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BEIJING, Feb. 10 (Xinhua) -- China's State Council, or the cabinet, issued a notice Tuesday that urged governments at all levels to make every possible effort to expand employment.     The notice said that the deepening global financial crisis makes it more difficult to offer jobs for new labor force and unemployment risks continue to increase. In response, governments should adopt a more vigorous employment policy to maintain stable employment and social order.     Governments at all levels should give priority to employment of enterprise staff, college graduates, laid-off and migrant workers and demobilized officers.     They should take active measures to reduce employment burdens on enterprises and supervise their layoff activities to protect workers' legal rights.     If an enterprise's job-cutting plan involves more than 20 workers or more than 10 percent of the entire staff, the company should file a report to the local trade union or notify all staff 30 days before the layoff.     Tax authorities should offer exemptions, including turnover tax and individual income tax, to laid-off workers who started their own business and extend the exemption approval deadline to the end of 2009.     Enterprises that sign one-year or above contracts with laid-off workers and pay their social insurance fees will also be exempted from several taxes with the approval deadline also extended to the end of 2009.     Workers who fail to find employment by end of 2009 will be able to continue claiming social security subsidies for a maximum of one year.     The notice also required governments to improve employment services such as professional training, adding that new employment and unemployment rates would be key factors in assessing government success

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BEIJING, April 15 (Xinhua) -- China, the world's biggest manufacturer of electronics and information technology (IT) products, said Wednesday it will boost the industry's development to create more than 1.5 million new jobs in three years.     The electronics and IT sector is expected to contribute at least 0.7 percentage points to China's annual gross domestic product (GDP) growth from 2009 to 2011, compared with 0.8 percentage points last year, according to a document approved by the State Council and published on the government Web site.     That will provide new jobs for nearly 1 million college graduates, which are included in the total 1.5 million targeted vacancies, said the document.     China's electronics and IT products sales surged at an average annual rate of 28 percent from 2001 to 2007, but slowed sharply to 12.5 percent last year amid the economic downturn.     Sales in 2008 totaled 6.3 trillion yuan (920 billion U.S. dollars), with exports reaching 521.8 billion U.S. dollars, or 36.5 percent of the country's total export value.     The government announced a support plan for the industry in February. The Wednesday document made clear details of the plan.     The government will boost the industry by increasing state investment, credit support and export tax rebates, said the document.     It also pledged to expand the domestic market for the industry and encourage innovation and restructuring.     In the next three years, the country aims to achieve technological breakthroughs in strategic domains of the industry such as integrate circuits, new-type displays and software, according to the document.     For instance, revenues from software and information service sectors will take up 15 percent of the industry's total, up from the current 12 percent.     In addition, fresh growth will be cultivated in such fields as digital TVs and the new generation of mobile communications and Internet.     The government said it will vigorously promote the overseas commercial use of its domestically-developed TD-SCDMA standard for the high-speed third-generation mobile communications.

MEDELLIN, Colombia, March 29 (Xinhua) -- China's membership in the Inter-American Development Bank (IDB) will broaden cooperation between China and Latin America, China's central bank governor Zhou Xiaochuan said here Saturday.     Closer bilateral cooperation will enhance their ability to jointly tackle the ongoing financial crisis, Zhou told an IDB meeting in Medellin. Chinese Central Bank Governor Zhou Xiaochuan attends the Inter-American Development Bank (IDB) meeting in Medellin, Colombia, March 28, 2009. Zhou on Saturday urged for international financial reforms in the face of the global economic downturn. He added that China, as a new member, is willing to share development experience and enhance trade relations with Latin America.     South-South cooperation is all the more important amid the current financial crisis, and China will expand its trade with and increase its investment in Latin American countries after it joined the IDB, he said.     Two-way trade between China and Latin America has grown at an average annual rate of 40 percent in recent years, hitting a record high of 143.3 billion U.S. dollars in 2008.     China joined the IDB as its 48th member country in January this year. Zhou is here for the 50th annual meeting of the IDB, scheduled for March 27-31 in the Colombian city of Medellin.     The IDB group, founded in 1959 and headquartered in Washington D.C., is the oldest and largest regional inter-governmental development financial institution. It is aimed to promote economic and social development in Latin America and the Caribbean.

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BEIJING, Feb. 8 (Xinhua) -- Irrigation has covered 52.7 percent of the wheat farmland in drought-hit provinces in China by Saturday, said the Ministry of Agriculture.     A total of 85 million mu (about 5.67 hectares) of wheat land have been irrigated in eight drought-stricken provincial regions, the ministry told a meeting on Sunday.     Minister Sun Zhengcai said it is of importance to fully use machines in the fight against drought. People irrigate a wheat field in Laocheng Township of Changge County, central China's Henan Province, Feb. 3, 2009. Henan, one of China's key wheat producing regions, has suffered from drought since Oct. 24, 2008. Some 2.9 million hectares of farmland in Henan were affected    He asked local governments to increase subsidies for farmers to buy more irrigation-related and water-saving equipments, and make every effort to expand the irrigation coverage and save water.     By Saturday, 152 million mu of wheat farmland, which accounted for 95 percent of the drought-stricken crops in China, was affected in eight provincial regions including Hebei, Shanxi, Anhui, Jiangsu, Henan, Shandong, Shaanxi and Gansu.     Rain and snow from Friday to Sunday in the southeastern part of northwest China and the southwestern part of north China has reduced the area of drought-affected farmland by 20 million mu.     China experienced the most severe drought for decades. As of Saturday, 299 million mu of crops, 4.42 million people and 2.2 million heads of livestock were affected.     The crops affected was 110 million mu more than the average level during the same period in past years.     During a visit to central China's drought-hit Henan Province on Saturday and Sunday, Chinese Premier Wen Jiabao has urged officials in drought-hit areas to place "top priority" on relief work as agricultural stability concerns China's bid to revive its economy.     China has declared the highest level of emergency in response to the drought, employing artificial means to induce rains and allocating 86.7 billion yuan (about 12.69 billion U.S. dollars) as subsidies to farmers.     In addition, the central government has decided to earmark 400 million yuan to local governments for drought relief.

WUHAN, March 31 (Xinhua) -- Chinese Premier Wen Jiabao has called for realizing healthy and rapid economic growth through technical innovation and industrial upgrading during a visit to the country's central regions.     More government support should go to high technology industries such as electronic information, software service and bio-medicines, Wen said during a visit to enterprises in Hubei Province from Sunday to Tuesday. Chinese Premier Wen Jiabao (C) visits the Wuhan Dongfeng Motor Corporation in Wuhan, capital of central China's Hubei Province, March 30, 2009. Wen Jiabao, also member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, inspected Hubei Province from March 29 to 31.Wen emphasized importance of possessing intellectual property rights and encouraged companies to strengthen research and development and make breakthroughs in core technologies.     The country's future lay in innovation, and all challenges would be conquered if China adhered to innovation in its development, Wen said. Chinese Premier Wen Jiabao (L front) talks with a shopkeeper at a market in Sanfutan Town, Xiantao City in central China's Hubei Province, March 29, 2009.Visiting automobile, shipbuilding and steel companies in Wuhan, the provincial capital, Wen encouraged the manufacturing sector to make full use of government support plans.     "We must have confidence in ourselves and work hard during times of hardship so as to take the country's manufacturing industry to a new level," Wen said. Chinese Premier Wen Jiabao (C) visits the Jiang Toon Animation Co., Ltd. at the Wuhan Optical Valley Software Park in Wuhan, capital of central China's Hubei Province, March 30, 2009The State Council, the Cabinet, has issued a series of support plans for 10 key industries such as automobile, steel, textile and garment sectors since January in a bid to stimulate China's economy, whose year-on-year growth slowed to a seven-year low of 9percent in 2008.     Wen said agricultural production was stable and urged officials to give priority to the rural economy and raise farmer's incomes, as rural development played an important role in guarding against the impact of the global financial crisis. Chinese Premier Wen Jiabao (R front) talks with local residents in Minsan Village, Huchang Town, Xiantao City in central China's Hubei Province, March 29, 2009. Governments at all levels should prevent prices of economic crops dropping by national purchase and price protection, give more agricultural subsidies and enlarge the rural market through policies such as subsidizing rural residents in buying household electric appliances, Wen said.     Wen also urged governments to take measures improve employment and raise living standards. Chinese Premier Wen Jiabao (2nd R) talks with local residents at their home in Hekou Village, Huchang Town, Xiantao City in central China's Hubei Province, March 29, 2009.

BEIJING, March 7 (Xinhua) -- China should speed up reforming its financial system to make the yuan an international currency, said political advisors Saturday.     "A significant inspiration to draw from the global financial crisis is that we must play an active role in the reconstruction of the international financial order," said Peter Kwong Ching Woo, chairman of the Hong Kong-based Wharf (Holdings) Limited.     The key to financial reform is to make the yuan an international currency, said Woo in a speech to the Second Session of the 11th National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top political advisory body.     That means using the Chinese currency to settle international trade payments, allowing the yuan freely convertible on the capital account and making it an international reserve currency, he said.     China's yuan, or Renminbi, can be freely convertible on the current account but not on the capital account, preventing it from being a reserve currency or a choice in international trade settlement.     China has announced trial programs to settle trade in the yuan, a move analysts say will facilitate foreign trade as Chinese exporters might face losses if they continue to be paid in the U.S. dollar. The dollar's exchange rate has become more volatile since the global financial crisis.     Economists say the move will increase the acceptance of the currency in Asia, which will help it become an international currency in the long run.     The status of the yuan as an international currency will benefit China by giving it a bigger say in world financial issues and reducing the reliance of its huge foreign reserves on the U.S. dollar, some analysts say.     Other analysts argue a fully convertible yuan will hurt China as it would allow massive capital outflow during a financial crisis.     Meanwhile, Chinese authorities remain cautious.     It's possible that the global financial crisis will facilitate the process of making the yuan internationally accepted, but there's no need to push for that, Yi Gang, vice central bank governor, told Xinhua earlier this month.     That process should be conducive to all sides, he said.     Xu Shanda, former vice director of the State Administration of Taxation and a CPPCC National Committee member, urged for faster paces in making the yuan an international currency as a way of increasing national wealth.     He said the United States and the European Union have obtained hefty royalties from the international use of their currencies while China has become the biggest source of that income.     A royalty, or seignior age, results from the difference between the cost of printing currency and the face value of the money.     "China's loss due to royalty payment has far exceeded the benefit of not making the yuan an international currency," he said in a speech to the annual session of the CPPCC National Committee, without elaborating.     China's State Council, or Cabinet, said last December it would allow the yuan to be used for settlement between the country's two economic powerhouses -- Guangdong Province and the Yangtze River Delta -- and the special administrative regions of Hong Kong and Macao.     Meanwhile, exporters in Guangxi Zhuang Autonomous Region and Yunnan Province will be allowed to use Renminbi to settle trade payments with ASEAN (Association of Southeast Asian Nations) members.

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BEIJING, March 31 (Xinhua) -- Chinese President Hu Jintao has called for strengthened coordination among different nations on economic polices and joint efforts against trade and investment protectionism to help the world economy recover.     The international community as a whole was severely challenged in the course of tackling the global financial crisis and resuming growth in the world economy, Hu told Xinhua on Tuesday ahead of the G20 summit scheduled to open in London on Thursday.     With the impact of the global financial crisis on the real economy unfolding and deepening, priorities should be taken by various countries to adopt economic stimulus measures in line with their own situations and work hand in hand to promote growth and employment and improve the people's lives, according to Hu.     Efforts should also be made as soon as possible to stabilize the global financial market and earnestly give play to the role of finance in spurring the real economy to restore confidence of the people and enterprises, Hu said.     "The international financial system should undergo necessary reforms in an all-round, balanced, gradual and effective manner to prevent a similar crisis in the future," the president noted.     China as a responsible country would work with all the other parties attending the summit to help it yield "positive" and "practical" results, Hu said.     China pledged to give its own contribution to the recovery of world economy. The country would adhere to its fundamental national policy of opening up to the outside world and mutually beneficial and win-win strategies, Hu said.     A vigorous and more open China would not only benefit its own steady, fast growth, but help the international community fight the financial crisis and contribute to the world's peace and development, Hu said.     The country has set an 8 percent target for economic growth this year, still notably higher than the 1 percent world average estimated by the World Bank. China grew 9 percent in 2008, the slowest pace in seven years.     The global financial crisis and economic slowdown have created many difficulties for China, Hu said, citing the slump of exports and imports, slower industrial production and unemployment.     But a basket of governmental measures to stimulate domestic demand and promote economic growth have begun to take effect, he added.     Beginning in late 2008, the Chinese government has issued a comprehensive economic stimulus package including a 4 trillion yuan (585 billion U.S. dollars) investment plan and support plans for ten key industries.     The country's central bank has cut interest rates five times and lowered deposit reserve ratio four times in an effort to enhance capital fluidity.     "We have confidence, conditions and capabilities to keep a steady and rapid growth," Hu Jintao said.

BEIJING, Feb. 26 (Xinhua) -- Chinese share prices registered a dramatic 3.87 percent drop Thursday as investor confidence collapsed ahead of the wary market performance and caused panic selling, analysts said.     The decline on overseas markets also had a negative effect.     The benchmark Shanghai Composite Index, which covers both A and B shares, opened higher after the government announced stimulus plans, but dipped 85.05 points, or 3.87 percent, to 2,121.52 points in the afternoon session.     The Shenzhen Component Index on the smaller Shenzhen bourse dropped to 7,777.90 points, down 463.76 points, or 5.63 percent.     Total turnover was 198.52 billion yuan (29.07 billion U.S. dollars), down from 209.05 billion yuan on Wednesday.     Losers led gainers by 841 to 34 in Shanghai and 719 to 36 in Shenzhen.     The weak performance of both the Wall Street and Hong Kong shares had cast a shadow over the mainland market, said analysts.     The financial sector, which led a market rebound Wednesday, failed to support the market in afternoon trading as it dipped 4.76 percent.     Shenzhen Development Bank, which almost fell by the 10-percent daily limit, ended up with an 8.91 percent drop to 13.8 yuan.     China Merchants Bank, which rose by 9.57 percent Wednesday, slipped4.36 percent to 14.27 yuan.     Machinery, automobiles, media and semiconductor sectors led the retreat, dropping 7.88 percent, 7.54 percent, 7.68 percent and 7.79 percent, respectively.     Non-ferrous metals also fell by 7.54 percent though the government announced a stimulus package for the industry Wednesday.     Chenzhou Mining, Corun New Energy, Tibet Mining, Advanced Technology and Materials, Western Metal Material, Sichuan Hongda and Xiamen Tungsten fell by the 10-percent daily limit.     Yongan Forestry bucked the trend, rising by the 10-percent daily limit. The forestry sector managed to close at no more than a 2 percent decline, as domestic media reported a government stimulus plan for forestry was under discussion.     China Eastern Airlines, one of the country's top three airlines, announced Thursday that its shareholders had passed a share placement plan which intended to raise 7 billion yuan from its parent company, China Eastern Group.     The company will issue 1.44 billion Shanghai-listed A shares at a price of 3.87 yuan per share, as well as 1.44 billion Hong Kong-listed H shares at 1.00 yuan each, according to the announcement.     The fund would reduce the company's asset liability ratio and improve its financial situation, said the company.     China Eastern Airlines shares were suspended Thursday.     Hong Kong shares dipped 0.85 percent to 12,894.94 points Thursday, while U.S. stocks fell Wednesday. The Dow Jones industrial average was down 80.05 points, or 1.09 percent, at 7,270.89. The Standard & Poor's 500 Index dropped 8.24 points, or 1.07 percent, to 764.90. The Nasdaq Composite Index dropped 16.40 points, or 1.14 percent, to 1,425.43.

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BEIJING, April 12 (Xinhua) -- China Pacific Insurance, one of the country's largest insurers, announced Saturday that its net profit dropped 80.6 percent to 1.339 billion yuan (196 million U.S. dollars) in 2008.     The Shanghai-based insurer attributed the profit decrease to the sluggish stock market performance and the large amount of insurance indemnity after several natural disasters last year.     However, the premium income of the company rose 26.6 percent to94.02 billion yuan, said the firm in its 2008 annual report.     Its life insurance premium income increased 30.4 percent to 66.09 billion yuan last year, ranking the third in the domestic market. Its property insurance premium rose 18.7 percent to 27.88 billion yuan, making it the second largest among its peers.

BEIJING, March 29 (Xinhua) -- Chinese Vice Premier Wang Qishan has called on the international community to "act together" at the upcoming London summit to get through the global financial crisis, in an article published by the British newspaper The Times on Friday.     In the article entitled "G20 must look beyond the needs of the top 20," with a subtitle "China believes the developing world should have a stronger say in how the international financial system is run," Wang urged all heads of states to be present at the G20 London summit to "act together to get through the time of hardship."     After the financial crisis broke out, China was quick to put in place a decisive plan to boost domestic demand, advance economic restructuring and improve people's well-being, which have started to produce results, said the vice premier.     However, the Chinese economy still faces severe challenges, including to meet the demanding goal of maintaining economic growth by boosting domestic demand, ensuring employment and readjusting the economic structure. China also has to cope with shrinking external demand caused by the global economic downturn and trade and investment protectionism, Wang said.     "China will continue to take forceful measures to maintain steady and fast economic growth and contribute its share to an early recovery of the world economy," Wang pledged in the article.     Since the G20 summit in Washington last year, said Wang, China has provided a lot of assistance and support through a variety of means to a number of countries and regions, and played a part in the creation of significant Asian and global economic and trade initiatives.     The Chinese leader stressed the significance of the international community to enhance coordination and cooperation to overcome the current difficulties.     "Efforts should be made to expand trade and investment cooperation to bolster economic growth, step up cooperation among small and medium-size businesses to ensure employment stability, and strengthen cooperation in energy conservation and emissions' reduction, environmental protection and development of new energy technologies to nurture growth points for the world economy," Wang suggested.     He firmly rejected trade and investment protectionism of all kind. "The international community should recognize that the trend towards economic globalization is irreversible and should take credible steps to reject all forms of trade and investment protectionism," he said.     Wang also called on the international financial system to be reformed, "with the focus on readjusting the governance structure of international financial institutions and increasing the representation and voice of developing countries." He asked the London summit to set a clear goal, timetable and road-map for such reform.     To prevent similar crisis from happening again, Wang, also a Chinese economic expert, suggested prudent regulation of all financial markets and institutions involved to be tightened and regulatory coordination and cooperation at both the regional and international levels to be increased.     On the hot topic of increasing financial resources for the International Monetary Fund (IMF), he said China supports the increase as far as the fund is safe and reasonable returns can be ensured.     "China is ready to play an active part in exploring ways to raise resources and will contribute to this effort within its ability," Wang said. He asked the IMF to mobilize resources through the "quota-based" system as well as voluntary contributions, striking a balance between the rights and obligations of the contributing countries.     As a return, said the Chinese vice premier, the IMF must enhance capacity-building, reform governance structure and ensure that the resources play a significant role in easing the international financial crisis and countering the global economic downturn. China inclines to see the resources mainly to be used to help developing countries which are seriously hit by the crisis, Wang said.     Leaders of the world's 20 largest economies will meet in London on Thursday to discuss, among other things, a coordinated response to the current global financial crisis

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