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BEIJING, Oct. 29 (Xinhua) -- China's central bank, the People's Bank of China (PBOC), announced on Wednesday it would cut benchmark interest rates by 0.27 percent to spur economic growth as of Oct. 30.     The benchmark one-year deposit rate would drop to 3.60 percent from 3.87 percent, while the benchmark one-year lending rate would fall from 6.93 percent to 6.66 percent.     This is the second such move in less than one month, highlighted the government's rising concern over the slowing economy and slumping capital market.     The previous was on Oct. 8, when the PBOC announced to cut deposit and lending rates was lowered by 0.27 percentage points and decided to cut the reserve-requirement ratio by 0.5 percentage points from Oct. 15.     "It reflects that the government is worried about a cooling down economy and other domestic problems, amid a deepening U.S.-originated world credit crisis, " said Tang Min, China Development Research Foundation deputy secretary.     China's gross domestic product (GDP) grew to 20.16 trillion yuan (2.96 trillion U.S. dollars) in the first three quarters of this year, up 9.9 percent from the same period of last year.     The growth rate was 2.3 percentage points lower than the same period of last year, and half a percentage point lower than the first half.     "This was also a timely response to the rate cuts by other central banks worldwide and part of a coordinated effort to stem the global financial crisis, " said Tang.     The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability, experts say.     Tang added, the easing in inflation has given room for the authorities to loosen monetary policy. Inflation is no longer a threat with the declining commodities prices.     China's consumer price index (CPI), the main gauge of inflation, rose 4.6 percent in September over the same period last year, off from the 12-year high of 8.7 percent in February.     "A lower interest rate will help domestic enterprises to cut business costs, and boost economic development. This is in line with the country's expectation," Tang noted.     Zhuang Jian, senior economist with Asia Development Bank echoed with Tang, saying a relaxed credit and financing environment is a key factor to enlarging domestic demand and boost consumption.     "Maintaining a fast and sound economic development is the government's top priority currently," Zhuang added.     However, Zhuang noted, monetary policy alone was not enough to boost domestic economy in the long term. Other fiscal policies were also very important.     Guo Tianyong, director of banking research center with Central University of Finance and Economics said, this move was also contribute to rebuilding people's confidence over the poorly-performing domestic stock market and real estate market.     China's stock market dropped more than 66 percent from its peak last October, while real estate prices continue to fall in recent months.     Last week, China announced an array of policies, including tax exemption and mortgage deposits reduction, to boost the falling real estate sector amid the global economic slowdown.     The interest rates on a mortgage for first time home buyers was cut by 0.27 percentage points as of Oct. 27. The floor for interest rates would be lowered to 70 percent of the central bank's benchmark rate, the central bank said.

 CAIRO, Dec. 24 (Xinhua) -- At the invitation of Egyptian Prime Minister Ahmed Mahmoud Mohamed Nazef, Chinese Vice Premier Li Keqiang arrived here on Wednesday afternoon for an official visit to Egypt.     "I believe my visit will promote the China-Egypt strategic partnership of cooperation to a higher level," Li said in a written speech upon arrival at the airport.     He noted that China attaches great importance to developing relations with Egypt and is ready to make joint efforts with the Egyptian side to consolidate the traditional friendship, deepen the strategic partnership of cooperation and enhance coordination in international and regional issues with Egypt. Visiting Chinese Vice-Premier Li Keqiang is greeted by Chinese people on his arrival at an airport in Cairo, capital of Egypt, Dec. 24, 2008.    During his four-day visit, Li is expected to meet Egyptian President Hosni Mubarak and hold talks with Nazef on bilateral relations with the Arab world and Africa, and regional, international issues.     Egypt is the second leg of Li's first overseas trip since he took office as vice premier in March. The trip has brought him to Indonesia and will bring him to Kuwait.     Among his entourages are senior foreign affairs, development, commercial and banking officials.

BEIJING, Dec. 30 (Xinhua) -- Accountability became a vogue word in Chinese politics in 2008, highlighted by the resignation of the chief quality supervisor.     Li Changjiang, former director of the General Administration of Quality Supervision, Inspection and Quarantine, stepped down in September in the tainted milk scandal, days after the resignation of Shanxi Governor Meng Xuenong following a deadly landslide triggered by the collapse of an illegal mining dump.     Many junior officials also swallowed the bitter pills of penalties and resignations. In early December, the director of the construction bureau of Shijiazhuang, capital of Hebei Province, was removed from his post after six bureau officials were found gambling during work time.     Officials were even punished for dozing in meetings, such as 12local officials in Shaanxi Province, who were reprimanded in June.     "The accountability system has been taken to a new high, which reflects the method of administration as stipulated in the keynote report of the 17th Party congress," said Wu Zhongmin of the Party School of the Communist Party of China (CPC) Central Committee.     "The party underlines the idea of people first, so it is not unusual that officials are punished after public interests are infringed," Wu said.     Chinese media have used the word "storm" to describe the wave of cases in which officials were punished over accountability -- often indirect -- in accidents and scandals this year. Such events were rare in the past decade.     In southwestern Yunnan Province, 864 officials have been punished so far this year, while at least 279 in the northeastern Jilin Province have been punished since last November.     "A storm is powerful, and the accountability storm shows the country's determination to run the party and government properly," said Han Yu, professor in the Party School of the CPC Hebei Provincial Committee.     The storm also shows the power of public opinion, Han added. "There should be someone held responsible for serious infringement of public interests."     China activated the official accountability system during the severe acute respiratory syndrome (SARS) crisis in 2003. More than1,000 officials, including then Health Minister Zhang Wenkang and Beijing Mayor Meng Xuenong, were ousted for attempts to cover up the epidemic or incompetence in SARS prevention and control.     The system was later introduced at all levels of government, and more officials lost their jobs over major accidents or administrative errors.     Just days before Li's resignation, President Hu Jintao, also general secretary of the CPC Central Committee, reprimanded "some officials" over work and food safety accidents this year.     These accidents indicated that some cadres lacked a sense of responsibility and had loose governance, and some paid no attention to people's complaints and were even insensitive to life-threatening problems, Hu said.     As early as in May, a father complained about tainted milk powder after his 13-year-old daughter developed kidney stones, and the Department of Health of Gansu Province in July received a report implying problematic milk powder produced by the Sanlu Group headquartered in Shijiazhuang city.     However, the scandal was covered up until September. The Ministry of Health has said it was likely the contamination killed six babies. Another 294,000 infants suffered from urinary problems such as kidney stones.     Premier Wen Jiabao said development of enterprises and the economy should not be achieved at the cost of lives and public health, and he vowed to punish officials for major incidents.     Conditions could be tougher for officials in the future, as the CPC Central Commission for Discipline Inspection said in late December that authorities are drafting rules to intensify the accountability system.

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BEIJING, Oct. 20 (Xinhua) -- China's top economic planning agency on Monday said it would raise the minimum purchasing price for wheat by as much as 15.3 percent starting next year.     The move by the National Development and Reform Commission (NDRC) aims to boost rural income and grain output. The country, with a population of more than 1.3 billion, relies mainly on domestic production for food.     By hiking grain purchasing prices the NDRC hopes to motivate farmers to increase agricultural production.     The government's minimum purchasing price for white wheat next year will be 0.87 yuan (12.7 U.S. cents) per 500 grams, 13 percent higher than prices in 2008. In addition, prices for red and mixed wheat will be 0.83 yuan per 500 grams, up 15.3 percent.     The agency also pledged to further increase subsidies for agricultural production materials, machinery and crop seeds.     It will also increase commercial reserves of fertilizer to help ensure market supply and price stability.     The NDRC would like to expand China's grain production capacity by 50 million tons.     On Oct. 11, China's Ministry of Agriculture predicted an increase in grain output for the fifth consecutive year.     According to estimates from the State Grain Information Center, this year's grain output should reach 511.5 million tons, up 10 million tons from 2007.     The central government allocated 102.86 billion yuan (15.1 billion U.S. dollars) in agriculture subsidies this year, doubling the money from 2007.     The NDRC also plans to raise the minimum purchasing price for rice next year, although it did not give further details.

BEIJING, Jan. 16 (Xinhua) -- China's State Council, or Cabinet, appointed Friday nine new counselors and six new members of the Central Research Institute of Culture and History.     Premier Wen Jiabao conferred the appointments, saying this year was the 60th founding anniversary of the counselors' department and the 58th for the institute, both founded on proposals by then leaders Mao Zedong and Zhou Enlai.     The two institutions were a major part of the Communist Party of China's United Front work, established to unite all forces in the development the nation, as well as a component of the government work.     Wen asked the counselors and researchers to advise the government by collecting public opinions and grassroots information, play a supervisory role, and helping boost the country's cultural sector.     The global financial crisis had brought a new opportunity for cultural development as the confidence for dealing with the crisis relied on cultural heritage and scientific spirits, he said.

Chinese Vice President Xi Jinping (R) meets with Tariq Majid, chairman of the Joint Chiefs of Staff Committee of Pakistan, at the Great Hall of the People in Beijing, China, on Dec. 16, 2008.     BEIJING, Dec. 16 (Xinhua) -- China would work with Pakistan to push forward the bilateral strategic and cooperative partnership, said Vice President Xi Jinping here on Tuesday.     Xi made the remarks in a meeting with Tariq Majid, Chairman of the Joint Chiefs of Staff Committee of Pakistan.     Hailed the relations between China and Pakistan, Xi said the two nations enjoyed profound friendship, which had stood the test of international changes.     China and Pakistan set up diplomatic ties 57 years ago. Xi said the two countries witnessed increasing mutual trust in politics and expanded cooperation in various areas. Chinese Vice President Xi Jinping (R) meets with Tariq Majid, chairman of the Joint Chiefs of Staff Committee of Pakistan, at the Great Hall of the People in Beijing, China, on Dec. 16, 2008.     China valued the traditional friendship with Pakistan, and was ready to advance relations with the south Asia country, he noted.     Echoing Xi's remarks, Majid said his country attached great importance to the relations with China, and would join in China to promote bilateral exchanges and cooperation. Chinese Defense Minister Liang Guanglie (R) meets with Tariq Majid, chairman of the Joint Chiefs of Staff Committee of Pakistan, in Beijing, China, on Dec. 16, 2008.     Later this day, Majid also met with the Chinese Defense Minister Liang Guanglie.     Liang applauded that the two countries have witnessed satisfactory achievement on military cooperation, in accordance with the sound development of bilateral relations.     China will work jointly with Pakistan to deepen exchanges and cooperation in every military aspect such as anti-terrorism, said Liang. Chinese Defense Minister Liang Guanglie (R) meets with Tariq Majid, chairman of the Joint Chiefs of Staff Committee of Pakistan, in Beijing, China, on Dec. 16, 2008.    Attaching great importance to bilateral relations, China pays much attention to maintaining the China-Pakistan friendship. China always handles and develops relations with Pakistan with strategic and long-term perspectives, Liang added.     Majid agreed to advance the relationship with China under today's global situation.     Majid was here for the Sixth Sino-Pakistani Defense and Security Talks.

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BEIJING, Dec. 18 (Xinhua) -- China held a meeting on Thursday morning to celebrate the 30th anniversary of its reform and opening-up drive, which turned the once poverty-stricken country into one of the world's largest economies.    Top leaders, including President Hu Jintao, attended the ceremony, which started at the Great Hall of the People in downtown Beijing at 10:00 a.m. China held a meeting on Thursday morning to celebrate the 30th anniversary of its reform and opening-up drive, which turned the once poverty-stricken country into one of the world's largest economies    The celebration also drew nearly 6,000 Chinese from all walks of life.     In a speech at the ceremony, Hu said 30 years to the day witnessed the opening of the 3rd Plenary Session of the 11th Communist Party of China (CPC) Central Committee.     That meeting ushered in a new historic period of reform and opening-up, marking the most significant turning point in the Party's history since the New China was founded in 1949, he said.     By gathering here today to commemorate the 30th anniversary of that meeting, Hu said they are meant to fully recognize the significance and great achievements of the reforms, sum up experience, and continue to develop the country on the path of socialism with Chinese characteristics.     Hu said China's gross domestic product (GDP) kept growing at an annual rate of 9.8 per cent for three decades, more than three times the world average. China held a meeting on Thursday morning to celebrate the 30th anniversary of its reform and opening-up drive, which turned the once poverty-stricken country into one of the world's largest economies    The President said China's GDP had soared from more than 360 billion yuan (about 52 billion U.S. dollars) in 1978 to 24950 billion yuan in 2007, making China become the world's fourth largest economy.     The past 30 years have been a period in which China's overall national strength has risen by a big margin, and the Chinese people have received more tangible benefits than ever before, he said.     The country has carried out extensive international exchanges and cooperation, through which China's economy was boosted, he said, adding in the process, China has also made important contribution to the world's economic development.     China's economic reforms started 30 years ago after the 10-yearCultural Revolution (1966-1976), which left the country on the verge of economic breakdown.     The decision to open up the once-secluded country and reform its moribund economy was made at the 3rd plenary session of the 11th Central Committee of the Communist Party of China, which started on Dec. 18, 1978.     The date is commonly regarded as a watershed in China's development.

BEIJING, Jan. 4 (Xinhua) -- Canvassers for China's economic census must ensure the validity and credibility of the results to give decision makers better insight into the economy, Vice Premier Li Keqiang said on Sunday.     The census is vital as it provides a frame of reference for the government to maintain stable, rapid economic growth as the financial crisis deepens, Li said during visits to the National Bureau of Statistics (NBS) and a census data collection site here.     "The global financial crisis has not bottomed out but has further hit the world economy, and its adverse impact on China is gradually unfolding," said Li.     He urged census-takers to strive for quality and timeliness in their data. Chinese Vice Premier Li Keqiang (2nd R Front) talks with a woman during his visit to China Power Investment Corporation in Beijing, capital of China, on Jan. 4, 2009. Li Keqiang on Sunday visited the State Bureau of Statistics and China Power Investment Corporation in Beijing for the second national economic census.     China started its second national economic census in October and is expected to publish the results at the end of this year. Workers have finished preparations and begun to collect and analyze the data.     The NBS started the census in 2004, and it is conducted every five years. The current census will help form the basis of the social and economic development blueprint for the 12th Five-Year Plan (2011-2015).     Statisticians around the nation will survey all enterprises from the secondary and tertiary sectors, including smaller ones that were omitted from earlier annual statistics.

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BEIJING, Nov. 28 (Xinhua) -- Chinese President Hu Jintao said Friday the top priority of the country's 2009 agenda on economic development is to maintain a "stable and relatively fast growth", amid the grim global economic downturn.     "We will ensure a quality and fast growth of the national economy next year," Hu said while sitting down with personages outside the ruling Communist Party of China (CPC) to seek their advice on the country's economic development.     He said the country would pursue an "all-rounded and sustainable" growth that stresses both quality and efficiency.     The world's fastest growing economy saw its growth slow sharply to nine percent year on year in the third quarter, the slowest pace in five years, as a result of slower export and investment growth.     The president said the country would continue to practice "active" fiscal and "moderately loose" monetary policies next year, and would in the meantime strengthen and improve macro controls according to changing conditions.     Such proactive policies is a transition made earlier this month against adverse global economic conditions from the earlier "prudent" fiscal and "tight" monetary policies aimed at curbing inflation and averting overheating.     He stressed the importance of boosting domestic demands, saying the country would bring consumption to play a bigger role in driving the economic growth, and the expansion of consumer spending would receive more prominent emphasis.     China would also increase its investment in rural areas, agriculture, and farmers "by a large extent" to guarantee the development of the agricultural sector and ensure the output of grain and other farm produce, according to the president.     Hu said the country would continue to promote economic restructuring. China has been working to reduce its heavy reliance on exports and investment over the past years.     "The country needs to take the challenges of the ongoing global financial crisis as opportunities to accelerate industrial restructuring to create new growth and foster other competitive edges," he said.     China would continue with its reform and opening up, Hu said. "The country will lose no chance to introduce reforms that can promote the development at the right time, and will take note of bringing the market into full play in allocating resources."     The country would actively develop the export-oriented sector and step up the diversification of exporting markets, Hu added.     He also said the country would stick to improving people's living conditions and building a stable society. The country would adopt "more active" employment polices next year, Hu said.     He pledged to improve urban and rural social security systems and vowed intensified efforts in supervision and inspection of food, drug and work safety.     "The country has great potential in economic development and has also accumulated strong capabilities to withstand risks over the past 30 years of reform and opening up," Hu told the non-Communist people.     The non-CPC personages said they endorsed the CPC and government's judgment on current situation as well as plans on next year's economic development. They also offered suggestions on economic issues such as the fight against the financial turmoil, and macro control measures.

BEIJING, Dec. 17 (Xinhua) -- Chinese Premier Wen Jiabao on Wednesday called for a healthy development of the country's real estate market at an executive meeting of the State Council, or the Cabinet.     A document released after the meeting said the recently-adopted domestic demand expansion and economic stimulus policies had positive impact on the property market. Trading volumes in some cities were picking up.     At present, efforts should be made to keep market-oriented in developing real estate, step up building of houses for low-income families, encourage housing transactions and maintain a reasonable scale of real estate development.     The document said governments would spend three years to build houses for 7.5 million low-income families in urban areas and 2.4 million households in shanty towns in forests, reclamation areas and coal mines. They would also continue renovating aged buildings in rural areas.     The central government would keep financing these building and renovating projects, offer higher subsidies for the less developed central and western regions and carry out pilot projects in some area to test the feasibility of supporting construction with idle funds in local housing provident fund accounts.     In a bid to encourage transaction, second-home buyers, with per-capita room-at-home lower than the local average, would be allowed to enjoy favorable policies for first-time house buyers.     Tax on house transactions would also be reduced next year. Homeowners who had lived-in for more than two years would be exempted from a transaction tax, which had been levied on houses lived in for less than five years. For those who had lived-in for less than two years, the base of tax would be transaction price minus the original price.     Banks should lend to developers of low-price apartments, especially those under construction, and offer services for mergers by credible developers.     The central government demanded local authorities keep a close eye on the real estate market, find new problems in time and step up supervision on use of subsidies and quality of construction projects.