LONGYAN, Fujian, Feb. 13 (Xinhua) -- Chinese President Hu Jintao on Saturday promised favorable polices to support and accelerate the development of old revolutionary bases."It is an important duty of the Party and government to help old revolutionary bases speed up development and improve people's living standard," Hu said during a two-day trip to Longyan City in east China's Fujian Province just ahead of the Spring Festival, or China's Lunar New Year, which falls on Sunday this year.Chinese President Hu Jintao (Front) dances with residents at Wulong Village in Gutian Town of Shanghang County under Longyan City, southeast China's Fujian Province, Feb. 13, 2010. President Hu made an inspection tour in Fujian on Feb. 12-13"In the future, we will continue to implement every favorable policy to help promote the sound and rapid development in the old revolutionary bases," Hu said.Hu, also general secretary of the Communist Party of China (CPC) Central Committee, visited Gutian Village in Shanghang County in the drizzle Saturday morning.Gutian Meeting, which had a milestone significance to the history of the CPC and the army, was convened in 1929 in the village."After ten years, I've come to Gutian again," said Hu, who last visited the village in 1999. "I feel happy from my deep heart to see the significant changes that have taken place here and the improved living standards of the villagers."Chinese President Hu Jintao (4th R) prepares special local New Year food with family members of Zhang Tangmei at Wulong Village in Gutian Town of Shanghang County under Longyan City, southeast China's Fujian Province, Feb. 13, 2010.He added that during the revolutionary era, people in the old revolutionary bases made great sacrifice and contribution to the victory of China's revolutionary cause and the founding of New China.He expressed hope that the villagers would continue to uphold the spirits of hard work and plain living so as to create a better life with their own hands.Hu visited a museum in memory of the meeting. At the office venue where Comrade Mao Zedong once worked, he stood still for quite a long time, to review the spirit of the Gutian Meeting and recall the merits and achievements made by the older generations of revolutionists.Chinese President Hu Jintao (3rd R) prepares special local New Year food with family members of Zhang Tangmei at Wulong Village in Gutian Town of Shanghang County under Longyan City, southeast China's Fujian Province, Feb. 13, 2010Hu also met with some local veterans, asking about their health and living conditions and greeting them on behalf of the CPC Central Committee.He added that currently, the whole Party and the whole nation were making great efforts to build a moderately prosperous society in all aspects. He urged the inheritance of the spirit of Gutian Meeting and more efforts in building the Party and the nation.Hu also visited Wulong Village near the venue of the Gutian Meeting. At the home of 95-year-old villager Zhang Tangmei, Hu extended new year's greetings to her and prepared special local new year food with her family.While making the glutinous rice with sweet Chinese dates, Hu asked the family members' life and work and wished them better life in the new year.At a square in front of the Wulong Village, Hu also joined the locals in dancing.
HONG KONG, Feb. 15 (Xinhua) -- Over 20,000 people gathered on both sides of Hong Kong's Victoria Harbor to watch a 23-minute firework show Monday evening, as the city is unwrapping various festive activities to celebrate the year of the Tiger.The show began at 8 pm local time (1200 GMT) despite heavy fog and light showers.Spectators cheered and shouted as the Arabic number "eight" appeared in the sky, followed by patterns resembling fish. Fireworks designers explained that the number eight shares the same pronunciation with the word "Fa" which means striking gold while the word "fish" sounds the same with "surplus" in Cantonese.For Hong Kong residents who tend to believe that lucky signs and lucky-sounding words do actually bring in luck, they are delighted at the show, which also include patters similar to the shape of the Chinese traditional gold ingot and red Chinese character "Ji" which means auspiciousness.The Lunar New Year firework show has become an annual event since it lit up the sky above the Victoria Harbor for the first time during the Lunar New Year in 1982.Sponsors of the event said this year's extravaganza costs more that 3 million HK dollars (about 400,000 U.S. dollars ), but they insist the expenditure worthwhile as it brings laughter and joy to Hong Kong citizens at the begining of a new year.
BEIJING, Jan. 23 (Xinhua) -- The Bank of China (BOC) board has agreed to sell up to 40 billion yuan (5.86 billion U.S. dollars) of bonds convertible to A shares to improve capital adequacy.The proposal will be turned into the first temporary shareholders' meeting in 2010, which will be held on March 19, for approval.Excluding issuance costs, the proceeds from the issuance of the six-year convertible bonds will be used to replenish the bank's capital base and working capital and to lift its capital adequacy ratio, according to the BOC, the third largest lender by market value in China.The BOC has been implementing positive financial policies and relatively loose monetary policies since 2009.The BOC capital adequacy ratio stood at 11.63 percent and the core capital adequacy ratio at 9.37 percent by the end of September 2009.
BEIJING, Feb. 23 (Xinhua) -- "Livelihood issues" are Chinese people's top concerns as shown in on-line polls ahead of the annual parliamentary and political advisory sessions.Chinese netizens have voiced their complaints on-line and hope their voices could be heard by top leaders, national lawmakers and political advisors, who will soon gather in Beijing for the two sessions.Pension, housing and health care are among the top concerns, according to polls conducted by people.com.cn of Party's flagship newspaper People's Daily, xinhuanet.com of Xinhua News Agency and cctv.com of the state-run TV network."Pension" has earned 25,508 votes at people.com.cn, followed by anti-corruption, housing price, the income gap, employment and health care, among others. "Pension" also ranked among the top five concerns at cctv.com.Netizens called for the scraping of the long-time "dual pension scheme," in which civil servants and other public employees were entitled to pensions several times the amount of citizens employed by non-public entities."The current pension scheme widens the wealth gap," a person posted at xinhuanet.com.The amount of pension given to ordinary citizens was determined by one's monthly payment dedicated to their social security account before they retired, and is fixed to the average social income.Retirees of non-public entities get much less than their salary before retirement. But the amount of pension government employees get is almost the same as they got before retirement, sometimes two or three times higher than a factory worker.The government raised the pension for ordinary citizens by 10 percent, or 120 yuan monthly per person, starting from Jan. 1, 2010. This is the sixth time the pension has been raised since 2005. But the amount still cannot match that of civil servants'.HOUSING PRICE"Housing" is the top concern in the survey hosted by xinhuanet.com and has attracted a huge amount of comments on-line.Traditionally in China, an apartment of one's own is a must-have for marriage, although the government has tried to encourage young people to rent rooms before they buy one.As housing price in large Chinese cities have kept soaring over the past years, the government has been working on plans to increase public rental housing and build more government subsidized affordable houses.But a report from the Standing Committee of the National People's Congress, the top legislature, said construction of low-income houses was behind target, with only about 23 percent of investment realized by the end of last August.According to the Beijing Municipal Statistics Bureau, the city's average annual income in 2008 was 44,715 yuan, while urban apartments were selling for an average 15,581 yuan per square meter.An apartment of 80 square meters costs almost 1.25 million yuan, which would require a family of two wage-earners to repay with half their salaries for 30 years.The past year saw a 24 percent increase in housing prices nationwide, according to a report from the real estate association of the All-China Federation of Industry and Commerce earlier this month."Hi, Premier Wen, we hope you can help us. Houses are for the rich but not for ordinary people like us. Even in my hometown, a small city as Shandong's Zibo, houses are too expensive for us. We hope the central government can address this problem," a post said at xinhuanet.com.
BEIJING, Feb. 8 (Xinhua) -- The Communist Party of China (CPC) Central Committee Monday called on it members to strengthen learning Marxist theories and various fields of knowledge as required by the country's modernization drive.A circular issued by the General Office of the CPC Central Committee said, "Be it a country, a nation or a party, if it does not strengthen study or enhance the learning ability, it will certainly be left behind by the time."It said as China has entered a new development stage, new problems will constantly emerge and "there are many things that we are not familiar with, or do not understand."It called on CPC members to deeply learn the Marxist theories, the Party's guideline principles, policies, history, and the country's laws and regulations, as well as various kinds of knowledge that would be useful in the modernization drive.It said efforts should be made to study the Scientific Outlook on Development, the core of policies of the leadership which has been enshrined in the Party's constitution and stresses a comprehensive, balanced and sustainable development that is people-oriented.
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BEIJING, Feb. 27 (Xinhua) -- Chinese President Hu Jintao on Saturday sent a message of condolence to his Chilean counterpart Michelle Bachelet over the casualties and property losses caused by the powerful earthquake that struck Chile earlier in the day.Hu, on behalf of the Chinese government as well as in his own name, extended sincere condolences to Bachelet, the Chilean people and government as well as deep sympathies to the earthquake victims.Hu said China was ready to offer emergency relief assistant to Chile to help those affected by the earthquake through their difficulties.Hu said he was confident that under the leadership of the government, Chile would be able to overcome the catastrophe and reconstruct its homeland.A massive 8.8-magnitude earthquake rocked southern Chile early Saturday, killing at least 122 people, and Bachelet has declared a "state of catastrophe" in the country.
BEIJING, March 18 (Xinhua) -- China's government is set to order some central state-owned enterprises (SOEs) to quit real estate business as their land acquisitions are blamed for fuelling rise of urban housing prices, spokesman of the state assets watchdog Du Yuanquan said Thursday.The State-owned Assets Supervision and Administration Commission (SASAC) would require 78 centrally-administered SOEs, whose major business was not property development, to withdraw from the business, Du said in a SASAC press conference Thursday in Beijing.The SASAC gave no specific timetable for the withdrawal, but Du said it would require the 78 enterprises to step up business restructuring and gradually pull out of property development after all current real estate projects were finished.Housing prices in China's 70 large and medium-sized cities grew 10.7 percent in February from a year earlier, and were up 0.9 percent compared to the previous month, according to official figures.However, a total of 16 central SOEs, who have property development as major business, such as the China National Real Estate Development Group Corp. and the China Poly Group Corp., would continue in real estate, said Du.
ZHOUSHAN, Zhejiang Province, March 20 (Xinhua) -- Maritime police authorities in Shanghai and the eastern China provinces of Jiangsu and Zhejiang launched a joint anti-terror exercise Saturday in the run-up to the Shanghai World Expo.Seven naval vessels joined the maneuver, which was held in the waters off the Zhoushan Islands in Zhejiang Province, said Qian Junmin, a senior officer with the maritime police force in Jiangsu Province.He did not say how many officers joined the exercise, which focused on shooting and other practices.Shanghai, which sits at the mouth of the Yangtze River on the East China Sea, has a coastline of more than 600 km with busy water traffic.For security considerations, the sea off Shanghai will be patrolled by armed boats and motorboats during the Expo, scheduled from May 1 to Oct. 31.
BEIJING, Feb. 6 -- The Chinese government is looking at ways to protect consumer rights and develop common standards in the burgeoning pre-paid card industry.The popularity of the cards has flourished in recent years in major cities such as Shanghai and Beijing. In 2007, just four companies in Beijing issued them. Now more than 300 have been registered in the city with the People's Bank of China (PBOC).Complaints have also risen. In Shanghai, where the cards are used most, 4,800 people complained between January and November last year compared with 4,049 during the whole of 2008.Most complaints were about the cards' expiry, as money left on them is kept by some companies."I feel my money on the pre-paid card is very risky since I have to pay close attention to when it expires and try to spend all of it before that date or I will lose it. It's unfair to limit the time available to spend my own money," said Liu Xiaodan, a 26-year-old salesman.It's estimated that the total volume of money left on pre-paid cards after they expire is more than 100 million yuan in Shanghai. The figure for Beijing is not available.The PBOC will launch a series of supervisory regulations this year to oversee the operation of pre-paid card companies, said Zhang Wei, a financial industry analyst. "One of the most important aspects is the management of any money left on the card after it expires. Any investment of money on the cards either before or after they expire must be at zero risk."Fang Xinghai, the head of Shanghai Finance Office, said his organization worked closely with the PBOC to keep an eye on pre-paid card companies."We suggest that special accounts should be opened with the bank where the money on the cards is held to ensure it is safe," he said."If that happens, even if the company goes bust, the money will still be fixed in the account and the cardholders' rights will be protected."Warnings about the risks involved in using pre-paid cards are displayed on the Beijing Administration for Industry and Commerce's website. Complaints about the cards tend to reach their peak during the Spring Festival, when many people buy them as gifts for friends and relatives.The first pre-paid card arrived in Beijing in 2002. Customers can deposit between 100 and 200,000 yuan on them for use at participating shops, restaurants and gyms.Some companies issue them to their employees as an extra benefit.Their popularity took off because they save the inconvenience of carrying money around and enable people to control spending, especially useful if they are given to children or housekeepers.However, the companies behind them are currently regarded as unspecified financial institutions by the PBOC and, as such, are not strictly regulated. That means people have few rights if the company goes bankrupt. They will no longer be able to use the cards, no matter how much money is on them, and will have difficulty reclaiming their cash.Cheng Xi, a 28-year-old engineer, said: "I received the pre-paid card as a gift but I would not buy one myself because I'm not familiar with the pre-paid card company and, if it goes bankrupt, my money would disappear."No matter how distinguished and reputable the company behind a card is, its most important challenge is to win clients' trust."Having a standard trademark like China UnionPay, which has a good reputation for reliability, is necessary for a company to distinguish it from those with a bad reputation. The company that wins the trust of most clients will be the biggest winner," said Clark Lin, a financial analyst at Thomson Reuters.Fu Dingsheng, a civil and business law expert at East China University of Political Science and Law, said: "Part of the pre-paid card company's capital should be classified as a guarantee deposit when the issuers register their companies. In that way consumers' rights can be met to some extent when a dispute occurs."Even though the prepaid card sector is an emerging industry with little or no supervision, the government is speeding up its oversight of the sector."PBOC is playing a leading role in the supervision of the industry. We regard this as an important task to complete in order to protect consumers' rights to the greatest extent," said Fang from Shanghai Finance Office.