China will adopt a flexible and prudent macro-control policy to keep a stable and rapid economic development in the current fourth quarter, according to the State Council here on Sunday.
Related financial, credit and foreign trade measures will be carried out in the near future in response to the slowing trend of the country's economic growth and the continuous fluctuation in the domestic capital market amid the ongoing global financial crisis, according to a State Council meeting presided over by Premier Wen Jiabao on Sunday.
Agriculture continued to be a priority, with multiple support policies to come following the Communist Party of China Central Committee's decision to strengthen rural development this week.
To boost development of small- and medium-sized enterprises, the government planned to widen their investment channels by further encouraging financial institutions to give out more loans. Companies would also get more fiscal support for technology innovation.
In addition, the country would reinforce national investment in areas such as the southwest quake-zone reconstruction, infrastructure development and social welfare system, among others.
With regard to the foreign trade sector, the State Council, China's Cabinet, decided to increase imports of goods of domestic need and support the country's exports so as to realize the balance of international payments.
"We will further raise the export rebate of labour-intensive products such as garments and textiles, as well as mechanical and electrical products with high-added value," the council said.
In addition, the country's top administrative body would still keep a cautious eye on price increases with a focus on agricultural and energy related goods.
The advent of September's tainted milk scandal had also prompted the central government to pay closer attention to food safety in the fourth quarter. Regulations on dairy product quality and safety, which took effect earlier this month, would be further reinforced, according to the council decision.
While acknowledging the affect of the worldwide economic slowdown on the domestic economy, the Cabinet still expressed confidence for the nation to continue a healthy development.
"Our economy remains vigorous and has the capability to defend itself against international risks," Premier Wen Jiabao said at a State Council meeting on Friday.
Source: Xinhua
Monday, October 20, 2008
China's premium revenue to hit one trillion yuan this year
China's premium revenue is expected to hit one trillion yuan this year due to strengthened promotion and increasing demand, said a senior official on Sunday.
The premium revenue grew at an annual rate of 30 percent from 460 million yuan in 1980, when insurance business began to enter into full swing in China, to hit 703.58 billion yuan in 2007, said vice chairman of the China Insurance Regulatory Commission Zhou Yanli at the opening ceremony of an insurance exhibition.
The revenue in the first eight months this year rose 52.24 percent year on year to 713.40 billion yuan which exceeded the total of last year, he said.
The revenue for the whole year is likely to break one trillion yuan at the current pace, he predicted.
The development of China's insurance business had been halted for 20 years after the founding of the new China in 1949. After the opening up and reform initiated in 1979, the sector was on the way to the right track and entered into full swing.
The value of the industry assets totaled more than three trillion yuan, which is owned by more than 110 insurers, according to Zhou.
Despite of the progress, insiders noted the revenue growth is poised to slow down in the fourth quarter of 2008 and the first half of 2009 as insurers are expected to retain dividends to protect its profit margin which was hurt by stock investment returns slumps. That is likely to discourage the future premium growth.
China Life, the nation's largest life insurer, saw premium jump52.9 percent from a year ago to 23.44 billion yuan in September, much slower than the 93.7 percent growth in August. The combined revenue in the first nine months totaled 248.6 billion yuan, up 56.7 percent year on year, comparing with the 57.14 percent growth in August.
Source: Xinhua
The premium revenue grew at an annual rate of 30 percent from 460 million yuan in 1980, when insurance business began to enter into full swing in China, to hit 703.58 billion yuan in 2007, said vice chairman of the China Insurance Regulatory Commission Zhou Yanli at the opening ceremony of an insurance exhibition.
The revenue in the first eight months this year rose 52.24 percent year on year to 713.40 billion yuan which exceeded the total of last year, he said.
The revenue for the whole year is likely to break one trillion yuan at the current pace, he predicted.
The development of China's insurance business had been halted for 20 years after the founding of the new China in 1949. After the opening up and reform initiated in 1979, the sector was on the way to the right track and entered into full swing.
The value of the industry assets totaled more than three trillion yuan, which is owned by more than 110 insurers, according to Zhou.
Despite of the progress, insiders noted the revenue growth is poised to slow down in the fourth quarter of 2008 and the first half of 2009 as insurers are expected to retain dividends to protect its profit margin which was hurt by stock investment returns slumps. That is likely to discourage the future premium growth.
China Life, the nation's largest life insurer, saw premium jump52.9 percent from a year ago to 23.44 billion yuan in September, much slower than the 93.7 percent growth in August. The combined revenue in the first nine months totaled 248.6 billion yuan, up 56.7 percent year on year, comparing with the 57.14 percent growth in August.
Source: Xinhua
Hong Kong's air traffic volumes decline amid global financial turmoil
The Hong Kong International Airport handled 3.6 million passengers and 317,000 tons of cargo in September, declining 4.7 percent and 7.5 percent respectively from the same month last year, amid the global financial turmoil, the Airport Authority said Sunday.
Air traffic movements also edged down 0.4 percent to 24,570. Reduction in passenger traffic came mostly from visitor traffic while travel by Hong Kong residents and the transfer or transit passenger number decreased slightly. On the cargo front, the decline was across the board, including import, export and transshipment.
Stanley Hui Hon-chung, Chief Executive Officer of the Airport Authority said, the steep decline in traffic volumes in both passenger and air cargo clearly reflected a very troubled global economy as a result of the financial tsunami, which has affected all countries in the world. The United States and Europe, the biggest trading partners with Hong Kong, saw a significant drop in air cargo traffic to and from Hong Kong in the month.
Hui said, the National Day Golden Week holiday also brought fewer numbers of visitors to Hong Kong by air this year than 2007,showing a continuing decline in traffic between Hong Kong and the Chinese mainland as well.
"The aviation industry is expected to face even more difficult times in the coming months," he added.
Air traffic figures for the first nine months of this year recorded mild growth over the same period in 2007. Passenger volume rose 3.7 percent to 36.7 million, while cargo throughput and air traffic movements grew 3.0 percent and 3.1 percent to 2.8 million tons and 225,715 movements respectively.
Source: Xinhua
Air traffic movements also edged down 0.4 percent to 24,570. Reduction in passenger traffic came mostly from visitor traffic while travel by Hong Kong residents and the transfer or transit passenger number decreased slightly. On the cargo front, the decline was across the board, including import, export and transshipment.
Stanley Hui Hon-chung, Chief Executive Officer of the Airport Authority said, the steep decline in traffic volumes in both passenger and air cargo clearly reflected a very troubled global economy as a result of the financial tsunami, which has affected all countries in the world. The United States and Europe, the biggest trading partners with Hong Kong, saw a significant drop in air cargo traffic to and from Hong Kong in the month.
Hui said, the National Day Golden Week holiday also brought fewer numbers of visitors to Hong Kong by air this year than 2007,showing a continuing decline in traffic between Hong Kong and the Chinese mainland as well.
"The aviation industry is expected to face even more difficult times in the coming months," he added.
Air traffic figures for the first nine months of this year recorded mild growth over the same period in 2007. Passenger volume rose 3.7 percent to 36.7 million, while cargo throughput and air traffic movements grew 3.0 percent and 3.1 percent to 2.8 million tons and 225,715 movements respectively.
Source: Xinhua
China's GDP up 9.9% in Jan.-Sept. period
China's gross domestic product grew 9.9 percent year on year to 20.163 trillion yuan in the first three quarters of this year, the National Bureau of Statistics said on Monday.
The growth rate was 2.3 percentage points lower than the same period of last year, or 0.5 percentage points lower than the first half of this year.
The GDP growth was 10.6 percent for the first quarter, 10.1 percent for the second quarter and 9 percent for the third quarter, the bureau said.
NBS Chief Economist Yao Jingyuan told Xinhua that the GDP growth for the January-September period was still higher than the 9.8-percent average for the past three decades.
Given the ongoing global economic slowdown, China's GDP growth for the first three quarters "is a hard-earned achievement," said Yao.
"It was achieved on the basis of the current macro-control efforts," he added.
The total GDP for the January-September period included 2.18 trillion yuan generated by the primary sector, up 4.5 percent, 10.11 trillion yuan by the secondary sector , up 10.5 percent, and 7.87 trillion yuan by the tertiary sector , up 10.3 percent.
The growth rates for the primary sector was 0.2 percentage points higher than the year-earlier level, but that for the secondary and tertiary sectors were 3.0 percentage points and 2.4 percentage points lower respectively.
Li Xiaochao, the NBS spokesman, noted that the 9.9 percent growth was achieved on a large economic volume.
According to Li, the fundamentals of the Chinese economy remains good. This is marked by the facts that the economic growth is stable and fast, consumer prices continues to fall, industrial structure has optimized more or less and that the quality of economic operation has improved.
From January to September, fixed-asset investment amounted to 11.62 trillion yuan nationwide, up 27.0 percent on the same period of last year. The growth rate was 1.3 percentage points higher.
The total included 9.987 trillion yuan in urban areas, up 27.6 percent, and 1.638 trillion yuan in rural areas, up 23.3 percent. The growth rates were 1.2 percentage points and 2.1 percentage points, respectively, higher than the year-earlier level.
Consumer price index, or CPI, went up 7.0 percent year-on-year in the first nine months. The growth rate was 2.9 percentage points higher than the year-ago level, but down 0.9 percentage points from the first-half-year level.
The major inflation measurement was up 4.6 percent in September,0.3 percentage points lower than the previous month. Its rise rate has fallen for five consecutive months since May.
However, the producer price index , which measures the value of finished products when they leave the factory, rose 8.3 percent in the first nine months, said the bureau. The growth rate was 5.6 percentage points higher than the same period last year.
In September alone, the PPI rose 9.1 percent over the same month a year earlier. The growth rate was one percentage point lower than the record 10.1 percent in August.
Li said the economic restructuring has proceeded well. In the first three quarters, high-energy-consuming sectors realized an output growth of 13.2 percent, down 6.4 percentage points, while the high-tech manufacturing sector posted a growth of 16.5 percent in value-added output, 1.3 percentage points higher than the average for all major manufacturers.
Meanwhile, western and central regions outperformed the eastern areas in terms of production and investment growth, he added.
Between January and August, industrial enterprises each with an annual sales income of at least five million yuan chalked up a profit increase of 19.4 percent.
The per-capita pure income of rural residents was 3,971 yuan, gaining 11 percent in real-term, and the per-capita disposable income of urbanites was 11,865 yuan, up 7.5 percent in real-term, Li added.
Source: Xinhua
The growth rate was 2.3 percentage points lower than the same period of last year, or 0.5 percentage points lower than the first half of this year.
The GDP growth was 10.6 percent for the first quarter, 10.1 percent for the second quarter and 9 percent for the third quarter, the bureau said.
NBS Chief Economist Yao Jingyuan told Xinhua that the GDP growth for the January-September period was still higher than the 9.8-percent average for the past three decades.
Given the ongoing global economic slowdown, China's GDP growth for the first three quarters "is a hard-earned achievement," said Yao.
"It was achieved on the basis of the current macro-control efforts," he added.
The total GDP for the January-September period included 2.18 trillion yuan generated by the primary sector, up 4.5 percent, 10.11 trillion yuan by the secondary sector , up 10.5 percent, and 7.87 trillion yuan by the tertiary sector , up 10.3 percent.
The growth rates for the primary sector was 0.2 percentage points higher than the year-earlier level, but that for the secondary and tertiary sectors were 3.0 percentage points and 2.4 percentage points lower respectively.
Li Xiaochao, the NBS spokesman, noted that the 9.9 percent growth was achieved on a large economic volume.
According to Li, the fundamentals of the Chinese economy remains good. This is marked by the facts that the economic growth is stable and fast, consumer prices continues to fall, industrial structure has optimized more or less and that the quality of economic operation has improved.
From January to September, fixed-asset investment amounted to 11.62 trillion yuan nationwide, up 27.0 percent on the same period of last year. The growth rate was 1.3 percentage points higher.
The total included 9.987 trillion yuan in urban areas, up 27.6 percent, and 1.638 trillion yuan in rural areas, up 23.3 percent. The growth rates were 1.2 percentage points and 2.1 percentage points, respectively, higher than the year-earlier level.
Consumer price index, or CPI, went up 7.0 percent year-on-year in the first nine months. The growth rate was 2.9 percentage points higher than the year-ago level, but down 0.9 percentage points from the first-half-year level.
The major inflation measurement was up 4.6 percent in September,0.3 percentage points lower than the previous month. Its rise rate has fallen for five consecutive months since May.
However, the producer price index , which measures the value of finished products when they leave the factory, rose 8.3 percent in the first nine months, said the bureau. The growth rate was 5.6 percentage points higher than the same period last year.
In September alone, the PPI rose 9.1 percent over the same month a year earlier. The growth rate was one percentage point lower than the record 10.1 percent in August.
Li said the economic restructuring has proceeded well. In the first three quarters, high-energy-consuming sectors realized an output growth of 13.2 percent, down 6.4 percentage points, while the high-tech manufacturing sector posted a growth of 16.5 percent in value-added output, 1.3 percentage points higher than the average for all major manufacturers.
Meanwhile, western and central regions outperformed the eastern areas in terms of production and investment growth, he added.
Between January and August, industrial enterprises each with an annual sales income of at least five million yuan chalked up a profit increase of 19.4 percent.
The per-capita pure income of rural residents was 3,971 yuan, gaining 11 percent in real-term, and the per-capita disposable income of urbanites was 11,865 yuan, up 7.5 percent in real-term, Li added.
Source: Xinhua
China's CPI rises 4.6% in Sept.
China's consumer price index ,the main gauge of inflation, rose 4.6 percent in September over the same period last year, the National Bureau of Statistics said on Monday.
The figure, compared with 7.1 percent in June, 6.3 percent in July, 4.9 percent in August and a nearly 12-year-high of 8.7 percent in February, was broadly in line with most forecasts.
In the first nine months of this year, the inflation indicator rose 7.0 percent from the same period last year: 6.7 percent for urban areas and 7.7 percent for the countryside. The growth rate was 0.9 percentage points lower than that in the first half.
Food prices, which account for more than a third of the CPI calculation, rose 17.3 percent during the January to September period.
Zhuang Jian, an Asian Development Bank economist said: "The figure indicated the government's measures to tame inflationary were effective, and the country's inflation pressure has been greatly eased."
An official with Ministry of Commerce who declined to be named told Xinhua that the declining CPI growth was within the government's expectation, and it was likely to continue a declining momentum in the future.
Despite a drop in the CPI growth, the producer price index , which measures the value of finished products when they leave the factory, rose 8.3 percent in the first nine months, said the bureau. The growth rate was 5.6 percentage points higher than the same period last year.
In September alone, the PPI rose 9.1 percent over the same month a year earlier. The growth rate was one percentage point lower than the record 10.1 percent in August.
Meanwhile, the purchaser prices for raw materials, fuel and power rose 12.4 percent in the first nine months. The growth rate was 8.6 percentage points higher than a year earlier.
"Surging fuel and raw material prices in the world markets had pushed up domestic prices through a chain effect. Oil price, for example, rose almost 50 percent than that at the beginning of the year," Zhuang said.
"However, the PPI rise is expected to slow down in the coming months as world fuel price drop. It would not immediately increase pressure on the CPI," he added.
Yao Jingyuan, chief economist of the bureau, said price falls in consecutive five months had given the government more leverage to implement economic control, expand domestic demand and loose price control on resources materials.
"Since inflation pressure has been greatly eased, the country should be cautious about a weakening economic growth," said Li Xiaochao, spokesman with the bureau.
The NBS said on Monday morning that China's gross domestic product grew 9.9 percent year on year to 20.163 trillion yuan in the first three quarters of this year.
The growth rate was 2.3 percentage points lower than the same period of last year, or 0.5 percentage points lower than the first half of this year.
Zuo Xiaolei, China Galaxy Securities chief economist, said the country should consider moderately easing the tightened economic policy and focus its efforts on maintaining a fast economic development.
In recent months, most of China's economic figures indicated that the country's economy has cooled down, led by both domestic policies and the ebbing world economy.
China's foreign trade, in particular, was affected by a weakening international demand. Earlier figure from China Customs showed the country's export was 1.07 trillion U.S. dollars in the first three quarters, up 22.3 percent over the same period last year, but the growth rate was 4.8 percentage lower year on year.
"China has to upgrade its economic growth structure--export can hardly grow fast in the near future -- it is the right time for the government to boost domestic demand and stimulate consumption," Zuo said.
"Considering the poor people are more prone to spend their money when incomes increased, the policy makers should increase incomes and improve lives of this kind of people," she said.
Zhao Jinping, an economist, suggested China should increase prices of farm products and increase income of farmers, while improving social insurance system covering education, medical treatment, and aged treatment.
Source: Xinhua
The figure, compared with 7.1 percent in June, 6.3 percent in July, 4.9 percent in August and a nearly 12-year-high of 8.7 percent in February, was broadly in line with most forecasts.
In the first nine months of this year, the inflation indicator rose 7.0 percent from the same period last year: 6.7 percent for urban areas and 7.7 percent for the countryside. The growth rate was 0.9 percentage points lower than that in the first half.
Food prices, which account for more than a third of the CPI calculation, rose 17.3 percent during the January to September period.
Zhuang Jian, an Asian Development Bank economist said: "The figure indicated the government's measures to tame inflationary were effective, and the country's inflation pressure has been greatly eased."
An official with Ministry of Commerce who declined to be named told Xinhua that the declining CPI growth was within the government's expectation, and it was likely to continue a declining momentum in the future.
Despite a drop in the CPI growth, the producer price index , which measures the value of finished products when they leave the factory, rose 8.3 percent in the first nine months, said the bureau. The growth rate was 5.6 percentage points higher than the same period last year.
In September alone, the PPI rose 9.1 percent over the same month a year earlier. The growth rate was one percentage point lower than the record 10.1 percent in August.
Meanwhile, the purchaser prices for raw materials, fuel and power rose 12.4 percent in the first nine months. The growth rate was 8.6 percentage points higher than a year earlier.
"Surging fuel and raw material prices in the world markets had pushed up domestic prices through a chain effect. Oil price, for example, rose almost 50 percent than that at the beginning of the year," Zhuang said.
"However, the PPI rise is expected to slow down in the coming months as world fuel price drop. It would not immediately increase pressure on the CPI," he added.
Yao Jingyuan, chief economist of the bureau, said price falls in consecutive five months had given the government more leverage to implement economic control, expand domestic demand and loose price control on resources materials.
"Since inflation pressure has been greatly eased, the country should be cautious about a weakening economic growth," said Li Xiaochao, spokesman with the bureau.
The NBS said on Monday morning that China's gross domestic product grew 9.9 percent year on year to 20.163 trillion yuan in the first three quarters of this year.
The growth rate was 2.3 percentage points lower than the same period of last year, or 0.5 percentage points lower than the first half of this year.
Zuo Xiaolei, China Galaxy Securities chief economist, said the country should consider moderately easing the tightened economic policy and focus its efforts on maintaining a fast economic development.
In recent months, most of China's economic figures indicated that the country's economy has cooled down, led by both domestic policies and the ebbing world economy.
China's foreign trade, in particular, was affected by a weakening international demand. Earlier figure from China Customs showed the country's export was 1.07 trillion U.S. dollars in the first three quarters, up 22.3 percent over the same period last year, but the growth rate was 4.8 percentage lower year on year.
"China has to upgrade its economic growth structure--export can hardly grow fast in the near future -- it is the right time for the government to boost domestic demand and stimulate consumption," Zuo said.
"Considering the poor people are more prone to spend their money when incomes increased, the policy makers should increase incomes and improve lives of this kind of people," she said.
Zhao Jinping, an economist, suggested China should increase prices of farm products and increase income of farmers, while improving social insurance system covering education, medical treatment, and aged treatment.
Source: Xinhua
Hainan Airlines to open direct air route from Beijing to Bishkek
Hainan airlines will open a new direct air route from Beijing to Bishkek on Nov. 15th. Promoting mutual communication and cooperation in the field of politics, economy and culture, this first ever-in-history direct air route between the capitals of China and Kyrgyzstan will erect a new silk road in air.
In the end of the year, it’s remarkable that Hainan airlines will open this “non-popular” air route. While other airline companies are trying to enter the European or American markets, Hainan airlines chooses Bishkek, the capital of Kyrgyzstan, as its new destination because of the steady growth of demands there and frequent economical communications, which represents an international leading strategy of development and its ambition in Central Asia airline market.
One corporate officer said, that at present Hainan airlines is the only airline company, which has a direct stretch from Beijing to Bishkek. The company will use Boeing 767-300ER to execute the flight missions, which features 32 business seats and economical seats, providing every passenger with comfortable travel service.
The officer emphasized that the opening of this air route will also provide passengers who travel in Central Asia with more convenient and economical transit route, which will save they stay in Urumchi or Tashkent. And by means of the capacity of Beijing Capital Airport, this airway can bring passengers from Kazakhstan, Kyrgyzstan, Uzbekistan and other central Asian countries to every part of the world, which will also enhance the diffusive capacity of the airline itself.
It was said that during the early stage, the airline will be arranged once a week, which means the plane will take off from Beijing on Saturday. The flight schedule is as follows: the plane will take off on 17:50, and arrive in Bishkek on 21:40 this day; on the return trip the plane will take off from Bishkek on 23:20, and arrive in Beijing on 6:30 next morning .
Kyrgyzstan is a central Asian inland country with the population of 5.17 million people, and covers 198.5 thousand square meters. The country borders on Kazakhstan to the North, Uzbekistan to the West, Tadzhikistan to the South, and is neighbored with Xinjiang, China to the South-east. Bishkek, the capital of the country, is located in Valley Chuhe, with the population of 900 thousand people. In recent years, it becomes a famous city in central Asia and an important trade center.
As Liu Chuanwu, the Chinese economical and business counselor to Kyrgyzstan, puts, in these years, economical and financial communications between China and Kyrgyzstan develop rapidly and successfully. From 2002 to 2007, the volume of trade keeps increasing by 70% annually, and Kyrgyzstan has become the second biggest trading partner of China in central Asian, while China is the fifth biggest trading partner of Kyrgyzstan. Now economical and financial cooperation between China and Kyrgyzstan is transforming from the stage of primary trading to that of strategic partnership in some key fields.
By People's Daily Online
In the end of the year, it’s remarkable that Hainan airlines will open this “non-popular” air route. While other airline companies are trying to enter the European or American markets, Hainan airlines chooses Bishkek, the capital of Kyrgyzstan, as its new destination because of the steady growth of demands there and frequent economical communications, which represents an international leading strategy of development and its ambition in Central Asia airline market.
One corporate officer said, that at present Hainan airlines is the only airline company, which has a direct stretch from Beijing to Bishkek. The company will use Boeing 767-300ER to execute the flight missions, which features 32 business seats and economical seats, providing every passenger with comfortable travel service.
The officer emphasized that the opening of this air route will also provide passengers who travel in Central Asia with more convenient and economical transit route, which will save they stay in Urumchi or Tashkent. And by means of the capacity of Beijing Capital Airport, this airway can bring passengers from Kazakhstan, Kyrgyzstan, Uzbekistan and other central Asian countries to every part of the world, which will also enhance the diffusive capacity of the airline itself.
It was said that during the early stage, the airline will be arranged once a week, which means the plane will take off from Beijing on Saturday. The flight schedule is as follows: the plane will take off on 17:50, and arrive in Bishkek on 21:40 this day; on the return trip the plane will take off from Bishkek on 23:20, and arrive in Beijing on 6:30 next morning .
Kyrgyzstan is a central Asian inland country with the population of 5.17 million people, and covers 198.5 thousand square meters. The country borders on Kazakhstan to the North, Uzbekistan to the West, Tadzhikistan to the South, and is neighbored with Xinjiang, China to the South-east. Bishkek, the capital of the country, is located in Valley Chuhe, with the population of 900 thousand people. In recent years, it becomes a famous city in central Asia and an important trade center.
As Liu Chuanwu, the Chinese economical and business counselor to Kyrgyzstan, puts, in these years, economical and financial communications between China and Kyrgyzstan develop rapidly and successfully. From 2002 to 2007, the volume of trade keeps increasing by 70% annually, and Kyrgyzstan has become the second biggest trading partner of China in central Asian, while China is the fifth biggest trading partner of Kyrgyzstan. Now economical and financial cooperation between China and Kyrgyzstan is transforming from the stage of primary trading to that of strategic partnership in some key fields.
By People's Daily Online
Chinese shares lose 0.73% in morning session on fresh economic data
Chinese shares ended 0.73 percent lower in the morning session on Monday after the country's top statistician said the economic growth slowed to 9.0 percent in the third quarter.
The lowest growth in more than five years reported by the National Statistics Bureau in the morning was largely in line with market expectations.
NBS Chief Economist Yao Jingyuan also said the country's growth for the first three quarters -- 9.9 percent -- "is a hard-earned achievement" given the ongoing global economic slowdown.
The Shanghai Composite Index closed at 1,916.55 points, down 14.10 points or 0.73 percent from the previous close.
The smaller Shenzhen Component Index, however, gained 0.36 percent to finish at 6,231.64 points, up 22.14 points.
The combined turnover was 16.64 billion yuan and remained low, as investors waited for further government policies to boost the economy.
Weak heavyweights led to the sluggish performance in the morning. The Industrial and Commercial Bank of China slid 1 percent to 3.96 yuan , and the Bank of China declined 0.63 percent to 3.16 yuan.
PetroChina, the country's major oil producer, lost 3.38 percent to 11.72 yuan.
The agriculture sector gained more than 2 percent across the board following a weekend announcement saying the government would allow farmers to "lease their contracted farmland or transfer their land-use right" in a bid to boost rural development.
Xinjiang Korla Pear surged 10.02 percent to 5.93 yuan, and the Hebei-based Fortune NG Fung Food soared 8.52 percent.
The real estate sector rebounded after a state council meeting said the country would lower housing transaction taxes to encourage people's enthusiasm in buying apartments.
Hainan Pearl River Holdings surged by the daily 10-percent limit to 3.17 yuan. The Shenzhen-based Gemdale corporation gained 3.05 percent to 6.42 yuan, and China Merchants Property Development went up 1.12 percent to 13.55 yuan.
Shenguang Securities said in a report that the final release of the country's economic data for the third quarter put an end to market anticipation and helped prevent the market from falling further.
Source:Xinhua
The lowest growth in more than five years reported by the National Statistics Bureau in the morning was largely in line with market expectations.
NBS Chief Economist Yao Jingyuan also said the country's growth for the first three quarters -- 9.9 percent -- "is a hard-earned achievement" given the ongoing global economic slowdown.
The Shanghai Composite Index closed at 1,916.55 points, down 14.10 points or 0.73 percent from the previous close.
The smaller Shenzhen Component Index, however, gained 0.36 percent to finish at 6,231.64 points, up 22.14 points.
The combined turnover was 16.64 billion yuan and remained low, as investors waited for further government policies to boost the economy.
Weak heavyweights led to the sluggish performance in the morning. The Industrial and Commercial Bank of China slid 1 percent to 3.96 yuan , and the Bank of China declined 0.63 percent to 3.16 yuan.
PetroChina, the country's major oil producer, lost 3.38 percent to 11.72 yuan.
The agriculture sector gained more than 2 percent across the board following a weekend announcement saying the government would allow farmers to "lease their contracted farmland or transfer their land-use right" in a bid to boost rural development.
Xinjiang Korla Pear surged 10.02 percent to 5.93 yuan, and the Hebei-based Fortune NG Fung Food soared 8.52 percent.
The real estate sector rebounded after a state council meeting said the country would lower housing transaction taxes to encourage people's enthusiasm in buying apartments.
Hainan Pearl River Holdings surged by the daily 10-percent limit to 3.17 yuan. The Shenzhen-based Gemdale corporation gained 3.05 percent to 6.42 yuan, and China Merchants Property Development went up 1.12 percent to 13.55 yuan.
Shenguang Securities said in a report that the final release of the country's economic data for the third quarter put an end to market anticipation and helped prevent the market from falling further.
Source:Xinhua
Growing patent filings show China's enhancing innovative capacity
The mushrooming of China's patent applications in recent years reflects the country's enhancing innovative capacity, according to the top official from the World Intellectual Property Organization .
"The Chinese people have demonstrated their innovative prowess throughout history, offering the world technologies from acupuncture, compass, gunpowder to paper making, printing and ink," WIPO Director-General Francis Gurry told Xinhua in a recent interview.
"What we are seeing today is a growing tendency by the Chinese inventors to add value to their technologies and to generate economic benefit from them through astute and strategic use of the patent system," he said.
Gurry, an Australian national and a 23-year veteran of the WIPO, took over the top post of the UN agency on Oct. 1. Previously, he was WIPO deputy director-general overseeing patents and the Patent Cooperation Treaty.
According to the official, there has been a boom in patent filings in Northeast Asia over the past 20 years, most notably in China and the Republic of Korea, which have emerged as major industrial economies.
The latest WIPO figures show that in 2006, applicants from China filed a total of 128,850 patent applications, a 32.1-percentincrease from the previous year. Between 2000 and 2006, Chinese residents increased their share of total worldwide patent filings from 1.8 percent to 7.3 percent.
"Patent applications are widely recognized as an indicator, although imperfect, of inventive activities at a country level," Gurry said.
The value of patent applications as an indicator of inventive activity is that they are easily measurable and contain detailed technical and business information that can be used to understand innovation trends, he added.
As to major factors that lead to China's fast increase in patent applications, Gurry highlighted firm government support and a favorable policy environment.
"The support of the Chinese government and its commitment to intellectual property through the provision of a well-functioning patent system and patent office is undoubtedly a factor in the increased patent filings in China," he said.
The official also praised China's long-term reform and opening policies, which have "undoubtedly promoted the country's progress in science and technology."
"China adopted a Patent Law as early in the process of reform and opening as in 1984, a clear indication of the importance that it attached to the development of the technological infrastructure and the technological progress as a means of improving economic and social welfare," he said.
Gurry added that the Chinese government has made "exemplary" efforts in recent years to improve the protection of intellectual property rights.
"There is unevenness, naturally, in the implementation and take-up of IP across a country as large and diverse as China, but the legislative and policy frameworks are outstanding," he said.
Source:Xinhua
"The Chinese people have demonstrated their innovative prowess throughout history, offering the world technologies from acupuncture, compass, gunpowder to paper making, printing and ink," WIPO Director-General Francis Gurry told Xinhua in a recent interview.
"What we are seeing today is a growing tendency by the Chinese inventors to add value to their technologies and to generate economic benefit from them through astute and strategic use of the patent system," he said.
Gurry, an Australian national and a 23-year veteran of the WIPO, took over the top post of the UN agency on Oct. 1. Previously, he was WIPO deputy director-general overseeing patents and the Patent Cooperation Treaty.
According to the official, there has been a boom in patent filings in Northeast Asia over the past 20 years, most notably in China and the Republic of Korea, which have emerged as major industrial economies.
The latest WIPO figures show that in 2006, applicants from China filed a total of 128,850 patent applications, a 32.1-percentincrease from the previous year. Between 2000 and 2006, Chinese residents increased their share of total worldwide patent filings from 1.8 percent to 7.3 percent.
"Patent applications are widely recognized as an indicator, although imperfect, of inventive activities at a country level," Gurry said.
The value of patent applications as an indicator of inventive activity is that they are easily measurable and contain detailed technical and business information that can be used to understand innovation trends, he added.
As to major factors that lead to China's fast increase in patent applications, Gurry highlighted firm government support and a favorable policy environment.
"The support of the Chinese government and its commitment to intellectual property through the provision of a well-functioning patent system and patent office is undoubtedly a factor in the increased patent filings in China," he said.
The official also praised China's long-term reform and opening policies, which have "undoubtedly promoted the country's progress in science and technology."
"China adopted a Patent Law as early in the process of reform and opening as in 1984, a clear indication of the importance that it attached to the development of the technological infrastructure and the technological progress as a means of improving economic and social welfare," he said.
Gurry added that the Chinese government has made "exemplary" efforts in recent years to improve the protection of intellectual property rights.
"There is unevenness, naturally, in the implementation and take-up of IP across a country as large and diverse as China, but the legislative and policy frameworks are outstanding," he said.
Source:Xinhua
Chinese exporters look to domestic market as foreign orders dwindle
Chinese exporters, faced with dwindling foreign orders amid global economic slowdown, are diverting their attention to domestic markets.
At the ongoing Canton Fair, China's leading trade fair, businesses that canvass foreign buyers are also focusing on the local market as their customers in the Western nations are dragged into recession by the global credit crisis.
Qiao Guan, board chairman of the Jiangsu Hotwind Sauna Equipment, said his company is planning to divert some of the business from abroad to the domestic market.
The company's sales in the United States, which accounted for about 30 percent of its total exports, had dropped by more than 20 percent this year, Qiao said.
He hoped the local sales could compensate the decreasing orders in the foreign market. "We have completed research on the domestic market, which shows some exported goods are affordable and have good sales prospects in the local market," he said.
The Himin Solar Energy Group, based in east China's Shandong Province, produces solar water heaters that are sold both at home and abroad. Xue Xinwen, head of the firm's international trade department, said the company had been losing orders as some Western countries canceled subsidies on environment-friendly imports.
"We have sent more staff to market our products to local infrastructure authorities and companies," he said.
"Domestic consumption has been greatly boosted by a robustly growing economy, creating positive situations for exporters to go local," he said.
But the readjustment can be difficult.
Li Jianlan, a worker with Wanji Plumbing Materials Co. Ltd, based in Ningbo, said an exclusive exporter like her company lacked channels and brand loyalty in the domestic market. "These are two different kinds of markets, and it takes a lot of work to be familiar with the ways business is done with local buyers," she said.
Some goods that are made for export are deemed too expensive for Chinese buyers.
Huang Yan, general manager of the L-bright Export Manufacture Corporation, said it had been very difficult to sell its products to domestic buyers as they lacked a price advantage.
Local governments, aware of the trend, are taking action to encourage the conversions. Guangdong Province, the country's major exporting base, issued a notice in June, ordering local quality inspection authorities to provide needed technical assistance to exporters.
Source:Xinhua
At the ongoing Canton Fair, China's leading trade fair, businesses that canvass foreign buyers are also focusing on the local market as their customers in the Western nations are dragged into recession by the global credit crisis.
Qiao Guan, board chairman of the Jiangsu Hotwind Sauna Equipment, said his company is planning to divert some of the business from abroad to the domestic market.
The company's sales in the United States, which accounted for about 30 percent of its total exports, had dropped by more than 20 percent this year, Qiao said.
He hoped the local sales could compensate the decreasing orders in the foreign market. "We have completed research on the domestic market, which shows some exported goods are affordable and have good sales prospects in the local market," he said.
The Himin Solar Energy Group, based in east China's Shandong Province, produces solar water heaters that are sold both at home and abroad. Xue Xinwen, head of the firm's international trade department, said the company had been losing orders as some Western countries canceled subsidies on environment-friendly imports.
"We have sent more staff to market our products to local infrastructure authorities and companies," he said.
"Domestic consumption has been greatly boosted by a robustly growing economy, creating positive situations for exporters to go local," he said.
But the readjustment can be difficult.
Li Jianlan, a worker with Wanji Plumbing Materials Co. Ltd, based in Ningbo, said an exclusive exporter like her company lacked channels and brand loyalty in the domestic market. "These are two different kinds of markets, and it takes a lot of work to be familiar with the ways business is done with local buyers," she said.
Some goods that are made for export are deemed too expensive for Chinese buyers.
Huang Yan, general manager of the L-bright Export Manufacture Corporation, said it had been very difficult to sell its products to domestic buyers as they lacked a price advantage.
Local governments, aware of the trend, are taking action to encourage the conversions. Guangdong Province, the country's major exporting base, issued a notice in June, ordering local quality inspection authorities to provide needed technical assistance to exporters.
Source:Xinhua
Hong Kong stocks end sharply higher, boosted by China shares
Hong Kong stocks closed sharply higher on Monday, boosted by strong performance of companies registered in the Chinese mainland following the latest third quarter economic data.
The benchmark Hang Seng Index rose 137.69 points, or 0.95 percent, higher to open near the day's lowest level at 14,691.9 and once widened its gains to as much as 918.47 points, or 6.31 percent, to the day's highest 15,472.68 during the afternoon session after China released its new third quarter economic figures.
China's National Bureau of Statistics said the country's gross domestic product grew 9 percent in September but the GDP still rose 9.9 percent year on year in the first nine months.
China's consumer price index also weakened 0.3 percent to 4.9 percent in September from August's 4.9 percent, a figure that may leave room for the country's central bank to slice its interest rate further to stimulate the economy.
Hang Seng Index surged 768.8 points, or 5.28 percent, to close at 15,323.01.
Turnover fell to 53.75 billion HK dollars , however, from Friday's 59.35 billion HK dollars (7.66 billion U.S. dollars as some investors chose to up hold their cash amid great volatility in the past week.
Amid 42 constituents of the benchmark Hang Seng Index, advancers greatly outnumbered losers 41 to 1. Wholesale and retail sales company Esprit was the only constituent that fell, down 3.98 percent to 41 HK dollars.
Market heavyweight HSBC, which accounts for the largest weighting of the index, rose 1.71 percent to 107 HK dollars, lifting the index by 45.87 points alone.
China Mobile, or the country's largest mobile phone operator, was the major driving force for the market's upsurge by advancing 7.56 percent to 71.1 HK dollars, boosting the index by 131.13 points.
Hong Kong Exchanges and Clearing Ltd., the market's sole operator, rose 4.27 percent to 85.5 HK dollars.
All of Hong Kong's real estate companies were sharply higher. Sun Hung Kai Properties, Hong Kong's largest house developer, jumped 8.5 percent to 68.3 HK dollars. Cheung Kong advanced 7 percent to 76.5 HK dollars. Henderson Land rose 7.69 percent to 28HK dollars. New World Development gained 6.48 percent to 7.56 HK dollars. Sino Land soared 10.67 percent to 8.3 HK dollars. Hang Lung Property increased 7.01 percent to 16.8 HK dollars.
China Enterprise Index, or H-shares, a barometer of companies registered in the Chinese mainland, rose 433.6 points, or 6.19 percent, to 7,441.13.
China's energy companies all ended sharply higher. PetroChina, the country's largest oil producer, increased 8.28 percent to 6.41HK dollars. Sinopec, Asia's largest oil refiner, surged 10.56 percent to 5.76 HK dollars. CNOOC, China's largest offshore oil company, bounced 4.53 percent to 6 HK dollars.
Banking and insurers in China were higher. ICBC, China's largest lender, rose 7.48 percent to 3.88 HK dollars. Bank of China, the country's second largest bank, advanced 6.3 percent to 2.53 HK dollars. China Construction Bank rose 4.86 percent to 3.67HK dollars. China Life, the country largest insurance company, jumped 7.32 percent to 24.2 HK dollars. Ping An added 3.1 percent to 36.6 HK dollars.
Housing companies in China were sharply higher as the State Council, or China's cabinet, encouraged citizens to buy houses in its economic stimulus package. Country Garden rose 9.88 percent to1.78 HK dollars. R&F Properties added 6.99 percent to 5.51 HK dollars. China Overseas soared 12.25 percent to 9.07 HK dollars. KWG Property rose 8.7 percent to 2 HK dollars. SOHO China rose 9.1percent to 2.4 HK dollars. Greentown China added 3.75 percent to 2. 77 HK dollars.
Source:Xinhua
The benchmark Hang Seng Index rose 137.69 points, or 0.95 percent, higher to open near the day's lowest level at 14,691.9 and once widened its gains to as much as 918.47 points, or 6.31 percent, to the day's highest 15,472.68 during the afternoon session after China released its new third quarter economic figures.
China's National Bureau of Statistics said the country's gross domestic product grew 9 percent in September but the GDP still rose 9.9 percent year on year in the first nine months.
China's consumer price index also weakened 0.3 percent to 4.9 percent in September from August's 4.9 percent, a figure that may leave room for the country's central bank to slice its interest rate further to stimulate the economy.
Hang Seng Index surged 768.8 points, or 5.28 percent, to close at 15,323.01.
Turnover fell to 53.75 billion HK dollars , however, from Friday's 59.35 billion HK dollars (7.66 billion U.S. dollars as some investors chose to up hold their cash amid great volatility in the past week.
Amid 42 constituents of the benchmark Hang Seng Index, advancers greatly outnumbered losers 41 to 1. Wholesale and retail sales company Esprit was the only constituent that fell, down 3.98 percent to 41 HK dollars.
Market heavyweight HSBC, which accounts for the largest weighting of the index, rose 1.71 percent to 107 HK dollars, lifting the index by 45.87 points alone.
China Mobile, or the country's largest mobile phone operator, was the major driving force for the market's upsurge by advancing 7.56 percent to 71.1 HK dollars, boosting the index by 131.13 points.
Hong Kong Exchanges and Clearing Ltd., the market's sole operator, rose 4.27 percent to 85.5 HK dollars.
All of Hong Kong's real estate companies were sharply higher. Sun Hung Kai Properties, Hong Kong's largest house developer, jumped 8.5 percent to 68.3 HK dollars. Cheung Kong advanced 7 percent to 76.5 HK dollars. Henderson Land rose 7.69 percent to 28HK dollars. New World Development gained 6.48 percent to 7.56 HK dollars. Sino Land soared 10.67 percent to 8.3 HK dollars. Hang Lung Property increased 7.01 percent to 16.8 HK dollars.
China Enterprise Index, or H-shares, a barometer of companies registered in the Chinese mainland, rose 433.6 points, or 6.19 percent, to 7,441.13.
China's energy companies all ended sharply higher. PetroChina, the country's largest oil producer, increased 8.28 percent to 6.41HK dollars. Sinopec, Asia's largest oil refiner, surged 10.56 percent to 5.76 HK dollars. CNOOC, China's largest offshore oil company, bounced 4.53 percent to 6 HK dollars.
Banking and insurers in China were higher. ICBC, China's largest lender, rose 7.48 percent to 3.88 HK dollars. Bank of China, the country's second largest bank, advanced 6.3 percent to 2.53 HK dollars. China Construction Bank rose 4.86 percent to 3.67HK dollars. China Life, the country largest insurance company, jumped 7.32 percent to 24.2 HK dollars. Ping An added 3.1 percent to 36.6 HK dollars.
Housing companies in China were sharply higher as the State Council, or China's cabinet, encouraged citizens to buy houses in its economic stimulus package. Country Garden rose 9.88 percent to1.78 HK dollars. R&F Properties added 6.99 percent to 5.51 HK dollars. China Overseas soared 12.25 percent to 9.07 HK dollars. KWG Property rose 8.7 percent to 2 HK dollars. SOHO China rose 9.1percent to 2.4 HK dollars. Greentown China added 3.75 percent to 2. 77 HK dollars.
Source:Xinhua
Gold futures relaunched in Hong Kong
Gold futures market was reopened in Hong Kong on Monday after being suspended for a decade.
"This is an ideal time to have gold futures in Hong Kong not only because of the interest in the commodity, but also because of the greater volatility we are seeing in its price," said Ronald Arculli, chairman of the Hong Kong Exchanges and Clearing Limited , at the opening ceremony.
Globally, gold has increasingly been in the headlines as a safe harbor amid these turbulent times, with the price more than doubling in the past five years.
The Hong Kong Futures Exchange Ltd. , a HKEx subsidiary, introduced trading of gold futures on Monday morning. Gold futures were previously traded on the trading floor of the Exchange in the1990s, which were subsequently suspended due to slow underlying market activities.
With renewed trading interest in the gold market, HKFE reintroduced gold futures trading on the electronic trading platform, the HKATS, to broaden participants' range of products offering.
The contract design for gold futures is based on the London gold standard which is popular among Hong Kong and international investors. Investors, bullion dealers, banks and corporations involved in gold businesses have an alternate trading and hedging tool to manage their gold price exposures.
Gold is a very important commodity in the Asian culture. About 60 percent of gold imports and 40 percent of gold exports take place in the region. Hong Kong is also the Chinese mainland's largest trading partner for gold, which, according to the World Gold Council, has been the world's largest gold producer since 2007.
Hong Kong accounts for 20 to 30 percent of Asian gold exports, making it an important trading hub.
"We believe HKEx's open, competitive and well-regulated gold futures market will be able to provide a deep liquidity pool in the Asian time zone to facilitate price discovery and risk management based on the widely used London gold standard," said the chairman.
Source:Xinhua
"This is an ideal time to have gold futures in Hong Kong not only because of the interest in the commodity, but also because of the greater volatility we are seeing in its price," said Ronald Arculli, chairman of the Hong Kong Exchanges and Clearing Limited , at the opening ceremony.
Globally, gold has increasingly been in the headlines as a safe harbor amid these turbulent times, with the price more than doubling in the past five years.
The Hong Kong Futures Exchange Ltd. , a HKEx subsidiary, introduced trading of gold futures on Monday morning. Gold futures were previously traded on the trading floor of the Exchange in the1990s, which were subsequently suspended due to slow underlying market activities.
With renewed trading interest in the gold market, HKFE reintroduced gold futures trading on the electronic trading platform, the HKATS, to broaden participants' range of products offering.
The contract design for gold futures is based on the London gold standard which is popular among Hong Kong and international investors. Investors, bullion dealers, banks and corporations involved in gold businesses have an alternate trading and hedging tool to manage their gold price exposures.
Gold is a very important commodity in the Asian culture. About 60 percent of gold imports and 40 percent of gold exports take place in the region. Hong Kong is also the Chinese mainland's largest trading partner for gold, which, according to the World Gold Council, has been the world's largest gold producer since 2007.
Hong Kong accounts for 20 to 30 percent of Asian gold exports, making it an important trading hub.
"We believe HKEx's open, competitive and well-regulated gold futures market will be able to provide a deep liquidity pool in the Asian time zone to facilitate price discovery and risk management based on the widely used London gold standard," said the chairman.
Source:Xinhua
CNPC, Uzbekistan oil company to co-develop oilfield
China National Petroleum Corporation has signed a cooperation deal with Uzbekistan State Holding Oil and Gas Company Uzbekndftegaz on the joint exploration of Mingulak oilfield in Namangan region, Uzbekistan, CNPC announced on Monday.
An unnamed CNPC official said the project would help ease energy pressures in Uzbekistan and further enhance upstream gas projects and energy supply in China.
The Mingulak oilfield located in the Fergana oil and Gas region was opened in 1992.
The oil and gas is buried more than 5,000 meters beneath the ground. The recoverable reserves in the oilfield totals more than 30 million tonnes. The annual production is estimated at 2 million tonnes.
In January CNPC commenced construction of a natural gas pipeline extending from Central Asia to China.
It will pass through Uzbekistan, across southern Kazakhstan and into China's Xinjiang Uygur Autonomous Region. It is scheduled to be completed and put into operation in 2009.
The pipeline will transmit 30 billion cubic meters of gas a year.
Source:Xinhua
An unnamed CNPC official said the project would help ease energy pressures in Uzbekistan and further enhance upstream gas projects and energy supply in China.
The Mingulak oilfield located in the Fergana oil and Gas region was opened in 1992.
The oil and gas is buried more than 5,000 meters beneath the ground. The recoverable reserves in the oilfield totals more than 30 million tonnes. The annual production is estimated at 2 million tonnes.
In January CNPC commenced construction of a natural gas pipeline extending from Central Asia to China.
It will pass through Uzbekistan, across southern Kazakhstan and into China's Xinjiang Uygur Autonomous Region. It is scheduled to be completed and put into operation in 2009.
The pipeline will transmit 30 billion cubic meters of gas a year.
Source:Xinhua
China Enterprises Index surges 6.19% Monday
The Hang Seng China Enterprises Index surged 433.60 points, or 6.19 percent, to close at 7,441.13 on Monday.
The H-shares index, initiated in August 1994 and readjusted on March 10, 2008, tracks the overall performance of 42 Chinese mainland state-owned enterprises listed on the Hong Kong Stock Exchange.
Hang Seng China H-Financials Index also went up 477.46 points, or 4.96 percent, to close at 10,094.63.
The H-Financials Index, initiated on Nov. 27, 2006, readjusted on Sept. 10, 2007, tracks the performance of nine major banks and insurers of the Chinese mainland.
Hang Seng Mainland Composite Index was up 138.78 points, or 5. 94 percent, at 2,475.75.
Introduced on Oct. 3, 2001 with the latest readjustment effective on Oct. 20, Hang Seng Mainland Composite Index gauges the performance of 130 Hong Kong-listed companies with principal places of business in Hong Kong and the Chinese mainland.
Hang Seng China-Affiliated Corporations Index went up 198.68 points, or 6.95 percent, to close at 3,056.15.
The index tracks the performance of 33 locally listed companies with a significant equity interest held by entities in the Chinese mainland.
Source:Xinhua
The H-shares index, initiated in August 1994 and readjusted on March 10, 2008, tracks the overall performance of 42 Chinese mainland state-owned enterprises listed on the Hong Kong Stock Exchange.
Hang Seng China H-Financials Index also went up 477.46 points, or 4.96 percent, to close at 10,094.63.
The H-Financials Index, initiated on Nov. 27, 2006, readjusted on Sept. 10, 2007, tracks the performance of nine major banks and insurers of the Chinese mainland.
Hang Seng Mainland Composite Index was up 138.78 points, or 5. 94 percent, at 2,475.75.
Introduced on Oct. 3, 2001 with the latest readjustment effective on Oct. 20, Hang Seng Mainland Composite Index gauges the performance of 130 Hong Kong-listed companies with principal places of business in Hong Kong and the Chinese mainland.
Hang Seng China-Affiliated Corporations Index went up 198.68 points, or 6.95 percent, to close at 3,056.15.
The index tracks the performance of 33 locally listed companies with a significant equity interest held by entities in the Chinese mainland.
Source:Xinhua
EU envoy on platform for Asia-Europe cooperation
An Asia-Europe Meeting summit is scheduled to open on Friday, or October 24, in Beijing.
In an appraisal of the imminent Seventh ASEM summit, European Union Ambassador to China Serge Abou said in an interview with PD reporter Wang Fang that Europe and Asia have much in common but they are also faced with numerous common problems, and that the ASEM could put up a "beneficial platform" for the two continents to communicate and heed each other's advices on their shared issues.
Ambassador Serge Abou summarized hallmarks of the Seventh ASEM from three aspects: First: Venue. The choice of Beijing as the summit's venue is very symbolic, he said, as it has successfully held the 2008 Olympic Games and China has constantly increased its role in global politics and world economy. Secondly: Scale. This is the most vital conference of its kind ever held in the history of Asia or Europe as well as a meeting much to be expected, since it would be attended by 45 leaders from 27 EU member states and 18 Asian countries.
Thirdly: The opportune time. The summit is coincided with the onslaught of a global financial crisis amid the growing concern of people for food safety as well as worries over energy, the state of environment and climate change worldwide. Noting that there are a host of issues to be tackled at present, he acknowledged, the dialogues partners representing these countries that make up about 60 percent of the global population and 60 percent of the world trade value would meet in Beijing to explore and look into problems, and this fact itself is a success.
Ambassador Abou spoke highly of splendid, superb preparations so far made for the incoming summit and commended its Preparatory Committee and four coordinators for the summit agenda they had worked out and careful, meticulous coordination made on behalf of the European and Asian sides.
Concerning the new progress scored in Asian-European cooperation, he said, the European-Asian trade volume between has far exceeded that of European-American trade, and the two-way investment between Europe and Asia is really impressive over the past two years. Moreover, Asia is the first choice as the European tourist destination, while Europe is a major area for Asian investment and a priority choice for Asian students, he added. In the realm of politics, there have been more frequent meetings between European and Asian leaders with a steady, increased common understanding and cooperation between their countries.
When internal changes have occurred both in Europe and Asia in recent years, the process of European integration is continuing or deepening, and regional cooperation in Asia is being promoted, acknowledged Abou, Asian countries have beefed up consultations on financial and monetary matters and other economic issues; they have also worked to activate or expand the inter-regional trade and plan to establish a free-trade area. The fast development and progress of Asia conforms to a "multi-polar world" concept maintained and shared by both Europe and China alike.
When asked about the significance of Asian-Europe cooperation to the promotion of global multilateralism and to endorsement of diversified global civilizations, he said, this is crucial, and the Europe-Asia cooperation is particularly pressing in today's economic globalization. As mutual dependence among nations has turned more intensified in the contemporary world, so in case of a crisis or a disease that erupts in a nation, it will soon transmit, infiltrate or spread to another nation or a region, he explained.
In such circumstances, bilateral and multilateral consultations and cooperation should be enhanced and, with regard to the sphere of respecting and giving scope to the role of the United Nations and other multilateral mechanisms, European and Asian countries have a lot to do together, he underscored. Europe and Asia should concert efforts in managing their common fortune 鈥�peace, security and health.
Furthermore, he said, despite their different historical backgrounds and varied cultural traditions, Europe and Asia should respect each other and, on this very basis to increase their exchanges and mutual understanding, learn from each other and enrich themselves in the course of dialogues and cooperation, the EU ambassador said. As so many important Asian and EU leaders could come and sit together to explore and seek solutions, they would be fully capable of setting forth valuable views and feasible ideas or proposals for the solution of prevalent thorny issues.
By People's Daily Online
In an appraisal of the imminent Seventh ASEM summit, European Union Ambassador to China Serge Abou said in an interview with PD reporter Wang Fang that Europe and Asia have much in common but they are also faced with numerous common problems, and that the ASEM could put up a "beneficial platform" for the two continents to communicate and heed each other's advices on their shared issues.
Ambassador Serge Abou summarized hallmarks of the Seventh ASEM from three aspects: First: Venue. The choice of Beijing as the summit's venue is very symbolic, he said, as it has successfully held the 2008 Olympic Games and China has constantly increased its role in global politics and world economy. Secondly: Scale. This is the most vital conference of its kind ever held in the history of Asia or Europe as well as a meeting much to be expected, since it would be attended by 45 leaders from 27 EU member states and 18 Asian countries.
Thirdly: The opportune time. The summit is coincided with the onslaught of a global financial crisis amid the growing concern of people for food safety as well as worries over energy, the state of environment and climate change worldwide. Noting that there are a host of issues to be tackled at present, he acknowledged, the dialogues partners representing these countries that make up about 60 percent of the global population and 60 percent of the world trade value would meet in Beijing to explore and look into problems, and this fact itself is a success.
Ambassador Abou spoke highly of splendid, superb preparations so far made for the incoming summit and commended its Preparatory Committee and four coordinators for the summit agenda they had worked out and careful, meticulous coordination made on behalf of the European and Asian sides.
Concerning the new progress scored in Asian-European cooperation, he said, the European-Asian trade volume between has far exceeded that of European-American trade, and the two-way investment between Europe and Asia is really impressive over the past two years. Moreover, Asia is the first choice as the European tourist destination, while Europe is a major area for Asian investment and a priority choice for Asian students, he added. In the realm of politics, there have been more frequent meetings between European and Asian leaders with a steady, increased common understanding and cooperation between their countries.
When internal changes have occurred both in Europe and Asia in recent years, the process of European integration is continuing or deepening, and regional cooperation in Asia is being promoted, acknowledged Abou, Asian countries have beefed up consultations on financial and monetary matters and other economic issues; they have also worked to activate or expand the inter-regional trade and plan to establish a free-trade area. The fast development and progress of Asia conforms to a "multi-polar world" concept maintained and shared by both Europe and China alike.
When asked about the significance of Asian-Europe cooperation to the promotion of global multilateralism and to endorsement of diversified global civilizations, he said, this is crucial, and the Europe-Asia cooperation is particularly pressing in today's economic globalization. As mutual dependence among nations has turned more intensified in the contemporary world, so in case of a crisis or a disease that erupts in a nation, it will soon transmit, infiltrate or spread to another nation or a region, he explained.
In such circumstances, bilateral and multilateral consultations and cooperation should be enhanced and, with regard to the sphere of respecting and giving scope to the role of the United Nations and other multilateral mechanisms, European and Asian countries have a lot to do together, he underscored. Europe and Asia should concert efforts in managing their common fortune 鈥�peace, security and health.
Furthermore, he said, despite their different historical backgrounds and varied cultural traditions, Europe and Asia should respect each other and, on this very basis to increase their exchanges and mutual understanding, learn from each other and enrich themselves in the course of dialogues and cooperation, the EU ambassador said. As so many important Asian and EU leaders could come and sit together to explore and seek solutions, they would be fully capable of setting forth valuable views and feasible ideas or proposals for the solution of prevalent thorny issues.
By People's Daily Online
Cambodian PM leaves for China for ASEAN-China Expo, ASEM summit
Cambodian Prime Minister Hun Sen left Monday for China to lead a high delegation to participate in the 5th ASEAN -China Expo in Nanning of China on Oct. 22-23.
Hun Sen was seen off by some government officials at the Phnom Penh International Airport.
Subsequently, Hun Sen will attend the 7th Asia-Europe Meeting to be held in Beijing, China on Oct. 24-25, a press release from the Cambodian Ministry of Foreign Affairs and International Cooperation said.
On the sidelines of the ASEM summit, Hun Sen will hold a bilateral talk with Chinese Premier Wen Jiabao, the press release said.
The Cambodian delegation will include Hun Sen's wife Bun Rany Hun Sen, Cambodian Minister of Foreign Affairs and International Cooperation Hor Namhong, Minister of Commerce Cham Prasidh and other high-ranking government officials, it added.
Source:Xinhua
Hun Sen was seen off by some government officials at the Phnom Penh International Airport.
Subsequently, Hun Sen will attend the 7th Asia-Europe Meeting to be held in Beijing, China on Oct. 24-25, a press release from the Cambodian Ministry of Foreign Affairs and International Cooperation said.
On the sidelines of the ASEM summit, Hun Sen will hold a bilateral talk with Chinese Premier Wen Jiabao, the press release said.
The Cambodian delegation will include Hun Sen's wife Bun Rany Hun Sen, Cambodian Minister of Foreign Affairs and International Cooperation Hor Namhong, Minister of Commerce Cham Prasidh and other high-ranking government officials, it added.
Source:Xinhua
Vietnamese PM leaves Hanoi for official visit to China
Vietnamese Prime Minister Nguyen TanDung left Hanoi on Monday to start a six-day visit to China.
This is Dung's first official visit to China since he took office in 2006.
During the visit, Dung is scheduled to attend the 7th Asia-Europe Meeting, slated for Oct. 24 to 25 in Beijing. He will also meet with Chinese leaders and visit China's southern Hainan Province.
Source:Xinhua
This is Dung's first official visit to China since he took office in 2006.
During the visit, Dung is scheduled to attend the 7th Asia-Europe Meeting, slated for Oct. 24 to 25 in Beijing. He will also meet with Chinese leaders and visit China's southern Hainan Province.
Source:Xinhua
World leaders call for new global financial architecture
World leaders have called for a new global financial architecture to tackle the current financial crisis, the most serious since the Great Depression of the 1930s.
"The G7 is not working. We need a better group for a different time," said World Bank President Robert B. Zoellick in a recent speech.
He said that the way the world tries to solve its economic problems needs to be rethought amid today's global crisis, including turning the Group of Seven into a Steering Group that empowers rising economic states.
Zoellick's idea was echoed by many leaders.
IMF Managing Director Dominique Strauss-Kahn said that the global financial architecture had clearly failed to adapt to globalized financial markets, warning the architecture's legitimacy and effectiveness had been called into question.
The global financial crisis had been marked by important regulatory and supervisory failures in advanced economies, in the risk management frameworks of major private financial institutions, and in market discipline mechanisms, he said.
"Legitimacy means that all countries have to be involved in the solution, because they are all involved in the problems," said the IMF chief, noting that policymakers should not wait until the end of the current crisis before acting.
Many developed countries also called on a revamp of the global financial system to prevent the recurrence of the current financial crisis, pushing for a global summit by the end of this year.
"If you look at the global financial architecture, I don't think it reflects the global economy today," U.S. Treasury Secretary Henry Paulson said when asked whether the G7 -- the United States, Britain, Canada, France, Germany, Italy and Japan -- should be expanded to include developing powers such as China, India, Russia and Mexico.
"It's a big world, and it's a lot bigger than the G7," he added.
"If we are going to sort out global financial problems that are recognized to be global, we need better ways of doing this," said British Prime Minister Gordon Brown when attending last week's EU summit.
he said the current financial supervision system, largely based on national or regional levels, cannot cope with globalized financial markets.
"It is obvious now that we are dealing with global financial markets. Ten, twenty years ago we had national capital markets," said the British leader, "What we do not have is anything other than national and regional regulation and supervision."
French President Nicolas Sarkozy, who is also current EU President, said at the EU summit that he would invite U.S. President George W. Bush and other leaders of the emerging economies, such as China and India, to take part in refounding the world's financial system.
"We all agree in Europe that we are going to need to refound the international financial system," Sarkozy told reporters, stressing no financial institutions should be exempted from supervision.
Leaders of the Group of Eight major economies also endorsed Sarkozy's viewpoint, saying they will hold talks with other powers to resolve the current financial crisis.
However, leaders were divided over details of new financial orders.
Italian Economy Minister Giulio Tremonti called for expanding the exclusive G7 but dubbed his new forum the "GX" because even he didn't know what shape it ought to take.
"We propose to go beyond the G7 framework to adopt a larger structure," Tremonti said, adding that Italy would propose such a change next year when it assumes the rotating G7 leadership.
Meanwhile, Zoellick called for a new Steering Group, which he said should include 7 emerging powers.
"For financial and economic cooperation, we should consider a new Steering Group including Brazil, China, India, Mexico, Russia, Saudi Arabia, South Africa, and the current G7," said the World Bank chief.
He stated the new Steering Group should be more than just replacing the G7 with a fixed-number G14, as this would be using old world methods to remake the new.
Source:Xinhua
"The G7 is not working. We need a better group for a different time," said World Bank President Robert B. Zoellick in a recent speech.
He said that the way the world tries to solve its economic problems needs to be rethought amid today's global crisis, including turning the Group of Seven into a Steering Group that empowers rising economic states.
Zoellick's idea was echoed by many leaders.
IMF Managing Director Dominique Strauss-Kahn said that the global financial architecture had clearly failed to adapt to globalized financial markets, warning the architecture's legitimacy and effectiveness had been called into question.
The global financial crisis had been marked by important regulatory and supervisory failures in advanced economies, in the risk management frameworks of major private financial institutions, and in market discipline mechanisms, he said.
"Legitimacy means that all countries have to be involved in the solution, because they are all involved in the problems," said the IMF chief, noting that policymakers should not wait until the end of the current crisis before acting.
Many developed countries also called on a revamp of the global financial system to prevent the recurrence of the current financial crisis, pushing for a global summit by the end of this year.
"If you look at the global financial architecture, I don't think it reflects the global economy today," U.S. Treasury Secretary Henry Paulson said when asked whether the G7 -- the United States, Britain, Canada, France, Germany, Italy and Japan -- should be expanded to include developing powers such as China, India, Russia and Mexico.
"It's a big world, and it's a lot bigger than the G7," he added.
"If we are going to sort out global financial problems that are recognized to be global, we need better ways of doing this," said British Prime Minister Gordon Brown when attending last week's EU summit.
he said the current financial supervision system, largely based on national or regional levels, cannot cope with globalized financial markets.
"It is obvious now that we are dealing with global financial markets. Ten, twenty years ago we had national capital markets," said the British leader, "What we do not have is anything other than national and regional regulation and supervision."
French President Nicolas Sarkozy, who is also current EU President, said at the EU summit that he would invite U.S. President George W. Bush and other leaders of the emerging economies, such as China and India, to take part in refounding the world's financial system.
"We all agree in Europe that we are going to need to refound the international financial system," Sarkozy told reporters, stressing no financial institutions should be exempted from supervision.
Leaders of the Group of Eight major economies also endorsed Sarkozy's viewpoint, saying they will hold talks with other powers to resolve the current financial crisis.
However, leaders were divided over details of new financial orders.
Italian Economy Minister Giulio Tremonti called for expanding the exclusive G7 but dubbed his new forum the "GX" because even he didn't know what shape it ought to take.
"We propose to go beyond the G7 framework to adopt a larger structure," Tremonti said, adding that Italy would propose such a change next year when it assumes the rotating G7 leadership.
Meanwhile, Zoellick called for a new Steering Group, which he said should include 7 emerging powers.
"For financial and economic cooperation, we should consider a new Steering Group including Brazil, China, India, Mexico, Russia, Saudi Arabia, South Africa, and the current G7," said the World Bank chief.
He stated the new Steering Group should be more than just replacing the G7 with a fixed-number G14, as this would be using old world methods to remake the new.
Source:Xinhua
Japan's high court turns down appeal by Chinese WWII laborers
The Fukuoka High Court on Monday upheld the decision of the Nagasaki District Court to reject a damages suit filed by ten Chinese plaintiffs seeking compensation for forced labor in Japan under harsh conditions during World War II, local media reported.
Despite its admitting that the plaintiffs had suffered "extremely large" psychological and physical distress from forced transportation and forced labor, the high court turned down the appeal in line with a Supreme Court decision in April 2007 on the grounds that the plaintiffs lost their rights to war repatriations under the Japan-China joint declaration issued in 1972.
In March 2007, the district court rejected the damages suit filed by the ten Chinese, composed of former coal miners and relatives of deceased workers, citing the expired 20-year time limit.
After the high court ruling, Koichiro Tatsuta, a lawyer representing the plaintiffs, said they will appeal to the Supreme Court.
According to their account, during the World War II, the Chinese plaintiffs were forced to labor in three coal mines in Nagasaki Prefecture under harsh working conditions. Two of them were killed when Nagasaki was hit by an atomic bomb in August 1945.
Source:Xinhua
Despite its admitting that the plaintiffs had suffered "extremely large" psychological and physical distress from forced transportation and forced labor, the high court turned down the appeal in line with a Supreme Court decision in April 2007 on the grounds that the plaintiffs lost their rights to war repatriations under the Japan-China joint declaration issued in 1972.
In March 2007, the district court rejected the damages suit filed by the ten Chinese, composed of former coal miners and relatives of deceased workers, citing the expired 20-year time limit.
After the high court ruling, Koichiro Tatsuta, a lawyer representing the plaintiffs, said they will appeal to the Supreme Court.
According to their account, during the World War II, the Chinese plaintiffs were forced to labor in three coal mines in Nagasaki Prefecture under harsh working conditions. Two of them were killed when Nagasaki was hit by an atomic bomb in August 1945.
Source:Xinhua
Thai, Cambodian PMs may talk at ASEM summit in China
Thailand's Prime Minister Somchai Wongsawat said Monday he may hold informal talks on the Thai-Cambodian border dispute with Cambodia's Prime Minister Hun Sen in Beijing, China.
Somchai will leave for Beijing on Oct. 23 to attend the Asia-Europe Meeting from Oct. 23 to 25, according to local newspaper Bangkok Post's website.
Somchai said he will seek opportunity to meet with his Cambodian counterpart Hun Sen on the sideline of the Beijing summit.
If there is an opportunity for bilateral talks, then it would be held, but it also depends on the coordination between both countries' foreign ministries, Somchai said.
Source:Xinhua
Somchai will leave for Beijing on Oct. 23 to attend the Asia-Europe Meeting from Oct. 23 to 25, according to local newspaper Bangkok Post's website.
Somchai said he will seek opportunity to meet with his Cambodian counterpart Hun Sen on the sideline of the Beijing summit.
If there is an opportunity for bilateral talks, then it would be held, but it also depends on the coordination between both countries' foreign ministries, Somchai said.
Source:Xinhua
Three children die of infectious intestinal disease in east China
East China's Fujian Province reported 113cases of infectious intestinal disease this month and three children were confirmed to have died of hand-foot-mouth disease .
All the cases were reported in Jian'ou City from Oct. 1 to 17, said Wang Xiying, an official with the provincial health department.
The three victims, two boys and a girl, were below one year of age, the spokesman said. They were from different towns of the city, she said.
Among the infected, 22 were still under treatment in hospital and 29 others under medical observation, she added.
Wang said the disease was reported sporadically and the patients remain in stable conditions, without specifying any further details.
Experts said the disease was still epidemic in some parts of Fujian and warned the public to seek immediate medical treatment when symptoms occurred.
The provincial government has dispatched eight epidemic prevention experts to the Jian'ou city to assist local medical staffs in their city-wide medical checks on infants and children.
Ward beds and testing equipments have been added to meet the needs of the patients. Local disease prevention staff are ordered to regularly inspect kindergartens, schools and residential communities to prevent the epidemic from spreading.
HFMD can be caused by a host of intestinal viruses, but EV71 and the Coxsackie virus are the most common. It usually starts with a slight fever followed by blisters and ulcers in the mouth and rashes on the hands and feet. It can also lead to meningitis, encephalitis, pulmonary edema and paralysis in some children. There is no vaccine.
There was a HFMD outbreak in parts of south China in the spring. In Fuyang of Anhui Province, the worst hit area, 22 children died of intestinal virus clinically diagnosed as EV71, alongside tens of thousands of infections.
All the cases were reported in Jian'ou City from Oct. 1 to 17, said Wang Xiying, an official with the provincial health department.
The three victims, two boys and a girl, were below one year of age, the spokesman said. They were from different towns of the city, she said.
Among the infected, 22 were still under treatment in hospital and 29 others under medical observation, she added.
Wang said the disease was reported sporadically and the patients remain in stable conditions, without specifying any further details.
Experts said the disease was still epidemic in some parts of Fujian and warned the public to seek immediate medical treatment when symptoms occurred.
The provincial government has dispatched eight epidemic prevention experts to the Jian'ou city to assist local medical staffs in their city-wide medical checks on infants and children.
Ward beds and testing equipments have been added to meet the needs of the patients. Local disease prevention staff are ordered to regularly inspect kindergartens, schools and residential communities to prevent the epidemic from spreading.
HFMD can be caused by a host of intestinal viruses, but EV71 and the Coxsackie virus are the most common. It usually starts with a slight fever followed by blisters and ulcers in the mouth and rashes on the hands and feet. It can also lead to meningitis, encephalitis, pulmonary edema and paralysis in some children. There is no vaccine.
There was a HFMD outbreak in parts of south China in the spring. In Fuyang of Anhui Province, the worst hit area, 22 children died of intestinal virus clinically diagnosed as EV71, alongside tens of thousands of infections.
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