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nanishgu 2024-04-28 09:11:19

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ROME, July 2 (Xinhua) -- Chinese President Hu Jintao's forthcoming visit to Italy ahead of the G8 summit paves the way for stronger bilateral ties, an Italian expert told Xinhua in an interview.     Luca La Bella, a China analyst with Rome's International Studies Center, said that in the past decades, political, economic and cultural relations between Italy and China have improved. "Chinese President Hu Jintao's visit to Italy will reinforce this strategic collaboration," he said.     Hu will attend a meeting between the leaders of the Group of Eight (G8) and emerging economies from July 8 to 10 in L'Aquila.     Before the G8 summit, he will pay a state visit to Italy from July 5 to 8 at the invitation of Italian President Giorgio Napolitano. After the G8 meeting, the Chinese leader will visit Portugal from July 10 to 11.     China-Italy ties have maintained a sound momentum of rapid development, especially since 2004, when the two countries forged the first all-round strategic partnership to boost political and economic cooperation, La Bella said.     "The Italian Culture Year in China of 2006 was very successful," La Bella said. "Institutional exchange and business ties have increased. Reciprocal awareness of each other's culture and history is now greater."     The Italian firms in China enjoy Chinese government's support, the expert said, "Trade exchanges have increased. Italy imports from China technological goods, and exports Italian fashions and brands to China."     The two presidents will surely discuss in their meeting the upcoming Chinese Year of Culture in Italy, scheduled for 2010. It will be China's turn this time to be culturally, economically and politically present in Italy, La Bella said.     Numerous events are planned for the Chinese Year in Italy, which marks celebrations of the 40th anniversary of diplomatic relations between the two countries.     It will be an opportunity for high level political, economic and cultural exchanges between Chinese and Italian leaders and industry representatives.     According to La Bella, fostering bilateral ties with China is of crucial importance to Italy.     China and Italy are well-tuned politically as well, he added. "Italy pursues the one-China policy and is a front runner in lifting the arms embargo against China," he said.

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HONG KONG, May 18 (Xinhua) -- China will definitely be able to meet the target of achieving eight percent economic growth in 2009, a senior official of the country's top economic planning body said here Monday.     "Judging from the indicators of the first four months, I do believe it is highly possible to achieve an eight percent growth for the full year. In fact, I believe the target will definitely be met," said Xulin, head of the Department of Fiscal and Financial Affairs of the National Development and Reform Commission.     Speaking at a briefing in Hong Kong, Xu said the basic assessment was that there has been consolidation in the recovery momentum and that the minor slowdown in April, normal as it has been when considering the past experiences, did not necessarily signal a second bottom in the ongoing economic downturn.     Economic planners have been monitoring the economy closely and are prepared to put in place additional measures in the coming months if it is necessary, Xu said.     Post-earthquake reconstruction in Sichuan province was being carried out quicker than previously planned. Small and medium enterprises were receiving financing aid from guarantee programs, Xu told local as well as foreign reporters.     The National Development and Reform Commission will approve 600 billion yuan (88 billion U.S. dollars) of corporate bonds this year as the IPO market remained cool, compared with 236 billion (35 billion U.S. dollars) for 2008, Xu said.     The debt of the Chinese government was about 20 percent of gross domestic product, compared with over 190 percent for Japan, close to 100 percent for the United States and 60 percent on average for the European economies.     The Chinese government has planned a budget deficit of 950 billion yuan (139 billion U.S. dollars) for 2009, which represented about 2.8 percent of gross domestic product.     Xu said the ample resources could sustain heavy government investment to stimulate the economy for several years although "it was not necessary. "The Chinese government will spend more resources to develop public housing programs and a pension system and to push forward the health reform, so as to increase the contribution of domestic consumption to economic growth," Xu said.     "I don't think export can still play the roles as they did in past few years in driving the Chinese economy," Xu said, adding that China, as a responsible player, would like to see a moderately stable yuan.

BEIJING, May 3 (Xinhua) -- China developed a new diagnostic reagent to test for A/H1N1 flu virus in pigs and the new method could provide test results in five hours, the Ministry of Agriculture said Sunday.     The ministry has organized experts soon after the outbreak of A/H1N1 to develop new diagnostic reagents to test for A/H1N1 virus. The method could also provide references for the virus in humans, the ministry said.     The ministry has urged local branches to strengthen efforts on the storage and management of emergency materials for the influenza A/H1N1 prevention and control.

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SHANGHAI, June 19 (Xinhua) -- A senior Chinese leader has urged a severe crackdown on pornographic Internet content, stressing that there should be no slackening of efforts to punish the "vulgar trend" in the cyberworld.     Li Changchun, member of the Standing Committee of the Communist Party of China Central Committee Political Bureau, made the remarks during a five-day tour of the nation's biggest city, Shanghai, that ended Friday.     He said the construction of "green" website-surfing venues should be stepped up to offer minors a healthy social and cultural environment.     While visiting the construction site of the Shanghai World Expo2010, Li said the expo should be a showcase of the nation's cultural prosperity.     The expo would be another grand international festivity after the 2008 Beijing Olympics, Li said, noting that domestic and foreign journalists should be provided with favorable conditions in covering the event.     The official also stressed the importance of technical innovation and cultural reform while visiting local manufacturing companies and artistic troupes.

BEIJING, May 2 (Xinhua) -- A delegation of the Communist Party of China (CPC) left here Saturday for official visits to Kenya, Eritrea, Ghana, Cape Verde and Norway.     The delegation, led by Wang Jiarui, head of the International Department of CPC Central Committee, was invited by the three parties of Kenya's ruling coalition--Party of National Unity, Orange Democratic Movement and Orange Democratic Movement-Kenya, the People's Front for Democracy and Justice of Eritrea, African Party for the Independence of Cape Verde and Norwegian Minister of Foreign Affairs.

BEIJING, May 3 (Xinhua) -- Decoupling from the world, and the economic downturn much of it is experiencing, has proven impossible for China. But its resilience is receiving more recognition, with many leading financial institutions upgrading their 2009 growth forecasts since mid-April.     The adjustments for gross domestic product (GDP) growth, ranging from 0.5 to 2.3 percentage points, were based on signs of a turnaround in the first quarter. These indicators included stronger-than-expected real GDP growth, recovering property investment, a pick-up in power consumption and a surge in bank lending.     Merrill Lynch & Co. said it expected China's GDP to grow 7.2 percent in the second quarter and 8 percent this year, while Goldman Sachs raised its projection from 6 percent to 8.3 percent, the most optimistic forecast so far. Other forecasts include UBS, which raised its estimate by 0.5 point to 7 percent and CLSA Asia-Pacific, which lifted its outlook by 1.5 point to 7 percent.     China's policymakers can take heart from these forecasts. Every upward revision, big or small, given the global economic slowdown, might point to a better chance for the nation to achieve its 8-percent growth target. That level of growth is considered necessary to raise living standards while maintaining social stability.     But there's still the question of whether rapid growth is sustainable. Some analysts believe it isn't unless China can rebalance its economy and achieve higher efficiency, lower environmental costs and a more reasonable balance among investment, trade and consumption.     QUANTITY OR QUALITY?     In an interview with Xinhua, Stephen Roach, chairman of Morgan Stanley Asia, urged Chinese authorities to get more serious about stimulating private consumption because the global economy remains "pretty weak" and might only achieve a weak recovery.     "China has responded to the crisis the way it has always responded to global problems. That is, using proactive fiscal stimulus mainly in the infrastructure area to provide temporary support in the downturn until the global economy comes back. It worked in the 1997 Asian financial crisis and the 2000-2001 mild recession. But this is a different sort of problem," said Roach.     "Once the stimulus wears off and if there is no follow-through, the Chinese economy will weaken again. I don't think exports will recover in the weak global economy."     Domestic economists voice similar worries, saying that the speed of growth doesn't matter as much as the quality. Liu Shangxi, deputy dean of the Research Institute for Fiscal Science at the Ministry of Finance, said that the 6.1-percent year-on-year growth in the first quarter had been "fairly good" for China. But, he said, "sometimes, it's worth slowing down a bit to have the economy move more stably."     Wang Xiaoguang, an economist with the National Development and Reform Commission (NDRC), the chief planning agency. said that the government's annual growth target had become mostly symbolic.     For five years in a row, the target was 8 percent, and for five years in a row, the growth rate overshot the target. Wang said the government had faced a dilemma: a cut in the target might undermine public confidence while a rise might tempt local governments to over-invest to meet a high growth target.     The turnaround signs mostly reflected the impact of the 4-trillion-yuan (586 billion U.S. dollars) stimulus package. Meanwhile, retail sales still trailed investment in contributing to growth. Local economists warned that the economy remained unbalanced and vulnerable.     "Historical records show that adjustments in the Chinese economy would take two to three years, on average. Seven months have passed since the impact of the global financial crisis began to tell on the local economy.     "With a turnaround in sight, recovery might come earlier than expected but there are still risks of a further slowdown," Chen Dongqi, deputy chief of the Macro-Economic Research Institute under the NDRC, told a business development forum in Guangdong in late April.     BUYING CURE     It's widely accepted among economists that China should boost domestic private consumption by leading individuals to buy more and save less. The key question is: how?     "Two big programs" Roach advocates call for doubling the investment in social security immediately to 150 billion U.S. dollars and establishing a goal of raising consumption as a share of the economy from 36 percent to 50 percent within five years.     "What I think is missing here is the social safety net, social security pension and unemployment insurance. Because of the absence of the safety net, China has seen a high level of precautionary saving," he said.     Roach suggested that China develop a private pension system in particular so total employee compensation could rise in tandem with productivity. "Chinese companies need to partner with their workers and provide medical care [and] retirement investing for their workforce. Chinese workers' total pay package should have both wages and benefits," he said.     Liu agreed that the primary task in expanding consumption was to raise incomes. "Securing the legitimate interests of workers is particularly significant when the economy slumps. It would be like drinking poison to quench one's thirst if businesses sought to expand corporate earnings at the cost of workers' pay and benefits," he said.     Low labor costs and massive capacity have propped up China's prosperity over the past decades. But the proportion of wages to national income has been on a long decline since the 1990s.     Between 2002 and 2006 alone, economists estimate the figure dropped from 62.1 percent to 57.1 percent. Meanwhile, the contribution of consumption to GDP growth fell from 43.6 percent to 38.9 percent.     "A more meaningful index to judge the sustainability of China's economic growth would be the proportion of wages to national income," Liu said. "If this ratio did not rise, people would remain poor, and thus expanding consumption would be empty talk."     Chinese are far from wealthy. Only 4 percent of the workforce, and just 10 percent of the urban workforce, earn more than 2,000 yuan a month, the threshold for individual income tax.     As Chinese residents hold 2.43 trillion yuan in aggregate deposits, economists say one immediate way to boost consumption would be to stabilize spending on staple property -- including housing and automobiles -- and support tourism and cultural activities.     "People spend much of their money on housing and food. The government should encourage people to entertain themselves more," Wang said.     CHINA 'NO LOCOMOTIVE'     Although China might be the first major economy to recover from the downturn, economists disagree on when China will return to sustained high growth.     Morgan Stanley, for example, has forecast a firm recovery by mid-year, but said sustainable growth through 2010 would still hinge on what happens in other countries.     "China will be stronger. But will that strength be enough to allow others to follow in its footsteps? I don't think so," said Roach.     "Most of China's resilience comes from infrastructure building, roads, property consumption ... [this] won't have an impact on the United States and Europe. This resilience is only temporary while its stimulus is local rather than global."     Central bank governor Zhou Xiaochuan also warned in late April during World Bank-IMF meetings in Washington that the rebound in China's economy had to be consolidated. He said conditions in China would permit rapid economic development again, once macroeconomic policies such as the stimulus plan took effect.     Challenging internal and external conditions, he said, included continuously shrinking external demand, a relatively large decline in exports, overcapacity in some industries, falling government revenue and lingering employment pressure.     As China emerges from the shadow of the downturn, together with many of its Western partners, the world is closely watching the socialist market economy that it is still trying to develop.     It was interesting to see that there was much "the ideologically-constrained West" could learn from China, just as there was much China could learn from the West, said Roach.     "China has gone slow in many areas, especially in the opening up of its financial market. But China made the right choice," he said.     "Focusing on stability is a huge plus for China. But the nation must be vigilant in its financial policies, especially monetary and regulatory policies, and not allow asset bubbles and financial innovations it doesn't understand," said Roach.

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BRUSSELS, April 22 (Xinhua) -- The number of civilian deaths in Afghanistan went down by 39 percent in the first three months of 2009 compared to the same period a year before, NATO said on Wednesday.     NATO spokesman James Appathurai said 81 percent of the civilian deaths were caused by the Talilban-led insurgents and 19 percent by international troops in the first three months of 2009. He did not give the overall number of civilian deaths in this period.     A total of 1,240 civilians were killed in 2008 in Afghanistan and the Taliban and other militant groups were responsible for 80 percent of them, according to NATO counts. But the UN mission in Afghanistan said more than 2,100 civilians were killed last year.     "It is important to note that despite the increase in (the numbers of) international forces, efforts to reduce the numbers of civilian casualties are having an effect," said Appathurai.     He said NATO and the Afghan security forces will establish about three dozen joint coordination centers throughout the country by mid-summer to coordinate military support and security support for the presidential and provincial elections in August.     Four battalions of extra troops will be deployed by mid-summer to help secure the elections. The extra troops will stay long enough in case a presidential run-off is needed in early October, he said.

UNITED NATIONS, May 4 (Xinhua) -- China on Monday called on the international community to continue to push forward the nuclear disarmament process.     Cheng Jingye, director-general of arms control and disarmament department of the Chinese foreign ministry, made the appeal here at the third session of the Preparatory Committee for the 2010 Review Conference of the Parties to the Treaty on the Non-Proliferation of Nuclear Weapons.     Complete prohibition and thorough destruction of nuclear weapons for the establishment of a world free of nuclear weapons is not only the shared aspiration of the international community, but also the goal that China has advocated and worked for over the years, Cheng said.     "China believes that nuclear disarmament should be a fair and reasonable process of gradual reductions towards a downward balance," he said.     Cheng urged nuclear-weapon states to commit themselves unequivocally to complete prohibition and thorough destruction of nuclear weapons, and negotiate and conclude an international legal instrument at an early date.     Pending achievement of the above-mentioned goal, nuclear-weapon states should reduce the role of nuclear weapons in their national security policies, he said. They should undertake unequivocally not to be the first to use nuclear weapons, and conclude an international legal instrument on not to use or threaten to use nuclear weapons against non-nuclear-weapon states or nuclear-weapons-free zones.     As states with largest nuclear arsenals, the United States and Russia bear special and primary responsibilities, he said. They should continue to drastically cut their nuclear arsenals, which is indispensable for advancing the nuclear disarmament process and realizing the ultimate goal of complete and thorough nuclear disarmament.     China welcomes the agreement of the United States and Russia to start negotiations on a new bilateral nuclear disarmament treaty, and hopes that the two countries will further reduce their nuclear arsenals in a verifiable and irreversible manner, Cheng said.

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BEIJING, May 17 -- Shanghai will step up efforts to lure more talent, beef up development of its legal system and improve its credit database as part of efforts to develop a global financial center, Vice Mayor Tu Guangshao said Saturday.    The city will also enable financial markets and institutions to play an important role in financial innovation and make the Pudong New Area a pioneer for financial reforms, Tu told the Lujiazui Forum in Shanghai.     "To realize our goals, we need a combination of forces," said Tu. "We need guidance and support from the central government in terms of rules' drafting and coordination. We also need financial markets and companies to make contributions." From left: Xu Xiaonian, professor of CEIBS, Hu Zuliu, chairman of Goldman Sachs China, Xie Guozhong, board member of Rosetta Stone Advisors, Ha Jiming, chief economist of China International Capital Corp and Wang Qing, chief economist of Morgan Stanley China discuss issues at the Lujiazui Forum Saturday    Shanghai must have "breakthrough and innovation" in its measures to attract financial talents, the most important element in building the city into an international financial hub, Tu said.     The city should also have a solid financial legal system and the municipal government is working to improve the arbitrary, hearing and verdict processes of financial cases, according to Tu.     He added that local government will cooperate with the People's Bank of China to improve the city's credit environment. One focus will be the establishment of a credit ratings system for small- and medium-sized enterprises to facilitate fundraising, Tu said.     Xu Lin, Party Secretary of Pudong New Area, told the forum the district will shore up its preparation for financial innovation, including establishing an over-the-counter equity exchange for start-up technology firms.     Pudong will also trial programs to settle cross-border trade using the yuan and to set up consumer finance companies to fund people's purchases of durables such as home appliances and electronics.     Xu also noted that Pudong will fast track the development of financial services for the shipping industry as China pursues building Shanghai into an international financial and shipping hub by 2020.     "The district will encourage capital from various sources to help innovation and upgrade industry," Xu said. "More credit support will be given to small companies in terms of innovation."     Financial experts attending the two-day Lujiazui Forum, which ended Saturday, called on the city to take more measures to retain talent and financial institutions.     "The major European and US markets are reshuffling after the crisis and it has created a good opportunity for Shanghai to lay a sound basis and infrastructure for rising as an international financial center," said Laura Cha, deputy chairman of the Hongkong and Shanghai Banking Corp.     "We should learn lessons from them and avoid the mistakes they have made."     Shanghai is still lagging behind in terms of financial talent both in quality and quantity, she added.     She suggested shoring up the city's financial high education sector and rotating financial talents to develop more overseas experience.

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