tag:blogger.com,1999:blog-6802143502436855472024-02-20T13:28:48.649-08:00China NewsAll about China News, China News basic information.chichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.comBlogger40125tag:blogger.com,1999:blog-680214350243685547.post-71373443286897376702008-09-19T08:47:00.003-07:002008-09-19T08:47:28.444-07:00China to push forward South-South agricultural cooperationChina will continue to cooperate with developing countries in pushing forward South-South agricultural cooperation, said China's Ministry of Agriculture on Friday. <br />
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Lu Xiaoping, the deputy chief of the international cooperation department of the ministry, made the remarks at a news briefing on Premier Wen Jiabao's attendance at the UN high-level meeting on the Millennium Development Goals scheduled for Sept. 25 in New York. <br />
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"China is still a developing country. It has a common task with many developing countries in developing its domestic economy, improving the people's living standards and realizing the MDGs," said Lu. <br />
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He said China had established effective and pragmatic agricultural cooperative mechanisms with many developing countries. It aimed at promoting information-sharing, research cooperation and technology exchanges in the agricultural field. <br />
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"The Ministry of Agriculture has forged sound relations with many international agricultural organizations, financial institutes and developing countries," he said. <br />
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"In addition, China signed cooperative documents or memorandums on agriculture with more than 30 developing countries, which established the cooperative mechanism in the field." <br />
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Under the framework of the mechanism, China promoted cooperation with the governments of many developing countries on both policy and technology exchanges. They also coordinated with one another in international agricultural negotiations and enacting international rules on agriculture. <br />
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Lu said China had helped some of the developing countries to build agricultural technology demonstration centers and farms, which helped them to share China's successful experience and practical technology. <br />
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"China carried through cooperation in the planting industry and the prevention of cross-border animal epidemic diseases," he said. <br />
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China had also played an active role in human resource exploration and management in the agricultural field, such as sending agricultural experts and technicians as well as holding training courses and seminars, which benefited thousands of people. <br />
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So far, China has sent nearly 1,000 agricultural experts and technicians to more than 20 countries. Regarding Ethiopia alone, China had sent about 300 agricultural teachers there in seven years, which benefited more than 30,000 local teachers. <br />
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Set in 2000, MDGs include eradicating extreme poverty, achieving universal primary education, promoting gender equality and improving maternal health, all by 2015. <br />
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Source: Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com1tag:blogger.com,1999:blog-680214350243685547.post-65774533100837831332008-09-19T08:47:00.001-07:002008-09-19T08:47:20.063-07:00Chinese FM: Credit turmoil won't compromise UN development goalsChina on Friday reaffirmed its efforts to honor its commitments to the United Nations development goals despite the global financial turmoil. <br />
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"China, together with developing countries, is concerned about the U.S. financial situation, which was triggered by the U.S. credit crunch," Chinese Vice Foreign Minister He Yafei told journalists. <br />
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"But I don't think the turmoil will compromise the UN Millennium Development Goals," or MDGs. "China will honor its commitments," he said. <br />
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He made the comments at a press briefing on Premier Wen Jiabao's attendance at the UN MDG summit in New York on Sept. 25. <br />
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Set in 2000, the MDGs include eradicating extreme poverty, achieving universal primary education, promoting gender equality and improving maternal health, all by 2015. <br />
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As this year coincided with the mid-term review for the MDG, heads of states or government chiefs from 140 countries will attend the summit, he said. <br />
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"The presence of so many world leaders at the summit shows their intent to carry out the commitments in reaching the MDGs," he said. <br />
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Wen will address the summit, elaborating what China has done to realize goals on global poverty alleviation and offering suggestions on how to better attain the goals. <br />
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Wen will also attend the general debate of the 63rd UN General Assembly, outlining China's development strategy and foreign policy. <br />
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"We can't foresee how the financial market will move, but we can prevail over difficulties as long as all countries make concerted efforts," the vice minister said. <br />
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"As for China, our economy is much more solid than in past. Thus, I am confident we will implement our commitments for the MDGs," he said. <br />
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Source: Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com1tag:blogger.com,1999:blog-680214350243685547.post-62841832775002876642008-09-19T08:46:00.008-07:002008-09-19T08:47:11.672-07:00China, India conclude border talks without agreementChina and India concluded two days of border talks on Friday without reaching any specific agreements. <br />
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"Chinese State Councilor Dai Bingguo and Indian National Security Advisor M. K. Narayanan headed their delegations for the talks, which were pragmatic, candid and friendly," according to a statement released by the Chinese Foreign Ministry. <br />
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This was the 12th round of bilateral talks since China and India appointed special representatives in 2003 to expedite a resolution of the decades-long border issue. <br />
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The statement said Dai and Narayanan exchanged in-depth views on a framework to solve the issue. <br />
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They agreed that both countries would carry out the guidelines of their leaders, maintain negotiations and seek a fair and reasonable solution acceptable to both sides. <br />
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The brief statement did not indicate whether any progress had been made during the latest talks. <br />
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The next round of discussions will take place in India, according to the statement. <br />
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Source: Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-70275287129883672952008-09-19T08:46:00.007-07:002008-09-19T08:46:40.291-07:00China to launch 100-day campaign to beef up road safetyThe Ministry of Public Security will launch a 100-day campaign on Sunday aimed at preventing serious road accidents. <br />
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"The aim of the campaign is to avoid very serious road accidents that kill more than 10 people and markedly decrease those causing more than three to five deaths," Vice Minister Liu Jinguo told a conference here. <br />
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The ministry directed local bureaus nationwide to check all passenger vehicles within their area and offer education to all drivers at least once before Oct. 15. <br />
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Local offices were directed to overhaul road signals and traffic safety facilities, report any hidden troubles and give feasible suggestions for improvement. <br />
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Liu said that those who failed to complete these measures would face punishment. <br />
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Liu urged local bureaus to beef up rural road safety, check and register all vehicles of seven seats or more and those transporting dangerous chemicals, and absolutely avoid overcrowding. <br />
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On Sept. 13, a bus accident in southwestern Sichuan Province killed all 51 people aboard. <br />
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Source: Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-6031774114747180382008-09-19T08:46:00.005-07:002008-09-19T08:46:31.726-07:00As tainted milk is withdrawn, China says supplies are sufficientThe Ministry of Commerce said here on Friday that 3,215 tonnes of milk powder had been removed from retail outlets around the country amid the tainted milk scandal, but supplies of safe domestic milk powder are sufficient. <br />
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The ministry is to continue monitoring the market and take effective measures to guarantee supply. A daily report system, initiated on Sept. 15, requires local authorities, major dealers and manufacturers to report key statistics, such as the price, stock and sales of milk powder. <br />
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The National Development and Reform Commission also issued an emergency notice, asking local authorities to step up price monitoring and intervene when necessary to stabilize the price of baby milk powder. <br />
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More than 6,200 infants have developed kidney stones after drinking baby formula tainted with the hazardous chemical melamine, which makes the protein content of the milk appear higher. <br />
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Dairy giant Sanlu, based in the Hebei provincial capital of Shijiazhuang in north China, was the first company exposed in the scandal, but subsequent investigations found a total of 22 manufacturers involved, including leading companies such as the Bright Dairy & Food and Mengniu Group. <br />
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Source: Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-35689518712196504602008-09-19T08:46:00.003-07:002008-09-19T08:46:23.053-07:00HK testers: No more dairy products from mainland taintedAll the 47 samples of dairy products, including milk, milk beverage, milk powder, yogurt and condensed milk, were free from melamine, Hong Kong testers said Friday. <br />
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The Center for Food Safety of Hong Kong released the latest batch of test results of the Chinese mainland dairy products on Friday. <br />
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"We are closely monitoring the situation and will continue to collect dairy product samples for testing," a CFS spokesman said. <br />
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The CFS warned the public on Thursday not to consume dairy products from Chinese mainland's brand Yili as eight samples of its goods had been found to contain melamine. <br />
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Source: Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-42963924087471475352008-09-19T08:46:00.001-07:002008-09-19T08:46:12.629-07:00HK stocks rally dramatically, market's full recovery loomsHong Kong stocks rallied 9.61 percent Friday, its biggest gain in eight months, but analysts and traders said it was too early to say whether the local equities market has fully recovered. <br />
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Hong Kong's benchmark Index on Friday almost recouped all the losses in former three sessions this week, following Wall Street's overnight rally and Chinese mainland's rebound Friday on news of latest market-boosting measures. <br />
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But analysts said the index will likely remain in a wide 16,000-20,000 range in the near term as uncertainties surrounding global economic growth and the health of major financial institutions continue to loom. <br />
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The Dow Jones Industrial Average rallied 410.03 points or 3.86 percent overnight, boasted on news that worldwide leading central banks injecting multi-billion U.S. dollars capital to ease liquidity in strained markets. <br />
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The benchmark Shanghai Composite Index closed up nearly 9.46 percent, the biggest one-day percentage gain in seven years, on news that Chinese mainland government launches a series of major rescue market-boosting efforts. <br />
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The central government on Thursday announced to cancel the share trading stamp tax on stock purchase, effective on Friday, while the stamp tax on share selling remained unchanged at 0.1 percent. <br />
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Central Huijin Investment said it began buying ICBC, China Construction Bank and Bank of China Thursday, sending the three banks' share prices steeply up in Hong Kong market which led Friday's blue-chip gains. <br />
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Analysts said Bank of China's rally was also helped by its purchase of a 20 percent stake in France's Compagnie Financiere Edmond de Rothschild. <br />
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However, the strong gains in regional stock markets failed to allay concerns that the turmoil in the global financial markets will continue to exert downward pressure on local shares, analysts said. <br />
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"Investors should be taking today's opportunity to trim some holdings rather than chasing into a rally," said Ben Kwong, chief operating officer at KGI Asia, as the bear market isn't over. <br />
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Peter Lai, a director at DBS Vickers Securities, said there hasn't been enough change in the market and companies' fundamentals to warrant optimism on their outlook. <br />
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"Trading remains driven by news and sentiment, so I would expect index to continue to swing wildly in the near term," he said. <br />
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Source: Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-32929773415039658222008-09-19T08:45:00.008-07:002008-09-19T08:46:03.408-07:00Beijing hospital full up with panicked parents over tainted milk scare"It has been almost three months. e cries every time he pees," said Ren Haitang, a 50-year-old grandmother from a rural village in Yan'an City of northwest China's Shaanxi Province. <br />
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She was referring to her eight-month-old grandson who had been raised on Sanlu milk powder, the formula which was detected to contain the banned chemical melamine. <br />
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Upon her arrival in the capital early on Friday morning, she hooked up with her husband who was working in the city and the couple rushed with the boy in tow to Beijing Children's Hospital, one of the country's most prestigious childrens hospitals. <br />
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At about 11 a.m., the grandfather was given registration card "No. 1169" for sonographic scans of the baby's kidneys and a urine test. It would be a long wait as many other infant patients were ahead them. <br />
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Ren's family, including her husband, three sons, a daughter-in-law and the grandson, make their living by running an apple orchard. It earns about 20,000 yuan to 30,000 yuan annually. <br />
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"We have spent more than 10,000 yuan before we came to Beijing," Ren said. "We can't afford more." <br />
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A mere look at the child was enough to make her tearful. <br />
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Like Ren, many parents at the hospital said they had not been aware of their children's sickness until they saw the news about the tainted Sanlu milk powder. <br />
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According to the General Administration of Quality Supervision, Inspection and Quarantine, 69 batches of milk products made by 22 dairy companies, including the well-known Sanlu, Yili, Mengniu and Yashili brands, had been laced with melamine. <br />
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Melamine, a chemical normally used in plastics, was mixed illegally into the milk powder to raise its protein content. <br />
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The worst tainted formula of Sanlu Group Co. has the largest market in China with its lower price, usually one-third that of imported powdered milk. <br />
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The melamine-tainted formula has caused four infant deaths and left more than 6,000 other children sick with kidney stones. <br />
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Panicked parents took their babies to hospitals though many didn't show any symptoms of kidney disease. <br />
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Tian Xiaoyan took her eight-month-old daughter to the Beijing Children's Hospital for an ultrasound. The baby was fed a milk powder sold by the southern Guangdong-based Yashili Group Co. <br />
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The Beijing woman said she had switched to imported infant formula, but was still concerned about safety. "I really hope the government can expand the checks and testing to more overseas brands of infant formula." <br />
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Not all children were so lucky to have timely checks at the hospital. Li Zhanshan, 47, had to find another facility for his nine-month-old son. The boy, who had been diagnosed with a kidney stone measuring 0.9 cm in diameter, was turned away after being told the hospital was fully booked. <br />
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The man had traveled from Tangshan City in the northern Hebei Province. He said his son was in such a serious condition that hospitals in his hometown refused to take him. <br />
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"Whatever it takes, I'll get my son hospitalized," he said while leaving, a worried look on his face. <br />
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Beijing has two children's hospitals where the patient admissions have been on the rise. The institutions had borrowed ultrasound scanners from other hospitals. <br />
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The influx of sickened children to the city has risen as the Beijing municipal government promised free exams and treatment to all who have consumed the contaminated milk. <br />
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Source: Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-33130303003694771472008-09-19T08:45:00.007-07:002008-09-19T08:45:53.652-07:00China makes contributions to Millenium Development Goals, officialA Chinese Ministry of Commerce official said here on Friday that although China is still a developing country, it would continue to make contributions according to its own capabilities to help reduce global poverty. <br />
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"China is still a developing country. Its GDP per capita will remain low for a very long time," said Gao Yuanyuan, the ministry's foreign aid department deputy head, at a press conference prior to the United Nations Millennium Development Goals summit to open in New York on Sept. 25. <br />
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As this year coincides with the MDG mid-term review, heads of states or government chiefs from 140 countries will attend the summit. <br />
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Gao said although China is a developing country, it is committed to making bigger contributions to the global poverty alleviation campaign. <br />
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According to Gao, China has already offered its assistance to more than120 foreign countries, establishing about 2,000 projects abroad since the 1950s. Since then, it has also trained more than 100,000 professionals for 160 countries and dispatched 20,000 medical personnel and 240 young volunteers. <br />
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It has also exempted 376 debts owed by 49 of the most underdeveloped countries and offered timely help and assistance to those who suffered humanitarian disasters. <br />
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China's foreign assistance, according to Gao, covers such fields as agriculture, animal husbandry, fisheries, light textiles, transport, telecom and civil construction, among others. <br />
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The country would expand its foreign aid plan in line with its national capabilities and increase its assistance efficiency to realize the MDG along with the joint efforts from the international community, she added. <br />
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Established in 2000, the MDG include goals for eradicating extreme poverty, achieving universal primary education, promoting gender equality and improving maternal health by 2015. <br />
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Source: Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-89597895585576286502008-09-19T08:45:00.005-07:002008-09-19T08:45:43.537-07:00China opens second national hotline for panicked parents over tainted milk scareChina's Health Ministry announced on Friday it had opened a second national hotline for panicked parents to have medical consultation in the wake of the ongoing tainted baby milk formula scandal. <br />
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The public health service number -- 021-12320 -- in Shanghai is manned by experts who provide advice on how to appropriately treat babies stricken by the tainted baby milk powder. <br />
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The hotline follows the first round-the-clock service opened in Beijing on Wednesday. It was providing people with information on treatment and had partially met the demands of parents, a ministry source said, without elaborating on how many had used the service. <br />
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Six provinces had also opened regional hotlines, including Hebei, Qinghai, Jiangsu, Shandong, Jilin and Fujian. <br />
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On Friday, the ministry asked the rest of the provinces, autonomous regions and municipalities to organize experts and set up hotlines for local residents. <br />
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More than 6,200 infants developed kidney stones after drinking a baby formula tainted with melamine. The chemical, which was added illegally, makes the protein content of milk appear higher than it actually is. <br />
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The formula has so far killed four infants. <br />
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Dairy giant Sanlu based in the northern Hebei provincial capital of Shijiazhuang was the first company exposed in the scandal. <br />
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Source: Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-47469039735293724822008-09-19T08:45:00.003-07:002008-09-19T08:45:30.541-07:00Ministry: China becomes first nation to halve poor populationChina halved its impoverished population over the past three decades, according to Huang Yanxin, deputy director of the regulation department under the Ministry of Agriculture. <br />
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The accomplishment makes China the first nation to fulfill its objective under the Millennium Development Goals framework. <br />
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"According to China's standards, the number of poor people dropped from 250 million in 1978 to 14.8 million in 2007," said Huang. <br />
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He made the comments at a press briefing on Premier Wen Jiabao's attendance at the UN MDG summit in New York on Sept. 25. <br />
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The comments also conveyed China had fulfilled the goal of halving poor population, compared with the time when MDG project was established. Set in 2000, the MDG include eradicating extreme poverty, achieving universal primary education, promoting gender equality and improving maternal health, all by 2015. <br />
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The percentage of people living in absolute poverty in rural areas plunged from 30.7 percent in 1978 to 1.6 percent in 2007, Huang said. <br />
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As to those living a subsistence existence, the number fell from 62 million in 2000 to 28 million last year. <br />
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China's achievements in relieving poverty had been felt by all, Huang stated. China's poverty reduction promoted development in rural areas, fostered harmony in communities and sped up the process of international poverty relief work. <br />
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Huang noted that 2008 marks the 30th anniversary of China's reform and opening up. One of the first steps the country took was to improve rural living standards. <br />
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Huang said China had solved the problem of feeding 1.3 billion people during the past 30 years. Compared with 1978, grain output had increased from about 300 billion kg to 500 billion kg in 2007.Amid world shortages of food and soaring prices, China's food supply and prices remained stable. <br />
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"It's the important contribution Chinese agriculture made to domestic development and global agriculture," Huang said. <br />
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Source: Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-56253015802752586072008-09-19T08:45:00.001-07:002008-09-19T08:45:21.091-07:00Financial regulators have asked domestic financial institutions to submit detailed records of their investments in US and European financial assets toChina expressed its gratitude to the international community for its support to the Beijing Olympics and Paralympics at a reception here on Friday. <br />
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Vice President Xi Jinping voiced his congratulations to the athletes from various countries and regions for their outstanding performances. He expressed his appreciation to the international community for its support and contribution to the success of the respective games. <br />
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He said China had already fulfilled its promise to host two Olympic events, the Olympics and Paralympics, with the same distinguished features and of the same high level; their success was yielded from the joint efforts made by Chinese and people all over the world. <br />
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The Olympic events were the stage for the athletes to realize their dreams and achieve glory, Xi said, noting the Olympic and Paralympic games were also platforms for people worldwide to boost friendship and increase mutual understanding. <br />
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He said the two events left the world with spiritual legacies of solidarity, friendship and cooperation, which helped China and the outside world better understand each other. <br />
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"We Chinese people are very proud of creating and carrying on those spiritual legacies." <br />
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Foreign Minister Yang Jiechi hosted the reception. Around 380 ambassadors and representatives of international organizations in Beijing attended the reception. <br />
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Source: Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-55551638390859191232008-09-19T08:44:00.012-07:002008-09-19T08:45:05.474-07:00Details of banks' foreign investment soughtFinancial regulators have asked domestic financial institutions to submit detailed records of their investments in US and European financial assets to ascertain the full extent of their exposure to the US financial crisis.<br />
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The China Banking Regulatory Commission, China Insurance Regulatory Commission and the China Securities Regulatory Commission reportedly made the request to financial institutions under their supervision.<br />
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At least six Chinese commercial banks have reportedly disclosed their holdings of bonds issued by US investment bank Lehman Brothers, which has filed for bankruptcy protection.<br />
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Industrial and Commercial Bank of China has said it holds $151 million in bonds issued by or linked to Lehman. China's largest State-controlled commercial bank in terms of assets is known to have the highest exposure to securities associated with Lehman.<br />
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On Tuesday, China Merchants Bank said in a statement to the Shanghai stock exchange that it holds $70 million worth of Lehman bonds, out of which $60 million is senior debt and the rest subordinate bonds.<br />
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A day later, Bank of China said it holds Lehman bonds worth $75.62 million, and has lent out $53.2 million to Lehman and its subsidiaries.<br />
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The three other commercial banks that have reportedly invested in Lehman-related assets are China Construction Bank, Bank of Communications, and Industrial Bank Co.<br />
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The only known Chinese insurer holding substantial foreign assets is Ping An, which has a 4.18 percent stake in Fortis, one of the largest European insurance conglomerates.<br />
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Source: China Dailychichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-26023835214065210362008-09-19T08:44:00.011-07:002008-09-19T08:44:52.430-07:00Stamp tax dropped to lift stock marketThe government Thursday scrapped the stamp tax on purchase of equities and the State-owned investment agency Central Huijin announced it would buy shares of three major Chinese banks.<br />
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The moves are aimed at stabilizing the fragile stock market, reeling under the impact of the US financial crisis.<br />
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In the US and Europe, the news of central banks across the world pumping billions of dollars into the market appeared to calm investors' nerves early yesterday.<br />
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The triple whammy of Lehman Brothers going bust, Merrill Lynch being sold and AIG needing $85 billion of US government funds for survival sent the financial markets across the globe tumbling over the past few days.<br />
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Chinas' top assets regulator said Thursday that it will back up and encourage its 147 State-owned enterprises to buy more stocks of their listed subsidiaries.<br />
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Analysts, however, said more measures are needed to put the market back on the track to healthy development.<br />
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The stock trading tax cut takes effect from today, which means the 0.1 percent tax will apply only to the sale of shares. The government had slashed the tax from 0.3 percent to 0.1 percent on April 24 to invigorate the market.<br />
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But despite that the market continued to fall, with the benchmark Shanghai Composite Index hitting a low of 1,802 yesterday before closing at 1,896 points, down 1.72 percent. The SCI has dropped about 70 percent from its October peak of 6,124.<br />
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Central Huijin, an arm of the country's sovereign wealth fund China Investment Corp, said it has started buying shares of heavyweights such as Industrial and Commercial Bank of China , Bank of China and China Construction Bank as early as yesterday.<br />
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Li Rongrong, head of the State-owned Assets Supervision and Administration Commission , said the regulatory body has for long wanted SOEs, especially the 147 that report to the central government directly, to become an active force in facilitating a stable development of the stock market. Companies owned by the 147 giants should play an exemplary role in the market.<br />
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He said the national economy is basically sound, and the key SOEs are performing well. The SASAC encourages them to buy more stocks of their listed companies.<br />
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Banks' shares have fallen steeply during the last two trading sessions, thanks to the news of Lehman's bankruptcy.<br />
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"The government has taken the steps to protect the market from irrational sell-off," Li Zhikun, China Jianyin Investment Securities' senior analyst, said.<br />
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Chinese stocks have become fairly undervalued after steep falls during the past year, and the government is trying to restore investor confidence, he said.<br />
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Though the market is expected to rebound, analysts are not sure how long it would sustain. To hold the market from diving further, more measures need to be taken, they said.<br />
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For example, the fear of mass floating of shares, locked up before the share-merger reform in 2005, has triggered a continuous sell-off since early this year, said Zhao Xijun, professor of finance at Renmin University of China. The authorities, on the other hand, could issue new regulations to make it more difficult for those shares to flood the market.<br />
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Source:China Dailychichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-78763566704366017612008-09-19T08:44:00.009-07:002008-09-19T08:44:44.639-07:00Bank rally sweetens bitter pillSHANGHAI: The recovery of bank shares after a technical correction in the afternoon helped lessen the impact of the global stock market crash on mainland bourses yesterday.<br />
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The benchmark Shanghai Composite Index slid 33.21 points, or 1.72 percent, to close at 1895.84, with 795 out of 963 stocks closing lower, while the smaller Shenzhen Component Index plunged 116.99 points to end at 6563.07.<br />
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The combined turnover on the two bourses reached 60.76 billion yuan, up 37.2 percent from Wednesday, while total market capitalization shrank 1.8 percent to 12.37 trillion yuan yesterday.<br />
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Analysts said major stocks should take the blame for the straight fall yesterday, with seven out of the top 10 heavyweights tumbling on the two bourses. Both China Ping An Insurance and China Life Insurance fell below their IPO issue prices.<br />
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China Ping An fell 8.64 percent, or 2.9 yuan, to 30.66 yuan, while China Life was down 4.48 percent to close at 18.97 yuan.<br />
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"The continuous slumps in the US market overnight caused panic among Chinese investors fearing a longer southward trend in the market, making insurance and securities firms fall sharply," said Wu Feng, an analyst at TX Investment Consulting Co Ltd.<br />
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On Wednesday, the Dow Jones slid 449.36 points to close at 10609.66, a fresh low since 9/11.<br />
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All securities shares were down yesterday, led by Hongyuan Securities, which dropped 6.19 percent to 13.78 yuan.<br />
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Bank shares, besides China Construction Bank and Bank of Communications, rebounded in afternoon trading after drops in the morning, led by Nanjing Bank with a 10.07 percent increase to 8.42 yuan.<br />
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Bank of China gained 2.69 percent to end at 3.05 yuan, and Industrial and Commercial Bank of China was up 0.58 percent to 3.44 yuan.<br />
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"The recovery of bank shares is a short-term correction, but the long-term performance of banks remains unclear as the latest interest rate cut may hurt bank's earnings," Wu noted.<br />
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TX Investment Consulting lowered its forecast for lenders' 2009 net profit growth to 13 percent from its previous figure of 19 percent.<br />
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Caught up in the tainted baby milk scandal, shares in Inner Mongolia Yili Industrial Group fell to its daily limit of 10.01 percent to close at 10.88 yuan.<br />
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"In a bearish market, any negative news would cause a severer than expected response from investors. Consumers' concerns on food safety have deepened with the unfolding tainted milk scandal," Wu said.<br />
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Source:China Dailychichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-75352992453147716462008-09-19T08:44:00.007-07:002008-09-19T08:44:35.192-07:00COSL's offer for acquisition of AWO to be completed within two weeksChina Oilfield Services Ltd. announced on Thursday its offering to buy Norway's Awilco Offshore ASA for 12.7 billion kroner had been approved by Chinese securities regulators and the deal's settlement would take place within two weeks. <br />
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So far, COSL has received all approvals required from relevant Chinese authorities and has met all required conditions for completion of the offer, said the company. <br />
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COSL, the listed arm of the China National Offshore Oil Corporation , the country's biggest offshore oil producer, announced in early July that the company would pay 85 kroner in cash per share for the Norway-based operator of oil and gas rigs through its 100 percent owned Norwegian limited liability company COSL Norwegian AS. <br />
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COSL got approval from its shareholders at the extraordinary general meeting held in August as well as acceptance representing 98.82 percent shares in AWO. <br />
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Related Chinese authorities including the National Development and Reform Commission, the State Administration of Foreign Exchange, the State-owed Assets Supervision and Administration Commission and the Ministry of Commerce have also given green light to the deal. <br />
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Based in Oslo, AWO operates in Australia, Norway, Vietnam, Saudi Arabia and the Mediterranean. The deal would help raise the number of COSL's operating rigs to 22 from 15 at present and create the world's eighth largest rig fleet. <br />
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CNOOC Group owns a 54.74 percent stake in the Hong Kong- and Shanghai-listed China Oilfield. <br />
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Source:Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-38945740162261165272008-09-19T08:44:00.005-07:002008-09-19T08:44:25.572-07:00China stock prices open 9.06% higher following stamp tax cutChina stock prices soared 9.06 percent at opening on Friday after the government moved to scrap the stamp tax on stock purchase, effective Friday, in a move to boost the equities market. <br />
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The government said late Thursday it would cancel the 0.1-percent stamp tax on purchasing shares while that on share selling remained unchanged at 0.1 percent. <br />
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The move came after domestic stocks fell for three consecutive days under the influence of U.S. financial market upheaval. <br />
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Also on Thursday, the government's investment arm -- Central Huijin Investment Co., Ltd. -- said it would buy shares of three major Chinese lenders on the secondary market to fortify their share prices. <br />
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The three lenders, the Industrial and Commercial Bank of China, the Bank of China and the China Construction Bank, had shed heavy losses in the previous three days of trading, as banks were most hit by the spreading crisis on the Wall Street. <br />
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The benchmark Shanghai Composite Index opened at 2,067.64 points, up 171.81 points. Nearly all the stocks rose to the daily limit of 10 percent at opening. <br />
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The rising momentum was maintained in about an hour after the market opened, with the key index repeatedly hitting new highs in trading. It reached a high of 2,074.31 points before 10:20, up about 9.4 percent. <br />
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The market surge also came after the Wall Street rallied on news of a possible government rescue plan to create an entity like the Resolution Trust Corp. to absorb banks' bad loans. <br />
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Boosted by the overnight Wall Street advance, regional markets in Asia mostly opened higher on Friday. <br />
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Source:Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-21662754670776653402008-09-19T08:44:00.003-07:002008-09-19T08:44:16.221-07:00China aims to foster more world famous bag brands with good qualityChina Chamber of Commerce for Imports and Exports of Light Industrial Products and Arts-Crafts Thursday signed a cooperation memo with eastern Pinghu city to set up a suitcase and bag manufacturing base. <br />
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Wang Zhongqi, vice president of the chamber told Xinhua that this would foster more export famous brands and lay a sound foundation for the long-run industry development, as well as help promote regional industrial upgrading. <br />
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Zhejiang Entry-Exit Inspection and Quarantine Bureau would also help in improving suitcase and bag quality for export. <br />
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Wang said that the CCCLA and the local government would strengthen product safety and quality supervision and raise the environmental protection threshold for local enterprises. <br />
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Liu Zhiyan, vice director of the bureau, said the collaboration between the local government and the quality watchdog was well-timed to safeguard export quality. <br />
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Liu called on companies to enhance their sense of social responsibility and self-discipline, adding that "premium-quality products come from production, not from inspection". <br />
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Shi Yunliang, the city's vice mayor, urged the more than 500 local suitcase and bag businesses to focus on brand building and better quality to increase their products added-value, amid sliding demand from traditional European and American markets. <br />
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As the world's largest suitcase and bag manufacturer and exporter, China exported 6.286 billion U.S. dollars of product globally in the first half of this year, up 26.45 percent year on year, according to Huang Daqi, CCCLA Suitcases and Bags secretary general. <br />
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The country's exported suitcases and bags accounted for more than one third of the global market. The United States and the European Union were the major customers, Huang said. <br />
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She added that the country exported 4.066 billion bags and suitcases in the first half, which translated into 1.55 U.S. dollars per bag, far cheaper than world's well-established brands from France, Italy, Japan and other countries. <br />
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Shi Lili, a Ministry of Commerce research fellow, said pressure on exporters from the appreciation of the yuan, labor and material price increases and the slowing pace of U.S. and European markets were signs that domestic companies should embark on a "quality and brand-oriented" development road, as only those companies that did so would survive further squeezes on their profits. <br />
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Nie Jianqiang, a manager from a leading exporter, Shanghai-based Yangfan Suitcase and Bag Co., said that his company had felt the chill since last year from raw material price rises and employee salary rises. <br />
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Skilled workers at several companies in Pinghu told Xinhua that their current monthly salary was 1,700 yuan , more than 20 percent higher than the 1,300 to 1,400 yuan that Xinhua found this March in the same city. <br />
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James Wang, CCCLA Suitcases and Bags president, said regional cooperation, enterprise concept change and bigger government support were all pre-requisites for the industry, which employed more than 1.5 million people nationwide, to shift from "China Made" to "China Designed". <br />
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The country has more than 18, 000 suitcase and bag exporters, most of which are in Zhejiang, Guangdong, Fujian provinces and Shanghai. <br />
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Located in Zhejiang, with a population more than 500,000, Pinghu city sees this sector turning out more than 5 billion yuan sales volume last year, according to Shi Jihong, local industry chamber president. <br />
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But most of these companies were doing the labor-intensive Original Equipment Manufacturing business, while their own brands were mostly low-end ones, Shi added. <br />
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Source:Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com1tag:blogger.com,1999:blog-680214350243685547.post-64832293815347023402008-09-19T08:44:00.001-07:002008-09-19T08:44:07.283-07:00China's coal liquefaction craze cools offChina's coal-to-liquid frenzy has cooled after it exposed the country's many coal-rich provinces to huge investment risk. As a result, the government has called off several controversial projects. <br />
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"Although CTL was widely considered as a good way to expand the coal industry chain, it was still uncertain that the massive investment would be worthwhile in commercial operation," Zhou Dadi, the former director of the Energy Research Institute under the National Development and Reform Commission , told Xinhua at the ongoing China International Coal and Energy New Industry Expo 2008 here. <br />
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Early this month, the NDRC issued an order that all CTL projects except two involving the Shenhua Group should be stopped. "It aims to control the business risk of the country's CTL industry, which was still in an experimental stage," it said. <br />
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"Coal liquefaction is a technology-, talent- and capital-intensive project, but most domestic enterprises lack advanced technologies, management experience and equipment." <br />
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Zhou added the "technology bottlenecks many small CTL projects, of which many were financed by bank loans. It will be troublesome if the loans default, which will hurt the interests of many depositors." <br />
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"Small investment in CTL projects does not make sense. Heavy investment, however, is likely to turn sour if the mid-and-small enterprises cannot be freed from the technology obstacles." <br />
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He also expressed doubt about its profitability as coal prices continued to surge and oil began to plummet from its peak of 146.50 U.S. dollars per barrel in July. <br />
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Shenhua Group, the nation's largest coal company, announced at last year's expo it would produce China's first barrel of liquid fuel from coal in 2008. It would use self-owned technology known as direct coal liquefaction. <br />
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During an inspection tour in June 2006, Premier Wen Jiabao described the project as a major scientific and technological experiment. His comments came against a backdrop when oil imports had soared in recent years to fuel China's booming economy, spurring the nation to look for technologies that could turn some of its coal reserves, one of the world's largest, into fuel and other chemicals. <br />
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After that, the CTL craze swept the nation as many coal-rich provinces rushed to pour billions of yuan to commercialize the projects without necessary risk assessment. <br />
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As insiders have estimated, the output capacity of the existing and the planned CTL projects combined at 16 million tonnes, with investment planned at 120 billion yuan . <br />
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As Wen warned: Enterprises should not rush to commercialize the CTL projects blindly before the test projects are proved successful. NDRC then issued a circular urging for the "healthy development" of the CTL industry and raised the threshold for coal liquefaction projects to a minimum annual output capacity of 3 million tonnes for fear of excessive production. The construction frenzy showed no signs of abating. <br />
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"We fully understand the NDRC's decision since CTL is restricted by many factors, including huge demand for water and massive money input," Chen Liming, Sasol China executive vice president, told Xinhua on the sidelines of the expo. <br />
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The company has partnered with Shenhua Ningxia Coal Group and Shenhua Coal Group to develop two CTL plants, which was exempted from the NDRC ban. South Africa's Sasol Ltd. is the world's biggest producer of motor fuel from coal. <br />
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"It takes time for government to adjust the industry pattern," Chen said. <br />
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China is not the only country suffering from the CTL dilemma, said Sun Qingyun, assistant to governor of West Virginia. Speaking at the expo, he said the only two CTL projects in the U.S. state were also challenged by many potential risks in the coal-abundant area. <br />
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"People are frustrated with the hefty CO2 generated from the liquefaction process, which is the main obstacle hindering the expansion in "the Almost Heaven" state, referring to the old John Denver song. <br />
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"Everybody knows CTL is a good thing, but no one wants a plant built near his backyard." <br />
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Sasol's Chen, however, remained optimistic about the future of the CTL application in China. "It is an unstoppable trend as China is rich in coal but strapped for oil. CTL will surely partly ease the oil imports pressure." <br />
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Source:Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-59759943858416792482008-09-19T08:43:00.009-07:002008-09-19T08:43:57.689-07:00China conducts first suitcase and bag exporter quality training meetingChina's suitcase and bag export industry watchdog Friday kicked off the country's first-ever quality and safety training session in eastern Pinghu city, to boost quality awareness among the industry's manufacturers. <br />
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Nearly 100 large domestic suitcase and bag manufacturers and exporters took part in training for the newly-compiled "Guide to Quality and Safety Control for Export-oriented Bags and Suitcases". <br />
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The guide was jointly compiled by the Chinese Ministry of Commerce, the General Administration of Quality Supervision, Inspection and Quarantine, China Chamber of Commerce for Imports and Exports and an expert panel, said Huang Daqi, China Chamber of Commerce for Imports and Exports of Suitcases and Bags secretary general. <br />
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The guide detailed the differences between the domestic and foreign markets' quality and safety standards, the main technical regulations of targeted markets and how to deal with technical export barriers and so on. <br />
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Huang added that although there were not serious export suitcase and bag quality problems up to date, the country's first quality pre-emptive "dictionary" and training were also crucial, as "fire prevention" was even more important than "fire fighting". <br />
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As the world's largest suitcase and bag manufacturer, China exported 6.286 billion U.S. dollars of product globally in the first half of this year, up 26.45 percent year on year. <br />
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Figures revealed that the country's exported suitcases and bags accounted for more than one third of the global market. The United States and the European Union were the major customers. <br />
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Liang Ming, a member of the expert panel, urged domestic companies to regularly check technical, health and environmental protection standards in the main targeted markets, and enhance th equality and brand awareness, as "brand strategy is an important channel for industrial upgrading". <br />
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Shi Lili, a Ministry of Commerce research fellow, said pressure on exporters from the appreciation of the yuan, labor and material price increases and the slowing pace of U.S. and European markets were signs that domestic companies should embark on a "quality and brand-oriented" development road, as only those companies that did so would survive further squeezes on their profits. <br />
<br />
Located in eastern Zhejiang Province, Pinghu city sees this sector turning out more than 5 billion yuan sales volume last year, according to Shi Jihong, local industry chamber president. <br />
<br />
But most of these companies were doing the labor-intensive Original Equipment Manufacturing business, while their own brands were mostly low-end ones, Shi added. <br />
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Source:Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-33119323138471513582008-09-19T08:43:00.007-07:002008-09-19T08:43:49.364-07:00China stocks end three-day plunge, surge 9.46% on stamp tax cutChinese shares prices had a rare single-day sharp rebound of 9.46 percent on Friday, after the government decided to scrap the stamp tax on stock purchase a day earlier among other announcements to boost the market. <br />
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The benchmark Shanghai Composite Index finished the day at 2,075.09 points, up 9.46 percent or 179.25 points from the previous close. <br />
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The index was unchanged from the close at midday, as most stocks had already soared to the daily upside limit of 10 percent in the morning. <br />
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The smaller Shenzhen Component Index closed at 7,154 points, up9 percent or 590.93 points. <br />
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Source:Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-49658001294691883032008-09-19T08:43:00.005-07:002008-09-19T08:43:40.556-07:00Hong Kong stocks close 9.61% higherHong Kong stocks staged a huge rally, up 1695.27 points, or 9.61 percent, to close at 19,327.73 Friday, following an overnight rally on Wall Street and rebound on Chinese mainland market Friday. <br />
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Hong Kong's benchmark Hang Seng Index opened sharply up 1,245.8points, or 7.07 percent, and finished the morning session by rising 1,146.57 points, or 6.50 percent, to 18,779.03. The index continued to add gains during the afternoon session, vibrating around 19000 level. <br />
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Turnover rose to 124.57 billion HK dollars , from Thursday's 102.23 billion HK dollars , which was above 100 billion HK dollars first time since May 7. <br />
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The Dow Jones Industrial Average rallied 410.03 points or 3.86 percent overnight to close at 11,019.69, boasted on news that worldwide leading central banks launching measures to ease liquidity in strained markets. <br />
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Leading central banks, including the U.S. Federal Reserve, the Bank of Japan, the European Central Bank and the Bank of England, took a coordinated effort to ease strains in the financial markets, making hundreds of billions of U.S. dollars available to improve liquidity in the money markets. <br />
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Chinese share prices also opened sharply higher Friday morning, up more than 8 percent after the government decided overnight to scrap the stamp tax on stock purchase, in a move to boost the equities market after the stocks fell for third consecutive day since Tuesday. The benchmark Shanghai Composite Index closed up nearly 9.46 percent, the biggest one-day percentage gain in seven years. <br />
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With the authorization of the State Council, China's Cabinet, the Ministry of Finance and the State Administration of Taxation said on Thursday they decided to cancel the share trading stamp tax on stock purchase, effective on Friday, while the stamp tax on share selling remained unchanged at 0.1 percent. <br />
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Hong Kong's Hang Seng Index closed down 0.03 percent Thursday after rebounding from the largest early intraday loss of 7.7 percent, encouraged by news that leading central banks launched a coordinated effort to ease liquidity in the financial markets. The stock market was also boosted during the afternoon session on news that the Hong Kong Monetary Authority attempted to ease the credit squeeze by injecting 1.56 billion HK dollars into the banking system. <br />
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Source: Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-4573126578291064512008-09-19T08:43:00.003-07:002008-09-19T08:43:31.651-07:00Equities soar on support moves, U.S. bank planChinese equities racked up huge gains on Friday, rising almost 9.5 percent, after the government announced a series of market-boosting moves. <br />
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By mid-day, the benchmark Shanghai Composite Index had already surged to 2,075.09 points, up 9.46 percent or 179.25 points, and that's where it closed. Most issues were already up the daily limit of 10 percent during the morning, boosted by the government announcements and a sharp overnight gain in the United States. <br />
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U.S. indices posted their biggest one-day gain since October 2002 after federal regulators said they might mount a financial markets rescue plan to create an entity like the Resolution Trust Corp. to absorb banks' bad loans. <br />
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The smaller Shenzhen Component Index ended at 7,154 points, up 9 percent or 590.93 points. <br />
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Almost all stocks on both bourses rose by the daily limit, except those for which trading was suspended on Friday. This latter category of stocks, comprised of companies of that report losses for two consecutive years, are allowed to rise no more than5 percent. <br />
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Friday's rally ended a three-day decline in which equities lost almost 10 percent under the pressure of U.S. financial market upheaval. Despite the Friday gains, China's key index was still only at about one-third of where it stood at its peak in October, 2007. <br />
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The government said late on Thursday it would cancel the 0.1-percent stamp tax on purchasing shares. The tax on sales remains at 0.1 percent. The transaction tax rate was cut in April from 0.3 percent. <br />
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Investors reacted with enthusiastic buying, driven by the belief that this move indicated government resolution to keep boosting the market. <br />
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But combined turnover on both markets was just 65.5 billion yuan , compared with 63.1 billion yuan on Thursday, with many reluctant to sell because they believe that further gains lie ahead. <br />
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Heavy-weight oil producer PetroChina shot up 9.96 percent to 11.04 yuan, while Sinopec, the country's largest refiner, surged 9.96 percent to 9.94 yuan. <br />
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Sentiment was also bolstered by the day-earlier announcement from the government's investment arm -- Central Huijin Investment Co., Ltd. -- that it would buy shares of three major Chinese lenders on the secondary market to support their share prices. <br />
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The three lenders, the Industrial and Commercial Bank of China , the Bank of China and the China Construction Bank , experienced heavy losses during the three-day plunge, as banks were most hit by the credit crisis radiating out from Wall Street. <br />
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The country's largest lender ICBC rose 9.88 percent to 3.78 yuan, while BOC surged 10.16 percent to 3.36 and CCB rose 9.97 percent to 4.19 yuan. <br />
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Also on Thursday, the country's top state assets regulator said it was backing up its 147 centrally-administered state-owned enterprises to buy more stocks of their listed subsidiaries. <br />
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The package of support moves drew a mixed response from veteran investors, who've suffered amid the market's bear run that began late last year. <br />
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"I certainly welcome such government moves, because they will drive the share prices higher. But I doubt how long the rise could be sustained," said an elderly man who only gave his surname as Gao at a stock exchange outlet in Xuanwu District of Beijing. He has been investing in domestic shares for more than 10 years. <br />
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A lady surnamed Guan shared Gao's feelings. "I fear a deeper correction will emerge after several days of rises, the same as what happened when the government cut the stamp tax" in April. <br />
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"Investors are likely to be more prudent this time, after experiencing the prolonged sluggish market since the short-lived rebound in April," said Zhang Yong, a Great Wall Securities analyst. <br />
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Source: Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-67559013378510428532008-09-19T08:43:00.001-07:002008-09-19T08:43:10.590-07:00China files WTO complaints over U.S. anti-dumping measuresChina filed complaints to the World Trade Organization on Friday over U.S. anti-dumping and countervailing measures imposed on Chinese-made steel pipes, tires and laminated woven sacks. <br />
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"China requested consultations with the United States under the WTO dispute settlement mechanism regarding those measures," the Chinese mission to the organization said in a statement. <br />
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"China believes that the request for consultation is the legitimate right of China as a WTO member and a normal practice of WTO members to resolve their disputes," the statement said. <br />
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It also expressed hope that the United States would attach importance to China's serious concerns over those measures, which it believes violate WTO rules. <br />
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According to WTO dispute settlement procedures, the two sides will have some 60 days to try to solve their dispute through consultations. <br />
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If that fails, China can ask for a WTO panel to investigate and rule on the case. <br />
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Source: Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0tag:blogger.com,1999:blog-680214350243685547.post-21925273901611313192008-09-19T08:42:00.006-07:002008-09-19T08:43:02.139-07:00Taiwan stocks end 5.82 percent higherTaiwan's share prices surged Friday, with the weighted index, the market's key barometer, moving up 328.43 points, or 5.82 percent, to close at 5,970.38, according to news reaching here from Taipei. <br />
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Rebounding from losses of the previous day, the local bourse opened at 5,910.76 and fluctuated between 5,982.64 and 5,858.19. A total of 4.41 billion shares changed hands on market turnover of 105.33 billion new Taiwan dollars . <br />
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All eight major stock categories gained ground, with cement stocks moving up the most at 6.6 percent. Textile stocks advanced 6.3 percent, paper and pulp issues rose 6 percent, plastics and chemicals shares and banking and financial shares both increased 5.9 percent, foodstuff issues gained 5.8 percent, machinery and electronics shares were up 5.6 percent, and construction issues grew 5.4 percent. <br />
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Gainers outnumbered losers 1,686 to 233, with 257 stocks remaining unchanged. <br />
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Source: Xinhuachichouwhttp://www.blogger.com/profile/14402677391120707687noreply@blogger.com0