silence, to see light in darkness, and to pursue perfection with disabilities," the poem goes.     In a classical repertoire of the troupe called the Thousand-hand Bodhisattva, Tai Lihua, a deaf dancer with great popularity in China, led 20 other hearing-impaired dancers in golden costumes to perform in breath-taking synchronicity. Chinese President Hu Jintao, other top party and state leaders Wu Bangguo, Wen Jiabao, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang, International Paralympic Committee President Philip Craven and International Olympic Committee Honorary President Juan Antonio Samaranch pose for a group photo with artists of China Disabled People's Performing Art Troupe after the performance "My Dream" at the Poly Theatre in Beijing，China, Sept. 11, 2008Other highlights of the show included singing by disabled vocalists, playing of traditional Chinese musical instruments by blind musicians, and rhythmic dances and Peking Opera performance by blind, deaf or amputated artists.     Amazed by the spectacular show, the entire audience, including President Hu and IPC chief Craven, warmly applauded time and again to show their respect for the artists.     When the show ended, Hu, Craven and others also ascended the stage to shake hands with the performers and congratulate them on the success of the performance.

BEIJING, May 15 (Xinhua) -- Chinese Premier Wen Jiabao has ordered the armed forces and civil aviation department to deploy 90 more helicopters for rescue missions in quake-hit Sichuan province.     The decision was made at a late Wednesday evening meeting of the national quake relief headquarters held on a running train from Sichuan provincial capital Chengdu to Guangyuan city about 200 kilometers away. Chinese Premier Wen Jiabao (C) consoles locals as he pays a visit to Beichuan County, which neighbors the epicenter of the massive quake in southwest China's Sichuan Province, May 14, 2008. Wen Jiabao arrived on Wednesday at Beichuan County, one of the regions worst hit by Monday's massive earthquake, to oversee the rescue work.China's air force will deploy 60 more helicopters and the other 30 will be provided by the civil aviation industry, according to the headquarters headed by Wen himself.     An earthquake, measuring 7.8 on the Richter scale, struck Wenchuan County of southwestern Sichuan Province Monday afternoon, killing almost 15,000 people nationwide.     Since the rescue missions started on Monday, 20 helicopters have been dispatched to quake-hit areas for reconnaissance, food and water airdropping, transporting injured people and delivering rescuers. Rescuers unload medical materials from a helicopter in Yingxiu Town of Wenchuan County, the epicenter of Monday's massive earthquake on May 14, 2008. Premier Wen urged in the meeting that saving people's lives was still the top priority of the disaster relief work more than 50 hours after the quake.     "We must use all our forces, and save lives at whatever costs. Life is the most precious thing, we must be amenable to the people and the history," Wen said.     Forty-four counties and districts in Sichuan were severely affected by the quake. About half of the 20 million population in these areas were directly affected by the quake, according to the meeting. Soldiers from the People's Liberation Army carry relief materials after their arrival in the quake-stricken Wenchuan County in southwest China's Sichuan Province, May 14, 2008. A strong quake measuring 7.8 on the Richter scale struck Wenchuan at 2:28 p.m. on Monday. Since most of the quake-hit areas are mountainous villages, thousands of rescuers and hundreds of tons of materials were held up on the ways, blocked by rocks and mud shaken down from roadside, to the quake's epicenter, making air support a vital need.     China's air force, army aviation and civil aviation have made ever largest noncombat air operation since Monday, mobilizing more than 150 airplanes in various relief missions.     The air force has deployed more than 40 transporters which delivered about 8,600 rescuers and 200 tons of materials with more than 130 flights in 48 hours after quake. PLA soliders carry the relief supplies onto a cargo-aeronef heading for the earthquake-affected areas in Sichuan Province to drop the urgently-needed food and relief supplies, in Wuhan, central China's Hubei Province, May 13, 2008. China poured more troops into the earthquake-ravaged province of Sichuan on Wednesday to quicken a search for survivors as time ran out for thousands of people buried under rubble and mud.The force also parachuted 15 elite airborne troopers to a county close to the epicenter who jumped out of plane at about 4,900 meter above sea level and landed without ground instruction and weather reference on Wednesday afternoon.     As of mid-Wednesday, rescuers have reached all the affected counties and began rescue efforts there.     The meeting decided to mobilize 30,000 more troops for the relief efforts, raising the total number of PLA and armed police soldiers involved in the rescue operation to 100,000.     More than 16,000 policemen are already involved in the rescue efforts.     Throughout Wednesday, 18,277 injured people were rescued in Sichuan, increasing the total number to 64,725. Among them are 1,620 people seriously injured, according to information from the meeting.