Archive for December, 2009

China hikes bank reserve ratio to 15%

Wednesday, December 30th, 2009

China’s central bank announced a 0.5 percent hike in bank reserve ratio Wednesday in the latest move to cool down economy and curb inflation.

Lenders must park 15 percent of deposits with the People’s Bank of China as reserves from Jan. 25, up from 14.5 percent, the central bank said on its website. The ratio is the highest since 1984.

The PBOC said in a statement that the adjustment is to draw back excess liquidity at banks and curb the overly fast growth of credits.

Excess liquidity is a major challenge for the Chinese government as it could result in asset bubbles and economic overheating. The problem becomes more prominent as the record trade surplus pumps more cash into the country.

The increase in the reserve requirement is the first such move in 2008, and the 11th since January last year. China’s decision-makers decided to shift the country’s monetary policy from prudent to tight at the end of last year to keep the economy on track and tame inflation.

FDI doubles despite tax concerns

Tuesday, December 29th, 2009

Foreign direct investment (FDI) in China more than doubled last month from a year earlier despite concerns over the impact of increased corporate income tax on foreign investors which took effect this year.

FDI in January was 11.2 billion U.S. dollars, 109.78 percent more than in the corresponding month of last year, the Ministry of Commerce said yesterday. But its department of foreign investment administration declined to disclose the reasons for the unusual increase.

The ministry said the government approved 2,918 foreign-invested enterprises last month, down 13.41 percent from a year earlier.

In 2007, FDI rose 13.8 percent to 82.7 billion U.S. dollars despite curbs meant to cool a boom in spending on real estate and other assets.

Lu Jinyong, a researcher at the University of International Business and Economics, attributed the big rise to possible funds in place for some major deals approved last year.

The ministry has stopped releasing figures of contracted foreign investment, which are deals not fulfilled.

“China is also attracting more foreign investors by further easing restrictions on mergers and acquisitions as well as improving the investment environment in the service sector,” he said.

FDI inflows have surged since the country joined the World Trade Organization in late 2001. But many worried the corporate income tax law that took effect this year may hinder the influx of foreign capital.

Income tax rates for domestic and foreign companies are unified at 25 percent from this year, compared to 33 percent for domestic companies and 15 percent for foreign firms - which enjoyed tax waivers and incentives - before the change.

“In the long term, the new corporate income tax law will benefit China in attracting FDI because it creates a level playing field for foreign and domestic investors,” Lu said.

Many enterprises benefit from the new law as businesses involved in high-tech, infrastructure and environmental protection sectors and small-scale enterprises now enjoy a favorable tax, Li Zhiqun, director of the ministry’s foreign investment administration department, said in an earlier interview.

He added that foreign enterprises registered before 2008 are given a five-year grace period of favorable tax rates.

FDI in non-financial sectors is expected to increase 4 to 6 percent year-on-year in 2008 to hit 69-72 billion U.S. dollars, according to a report released by the Chinese Academy of Sciences.

FDI in the non-financial sector increased 13.6 percent year-on-year to reach 74.77 billion U.S. dollars last year.

The report said FDI in the service sectors, including banking, insurance and retail, is expected to accelerate this year as China opens up these sectors wider to foreign investors.

Ding looks to shine at home tournament

Saturday, December 26th, 2009

China’s snooker ace Ding Junhui will be looking to continue his sizzling play on the Main Tour at the China Open in March, but a number of foes will stand in his way in Beijing.

World top-16 players, including world No 1 Ronnie O’Sullivan, Stephen Hendry, Ken Doherty, and defending champion Graeme Dott, are set to join the annual tournament, held from March 24 to 30, tournament organizer Intersports said yesterday.

“I am here to guarantee Chinese fans that the best 16 will be competing at the China Open this year,” the tournament’s spokeswoman Zhang Yuan told China Daily.

Ding’s success over the past two years brings the sport’s popularity here to new heights. His cool, attacking play has captured the imaginations of a sports-crazed nation.

Live coverage of Ding’s home matches topped the 2007 sports viewing standings of China Central Television (CCTV).

In the 2007-08 season, Ding again grabbed the country’s attention when he beat three former top-ranked players - O’Sullivan, Hendry and Steve Davis - at the Snooker Premier League in England in December.

The 20-year-old wunderkind also had the pleasure of winning three ranking titles - the China Open and the UK Championships in 2005 and the Northern Ireland Trophy in 2006 - and is the only player other than John Higgins to do so before his 20th birthday.

With the $104,050 prize money won at the Premier League, Ding became the fifth-ranked athlete on the Forbes 2007 Chinese Celebrity Rich List after Yao Ming, Liu Xiang, Yan Zi and Zheng Jie.

“I want to play my best snooker at the China Open,” he told Beijing Television. “The tournament is always special for me, because I won my first Main Tour trophy here and it is always a lot of fun to play in front of my family and Chinese fans.”

In the inaugural China Open in 2005, Ding landed a historic win at the 2005 China Open by trumping Hendry 9-5 in the final. The victory made Ding the first-ever Chinese player to win a Main Tour title and the second youngest title holder in snooker history, just nine days older than Ronnie O’Sullivan when he won the 1993 UK Championship.

According to Zhang, Ding will be joined by eight Chinese wild cards in the tournament at the Beijing University Students Stadium.

After cooperating for three years, China’s Multiple Ball Games Administrative Center of the State General Sports Administration signed an eight-year contract with Worldsnooker, the world governing body of the sport.

“We want to build the China Open as the most successful tournament in Beijing,” Intersports boss Kang Wei said.

Teachers’ ultimate sacrifice

Thursday, December 24th, 2009

As flags throughout the country fly at half-mast in a three-day national mourning period that started Monday, images of those who died in the disaster continue to touch citizens’ hearts.

Millions of netizens have likened one heroic teacher to majestic eagle: Tan Qianqiu was found under rubble with both arms extended, shielding four students from being crushed under a desk.

The four children were saved, but Tan, 51, left his wife and two daughters forever.

Tan’s wife, Zhang Guanrong, cleaned her husband’s face after rescuers pulled his body from the ruins of the Dongqi Middle School in Hanwang town, Deyang city, last Tuesday.

She recalls Tan getting up at 6 on Monday morning, the day the quake struck, dressing their baby daughter and taking the child for a walk before leaving for work.

At China Central Television’s donation show broadcast live on Sunday night, Tan’s elder daughter, Tang Junzi, who studies law at Peking University, said her father’s heroism was characteristic of the man.

“He is the kind of person who must live for his students, even if it means failing his family,” she said.

Teachers and students attended a memorial for Tan last Friday at Hunan University, his alma mater in Changsha, Hunan province.

“We shall forever remember the eternal moment. Your extending arms carry the full meaning of your profession and great love.”

Kindergarten teacher Qu Wanrong knew there was no escape. The roof of her crowded class was collapsing, but she instinctively knew what to do. Her extraordinary bravery came at enormous cost.

Li Juan, head of the kindergarten, wept as she recalled her colleague’s self sacrifice.

“Qu lay on her stomach. Her back kept the fallen cement board away from a child beneath her. The child is safe, but she has left us,” Li said.

Huanhuan Kindergarten was in the town of Zundao in Mianzhu. About 400 townsfolk have been found dead, and many more were buried. More than 80 percent of the town’s buildings collapsed.

About 50 of the 80 children were killed. Three teachers also lost their lives, and two more still in intensive care.

English teacher Wu Zhonghong, 45, who had taught at Huaiyuan Middle School in the city Chongzhou for 28 years, also gave his life to save others.

Vice-principal Li Hongcheng said the four-story building shook for about one minute before cracking in the middle.

Wu was teaching junior middle school first-graders on the fourth floor, and, according to a student who identified himself as Xiaobin, Wu told the students not to panic and to “take nothing and follow me” as they hurried downstairs.

Suddenly, someone shouted out that two students had been left behind, and Wu ran back up.

“We ran out and the building collapsed. Teacher Wu disappeared,” Xiaobin told a reporter.

Rescuers worked throughout the night to find Wu. When they finally found him the next morning, he and four other students had passed away. Most of the 700 students and teachers are safe.

It was a similar story at Yingxiu Elementary School, which was near the epicenter of the quake and lost most of its 70 teachers and 473 students.

Two teachers, Liu Sineng and Ye Shangmin, had been taking a PE lesson at the time of the quake. They and their students survived. When they dug through the debris with their bare hands, they found fellow teacher Zhang Laiya covering two students. The students were alive but Zhang was not. Another teacher, Geng Fang, also died saving two students.

A local radio station broadcast the plight of another school’s teacher, Yan Rong.

She stayed behind until 13 students were clear of the school’s crumbling building and paid with the price of her life.

Yan’s 18-month-old baby daughter, Du Wenxin, might have been orphaned by the quake.

Her father Du Pengxiang, a police officer, was working at the Jiuhuang Airport at the time, and nothing has been heard of him since.

When rescuers on Thursday morning pulled the baby out from the building belonging to the Aba Tibetan and Qiang Autonomous Prefecture Traffic Police, her grandmother was still trapped.

About three hours after rescue work began, the old lady, who was losing a lot of blood, told a doctor: “I really can’t make it.”

“Hold on, or your granddaughter will be an orphan,” the woman doctor said. But three minutes later, the old lady lowered her head and never looked up again.

Kindergarten teacher Wang Dan worked tirelessly with her colleagues to save 800 children in Dujiangyan.

The children had been asleep when the earthquake struck, and their teachers pulled them up and led them to safety.

Wang works in the junior class, where more than 40 children are younger than 4. She and other teachers carried the children out one by one.

A group of 43 children from Jiguanshan Township School survived 24 hours in the most brutal conditions and spoke of how their teachers had worked non-stop day and night to protect them.

The students had just finished their exercises at their remote mountainous school when the earthquake struck.

After parents took away most of the students, 43 were left from Zhugen and Yanfeng, two remote villages with no transportation or communication links.

That night, the 22 teachers cut bamboo to build a shelter against the rain, and when a local hotel owner sent them porridge, the teachers gave it to the children.

As rain continued down pouring, the students were terrified by the aftershocks.

The teachers stood in a circle around the children, shielding them from the rain.

“We kept telling them: ‘Your teachers are here, don’t be afraid. You can lean on each other to get some sleep’,” headmaster Wang Jingping told Chengdu Daily.

The teachers had to stay awake all night in the freezing cold, making sure the canvas wasn’t blown away by the strong winds.

“We couldn’t lower our hands for one minute,” Wang said. When the rain finally eased at dawn, the teachers’ arms were swollen and numb.

As soon as about 20 armed police found a way to access the mountain, the teachers decided to send the students to a safer place, with one child between two adults.

“The rain was very heavy. We could see landslides everywhere. Rocks kept falling from above us. It was horrifying,” recalled Zeng Shumei, a 12-year-old fifth-grader.

“The road was less than 1 chi (33 cm) wide at the narrowest place and the cliff was right below us,” said another pupil, Chen Kefeng.

“They sheltered us with their bodies and inched forward. If someone fell, it could only be the teachers and armed police.”

It took the students three hours to plough through 10 km of mountainous paths to a hotel in Wenjingjiang town, from where they were sent to Chongzhou city by the local education bureau.

“When the teachers took off their shoes, blood had soaked through the socks. They couldn’t take off the socks,” Wang said.

One foreign teacher’s cool head saved 29 students at the Guangya IB School in Dujiangyan.

As soon as the quake started, the Australian teacher, known as Dane, shouted “desk, desk” to his students, making sure that all students were beneath their desks. As he finally took cover himself, the ceiling broke and fell.

As soon as the trembling stopped, he led the students downstairs. Dane spent the night with his students on the football field before heading for Chengdu.

800 trapped in homes in Guangxi

Tuesday, December 22nd, 2009

More than 800 residents of Liyang village, Laibin city, Guangxi Zhuang autonomous region, have been trapped for two days in their mountainous village.

The village council office has been submerged by floodwaters, village head, Tan Rongming, said.

“Fortunately, there are no casualties,” he said.

In 1974, the village was also hit by floods, which damaged a number of houses and claimed many lives.

“After that we moved nearly all of our houses to higher ground. But landslides triggered by the rains are now posing a risk,” Tan told China Daily.

Water and electricity have been cut off since Monday.

“But so far, people are calm as we have enough food and water to last for another two or three days,” Tan said.

As the floods have paralyzed roads, relief workers from Laibin will probably have to use boats to get to the villagers, Tan said.

Two electricity generators are being sent to the village, he said.

Villager Tan Wencai said the floods had destroyed his two fishponds and sugar cane crop. “I’ve lost at least 10,000 yuan ($1,450) to the disaster.

“The flood water is dirty and smelly, so we just have to stay at home and wait to be rescued.”

More rain is forecast for the region in the next few days, weather and water resources experts said.

In southwest Guangxi, four rainstorms between May 27 and Tuesday have affected nearly 3 million people, at least 45 people are dead and 26 injured, the Xinhua News Agency said yesterday.

Three remain missing, including two students from Bobai county, the Guangxi News website said.

The students were part of a group of five swept away by the floods. Three have been confirmed dead.

A hunt for the missing students is still going on, Xinhua said.

Nationwide, 176 people are dead, and 52 are missing, the news agency said. More than 43 million people have been affected and 2.5 million hectares of farmland lie submerged.

The government has made significant efforts to minimize casualty and economic losses. Residents have been evacuated, food supplies delivered, and river embankments strengthened.

More rain is forecast for south China in the next three days and some regions will experience heavy showers and strong winds, the China Meteorological Administration (CMA) said on Tuesday.

It said this was due to cool winds moving east and a warm, moist air current.

The CMA said moderate to torrential rain can also be expected in the quake-hit regions in the next two days.

The rain will gradually move from the Sichuan Basin to the Huai River.

Shanghai’s cool week aims to save 500,000 kWh

Sunday, December 20th, 2009

Professionals in Shanghai left their formal suits in the closet Monday, choosing instead T-shirts and sneakers for the coming Cool Week activity.

White-collar workers in the Lujiazui financial district of the Pudong area will work at 26 ℃ rather than 24 ℃ in a five-day effort to reduce energy consumption.

The Lujiazui Building Association, organizer of the temporarily relaxed dress code, said its purpose is to save energy at a time when consumption is a big demand.

Some employees welcomed the opportunity to come to work in casual summer wear.

“I feel pretty good in casual wear,” Mao Yu, a manager of General Motor China Company, said.

“And, it also saves electricity.

“A change in physical appearance in the office eases work pressure,” he said.

Mao was clad in a white T-shirt and cotton trousers.

Mao said the dress code has not been relaxed enough to allow sleeveless and collarless shirts, or sandals.

The 150 companies of more than 4,000 employees in Jinmao Tower have responded to the appeal.

Another 32 high-rise buildings within the Lujiazui Area are also participating in Cool-Week.

But, not everyone will take up the chance to be a little more comfortable at work.

A 25-year-old woman surnamed Zhao who works at a management fund company is dressed in her regular business attire of black suit and high heels.

“This change in appearance might affect a colleague’s or even an executive’s equilibrium,” Zhao said. “We need to display an image of professionalism and respect for our clients through appropriate attire maintaining proper business etiquette is important to us.”

Some, however, believe there are advantages to casual wear in the office.

A 25-year-old woman surnamed Gong, who works on the other side of the river in Jin An district, hopes her advertising company will adopt business casual attire as a matter of policy.

“A new look could bring new ideas every day,” Gong said.

A total 500,000 kWh of electricity will be saved during the initiative, equal to the combined monthly electricity bills of almost 30,000 households, Xinhua News Agency said.

China’s Guangdong on top alert of sea wave as Typhoon Nuri approaches

Friday, December 18th, 2009

South China’s Guangdong Province issued a red warning alert on sea wave on Thursday as Typhoon Nuri, the 12th tropical storm this year, approached, according to local flood control headquarters.

Typhoon Nuri was moving northwestward at a speed of 15 to 20 kmper hour and expected to hit the coastal areas between Shanwei and Yangjiang in Guangdong from Friday noon till night.

On Thursday, billows, about six to seven meters high, lashed the province’s coastal areas.

Force 12 wind, torrential rain and geological hazards were expected when the typhoon landed, a headquarters spokesman said.

By Thursday evening, 45,374 vessels and 159,332 people had been recalled to harbors in the province. Another 87,000 people were evacuated.

Both Guangdong and neighboring Fujian Province had been hit by lingering heat with temperatures rising to 37 degrees Celsius. The observatories expected the impending typhoon to cool the air.

The Ministry of Agriculture on Tuesday night issued an urgent notice requiring fishery and agricultural departments in Fujian, Zhejiang, Jiangsu, Shanghai, Anhui, Jiangxi and Guangdong to keep the public informed and help fishing vessels avoid risk.

Quotes about Paul Newman

Wednesday, December 16th, 2009

Reaction to the death of actor Paul Newman:

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“There is a point where feelings go beyond words. I have lost a real friend. My life — and this country — is better for his being in it.” — Robert Redford.

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“I was blessed to have know him. The world is better because of him. Sometimes God makes perfect people and Paul Newman was one of them.” — Sally Field.

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“Paul Newman’s craft was acting. His passion was racing. His love was his family and friends. And his heart and soul were dedicated to helping make the world a better place for all. — Robert Forrester, vice chairman of Newman’s Own Foundation.

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“Paul was a very fine actor and a really good race driver. But mostly, he personified humanity — always taking care of those who were less fortunate. For me, this will be his legacy.” — David Letterman.

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“Paul and I have been partners for 26 years and I have come to know his passion, humor and, above all, his generosity. Not just economic generosity, but generosity of spirit. His support of the team’s drivers, crew and the racing industry is legendary. His pure joy at winning a pole position or winning a race exemplified the spirit he brought to his life and to all those that knew him.” — Carl Haas, Newman’s racing-team partner.

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“Yes, his eyes were that blue and beautiful. … His legacy as a humanitarian for children around the world is unmatchable. My heartfelt sympathy goes out to Joanne and the family.” — Eva Marie Saint.

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“Our father was a rare symbol of selfless humility, the last to acknowledge what he was doing was special. Intensely private, he quietly succeeded beyond measure in impacting the lives of so many with his generosity.” — Newman’s five daughters.

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“Paul Newman was the ultimate cool guy who men wanted to be like and women adored. He was an American icon, a brilliant actor, a Renaissance man and a generous but modest philanthropist. He entertained millions in some of Hollywood’s most memorable roles ever, and he brightened the lives of many more, especially seriously ill children, through his charitable works. — California Gov. Arnold Schwarzenegger.

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“We mourn not only the passing of a screen legend, an actor of great depth and charisma who touched generations of fans, but we have lost a true Connecticut treasure in Paul Newman. We were blessed to have him as a friend and neighbor in Connecticut for nearly a half-century.” — Connecticut Gov. M. Jodi Rell.

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“Paul was an American icon, philanthropist and champion for children. We will miss our dear friend, whose continued support always meant the world to us. Our prayers and thoughts are with Joanne and the Newman family and the many people who Paul impacted through his endless kindness and generosity.” — U.S. Sen. Hillary Rodham Clinton and former President Bill Clinton.

LOOP

Monday, December 14th, 2009

If you’re one of those shoppers who likes rummaging around independent boutiques for an on-trend bargain, LOOP (and all the other shops in the new Nali Patio) is a good place to start.

With its cool soundtrack and glass cases full of belts and leg warmers it’s certainly on the right track, even if not everything on the rack is worth walking off with.

On our visit we spotted jumper dresses (280RMB), Sienna Miller-style waistcoats (300RMB), pashminas (260RMB), a pair of bright pink Town & Country Wellington boots for 210RMB and men’s Macs for 440RMB.

Shop A207-8, Second Floor, Nali Patio, Sanlitun Bei Lu, Chaoyang district (5208 6011).

Grass dolls a hit with the children

Saturday, December 12th, 2009

Due to world-wide concern over toxic plastic dolls from China, many Indonesians are replacing their children’s toys with grass dolls.

Horticultural students have designed grass dolls to help children learn about agriculture. Asep Rodiansyah and Gigin Mardiansyah started their business last year, employing housewives to make the grass dolls. More than 10 women produce between 130 to 150 dolls a day.

These Indonesian women are hard at work making a popular toy.

Grass dolls known as ‘Horta dolls’ are being crafted in this room.

Between them they make around 130-150 dolls a day.

The idea of the eco-friendly dolls came from two horticultural students, who wanted children to learn about agriculture.

This mother bought the dolls for her children.

(SOUNDBITE) (Bahasa Indonesia) MOTHER BONNY DANUATMAJA, SAYING:

“This toy is challenging. The kids learn how to grow grass, trim the grass up, they also have to water it regularly. They have to take care of the doll. This toy educates children and teaches them about living a green lifestyle.”

Unlike plastic dolls, these ones change shape and size, they can even grow hair.

(SOUNDBITE) (Bahasa Indonesia) EMIRA SAYING:

“This is cool. I can water it and cut the grass,”

The doll also needs looking after — watering it and making sure it gets enough sun.

But they only last for three months.

After world-wide concern about the safety of plastic dolls made in China, many parents are replacing plastic toys with ones made of grass.

Around 30 percent of their sales come from online consumers, that’s according to one of the women that came up with the idea.

The dolls can be bought for just under two dollars.