2007-10-19 10:15:46
Special Report: 17th CPC National Congress
BEIJING, Oct. 18 (Xinhua) -- The Export-Import Bankof China (China Exim Bank) said on Thursday there is still no timetable for itto go public.
Plans to restructure the policy bank into acommercial one are still under discussion before they are to be finalized by thePeople's Bank of China, said Li Ruogu, governor of China Exim Bank, at a pressbriefing on the sideline of the 17th National Congress of the Communist Party ofChina.
Even after its commercialization, the bank will stillwork to promote foreign economic cooperation. "We won't turn to domesticrailway, road or real estate projects," Li said.
The bank will provide normal banking services butwill seek little profit, "just enough to cover our costs", he added.
Compared with the business reshuffle, Li saidmanagement reform is more important to ensure sound operation and preventnon-performing loans (NPL). His bank currently records a NPL ratio of around 2.5percent.
In an effort to rein in China's huge trade surplus,which hit 185.65 billion U.S. dollars in the first nine months of this year,China Exim Bank has granted 20 billion U.S. dollars of supportive fund topromote Chinese imports from other countries, Li said.
China's trade surplus totaled 177.47 billion U.S.dollars for the whole of 2006, according to the General Administration ofCustoms.
Li said his bank has no immediate plan to issueforeign currency bonds overseas, given China's present ample foreign exchangereserves. "Nor are we planning to introduce strategic investors from overseas inthe short-and medium-term, let's say in five years."
China Exim Bank received approval from the centralbank in July to issue two billion yuan worth of Renminbi bonds in Hong Kong.
China Exim Bank, founded in 1994, was solely owned bythe government. It serves to boost the nation's foreign trade and economiccooperation by providing policy financing, on lending foreign government loansand lending Chinese Government Concessional Loans.
It has 10 business branches and five representativeoffices nationwide and three overseas representative offices in South Africa,Paris and St. Petersburg.
2007年10月20日星期六
IMF: Asian countries well handle effects of global financial turbulence
2007-10-20 08:11:31
WASHINGTON, Oct. 19 (Xinhua) -- Financial systems in Asia appear well placed to handle the effects of the global financial market turbulence that broke out in July, said a report released by the International Monetary Fund on Friday.
The report, Regional Economic Outlook: Asia and Pacific, explained that Asia was not at the epicenter of the recent turmoil, and markets and financial institutions in the region have been less affected to date than those in the United States and Europe.
"This reflects the relatively small direct exposure to U.S. subprime mortgages and, more broadly, to leveraged and complex structured credit products, including by hedge funds," said the report.
But it also warned that markets have begun to normalize somewhat at the time of this writing, although much uncertainty remains.
The report expressed optimism about Asia's future economic performance, saying growth has been stronger than expected across much of the region, with domestic demand making an increasing contribution in a number of economies.
"China and India continued to lead the way, with high growth backed by strong investment, although the contribution of net exports to growth in China continues to rise," said the report.
"The pace of activity in the NIEs and ASEAN-5 remained solid, with strong investment in the former and strong consumption in the latter," the report added.
The NIEs, or Newly Industrialized Economies, refers to Hong Kong and Taiwan of China, South Korea, Singapore. ASEAN-5 refers to Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.
China is expected to increase 11.5 percent in 2007 and 10.0 percent in 2008, while India is projected to expand 8.9 percent this year and 8.4 percent next year.
The Asian economies as a whole will grow robustly at 8.0 percent this year and moderately to a still-brisk 6.9 percent next year, said the report.
WASHINGTON, Oct. 19 (Xinhua) -- Financial systems in Asia appear well placed to handle the effects of the global financial market turbulence that broke out in July, said a report released by the International Monetary Fund on Friday.
The report, Regional Economic Outlook: Asia and Pacific, explained that Asia was not at the epicenter of the recent turmoil, and markets and financial institutions in the region have been less affected to date than those in the United States and Europe.
"This reflects the relatively small direct exposure to U.S. subprime mortgages and, more broadly, to leveraged and complex structured credit products, including by hedge funds," said the report.
But it also warned that markets have begun to normalize somewhat at the time of this writing, although much uncertainty remains.
The report expressed optimism about Asia's future economic performance, saying growth has been stronger than expected across much of the region, with domestic demand making an increasing contribution in a number of economies.
"China and India continued to lead the way, with high growth backed by strong investment, although the contribution of net exports to growth in China continues to rise," said the report.
"The pace of activity in the NIEs and ASEAN-5 remained solid, with strong investment in the former and strong consumption in the latter," the report added.
The NIEs, or Newly Industrialized Economies, refers to Hong Kong and Taiwan of China, South Korea, Singapore. ASEAN-5 refers to Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.
China is expected to increase 11.5 percent in 2007 and 10.0 percent in 2008, while India is projected to expand 8.9 percent this year and 8.4 percent next year.
The Asian economies as a whole will grow robustly at 8.0 percent this year and moderately to a still-brisk 6.9 percent next year, said the report.
CNOOC to build deep-sea drilling rig
2007-10-20 08:11:32
BEIJING, Oct. 19 (Xinhua) -- China will finish its first deep-sea drilling rig with a maximum working depth of three kilometers by 2011, said a spokesman for China National Offshore Oil Corp. (CNOOC) on Friday.
The maximum drilling depth will reach 12 kilometers, which means it can operate in deep-water regions in the South China Sea, Southeast Asia, Gulf of Mexico and West Africa.
The project, with a total investment of 4.5 billion yuan (599 million U.S. dollars), will be carried out by Shanghai Waigaoqiao Shipbuilding Co. under China State Shipbuilding Corporation.
The spokesperson said China's biggest offshore oil company was planning to invest 15 billion yuan (two billion U.S. dollars) to develop deep-sea oil equipment as it wanted to strengthen its exploration and development of deep-sea oil resources, which were a priority for major international oil companies.
China's coastal waters include 200,000 square kilometers of water that is more than 300 meters deep.
BEIJING, Oct. 19 (Xinhua) -- China will finish its first deep-sea drilling rig with a maximum working depth of three kilometers by 2011, said a spokesman for China National Offshore Oil Corp. (CNOOC) on Friday.
The maximum drilling depth will reach 12 kilometers, which means it can operate in deep-water regions in the South China Sea, Southeast Asia, Gulf of Mexico and West Africa.
The project, with a total investment of 4.5 billion yuan (599 million U.S. dollars), will be carried out by Shanghai Waigaoqiao Shipbuilding Co. under China State Shipbuilding Corporation.
The spokesperson said China's biggest offshore oil company was planning to invest 15 billion yuan (two billion U.S. dollars) to develop deep-sea oil equipment as it wanted to strengthen its exploration and development of deep-sea oil resources, which were a priority for major international oil companies.
China's coastal waters include 200,000 square kilometers of water that is more than 300 meters deep.
U.S. company shares fall after Buffett's denial of interest
2007-10-20 08:11:32
LOS ANGELES, Oct. 19 (Xinhua) -- Investors dumped shares of U.S. largest subprime mortgage lender Countrywide Financial Friday after billionaire Warren Buffett denied his interest in investing in the troubled company.
Shares of the California-based mortgage lender fell more than 8percent to a multi-year low of 15 dollars in the afternoon trading on New York Stock Exchange, marking the stock's lowest price since2003.
Buffett said in an interview on Fox Business Network late Thursday that he never bought any Countrywide stock, and that the company lacked a comprehensive recovery plan that might have attracted him.
Financial media reports speculated in August that the "Oracle of Omaha" might buy a stake in the struggling lender. The reports said Buffett had been increasing his stake in financial services companies with significant exposure to the mortgage market at the time.
Buffett said Thursday he was in contact with Countrywide in August as the company's stock fell amid a cash shortage caused by increasing mortgage foreclosure cases, but decided not to buy any stake in the company.
Problems in Countrywide and other subprime mortgage lenders had prompted the U.S. Federal Reserve Bank to pour billions of dollars into the market and cut the discount rate by 0.5 percent to bail out involved banks and institutions, whose stocks plunged amid panic selling.
Buffett's denial of Countrywide interest came after U.S. Securities and Exchange Commission said it opened an informal inquiry into stock sales by Countrywide Chief Executive Angelo Mozilo, who allegedly sold his holdings several times in the months before the stock began to fall sharply.
LOS ANGELES, Oct. 19 (Xinhua) -- Investors dumped shares of U.S. largest subprime mortgage lender Countrywide Financial Friday after billionaire Warren Buffett denied his interest in investing in the troubled company.
Shares of the California-based mortgage lender fell more than 8percent to a multi-year low of 15 dollars in the afternoon trading on New York Stock Exchange, marking the stock's lowest price since2003.
Buffett said in an interview on Fox Business Network late Thursday that he never bought any Countrywide stock, and that the company lacked a comprehensive recovery plan that might have attracted him.
Financial media reports speculated in August that the "Oracle of Omaha" might buy a stake in the struggling lender. The reports said Buffett had been increasing his stake in financial services companies with significant exposure to the mortgage market at the time.
Buffett said Thursday he was in contact with Countrywide in August as the company's stock fell amid a cash shortage caused by increasing mortgage foreclosure cases, but decided not to buy any stake in the company.
Problems in Countrywide and other subprime mortgage lenders had prompted the U.S. Federal Reserve Bank to pour billions of dollars into the market and cut the discount rate by 0.5 percent to bail out involved banks and institutions, whose stocks plunged amid panic selling.
Buffett's denial of Countrywide interest came after U.S. Securities and Exchange Commission said it opened an informal inquiry into stock sales by Countrywide Chief Executive Angelo Mozilo, who allegedly sold his holdings several times in the months before the stock began to fall sharply.
Crude backs off after hitting $90 for first time
2007-10-20 08:11:33
NEW YORK, Oct. 19 (Xinhua) -- Crude-oil futures retreated Friday after hitting 90 U.S. dollars a barrel for the first time.
The November light-crude contract peaked at 90.02 dollars a barrel before slipping back to end down 87 cents at 88.60 dollars on the New York Mercantile Exchange.
The jump in oil prices has been fuelled by unprecedented weakness in the dollar, which fell to a record low against the euro on Friday, a factor that has supported all dollar-denominated commodities.
At 90 dollars a barrel, oil is slightly cheaper when adjusted for inflation than the 95 dollars a barrel it would have been in the early 1980s.
NEW YORK, Oct. 19 (Xinhua) -- Crude-oil futures retreated Friday after hitting 90 U.S. dollars a barrel for the first time.
The November light-crude contract peaked at 90.02 dollars a barrel before slipping back to end down 87 cents at 88.60 dollars on the New York Mercantile Exchange.
The jump in oil prices has been fuelled by unprecedented weakness in the dollar, which fell to a record low against the euro on Friday, a factor that has supported all dollar-denominated commodities.
At 90 dollars a barrel, oil is slightly cheaper when adjusted for inflation than the 95 dollars a barrel it would have been in the early 1980s.
HSBC offers Renminbi services in C China
2007-10-20 08:11:34
BEIJING, Oct. 19 (Xinhua) -- The Hongkong and Shanghai Banking Corporation (HSBC) has started offering Renminbi services in Wuhan, capital of central China's Hubei Province.
The second foreign bank to open in Wuhan after Bank of East Asia (BEA) established a branch last month, HSBC has also opened its first sub-branch in the city on the Yangtze River, which is a major transportation hub, and home to higher educational institutions and one of China's major steel plants.
"Central China will be on the top list of all foreign banks in China when they try to expand their business," said Richard Yorke, China CEO of HSBC. "Steady policies and high growth rate of central China will draw international companies, together with capital and investment to the region."
In accordance with the Regulation of the People's Republic of China on the Administration of Foreign-funded Banks, foreign financial institutions must register locally incorporated banks to initiate Renminbi retail business.
China's September CPI edges down
[China] Intellectual property issues not to be politicized
[World]110 killed in 2 blasts hit near Bhutto[Biz] Oil surges to new record of $89.47
[Science] Huge stellar black hole bewilders astronomers
[Popular]Orlando Bloom investigated after car crash
Chinese shares down by 0.12%
2007-10-20 08:11:35
BEIJING, Oct. 19 (Xinhua) -- China's main stock index on Friday closed at 5,818.05 points, down 0.12 percent or 7.23 points over the previous close.
The benchmark Shanghai Composite Index plunged by 3.50 percent on Thursday over the previous close on worries about over-valuation.
The index hit the 6,000-point landmark on Monday and a new record of 6,092.06 points on Tuesday and then the index fell slightly on Wednesday by 0.92 percent.
The falling index, opening at 5,869.12 points, shows lingering concerns about possible government curbing measures as Tu Guangshao, vice chairman of the China Securities Regulatory Commission said in remarks carried on the front pages of major business newspapers Thursday that educating investors about risk was a key task.
The Shenzhen Component Index on the smaller market closed at 18,834.80 points, up 0.82 percent or 153.45 points.
The total turnover shrank to 141 billion yuan from 197.1 yuan of Thursday, showing more players are observing. (One U.S. dollar equals 7.51 yuan)
China's September CPI edges down
[China] Intellectual property issues not to be politicized
[World]110 killed in 2 blasts hit near Bhutto[Biz] Oil surges to new record of $89.47
[Science] Huge stellar black hole bewilders astronomers
[Popular]Orlando Bloom investigated after car crash
BEIJING, Oct. 19 (Xinhua) -- China's main stock index on Friday closed at 5,818.05 points, down 0.12 percent or 7.23 points over the previous close.
The benchmark Shanghai Composite Index plunged by 3.50 percent on Thursday over the previous close on worries about over-valuation.
The index hit the 6,000-point landmark on Monday and a new record of 6,092.06 points on Tuesday and then the index fell slightly on Wednesday by 0.92 percent.
The falling index, opening at 5,869.12 points, shows lingering concerns about possible government curbing measures as Tu Guangshao, vice chairman of the China Securities Regulatory Commission said in remarks carried on the front pages of major business newspapers Thursday that educating investors about risk was a key task.
The Shenzhen Component Index on the smaller market closed at 18,834.80 points, up 0.82 percent or 153.45 points.
The total turnover shrank to 141 billion yuan from 197.1 yuan of Thursday, showing more players are observing. (One U.S. dollar equals 7.51 yuan)
China's September CPI edges down
[China] Intellectual property issues not to be politicized
[World]110 killed in 2 blasts hit near Bhutto[Biz] Oil surges to new record of $89.47
[Science] Huge stellar black hole bewilders astronomers
[Popular]Orlando Bloom investigated after car crash
China's state-owned property companies almost double profit in first nine months
2007-10-20 08:11:35
BEIJING, Oct. 19 (Xinhua) -- China's Ministry of Finance has reported a startling 95.5 percent jump on Friday in the profits of state-owned real estate sector in the first nine months, as the country's housing prices kept soaring in major cities despite massive housing development.
The exact number of the industry profit is undisclosed, but the leading state-owned property company, Poly Real Estate Group Co., has reported a revenue of 39 billion yuan, and its net profits has risen 83.27 percent to 562 million yuan in the first nine months in its quarterly report.
This number is paled by the private property company, China Vanke Co., Ltd, who collected 1.8 billion yuan net profits in the first half.
The surging profits is caused by the continuing boom of the property market as State Bureau of Statistics reported a 8.2 percent increase in house prices of 70 large and medium-sized Chinese cities in August compared with last year.
Other state-owned real estate developers enjoying the property boom include China National Real Estate Development Group Corporation, China OCT, COFCO Property, etc.
Together with the real estate sector, state-owned construction companies also reported an over 90 percent increase. The profits of state-owned steel, automobiles and oil and chemical companies all grew by about 60 percent. The profit increase of state-owned coal enterprises are comparatively lower, only 24.4 percent over the same period last year.
China's state-owned enterprises (SOEs) reported a 1.2 trillion yuan of profits, in the first three quarters, a 31.2 percent increase over the same period last year.
The number, surpassing last year's total, is mainly contributed by central SOEs who have made a profit of 839.15 billion yuan. (One dollar equals 7.51 yuan)
BEIJING, Oct. 19 (Xinhua) -- China's Ministry of Finance has reported a startling 95.5 percent jump on Friday in the profits of state-owned real estate sector in the first nine months, as the country's housing prices kept soaring in major cities despite massive housing development.
The exact number of the industry profit is undisclosed, but the leading state-owned property company, Poly Real Estate Group Co., has reported a revenue of 39 billion yuan, and its net profits has risen 83.27 percent to 562 million yuan in the first nine months in its quarterly report.
This number is paled by the private property company, China Vanke Co., Ltd, who collected 1.8 billion yuan net profits in the first half.
The surging profits is caused by the continuing boom of the property market as State Bureau of Statistics reported a 8.2 percent increase in house prices of 70 large and medium-sized Chinese cities in August compared with last year.
Other state-owned real estate developers enjoying the property boom include China National Real Estate Development Group Corporation, China OCT, COFCO Property, etc.
Together with the real estate sector, state-owned construction companies also reported an over 90 percent increase. The profits of state-owned steel, automobiles and oil and chemical companies all grew by about 60 percent. The profit increase of state-owned coal enterprises are comparatively lower, only 24.4 percent over the same period last year.
China's state-owned enterprises (SOEs) reported a 1.2 trillion yuan of profits, in the first three quarters, a 31.2 percent increase over the same period last year.
The number, surpassing last year's total, is mainly contributed by central SOEs who have made a profit of 839.15 billion yuan. (One dollar equals 7.51 yuan)
Cultural Relics Prohibited from Being Exhibited Overseas --7
He Zun (Wine Vessel)Time: Western Zhou Dynasty (about 1,100 BC-771 BC)
Specification: 39 centimeters high; 28.6 centimeters in caliber; 14.6 kilograms in weight
Excavation: Jiacun Village, Baoji, Shaanxi Province, in 1963Collection place: Baoji Bronze Ware Museum, Shaanxi Province
With four ridges running all the way down, it bears such designs as animals and plant leaves. On the interior bottom is an inscription of 122 Chinese characters in 12 lines, which are of great historic importance.
Maoling Mausoleum Stone Carving
Time: Western Han dynasty (206 BC-24 AD)
Excavation: Maoling Village, Xingping County, Shaanxi Province
Collection place: Maoling Museum in Xingping
Located in Xingping County, 40 kilometers northwest of Xi'an, Maoling Mausoleum is the resting place for Emperor Han Wudi. Around Maoling Mausoleum, more than 20 tombs now still accompany Emperor Han Wudi. Most of them are the tombs of imperial wives, meritorious ministers and worthy nobles. Here also to be found is the Tomb of Huo Qubing, which is renowned for its magnificent stone carvings.
Cultural Relics Prohibited from Being Exhibited Overseas --6
Time: Western Zhou Dynasty (about 1,100 BC-771 BC)Specification: 122 centimeters high; 83 centimeters in caliber; 226 kilograms in weight
Excavation: Shijiayuan Village, Chunhua County, Shaanxi Province, in 1979
Collection place: Chunhua Museum in Shaanxi Province
Chunhua Grand Ding is the heaviest and largest Ding in Western Zhou Dynasty. Its exquisite design shows the advanced degree of art of Chinese ancient people.
Cultural Relics Prohibited from Being Exhibited Overseas --5
Shi Qiang Pan (Water Container)
Time: Western Zhou Dynasty (about 1,100 BC-771 BC)
Specification: 16.2 centimeters high, 47.3 centimeters in caliber, 8.6 centimeters deep
Excavation: Fufeng County, Shaanxi Province, in 1976
Collection place: Zhouyuan Fufeng Administrative Office of Cultural Relics
This vessel is one of 103 bronzes from Hoard 1 at Zhuangbai in the area known as the Zhou Yuan, which has yielded the largest number of bronze vessels in all of China. Inscriptions on the Zhuangbai vessels refer to five generations of the Wei family. The vessels document changes in the nature of ritual objects and styles of decoration.
The pan vessel seen here, with its bird motifs, belongs to the middle of the Western Zhou period. A lengthy inscription inside the basin makes it one of the most important ancient bronzes. The 284 characters are presented in two parallel halves. One side is a poetic description of the first seven Zhou kings. The other describes four generations of the Wei family, ending with a wish for long life and continued merit in the service of the Zhou kings.
The inscription identifies members of the extended family. We know that the first ancestor was related to the ruling house of the Shang dynasty. By submitting to King Wu of Zhou, the family was rewarded with a plot of land in the Zhou Yuan area. The vessel's owner (Shi Qiang) speaks of his current duties as royal scribe. By documenting his family history, Qiang was underscoring his family's connections to the Zhou court.
Cultural Relics Prohibited from Being Exhibited Overseas
Pit of Bronze Horse-Drawn Carriages
Time: Qin Dynasty (221BC-207BC)
Excavation: Lintong District in Xi'an, Shaanxi Province, in 1980
Collection place: The Terracotta Warriors and Horses Museum
Two sets of half life-size carriages and horses were discovered. They are believed to symbolize deluxe sedans for the emperor to go on inspection tours in his life. The major parts have been kept well and the carriages still work today. They were originally painted in exquisite colors, which peeled off over time. The 0.1~0.4-meter-thick umbrellas fixed above cover an area of 1.12 and 2.3 sq meters respectively.
Cultural Relics Prohibited from Being Exhibited Overseas --4
The Galloping Bronze Horse
Time: Eastern Han Dynasty (25－220 AD)
Specification: 34.5 centimeters high; 45 centimeters long
Excavation: Wuwei, Gansu Province, in 1969
Collection place: Gansu Provincial Museum
In order to suggest the galloping of the horse, the author, with a good imagination and an original approach, made the right hind hoof which supports the whole weight of the horse placed upon the back of a flying bird, the other three soaring in the air, showing that the speed of the galloping horse is swift as wind and quick as lightning and much quicker than that of the flying bird. In this way the author, cleverly making full use of the back of the flying bird, enlarged the area of fixing and ensured the stability of the horse.
Time: Eastern Han Dynasty (25－220 AD)
Specification: 34.5 centimeters high; 45 centimeters long
Excavation: Wuwei, Gansu Province, in 1969
Collection place: Gansu Provincial Museum
In order to suggest the galloping of the horse, the author, with a good imagination and an original approach, made the right hind hoof which supports the whole weight of the horse placed upon the back of a flying bird, the other three soaring in the air, showing that the speed of the galloping horse is swift as wind and quick as lightning and much quicker than that of the flying bird. In this way the author, cleverly making full use of the back of the flying bird, enlarged the area of fixing and ensured the stability of the horse.
Cultural Relics Prohibited from Being Exhibited Overseas
Cash TreeTime: Eastern Han Dynasty (25－220 AD)
Specification: 198 centimeters in height
Excavation: Mianyang, Sichuan Province, in 1990
Collection place: Mianyang Museum in Sichuan Province
Cash tree was made of bronze.
Cultural Relics Prohibited from Being Exhibited Overseas --2
Time: Shang Dynasty (about 1,600 BC-1,100BC)Specification: 54.5 centimeters long
Excavation: Sanxingdui Site in Guanghan, Sichuan Province, in 1986
Collection place: Sichuan Cultural Relics and Archeological Institute
The pattern on Yubianzhang shows a picture that the ancient people held a kind of ancient jade at a ceremony to heaven, earth and mountain. The deity had already received their sacrifice and promised to bless them.
Cultural Relics Prohibited from Being Exhibited Overseas (III)
The Bronze Holy TreeTime: Shang Dynasty (about 1,600 BC-1,100 BC)
Specification: 3.93 meters high
Excavation: Sanxingdui Site in Guanghan, Sichuan Province, in 1986
Collection place: Sichuan Cultural Relics and Archeological Institute
The bronze tree vividly shaped but its top lost, is 3.93 meters high. With a dragon circling the trunk, the tree was believed to be capable of reaching Heaven. On each of the nine winding branches a bronze bird perches on a bud. And along with this bronze tree some other bronze birds, each on a bud, were also unearthed.
With nine birds on it and its top missing, this tree reminds people of the legendary holy tree described in the book Shan Hai Jing (Scriptures of Mountains and Rivers). In ancient times, so the legend goes, there were ten suns instead of one. They lived in one holy tree and rotated their duties. Everyday the one on duty would move to the top of the tree and the rest nine stayed on lower branches. This story led some to believe that one of those separately unearthed birds should have been originally on the top of the tree.
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