News » China » China publishes plan for development in minority areas

---

• China publishes plan for development in minority areas
• China pledges to work with ASEAN to safeguard peace in South China Sea
• Chinese sci-fi saga to have English edition
• TV station worker arrested over pornographic broadcast
• Qinghai Lake in autumn
• Guangfa Bank accelerates business transition
• Summer views of Qinghai
• Qinghai Lake attracts thousands of tourists
• China, U.S. to hold human rights dialogue in Washington
• 14 killed, 50 injured in Denver cinema shooting
• Cinema shooting kills 10 in Denver
• China's largest LV boutique ready for official opening
• Hu vows more aid for African countries
• China, Cote d'Ivoire pledge to further enhance ties
• Education firm boss clarifies SEC probe
• Art program helps AIDS-impacted families
• Art program helps AIDS-impacted families
• Jeremy Lin arrives in Houston
• Biz directory for Chinese enterprises in Africa released
• China's slowing growth brings opportunities

China publishes plan for development in minority areas Posted: 20 Jul 2012 09:12 AM PDT The State Council, or China's cabinet, on Friday issued a five-year plan outlining the social and economic development in the ethnic minority areas.

China pledges to work with ASEAN to safeguard peace in South China Sea Posted: 20 Jul 2012 09:05 AM PDT China pledged Friday to make joint efforts with the Association of Southeast Asian Nations (ASEAN) to safeguard regional peace and stability after the 10-member bloc issued a six-point statement on the South China Sea.

Chinese sci-fi saga to have English edition Posted: 20 Jul 2012 06:07 AM PDT The Three Body trilogy, one of the most popular Chinese-language science fiction novels, will be published in English soon, a publishing company said Friday.

TV station worker arrested over pornographic broadcast Posted: 20 Jul 2012 06:15 AM PDT Updated: 2012-07-20 20:18 By Xu Wei ( chinadaily.com.cn) The local procuratorate in a county in Southwest China's Chongqing municipality approved the arrest of a TV station worker who was suspected of involvement in the local TV station's broadcasting of several minutes of pornographic video clips. Pornographic video clips appeared on a television channel run by the station of the Youyang Tujia and Miao autonomous county in Chongqing on the evening of July 7. The local authorities suspended the TV channel after the incident and pledged to conduct a thorough investigation. The investigation shows that a worker at the station, surnamed Yang, was suspected of altering the programming of the TV channel and replaced it with pornographic content, according to a statement from the local government information office. Yang had a dispute with the management of the TV station and altered the TV channel programming deliberately, according to the statement. Yang was arrested for spreading pornographic content, according to the local procuratorate.

Qinghai Lake in autumn Posted: 20 Jul 2012 06:15 AM PDT Updated: 2011-09-22 14:15 By Chen Ziyan ( chinadaily.com.cn) Although they say autumn is not the best season to visit Qinghai Lake, in my eyes, it's a different kind of beauty. After taking a 25-hour trip by train, I finally reached my destination - Qinghai. Qinghai province, inhabited by many ethnic groups, is a sparking jewel set on the northwest plateau of China, where the Yangtze River, the Yellow River as well as the Mekong River take their source. Since there is not enough time to visit all the wonderful landscapes, I spent only four days there and another day in its neighboring province, Gansu. Here are some pictures I took of the marvelous land during these days that I really want to share with everybody. It's beauty, mystery and diversity make it a worthwhile trip for every nature lover, including cyclists. Travel slowly to take in the sights and scenery, as well as to snap photos.

Guangfa Bank accelerates business transition Posted: 20 Jul 2012 06:15 AM PDT China Guangfa Bank Co Ltd, the only national joint-stock commercial lender not to have listed, is accelerating its transition towards becoming more of a full retail bank, with an upgrade of its wealth management services and the start of private banking by the end of the year. With a minimum initial deposit threshold of 300,000 yuan ($47,000) for VIP clients, the bank said it will introduce more classification layers to its wealth management business, with its new "Premier Banking" operation, said Liu Weixing, head of CGB's Beijing branch. The upgraded business will focus on asset allocation for families, with fee exemption for nearly 40 services, including healthcare, airport reception, and overseas study. The threshold for its private banking service will be 6 million yuan, according to the bank. Morris Li, the president of CGB, said demand for private wealth management services is expected to continue to grow by about 30 percent year-on-year in the future, regardless of economic cycles. He expected growth of retail business this year would be higher than that of 2011. Last year the lender's personal loan business grew by 31 percent year-on-year. Citigroup Inc became a major strategic cooperation partner for CGB after purchasing 20 percent of CGB's shares and got 100 percent operation and management rights over the domestic lender in 2006. In 2011 CGB decided to set retail banking as a priority of its business development in the next five years, expecting retail banking to contribute as much as 50 percent of the total revenue. "And we hope number of the VIP clients and assets under management could both double by the end of 2015," added Amy Choi, deputy president of CGB. As of last year, total assets of the lender reached 919 billion yuan, up by 13 percent year-on-year. Its net profit surged by 55 percent to 9.6 billion yuan. Its non-performing loan ratio stood at 1.34 percent at the end of 2011, down by 0.24 percentage point from one year earlier. Guo Xiaoping, a former deputy president of CGB, said judging from the current situation of economy and the capital market, the lender cannot expect to be approved for IPO within the year.

Summer views of Qinghai Posted: 20 Jul 2012 06:15 AM PDT A view of Menyuan County of Qinghai Province, July 21, 2011. Summer is the best season to see Qinghai, and tourism is picking up in the province. [Photo/Xinhua]

Qinghai Lake attracts thousands of tourists Posted: 20 Jul 2012 06:15 AM PDT Tides strike the shore in the Qinghai Lake, Northwest China's Qinghai province, July 20, 2011. The mirror-like Qinghai Lake attracts thousands of tourists in summer. [Photo / Xinhua]

China, U.S. to hold human rights dialogue in Washington Posted: 20 Jul 2012 04:05 AM PDT China and the United states will hold a new round of human rights talks in Washington on July 23 and 24, according to a Friday news release from the Foreign Ministry.

14 killed, 50 injured in Denver cinema shooting Posted: 20 Jul 2012 04:20 AM PDT A gunman killed at least 14 people and injured 50 others early Friday at a suburban Denver, Colorado, movie theater, authorities said.

Cinema shooting kills 10 in Denver Posted: 20 Jul 2012 03:45 AM PDT A gunman killed at least 10 people and injured many others early Friday at a cinema in Denver showing new Batman movie "The Dark Knight Rises," local media reported.

China's largest LV boutique ready for official opening Posted: 20 Jul 2012 02:19 AM PDT A Louis Vuitton boutique, with extremely luxurious decoration, is about to open on July 21th in Shanghai. According to media, this is going to be the largest one in China.

Hu vows more aid for African countries Posted: 20 Jul 2012 01:19 AM PDT President Hu Jintao on Thursday proposed measures in five priority areas, including financial assistance to the African Union's peacekeeping missions, to boost China's relations with the continent.

China, Cote d'Ivoire pledge to further enhance ties Posted: 19 Jul 2012 11:48 PM PDT He called on the two sides to strengthen high-level exchanges, including those between governments, legislative bodies and ruling parties, so as to enhance political mutual trust.Hu said China will continue to support the peaceful reconstruction of Cote d'Ivoire and encourage Chinese companies to participate in its economic development.

Education firm boss clarifies SEC probe Posted: 20 Jul 2012 02:50 AM PDT Yu Minhong, CEO of New Oriental said that they are cooperating with the SEC on investigation but he dismissed the accusations made by Muddy Waters Research.

Art program helps AIDS-impacted families Posted: 20 Jul 2012 01:49 AM PDT An art program sponsored by the Hong Kong Chi Heng Foundation helps AIDS-impacted youth develop their artistic abilities.

Art program helps AIDS-impacted families Posted: 20 Jul 2012 02:00 AM PDT An art program sponsored by the Hong Kong Chi Heng Foundation helps AIDS-impacted youth develop their artistic abilities.

Jeremy Lin arrives in Houston Posted: 20 Jul 2012 01:25 AM PDT The Houston Rockets' newest icon Jeremy Lin arrived in Houston on Wednesday afternoon for his new career with the Rockets.

Biz directory for Chinese enterprises in Africa released Posted: 19 Jul 2012 11:52 PM PDT The latest comprehensive guide for Chinese businesses operating in Africa launched Thursday.

China's slowing growth brings opportunities Posted: 19 Jul 2012 11:11 PM PDT WASHINGTON - As a big player in global economy, China posted a three-year-low growth rate of 7.6 percent in the second quarter, triggering fears of a hard landing of its economy. But some experts here saw little reason for such concern, saying the slowdown is more of Beijing's self-initiated efforts to restructure its economy and to shift its development model. They also said the deceleration, which comes as expected, would allow more space for the country to put its growth on a sustainable path. Not a suprising decline Nicholas R. Lardy, a senior fellow at the Peterson Institute for International Economics, said the slower growth "is not necessarily a bad thing," as it still falls within the official growth target of 7.5 percent set up at the beginning of the year. The fine tuning showed Beijing cares more about the quality and sustainability of its economy rather than growth figures, he said. In this connection, "this (the slowdown) is fully consistent with what they are trying to achieve," Lardy said. Michael Pettis, a senior associate in Carnegie Endowment for International Peace, a Washington-based think tank, said "it is almost impossible for China to re-balance except under conditions of much slower growth and rising real interest rates." "The fact that Beijing allowed growth to slow so sharply, and more importantly that it has refrained from lowering interest rates as quickly as inflation has declined, shows that the leadership is willing to take decisions that are necessary for sustainable Chinese growth in the medium term," he told Xinhua in an interview. Yukon Huang, also a senior associate at Carnegie Endowment for International Peace, said the disappointment at China's growth figures reflects how dependent everyone has become on China to propel the global economy given the protracted economic woes still plaguing the United States and Europe. The slowdown in China's economic progress might rattle other economies, Huang said, but for Beijing itself, slower growth can be a good thing if it is part of a transition to a more efficient and sustainable growth path. Ample space to avoid hard landing The International Monetary Fund (IMF) on Monday revised down its  projections for China's growth this year from 8.2 percent to 8 percent, citing external shocks as a major drag. As the eurozone debt crisis reaches a crescendo and US flagging economy continues to weigh on global markets, China would face more downward risks. Chinese Premier Wen Jiabao warned the economic hardship may continue for a period of time, promising further efforts to fine-tune policies to make them more targeted, foresighted and effective. The Chinese central bank has cut interest rates and reserve ratio requirements to stabilize the economy. "China has ample capacity to avoid a hard landing," Lael Brainard, the US Treasury's under secretary for international affairs, said at a Washington-based think tank on Wednesday. "Chinese authorities have been very pragmatic ... We've seen some indications they are going to be much more focused on lifting domestic consumers," a key part of the re-balancing efforts to make the growth more sustainable, she noted. Former US Treasury Secretary Henry Paulson also dismissed the suspicions of China falling into a downward spiral. "There is no doubt that the economy has slowed down significantly," Paulson said Tuesday in an address at the Atlantic Council, a think tank in Washington. "My own best judgment is that we're not going to see a hard landing," he said. "I would be quite surprised" if China's economy does not grow somewhere between 7.5 percent and 8 percent this year, he added. China has embarked on a process of steering its economy on a more sustainable path, away from exports and investment, to a greater reliance on domestic consumption. Pettis said the combination of China's re-balancing and lower commodity prices bodes well both for China and the world at large. Hopeful but bumpy road ahead In its latest report, the IMF warned that the global economy, which was not strong to start with, has shown signs of further weakness. It urged the emerging countries to get ready to cope with trade declines and the high volatility of capital flows. Although China has vast resources to stay on track, many economists worried that the road ahead could be bumpy, especially as global economic picture darkens. Pettis noted that the key reform, and probably the most difficult to implement, is to let real interest rates rise. This will give a boost to the income of ordinary households, who save a great deal of their money in the form of bank deposits. "The leadership should consider moving more aggressively on a variety of structural reforms that would have an expansionary impact on the economy," said Huang. "Although there is still considerable uncertainty about when China's downturn will bottom out, most indicators suggest that this is likely over the coming months," Huang added.

You are subscribed to email updates from Update » News » China To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610