China's Premier Wen Jiabao is scheduled to attend the high-level meetings of the U.N Millennium Development Goals and the general debate of the 63rd session of the U.N General Assembly convened in New York next week. It will be his debut appearance on the U.N stage, and second trip to the U.S, in his tenure as Premier, following his four-day official visit in 2003.
Itineraries of Premier's U.N trip have yet to be publicized so far, but it was learned that the MDGs meetings are to be convened by the U.N Secretary-General Ban Ki-moon and the incoming President of the 63rd U.N General assembly, Fr. Miguel Brockmann on September 25, and the 63rd plenary of the U.N General Assembly will formally open on September 23 with the presentation of a report by Ban Ki-moon to kick start the assembly's general debate.
A gathering of world leaders will speak from September 23 to October 1 at the U.N headquarters in a program that will attract more than 90 heads of state or government and other international figures, covering a spate of issues like poverty and famine, education and health, and environmental sustainability. Bilateral and multilateral talks for world leaders and prominent personalities are also expected to be held on the sidelines of the U.N General Assembly.
It is three years ago that China's voice was last heard when President Hu Jintao participated in the U.N Summit commemorating the 60th Anniversary of the Founding of the United Nations. At the largest-scale ever U.N Summit, President Hu for the first time put forward the concept of 'social harmony,' and clearly elaborated on the dialectical relationship between social harmony and world peace, winning a universal approval of the international community.
The MDGs meetings and the 63rd U.N General Assembly are to be convened in a sensitive time, as the world situation is getting increasingly volatile with the global economy slowing down and new problems arising in the hot regional issues. It is obvious that Premier Wen will capture the world attention by voicing his views at the U.N podium on the development of China and the world.
China, as a standing member of the U.N Security Council and the world's most populous country, will be further stating its views on the agricultural issues and programs to aid Africa at the meetings, according to observers. China has been for all these years striving to be a responsible country in seeking to achieve the goals benefiting the entire mankind and sought after by the international community.
The MDGs are actually eight goals to be achieved by 2015 that respond to the world's main development challenges. The MDGs are drawn from the actions and targets contained in the Millennium Declaration that was adopted by 189 nations, and signed by 147 heads of state and governments during the U.N Millennium Summit in September 2000. The eight MDGs break down into 21 quantifiable targets that are measured by 60 indicators.
China has in recent years constantly streamlined its policies to solve the problems of people's livelihood, and scored remarkable achievements in poverty reduction and elimination, which is regarded an inalienable part in achieving the U.N Millennium Goals. Meanwhile, with the increasing enhancement of China's comprehensive national strength, the international community will exert more and higher expectations on China in wide arrays of issues like climate change and open market, and China is expected to assume more responsibilities and pressure in the years to come.
Premier Wen Jiabao, as a popular premier with a large circle of 'fans' within and outside of China, will face a new challenge making his first international positions at the U.N podium. But it is convincing that the Chinese Premier's typically sincere, easy-going and amiable style will impress the world and deliver a message to the international community that China remains a peace-loving developing country.
By People's Daily Online
Wednesday, September 17, 2008
4th Beijing-Tokyo Forum in session in Tokyo
The fourth Beijing-Tokyo Forum, co-sponsored by China Daily, the sole English newspaper in China, and the non-profit Japanese organization Genron NPO, is now in session in Tokyo.
In a message of congratulations to the forum, Chinese State Councillor Dai Bingguo spoke highly of the Beijing-Tokyo Forum in session for its crucial, important role in exchanges between the two countries. Sino-Japanese ties have reached a "new historic starting point", based on the "strategic relationship of mutual benefit" after having undergone the "ice-breaking", "ice-melting", "spring-greeting" and "spring-warming" visits to each other's country by leaders of both nations.
Noting that the year of 2008 marks the 30th anniversary of the China-Japan Peace & Friendship Treaty, he said, China is willing to go on making concerted efforts with the Japanese side to step up an all-round implementation of vital consensuses reached by their leaders and together push the Sino-Japanese strategic and mutually-beneficial relations to advance continuously and make fresh contributions in maintaining the world peace and promoting the common development.
"The Beijing-Tokyo Forum, which has offered a very good communication platform for the media, academic circles and non-governmental organizations, is of great significance to the two sides to recognize the past, grasp the present and think about the future," Dai said in the message.
China and Japan will push forward their relationship despite obstacles, outgoing Japanese Prime Minister Yasuo Fukuda said in a message to the forum.
"During President Hu Jintao's visit in May, the two countries signed a joint statement on promoting a strategic relationship of mutual benefit, which clearly shows the direction of bilateral relations," Fukuda said in his message to the Fourth Beijing-Tokyo Forum, which opened on September 16.
"Our future will not necessarily be smooth sailing, and could see many tests. I believe Japan and China will adhere to the joint statement and overcome difficulties, and move forward with full courage," Yasuo Fukuda said.
Sino-Japanese cooperation may well set a good example for countries with different social systems, said Wang Chen, director of the State Council Information office of China, at the fourth Beijing-Tokyo Forum.
In a keynote speech at the plenary meeting, Wang said that there are important bases and favorable environments for the long-term development of bilateral friendly relations. For China-Japan friendship, he noted, geographical proximity is the natural link, political mutual trust serves as an important basis, mutual beneficial cooperation the economic basis and long-term people-to-people exchanges the important bridge, and, in the arena of international affairs, pose an active force to promote world peace and stable development.
Meanwhile, Chinese Ambassador to Japan Cui Tiankai and Japanese foreign Minister Masahiko Komura, on behalf of their respective governments, advocated joint efforts to push forward the Sino-Japanese relations and conveyed good wishes for their further advance.
In his address at the plenary meeting of the Fourth Beijing-Tokyo Forum, Ambassador Cui Tiankai referred in particular to three "30th anniversaries", namely, the 30th anniversary of the signing of the "China-Japan Peace & Friendship Treaty, the 30th anniversary of the launch of China's reform and opening-up, and the 30th anniversary of late senior Chinese leader Deng Xiaopint's visit to Japan. Evidences of the last three decades have given an eloquent proof that evolution and development in Sino-Japanese relations are closely linked to the destinies of the two respective nations, Cui acknowledged, the long-term, healthy and stable growth of Sino-Japanese ties poses an essential condition for both nations to maintain prosperity and development in the complex, volatile international environment.
At the plenary meeting of the Fourth Beijing-Tokyo Forum, Japanese Foreign Minister Masahiko Komura said the Japanese government attaches great importance to its ties with China and it is his conviction that this general trend will not be reversed.
"Because of the current change in Japan's political situation many people are highly concerned over Japan's policy toward China," Foreign Minister Komura said, referring to the uncertainty created by Fukuda's resignation. "But I'm certain there will not be any change in promoting our relationship. The path of Japan-China ties will not be swayed by either the international climate or domestic affairs," he added.
Delivering a speech on behalf of the hosting Chinese side at the forum, Zhu Ling, editor-in-chief of "China Daily", said the current forum is themed on Asia's future and the role of China and Japan. Representatives of both China and Japan would conduct a candid, rational exploration and exchange in numerous realms, such as in politics, economic cooperation, security and natural disaster relief effort, the environment, cereals and food security and mass media. And the political dialogue sub-forum is held in prestigious Tokyo University, at which some honorable Chinese and Japanese guests would be invited for a direct dialogue with Japanese college students.
The ongoing forum，which has drawn increasing high attention of both China and Japan, is highlighted by the presence of Chinese elite panel with scores of ranking government officials, including Wang Chen; former Chinese Foreign Minister Li Zhaoxing; Zhao Qizhen, chairman of the Foreign Affairs Commission of the National Committee of the Chinese People's Political Consultative Conference ; Chen Haosu, president of the Chinese People's Association with Foreign Countries; and Ambassador Cui Tiankai; as well as business leaders, media moguls and noted scholars.
On the part of Japan, Foreign Minister Masahiko Komura, Minister for Internaal Affairs Hiroya Masuda, Defense Minister Yoshimasa Hayashi, Minister of the Environment Tetsuo Saito, and Land, Infrastructure and Transport Minister Sadakazu Tanigaki, among others, attended and addressed the forum. The current forum has exceeded any previous forum in term of its scale and the total number of participants at the forum.
The annual forum, co-sponsored by "China Daily" and the non-profit Japanese organization Genron NPO, is held alternately in Beijing and Tokyo with a purport or goal to advance people-to-people, friendly exchanges between the two countries and provide an open space of discussion for the political, economical, academic and culture elite of the two countries. The first Tokyo-Beijing forum took place in Beijing in August 2005.
By People's Daily Online, and its co-authors are PD resident reporters in Japan Wu Changsheng and Yu Qing
By People's Daily Online
In a message of congratulations to the forum, Chinese State Councillor Dai Bingguo spoke highly of the Beijing-Tokyo Forum in session for its crucial, important role in exchanges between the two countries. Sino-Japanese ties have reached a "new historic starting point", based on the "strategic relationship of mutual benefit" after having undergone the "ice-breaking", "ice-melting", "spring-greeting" and "spring-warming" visits to each other's country by leaders of both nations.
Noting that the year of 2008 marks the 30th anniversary of the China-Japan Peace & Friendship Treaty, he said, China is willing to go on making concerted efforts with the Japanese side to step up an all-round implementation of vital consensuses reached by their leaders and together push the Sino-Japanese strategic and mutually-beneficial relations to advance continuously and make fresh contributions in maintaining the world peace and promoting the common development.
"The Beijing-Tokyo Forum, which has offered a very good communication platform for the media, academic circles and non-governmental organizations, is of great significance to the two sides to recognize the past, grasp the present and think about the future," Dai said in the message.
China and Japan will push forward their relationship despite obstacles, outgoing Japanese Prime Minister Yasuo Fukuda said in a message to the forum.
"During President Hu Jintao's visit in May, the two countries signed a joint statement on promoting a strategic relationship of mutual benefit, which clearly shows the direction of bilateral relations," Fukuda said in his message to the Fourth Beijing-Tokyo Forum, which opened on September 16.
"Our future will not necessarily be smooth sailing, and could see many tests. I believe Japan and China will adhere to the joint statement and overcome difficulties, and move forward with full courage," Yasuo Fukuda said.
Sino-Japanese cooperation may well set a good example for countries with different social systems, said Wang Chen, director of the State Council Information office of China, at the fourth Beijing-Tokyo Forum.
In a keynote speech at the plenary meeting, Wang said that there are important bases and favorable environments for the long-term development of bilateral friendly relations. For China-Japan friendship, he noted, geographical proximity is the natural link, political mutual trust serves as an important basis, mutual beneficial cooperation the economic basis and long-term people-to-people exchanges the important bridge, and, in the arena of international affairs, pose an active force to promote world peace and stable development.
Meanwhile, Chinese Ambassador to Japan Cui Tiankai and Japanese foreign Minister Masahiko Komura, on behalf of their respective governments, advocated joint efforts to push forward the Sino-Japanese relations and conveyed good wishes for their further advance.
In his address at the plenary meeting of the Fourth Beijing-Tokyo Forum, Ambassador Cui Tiankai referred in particular to three "30th anniversaries", namely, the 30th anniversary of the signing of the "China-Japan Peace & Friendship Treaty, the 30th anniversary of the launch of China's reform and opening-up, and the 30th anniversary of late senior Chinese leader Deng Xiaopint's visit to Japan. Evidences of the last three decades have given an eloquent proof that evolution and development in Sino-Japanese relations are closely linked to the destinies of the two respective nations, Cui acknowledged, the long-term, healthy and stable growth of Sino-Japanese ties poses an essential condition for both nations to maintain prosperity and development in the complex, volatile international environment.
At the plenary meeting of the Fourth Beijing-Tokyo Forum, Japanese Foreign Minister Masahiko Komura said the Japanese government attaches great importance to its ties with China and it is his conviction that this general trend will not be reversed.
"Because of the current change in Japan's political situation many people are highly concerned over Japan's policy toward China," Foreign Minister Komura said, referring to the uncertainty created by Fukuda's resignation. "But I'm certain there will not be any change in promoting our relationship. The path of Japan-China ties will not be swayed by either the international climate or domestic affairs," he added.
Delivering a speech on behalf of the hosting Chinese side at the forum, Zhu Ling, editor-in-chief of "China Daily", said the current forum is themed on Asia's future and the role of China and Japan. Representatives of both China and Japan would conduct a candid, rational exploration and exchange in numerous realms, such as in politics, economic cooperation, security and natural disaster relief effort, the environment, cereals and food security and mass media. And the political dialogue sub-forum is held in prestigious Tokyo University, at which some honorable Chinese and Japanese guests would be invited for a direct dialogue with Japanese college students.
The ongoing forum，which has drawn increasing high attention of both China and Japan, is highlighted by the presence of Chinese elite panel with scores of ranking government officials, including Wang Chen; former Chinese Foreign Minister Li Zhaoxing; Zhao Qizhen, chairman of the Foreign Affairs Commission of the National Committee of the Chinese People's Political Consultative Conference ; Chen Haosu, president of the Chinese People's Association with Foreign Countries; and Ambassador Cui Tiankai; as well as business leaders, media moguls and noted scholars.
On the part of Japan, Foreign Minister Masahiko Komura, Minister for Internaal Affairs Hiroya Masuda, Defense Minister Yoshimasa Hayashi, Minister of the Environment Tetsuo Saito, and Land, Infrastructure and Transport Minister Sadakazu Tanigaki, among others, attended and addressed the forum. The current forum has exceeded any previous forum in term of its scale and the total number of participants at the forum.
The annual forum, co-sponsored by "China Daily" and the non-profit Japanese organization Genron NPO, is held alternately in Beijing and Tokyo with a purport or goal to advance people-to-people, friendly exchanges between the two countries and provide an open space of discussion for the political, economical, academic and culture elite of the two countries. The first Tokyo-Beijing forum took place in Beijing in August 2005.
By People's Daily Online, and its co-authors are PD resident reporters in Japan Wu Changsheng and Yu Qing
By People's Daily Online
Chinese ambassador to the UK: Bringing out the best in us
A question often raised after the Beijing Olympics is this: in what way has it changed China - and where is the country heading now? One of the most important effects has been on the world's perception of China, and vice versa. The Olympics brought the international community into China and made the Chinese people feel closer to it. They understand better the diversity of the world, and are more relaxed about different opinions about their homeland. They are more confident in expressing their feelings and thoughts to the world.
The Olympics also opened up China more directly to the world, thanks to the presence of 30,000 international journalists. Much of their reporting helped to unroll a panoramic view of the dynamic, diverse, modern China, which is not free of challenges. After this encounter, hopefully, there will be fewer cases of using old footage, photos or stereotypes to present today's stories.
For the Chinese people, hosting the Olympics is a century-old dream come true. For 16 days the whole country was immersed in excitement brought by the magic of sport as well as the close encounter with the world. About half a million people watched the games in Beijing and other cities every day, in addition to the hundreds of millions of television viewers.
The Olympics brought out the best in the Chinese people. They cheered enthusiastically for athletes, both Chinese and international, and for all endeavours, successful or otherwise. Most noticeable of all were the smiling volunteers who appeared everywhere, eager to help. The Paralympics will be another opportunity to celebrate our common humanity.
The success of the Olympics was not an overnight effort. Only we in China know how hard the journey has been. It was the culmination of seven years of painstaking preparations and 30 years of persistent reform, during which a planned economy was incrementally replaced by a market economy, semi-seclusion gave way to growing openness, and human rights gradually improved. The success of the Olympics has strengthened our commitment to continue these reforms.
Of course, the games have not altered the underlying realities. China remains a developing country with a per capita GDP that is one twentieth of Britain's. It still has a long way to go in meeting the challenges of development and building a harmonious society for all its people.
Over the past three decades we have been through a vast amount of change, more than many countries. We have learned a lot from the west. As ambassador, I receive a continuous flow of delegations from China to study Britain's governmental and social management, legal structure and technologies. But China should not be expected to become a carbon copy of a western society. It will develop democracy and prosperity in line with its own culture and social conditions.
Our continued growth will be achieved only through closer integration and cooperation with the rest of world. A relationship between China and the west based on mutual understanding, respect and cooperation is what we desire.
Britain certainly made its name at our games, not only thanks to the thrilling performance of its athletes, but also with the dazzling eight-minute show that followed the flag handover. People have already started to compare Beijing with London, but I believe that each Olympics, while building on previous efforts is unique. I am sure that London will do well in 2012.
By Fu Ying, the Chinese ambassador to the United Kingdom
The Olympics also opened up China more directly to the world, thanks to the presence of 30,000 international journalists. Much of their reporting helped to unroll a panoramic view of the dynamic, diverse, modern China, which is not free of challenges. After this encounter, hopefully, there will be fewer cases of using old footage, photos or stereotypes to present today's stories.
For the Chinese people, hosting the Olympics is a century-old dream come true. For 16 days the whole country was immersed in excitement brought by the magic of sport as well as the close encounter with the world. About half a million people watched the games in Beijing and other cities every day, in addition to the hundreds of millions of television viewers.
The Olympics brought out the best in the Chinese people. They cheered enthusiastically for athletes, both Chinese and international, and for all endeavours, successful or otherwise. Most noticeable of all were the smiling volunteers who appeared everywhere, eager to help. The Paralympics will be another opportunity to celebrate our common humanity.
The success of the Olympics was not an overnight effort. Only we in China know how hard the journey has been. It was the culmination of seven years of painstaking preparations and 30 years of persistent reform, during which a planned economy was incrementally replaced by a market economy, semi-seclusion gave way to growing openness, and human rights gradually improved. The success of the Olympics has strengthened our commitment to continue these reforms.
Of course, the games have not altered the underlying realities. China remains a developing country with a per capita GDP that is one twentieth of Britain's. It still has a long way to go in meeting the challenges of development and building a harmonious society for all its people.
Over the past three decades we have been through a vast amount of change, more than many countries. We have learned a lot from the west. As ambassador, I receive a continuous flow of delegations from China to study Britain's governmental and social management, legal structure and technologies. But China should not be expected to become a carbon copy of a western society. It will develop democracy and prosperity in line with its own culture and social conditions.
Our continued growth will be achieved only through closer integration and cooperation with the rest of world. A relationship between China and the west based on mutual understanding, respect and cooperation is what we desire.
Britain certainly made its name at our games, not only thanks to the thrilling performance of its athletes, but also with the dazzling eight-minute show that followed the flag handover. People have already started to compare Beijing with London, but I believe that each Olympics, while building on previous efforts is unique. I am sure that London will do well in 2012.
By Fu Ying, the Chinese ambassador to the United Kingdom
Shanghai Wal-Mart signs group contract with trade union
According to Xinhua Net, the Shanghai branch of the US retail giant Wal-Mart and its subordinate supermarkets have signed a breakthrough group contract with their employees, marking the formal establishment of collective negotiation system between employers and employees, said the Shanghai Federation of Trade Unions.
Covering nearly 1000 workers in Shanghai, the group contract includes some substantive provisions about core issues concerning employee's interest, such as remuneration, work hours, vacation, insurance and welfare. Details include the establishment of salary negotiation system, under which in each December trade union and the company negotiate the next year's general growth rate of employees' wages. It specifies an average salary increase of 8% in 2008 and 2009. Besides, another 1% increase will be provided for promotion and other special problems. The company's minimum wage is apparently higher than that of Shanghai municipal. Employees who work for more than three years have the right to sign a labor contract which enables employees to stay in the company without a fixed deadline.
Shanghai will gradually promote employer-and-employee negotiation system in more of the local branches of top-500 companies, said Mao Ronghua, vice director of the Shanghai Federation of Trade Unions.
By People's Daily Online
Covering nearly 1000 workers in Shanghai, the group contract includes some substantive provisions about core issues concerning employee's interest, such as remuneration, work hours, vacation, insurance and welfare. Details include the establishment of salary negotiation system, under which in each December trade union and the company negotiate the next year's general growth rate of employees' wages. It specifies an average salary increase of 8% in 2008 and 2009. Besides, another 1% increase will be provided for promotion and other special problems. The company's minimum wage is apparently higher than that of Shanghai municipal. Employees who work for more than three years have the right to sign a labor contract which enables employees to stay in the company without a fixed deadline.
Shanghai will gradually promote employer-and-employee negotiation system in more of the local branches of top-500 companies, said Mao Ronghua, vice director of the Shanghai Federation of Trade Unions.
By People's Daily Online
Fitch: limited impact on Asia-Pacific banks from Lehman bankruptcy
Fitch Ratings, one of the leading international rating agencies, announced on Sept. 16 that preliminary findings from its investigation of exposure to Lehman Brothers held by banks in the Asia Pacific Region suggest that, for the most part, net exposures are small and the direct impact on banks will be limited.
The largest exposures are held by banks in Japan. For all the banks the exposures are small in relation to equity capital but provisions could adversely affect earnings - this is at a time when banks are already absorbing other losses arising from the credit crisis.
Australian banks have not released comprehensive information but Commonwealth Bank of Australia has stated that its exposure is less than AUD150m. Australia & New Zealand Banking Group has stated that its total exposure is USD120m. The filing also shows that both ANZ and National Australia Bank had small exposures in the form of letters of credit.
Korea's financial sector regulators have disclosed that the whole system has exposure of USD720m. The direct risk to Korean banks appears small. The risk of Korea's securities firms may be more significant.
Preliminary data disclosed by Taiwan Financial Supervisory Committee indicates that the Taiwanese financial system as a whole has USD2.5bn exposures related to Lehman credits.
Among Chinese banks, only Bank of China was listed as a significant unsecured lender with USD50m but potential losses are not material for a bank of BOC's size.
Thai banks have generally limited exposure, with Bangkok Bank Public Company Limited the highest at THB3.5bn accounting for only 2% of its equity. Among Indian banks, ICICI Bank Ltd. has disclosed exposure of a modest EUR57m. The three Singapore banks have indicated that their direct exposure is not material. Data from banks in Hong Kong is not yet complete, but among the banks that have provided information none so far have acknowledged a material exposure to Lehman.
However, the agency will continue to investigate the full extent of these banks' on-and-off-balance sheet exposures and take account of potential losses that will add to the existing burden of writedowns stemming from the credit crisis.
By People's Daily Online
The largest exposures are held by banks in Japan. For all the banks the exposures are small in relation to equity capital but provisions could adversely affect earnings - this is at a time when banks are already absorbing other losses arising from the credit crisis.
Australian banks have not released comprehensive information but Commonwealth Bank of Australia has stated that its exposure is less than AUD150m. Australia & New Zealand Banking Group has stated that its total exposure is USD120m. The filing also shows that both ANZ and National Australia Bank had small exposures in the form of letters of credit.
Korea's financial sector regulators have disclosed that the whole system has exposure of USD720m. The direct risk to Korean banks appears small. The risk of Korea's securities firms may be more significant.
Preliminary data disclosed by Taiwan Financial Supervisory Committee indicates that the Taiwanese financial system as a whole has USD2.5bn exposures related to Lehman credits.
Among Chinese banks, only Bank of China was listed as a significant unsecured lender with USD50m but potential losses are not material for a bank of BOC's size.
Thai banks have generally limited exposure, with Bangkok Bank Public Company Limited the highest at THB3.5bn accounting for only 2% of its equity. Among Indian banks, ICICI Bank Ltd. has disclosed exposure of a modest EUR57m. The three Singapore banks have indicated that their direct exposure is not material. Data from banks in Hong Kong is not yet complete, but among the banks that have provided information none so far have acknowledged a material exposure to Lehman.
However, the agency will continue to investigate the full extent of these banks' on-and-off-balance sheet exposures and take account of potential losses that will add to the existing burden of writedowns stemming from the credit crisis.
By People's Daily Online
Backgrounder: American International Group, Inc.
American International Group, Inc. , as the country's biggest insurer, provides insurance, financial and investment products and services to both businesses and individuals in more than 130 countries and jurisdictions through its subsidiaries.
AIG's major product and service groupings are General Insurance, Life Insurance & Retirement Services, Financial Services and Asset Management.
The company is based at the American International Building in New York City. Its UK headquarters is located on Fenchurch Street in London, UK. Continental Europe operations are based in La Defense, Paris and its Asian headquarter is in Hong Kong.
AIG was originally a small insurance agency established by Cornelius Vander Starr in Shanghai in 1919. As the first westerner in Shanghai to sell insurance to the Chinese, Starr was very successful with the business in Asia, then he expanded it to other markets, including Latin America, Europe, and the Middle East.
In 1962, Maurice R. "Hank" Greenberg, took over the company's management, and shifted the company's U.S. focus from personal insurance to high-margin corporate. In 1968, Greenberg was named Starr's successor.
The company went public in 1969. It became a component of the Dow Jones Industrial Average on April 8, 2004, and was the 18th-largest company in the world, according to the 2008 Forbes Global 2000 list.
Greenberg resigned as the company's CEO in February 2005 and was succeeded by Martin Sullivan, who began his career at AIG as a clerk in its London office in 1970.
In September 2007, AIG announced that it completed the merger of a wholly owned subsidiary of AIG with 21st Century Insurance Group.
On Sept. 17, 2008, the U.S. Federal Reserve announced that the Federal Reserve Bank of New York will lend an 85 billion-U.S. dollar-bridge-loan to AIG to save it from bankruptcy.
In return, the U.S. government will receive a 79.9 percent equity interest in AIG and has the right to veto payment of dividends to common preferred shareholders in the deal.
Source:Xinhua/Agencies
AIG's major product and service groupings are General Insurance, Life Insurance & Retirement Services, Financial Services and Asset Management.
The company is based at the American International Building in New York City. Its UK headquarters is located on Fenchurch Street in London, UK. Continental Europe operations are based in La Defense, Paris and its Asian headquarter is in Hong Kong.
AIG was originally a small insurance agency established by Cornelius Vander Starr in Shanghai in 1919. As the first westerner in Shanghai to sell insurance to the Chinese, Starr was very successful with the business in Asia, then he expanded it to other markets, including Latin America, Europe, and the Middle East.
In 1962, Maurice R. "Hank" Greenberg, took over the company's management, and shifted the company's U.S. focus from personal insurance to high-margin corporate. In 1968, Greenberg was named Starr's successor.
The company went public in 1969. It became a component of the Dow Jones Industrial Average on April 8, 2004, and was the 18th-largest company in the world, according to the 2008 Forbes Global 2000 list.
Greenberg resigned as the company's CEO in February 2005 and was succeeded by Martin Sullivan, who began his career at AIG as a clerk in its London office in 1970.
In September 2007, AIG announced that it completed the merger of a wholly owned subsidiary of AIG with 21st Century Insurance Group.
On Sept. 17, 2008, the U.S. Federal Reserve announced that the Federal Reserve Bank of New York will lend an 85 billion-U.S. dollar-bridge-loan to AIG to save it from bankruptcy.
In return, the U.S. government will receive a 79.9 percent equity interest in AIG and has the right to veto payment of dividends to common preferred shareholders in the deal.
Source:Xinhua/Agencies
Hang Seng Index finish off 18,000 support line at midday
Hong Kong stocks fell 339.41 points, or 1.85 percent, off the key support line of 18,000, to finish Wednesday's morning session at 17,961.20.
Hong Kong's benchmark Hang Seng Index once fell 342.40 points, or 1.87 percent to 17,958.21, during Wednesday's morning session.
Hong Kong stocks rose 390.69 points, or 2.13 percent, to open Wednesday's morning session at 18,691.30, following the U.S. Federal Reserve announced an unprecedented deal to rescue insurance giant American International Group overnight.
The U.S. Federal Reserve announced on Tuesday an unprecedented 85 billion U.S. dollar rescue loan to save insurance giant American International Group from bankruptcy amid fears of a catastrophic effect on financial markets.
Barclays announced in a statement Wednesday that it had reached an agreement to acquire Lehman Brothers North American investment banking and capital markets businesses.
Hong Kong's benchmark Hang Seng Index on Tuesday plunged 1,052.29 points, or 5.44 percent, to close at 18,300.61, the lowest close in nearly 23 months, amid worries of a global financial turmoil after investment bank Lehman Brothers filed for bankruptcy protection.
Source:Xinhua
Hong Kong's benchmark Hang Seng Index once fell 342.40 points, or 1.87 percent to 17,958.21, during Wednesday's morning session.
Hong Kong stocks rose 390.69 points, or 2.13 percent, to open Wednesday's morning session at 18,691.30, following the U.S. Federal Reserve announced an unprecedented deal to rescue insurance giant American International Group overnight.
The U.S. Federal Reserve announced on Tuesday an unprecedented 85 billion U.S. dollar rescue loan to save insurance giant American International Group from bankruptcy amid fears of a catastrophic effect on financial markets.
Barclays announced in a statement Wednesday that it had reached an agreement to acquire Lehman Brothers North American investment banking and capital markets businesses.
Hong Kong's benchmark Hang Seng Index on Tuesday plunged 1,052.29 points, or 5.44 percent, to close at 18,300.61, the lowest close in nearly 23 months, amid worries of a global financial turmoil after investment bank Lehman Brothers filed for bankruptcy protection.
Source:Xinhua
Lehman collapse causes Hong Kong hangover
Hong Kong's shares tumbled 5.4 percent to a near two-year low yesterday after Lehman Brothers sought bankruptcy protection and fears about the US financial system knocked equity markets down across the world.
Financial plays tumbled after Lehman failed to find a rescuer, insurer AIG struggled for survival and Merrill Lynch was snapped up by Bank of America, all of which unleashed a wave of global stock selling on Monday, when Hong Kong markets were closed for a holiday.
Analysts said fears over the US financial system would carry on plaguing the market and drag it yet lower as long as investors remain unsure whether US markets have hit bottom.
"There's a lot of issues investors need to deal with over the next few weeks - first of all, what's going to happen to AIG?" said Alex Tang, research director at Core Pacific-Yamaichi International.
AIG, thrown a $20 billion lifeline by New York state, came under renewed pressure as ratings agencies downgraded its debt.
"We are not expecting a major comeback. But major players and fund managers might start accumulating shares on any major dips because the valuations are good," Tang said.
Tang added that investors are keenly waiting for more decisions from the US Federal Reserve, which held a one day interest rate meeting on yesterday.
The benchmark Hang Seng Index ended down 1,052.29 points at 18,300.61, dragged down by steep losses in finance, energy, and telecom plays. It was the largest single-day percentage drop since January.
Shares in Chinese insurer PICC Property and Casualty - 9.9 percent owned by AIG - plummeted 20.2 percent to a near-two year low.
Heavyweight China Mobile fell nearly 6.1 percent.
The Chinese Enterprises Index of mainland companies listed in Hong Kong ended down 7.4 percent at 9,236.58, less than half of last year's high of 20,609.10, and its lowest level in 18 months.
Mainboard turnover climbed to roughly HK$88.4 billion, compared to Friday's HK$57.8 billion.
Joseph Yam, chief executive of the Hong Kong Monetary Authority , said Lehman Brothers' bankruptcy filing will have a negative impact on Hong Kong markets but the city's central bank will provide liquidity if needed.
"Although the US stock market had a sharp fall on Monday, no panic selling," Yam said.
Source:China Daily/Agencies
Financial plays tumbled after Lehman failed to find a rescuer, insurer AIG struggled for survival and Merrill Lynch was snapped up by Bank of America, all of which unleashed a wave of global stock selling on Monday, when Hong Kong markets were closed for a holiday.
Analysts said fears over the US financial system would carry on plaguing the market and drag it yet lower as long as investors remain unsure whether US markets have hit bottom.
"There's a lot of issues investors need to deal with over the next few weeks - first of all, what's going to happen to AIG?" said Alex Tang, research director at Core Pacific-Yamaichi International.
AIG, thrown a $20 billion lifeline by New York state, came under renewed pressure as ratings agencies downgraded its debt.
"We are not expecting a major comeback. But major players and fund managers might start accumulating shares on any major dips because the valuations are good," Tang said.
Tang added that investors are keenly waiting for more decisions from the US Federal Reserve, which held a one day interest rate meeting on yesterday.
The benchmark Hang Seng Index ended down 1,052.29 points at 18,300.61, dragged down by steep losses in finance, energy, and telecom plays. It was the largest single-day percentage drop since January.
Shares in Chinese insurer PICC Property and Casualty - 9.9 percent owned by AIG - plummeted 20.2 percent to a near-two year low.
Heavyweight China Mobile fell nearly 6.1 percent.
The Chinese Enterprises Index of mainland companies listed in Hong Kong ended down 7.4 percent at 9,236.58, less than half of last year's high of 20,609.10, and its lowest level in 18 months.
Mainboard turnover climbed to roughly HK$88.4 billion, compared to Friday's HK$57.8 billion.
Joseph Yam, chief executive of the Hong Kong Monetary Authority , said Lehman Brothers' bankruptcy filing will have a negative impact on Hong Kong markets but the city's central bank will provide liquidity if needed.
"Although the US stock market had a sharp fall on Monday, no panic selling," Yam said.
Source:China Daily/Agencies
Cuts to benefit SMEs
The government's latest move to cut both the benchmark lending rate and the reserve requirement ratio for smaller banks is widely seen as a bid to help SMEs hit hard by a tighter credit regime.
The People's Bank of China on Monday announced a 27-basis-point cut to the commercial banks' benchmark lending rate from yesterday. The deposit rate will remain unchanged. It was the first time the central bank has cut the benchmark lending rate since February 2002.
Meanwhile, the central bank has lowered the reserve ratio for medium and small financial institutions by 100 basis points from Sept 25. Economists and analysts said the selective reduction of the reserve ratio indicated additional efforts to make available more credit to the many cash-strapped SMEs, which formed the main client base of the smaller banks.
"This is meant to make more funds available for lending, since many of these smaller banks were already hard pressed to meet these reserve requirements with their limited deposit base compared to large loan portfolios," Stephen Green, head of research at Standard Chartered Ltd, said.
As the lowered reserve ratio will free up more funds for smaller banks to lend, "it may also be spun as a way of increasing lending to SMEs, than to the large State-owned enterprise clients of large State banks, though it is unclear how well this will work in practice", Green said.
Frank FX Gong, chief economist at JPMorgan Securities , said: "Today's move, in our view, is the beginning of monetary easing and fiscal stimulus, as policymakers strive to maintain a steady and fast growth, against the backdrop of a further downshift in external demand and continuing global financial market turmoil."
The selective reduction of the reserve ratio was seen as another targeted relief measure for SMEs, which have become increasingly important in creating new job opportunities in China.
In early August, the central bank raised the annual loan quota of local commercial banks by 10 percent - 5 percentage points more than the increase for national commercial banks. That was seen as a move to help local SMEs, most of which are customers of smaller local banks.
Economists and investment institutions expected the government would consider further interest rate cuts in the coming month, in conjunction with a more proactive fiscal policy for the rest of the year.
"In the coming months, we are likely to see targeted relief measures for the export sector, reconstruction spending and high levels of infrastructure investment," Jing Ulrich, chairwoman of China equities at JPMorgan Securities, said.
Source:China Daily
The People's Bank of China on Monday announced a 27-basis-point cut to the commercial banks' benchmark lending rate from yesterday. The deposit rate will remain unchanged. It was the first time the central bank has cut the benchmark lending rate since February 2002.
Meanwhile, the central bank has lowered the reserve ratio for medium and small financial institutions by 100 basis points from Sept 25. Economists and analysts said the selective reduction of the reserve ratio indicated additional efforts to make available more credit to the many cash-strapped SMEs, which formed the main client base of the smaller banks.
"This is meant to make more funds available for lending, since many of these smaller banks were already hard pressed to meet these reserve requirements with their limited deposit base compared to large loan portfolios," Stephen Green, head of research at Standard Chartered Ltd, said.
As the lowered reserve ratio will free up more funds for smaller banks to lend, "it may also be spun as a way of increasing lending to SMEs, than to the large State-owned enterprise clients of large State banks, though it is unclear how well this will work in practice", Green said.
Frank FX Gong, chief economist at JPMorgan Securities , said: "Today's move, in our view, is the beginning of monetary easing and fiscal stimulus, as policymakers strive to maintain a steady and fast growth, against the backdrop of a further downshift in external demand and continuing global financial market turmoil."
The selective reduction of the reserve ratio was seen as another targeted relief measure for SMEs, which have become increasingly important in creating new job opportunities in China.
In early August, the central bank raised the annual loan quota of local commercial banks by 10 percent - 5 percentage points more than the increase for national commercial banks. That was seen as a move to help local SMEs, most of which are customers of smaller local banks.
Economists and investment institutions expected the government would consider further interest rate cuts in the coming month, in conjunction with a more proactive fiscal policy for the rest of the year.
"In the coming months, we are likely to see targeted relief measures for the export sector, reconstruction spending and high levels of infrastructure investment," Jing Ulrich, chairwoman of China equities at JPMorgan Securities, said.
Source:China Daily
Reduction likely to boost property
A lower lending rate might not bring more wealth to property developers, but it will boost industry confidence, analysts said.
The central bank cut the benchmark lending rate by 0.27 of a percentage point to 7.2 percent from yesterday, the first time it has reduced the rate since 2002.
"The policy is not likely to deliver a material impact on property developers, as most banks still take a restrained approach on loans to real estate firms," Chris Brooke, president and CEO of CB Richard Ellis , said.
Models of a real estate project at an exhibition in Shenyang, Liaoning province.
"But the rate change is sending a positive sign, showing the government's efforts to maintain the rapid growth of the economy. In that sense, it is good for the property sector," he said.
Jeffrey Lin, general manager of BA Consulting, a Beijing-based real estate service provider, agreed.
"I can't see any direct benefit to property developers but the move will help to boost consumer confidence," Lin said.
Economist Yi Xianrong said the lower rate could have a limited influence on the property sector, as short-term lenders will be the biggest beneficiaries.
Loans due to mature within six months will be reduced by 0.36 percent, but three- to five-year loans and above will be cut by 0.18 and 0.09 percent respectively.
Property developers' loans typically range from three to five years, while homebuyers usually take out mortgages for longer periods.
But some developers have welcomed the rate change as the market undergoes a correction and many are strapped for cash.
Zhang Weike, general manager of Beijing Xinji Investment Co Ltd, said the lower lending rate will reduce operating costs for property developers and ease cash-flow pressure.
"We're actually considering taking on some new projects soon," he said.
Property prices in 70 major Chinese cities rose 5.3 percent year-on-year in August, compared with 7 percent in July, the National Development and Reform Commission said yesterday. The growth rate has dropped for eight months in a row this year, showing signs of nationwide decline after a two-year surge.
New residential property prices rose 6.2 percent year-on-year in August, the NDRC said.
Cities where property price growth exceeded 10 percent year-on-year last month included Haikou, Yinchuan and Beijing, with growth rates of 16.5 percent, 12.4 percent and 11.7 percent, respectively.
Prices of homes for resale rose 3.9 percent year-on-year in August, 2.1 percentage points below the July rate. Non-residential property prices grew 4 percent last month, down 0.9 percentage points from July.
Source:China Daily
The central bank cut the benchmark lending rate by 0.27 of a percentage point to 7.2 percent from yesterday, the first time it has reduced the rate since 2002.
"The policy is not likely to deliver a material impact on property developers, as most banks still take a restrained approach on loans to real estate firms," Chris Brooke, president and CEO of CB Richard Ellis , said.
Models of a real estate project at an exhibition in Shenyang, Liaoning province.
"But the rate change is sending a positive sign, showing the government's efforts to maintain the rapid growth of the economy. In that sense, it is good for the property sector," he said.
Jeffrey Lin, general manager of BA Consulting, a Beijing-based real estate service provider, agreed.
"I can't see any direct benefit to property developers but the move will help to boost consumer confidence," Lin said.
Economist Yi Xianrong said the lower rate could have a limited influence on the property sector, as short-term lenders will be the biggest beneficiaries.
Loans due to mature within six months will be reduced by 0.36 percent, but three- to five-year loans and above will be cut by 0.18 and 0.09 percent respectively.
Property developers' loans typically range from three to five years, while homebuyers usually take out mortgages for longer periods.
But some developers have welcomed the rate change as the market undergoes a correction and many are strapped for cash.
Zhang Weike, general manager of Beijing Xinji Investment Co Ltd, said the lower lending rate will reduce operating costs for property developers and ease cash-flow pressure.
"We're actually considering taking on some new projects soon," he said.
Property prices in 70 major Chinese cities rose 5.3 percent year-on-year in August, compared with 7 percent in July, the National Development and Reform Commission said yesterday. The growth rate has dropped for eight months in a row this year, showing signs of nationwide decline after a two-year surge.
New residential property prices rose 6.2 percent year-on-year in August, the NDRC said.
Cities where property price growth exceeded 10 percent year-on-year last month included Haikou, Yinchuan and Beijing, with growth rates of 16.5 percent, 12.4 percent and 11.7 percent, respectively.
Prices of homes for resale rose 3.9 percent year-on-year in August, 2.1 percentage points below the July rate. Non-residential property prices grew 4 percent last month, down 0.9 percentage points from July.
Source:China Daily
Parity rate climbs
The central parity rate for the yuan against the US dollar rose to 6.8203 yesterday, the largest daily rise in seven weeks.
The daily mid-point, set by the central bank before trading, climbed 0.37 percent from Friday's 6.8458. But the yuan then weakened to 6.857 a dollar at 5:30 pm in Beijing yesterday, according to China's Foreign Exchange Trade System.
"The higher mid-point, which in theory contradicts the interest rate cut, implies the central bank wants to stabilize the yuan's exchange rate," Liu Dongyuan, a Shenzhen-based foreign exchange analyst with China Merchants Bank, said. "A drastic depreciation may lead to a capital outflow."
The central bank lowered the one-year lending rate to 7.2 percent from yesterday.
The yuan has gained against the US dollar by about 20 percent since China decided to scrap its peg to the US dollar in 2005. Over the past three years, there have been constant worries that the appreciation has attracted an influx of hot money, which has contributed to bubbles in China's stock and property markets.
But now, analysts warn there is a risk of rapid capital outflow, as the yuan's appreciation appears to be coming to an end and local real estate and share market prices decline.
Also yesterday, the one-year dollar/yuan NDFs hit a fresh year-high of 6.8210 from Friday's close of 6.7500. The NDFs' latest level implies the yuan will depreciate against the dollar by 0.01 percent over the next 12 months from yesterday's spot mid-point of 6.8203. It was the first time that one-year NDFs have implied yuan depreciation since September 2003.
Source:China Daily
The daily mid-point, set by the central bank before trading, climbed 0.37 percent from Friday's 6.8458. But the yuan then weakened to 6.857 a dollar at 5:30 pm in Beijing yesterday, according to China's Foreign Exchange Trade System.
"The higher mid-point, which in theory contradicts the interest rate cut, implies the central bank wants to stabilize the yuan's exchange rate," Liu Dongyuan, a Shenzhen-based foreign exchange analyst with China Merchants Bank, said. "A drastic depreciation may lead to a capital outflow."
The central bank lowered the one-year lending rate to 7.2 percent from yesterday.
The yuan has gained against the US dollar by about 20 percent since China decided to scrap its peg to the US dollar in 2005. Over the past three years, there have been constant worries that the appreciation has attracted an influx of hot money, which has contributed to bubbles in China's stock and property markets.
But now, analysts warn there is a risk of rapid capital outflow, as the yuan's appreciation appears to be coming to an end and local real estate and share market prices decline.
Also yesterday, the one-year dollar/yuan NDFs hit a fresh year-high of 6.8210 from Friday's close of 6.7500. The NDFs' latest level implies the yuan will depreciate against the dollar by 0.01 percent over the next 12 months from yesterday's spot mid-point of 6.8203. It was the first time that one-year NDFs have implied yuan depreciation since September 2003.
Source:China Daily
Stocks slump 4.47% in global battering
SHANGHAI: Hit by the latest ripple effect of the US financial crisis, the benchmark index tumbled 4.47 percent to 1986.64, dipping below 2000 points for the first time in 22 months.
The Shanghai Composite Index plunged 93.04 points, and the smaller Shenzhen Component Index dropped 61.46 points, or 0.89 percent, to end at 6873.61.
Turnover on the two bourses was 47.3 billion yuan, up 42.5 percent from last Friday. Total market capitalization shrank 3.7 percent to 12.9 trillion yuan yesterday.
The index was dragged under the 2000-point barrier by a sharp fall in bank shares.
Analysts said fallout from the failure of Lehman Brothers and the fire sale of Merrill Lynch has unnerved investors, who began dumping bank shares at the opening bell.
"The US stock market turmoil overnight dampened Chinese investor confidence and knocked the emerging financial markets," Zhu Haibin, an analyst at Essence Securities, said.
On Monday, the major global stock indexes, in response to Lehman's demise, suffered their worst plunge since 9/11. The Dow Jones slid 504.48 points, or 4.42 percent, to end at 10917.51. The S&P 500 index sank 4.71 percent, to close at 1192.7. The NASDAQ composite index fell 3.6 percent, to 2179.91.
Lehman Brothers, the fourth largest investment bank in the United States, announced its bankruptcy on Monday after failed rescue talks with Barclays Plc and Bank of America.
Bank of America will instead buy into Merrill Lynch with $50 billion, while insurer AIG also needs to raise $40 billion to survive the credit storm.
Monday's lending rate cut by the central bank also contributed to the bank stocks' slide, analysts said.
The People's Bank of China cut the one-year lending rate by 0.27 of a percentage point to 7.3 percent, but the deposit rates stay unchanged.
"Large banks were negatively affected by this news because a lending rate cut with an unchanged deposit rate will squeeze the banks' net interest profits, and therefore restrain their profit growth," Wei Daoke, an analyst at Shenyin & Wanguo Securities Co Ltd, said.
The central bank also lowered the reserve requirement ratio for small banks by 1 percentage point to 16.5 percent from Sept 25.
That reduction "for small and medium-sized banks is a more meaningful liquidity easing, as the elevated level of RRR has been constraining their business operation", Frank FX Gong, chief economist at JPMorgan Securities , said.
All 14 bank shares declined yesterday, with nine down to their daily limits, led by Bank of Beijing and Shenzhen Development Bank, both of which slid 10.01 percent.
Shares in Bank of China plummeted 9.17 percent to 3.17 yuan. Industrial and Commercial Bank of China slid 9.95 percent to 3.80 yuan.
Source:China Daily
The Shanghai Composite Index plunged 93.04 points, and the smaller Shenzhen Component Index dropped 61.46 points, or 0.89 percent, to end at 6873.61.
Turnover on the two bourses was 47.3 billion yuan, up 42.5 percent from last Friday. Total market capitalization shrank 3.7 percent to 12.9 trillion yuan yesterday.
The index was dragged under the 2000-point barrier by a sharp fall in bank shares.
Analysts said fallout from the failure of Lehman Brothers and the fire sale of Merrill Lynch has unnerved investors, who began dumping bank shares at the opening bell.
"The US stock market turmoil overnight dampened Chinese investor confidence and knocked the emerging financial markets," Zhu Haibin, an analyst at Essence Securities, said.
On Monday, the major global stock indexes, in response to Lehman's demise, suffered their worst plunge since 9/11. The Dow Jones slid 504.48 points, or 4.42 percent, to end at 10917.51. The S&P 500 index sank 4.71 percent, to close at 1192.7. The NASDAQ composite index fell 3.6 percent, to 2179.91.
Lehman Brothers, the fourth largest investment bank in the United States, announced its bankruptcy on Monday after failed rescue talks with Barclays Plc and Bank of America.
Bank of America will instead buy into Merrill Lynch with $50 billion, while insurer AIG also needs to raise $40 billion to survive the credit storm.
Monday's lending rate cut by the central bank also contributed to the bank stocks' slide, analysts said.
The People's Bank of China cut the one-year lending rate by 0.27 of a percentage point to 7.3 percent, but the deposit rates stay unchanged.
"Large banks were negatively affected by this news because a lending rate cut with an unchanged deposit rate will squeeze the banks' net interest profits, and therefore restrain their profit growth," Wei Daoke, an analyst at Shenyin & Wanguo Securities Co Ltd, said.
The central bank also lowered the reserve requirement ratio for small banks by 1 percentage point to 16.5 percent from Sept 25.
That reduction "for small and medium-sized banks is a more meaningful liquidity easing, as the elevated level of RRR has been constraining their business operation", Frank FX Gong, chief economist at JPMorgan Securities , said.
All 14 bank shares declined yesterday, with nine down to their daily limits, led by Bank of Beijing and Shenzhen Development Bank, both of which slid 10.01 percent.
Shares in Bank of China plummeted 9.17 percent to 3.17 yuan. Industrial and Commercial Bank of China slid 9.95 percent to 3.80 yuan.
Source:China Daily
ADB trims growth expectations for '09
The Asian Development Bank yesterday cut China's economic growth forecast to 9.5 percent from 9.8 percent for 2009, due to the expected reduced trade surplus and weakening domestic investment, but maintained its previous forecast of 10 percent growth for this year.
It also warned that inflation could reach 7 percent this year, much higher than the 4.8 percent target set by the government. The high inflation is mainly due to the exceptionally high rate in the first half of this year, the bank said. China's consumer inflation dropped to 4.9 percent in August from February's peak of 8.7 percent.
Given the signs of recent monetary policy relaxation, Zhuang Jian, a senior economist with the ADB in Beijing, said China's economic growth in the third and fourth quarters could stand at around 9.5 percent despite the global economic slowdown, which led many economists to forecast growth of less than 9 percent in the two quarters.
The central bank cut the cost of bank loans and reduced the reserve requirement ratio for smaller financial institutions on Monday. "This marks the start of a more relaxed policy, although the central bank remains cautious ," Zhuang said. "Policymakers are tilted a bit toward maintaining economic growth."
In the coming months, controls over the loan quota may be further eased, he said, which will help bolster economic growth.
Rising domestic production costs and the continually weakening global economy, which reduces demand for Chinese products, would further slow China's exports next year, said Zhuang.
China's exports rose 22.4 percent year-on-year in the first eight months of 2008, down from 27.7 percent in the same period last year.
Growth in fixed-asset investment is also expected to fall, further reducing overall economic growth next year, he said at yesterday's release of the Asian Development Outlook report.
As US financial market turbulence further worsens, the Manila-based bank said Asia will be hit badly by the current financial crisis.
"The turmoil of the last eight days points to the clear and present danger that growth in the US could slip very, very sharply," ADB Chief Economist Ifzal Ali said.
For Asia, "the biggest risk was that the US financial crisis would affect the G3 economies indefinitely, hurting Asian exports and financial markets", he said. "If the impact goes beyond 2009 that will be very, very negative for Asia."
Economic growth in Asia this year is expected to stand at 7.5 percent and 7.2 percent next year, according to the report. In April, the bank forecast that growth would be 7.6 percent this year.
"If the subprime crisis worsens significantly, Asia is bound to suffer much more serious financial effects, including an abrupt reversal of the capital inflows that have held up well so far," the bank said in its report.
Source:China Daily
It also warned that inflation could reach 7 percent this year, much higher than the 4.8 percent target set by the government. The high inflation is mainly due to the exceptionally high rate in the first half of this year, the bank said. China's consumer inflation dropped to 4.9 percent in August from February's peak of 8.7 percent.
Given the signs of recent monetary policy relaxation, Zhuang Jian, a senior economist with the ADB in Beijing, said China's economic growth in the third and fourth quarters could stand at around 9.5 percent despite the global economic slowdown, which led many economists to forecast growth of less than 9 percent in the two quarters.
The central bank cut the cost of bank loans and reduced the reserve requirement ratio for smaller financial institutions on Monday. "This marks the start of a more relaxed policy, although the central bank remains cautious ," Zhuang said. "Policymakers are tilted a bit toward maintaining economic growth."
In the coming months, controls over the loan quota may be further eased, he said, which will help bolster economic growth.
Rising domestic production costs and the continually weakening global economy, which reduces demand for Chinese products, would further slow China's exports next year, said Zhuang.
China's exports rose 22.4 percent year-on-year in the first eight months of 2008, down from 27.7 percent in the same period last year.
Growth in fixed-asset investment is also expected to fall, further reducing overall economic growth next year, he said at yesterday's release of the Asian Development Outlook report.
As US financial market turbulence further worsens, the Manila-based bank said Asia will be hit badly by the current financial crisis.
"The turmoil of the last eight days points to the clear and present danger that growth in the US could slip very, very sharply," ADB Chief Economist Ifzal Ali said.
For Asia, "the biggest risk was that the US financial crisis would affect the G3 economies indefinitely, hurting Asian exports and financial markets", he said. "If the impact goes beyond 2009 that will be very, very negative for Asia."
Economic growth in Asia this year is expected to stand at 7.5 percent and 7.2 percent next year, according to the report. In April, the bank forecast that growth would be 7.6 percent this year.
"If the subprime crisis worsens significantly, Asia is bound to suffer much more serious financial effects, including an abrupt reversal of the capital inflows that have held up well so far," the bank said in its report.
Source:China Daily
Asia-Pacific stocks slide on U.S. financial woes
Asia's main stock markets plummeted Tuesday, with Hong Kong, Tokyo, Shanghai and Taipei stocks down around 5 percent, as part of the reaction to the latest U.S. financial crisis triggered by the collapse of investment bank Lehman Brothers.
After Lehman Brothers filed for bankruptcy and Merrill Lynch agreed to be taken over by Bank of America, the Dow Jones Industrial Average tumbled 4.42 percent, the steepest drop since the Sept. 11, 2001 attacks.
Tokyo stocks nosedived 605.04 points on Tuesday, or 4.95 percent, to 11,609.72 points, its lowest closing level in more than three years.
Japan's central bank injected 2.5 trillion yen on Tuesday into money markets to ease the impact of the failure of the Lehman Brothers.
But Japan's Finance Minister Bunmei Ibuki reassured investors that the Lehman bankruptcy will not seriously damage the Japanese financial system.
"Considering the conditions of each financial institution's self-owned capital, we do not have to worry about the Japanese financial system," Ibuki said at a press conference.
Hong Kong's blue-chip Hang Seng Index also shed 5.4 percent to 18,300.61 on Tuesday, its lowest point in nearly two years.
Turnover rose to 88.42 billion HK dollars from last Friday's 57.77 billion HK dollars .
"Today was a bloodbath," said Alex Tang, head of research at Core Pacific-Yamaichi, who noted that trading volume was its highest in months. "This was panic selling ... they just want to liquidate their positions."
Phillip Capital Management strategist Y.K. Chan said 18,000 is the key support line for Hang Seng Index in the near term. But he added "we're in the middle of a crisis, so valuation offers little comfort."
Taiwan's stock market tumbled 4.89 percent, falling below the key 6,000 level for the first time since November 2005. The situation is similar in Shanghai's stock markets where the benchmark Shanghai Composite Index lost 93.03 points, or 4.47 percent, sinking below the 2,000-point mark to close at 1,986.64.
Qin Xiaobin, an analyst with the Beijing-based Yinhe Securities, also attributed the plunge to the lending interest rate cut announced by the Chinese central bank and investors' lingering concern over the country's economy.
On Monday, the People's Bank of China's announced the benchmark interest rate for one-year yuan-denominated loans would be lowered 0.27 percentage point on Tuesday, its first cut since October 2004.
The benchmark Korea Composite Stock Price Index slashed90.17 points, or 6.1 percent, at an 18-month low of 1,387.75 on Tuesday.
"We are closely monitoring the financial markets and will take appropriate steps to stabilize markets if necessary. We will study measures to ease excessive volatility in the foreign exchange rates." South Korea's Vice Financial Minister Kim Dong-Soo told reporters on Tuesday.
Other Asian-Pacific stock markets also experienced severe plunges as the fallout from U.S. financial market turmoil continued.
Philippine shares plunged more than 4 percent for the second straight day. The Philippine Stock Exchange's 30-share composite index lost 114.44 points, or 4.51 per cent, to close at 2,421.72 from Monday's finish of 2,536.16.
The benchmark S&P/ASX200 index in Australia was down 66.9 points, or 1.39 percent at 4750.8, while the broader All Ordinaries lost 75.2 points, or 1.54 percent to 4799.8.
The shares prices in Singapore ended lower on Tuesday with the benchmark Straits Times Index down 25.12 points or 1.01 percent to 2,461.43 points.
The Stock Exchange of Thailand index moved down 17.83 points, or 2.78 percent, to close at 624.56 points on Tuesday.
Source:Xinhua
After Lehman Brothers filed for bankruptcy and Merrill Lynch agreed to be taken over by Bank of America, the Dow Jones Industrial Average tumbled 4.42 percent, the steepest drop since the Sept. 11, 2001 attacks.
Tokyo stocks nosedived 605.04 points on Tuesday, or 4.95 percent, to 11,609.72 points, its lowest closing level in more than three years.
Japan's central bank injected 2.5 trillion yen on Tuesday into money markets to ease the impact of the failure of the Lehman Brothers.
But Japan's Finance Minister Bunmei Ibuki reassured investors that the Lehman bankruptcy will not seriously damage the Japanese financial system.
"Considering the conditions of each financial institution's self-owned capital, we do not have to worry about the Japanese financial system," Ibuki said at a press conference.
Hong Kong's blue-chip Hang Seng Index also shed 5.4 percent to 18,300.61 on Tuesday, its lowest point in nearly two years.
Turnover rose to 88.42 billion HK dollars from last Friday's 57.77 billion HK dollars .
"Today was a bloodbath," said Alex Tang, head of research at Core Pacific-Yamaichi, who noted that trading volume was its highest in months. "This was panic selling ... they just want to liquidate their positions."
Phillip Capital Management strategist Y.K. Chan said 18,000 is the key support line for Hang Seng Index in the near term. But he added "we're in the middle of a crisis, so valuation offers little comfort."
Taiwan's stock market tumbled 4.89 percent, falling below the key 6,000 level for the first time since November 2005. The situation is similar in Shanghai's stock markets where the benchmark Shanghai Composite Index lost 93.03 points, or 4.47 percent, sinking below the 2,000-point mark to close at 1,986.64.
Qin Xiaobin, an analyst with the Beijing-based Yinhe Securities, also attributed the plunge to the lending interest rate cut announced by the Chinese central bank and investors' lingering concern over the country's economy.
On Monday, the People's Bank of China's announced the benchmark interest rate for one-year yuan-denominated loans would be lowered 0.27 percentage point on Tuesday, its first cut since October 2004.
The benchmark Korea Composite Stock Price Index slashed90.17 points, or 6.1 percent, at an 18-month low of 1,387.75 on Tuesday.
"We are closely monitoring the financial markets and will take appropriate steps to stabilize markets if necessary. We will study measures to ease excessive volatility in the foreign exchange rates." South Korea's Vice Financial Minister Kim Dong-Soo told reporters on Tuesday.
Other Asian-Pacific stock markets also experienced severe plunges as the fallout from U.S. financial market turmoil continued.
Philippine shares plunged more than 4 percent for the second straight day. The Philippine Stock Exchange's 30-share composite index lost 114.44 points, or 4.51 per cent, to close at 2,421.72 from Monday's finish of 2,536.16.
The benchmark S&P/ASX200 index in Australia was down 66.9 points, or 1.39 percent at 4750.8, while the broader All Ordinaries lost 75.2 points, or 1.54 percent to 4799.8.
The shares prices in Singapore ended lower on Tuesday with the benchmark Straits Times Index down 25.12 points or 1.01 percent to 2,461.43 points.
The Stock Exchange of Thailand index moved down 17.83 points, or 2.78 percent, to close at 624.56 points on Tuesday.
Source:Xinhua
ICBC New York branch granted business license
The New York branch of Industrial and Commercial Bank of China Ltd. , the world's largest bank by market capitalization, was officially granted business license Tuesday.
"It is an exciting moment for our bank, since it marks an important milestone for our international business development," said Wu Bin, chief representative of the ICBC New York Representative Office, at the signing ceremony held in the New York State Banking Department.
In accordance with the business license, ICBC New York branch will engage in wholesale deposits, loans, trade finance, U.S. dollar clearing, treasury and other banking businesses.
"We will make all our efforts to provide quality financial services to both Chinese and American clients," Wu said. The opening of ICBC's New York branch will provide one more bridge between China and the United States, and will contribute to the Sino-U.S. commercial and financial exchanges, Wu added.
During his address at the ceremony, New York State Banking Superintendent Richard H. Neiman thanked ICBC for its confidence in the U.S. economy and in New York City as the world financial center.
Neiman called the signing of the license "historic" given the financial turmoil the Wall Street is experiencing. He said this turbulent time actually also means opportunities for foreign banks, which the New York State Banking Department has always attached great importance to. He hoped the collaboration between his department and ICBC will stay strong and profitable in the years to come.
ICBC filed application to open branch in New York in April, 2007, and obtained official approval by the U.S. Federal Reserve on Aug. 5 this year. The ICBC New York branch is scheduled to start operation in October.
"It is an exciting moment for our bank, since it marks an important milestone for our international business development," said Wu Bin, chief representative of the ICBC New York Representative Office, at the signing ceremony held in the New York State Banking Department.
In accordance with the business license, ICBC New York branch will engage in wholesale deposits, loans, trade finance, U.S. dollar clearing, treasury and other banking businesses.
"We will make all our efforts to provide quality financial services to both Chinese and American clients," Wu said. The opening of ICBC's New York branch will provide one more bridge between China and the United States, and will contribute to the Sino-U.S. commercial and financial exchanges, Wu added.
During his address at the ceremony, New York State Banking Superintendent Richard H. Neiman thanked ICBC for its confidence in the U.S. economy and in New York City as the world financial center.
Neiman called the signing of the license "historic" given the financial turmoil the Wall Street is experiencing. He said this turbulent time actually also means opportunities for foreign banks, which the New York State Banking Department has always attached great importance to. He hoped the collaboration between his department and ICBC will stay strong and profitable in the years to come.
ICBC filed application to open branch in New York in April, 2007, and obtained official approval by the U.S. Federal Reserve on Aug. 5 this year. The ICBC New York branch is scheduled to start operation in October.
China discipline watchdogs call for tighter quake reconstruction supervision
China's top disciplinary authorities have called for tighter supervision of reconstruction projects offered by some local governments to the quake-hit areas.
In total, 19 provinces and municipalities have promised help inthe reconstruction of 24 cities and counties seriously hit by the May 12 earthquake that centered on Wenchuan County of Sichuan Province.
The provinces and municipalities, including Shanghai, Tianjin and Zhejiang Province, are expected to help build houses, schools, hospitals and infrastructure in the quake-struck areas of Sichuan, Gansu and Shaanxi provinces.
Local disciplinary authorities were asked to closely follow thebuilding, including the design, raw material purchase and construction of the projects, according to a release from a meeting held by the CPC Central Commission for Discipline Inspection and the Ministry of Supervision.
Donations and materials offered by the 19 local governments should also be closely monitored, the release said.
It was feared that once the fate of all those listed missing inthe magnitude-8.0 quake on May 12 was clarified, the death toll would top 87,000.
The losses from the quake were estimated at 845.1 billion yuan . The national government had set up aquake rehabilitation fund and allocated 70 billion yuan for use this year.
An early report said 186 people had incurred Party disciplinary measures or administrative penalties as of Aug. 29 for violations in the relief work.
Source: Xinhua
In total, 19 provinces and municipalities have promised help inthe reconstruction of 24 cities and counties seriously hit by the May 12 earthquake that centered on Wenchuan County of Sichuan Province.
The provinces and municipalities, including Shanghai, Tianjin and Zhejiang Province, are expected to help build houses, schools, hospitals and infrastructure in the quake-struck areas of Sichuan, Gansu and Shaanxi provinces.
Local disciplinary authorities were asked to closely follow thebuilding, including the design, raw material purchase and construction of the projects, according to a release from a meeting held by the CPC Central Commission for Discipline Inspection and the Ministry of Supervision.
Donations and materials offered by the 19 local governments should also be closely monitored, the release said.
It was feared that once the fate of all those listed missing inthe magnitude-8.0 quake on May 12 was clarified, the death toll would top 87,000.
The losses from the quake were estimated at 845.1 billion yuan . The national government had set up aquake rehabilitation fund and allocated 70 billion yuan for use this year.
An early report said 186 people had incurred Party disciplinary measures or administrative penalties as of Aug. 29 for violations in the relief work.
Source: Xinhua
Two more suspects arrested in China baby milk powder scandal
The number of arrests connected to China's tainted baby milk powder scandal has risen tosix with the apprehension of two more suspects in the northern city of Shijiazhuang.
Two villagers were charged with selling the chemical melamine and adding it to milk sold to the Sanlu Group based in the Hebei provincial capital Shijiazhuang.
The dairy giant was the first company exposed in the tainted milk scandal that had sickened more than 6,200 infants to date, including three fatally, Shi Guizhong, a Hebei Provincial Public Security Department spokesman said at a press conference here on Wednesday.
The men arrested were identified as a 52-year-old resident surnamed Hu from Yangjiazhai Village, Beizheng Township in Shijiazhuang's Yuanshi County, and a 58-year-old surnamed Bian from Chengdongqiaoxi Village, Dahe Township in Shijiazhuang's Luquan City, he said.
The sickened infants had developed kidney stones after drinking Sanlu's tainted baby formula. Melamine was added to the milk as itwas believed to have helped to increase protein content, Health Minister Chen Zhu told reporters on Wednesday.
Source: Xinhua
Two villagers were charged with selling the chemical melamine and adding it to milk sold to the Sanlu Group based in the Hebei provincial capital Shijiazhuang.
The dairy giant was the first company exposed in the tainted milk scandal that had sickened more than 6,200 infants to date, including three fatally, Shi Guizhong, a Hebei Provincial Public Security Department spokesman said at a press conference here on Wednesday.
The men arrested were identified as a 52-year-old resident surnamed Hu from Yangjiazhai Village, Beizheng Township in Shijiazhuang's Yuanshi County, and a 58-year-old surnamed Bian from Chengdongqiaoxi Village, Dahe Township in Shijiazhuang's Luquan City, he said.
The sickened infants had developed kidney stones after drinking Sanlu's tainted baby formula. Melamine was added to the milk as itwas believed to have helped to increase protein content, Health Minister Chen Zhu told reporters on Wednesday.
Source: Xinhua
China court upholds suspended death sentence of former brokerage executive
The Higher People's Court in south China's Hainan Province upheld the suspended death sentence against a former executive of a trust and investment company who pocketed a large amount of money from public funds, a court spokesman said on Wednesday.
Shi Xue, 45, former head of the Hainan Huayin International Trust and Investment Corp. and board chairman of the defunct Dalian Securities Co., was sentenced to death with a two-year reprieve for embezzling 260 million yuan and swindling 2.4 billion yuan by selling fake public debts, the provincial higher people's court heard.
He also tried to defraud the People's Bank of China, the country's central bank, of 1.4 billion yuan by fake financial certificates, according to the court investigation.
The intermediate people's court in Haikou City, capital of Hainan, charged Shi with embezzlement, stealing state funds, fraudwith fake financial certificates and illegally raising funds. His accomplice Liang Yong was charged with corruption and embezzlement.
The intermediate court handed down a suspended death sentence to Shi and a life sentence to Liang in January. The prosecutors appealed the initial verdict, considering the sentences were "too" light. The two defendants also appealed.
The higher court heard the appeals in July and upheld the original sentence on Friday.
Sources said the amount of embezzled money in this case was oneof the largest in China since 1949.
Source: Xinhua
Shi Xue, 45, former head of the Hainan Huayin International Trust and Investment Corp. and board chairman of the defunct Dalian Securities Co., was sentenced to death with a two-year reprieve for embezzling 260 million yuan and swindling 2.4 billion yuan by selling fake public debts, the provincial higher people's court heard.
He also tried to defraud the People's Bank of China, the country's central bank, of 1.4 billion yuan by fake financial certificates, according to the court investigation.
The intermediate people's court in Haikou City, capital of Hainan, charged Shi with embezzlement, stealing state funds, fraudwith fake financial certificates and illegally raising funds. His accomplice Liang Yong was charged with corruption and embezzlement.
The intermediate court handed down a suspended death sentence to Shi and a life sentence to Liang in January. The prosecutors appealed the initial verdict, considering the sentences were "too" light. The two defendants also appealed.
The higher court heard the appeals in July and upheld the original sentence on Friday.
Sources said the amount of embezzled money in this case was oneof the largest in China since 1949.
Source: Xinhua
Macao SAR's Gov't Headquarters to be open to public
The century-old Government Headquarters of the Macao Special Administration Region willonce again be open to the public, from Sept. 20 to 21, the SAR government announced on Wednesday.
This will be the eighth time Macao residents and visitors alike could tour the palatial structure since the opening was made an annual event in 2001, according to a press statement from the SAR government.
Located on the city's Avenida Praia Grande street, the Macao SAR Government Headquarters covers an area of 7,700 square meters and comprises three buildings with a total floor area of 10,000 square meters.
After its construction, it was bought by the then Portuguese-Macao government and used as the official residence and offices for Portuguese governors who had served in Macao.
Following the establishment of the Macao SAR Government on Dec.20, 1999, the mansion was renovated, with its original architectural style and features retained.
For the time being, the front block of the Headquarters houses the Office of the SAR's Chief Executive, conference room for the Executive Council, the Lotus Room, a multi-purpose conference room and a pressroom, as well as the Green Room, the Yellow Room and the Blue Room, which are usually used for meetings and banquets.
The government also said that local Police Band and the Macao Orchestra will perform there during the open day, and the Macao Government Tourist Office will also offer visitors mementos at a booth which would be set up there.
Source: Xinhua
This will be the eighth time Macao residents and visitors alike could tour the palatial structure since the opening was made an annual event in 2001, according to a press statement from the SAR government.
Located on the city's Avenida Praia Grande street, the Macao SAR Government Headquarters covers an area of 7,700 square meters and comprises three buildings with a total floor area of 10,000 square meters.
After its construction, it was bought by the then Portuguese-Macao government and used as the official residence and offices for Portuguese governors who had served in Macao.
Following the establishment of the Macao SAR Government on Dec.20, 1999, the mansion was renovated, with its original architectural style and features retained.
For the time being, the front block of the Headquarters houses the Office of the SAR's Chief Executive, conference room for the Executive Council, the Lotus Room, a multi-purpose conference room and a pressroom, as well as the Green Room, the Yellow Room and the Blue Room, which are usually used for meetings and banquets.
The government also said that local Police Band and the Macao Orchestra will perform there during the open day, and the Macao Government Tourist Office will also offer visitors mementos at a booth which would be set up there.
Source: Xinhua
China's cabinet orders inspections, reform of dairy industry
An executive meeting of the State Council , presided over by Premier Wen Jiabao, on Wednesday decided to launch national comprehensive tests of dairy products and reform the dairy industry.
According to the meeting, the incident involving the tainted Sanlu milk powder reflected chaotic industry conditions, as well as loopholes in the supervision and management of the industry.
It is necessary to learn lessons, properly deal with the incident, improve the inspection and supervision system and strengthen the management of the dairy industry, the meeting said.
The meeting also reached six other decisions and ordered governments at all levels to implement them. These decisions include:
-- providing the best and free medical care to those sickened by melamine-contaminated milk powder,
-- confiscating and destroying all sub-standard products,
-- strictly supervising the production of dairy companies with on-site inspectors,
-- revising regulations on the supervision and management of the industry,
-- subsidizing dairy farmers and encouraging more production by those enterprises with higher-quality products and,
-- finding the cause of the incident and punishing those responsible.
The Sanlu Group, a leading Chinese dairy producer based in the northern Hebei Province, admitted last week that it had found some of its baby milk powder products were contaminated with melamine, a chemical raw material. It issued an immediate recall of milk formula made before Aug. 6.
Three infants have died so far. There are at least 6,244 infant victims of the contaminated milk powder, of whom 158, or 2.5 percent, have acute kidney failure, the Ministry of Health said on Wednesday.
Source: Xinhua
According to the meeting, the incident involving the tainted Sanlu milk powder reflected chaotic industry conditions, as well as loopholes in the supervision and management of the industry.
It is necessary to learn lessons, properly deal with the incident, improve the inspection and supervision system and strengthen the management of the dairy industry, the meeting said.
The meeting also reached six other decisions and ordered governments at all levels to implement them. These decisions include:
-- providing the best and free medical care to those sickened by melamine-contaminated milk powder,
-- confiscating and destroying all sub-standard products,
-- strictly supervising the production of dairy companies with on-site inspectors,
-- revising regulations on the supervision and management of the industry,
-- subsidizing dairy farmers and encouraging more production by those enterprises with higher-quality products and,
-- finding the cause of the incident and punishing those responsible.
The Sanlu Group, a leading Chinese dairy producer based in the northern Hebei Province, admitted last week that it had found some of its baby milk powder products were contaminated with melamine, a chemical raw material. It issued an immediate recall of milk formula made before Aug. 6.
Three infants have died so far. There are at least 6,244 infant victims of the contaminated milk powder, of whom 158, or 2.5 percent, have acute kidney failure, the Ministry of Health said on Wednesday.
Source: Xinhua
Chinese president meets Samoan Prime Minister
Chinese president Hu Jintao met on Wednesday with Samoan Prime Minister Tuilaepa Sailele Malielegaoi, who comes to visit China and attend the closing ceremony of the Beijing Paralympic Games, in the Great Hall of the People in Beijing.
Hu welcomed Tuilaepa to the closing ceremony of the Beijing Paralympics and extended gratitude to the support given by the Samoan government and people to the Beijing Olympics and Paralympics.
Hu noted that the friendship between the two peoples was time-honored. Since the establishment of their diplomatic ties in 1975, the two countries have made fruitful cooperation in the fields of economy, trade, agriculture, sports, culture, education and health, as well as international affairs.
The Chinese president said the Sino-Samoan relations have entered into a new period of fast development and have set a good example for friendly cooperation between China and the Pacific island countries.
"China is willing to continue to make more tangible efforts to support Samoa's economic and social development, maintain high-level contacts and exchanges at all other levels with Samoa, strengthen mutually beneficial cooperation in all the fields, help Samoa improve the capacity of independent development and lift the traditional friendship with Samoa to a new level," Hu added.
Hu expressed gratitude to the Samoan government who made donations to China's relief work after a devastating earthquake hit southwest China's Sichuan Province in May, despite the fact that the government itself is not so wealthy.
Tuilaepa congratulated China on the complete success of the Beijing Olympics and Paralympics. He said the bilateral relations have well developed since the diplomatic ties were established between the two countries more than 30 years ago.
Samoan people thanked China for providing valuable economic and technological support and assistance to Samoa, he added.
Recently, the two sides endorsed a series of agreements on the cooperation in the fields of tourism and infrastructure construction, said Tuilaepa.
Tuilaepa said that Samoa will continue to pursue the one-China policy.
Source: Xinhua
Hu welcomed Tuilaepa to the closing ceremony of the Beijing Paralympics and extended gratitude to the support given by the Samoan government and people to the Beijing Olympics and Paralympics.
Hu noted that the friendship between the two peoples was time-honored. Since the establishment of their diplomatic ties in 1975, the two countries have made fruitful cooperation in the fields of economy, trade, agriculture, sports, culture, education and health, as well as international affairs.
The Chinese president said the Sino-Samoan relations have entered into a new period of fast development and have set a good example for friendly cooperation between China and the Pacific island countries.
"China is willing to continue to make more tangible efforts to support Samoa's economic and social development, maintain high-level contacts and exchanges at all other levels with Samoa, strengthen mutually beneficial cooperation in all the fields, help Samoa improve the capacity of independent development and lift the traditional friendship with Samoa to a new level," Hu added.
Hu expressed gratitude to the Samoan government who made donations to China's relief work after a devastating earthquake hit southwest China's Sichuan Province in May, despite the fact that the government itself is not so wealthy.
Tuilaepa congratulated China on the complete success of the Beijing Olympics and Paralympics. He said the bilateral relations have well developed since the diplomatic ties were established between the two countries more than 30 years ago.
Samoan people thanked China for providing valuable economic and technological support and assistance to Samoa, he added.
Recently, the two sides endorsed a series of agreements on the cooperation in the fields of tourism and infrastructure construction, said Tuilaepa.
Tuilaepa said that Samoa will continue to pursue the one-China policy.
Source: Xinhua
Sichuan-Tibet highway reopens after landslide damage cleared
Traffic on a highway linking Tibet with the neighboring province of Sichuan resumed on Wednesday after more than 30 hours of work to repair damage from a landslide.
Nearly 100 vehicles had been stranded since Tuesday, when more than 20,000 cubic meters of dirt and rocks fell from a roadside mountain, covering a 100-meter section in Bomi County, eastern Tibet, of the Sichuan-Tibet highway, according to Chen Jun, chief of an armed police detachment in charge of the road repair.
Vehicles were slowly passing through the section and repair staff were still trying to clear up the road to allow more traffic.
It was the second time this month that a major mudflow halted traffic on the highway. The road had only reopened on Sept. 4 after 94 hours of repairs from an earlier mudflow.
Since June, the start of the rainy season in eastern Tibet, constant rain has hit the region and caused nearly 100 minor landslides and road collapses.
Source: Xinhua
Nearly 100 vehicles had been stranded since Tuesday, when more than 20,000 cubic meters of dirt and rocks fell from a roadside mountain, covering a 100-meter section in Bomi County, eastern Tibet, of the Sichuan-Tibet highway, according to Chen Jun, chief of an armed police detachment in charge of the road repair.
Vehicles were slowly passing through the section and repair staff were still trying to clear up the road to allow more traffic.
It was the second time this month that a major mudflow halted traffic on the highway. The road had only reopened on Sept. 4 after 94 hours of repairs from an earlier mudflow.
Since June, the start of the rainy season in eastern Tibet, constant rain has hit the region and caused nearly 100 minor landslides and road collapses.
Source: Xinhua
Average earnings for employees in Macao register significant increases
An official survey results released Wednesday showed that the average earnings for full-time employees in four major sectors in Macao increased from 5.5 percent to 10.2 percent year-on-year in the second quarter of this year.
The survey, carried out by the city's Statistics and Census Service , covered four sectors, including Wholesale and retail trade, Transport, storage and communications, Security activities and Public sewage and refuse disposal activities.
The employees of Security activities saw the highest wage jump in the second quarter with the average earnings rising by 19.4 percent year-on-year to 7,407 patacas , according to the survey results.
Meanwhile, the average earnings of Wholesale and retail trade, Transport, storage and communications, and Public sewage and refuse disposal activities all registered a year-on-year increase of 7.8 percent, 10.2 percent and 5.5 percent respectively in the second quarter.
Among the four sectors, Wholesale and retail trade had the largest number of paid employees and vacancies in the period, which stood at 25,392 and 3,454 respectively, according to the DSEC.
As regards recruitment prerequisites, 57.7 percent of the vacancies in Wholesale and retail trade and 37.5 percent in Transport, storage and communications required working experience. In addition, 58.9 percent and 28.9 percent of the vacancies in the above-mentioned industries required junior secondary or lower in educational attainment, while 84.5 percent of those in Security activities required primary education only.
Source: Xinhua
The survey, carried out by the city's Statistics and Census Service , covered four sectors, including Wholesale and retail trade, Transport, storage and communications, Security activities and Public sewage and refuse disposal activities.
The employees of Security activities saw the highest wage jump in the second quarter with the average earnings rising by 19.4 percent year-on-year to 7,407 patacas , according to the survey results.
Meanwhile, the average earnings of Wholesale and retail trade, Transport, storage and communications, and Public sewage and refuse disposal activities all registered a year-on-year increase of 7.8 percent, 10.2 percent and 5.5 percent respectively in the second quarter.
Among the four sectors, Wholesale and retail trade had the largest number of paid employees and vacancies in the period, which stood at 25,392 and 3,454 respectively, according to the DSEC.
As regards recruitment prerequisites, 57.7 percent of the vacancies in Wholesale and retail trade and 37.5 percent in Transport, storage and communications required working experience. In addition, 58.9 percent and 28.9 percent of the vacancies in the above-mentioned industries required junior secondary or lower in educational attainment, while 84.5 percent of those in Security activities required primary education only.
Source: Xinhua
Beijing-Tokyo Forum stresses concern for Asia's future
The Fourth Beijing-Tokyo Forum proposed Wednesday that the future of Asia should be closely watched.
"The forum should not only discuss the issues concerning China-Japan relations, but show sufficient concern for the future of Asia", said a joint statement released at the plenary meeting towards the conclusion of the forum.
The subject of Asia's future, which has been brought forward this time, will be fully discussed at the next forum to be held in Beijing, it said.
The co-sponsors of the forum have reached a consensus that the Beijing-Tokyo Forum, now being held for the exchange of views and ideas on bilateral ties, should be developed into an Asia- and world-oriented dialogue platform, said the statement, calling on both sides to strive for this goal.
Prior to the release of the statement, Liu Hongcai, deputy chief of the International Liaison Department of the Communist Party of China Central Committee delivered a speech at the plenary meeting after talking to members of Japan's major political parties during the forum.
He said personages from Japan's political parties are of the opinion that whatever Japan's political situation turns, the general trend of China-Japan strategic and mutually beneficial relations will not be reversed.
"Whoever becomes Japan's prime minister, the strategic and mutually beneficial relations between China and Japan must persist," said Liu.
"This has basically become the consensus among the populace as well as Japanese government leaders and politicians," he said.
The Fourth Beijing-Tokyo Forum closed at midday Wednesday. The gathering, which opened with a dinner party late Monday, had two plenary meetings and seven panel dialogues during the following two day's official sessions.
Present at the three-day forum are some 110 personages from various circles of both countries.
The annual forum, co-sponsored by the China Daily and the non-profit Japanese organization Genron NPO, is held alternately in Beijing and Tokyo. The first Beijing-Tokyo Forum took place in Beijing in August 2005.
Source: Xinhua
"The forum should not only discuss the issues concerning China-Japan relations, but show sufficient concern for the future of Asia", said a joint statement released at the plenary meeting towards the conclusion of the forum.
The subject of Asia's future, which has been brought forward this time, will be fully discussed at the next forum to be held in Beijing, it said.
The co-sponsors of the forum have reached a consensus that the Beijing-Tokyo Forum, now being held for the exchange of views and ideas on bilateral ties, should be developed into an Asia- and world-oriented dialogue platform, said the statement, calling on both sides to strive for this goal.
Prior to the release of the statement, Liu Hongcai, deputy chief of the International Liaison Department of the Communist Party of China Central Committee delivered a speech at the plenary meeting after talking to members of Japan's major political parties during the forum.
He said personages from Japan's political parties are of the opinion that whatever Japan's political situation turns, the general trend of China-Japan strategic and mutually beneficial relations will not be reversed.
"Whoever becomes Japan's prime minister, the strategic and mutually beneficial relations between China and Japan must persist," said Liu.
"This has basically become the consensus among the populace as well as Japanese government leaders and politicians," he said.
The Fourth Beijing-Tokyo Forum closed at midday Wednesday. The gathering, which opened with a dinner party late Monday, had two plenary meetings and seven panel dialogues during the following two day's official sessions.
Present at the three-day forum are some 110 personages from various circles of both countries.
The annual forum, co-sponsored by the China Daily and the non-profit Japanese organization Genron NPO, is held alternately in Beijing and Tokyo. The first Beijing-Tokyo Forum took place in Beijing in August 2005.
Source: Xinhua
Another official sacked; company chairwoman detained in China milk scandal
Another official in the northern Chinese city of Shijiazhuang has been sacked as a baby formula contamination scandal spreads in the country.
Ji Chuntang was removed from his post as vice secretary of the Shijiazhuang Municipal Committee of the Communist Party of China .
Ji will also be fired as mayor of Shijiazhuang according to legal procedures, said a spokesperson of the CPC Hebei Provincial Committee.
Tian Wenhua, former board chairwoman and general manager of Sanlu Group, the producer which was first exposed for the contamination, was detained.
More than 6,200 infants across the country developed kidney stones after drinking Sanlu's baby formula which was tainted by melamine, a chemical believed to help increase the protein content in the milk. Three babies have died.
Four officials in the Hebei provincial capital of Shijiazhuang were fired on Tuesday.
They included Zhang Fawang, vice mayor in charge of agricultural production; Sun Renhu, director of the city's Animal Husbandry Administration; Zhang Yi, director of Shijiazhuang Municipal Food and Drug Administration Bureau director; and Li Zhiguo, director of the city's Quality and Technical Inspection Bureau.
Source: Xinhua
Ji Chuntang was removed from his post as vice secretary of the Shijiazhuang Municipal Committee of the Communist Party of China .
Ji will also be fired as mayor of Shijiazhuang according to legal procedures, said a spokesperson of the CPC Hebei Provincial Committee.
Tian Wenhua, former board chairwoman and general manager of Sanlu Group, the producer which was first exposed for the contamination, was detained.
More than 6,200 infants across the country developed kidney stones after drinking Sanlu's baby formula which was tainted by melamine, a chemical believed to help increase the protein content in the milk. Three babies have died.
Four officials in the Hebei provincial capital of Shijiazhuang were fired on Tuesday.
They included Zhang Fawang, vice mayor in charge of agricultural production; Sun Renhu, director of the city's Animal Husbandry Administration; Zhang Yi, director of Shijiazhuang Municipal Food and Drug Administration Bureau director; and Li Zhiguo, director of the city's Quality and Technical Inspection Bureau.
Source: Xinhua
China, Samoa vow to strengthen friendship
The heads of governments of China and Samoa agreed here on Wednesday to further advance their friendly and cooperative relationship.
Chinese Premier Wen Jiabao held talks with Samoan Prime Minister Tuilaepa Sailele Malielegaoi in the Great Hall of the People in Beijing.
Wen said during the meeting China is ready to lift the friendly, cooperative relationship with Samoa to a new level.
Tuilaepa said Samoa will continue to strengthen its friendly, cooperative relationship with China.
After the meeting, Wen and Tuilaepa attended the signing ceremony of a bilateral agreement on economic and technological cooperation.
Tuilaepa arrived in Beijing on Tuesday for a three-day visit to China. He will attend the closing ceremony of the Beijing 2008 Paralympics on Wednesday evening.
Wen said China and Samoa have always respected each other, carried out friendly cooperation and cooperated closely on international affairs since they established diplomatic links 33 years ago.
Wen said Samoa is a reliable friend of China as the Samoan government firmly adheres to the one-China policy and opposes "Taiwan independence".
Wen expressed willingness to maintain high-level contact, increase trade, investment and economic cooperation and expand cultural exchanges with Samoa.
Tuilaepa congratulated China on the success of the Beijing Olympic and Paralympic Games. He said Samoa treasures its friendship with China and will continue to pursue the one-China policy.
Wen called Tuilaepa an old friend of the Chinese people and thanked him for his contribution to the development of China-Samoa relations.
Source: Xinhua
Chinese Premier Wen Jiabao held talks with Samoan Prime Minister Tuilaepa Sailele Malielegaoi in the Great Hall of the People in Beijing.
Wen said during the meeting China is ready to lift the friendly, cooperative relationship with Samoa to a new level.
Tuilaepa said Samoa will continue to strengthen its friendly, cooperative relationship with China.
After the meeting, Wen and Tuilaepa attended the signing ceremony of a bilateral agreement on economic and technological cooperation.
Tuilaepa arrived in Beijing on Tuesday for a three-day visit to China. He will attend the closing ceremony of the Beijing 2008 Paralympics on Wednesday evening.
Wen said China and Samoa have always respected each other, carried out friendly cooperation and cooperated closely on international affairs since they established diplomatic links 33 years ago.
Wen said Samoa is a reliable friend of China as the Samoan government firmly adheres to the one-China policy and opposes "Taiwan independence".
Wen expressed willingness to maintain high-level contact, increase trade, investment and economic cooperation and expand cultural exchanges with Samoa.
Tuilaepa congratulated China on the success of the Beijing Olympic and Paralympic Games. He said Samoa treasures its friendship with China and will continue to pursue the one-China policy.
Wen called Tuilaepa an old friend of the Chinese people and thanked him for his contribution to the development of China-Samoa relations.
Source: Xinhua
Full text of Chinese president's toast at luncheon for Paralympics closing ceremony guests
The following is the full text of a toast by Chinese President Hu Jintao at a luncheon for guests who will attend the Beijing Paralympics closing ceremony in Beijing on Wednesday night.
Toast by H.E. Hu Jintao
President of the People's Republic of China
At the luncheon in honor of distinguished guests attending the closing ceremony of the Beijing Paralympic Games
17 September 2008
Your Excellency Jacques Rogge, President of the International Olympic Committee,
Sir Philip Craven, President of the International Paralympic Committee, Distinguished Heads of State and Government and Members of Royal Families, Ladies and Gentlemen,
Dear Friends,
Tonight, the Beijing Paralympic Games will come to a close. On behalf of the Chinese government and people, I wish to extend a warm welcome to you and express sincere thanks to all the friends who have contributed to the success of the Games. I also wish to offer heartfelt congratulations to the Paralympians from various countries and regions on their outstanding performances at the Games.
In the past 12 days, the Paralympians have, through active participation in the various events of the Games, demonstrated perseverance, optimism and an enterprising spirit and written a glorious ode to life. The Chinese people have, in keeping with their solemn commitment to the international community, greeted guests from across the world with warm hospitality and delivered a high-standard Paralympic Games with distinctive features. The Chinese people and people of the whole world have shared the success and joy of the Games.
The Paralympic Games is a big sports event for people with a disability. It is also a grand cultural event which has given full expression to humanity's pursuit of transcendence, participation and joy. The concept of "transcendence, integration and equality" of the Beijing Paralympic Games represents the good wishes of people of the whole world and will leave a rich legacy to the advancement of the well-being of people with a disability.
The Chinese government and people will build on the success of the Beijing Paralympic Games to carry forward the humanitarian spirit and advance in an all-round way the well-being of people with a disability in China. And we will work with the governments and people of other countries to promote the development of sports and the overall well-being for people with a disability worldwide.
Ladies and Gentlemen,
Dear Friends,
The Beijing Olympic Games and Paralympic Games have promoted the Olympic spirit of solidarity, friendship and peace, presented a harmonious picture of exchanges and cooperation among people of the whole world and enhanced the mutual understanding and friendship between the Chinese people and people of other countries. China will be fully committed to reform and opening-up, to the path of peaceful development and to the win-win strategy of opening-up. We are ready to join people of all countries in a common effort to build an even better world.
I now propose a toast,
To the continued growth of the International Paralympic Movement,
To greater solidarity and friendship among people from all over the world, and
To the health of all the distinguished guests present and your families.
Cheers!
Source: Xinhua
Toast by H.E. Hu Jintao
President of the People's Republic of China
At the luncheon in honor of distinguished guests attending the closing ceremony of the Beijing Paralympic Games
17 September 2008
Your Excellency Jacques Rogge, President of the International Olympic Committee,
Sir Philip Craven, President of the International Paralympic Committee, Distinguished Heads of State and Government and Members of Royal Families, Ladies and Gentlemen,
Dear Friends,
Tonight, the Beijing Paralympic Games will come to a close. On behalf of the Chinese government and people, I wish to extend a warm welcome to you and express sincere thanks to all the friends who have contributed to the success of the Games. I also wish to offer heartfelt congratulations to the Paralympians from various countries and regions on their outstanding performances at the Games.
In the past 12 days, the Paralympians have, through active participation in the various events of the Games, demonstrated perseverance, optimism and an enterprising spirit and written a glorious ode to life. The Chinese people have, in keeping with their solemn commitment to the international community, greeted guests from across the world with warm hospitality and delivered a high-standard Paralympic Games with distinctive features. The Chinese people and people of the whole world have shared the success and joy of the Games.
The Paralympic Games is a big sports event for people with a disability. It is also a grand cultural event which has given full expression to humanity's pursuit of transcendence, participation and joy. The concept of "transcendence, integration and equality" of the Beijing Paralympic Games represents the good wishes of people of the whole world and will leave a rich legacy to the advancement of the well-being of people with a disability.
The Chinese government and people will build on the success of the Beijing Paralympic Games to carry forward the humanitarian spirit and advance in an all-round way the well-being of people with a disability in China. And we will work with the governments and people of other countries to promote the development of sports and the overall well-being for people with a disability worldwide.
Ladies and Gentlemen,
Dear Friends,
The Beijing Olympic Games and Paralympic Games have promoted the Olympic spirit of solidarity, friendship and peace, presented a harmonious picture of exchanges and cooperation among people of the whole world and enhanced the mutual understanding and friendship between the Chinese people and people of other countries. China will be fully committed to reform and opening-up, to the path of peaceful development and to the win-win strategy of opening-up. We are ready to join people of all countries in a common effort to build an even better world.
I now propose a toast,
To the continued growth of the International Paralympic Movement,
To greater solidarity and friendship among people from all over the world, and
To the health of all the distinguished guests present and your families.
Cheers!
Source: Xinhua
Japan's political situation not to affect China-Japan relations
Personages from Japan's political parties are of the opinion that whatever Japan's political situation turns, the general trend of China-Japan strategic and mutually beneficial relations will not be reversed, said a senior official of the Communist Party of China Wednesday.
Liu Hongcai, deputy chief of the International Liaison Department of the CPC Central Committee made the remarks in a speech at the plenary meeting of the Fourth Beijing-Tokyo Forum after talking to members of Japan's major political parties during the forum.
"Whoever becomes Japan's prime minister, the strategic and mutually beneficial relations between China and Japan must persist," said Liu.
"This has basically become the consensus among the populace as well as Japanese government leaders and politicians," he said.
With concerted efforts, China and Japan "will reap new fruits and add fresh chapter to the annals of bilateral relations," Liu said.
The Four Beijing-Tokyo Forum, which opened with a dinner party late Monday, had an official plenary meeting and panel dialogues Tuesday. The gathering will close at midday Wednesday after the ongoing plenary meeting.
Present at the three-day forum are more than 100 personages from various circles of both countries.
The annual forum, co-sponsored by China Daily and the non-profit Japanese organization Genron NPO, is held alternately in Beijing and Tokyo. The first Tokyo-Beijing Form took place in Beijing in August 2005.
Source: Xinhua
Liu Hongcai, deputy chief of the International Liaison Department of the CPC Central Committee made the remarks in a speech at the plenary meeting of the Fourth Beijing-Tokyo Forum after talking to members of Japan's major political parties during the forum.
"Whoever becomes Japan's prime minister, the strategic and mutually beneficial relations between China and Japan must persist," said Liu.
"This has basically become the consensus among the populace as well as Japanese government leaders and politicians," he said.
With concerted efforts, China and Japan "will reap new fruits and add fresh chapter to the annals of bilateral relations," Liu said.
The Four Beijing-Tokyo Forum, which opened with a dinner party late Monday, had an official plenary meeting and panel dialogues Tuesday. The gathering will close at midday Wednesday after the ongoing plenary meeting.
Present at the three-day forum are more than 100 personages from various circles of both countries.
The annual forum, co-sponsored by China Daily and the non-profit Japanese organization Genron NPO, is held alternately in Beijing and Tokyo. The first Tokyo-Beijing Form took place in Beijing in August 2005.
Source: Xinhua
Wabtec Corporation sets up JV in China
Shenyang CNR Wabtec Rail Brake Technology Co., Ltd., a JV between Shenyang Rolling Stock Co., Ltd. of the China Northern Locomotive and Rolling Stock Industry Corporation and the Wabtec Corporation, was established on September 16.
The project with total investment of 276 million yuan is not only the beginning of the U.S. Wabtec Corporation march into China market, but also shows that Shenyang will become the world's most advanced railway braking system manufacturing base.
Wabtec owns world's leading product design and manufacturing technology for railway brake equipment and rolling stock necessary equipment. The Wabtec Corporation has been the world's leader in the freight cars braking technology.
The JV's scope of operation is the design; manufacture and distribution of products, such as the braking system, accessories and test equipment of rail rolling stock and urban rail rolling stock, and it also provides maintenance services to these products.
By People's Daily Online
The project with total investment of 276 million yuan is not only the beginning of the U.S. Wabtec Corporation march into China market, but also shows that Shenyang will become the world's most advanced railway braking system manufacturing base.
Wabtec owns world's leading product design and manufacturing technology for railway brake equipment and rolling stock necessary equipment. The Wabtec Corporation has been the world's leader in the freight cars braking technology.
The JV's scope of operation is the design; manufacture and distribution of products, such as the braking system, accessories and test equipment of rail rolling stock and urban rail rolling stock, and it also provides maintenance services to these products.
By People's Daily Online
ADB：China's economy to grow 10% this year
China's economy would grow 10% and 9.5% respectively this and next year, Asian Development Bank predicts in "Asian Development Outlook 2008 Update" issued on 16, Sept.
Early in April, ADB predicted in the ADO that China's economic growth rate would be 10% and 9.8% in 2008 and 2009.
In the ADO Update, the Consumer Price Index was revised from 5.5% to 7%, because of the unexpected increase of prices in the first half of 2008.
According to ADB, the main risks for China in 2009 involve sharper than expected deceleration in exports because of weakness in overseas markets or inflation that would require tightening of monetary policy.
By People's Daily Online
Early in April, ADB predicted in the ADO that China's economic growth rate would be 10% and 9.8% in 2008 and 2009.
In the ADO Update, the Consumer Price Index was revised from 5.5% to 7%, because of the unexpected increase of prices in the first half of 2008.
According to ADB, the main risks for China in 2009 involve sharper than expected deceleration in exports because of weakness in overseas markets or inflation that would require tightening of monetary policy.
By People's Daily Online
Hong Kong: the most free place for economy
Hong Kong retains the highest rating for economic freedom, 8.94 out of 10, among 141 economic entities in the annual report of "Economic Freedom of the world 2008", issued by Fraser, a Canadian independent research institute.
Following Hong Kong are Singapore, New Zealand, Switzerland, U.K., Chile, Canada, Australia, U.S.A. and Ireland.
It is the first time that Fraser publishes this annual report in Hong Kong. 141 economic entities are rated in the following aspects, i.e. scale of government, framework of legal system, security to property right, circulation of capital, freedom of trade, credit, labor and principles and management of commerce.
By People's Daily Online
Following Hong Kong are Singapore, New Zealand, Switzerland, U.K., Chile, Canada, Australia, U.S.A. and Ireland.
It is the first time that Fraser publishes this annual report in Hong Kong. 141 economic entities are rated in the following aspects, i.e. scale of government, framework of legal system, security to property right, circulation of capital, freedom of trade, credit, labor and principles and management of commerce.
By People's Daily Online
Duhuang to invest 1.4 bln yuan to protect oasis
Dunhuang, a city of northern China's Gansu Province, plans to invest 1.4 billion yuan in the next five years in the development of 400,000 mu water-saving fields to protect Duhuang Oasis.
Located at the western most of Hexi Corridor of Gansu Province, Duhuang was originally a fertile oasis surrounded by wetlands. But in the latest decades, due to serious shortage of water resources, the wetlands have been eventually shrinking, and the area of the natural forests and the grasslands has been reducing. The water of famous Crescent Lake also substantially reduced and the world's cultural heritage Mogao Grottoes was exposed to sandstorms.
Over use of water in agriculture is the main reason resulting in water shortage in Dunhuang. So it is an urgent task to develop water-saving agriculture.
By People's Daily Online
Located at the western most of Hexi Corridor of Gansu Province, Duhuang was originally a fertile oasis surrounded by wetlands. But in the latest decades, due to serious shortage of water resources, the wetlands have been eventually shrinking, and the area of the natural forests and the grasslands has been reducing. The water of famous Crescent Lake also substantially reduced and the world's cultural heritage Mogao Grottoes was exposed to sandstorms.
Over use of water in agriculture is the main reason resulting in water shortage in Dunhuang. So it is an urgent task to develop water-saving agriculture.
By People's Daily Online
China's first super computer off the assembly line in Tianjin
On the morning of September 16, China's first high performance supercomputer Shuguang 5000A came off the assembly line in Tianjin.
"Shuguang 5000A not only makes China the second country after the United States that has the ability to research, develop, produce and use supercomputer with computing speed over 100 trillion times per second, but also greatly enhance China's technological competitiveness and overall national strength. It is a major breakthrough of China's independent innovation and industrialization." Vice president of Beijing Branch of Chinese Academy of Sciences Qiao Junlu said.
President of Dawning Information Industry Co., Ltd Li Jun said, "Shuguang 5000A takes investment of more than 200 million yuan, and more than 500 scientists are involved in its research and development. It produces more than 50 technical patents, and is currently China's fastest, most efficient supercomputer with the lowest consumption of energy. "
Shuguang 5000A can reach peak computing speed of 230 trillion times per second.
By People's Daily Online
"Shuguang 5000A not only makes China the second country after the United States that has the ability to research, develop, produce and use supercomputer with computing speed over 100 trillion times per second, but also greatly enhance China's technological competitiveness and overall national strength. It is a major breakthrough of China's independent innovation and industrialization." Vice president of Beijing Branch of Chinese Academy of Sciences Qiao Junlu said.
President of Dawning Information Industry Co., Ltd Li Jun said, "Shuguang 5000A takes investment of more than 200 million yuan, and more than 500 scientists are involved in its research and development. It produces more than 50 technical patents, and is currently China's fastest, most efficient supercomputer with the lowest consumption of energy. "
Shuguang 5000A can reach peak computing speed of 230 trillion times per second.
By People's Daily Online
Dairy supply for Olympics safe due to "special management"
The dairy supply for the Beijing Olympic Games and Paralympic Games were untainted by melamine because of "special management measures", China's top quality control official said here Wednesday.
"All the food supply, including dairy, for the Olympics and Paralympics were safe," Li Changjiang, head of the General Administration of Quality Supervision, Inspection and Quarantine told a press conference.
"We took special quality management measures aimed at food supply for the Games," said Li.
He noted that all the food supply, including dairy products, were under scrutiny during the whole process, from production, transportation, to kitchens during the Olympics.
"We sent out inspectors to station at all food suppliers two months before the Games. They conducted strict and effective supervision over all the stages of the production," Li stated.
"After the baby formula were found being tainted by melamine, we conducted immediate testing of the dairy supply for the Olympics and no melamine were found."
Li said inspectors have found melamine in 69 batches of infant formula made by 22 dairy companies. He said the quality-control agencies have tested samples of 491 batches of infant formula at 109 firms.
China has 175 infant milk powder producers, but 66 have already stopped production of infant formula before the incident, he said.
Health Minister Chen Zhu said 6,244 infants have been sickened after being fed the tainted baby formula by 8 a.m. Wednesday, and among them 158 have suffered from acute kidney failure.
Source: Xinhua
"All the food supply, including dairy, for the Olympics and Paralympics were safe," Li Changjiang, head of the General Administration of Quality Supervision, Inspection and Quarantine told a press conference.
"We took special quality management measures aimed at food supply for the Games," said Li.
He noted that all the food supply, including dairy products, were under scrutiny during the whole process, from production, transportation, to kitchens during the Olympics.
"We sent out inspectors to station at all food suppliers two months before the Games. They conducted strict and effective supervision over all the stages of the production," Li stated.
"After the baby formula were found being tainted by melamine, we conducted immediate testing of the dairy supply for the Olympics and no melamine were found."
Li said inspectors have found melamine in 69 batches of infant formula made by 22 dairy companies. He said the quality-control agencies have tested samples of 491 batches of infant formula at 109 firms.
China has 175 infant milk powder producers, but 66 have already stopped production of infant formula before the incident, he said.
Health Minister Chen Zhu said 6,244 infants have been sickened after being fed the tainted baby formula by 8 a.m. Wednesday, and among them 158 have suffered from acute kidney failure.
Source: Xinhua
Shanxi summit looks at coal's future
Industrial experts, entrepreneurs and government officials participated in a high summit on coal, energy and environment during the second China International Coal & Energy New Industry Expo that began yesterday in Taiyuan and will continue until September 19.
Two special forums on capitalization of the coal industry, innovation and development of clean energies will be held in the coming days.
Yesterday's summit forum, titled Coal, Energy, Environment and Harmonious Development in 21st Century, was hosted by Li Xiaopeng, vice-governor of Shanxi province, and attended by leading officials including Cheng Siwei, former deputy chairman of the Standing Committee of the National People's Congress.
Industrial insiders, entrepreneurs and government officials exchanged opinions on recent development trends in the global coal sector and new energy industries, and offered advice on sustainable growth of Shanxi' industries.
Shanxi, China's largest coal producing province, is the only province in the country with pilot projects to develop a sustainable coal industry. Local officials say they are striving to build a highly efficient, clean, safe and modern coal industry center.
The province is exploring new development directions to extend its value chain in coal production. The major topics for yesterday's forum, they echoed the first forum held last year, which also discussed sustainable development of coal industry.
Industry insiders and experts from Japan, the United States and Germany shared their experiences and exchanged ideas with their counterparts in China.
Source: China Daily
Two special forums on capitalization of the coal industry, innovation and development of clean energies will be held in the coming days.
Yesterday's summit forum, titled Coal, Energy, Environment and Harmonious Development in 21st Century, was hosted by Li Xiaopeng, vice-governor of Shanxi province, and attended by leading officials including Cheng Siwei, former deputy chairman of the Standing Committee of the National People's Congress.
Industrial insiders, entrepreneurs and government officials exchanged opinions on recent development trends in the global coal sector and new energy industries, and offered advice on sustainable growth of Shanxi' industries.
Shanxi, China's largest coal producing province, is the only province in the country with pilot projects to develop a sustainable coal industry. Local officials say they are striving to build a highly efficient, clean, safe and modern coal industry center.
The province is exploring new development directions to extend its value chain in coal production. The major topics for yesterday's forum, they echoed the first forum held last year, which also discussed sustainable development of coal industry.
Industry insiders and experts from Japan, the United States and Germany shared their experiences and exchanged ideas with their counterparts in China.
Source: China Daily
Zhao highlights people-to-people exchanges
Zhao Qizheng was best known as the voice of the Chinese government when he headed the State Council Information Office. He was also known to most Chinese as the planner of the economic miracle of Shanghai's New Pudong District when he served as vice-mayor of the city in the early 1990s.
But few know that the present chairman of the foreign affairs committee of China's top political advisory body, the CPPCC, has an unusual history with Japan.
At an interactive session with students at the University of Tokyo during the Beijing-Tokyo Forum yesterday, Zhao revealed the links that his family has with the island nation.
In 1904, Zhao's grandfather studied at Tokyo's Hosei University. He was among the first group of Chinese students to study in Japan.
"When my grandfather returned to China, he told my father about the merits of the Japanese," Zhao said. "He said they read a lot of books; they were very polite, and so on."
Had it not been for the Japanese invasion of China years later, Zhao's father would have fulfilled his grandfather's wish to study physics at the prestigious Tokyo Imperial University .
Although Zhao himself did not study in Japan, he is interested in Japanese culture. The family link between the two countries was renewed when Zhao's daughter went for a one-week exchange program in Japan after graduating from high school. She stayed at the home of a local teacher, communicated with the help of Chinese characters and English, and returned with some nice memories.
Despite his family's positive experiences, the outspoken Zhao did not hide his dissatisfaction with the lack of communication between the two neighbors.
"I once went to some book stores in Japan and found that 90 percent of the books about China were negative," Zhao said. "It's a completely opposite situation in China."
"No other countries in the world are as close as we are, but if such close neighbors cannot get along well, we need to reconsider," he said. The two countries should have people-to-people exchanges on a bigger scale to foster understanding, he added.
Zhou Muzhi, a Chinese professor at Tokyo Keizai University, who co-chaired the session, said Zhao's family story was testimony that the connections between China and Japan "are deeper than we thought".
"Zhao's grandfather was the first generation of Chinese students to come to Japan," he said. "I was among the first group of students to come to Japan after China's reform. So his story gave me this ineffable feeling."
Waseda University freshman Kazushige Fujimara will join a China-Japan youth exchange program in Hong Kong next summer.
"I agree that large youth exchange programs are necessary to build trust among people," he said. "The session today has stimulated my eagerness to visit China tomorrow."
Source: China Daily
But few know that the present chairman of the foreign affairs committee of China's top political advisory body, the CPPCC, has an unusual history with Japan.
At an interactive session with students at the University of Tokyo during the Beijing-Tokyo Forum yesterday, Zhao revealed the links that his family has with the island nation.
In 1904, Zhao's grandfather studied at Tokyo's Hosei University. He was among the first group of Chinese students to study in Japan.
"When my grandfather returned to China, he told my father about the merits of the Japanese," Zhao said. "He said they read a lot of books; they were very polite, and so on."
Had it not been for the Japanese invasion of China years later, Zhao's father would have fulfilled his grandfather's wish to study physics at the prestigious Tokyo Imperial University .
Although Zhao himself did not study in Japan, he is interested in Japanese culture. The family link between the two countries was renewed when Zhao's daughter went for a one-week exchange program in Japan after graduating from high school. She stayed at the home of a local teacher, communicated with the help of Chinese characters and English, and returned with some nice memories.
Despite his family's positive experiences, the outspoken Zhao did not hide his dissatisfaction with the lack of communication between the two neighbors.
"I once went to some book stores in Japan and found that 90 percent of the books about China were negative," Zhao said. "It's a completely opposite situation in China."
"No other countries in the world are as close as we are, but if such close neighbors cannot get along well, we need to reconsider," he said. The two countries should have people-to-people exchanges on a bigger scale to foster understanding, he added.
Zhou Muzhi, a Chinese professor at Tokyo Keizai University, who co-chaired the session, said Zhao's family story was testimony that the connections between China and Japan "are deeper than we thought".
"Zhao's grandfather was the first generation of Chinese students to come to Japan," he said. "I was among the first group of students to come to Japan after China's reform. So his story gave me this ineffable feeling."
Waseda University freshman Kazushige Fujimara will join a China-Japan youth exchange program in Hong Kong next summer.
"I agree that large youth exchange programs are necessary to build trust among people," he said. "The session today has stimulated my eagerness to visit China tomorrow."
Source: China Daily
Call for joint financial cooperation
China and Japan, the two largest foreign-exchange reserve holders in the world, should join hands to ward off unfavorable fluctuations in a global financial market dominated by American and European currencies, a senior Chinese researcher said yesterday.
"China and Japan each has more than $1 trillion in foreign exchange reserves, they both spend a lot of the reserves buying American bonds and financial products and bear the risks and losses from the depreciation of the US dollar," Zheng Xinli, vice-director of the Policy Research Office of the Central Committee of Communist Party of China, said at the Beijing-Tokyo Forum.
China's foreign exchange reserves exceeded $1.8 trillion at the end of June, compared to $1.002 trillion in Japan. The weakening of the US dollar in the past year has stirred debates in both countries on how to keep the cash pile from shrinking.
Zheng said neither of the two Asian countries' currencies could enjoy the status of universal money, with the Japanese yen in the shadow of the greenback and the euro and China's renminbi not in a condition to be fully convertible.
Moreover, China and Japan were both "victims" in the Asian financial turmoil in the late 1990s as well as the ongoing US subprime mortgage crisis, he added.
"In the face of the impact from European and American monopoly capital and hedge funds, China and Japan should strengthen financial cooperation to resist the pressure from European and American currencies and safeguard financial safety and economic interests," he said.
For years, Asian economists have called for financial integration and even a common currency in East Asia to make the region more financially competitive. But the vision is far from being materialized given the big disparity in monetary and foreign exchange reserves policies in countries in the region.
One recent progress was that the finance ministers of 13 Asian countries, including members of ASEAN and China, Japan and the Republic of Korea - mostly victims in the Asian financial crisis in the late 1990s - agreed in May to pool at least $80 million for a foreign exchange reserves fund to address short-term liquidity difficulties in the region and supplement existing international financial arrangements.
Zheng said China and Japan, which account for more than 80 percent of the GDP in East Asia, should work together to push forward regional financial integration and the creation of a common currency.
He also said the two neighbors should work for an early start to negotiations on a bilateral free trade area which can add momentum to multilateral cooperation under the ASEAN+3 framework.
Source: China Daily
"China and Japan each has more than $1 trillion in foreign exchange reserves, they both spend a lot of the reserves buying American bonds and financial products and bear the risks and losses from the depreciation of the US dollar," Zheng Xinli, vice-director of the Policy Research Office of the Central Committee of Communist Party of China, said at the Beijing-Tokyo Forum.
China's foreign exchange reserves exceeded $1.8 trillion at the end of June, compared to $1.002 trillion in Japan. The weakening of the US dollar in the past year has stirred debates in both countries on how to keep the cash pile from shrinking.
Zheng said neither of the two Asian countries' currencies could enjoy the status of universal money, with the Japanese yen in the shadow of the greenback and the euro and China's renminbi not in a condition to be fully convertible.
Moreover, China and Japan were both "victims" in the Asian financial turmoil in the late 1990s as well as the ongoing US subprime mortgage crisis, he added.
"In the face of the impact from European and American monopoly capital and hedge funds, China and Japan should strengthen financial cooperation to resist the pressure from European and American currencies and safeguard financial safety and economic interests," he said.
For years, Asian economists have called for financial integration and even a common currency in East Asia to make the region more financially competitive. But the vision is far from being materialized given the big disparity in monetary and foreign exchange reserves policies in countries in the region.
One recent progress was that the finance ministers of 13 Asian countries, including members of ASEAN and China, Japan and the Republic of Korea - mostly victims in the Asian financial crisis in the late 1990s - agreed in May to pool at least $80 million for a foreign exchange reserves fund to address short-term liquidity difficulties in the region and supplement existing international financial arrangements.
Zheng said China and Japan, which account for more than 80 percent of the GDP in East Asia, should work together to push forward regional financial integration and the creation of a common currency.
He also said the two neighbors should work for an early start to negotiations on a bilateral free trade area which can add momentum to multilateral cooperation under the ASEAN+3 framework.
Source: China Daily
Rescue service in Straits boosted
Salvage and rescue teams across the Taiwan Straits will strengthen cooperation to deal with the increasing risk of accidents caused by the growing volume of traffic.
According to a letter of intent signed yesterday by the rescue and salvage committee of the China Institute of Navigation and the Taiwan-based Chinese Search and Rescue Association, the two agreed to draft an emergency response plan for maritime accidents in the Straits as soon as possible.
As these accidents call for immediate action, the two sides also agreed to strengthen communications and provide each other with the necessary assistance, Yin Liu-sheng, secretary-general of the Taiwan-based Chinese Search and Rescue Association, said.
Both sides will also set up a regular exchange mechanism, Yin said.
The Taiwan Straits has the second largest number of accidents each year, only after those occurring at the mouth of the Yangtze River, Ding Pingsheng, deputy director of the China Rescue and Salvage Bureau, said at a press conference at the fifth China International Rescue and Salvage Forum.
The two sides have cooperated in rescue missions at the nongovernment level in the past few years.
The China Rescue and Salvage Bureau's two centers in Xiamen and Fuzhou have both participated in rescue missions on the Taiwan side, he said.
Ding said the mainland plans to assign more powerful rescue vessels in the Straits.
China currently has 59 vessels, 11 aircraft, 18 emergency response teams and 21 centers involved in search and rescue work.
Source: China Daily
According to a letter of intent signed yesterday by the rescue and salvage committee of the China Institute of Navigation and the Taiwan-based Chinese Search and Rescue Association, the two agreed to draft an emergency response plan for maritime accidents in the Straits as soon as possible.
As these accidents call for immediate action, the two sides also agreed to strengthen communications and provide each other with the necessary assistance, Yin Liu-sheng, secretary-general of the Taiwan-based Chinese Search and Rescue Association, said.
Both sides will also set up a regular exchange mechanism, Yin said.
The Taiwan Straits has the second largest number of accidents each year, only after those occurring at the mouth of the Yangtze River, Ding Pingsheng, deputy director of the China Rescue and Salvage Bureau, said at a press conference at the fifth China International Rescue and Salvage Forum.
The two sides have cooperated in rescue missions at the nongovernment level in the past few years.
The China Rescue and Salvage Bureau's two centers in Xiamen and Fuzhou have both participated in rescue missions on the Taiwan side, he said.
Ding said the mainland plans to assign more powerful rescue vessels in the Straits.
China currently has 59 vessels, 11 aircraft, 18 emergency response teams and 21 centers involved in search and rescue work.
Source: China Daily
New food tracing system
Starting next year residents will be able to trace the farms where their eggs came from and what the chickens were fed, the Shanghai food and drug administration said yesterday
"It is part of the city's effort to ensure food safety and quality," the SFDA said.
All businesses operating in the food industry will have to label their products showing where the contents came from and its nutritional value.
Quick product traceability and identification is vital to ensuring fast recall of products, thus limiting damage to people's health, the SFDA said.
Also known as OVN , it will ensure vitamins added to the feed of livestock, poultry and aquatic products are balanced, the SFDA said.
All products will be stamped OVN before being sent to market, it said.
Source: China Daily
"It is part of the city's effort to ensure food safety and quality," the SFDA said.
All businesses operating in the food industry will have to label their products showing where the contents came from and its nutritional value.
Quick product traceability and identification is vital to ensuring fast recall of products, thus limiting damage to people's health, the SFDA said.
Also known as OVN , it will ensure vitamins added to the feed of livestock, poultry and aquatic products are balanced, the SFDA said.
All products will be stamped OVN before being sent to market, it said.
Source: China Daily
Premier Wen expected to make his debut on U.N stage
China's Premier Wen Jiabao is scheduled to attend the high-level meetings of the U.N Millennium Development Goals and the general debate of the 63rd session of the U.N General Assembly convened in New York next week. It will be his debut appearance on the U.N stage, and second trip to the U.S, in his tenure as Premier, following his four-day official visit in 2003.
Itineraries of Premier's U.N trip have yet to be publicized so far, but it was learned that the MDGs meetings are to be convened by the U.N Secretary-General Ban Ki-moon and the incoming President of the 63rd U.N General assembly, Fr. Miguel Brockmann on September 25, and the 63rd plenary of the U.N General Assembly will formally open on September 23 with the presentation of a report by Ban Ki-moon to kick start the assembly's general debate.
A gathering of world leaders will speak from September 23 to October 1 at the U.N headquarters in a program that will attract more than 90 heads of state or government and other international figures, covering a spate of issues like poverty and famine, education and health, and environmental sustainability. Bilateral and multilateral talks for world leaders and prominent personalities are also expected to be held on the sidelines of the U.N General Assembly.
It is three years ago that China's voice was last heard when President Hu Jintao participated in the U.N Summit commemorating the 60th Anniversary of the Founding of the United Nations. At the largest-scale ever U.N Summit, President Hu for the first time put forward the concept of 'social harmony,' and clearly elaborated on the dialectical relationship between social harmony and world peace, winning a universal approval of the international community.
The MDGs meetings and the 63rd U.N General Assembly are to be convened in a sensitive time, as the world situation is getting increasingly volatile with the global economy slowing down and new problems arising in the hot regional issues. It is obvious that Premier Wen will capture the world attention by voicing his views at the U.N podium on the development of China and the world.
China, as a standing member of the U.N Security Council and the world's most populous country, will be further stating its views on the agricultural issues and programs to aid Africa at the meetings, according to observers. China has been for all these years striving to be a responsible country in seeking to achieve the goals benefiting the entire mankind and sought after by the international community.
The MDGs are actually eight goals to be achieved by 2015 that respond to the world's main development challenges. The MDGs are drawn from the actions and targets contained in the Millennium Declaration that was adopted by 189 nations, and signed by 147 heads of state and governments during the U.N Millennium Summit in September 2000. The eight MDGs break down into 21 quantifiable targets that are measured by 60 indicators.
China has in recent years constantly streamlined its policies to solve the problems of people's livelihood, and scored remarkable achievements in poverty reduction and elimination, which is regarded an inalienable part in achieving the U.N Millennium Goals. Meanwhile, with the increasing enhancement of China's comprehensive national strength, the international community will exert more and higher expectations on China in wide arrays of issues like climate change and open market, and China is expected to assume more responsibilities and pressure in the years to come.
Premier Wen Jiabao, as a popular premier with a large circle of 'fans' within and outside of China, will face a new challenge making his first international positions at the U.N podium. But it is convincing that the Chinese Premier's typically sincere, easy-going and amiable style will impress the world and deliver a message to the international community that China remains a peace-loving developing country.
By People's Daily Online
Itineraries of Premier's U.N trip have yet to be publicized so far, but it was learned that the MDGs meetings are to be convened by the U.N Secretary-General Ban Ki-moon and the incoming President of the 63rd U.N General assembly, Fr. Miguel Brockmann on September 25, and the 63rd plenary of the U.N General Assembly will formally open on September 23 with the presentation of a report by Ban Ki-moon to kick start the assembly's general debate.
A gathering of world leaders will speak from September 23 to October 1 at the U.N headquarters in a program that will attract more than 90 heads of state or government and other international figures, covering a spate of issues like poverty and famine, education and health, and environmental sustainability. Bilateral and multilateral talks for world leaders and prominent personalities are also expected to be held on the sidelines of the U.N General Assembly.
It is three years ago that China's voice was last heard when President Hu Jintao participated in the U.N Summit commemorating the 60th Anniversary of the Founding of the United Nations. At the largest-scale ever U.N Summit, President Hu for the first time put forward the concept of 'social harmony,' and clearly elaborated on the dialectical relationship between social harmony and world peace, winning a universal approval of the international community.
The MDGs meetings and the 63rd U.N General Assembly are to be convened in a sensitive time, as the world situation is getting increasingly volatile with the global economy slowing down and new problems arising in the hot regional issues. It is obvious that Premier Wen will capture the world attention by voicing his views at the U.N podium on the development of China and the world.
China, as a standing member of the U.N Security Council and the world's most populous country, will be further stating its views on the agricultural issues and programs to aid Africa at the meetings, according to observers. China has been for all these years striving to be a responsible country in seeking to achieve the goals benefiting the entire mankind and sought after by the international community.
The MDGs are actually eight goals to be achieved by 2015 that respond to the world's main development challenges. The MDGs are drawn from the actions and targets contained in the Millennium Declaration that was adopted by 189 nations, and signed by 147 heads of state and governments during the U.N Millennium Summit in September 2000. The eight MDGs break down into 21 quantifiable targets that are measured by 60 indicators.
China has in recent years constantly streamlined its policies to solve the problems of people's livelihood, and scored remarkable achievements in poverty reduction and elimination, which is regarded an inalienable part in achieving the U.N Millennium Goals. Meanwhile, with the increasing enhancement of China's comprehensive national strength, the international community will exert more and higher expectations on China in wide arrays of issues like climate change and open market, and China is expected to assume more responsibilities and pressure in the years to come.
Premier Wen Jiabao, as a popular premier with a large circle of 'fans' within and outside of China, will face a new challenge making his first international positions at the U.N podium. But it is convincing that the Chinese Premier's typically sincere, easy-going and amiable style will impress the world and deliver a message to the international community that China remains a peace-loving developing country.
By People's Daily Online
Two Filipino seamen confirmed on HK vessel hijacked off Somalia
The Philippine Department of Foreign Affairs Wednesday confirmed that two Filipino seamen were among the abducted crew members of a Hong Kong vessel that was hijacked in the Gulf of Aden on Sunday.
Foreign Affairs spokesperson Claro Cristobal said efforts are now underway to secure the safe release of the 22-man crew, including the Filipino crew members, of the MT Stolt Valor, Philippine TV GMA reported.
The latest hijacking brings to 53 the number of Filipino seamen currently held captive by Somali pirates in the Horn of Africa, according to the report. The Philippine Department of Foreign Affairs has said that Filipino seafarers, who make up one-third of the world's maritime labor, are more prone to abductions than from any other country and has proposed to ban the nationals from working in piracy-affected areas.
The government has instructed the Philippine Embassy in Nairobiand the consulate general in Hong Kong to coordinate efforts to secure the safe release of the crew members with ship owners and international maritime authorities, Cristobal said.
On Tuesday, the East Africa Coordinator of Seafarers Assistance Program said the vessel was the 12th that have been hijacked in the pirate-infested waterway since July 20.
Maritime officials said the Hong Kong ship was sailing in a maritime security corridor in the gulf patrolled by an international coalition of warships and aircraft when it was attacked.
Pirates have stepped up attacks on merchant vessels in the Gulf of Aden, as Somalia's current transitional government has failed to shackle the pirates in the key commercial shipping lane.
An international maritime organization has sounded the alarm over the upsurge of hijacking incidents on the Gulf of Aden.
The warning was issued by the International Maritime Bureau which has alerted all vessels to "maintain a strict 24 hour look out" as they pass through the Gulf of Aden, located off the coast of Somalia.
The Gulf of Aden, an important waterway for shipping, is within the Arabian Sea. It is between Yemen on the south coast of the Arabian Peninsula and Somalia in the Horn of Africa. It connects with the Red Sea through the Babel Mandeb strait in the northwest.
Source:Xinhua
Foreign Affairs spokesperson Claro Cristobal said efforts are now underway to secure the safe release of the 22-man crew, including the Filipino crew members, of the MT Stolt Valor, Philippine TV GMA reported.
The latest hijacking brings to 53 the number of Filipino seamen currently held captive by Somali pirates in the Horn of Africa, according to the report. The Philippine Department of Foreign Affairs has said that Filipino seafarers, who make up one-third of the world's maritime labor, are more prone to abductions than from any other country and has proposed to ban the nationals from working in piracy-affected areas.
The government has instructed the Philippine Embassy in Nairobiand the consulate general in Hong Kong to coordinate efforts to secure the safe release of the crew members with ship owners and international maritime authorities, Cristobal said.
On Tuesday, the East Africa Coordinator of Seafarers Assistance Program said the vessel was the 12th that have been hijacked in the pirate-infested waterway since July 20.
Maritime officials said the Hong Kong ship was sailing in a maritime security corridor in the gulf patrolled by an international coalition of warships and aircraft when it was attacked.
Pirates have stepped up attacks on merchant vessels in the Gulf of Aden, as Somalia's current transitional government has failed to shackle the pirates in the key commercial shipping lane.
An international maritime organization has sounded the alarm over the upsurge of hijacking incidents on the Gulf of Aden.
The warning was issued by the International Maritime Bureau which has alerted all vessels to "maintain a strict 24 hour look out" as they pass through the Gulf of Aden, located off the coast of Somalia.
The Gulf of Aden, an important waterway for shipping, is within the Arabian Sea. It is between Yemen on the south coast of the Arabian Peninsula and Somalia in the Horn of Africa. It connects with the Red Sea through the Babel Mandeb strait in the northwest.
Source:Xinhua
Thai court postpones verdict against former PM Thaksin
Thailand's Supreme Court Criminal Division for Holders of Political Office Wednesday postponed the reading of its verdict of the Ratchadapisek land case against former prime minister Thaksin Shinawatra and his wife to next month.
The court scheduled October 21 for the verdict reading, saying the accused -- Thaksin and Pojaman Shinawatra -- are required to be present during the verdict.
If Thaksin and Potjaman, who are in Britain seeking asylum, do not turn up to hear their verdict in person, the court is likely to read the verdict in their absence, since the court earlier acknowledged they had jumped bail and issued arrest warrants for them.
Thaksin and Potjaman both failed to report to the court on both August 22, as required, after they were allowed bail and went to the Beijing Olympics and then fled to London.
The charge is that Thaksin abused his authority as prime minister at the time in aiding Potjaman to purchase a 13-acre block of land in downtown Bangkok from the Financial Institutions Development Fund under the Bank of Thailand at a deflated price.
The prosecution team has asked the court to seize the land from the couple if they are found guilty.
During the past month, the court has issued two arrest warrants to Thaksin and one to Pojaman because of their absence to the hearings.
Thaksin, who was the Prime Minister during 2001 to 2006, was ousted during a military coup on Sept. 19, 2006. After that, the military installed government launched several charges against him. His assets in Thailand -- total 2 billion U.S. dollars -- were also frozen.
Source:Xinhua
The court scheduled October 21 for the verdict reading, saying the accused -- Thaksin and Pojaman Shinawatra -- are required to be present during the verdict.
If Thaksin and Potjaman, who are in Britain seeking asylum, do not turn up to hear their verdict in person, the court is likely to read the verdict in their absence, since the court earlier acknowledged they had jumped bail and issued arrest warrants for them.
Thaksin and Potjaman both failed to report to the court on both August 22, as required, after they were allowed bail and went to the Beijing Olympics and then fled to London.
The charge is that Thaksin abused his authority as prime minister at the time in aiding Potjaman to purchase a 13-acre block of land in downtown Bangkok from the Financial Institutions Development Fund under the Bank of Thailand at a deflated price.
The prosecution team has asked the court to seize the land from the couple if they are found guilty.
During the past month, the court has issued two arrest warrants to Thaksin and one to Pojaman because of their absence to the hearings.
Thaksin, who was the Prime Minister during 2001 to 2006, was ousted during a military coup on Sept. 19, 2006. After that, the military installed government launched several charges against him. His assets in Thailand -- total 2 billion U.S. dollars -- were also frozen.
Source:Xinhua
U.S. hurricane evacuees anxious about home, future
Hurricane Ike has disappeared from U.S. soil, but the recovery process is just beginning.
For hundreds of thousands of people who evacuated their hometowns before Ike's landfall on Sept. 13, they are caught in a dilemma of being unable to go home.
That is particular true for evacuees from Galveston and Houston, the two cities hit very hard by Ike. Galveston was still a place deemed not fit for living while over a million people in Houston are still left without power.
As Governor of Texas Rick Perry said, the recovery is going to be a long process.
"I can't go home and I don't know what the tomorrow will be," said Lisa Kuehne, an evacuee from Galveston.
She is one of the over 1,800 evacuees staying at the Austin Convention Center, the city's largest shelter for hurricane evacuees.
Authorities provide food, beds, Internet and telephones for them. But some evacuees thought that is not enough and the government should do more.
"I have no money left and I have no place to go if I leave here," said Rita kirksey, who is also from Galveston.
Like Kirksey, many of the evacuees stay in the shelters are low-income people. She doesn't own a house so she can't get house compensation from insurance firms.
Kirksey also lost her job because of the hurricane and has little hope to find a new one. "All that I have is the clothes I am wearing," She said.
Ma Zhiyou, a Chinese college graduate who had just found a job in Galveston a few days before the hurricane, joined the exodus with other evacuees in a drastic change of fortune.
"The job and the company in Galveston were all gone and I had to find a new one," he said.
When visiting the disaster zones in Texas Tuesday, U.S. President George W. Bush promised to give every evacuee a 30-day interim housing. But apparently many evacuees in the shelters don't see much silver lining in it.
Both kuehne and Kirksey said without a job, the free housing doesn't mean much to them. "You can't just sit in a house and have no food or money," they said.
Source:Xinhua
For hundreds of thousands of people who evacuated their hometowns before Ike's landfall on Sept. 13, they are caught in a dilemma of being unable to go home.
That is particular true for evacuees from Galveston and Houston, the two cities hit very hard by Ike. Galveston was still a place deemed not fit for living while over a million people in Houston are still left without power.
As Governor of Texas Rick Perry said, the recovery is going to be a long process.
"I can't go home and I don't know what the tomorrow will be," said Lisa Kuehne, an evacuee from Galveston.
She is one of the over 1,800 evacuees staying at the Austin Convention Center, the city's largest shelter for hurricane evacuees.
Authorities provide food, beds, Internet and telephones for them. But some evacuees thought that is not enough and the government should do more.
"I have no money left and I have no place to go if I leave here," said Rita kirksey, who is also from Galveston.
Like Kirksey, many of the evacuees stay in the shelters are low-income people. She doesn't own a house so she can't get house compensation from insurance firms.
Kirksey also lost her job because of the hurricane and has little hope to find a new one. "All that I have is the clothes I am wearing," She said.
Ma Zhiyou, a Chinese college graduate who had just found a job in Galveston a few days before the hurricane, joined the exodus with other evacuees in a drastic change of fortune.
"The job and the company in Galveston were all gone and I had to find a new one," he said.
When visiting the disaster zones in Texas Tuesday, U.S. President George W. Bush promised to give every evacuee a 30-day interim housing. But apparently many evacuees in the shelters don't see much silver lining in it.
Both kuehne and Kirksey said without a job, the free housing doesn't mean much to them. "You can't just sit in a house and have no food or money," they said.
Source:Xinhua
China renews call to tackle young people's health problems
China has renewed call to step up efforts in tackling the young people's health problems including short sight and obesity on Tuesday.
Both education and school authorities should ramp up efforts to help students develop a healthy way of life, said Education Minister Zhou Ji, adding special efforts should be made on the prevention of short sight.
Health Minister Chen Zhu urged health authorities at all levels to beef up measures to help monitor and provide scientific nutrition formula for the young people.
Both ministers made their remarks when attending a national teleconference on schools' health work held here Tuesday.
Short sight and obesity are the most common health problems for the Chinese young people.
A survey conducted in 2006 shows that more than three quarters of senior high students in the country are short sighted and the figure for college students hit 83 percent.
China's Ministry of Education issued a revised scheme on short sight prevention for elementary and middle school students early this month. The scheme, which set strict requirements for homework amount, sleeping hours and seats arrangement, aimed to encourage students to do more exercise and have less academic burden.
According to the most recent data from the Ministry of Education, 8 percent of urban Chinese children between the ages of10 and 12 are obese, while another 15 percent are overweight.
Comfortable lifestyles and changes to the traditional diet are among the leading causes attributing to the weight problem in the country, which once was commonly thought to have one of the world's leanest population.
Source: Xinhua
Both education and school authorities should ramp up efforts to help students develop a healthy way of life, said Education Minister Zhou Ji, adding special efforts should be made on the prevention of short sight.
Health Minister Chen Zhu urged health authorities at all levels to beef up measures to help monitor and provide scientific nutrition formula for the young people.
Both ministers made their remarks when attending a national teleconference on schools' health work held here Tuesday.
Short sight and obesity are the most common health problems for the Chinese young people.
A survey conducted in 2006 shows that more than three quarters of senior high students in the country are short sighted and the figure for college students hit 83 percent.
China's Ministry of Education issued a revised scheme on short sight prevention for elementary and middle school students early this month. The scheme, which set strict requirements for homework amount, sleeping hours and seats arrangement, aimed to encourage students to do more exercise and have less academic burden.
According to the most recent data from the Ministry of Education, 8 percent of urban Chinese children between the ages of10 and 12 are obese, while another 15 percent are overweight.
Comfortable lifestyles and changes to the traditional diet are among the leading causes attributing to the weight problem in the country, which once was commonly thought to have one of the world's leanest population.
Source: Xinhua
China seizes 22 companies with contaminated baby milk powder
Chinese inspectors have found the chemical melamine in 69 batches of baby milk powder produced by 22 companies nationwide, the country's quality watchdog said late on Tuesday.
The authorities ordered a halt to the sale of the tainted products which included such well-known brands as Sanlu, Mengniu, Yili and Yashili, among others.
The State Administration of Quality Supervision, Inspection and Quarantine said test samples came from 491 batches of products sold by all the 109 companies that produced the baby milk powder in the country.
The melamine content in the Sanlu brand reached 2,563 mg per kg, the highest among all the samples. In other samples, the range was from 0.09 mg to 619 mg per kilogram.
Guangdong Yashili was the only brand being exported. No melamine was found in its samples.
The chemical was not found in dairy products served for the Beijing Olympics and Paralympics.
No chemical was found in the liquid milk produced after Sept. 14.
Relevant departments have begun an investigation of the implicated companies to find out the problematic source and punish those responsible.
The AQSIQ has also sent inspectors to every dairy product factory in the country to keep a close watch over every aspect of the production process.
Dairy giant Sanlu Group apologized to the public on Monday for its contaminated milk powder that had sickened 1,253 babies with kidney stones, two fatally.
Tian Wenhua, the group's chairwoman and general manager, was fired from her posts in the wake of the scandal.
According to the Ministry of Health, the two deaths in Gansu were a five-month-old boy who died on May 1 after his family refused further treatment, and an eight-month-old girl whose family also refused an operation and removed her from hospital on July 22, the day she died.
Both were fed the Sanlu formula and suffered kidney failure.
Among the more than 1,200 sick babies, 53 had "relatively serious symptoms," the ministry said at a news conference in Beijing on Monday.
Health Vice Minister Ma Xiaowei said special hospitals had been appointed nationwide to provide treatment for all the infants with the stones.
Melamine is used in plastics and other industries and is strictly forbidden in food processing. Experts say it is added to raw milk so the protein content of the milk appears higher than it actually is.
Four people in connection with the contamination were arrested by Hebei police.
Authorities have so far seized 2,176 tons of milk powder in the warehouse of Sanlu Group. About 8,218 tons currently in the market had been recalled, said Shijiazhuang Vice Mayor Li Jinlu on Monday.
Another 700 tons was on its way back to Shijiazhuang, Li added. All the tainted milk powder would be destroyed.
Sanlu, which is 43 percent owned by New Zealand dairy company Fonterra, was ordered to halt production.
Source: Xinhua
The authorities ordered a halt to the sale of the tainted products which included such well-known brands as Sanlu, Mengniu, Yili and Yashili, among others.
The State Administration of Quality Supervision, Inspection and Quarantine said test samples came from 491 batches of products sold by all the 109 companies that produced the baby milk powder in the country.
The melamine content in the Sanlu brand reached 2,563 mg per kg, the highest among all the samples. In other samples, the range was from 0.09 mg to 619 mg per kilogram.
Guangdong Yashili was the only brand being exported. No melamine was found in its samples.
The chemical was not found in dairy products served for the Beijing Olympics and Paralympics.
No chemical was found in the liquid milk produced after Sept. 14.
Relevant departments have begun an investigation of the implicated companies to find out the problematic source and punish those responsible.
The AQSIQ has also sent inspectors to every dairy product factory in the country to keep a close watch over every aspect of the production process.
Dairy giant Sanlu Group apologized to the public on Monday for its contaminated milk powder that had sickened 1,253 babies with kidney stones, two fatally.
Tian Wenhua, the group's chairwoman and general manager, was fired from her posts in the wake of the scandal.
According to the Ministry of Health, the two deaths in Gansu were a five-month-old boy who died on May 1 after his family refused further treatment, and an eight-month-old girl whose family also refused an operation and removed her from hospital on July 22, the day she died.
Both were fed the Sanlu formula and suffered kidney failure.
Among the more than 1,200 sick babies, 53 had "relatively serious symptoms," the ministry said at a news conference in Beijing on Monday.
Health Vice Minister Ma Xiaowei said special hospitals had been appointed nationwide to provide treatment for all the infants with the stones.
Melamine is used in plastics and other industries and is strictly forbidden in food processing. Experts say it is added to raw milk so the protein content of the milk appears higher than it actually is.
Four people in connection with the contamination were arrested by Hebei police.
Authorities have so far seized 2,176 tons of milk powder in the warehouse of Sanlu Group. About 8,218 tons currently in the market had been recalled, said Shijiazhuang Vice Mayor Li Jinlu on Monday.
Another 700 tons was on its way back to Shijiazhuang, Li added. All the tainted milk powder would be destroyed.
Sanlu, which is 43 percent owned by New Zealand dairy company Fonterra, was ordered to halt production.
Source: Xinhua
Officials, company manager sacked following baby milk powder scandal
Four local officials in north China's Hebei Province were fired on Tuesday following the baby milk powder scandal across the country.
Zhang Fawang, vice mayor in charge of agricultural production of Hebei provincial capital Shijiazhuang, and Sun Renhu, the city's animal husbandry administration chief, were fired late Tuesday following legal procedures, according to a decision made by the city's legislative body.
Shijiazhuang Food and Drug Administration Bureau director ZhangYi and the city's Quality and Technical Inspection Bureau chief LiZhiguo were also dismissed from their posts for loose supervision on the milk suppliers.
Tian Wenhua, the board chairwoman and general manager of Shijiazhuang-based dairy giant Sanlu Group, was also fired from her posts. She was also removed from her post as the secretary of the corporation committee of the Communist Party of China , according to Party authorities of Hebei Province an Shijiazhuang City.
An estimated 1,253 infants, including two fatally, across the country developed kidney stones after drinking Sanlu's baby formula tainted by melamine, a chemical believed to help increase the protein content in the milk.
However, the contamination has spread to other dairy companies as the country's top quality watchdog said Tuesday they found the chemical melamine in 69 batches of baby milk powder produced by 22companies nationwide.
The authorities ordered a halt to the sale of the tainted products which included such well-known brands as Mengniu, Yili and Yashili, among others.
Gao Qiang, the Communist Party chief of the Ministry of Health, visited baby patients in Hebei on Tuesday. The province alone has reported a total of 861 infants suffering urinary system stones, with 61 of them hospitalized.
Gao, also head of the emergency team for handling Sanlu tainted milk, ordered timely and effective diagnosis and treatment for infants sickened by the contaminated milk.
Experts should be organized to go to remote rural areas to check the sick infants and urge them to be sent to hospitals for diagnosis and treatment, he said while visiting sick babies and medical staff in Hebei People's Hospital and Hebei Children's Hospital.
According to the ministry, the two deaths occurred both in the northwest Gansu Province. They were a five-month-old boy who died on May 1 after his family refused further treatment and an eight-month-old girl whose family also refused an operation and removed her from hospital on July 22 on which day she died. Both of the two were bred with the Sanlu formula and suffered kidney failure.
Zhang Zhenling, Sanlu's vice president, apologized to the public on Monday.
"The serious safety accident of the Sanlu formula milk powder for infants has caused severe harm to many sickened babies and their families. We feel really sad about this," he said while reading a letter of apology to reporters.
Sanlu, which is 43 percent owned by New Zealand dairy company Fonterra, has been ordered to halt production. The Hebei provincial government decided on Tuesday to dispatch four working teams to Sanlu Group for a thorough investigation.
So far, four milk dealers have been arrested and 22 others detained for questioning by Hebei police.
Among the arrested were two brothers surnamed Geng in Zhengding County, Hebei. They told police that they had been selling three tons of contaminated milk per day since the end of last year.
The elder Geng said they added the chemical into the milk to make it appear to contain more protein as they had suffered losses after their milk had been rejected several times by Sanlu Group for failing to meet quality standards.
Source: Xinhua
Zhang Fawang, vice mayor in charge of agricultural production of Hebei provincial capital Shijiazhuang, and Sun Renhu, the city's animal husbandry administration chief, were fired late Tuesday following legal procedures, according to a decision made by the city's legislative body.
Shijiazhuang Food and Drug Administration Bureau director ZhangYi and the city's Quality and Technical Inspection Bureau chief LiZhiguo were also dismissed from their posts for loose supervision on the milk suppliers.
Tian Wenhua, the board chairwoman and general manager of Shijiazhuang-based dairy giant Sanlu Group, was also fired from her posts. She was also removed from her post as the secretary of the corporation committee of the Communist Party of China , according to Party authorities of Hebei Province an Shijiazhuang City.
An estimated 1,253 infants, including two fatally, across the country developed kidney stones after drinking Sanlu's baby formula tainted by melamine, a chemical believed to help increase the protein content in the milk.
However, the contamination has spread to other dairy companies as the country's top quality watchdog said Tuesday they found the chemical melamine in 69 batches of baby milk powder produced by 22companies nationwide.
The authorities ordered a halt to the sale of the tainted products which included such well-known brands as Mengniu, Yili and Yashili, among others.
Gao Qiang, the Communist Party chief of the Ministry of Health, visited baby patients in Hebei on Tuesday. The province alone has reported a total of 861 infants suffering urinary system stones, with 61 of them hospitalized.
Gao, also head of the emergency team for handling Sanlu tainted milk, ordered timely and effective diagnosis and treatment for infants sickened by the contaminated milk.
Experts should be organized to go to remote rural areas to check the sick infants and urge them to be sent to hospitals for diagnosis and treatment, he said while visiting sick babies and medical staff in Hebei People's Hospital and Hebei Children's Hospital.
According to the ministry, the two deaths occurred both in the northwest Gansu Province. They were a five-month-old boy who died on May 1 after his family refused further treatment and an eight-month-old girl whose family also refused an operation and removed her from hospital on July 22 on which day she died. Both of the two were bred with the Sanlu formula and suffered kidney failure.
Zhang Zhenling, Sanlu's vice president, apologized to the public on Monday.
"The serious safety accident of the Sanlu formula milk powder for infants has caused severe harm to many sickened babies and their families. We feel really sad about this," he said while reading a letter of apology to reporters.
Sanlu, which is 43 percent owned by New Zealand dairy company Fonterra, has been ordered to halt production. The Hebei provincial government decided on Tuesday to dispatch four working teams to Sanlu Group for a thorough investigation.
So far, four milk dealers have been arrested and 22 others detained for questioning by Hebei police.
Among the arrested were two brothers surnamed Geng in Zhengding County, Hebei. They told police that they had been selling three tons of contaminated milk per day since the end of last year.
The elder Geng said they added the chemical into the milk to make it appear to contain more protein as they had suffered losses after their milk had been rejected several times by Sanlu Group for failing to meet quality standards.
Source: Xinhua
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