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BEIJING, April 13 (Xinhua) -- Chinese companies will no longer need the central bank's approval when issuing short-term bonds on the inter-bank market amidst government efforts to boost direct financing and reduce bank loan risks.     The People's Bank of China (PBOC) announced non-financial companies could issue bonds with maturities of less than one year on the inter-bank market without its approval from April 15.     Instead, they would only need to register at the National Association of Financial Market Institutional Investors set up in September, the PBOC said in a statement issued late on Saturday.     It said other negotiable notes "with a certain maturity" issued by non-financial companies on the inter-bank bond market wouldn't need administrative examination and approval, either. Nor would future innovative financing tools on the market.     China has vowed to develop its capital market and broaden direct financing channels to curb enterprises' heavy reliance on bank credit.     "China's financial structure has long been unbalanced, with its direct financing underdeveloped," said the statement. "Enterprises rely on bank loans too much, bringing them fairly large hidden risks."     To boost innovation in debt offering and raise the share of direct financing could mobilize the transfer of deposits to investment and decrease credit risks of the banking system, it said.     China allowed companies to offer short-term bonds to qualified institutional investors on the inter-bank market in May 2005.     From then to the end of 2007, 316 companies issued 769.3 billion yuan (about 109.9 billion U.S. dollars) of short-term bonds, with 320.3 billion yuan of outstanding debts, statistics showed.     In comparison, short-term loans to non-financial companies and other institutions surged 1.25 trillion yuan in 2007, while middle- and long-term loans jumped 1.65 trillion yuan.

BEIJING, Oct. 8 (Xinhua) -- China's central bank on Wednesday announced cuts in both the interest rate and reserve-requirement ratio in the latest effort to boost the domestic economy amid worries over the deepening global financial crisis.     The deposit and lending rates would be lowered by 0.27 percentage points from Thursday and the reserve-requirement ratio would be down by 0.5 percentage points from Oct. 15, the People's Bank of China (PBOC) said.     "This was mainly out of concerns over an economic slowdown," said Ba Shusong, deputy chief of the Finance Research Institute under the Development Research Center of the State Council.     "The rate cut was expected as the world was faced with a cycle of interest rate cuts," he told Xinhua.     OUT OF SLOWDOWN CONCERNS     The loosening in monetary policy, the second such move in less than a month, highlighted the government's rising concern over the slowing economy and slumping capital market.     The PBOC cut the benchmark one-year lending rate by 0.27 percentage points on Sept. 16, the first rate cut in six years. It also lowered the reserve requirement at medium- and small-sized lenders by 1 percentage point as of Sept. 25.     Tang Min, China Development Research Foundation deputy secretary, echoed Ba's viewpoint.     Tang said the government made the move mainly out of concerns over domestic problems. "The deepening U.S.-originated credit crisis has impacted the psychology of Chinese and also the real economy," he told Xinhua.     Investors, gripped by lingering fears of global economic downturn, dumped equities to drive the stock market down 66 percent from its peak last October.     China's gross domestic product (GDP) expanded 10.1 percent in the second quarter of the year, marking a deceleration for four consecutive quarters.     Its exports, a major driver behind the economy, reported slowing growth this year as the credit crisis reduced overseas demand for its goods. This has led to the closures of tens of thousands of local exporters and also job losses.     Local businesses bore the brunt of higher borrowing costs and were even finding it difficult to get credit after last year's tightening measures aimed at curbing inflation and averting economic overheating.     The easing in inflation has given room for the authorities to loosen monetary policy. The consumer price index rose 4.9 percent in August, off from the 12-year-high of 8.7 percent in February.     "Inflation is no longer a threat with the declining commodities prices," Tang said.     The monetary policy has been starting to loosen and the trend would not change in the short term, said Zhuang Jian, an Asian Development Bank (ADB) economist. "The whole world doesn't have strong confidence in the economic outlook."     TAX CUT TO BOOST DEMAND     In another move to boost domestic demand, the State Council, China's Cabinet, said it would scrap the 5 percent individual income tax on savings interest earnings starting on Thursday.     China began levying a 20 percent individual income tax on interest earnings in 1999 to narrow the income gap and encourage consumption and investment. The tax rate was slashed to 5 percent on Aug. 15, 2007.     The income tax cut was a must as it would help alleviate the erosion on personal income by high prices, especially given the cut in the deposit rate, Li Yang, head of the Finance Research Institute under the Chinese Academy of Social Sciences.     The tax cut, together with lower borrowing costs, would boost domestic demand, an increasingly more important driver of economy in the global credit crisis, Zuo Xiaolei, China Galaxy Securities chief economist, said.     GLOBAL COORDINATED RESPONSE     The move was also a timely response to the rate cuts by other major central banks and part of a coordinated effort to stem the global crisis, Tang said.     Six other major central banks, including the U.S. Federal Reserve, slashed interest rates on the same day to cope with the current financial crisis.     The U.S. Federal Reserve lowered its target for the federal funds rate by 0.5 percentage points to 1.5 percent. The Bank of England cut its rate by half a point to 4.5 percent and the European Central Bank cut by the same margin to 3.75 percent.     Central banks of Canada, Sweden and Switzerland took similar actions. The Bank of Japan said it strongly supported these policy actions.     Australia's central bank on Tuesday slashed the interest rate by 1 percentage point, the largest cut since 1992.

PYONGYANG, June 17 (Xinhua) -- Visiting Chinese Vice President Xi Jinping on Tuesday made a five-point proposal to strengthen bilateral ties and cooperation with the Democratic People's Republic of Korea (DPRK).     Xi, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the proposal while meeting with Yang Hyong Sop, vice president of the Presidium of DPRK's Supreme People's Assembly.     Firstly, Xi proposed maintaining the trend of mutual exchange of visits by high ranking officials, and strengthening political communication and close relations between the Chinese Communist Party and the Worker's Party of Korea.     China will continue to exchange views on governance and party construction with the DPRK, maintaining communication on important issues, he said. Chinese Vice President Xi Jinping(4th L) talks with Yang Hyong Sop (3rd R), vice president of the Presidium of the Supreme People's Assembly of the Democratic People's Republic of Korea (DPRK) during a meeting in Pyongyang, capital of the DPRK, on June 17, 2008.    Second, he proposed the observance of "China-DPRK Friendship Year" in 2009 -- the 60th anniversary of the establishment of diplomatic ties between the two countries.     The third point of his proposal is that both sides should strive to deepen cooperation in agriculture, light industry, information industry, technology, transportation and infrastructure construction in the border areas.     It should be a win-win cooperation, resulting in mutual benefits, the Chinese vice president said.     China will encourage large and creditable enterprises to invest in the DPRK, he said, adding that the two sides could upgrade a number of ports to enhance their loading and unloading capacity.     Fourth, Xi proposed the promotion of bilateral cultural exchanges.     China will welcome artists' groups from the DPRK to the 10th Asian Art Festival in September and will continue to send high-level art groups to the International Spring Art Festival held in Pyongyang each April, he said.     Finally, the Chinese vice president also proposed to strengthen bilateral coordination and cooperation in the six-party talks on the DPRK nuclear issue, and within the framework of the United Nations, to protect the interests of both countries.

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BEIJING, Oct. 1 (Xinhua) -- China will give more efforts to strengthen quality supervision of dairy products in rural areas, said Chen Deming, the minister of commerce, on Wednesday.     "The Ministry of Commerce (MOC) always gives food product supervision in vast rural areas a priority, although it is not an easy job to carry out as in urban areas," said Chen.     Chen said the MOC has urged local authorities to take tangible measures to regulate and stabilize the dairy markets in such areas.     The local governments were asked to launch strict supervision and inspection over dairy products in rural shops, enterprises and wholesale markets. Tainted milk products should be removed from shelves in time.     "The MOC will continue to work together with local governmental organs to ensure a sound market order, and help farmers get more knowledge about dairy products," said Chen.     Meanwhile, Chen noted the country should adopt concrete measures to lift consumer's confidence. "The government should enhance inspection over product quality, while enterprises should take on more social responsibility."     China's food quality has been criticized recently, as 13,000 infants nationwide were hospitalized with kidney problems and at least three were killed after drinking baby formula tainted with melamine. The chemical, which was added illegally, makes the protein content of milk appear higher than it actually is.     After the Sanlu formula's problem exposure, the General Administration of Quality Supervision, Inspection and Quarantine conducted a nationwide examination of baby milk powder to find 22 companies whose formulas were tainted.

BEIJING, April 5 (Xinhua) -- Chinese President Hu Jintao and other senior leaders took part in a voluntary tree planting activity at the Olympic Forest Park here on Saturday.     China's top legislator Wu Bangguo, Premier Wen Jiabao, top political advisor Jia Qinglin, as well as Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang, and Zhou Yongkang also planted trees at the park next to the national stadium, the main venue of the Beijing Olympic Games.     Covering some 680 hectares in the north of Beijing, the park is a major part of the 2008 Olympics infrastructure, which is expected to improve the city's environment and air quality.     Hu said during the activity that the Beijing Olympics and Paralympics are approaching. He urged Beijingers to support the Green Olympics initiative and make the city greener and more beautiful before athletes from worldwide come in August. Chinese President Hu Jintao (C) takes part in tree planting at the Olympic Forest Park in Beijing, capital of China, April 5, 2008    Beijing's air quality has been a subject of concern among some foreign athletes planning to attend the Games. However, many have acknowledged that the city has done much to improve its air quality.     This is the fifth time since 2001 for top leaders to take part in planting at the park, where nearly 500,000 trees have been planted.     Hu said voluntary tree planting is an effective way to get everyone involved in improving the environment. "For every tree we plant today, we gain another spot of green in the future," he said.     About 2 million Beijingers took part in planting activities in the capital on Saturday, which is Beijing's 24th voluntary tree planting day. 

BEIJING, Aug. 8 (Xinhua) -- The opening ceremony of the Beijing Olympic Games staged here on Friday night has caught nearly 40 billion people's eyes worldwide.    A dream-come-true resonance that longed for a hundred years and prepared for 84 months is giving millions of reasons to Chinese to have a sleepless night.    THRILLING VENUE AUDIENCE AND ATHLETES Chinese former gymnastics champion Li Ning kindles the cauldron of the Beijing Olympic Games during the opening ceremony of the Beijing Olympic Games held in the National Stadium, also known as the Bird's Nest, in north Beijing, China, Aug. 8, 2008. "The most exciting moment is the igniting part, it combines technology, traditional arts and Li Ning's effort in such a perfect way," Xie Mengxin, a girl sitting in the stadium, known as Bird's Nest, said after the ceremony.    "There have been so many heart-shaking moments in it and we were all thrilled," she said, adding that the spacewalking-like showing of the last torch bearer for the Games has beyond her imagination.    Paduld Sri Rohana de Pettagan, an official with the Sri Lanka Olympic Committee, said "I love the countdown part which combines the Chinese ancient history with the modern high technology."    "The opening is so good, with so many hi-tech features. The organizers used fireworks, LED screen, video and audio technologies to show the best of China," he added.The cauldron of the Beijing Olympic Games is ablaze over the National Stadium, also known as the Bird's Nest, in north Beijing, China, in the early morning of Aug. 9, 2008. "Every part of the preparation of the Beijing Olympic Games is fantastic. The Games is an opportunity for the world to understand China, and for China to understand the world as well." Michael Naumann, a tourist from Germany who watched the ceremony on TV, told Xinhua.    "It was awesome. A lot different from the other ones. Being a vet, seeing the new guys' faces when we were walking into the stadium for the first time was awesome." Brian Olson from U.S. said.    "This Olympics has gone above and beyond. It was special, whether it's your fourth or first." the judoka coming from Tallahassee, Florida said.    "It was once in a lifetime, I loved it. I was speechless at times. I really liked the torch and the guy flying through the air," said Demetrius Andrade, a U.S. Boxer from Providence, Rhode Island.    "It was really nice, it was inspirational. It made me want to compete," said another Boxer Sadam Ali who was among others encouraged to "give it all you have got" by U.S. president George Bush before attending the opening ceremony.

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DUSHANBE, Aug. 27 (Xinhua) -- China and Tajikistan have reached broad consensus on deepening bilateral cooperation in politics, economy, trade and their efforts to combat terrorism, according to a joint statement issued here Wednesday following a meeting between the presidents of both countries.     TO ENHANCE NEIGHBORLY COOPERATION     According to the statement, the two sides agreed that the Chinese-Tajik Good-Neighborly and Friendly Cooperation Treaty signed last year forged a solid legal basis for the development of bilateral ties.     Both sides spoke highly of the current development of bilateral ties and believed the rapid development of cooperation in various fields has brought tangible benefits to the two peoples.     They also made a commitment on furthering exchanges and cooperation between China's National People's Congress and the Tajik Parliament, as well as among special committees and friendly groups, in order to improve the legal basis for bilateral ties, consolidate traditional friendship and enhance understanding between the two peoples.     The two sides hailed the settlement of border issues and pledged to seek long-term peace. They also voiced mutual support for important issues concerning each others' sovereignty and territorial integrity. Visiting Chinese President Hu Jintao (R front) reviews the honour guard with his Tajik counterpart Emomali Rakhmon during the welcoming ceremony held by Emomali Rakhmon in Dushanbe, capital of Tajikistan, Aug. 27, 2008The statement has Tajikistan reiterating its adherence to the one-China policy, saying Taiwan is an inalienable part of China.     The two sides held the point that the Shanghai Cooperation Organization (SCO) has developed smoothly and become an important platform for member states to deepen neighborly ties on the basis of mutual trust and benefit.     Central Asian countries have unique traditions in history and culture, and the international community should respect the countries' own development paths, the statement said.     The two sides pointed out that they have maintained the same or similar stances on a series of major international or regional issues, and will strengthen cooperation under the framework of the United Nations and other international organizations. Visiting Chinese President Hu Jintao (L back) and his Tajik counterpart Emomali Rakhmon hold joint press conference after meeting in Dushanbe, capital of Tajikistan, Aug. 27, 2008TO BOOST ECONOMIC TIES     China and Tajikistan agreed that bilateral economic and trade cooperation bears special significance for the all-round development of bilateral ties.     They agreed to intensify the work of the inter-governmental trade commissions, improve investment environment and further optimize the structure of bilateral trade.     China and Tajikistan will also expand cooperation in transportation, telecommunications, mineral exploration and processing, as well as agriculture and infrastructure, the statement said.     The two sides will tap cooperation potential in road transportation and cross-border transportation, and boost pragmatic cooperation in border areas by adopting policies encouraging trade.     The two neighbors will also create favorable conditions for each other to carry out investment, trade, and technical and economic cooperation.     In addition, China and Tajikistan will step up efforts to broaden cooperation in education, culture, science and technology, media, tourism, sports, health and social security. Visiting Chinese President Hu Jintao (R) meets with Tajik Prime Minister Akil Akilov in Dushanbe, capital of Tajikistan, Aug. 27, 2008TO COMBAT TERRORISM, DRUG-RELATED CRIME     Both sides agreed that cracking down on the East Turkistan terrorists is a significant part of the international struggle against terrorism.     China and Tajikistan have signed the multilateral Shanghai Convention on Combating Terrorism, Separatism and Extremism, and a convention on bilateral cooperation in combating the three forces.     Based on the conventions, the two countries will maintain close cooperation in security and take strong measures to jointly combat terrorism in various forms to protect regional peace and stability.     The two sides also pledged to fight against drug-related crime, saying such crimes have seriously affected national security and social stability of the countries in the region, the statement said.     Visiting Chinese President Hu Jintao and his Tajik counterpart Emomali Rakhmon met here Wednesday to discuss furthering bilateral ties. Hu arrived here on Tuesday for a state visit and the SCO summit slated for Thursday.

BOAO, Hainan, April 12 (Xinhua) -- The economic and trade exchanges and cooperation between the Chinese mainland and Taiwan was facing a historical opportunity and needed joint efforts from both sides for further progress, Hu Jintao, general secretary of the Communist Party of China Central Committee, said on Saturday.     Hu made the remarks while meeting with Vincent C. Siew, chairman of the Taiwan-based Cross-Straits Common Market Foundation at the Boao Forum for Asia. Hu Jintao (R), general secretary of the Communist Party of China Central Committee, meets with Vincent Siew, chairman of the Taiwan-based Cross-Straits Common Market Foundation, in Boao, south China's Hainan Province, April 12, 2008Hu said under the new circumstances, the mainland would continue promoting cross-Straits economic and cultural exchanges and cooperation.     The mainland would also make efforts to push forward negotiations on weekend charter flights and mainland tourists' travel to Taiwan, Hu said.     He said the mainland would continue being concerned about Taiwan compatriots' welfare and protecting their legal rights and interests, and would step up efforts to restore cross-Straits negotiations and talks.     Hu said the fact that the forum was attended by so many participants from all walks of life home and abroad reflected from one aspect Asian countries and regions' strong desire to reinforce communication and cooperation and seek win-win solutions.     "The fact also inspired us to think deep about cross-Straits economic exchanges and cooperation under the new circumstances," Hu said.     Siew said the economies of the mainland and Taiwan were closely related, and the development of trade and economic relations had contributed to cross-Straits stability.     He hoped the weekend charter flights program would be launched as soon as possible and mainland tourists would soon travel to Taiwan, adding that direct flights and normal trade ties had become an inevitable choice.     Hu said the cross-Straits economic exchanges and cooperation had achieved a prominent progress after 20 years of development. Facts proved that the economic exchanges and cooperation was the most vigorous factor in the cross-Straits relations and an effective way to benefit people on both sides and expand their common interests.     Hu pointed out that in recent eight years, the cross-Straits relations "suffered twists and turns for reasons known to all", and people on both sides were not willing to see that.     He stressed that the peaceful development of the cross-Straits relations was the shared will and common interests of compatriots on both sides.

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BEIJING, April 5 (Xinhua) -- Chinese President Hu Jintao and other senior leaders took part in a voluntary tree planting activity at the Olympic Forest Park here on Saturday.     China's top legislator Wu Bangguo, Premier Wen Jiabao, top political advisor Jia Qinglin, as well as Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang, and Zhou Yongkang also planted trees at the park next to the national stadium, the main venue of the Beijing Olympic Games.     Covering some 680 hectares in the north of Beijing, the park is a major part of the 2008 Olympics infrastructure, which is expected to improve the city's environment and air quality.     Hu said during the activity that the Beijing Olympics and Paralympics are approaching. He urged Beijingers to support the Green Olympics initiative and make the city greener and more beautiful before athletes from worldwide come in August. Chinese President Hu Jintao (C) takes part in tree planting at the Olympic Forest Park in Beijing, capital of China, April 5, 2008    Beijing's air quality has been a subject of concern among some foreign athletes planning to attend the Games. However, many have acknowledged that the city has done much to improve its air quality.     This is the fifth time since 2001 for top leaders to take part in planting at the park, where nearly 500,000 trees have been planted.     Hu said voluntary tree planting is an effective way to get everyone involved in improving the environment. "For every tree we plant today, we gain another spot of green in the future," he said.     About 2 million Beijingers took part in planting activities in the capital on Saturday, which is Beijing's 24th voluntary tree planting day. 

TOKYO, June 14 (Xinhua) -- Foreign ministers of China, Japan and South Korea agreed here Saturday to strengthen trilateral cooperation for better political, economic and cultural relations.     Chinese Foreign Minister Yang Jiechi, Japanese Foreign Minister Masahiko Komura and South Korean Minister of Foreign Affairs and Trade Yu Myung Hwan reached the agreement at the second trilateral meeting of foreign ministers from the three countries. Chinese Foreign Minister Yang Jiechi (L), Japanese Foreign Minister Masahiko Komura (C) and South Korean foreign and trade minister Yu Myung-Hwan shake hand prior to their meeting in Tokyo, Japan, June 14, 2008.Yang said the meeting was held when the trilateral cooperation is showing bright prospect. "The trilateral cooperation is facing new opportunities and is standing at a threshold," Yang told his counterparts during the meeting held later in the afternoon.     "Further development of the trilateral cooperation is in line with the expectation of the three peoples and is conducive to peaceful development of the three countries and the region," Yang said.     He called for cherishing of the opportunities to actively push forward the trilateral cooperation toward the direction of peaceful coexistence, comprehensive cooperation, mutual benefit and common development.     Yang called on the three sides to keep their respective political promises, improve understanding and trust in each others, expand logistical and financial cooperation as well as social and cultural exchanges and deepen communications on regional cooperation and significant international and local issues so as to further improve the mechanism of trilateral cooperation. Japanese foreign minister Masahiko Komura (C) speaks during a joint press conference with Chinese foreign minister Yang Jiechi(L), South Korean foreign and trade minister Yu Myung-Hwan after the tripartite China-Japan-South Korea Foreign Ministers Meeting in Tokyo, capital of Japan, on June 14, 2008.    The three ministers agreed that the trilateral cooperation is very important for peace, stability and prosperity of Asia. They agreed to carry out new cooperation on disaster relief.     The three ministers agreed to keep regular communications between leaders and foreign ministers of the three countries and scheduled a meeting of heads of government of the three countries in Japan in September.     The three ministers also agreed to strengthen cooperation on promoting peace and stability on the Korean Peninsula, combating climate change, environment protection, food and energy safety, assistance to African development and the United Nations' reform.     Komura and Yu wished the Beijing Olympics a great success.