Chinese Premier Wen Jiabao met here Saturday morning with a U.S. presidential delegation to the closing ceremony of the Beijing Olympic Games, headed by Secretary of Labor Elaine L. Chao and Secretary of Health Michael O. Leavitt.
Wen expressed his welcome to the delegation's visit, saying it has shown the importance attached by the United States as the U.S. President George W. Bush and his family attended the opening ceremony of the Beijing Olympics and the U.S. government also sent officials to attend the closing ceremony.
"It is also an embodiment of China-U.S. friendly cooperation," he added.
He congratulated the U.S. athletes' good performance at the Olympic Games, saying the total number of U.S. delegation's medals is till ranked in the first place.
Chao and Leavitt conveyed Bush's greetings to Wen, and expressed sympathy to the victims and families in the May 12 earthquake in China's Sichuan Province, saying "our heart is still with them,"
They said the Beijing Olympic Games has given the U.S. people a new understanding of China.
Wen called on the two sides to firmly adhere to the general direction of constructive cooperation in bilateral ties, and steadfastly pursue common interests to continuously strengthen mutual trust and cooperation and properly handle differences and sensitive issues.
He said exchanges and cooperation in social security, medicine and health, and inspection and quarantine are important aspects of China-U.S. ties. The two sides should learn from each other in these fields to better protect people's health and promote social welfare.
Chao and Leavitt said that the U.S. and China should further strengthen cooperation and exchanges, expressing hope that the two countries can gain more fruits in the cooperation on labor, social security, health and food safety.
Source: Xinhua
Saturday, August 23, 2008
China sees tax revenue up 13.8% in July, but corporate income tax down
China's revenue on corporate income declined 4.2 percent in July from the same month of last year, with total tax revenue up 13.8 percent year-on-year, the Ministry of Finance said on Friday.
Last month, China collected 149.635 billion yuan in corporate income tax, down 4.2 percent from a year earlier. The decline was attributed partly to a drastic slowdown in growth of corporate earnings.
Earlier data showed that between January and May, major industrial enterprises nationwide saw their profits up 20.9 percent year on year, 21.2 percentage points lower than the year-earlier level. Of them, petrochemical, power, nonferrous metal and oil companies suffered profit declines of 79.65 percent, 79.01 percent, 17.95 percent and 16.26 percent respectively.
According to the ministry, tax revenue totaled 532.325 billion yuan nationwide in July, up 13.8 percent over the same month of last year. The growth rate was 19.3 percentage points lower than the year-earlier level, due partly to efforts to cool down the economy and curb inflation.
Source: Xinhua
Last month, China collected 149.635 billion yuan in corporate income tax, down 4.2 percent from a year earlier. The decline was attributed partly to a drastic slowdown in growth of corporate earnings.
Earlier data showed that between January and May, major industrial enterprises nationwide saw their profits up 20.9 percent year on year, 21.2 percentage points lower than the year-earlier level. Of them, petrochemical, power, nonferrous metal and oil companies suffered profit declines of 79.65 percent, 79.01 percent, 17.95 percent and 16.26 percent respectively.
According to the ministry, tax revenue totaled 532.325 billion yuan nationwide in July, up 13.8 percent over the same month of last year. The growth rate was 19.3 percentage points lower than the year-earlier level, due partly to efforts to cool down the economy and curb inflation.
Source: Xinhua
China's first commercial nuclear power plant installed steam generator for expansion
Workers on Friday hoisted a 335-tonne steam generator into place over the underground workshop of the Qinshan nuclear power complex, the first commercial nuclear power facility in China.
The steam generator is a heat exchanger used to convert water into steam from heat produced in a nuclear reactor core, and is used in pressurized water reactors between the primary and secondary coolant loops, said Yang Lanhe, General Manager of the China Nuclear Power Qinshan Joint Venture Co.Ltd., the investor of the second phase of the Qinshan complex.
This step cleared the way for installation of two 650,000 kw pressurized water reactors at the nuclear complex, which is in Haiyan, on the northern coast of Hangzhou Bay, in the country's eastern Zhejiang Province.
Yang said that the Qinshan complex has three phases, each featuring different types of reactor. The second phase involves the plant where work was done on Friday.
The phase two now has two functioning 650,000-kw units that began generating power in 2002 and 2004, respectively. And the expansion of phase two will involve the installation of other two 650,000-kw pressurized reactors, which kicked off in April 2006.
"When all four units are in operation, the second phase will be able to produce 18-20 billion kwh of electricity a year," said Yang adding that it will be fully completed and start power generation in late 2011.
The first phase of the Qinshan facility was also the first nuclear power plant on the mainland built independently by home engineers.
The facility started construction in 1985. The first phase featured a 300,000 kilowatt prototype reactor with a lifespan of 30 years, which went online in 1991. The first phase has so far generated 31 billion kwh of electricity and produced 9.6 billion yuan in revenue and paid 1.8 billion yuan in tax.
According to the country's long and mid-term development plan of nuclear power plants, China's nuclear power installed capacity will reach 40 million kw by 2020, and will generate 260-280 billion kwh electricity each year, accounting for four percent and six percent of the country's total, respectively.
China has Qinshan, Daya Bay, Lingao and Lianyungang Tianwan - four nuclear power stations with 11 generating sets and an installed capacity of nine million KW.
Source: Xinhua
The steam generator is a heat exchanger used to convert water into steam from heat produced in a nuclear reactor core, and is used in pressurized water reactors between the primary and secondary coolant loops, said Yang Lanhe, General Manager of the China Nuclear Power Qinshan Joint Venture Co.Ltd., the investor of the second phase of the Qinshan complex.
This step cleared the way for installation of two 650,000 kw pressurized water reactors at the nuclear complex, which is in Haiyan, on the northern coast of Hangzhou Bay, in the country's eastern Zhejiang Province.
Yang said that the Qinshan complex has three phases, each featuring different types of reactor. The second phase involves the plant where work was done on Friday.
The phase two now has two functioning 650,000-kw units that began generating power in 2002 and 2004, respectively. And the expansion of phase two will involve the installation of other two 650,000-kw pressurized reactors, which kicked off in April 2006.
"When all four units are in operation, the second phase will be able to produce 18-20 billion kwh of electricity a year," said Yang adding that it will be fully completed and start power generation in late 2011.
The first phase of the Qinshan facility was also the first nuclear power plant on the mainland built independently by home engineers.
The facility started construction in 1985. The first phase featured a 300,000 kilowatt prototype reactor with a lifespan of 30 years, which went online in 1991. The first phase has so far generated 31 billion kwh of electricity and produced 9.6 billion yuan in revenue and paid 1.8 billion yuan in tax.
According to the country's long and mid-term development plan of nuclear power plants, China's nuclear power installed capacity will reach 40 million kw by 2020, and will generate 260-280 billion kwh electricity each year, accounting for four percent and six percent of the country's total, respectively.
China has Qinshan, Daya Bay, Lingao and Lianyungang Tianwan - four nuclear power stations with 11 generating sets and an installed capacity of nine million KW.
Source: Xinhua
China securities watchdog raises refinancing threshold, dividend
China's securities watchdog on Friday announced to raise the refinancing threshold for listed companies. The move was to foster the long term investment environment and facilitate the sustainable and healthy development of the capital market.
"For those listed companies scheduled to refinance on the market, the dividend they pay to shareholders in the recent three years should be no less than 30 percent of its distributed profits," said the China Securities Regulatory Commission in a new administrative rule.
The dividend could be either in cash or stock. The previous setline was 20 percent.
The market watchdog also asked listed firms to reveal its cash dividend policies and previous cash dividend data to investors in their annual reports in a bid to improve transparency.
"The listed company should give reasons why it failed to pay cash dividends if it is able to and where the money goes," according to the rule.
Amid the broad decline of the A-share stock market, excess supply was a problem because "the unlocking of non-tradable shares and listed companies' insatiable demand for equity refinancing" meant there was a need for fresh capital. But "wary investors are broadly cashing in their shares," said Cao Honghui, a Chinese Academy of Social Sciences senior researcher.
The benchmark Shanghai Composite Index has shed more than 60 percent from its peak in mid October.
Zhai Peng, a Guotai Junan Securities analyst, said this new move would help to boost sluggish investors confidence.
However, some experts held the key concern of investors in the near future was still the unlocking of large amounts of non-tradable shares.
The CSRC also would seek public opinion on this new rule through Aug. 29. The public can voice their comments on the rules through email to csrcflb@csrc.gov.cn.
Source: Xinhua
"For those listed companies scheduled to refinance on the market, the dividend they pay to shareholders in the recent three years should be no less than 30 percent of its distributed profits," said the China Securities Regulatory Commission in a new administrative rule.
The dividend could be either in cash or stock. The previous setline was 20 percent.
The market watchdog also asked listed firms to reveal its cash dividend policies and previous cash dividend data to investors in their annual reports in a bid to improve transparency.
"The listed company should give reasons why it failed to pay cash dividends if it is able to and where the money goes," according to the rule.
Amid the broad decline of the A-share stock market, excess supply was a problem because "the unlocking of non-tradable shares and listed companies' insatiable demand for equity refinancing" meant there was a need for fresh capital. But "wary investors are broadly cashing in their shares," said Cao Honghui, a Chinese Academy of Social Sciences senior researcher.
The benchmark Shanghai Composite Index has shed more than 60 percent from its peak in mid October.
Zhai Peng, a Guotai Junan Securities analyst, said this new move would help to boost sluggish investors confidence.
However, some experts held the key concern of investors in the near future was still the unlocking of large amounts of non-tradable shares.
The CSRC also would seek public opinion on this new rule through Aug. 29. The public can voice their comments on the rules through email to csrcflb@csrc.gov.cn.
Source: Xinhua
26 miners confirmed dead in China colliery gas explosion
Chinese rescuers on Friday recovered the last four bodies of miners killed in a gas blast at a coal mine in northeast China, bringing the death toll to 26.
Eighty-one miners were working underground when the accident happened at about 8:50 a.m. on Monday in Baijiagou colliery in Liaoning Province, said Sun Shikui, head of the general hospital affiliated to the Tiefa coal industry group.
Eleven miners were injured in the accident, four of them were severely injured.
Family members of the 20 dead miners, whose bodies were already cremated, signed their named on the compensation agreements with the coal mine. The mine promised that each family will receive a minimum of 200,000 yuan as compensation.
The mine was opened in 1976. It was fully-licensed and has 450 employees. The mine produces 100,000 tons of coal a year.
Source: Xinhua
Eighty-one miners were working underground when the accident happened at about 8:50 a.m. on Monday in Baijiagou colliery in Liaoning Province, said Sun Shikui, head of the general hospital affiliated to the Tiefa coal industry group.
Eleven miners were injured in the accident, four of them were severely injured.
Family members of the 20 dead miners, whose bodies were already cremated, signed their named on the compensation agreements with the coal mine. The mine promised that each family will receive a minimum of 200,000 yuan as compensation.
The mine was opened in 1976. It was fully-licensed and has 450 employees. The mine produces 100,000 tons of coal a year.
Source: Xinhua
China provides $50,000 flood relief to Nepal
Chinese ambassador to Nepal Zheng Xianglin handed over 50,000 U.S. dollars of flood emergency relief to Nepal on Friday.
On behalf of the Red Cross Society of China, Ambassador Zheng Xianglin handed over the amount to the Red Cross Society of Nepal in Kathmandu.
Dev Ratna Dhakwa, Secretary General of the Red Cross Society of Nepal appreciated the aid provided by the Red Cross Society of China, and introduced the situation of the flood occurring in southern Nepal.
Nepali Prime Minister Pushpa Kamal Dahal "Prachanda" said China giving a hand when Nepal is in need fully reflects the traditional friendship between the two countries.
Prime Minister Prachanda, on behalf of the government, on Thursday called on all the friendly countries and other international community to provide necessary cooperation in flood relief.
In the public appeal, the Prime Minister said the Nepali government was quite aggrieved from the misfortune and the painful situation created by full inundation of three Village Development Committees including Sripur, Haripur and Kusaha and four other VDCs partially submerged in Sunsari district, some 220 km southeast of Kathmandu, after the embankment of Saptakoshi River suddenly broke down, affecting more than 50,000 people while displacing thousands.
The appeal states that the terrific flood after the breaking of the embankment has swept away about 1,000 houses and crops in vast range of land, and thousands of houses have been affected besides the damage of many bridges and three km of the East-West highway, and at the same time drinking water supply and telephone lines were disrupted.
Source: Xinhua
On behalf of the Red Cross Society of China, Ambassador Zheng Xianglin handed over the amount to the Red Cross Society of Nepal in Kathmandu.
Dev Ratna Dhakwa, Secretary General of the Red Cross Society of Nepal appreciated the aid provided by the Red Cross Society of China, and introduced the situation of the flood occurring in southern Nepal.
Nepali Prime Minister Pushpa Kamal Dahal "Prachanda" said China giving a hand when Nepal is in need fully reflects the traditional friendship between the two countries.
Prime Minister Prachanda, on behalf of the government, on Thursday called on all the friendly countries and other international community to provide necessary cooperation in flood relief.
In the public appeal, the Prime Minister said the Nepali government was quite aggrieved from the misfortune and the painful situation created by full inundation of three Village Development Committees including Sripur, Haripur and Kusaha and four other VDCs partially submerged in Sunsari district, some 220 km southeast of Kathmandu, after the embankment of Saptakoshi River suddenly broke down, affecting more than 50,000 people while displacing thousands.
The appeal states that the terrific flood after the breaking of the embankment has swept away about 1,000 houses and crops in vast range of land, and thousands of houses have been affected besides the damage of many bridges and three km of the East-West highway, and at the same time drinking water supply and telephone lines were disrupted.
Source: Xinhua
Chinese premier meets British prime minister
Chinese Premier Wen Jiabao thanked Britain's support to the Beijing Olympic Games Friday afternoon in a meeting with British Prime Minister Gordon Brown.
Wen said that to hold a successful Olympic Games needs both the efforts of the hosting country and the support from other countries in the world, and he should thank for the support of the British government.
He also expressed his wish that the next Olympic Games in London in 2012 would be a successful games of high standard, saying the Chinese government would also give its full support to the London Games.
He said China and Britain should strengthen cooperation on hosting the Olympic Games and take such cooperation as an opportunity to promote the cooperation in other fields.
Congratulating British athletes' remarkable performance at the Beijing Olympic Games, Wen said he would watch the British culture show at the closing ceremony of the Beijing Olympic Games.
Brown congratulated Wen for the "wonderful success" of the Beijing Olympic Games, saying the Games was excellent and billions of people around the world have witnessed both the growth of the Olympic movement and China's rapid development
He also congratulated the Chinese athletes for their success in "winning so many medals."
Source: Xinhua
Wen said that to hold a successful Olympic Games needs both the efforts of the hosting country and the support from other countries in the world, and he should thank for the support of the British government.
He also expressed his wish that the next Olympic Games in London in 2012 would be a successful games of high standard, saying the Chinese government would also give its full support to the London Games.
He said China and Britain should strengthen cooperation on hosting the Olympic Games and take such cooperation as an opportunity to promote the cooperation in other fields.
Congratulating British athletes' remarkable performance at the Beijing Olympic Games, Wen said he would watch the British culture show at the closing ceremony of the Beijing Olympic Games.
Brown congratulated Wen for the "wonderful success" of the Beijing Olympic Games, saying the Games was excellent and billions of people around the world have witnessed both the growth of the Olympic movement and China's rapid development
He also congratulated the Chinese athletes for their success in "winning so many medals."
Source: Xinhua
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