Friday, February 27, 2009

100-year-old Waibaidu bridge returns home

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The first steel bridge ever built in Shanghai has begun its return trip home. The southern section of the 100-year-old Waibaidu bridge is now on its way back to its original location at the mouth of Suzhou Creek.











ThefirststeelbridgeeverbuiltinShanghaihasbegunitsreturntriphome.



ThefirststeelbridgeeverbuiltinShanghaihasbegun
itsreturntriphome.



Despite rain, barges carried half of the bridge down the Huangpu River to Suzhou Creek on Wednesday morning. Engineers moved the massive structure into place, and then let the rising tide lift it into position around 4pm.



While the bridge looks much like it did before it was removed for renovations, much has changed. 22 percent of the bridge's original steel was replaced with steel alloys to make the structure lighter but stronger. On top of that, about half of more 120 thousand rivets were replace to extend its life span. Even its shape has changed, from straight to arched. Engineers repaired a tripod support beam to return the bridge's appearance to the way it looked a hundred years ago. Renovations should expand its life expectancy by 50 years.

Cutting hair today brings you good luck!









AchildgetsahaircutataninfantbarbershopinQingdao,Shandongprovince,onThursday,February26,alsotheseconddayofthesecondmonthinChina'slunarcalendar.AsChinesetraditiongoes,ahaircutonthisdayisbelievedbymanyagoodluckfortheonewhogetshaircut.[Photo:Xinhuanet]



AchildgetsahaircutataninfantbarbershopinQingdao,
Shandongprovince,onThursday,February26,alsothesecond
dayofthesecondmonthinChina'slunarcalendar.AsChinese
traditiongoes,ahaircutonthisdayisbelievedbymanya
goodluckfortheonewhogetshaircut.[Photo:Xinhuanet]

09/02/23 China Today









Life on Two Wheels



I'm Nathan Jones. I've been living in China for about 4 years and one of the things that impressed me most when I first arrived and continues to play a role in my life is the bicycle. China truly is the bicycle kingdom, producing and using more bicycles than than any other nation in the world. But that's not all, the bicycle plays a very important role in Chinese culture. Bicycles are seen as matchmakers, friends, careers, and works of art. In this program we will rediscover the bicycle kingdom and I am confident, you will see bicycles in an entirely new way.

No one knows exactly when bicycles first arrived in China, but in the late Qing Dynasty, the traces of bicycle tires could be seen in the Forbidden City. Pu Yi, the Last Emperor of the Qing Dynasty loved bicycles so much that he went so far as to order his servants to saw off the thresholds of the gates to make it more convenient for him to ride his bicycle.

Norway, Sweden to bid jointly for Euro 2016

STOCKHOLM, Feb. 26 (Xinhua) -- The soccer federations of Norway and Sweden said they would make a joint bid for the 2016 European Championship.

We will submit a joint application to host jointly the 2016 European Championship, Sondre Kaafjord, chairman of the Norwegian Soccer Federation, told a press conference in Oslo.

Neither Norway nor Sweden can host the championship alone because it would be expanded to 24 teams from 16 at present, said Lars-Aake Lagrell, chairman of the Swedish Soccer Federation, adding that Sweden and Norway must cooperate.

Sweden hosted the Euros in 1992, when only eight teams participated and four stadiums were used.

The final application to European soccer's governing body UEFA is due February 2010 and the host will be chosen by UEFA in May 2010.

Other countries considering bids for the 2016 Euros include France, Turkey, Greece, Hungary and Romania, Russia and Italy.

The 2012 Euros are being co-hosted by Poland and Ukraine.





China wins gold in womens curling, mens bronze

Special Report:Harbin 24th Winter Universiade






The latest from the Winter Universiade in Harbin: China took the women's curling gold medal in the morning's final against Canada. This is the first medal for the Chinese women in a major international curling competition. China's men's curling team also broke through by beating South Korea and finishing third.











Chinatookthewomen'scurlinggoldmedalinthemorning'sfinalagainstCanada.



Chinatookthewomen'scurlinggoldmedalinthemorning'sfinal
againstCanada.



The Canadians were favored to win the women's match since they were unbeaten throughout the games, and defeated China in the round robin stage. But China made a good start in the final. Although the Chinese rocked first, they still managed to get the first point in the first end.



Canada quickly evened the score in the 2nd, but made a big mistake in the third and gave China 3 points. Canada clawed back 1 point in the 4th. But China added another point in the 6th to take a 3-point lead. The Canadians displayed their strength in the 7th by taking 2 points. China answered back in the following end with 1 point to maintain a slim 2-point lead. The match went to wire as Canada gained another point in the 9th. In the final end, China performed steadily while Canada faltered under pressure. China clinched the gold with a stone still in hand.

Jin Peiyu wins 1000m speed skating title

Special Report:Harbin 24th Winter Universiade






On the ice, Chinese women skaters finished first and second in the women's 1000 meter speed skating on Wednesday.











China'sJinPeiyuledallthewayfromthestart,claimingthegoldwitharecord-settingtimeofoneminuteand16.83seconds.



China'sJinPeiyuledallthewayfromthestart,
claimingthegoldwitharecord-settingtimeof
oneminuteand16.83seconds.



China's Jin Peiyu led all the way from the start, claiming the gold with a record-setting time of one minute and 16.83 seconds. Her teammate Yu Jing took the silver. The only foreigner in the top five of the final, Japan's Nao Kodaira managed to edge out Ren Hui for the bronze.

Dutch team emerged victorious in long track speed skating

Special Report:Harbin 24th Winter Universiade






The Dutch team emerged victorious in the men's long track speed skating. Arjen Van Der Kieft able to earn his second gold medal of the event.











TheDutchteamemergedvictoriousinthemen'slongtrackspeedskating.ArjenVanDerKieftabletoearnhissecondgoldmedaloftheevent.



TheDutchteamemergedvictoriousinthemen'slongtrackspeed
skating.ArjenVanDerKieftabletoearnhissecondgoldmedal
oftheevent.



In the men's 10,000 metre long track speed skating the Dutch team again asserted their mastery over the ice. Arjen Van Der Kieft took his second gold meadal after a tight finish with a time of 13:35.31. Artem Belousov of Russia taking the silver. Another Dutchman, Renz Rottevell claiming bronze.

Leafs vs Rangers in NHL hockey game in Toronto









TorontoMapleLeafsforwardMikhailGrabovski(L)getscheckedbyNewYorkRangersdefensemanMarcStaalduringthesecondperiodoftheirNHLhockeygameinToronto,February25,2009.(Xinhua/ReutersPhoto)



TorontoMapleLeafsforwardMikhailGrabovski(L)gets
checkedbyNewYorkRangersdefensemanMarcStaalduring
thesecondperiodoftheirNHLhockeygameinToronto,
February25,2009.(Xinhua/ReutersPhoto)

Quito, Cruzeiro draw 1-1 in Copa Libertadores









FranklinCorozo(R)ofDeportivoQuitoofEcuadorvieswithTiagoCardosoofBrazil'sCruzeiroduringamatchoftheCopaLibertadoresTournamentinQuito,Ecuador,Feb.25,2009.Thematchended1-1.(Xinhua/SantiagoArmas)



FranklinCorozo(R)ofDeportivoQuitoofEcuadorvieswithTiago
CardosoofBrazil'sCruzeiroduringamatchoftheCopa
LibertadoresTournamentinQuito,Ecuador,Feb.25,2009.The
matchended1-1.(Xinhua/SantiagoArmas)

Womens slalom of alpine skiing at Winter Universiade

Special Report:Harbin 24th Winter Universiade














KatarzynaKarasinskaofPolandcompetesduringthewomen'sslalomofalpineskiinginthe24thWinterUniversiadeattheYabuliSkiResort195kmsoutheastawayfromHarbin,capitalofnortheastChina'sHeilongjiangProvince,Feb.26



KatarzynaKarasinskaofPolandcompetesduringthewomen'sslalom
ofalpineskiinginthe24thWinterUniversiadeattheYabuliSki
Resort195kmsoutheastawayfromHarbin,capitalofnortheast
China'sHeilongjiangProvince,Feb.26,
2009. Katarzyna Karasinska
claimed the title with 1:25.39.(Xinhua/Xu Yu)

China claims title in womens team pursuit final of speed skating

Special Report:Harbin 24th Winter Universiade














AthletesofChinacelebrateafterthewomen'steampursuitfinalofspeedskatinginthe24thWorldWinterUniversiadeinHarbin,capitalcityofnortheastChina'sHeilongjiangProvince,Feb.26,2009.TheteamofChinaclaimedthetitlewithatimeof03:07.38.(Xinhua/LiuDawei)



AthletesofChinacelebrateafterthewomen'steampursuitfinal
ofspeedskatinginthe24thWorldWinterUniversiadeinHarbin,
capitalcityofnortheastChina'sHeilongjiangProvince,Feb.26,
2009.TheteamofChinaclaimedthetitlewithatimeof03:07.
38.(Xinhua/LiuDawei)

Poland wins gold in mens team pursuit final of speed skating

Special Report:Harbin 24th Winter Universiade














TeammembersofPolandcelebrateafterthemen'steampursuitfinalofspeedskatinginthe24thWorldWinterUniversiadeatHarbin,capitalcityofnortheastChina'sHeilongjiangProvince,Feb.26,2009.Polandclaimedthegoldmedalwithatimeof03:52.96.(Xinhua/FanJun)



TeammembersofPolandcelebrateafterthemen's
teampursuitfinalofspeedskatinginthe24th
WorldWinterUniversiadeatHarbin,capitalcity
ofnortheastChina'sHeilongjiangProvince,Feb.
26,2009.Polandclaimedthegoldmedalwitha
timeof03:52.96.(Xinhua/FanJun)

02/27 Sports Scene









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Champions League: Arsenal beat Roma 1-0 in 1st leg>>



NBA: Harris half-court shot gives Nets win>>



China finish 1-2 in womens 5000m race>>



Japans Sato lifts Nordic combined title>>









09/02/26 Christies adds salt to Chinese wounds









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09/02/25 Tibetans celebrate Losar









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09/02/24 Oscars flirt with foreign flavors









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09/02/22 US diplomacy shifts to Asia









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Moderator: Yang Rui











Oolong tea of Taiwan favorite by tourists

For mainland travelers to the island of Taiwan, it is essential to bring home tea leaves, a most renowned local specialty. Today, let's take a look at oolong tea, one of the top varieties produced on the island.



Lugu Town in Nantou County is home to one of the best oolong tea farms on Taiwan Island. And Dongding Mountain is considered one of the most favorable areas for growing tea trees.











FormainlandtravelerstotheislandofTaiwan,itisessentialtobringhometealeaves,amostrenownedlocalspecialty.



FormainlandtravelerstotheislandofTaiwan,itisessentialto
bringhometealeaves,amostrenownedlocalspecialty.



Wang Yuanzhong, the deputy head of Nantou County tourism agency said, “In baking and processing the tea leaves, we strictly follow traditional methods to ensure its distinctive flavor. Also, the tea is grown on Dongding Mountain, at an altitude of more than a thousand meters. The unique local climate adds a lot to the fragrance of the tea. Over the past hundred years, Dongding black dragon tea has earned wide fame among consumers. Now it is a very famous brand.”











NantouCountyisalsoamajorproductionbaseforGaoshanTea,traditionallygrownathigh-altitudes.



NantouCountyisalsoamajorproductionbaseforGaoshanTea,
traditionallygrownathigh-altitudes.



Every year, the region produces about 18 hundred tons of Dongding oolong Tea. The best tea leaves are selected during the winter and spring. Local farmers hold competitions to determine and classify the quality of the tea leaves.



Nantou County is also a major production base for Gaoshan Tea, traditionally grown at high-altitudes. The fragrance of Gaoshan Tea is considered as wonderful as that of the Dongding variety.



The county is also known for farm produce such as bamboo shoots and sweet potatoes. The local favorites are also popular among tourists.



Click for more news in Culture Express









Slumdog Millionaire kids return to rousing welcome

BEIJING, Feb. 26 (Xinhuanet) -- "Slumdog Millionaire" child stars received a grand welcome after they arrived in India Thursday.











NeighbourscarryRubinaAli,whoactedastheyoungLatikainthefilm"SlumdogMillionaire",backtoherhomeinasluminMumbaiFebruary26,2009.AlicamebackonThursdayafterattendingthe81stAcademyAwards.(Xinhua/ReutersPhoto)



NeighbourscarryRubinaAli,whoactedastheyoung
Latikainthefilm"SlumdogMillionaire",backto
herhomeinasluminMumbaiFebruary26,2009.Ali
camebackonThursdayafterattendingthe81st
AcademyAwards.(Xinhua/ReutersPhoto)



Hundreds of well-wishers waited for them at the Mumbai airport. The four children came out with arms around each others shoulders through the cheering crowds. They waved and blew kisses to the crowd.



The film, a rags-to-riches tale set in Mumbai's slums, won eight Oscar honors, including the award for best picture.



Ayush Mahesh Khedekar, 8, who plays the youngest version of Jamal, the main character in the film, was hoisted onto someone's shoulders before the children where whisked away in waiting cars without talking to waiting reporters.











Thecastandcrewofbestpicturenominee"SlumdogMillionaire"arriveatthe81stAcademyAwardsinHollywood,CaliforniaFeb.22,2009.LefttorightareactorsFreidaPinto,IrrfanKhan,writerSimonBeaufoy,actorMadhurMittal,producerChristianColson,actorAnilKapoor,composerA.R.Rahman,actorDevPatel.(Xinhua/ReutersPhoto)



Thecastandcrewofbestpicturenominee"SlumdogMillionaire"
arriveatthe81stAcademyAwardsinHollywood,CaliforniaFeb.22,
2009.LefttorightareactorsFreidaPinto,IrrfanKhan,writer
SimonBeaufoy,actorMadhurMittal,producerChristianColson,actor
AnilKapoor,composerA.R.Rahman,actorDevPatel.(Xinhua/ReutersPhoto)



The children have become instant celebrities in movie-crazy India, particularly Ali and Azharuddin Mohammed Ismail, 10, who were plucked from slums to play parts in the film.



The movie's two Indian Oscar winners, composer A. R. Rahman and sound engineer Resul Pookutty also were met by cheering throngs who showered them in flower petals as they arrived in their home towns.



Slumdog Millionaire had seen a lot of criticism in India before Oscars with a section of people objecting against its name slum, depicting the lives of impoverished Indians and the treatment of the cast.



Click for more news in Culture Express









LED exhibition

LED, or Low Emitting Diode, is an ordinary electric product now widely used in daily life and industry.













But a group of young and innovative artists are trying to make LED into art, and create dialogue on the relationships between people and technology.













On today's Style Watch, we examine it in an exhibition in Shanghai.



Click for more news in Culture Express

Solo exhibition by Li Hongwei

Women and men experience the world differently because of biology and circumstance. Many female artists pay more attention to details and personal feelings.













In today's "Style Watch", we'll take you to Shanghai for a solo exhibition by Li Hongwei.













As the title "Beauty and Sentimentalism" suggests, the paintings reflect her views of humanity's relationship with plants and animals.



Click for more news in Culture Express

Mark Cheung: on the road

If you've ever gone to a Mark Cheung fashion show, you might think that he's one of those typically ostentatious designers. Well, this is both true and untrue. Cheung certainly loves to reveal a new line, but is also a famous“hermit", who goes to great lengths to maintain a low profile. Over the past few years, frequent travel has only contributed to this isolation. But no matter how far from his Beijing studio, Mark Cheung will always be living in a fashion dream.













November 14th, 2006: Mark Cheung showed his Tibet-inspired collection for Beijing Fashion Week. With hypnotic music in the background, models walked the runway as if in a trance.



Earlier in the year, the designer made a fashion pilgrimage to Tibet. The result was, if not a thousand, dozens of beaded Buddhas glistening on the stage.



By accepting an invitation to a Mark Cheung show, you agree to be taken on a journey, to the heart of the Orient.



Fashion designer Mark Cheung said, “My plan has been to take ten years, and create a series which reflects the culture of the East - its aesthetics and emotions.“



On the eastern edge of Beijing lies a small artists' colony known as “Da-Shan-Zi”. Sandwiched between the galleries and studios is Mark Cheung's design loft. Inside, unpainted walls and exposed pipes contrast sharply with the clothes, most of which have been worn by top models down the runway. Silently, they form the mini-universe of this designer, who at heart is also a painter.



In fact, Cheung creates a new canvass each time he returns from a journey. Bands of color are heaped upon each other. A Mark Cheung painting is not about an image, it’s about an impression.



And that impression is re-created for the runway. A Mark Cheung show invariably tells a story, one he has absorbed along the road. Each journey he makes is filled with serendipity. Through his creations, Cheung intends to show not just beauty, but the ecstasy of encountering it.



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Liuli artist Yang Hui-shan

Twenty years ago, Golden Horse winning actress Loretta Yang Hui-shan abruptly left the Taiwan film industry. At the height of her career, Yang found it had become a draining and unfulfilling lifestyle. She decided to devote her life to a more challenging art form - creating Liuli. Over the years she has became a much sought-after Liuli artist around the world. Today on "The List" we profile Loretta Yang, the woman behind the Liuli phenomenon.













In 1985, Loretta Yang got the lead in director Chang Yi's "Jade Love" due to her expressive hands. They proved even more deft after she began making Liuli creations.













Liuli is the archaic Chinese word for glass artwork. Yang chose liuli in place of the more commonly used word for glass -- boli, because in her words, Liuli is more refined and embodies Chinese culture and history.



Liuli artist Loretta Yang said, "We all known the Chinese word Boli. It's a kind of material. Liuli is an ancient Chinese name. For me, it's a kind of spirit, mentality and culture."



Click for more news in Culture Express

The North American box offic

After the cinema box office battle over the New Year, Spring Festival and Valentine's Day, the Chinese film market has entered a slower period. So let's turn our attention to the North American box office and see what's going on over there.



NO.5 "Coraline"













"Coraline" is a 2009 animated stop-motion 3D horror fantasy film based on Neil Gaiman's novella of the same name. Coraline Jones moves into a new house with her loving but distracted parents. While exploring her new surroundings, Coraline comes across a small door, though the entrance beyond it is bricked up. One night, Coraline goes through a dark corridor beyond the door and starts a fantastic experience in another world. Director Henry Selick is an American stop motion director, producer and writer who is best known for directing "The Nightmare Before Christmas" in 1993.



Click for more news in Culture Express





NO.4 "Confessions of a Shopaholic"













"Confessions of a Shopaholic" is a film adaptation of the Shopaholic series of novels by Sophie Kinsella. A college graduate named Rebecca Bloomwood moves to Manhattan to nurture her shopping addiction and get involved in the New York magazine world. Her dream job is to work for fashion magazine Alette, instead she becomes a columnist for a financial magazine published by the same company. Despite being able to give great financial advice she is unable to admit her own addiction to shopping. She is up to her neck in debt, and is being chased by debt collectors. Director P.J. Hogan's first big hit was the 1994 Australian film "Muriel's Wedding" followed by "My Best Friend's Wedding" in 1997.

Wednesday, February 11, 2009

Hundreds of dolphins in danger

Dozens of Philippine fishing boats tried to stop hundreds of disoriented dolphins from beaching themselves near the mouth of Manila Bay on Tuesday.











Volunteersrescueayoungmelonheadeddolphinafteratleast200ofthemswamintheshallowwatersoffManilaBayinOrion,Bataanprovinceabout96kilometers(60miles)westofManila,PhilippinesTuesdayFeb.10,2009.Threedolphinsdied.(APPhoto/BullitMarquez)



Volunteersrescueayoungmelonheadeddolphinafterat
least200ofthemswamintheshallowwatersoffManila
BayinOrion,Bataanprovinceabout96kilometers
(60miles)westofManila,PhilippinesTuesdayFeb.10,
2009.Threedolphinsdied.(APPhoto/BullitMarquez)



Many of the dolphins were found in shallow water and some had come ashore, including three in a bad condition due to wounds. Experts say an underwater quake may have disoriented the animals or they could have followed a sick leader.









Japanese crown prince visits Vietnam

Japanese Crown Prince Naruhito is paying his first royal visit to Vietnam. He hopes to expand bilateral ties between the two nations.











Japan'sCrownPrinceNaruhito(2ndL)andVietnam'sVice-PresidentNguyenThiDoanarriveforameetingatthePresidentialPalaceinHanoiFebruary10,2009.REUTERS/Kham(VIETNAM)



Japan'sCrownPrinceNaruhito(2ndL)andVietnam'sVice-
PresidentNguyenThiDoanarriveforameetingatthe
PresidentialPalaceinHanoiFebruary10,2009.
REUTERS/Kham(VIETNAM)



Prince Naruhito is scheduled to hold talks with the Vietnamese President, and attend events marking the 35th anniversary of diplomatic relations between Japan and Vietnam.

Fog blankets southern China

Click for more news in China Today



Heavy fog continued to blanket southern China on Tuesday. Flights have been delayed and traffic has ground to a snail's pace.







PassengerswaitforthesecuritycheckattheNanjingLukouAirportinNanjing,eastChina'sJiangsuProvince,Feb.10,2009.AnumberofflightsweredelayedowingtothethickfogblanketingNanjingonTuesday.(Xinhua/JinLiangkuai)



PassengerswaitforthesecuritycheckattheNanjingLukou
AirportinNanjing,eastChina'sJiangsuProvince,Feb.10,
2009.Anumberofflightsweredelayedowingtothethick
fogblanketingNanjingonTuesday.(Xinhua/JinLiangkuai)



At Hefei airport in Anhui province, visibility was reduced to just 50 meters. Flights were postponed, stranding more than two thousand passengers.



In neighboring Jiangsu province, Nanjing airport faced the same situation. Almost all of the expressways across Jiangsu were closed because of dangerous conditions, and the weather department sounded an orange fog alarm to remind people to travel safely.



The thick fog has also affected traffic in other provinces including Jiangxi, Sichuan and Liaoning.

Former French prime minister sends signal to mend ties

BEIJING, Feb. 10 (Xinhua) -- A former French Prime Minister said here Tuesday that France values relations with China and does not intend to infringe upon China's major core concerns.







ChinesePremierWenJiabao(R)shakeshandswithformerFrenchPrimeMinisterJean-PierreRaffarininBeijing,capitalofChina,Feb.10,2009.(Xinhua/LiuJiansheng)



ChinesePremierWenJiabao(R)shakeshandswithformer
FrenchPrimeMinisterJean-PierreRaffarininBeijing,
capitalofChina,Feb.10,2009.(Xinhua/LiuJiansheng)



"France sticks to the one-China policy, respects and supports China's sovereignty, reunification and territorial integrity," Jean-Pierre Raffarin told Chinese Premier Wen Jiabao Tuesday.



The issues concerning Tibet were China's internal affairs, Raffarin said, noting that France had fully recognized the sensitivity and serious consequences of related issues.



France attached great importance to China's positions and would take practical action to restore political mutual trust and promote the improvement and growth of bilateral relations, he said.



Raffarin said his country was ready to increase cooperation with China to jointly cope with the global financial crisis and other challenges.



Raffarin and his delegation were here on a visit to China from Feb. 8 to Feb. 14 at the invitation of the Chinese People's Institute of Foreign Affairs.

Effie Briest shown in 59th Berlinale









ActorsMiselMaticevic,JuliaJentsch,SebastianKochanddirectorHermineHuntgeburtharriveforthescreeningofthemovie"EffieBriest"atthe59thBerlinalefilmfestivalinBerlin,Feb.9,2009.(Xinhua/ReutersPhoto)



ActorsMiselMaticevic,JuliaJentsch,SebastianKochanddirector
HermineHuntgeburtharriveforthescreeningofthemovie"Effie
Briest"atthe59thBerlinalefilmfestivalinBerlin,Feb.9,2009.
(Xinhua/ReutersPhoto)



Click for more news in Culture Express

Cape Town World Cup Stadium roofed

The construction of one of South Africa's 2010 World Cup venues took a big step forward on Tuesday. Builders began putting a roof on the Green Point Stadium in Cape Town.











TheconstructionofoneofSouthAfrica's2010WorldCupvenuestookabigstepforwardonTuesday.



TheconstructionofoneofSouthAfrica's2010WorldCupvenues
tookabigstepforwardonTuesday.



A stone's throw from the ocean and South Africa's iconic Table Mountain, Cape Town's Green Point Stadium will perhaps be the most scenic setting for matches at the 2010 World Cup. It will have a 68,000-seat capacity for soccer's showpiece tournament when it's finished in December. Seventy-two cables will connect a steel compression ring above the arena to an inner tension ring around the pitch. Dave Hugo, Cape Town's technical director for 2010, says the structure won't affect any fan's line of sight at the games.



Dave Hugo, 2010 Cape Town Technical Director, said,"In effect, you have the roof hanging between the compression and tension zones. So, there are no supporting elements for the inner ring and so obstructing the view of spectators." "The concept of an outer compression ring and an inner tension ring on a hanging roof is to the best of my knowledge... this is the first time it's been implemented in Africa."











Central bank governor: No quick cuts in savings rates

China will not be able to reduce its savings rate quickly because it is a result of a number of complex factors, the country's central bank governor Zhou Xiaochuan said Tuesday.

A number of complex factors account for the high savings rate of East Asian economies, including China, and changes in the exchange rate policy would not necessarily reduce it, Zhou said at a forum in Kuala Lumpur.

The exchange rate has something to do with the savings rate, but statistically speaking, their relationship is vague. We cannot adjust the savings rate simply by changing the exchange rate, he said.

Some politicians and commentators in the West have said the super-abundant savings from fast-growing emerging nations sowed the seeds for the US and global credit bubbles and are also responsible for the global economic imbalance. They had suggested that the yuan be allowed to appreciate faster to cut China's foreign exchange reserves.

People may think the exchange rate and interest rate are deciding the relationship between savings and consumption, but in reality things are much more complicated, Zhou said.

Factors like special traditions, cultural differences, family structure and demographic features of East Asian economies explain the high savings rate of those countries, he said. People in East Asia, for example, tend to save more due to the tradition of thrift even if their income increases.

Many East Asian countries have a savings rate of about 40 percent against their GDP while that in the US and UK is less than 20 percent.

The history of the countries that suffered from the 1997 Asian financial crisis has also prompted them to pile up foreign exchange reserves as a tool to prevent reoccurrence of the financial crises, Zhou said.

Failure of some countries to adopt necessary regulation on speculative capital and adjust relevant regulatory framework and failure of relevant international organizations to take the responsibility of regulating irregular capital flows have forced the East Asian countries to accumulate large amounts of foreign exchange reserves to protect their economy.

China has made relentless efforts to cut its savings rate, but it will not work in the short term because it is the result of deep-rooted social and cultural factors, he added.

Zhou also called for reforming the international currency regime in the long term, making it more diversified and less dependent on the US dollar.

Click for more news in Biz China>>







ICBC adapts favorable mortgage rate

Special Report:House Market under New Policy






The Industrial and Commercial Bank of China, the country's biggest lender, has begun offering preferential mortgage rates to qualified clients. More than one million customers are expected to benefit from the new rates.











TheIndustrialandCommercialBankofChina,thecountry'sbiggestlender,hasbegunofferingpreferentialmortgageratestoqualifiedclients.



TheIndustrialandCommercialBankofChina,the
country'sbiggestlender,hasbegunofferingprefer-
entialmortgageratestoqualifiedclients.



Bank executives said they would adjust the mortgage rate system from Tuesday evening. From Wednesday, clients will be able to enquire if their mortgage rate has been cut.



Currently, ICBC imposes a 15 percent discount on the benchmark lending rate. After the adjustment, qualified clients will enjoy a 30 percent discount on the benchmark rate.



ICBC explained that customers who have failed to pay their mortgages for two consecutive sessions will be excluded from the preferential policy.





Click for more news in Biz China>>













US senate approves Obamas stimulus plan

Special Report:Global Financial Crisis




The U.S. Senate approved an 838 billion US dollar economic rescue plan on Tuesday, setting the stage for tough haggling this week in congress over the final package.

The U.S. Senate voted 61-37 to pass the 838 billion US dollar plan, which amounts to almost 6 percent of the country's GDP or a quarter of the U.S. federal budget. US President Barack Obama hopes the Democratic-controlled Congress can deliver the final package to his desk this weekend.

Barack Obama, U.S. President, says, I just want to announce the senate just passed our recovery and reinvestment plan. That's good. That's good news, that's good news. I want to thank of all the members of the Senate who have moved the process forward. We've still got to get the House bill and the Senate bill to match up before it gets sent to my desk, so we have a little more work to do over the next couple of days. It's a good start.

But the Senate and House of Representatives must reconcile differences between their two versions of the bill. The lower house passed a version totaling 819 billion US dollars. One Democrat emphasized the need for urgent action to stem job losses which reached record highs in January.

Sen. Charles Schumer, democrat-New York, says, we are hemorrhaging jobs. The middle class is losing dollars. The country could edge over into recessionary downward spiral that could turn into deflation that God forbid could turn into a depression and yet while president Obama shows leadership, the other side is adamantly sticking to qualities that don't work.

While Obama had sought bipartisan support, he only won the backing of three Senate Republicans.Sen. Mitch McConnell, Republican-Kentucky, says, this is an enormous amount of money. The president was right to call for a stimulus but this bill misses the mark. It is full of waste. We have no assurance it will create jobs or revive the economy. The only thing we know for sure is that it increases our debt and locks in bigger and bigger interest payments each year.

But there are some experts who say the stimulus package on its own is unlikely to repair the struggling US economy, They say it does not address financial problems.

Added to that, there are many who worry a Buy American provision in the package could increase trade protectionism.

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Should I stay or should I go?

Hui Xuexing received the best news of the year when friends in Beijing told him orders had come in for his renovation team.

Fourteen hours later, he was on a train steaming toward the capital.

He arrived on February 6, three days earlier than originally planned, and went to work on a household decoration project in southern Beijing together with five fellow workers.

This is really exciting, said Hui. I did not expect to receive orders so soon. I even did not have time to celebrate the Lantern Festival with my family.

The 32-year-old, a migrant worker from Huizhuang village on the outskirts of Henan's provincial capital, Zhengzhou, leads a team of 10, most of them fellow villagers, working on both household and civic refurbishments.

Previously, since just after the Olympics last year, he couldn't find enough work to feed his workers as the financial crisis bit hard into the construction industry.

The downturn prompted him to return forlorn to his hometown in early December, depressed by his failure to bring home the New Year presents - a computer and a refrigerator - he had promised his 12-year-old daughter and wife.

They didn't blame me and comforted me instead, Hui recalled with bitter sadness. I know how badly my daughter wants a computer, but what can I do? Projects got stalled and payments were held back - I almost earned nothing in the second half of last year.

For any migrant worker like Hui who has spent the past decades toiling in China's southeastern coastal cities to support families back in the rural interior, the anxiety caused by an oversupply of workers within a contracting job market is gut wrenching.

In Henan, home to one of China's largest migrant population of nearly 20 million, and also one of the hardest hit areas, nearly 5 million migrant workers returned two weeks before Spring Festival, 60 percent of whom cited the economic downturn as the reason for their extended holiday, according to figures from the provincial labor and social security bureau.

A recent survey by China's Ministry of Agriculture also indicated that 15.3 percent of China's 130 million migrant workers, or 20 million, recently lost their jobs.

Migrant workers contribute about 40 percent of rural families' income, so job losses in the city means they now face serious financial difficulties at home.

Hui is among the lucky few.

Hundreds of migrant workers, all frantic to find work, still line the street at an open-air labor market near Zhengzhou's railway station.

Fu Wenzhong, a migrant worker who decided to stay behind for a job at home, said his land was purchased by the government five years ago for construction of a factory.

Without land to fall back on, the only choice for him now is to find another job.

To help migrant workers, Henan's provincial government has introduced a series of measures to preserve their livelihoods.

Apart from subsidies for vocational training in such areas as welding and even computers, migrant workers are also encouraged to start their own businesses, Liu Tao, deputy director of the provincial labor and social security bureau, said.

Pig-raising and bamboo-weaving, for instance, are both good choices, said Liu.

The move is also widely regarded as conducive to the development of the inland provinces.

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Rebates on cards for lead-acid battery exporters

China's Ministry of Industry and Information Technology (MIIT) yesterday confirmed that it is considering a tax rebate for lead-acid battery exporters to stop them from laying off workers.











China'sMinistryofIndustryandInformationTechnology(MIIT)yesterdayconfirmedthatitisconsideringataxrebateforlead-acidbatteryexporterstostopthemfromlayingoffworkers.



China'sMinistryofIndustryandInformationTechnology(MIIT)
yesterdayconfirmedthatitisconsideringataxrebatefor
lead-acidbatteryexporterstostopthemfromlayingoffworkers.



"We are working on a report but there has been nothing conclusive yet," said an MIIT official who wished to remain anonymous. He said his team is waiting for industry figures from last year and will decide whether to propose the stimulus plan a few weeks after that.



The China Electrical Equipment Industrial Association is lobbying the government to cut taxes on lead-acid battery exports, the Shanghai Securities News reported yesterday.



The report said the global economic slowdown has forced one third of Chinese battery exporters in Guangdong, Fujian and Zhejiang provinces to halt production, citing Yi Xiaobo, an association official.



It said about half of Chinese battery exporters are considering a move to foreign markets such as India and Vietnam where costs are lower, which is expected to result in as many as 200,000 layoffs.



However, the MIIT official said China's battery industry is not as bad as is being reported. He said the export figures from September to November last year did not slump as much as earlier estimated.



Lead-acid batteries are mostly used in autos and motorcycles. But sales of these products have been slashed by the global economic slowdown.



MIIT figures show China's battery exports increased 17.6 percent in the first 11 months of 2008. But the growth was 4 percentage points lower than that of the first 10 months.



Wang Zhengjie, general manager of Neata Battery Manufacture, a lead-acid battery company in Zhongshan, Guangdong province, said he has cut one-third of his 350 employees this year to counter the declining demand.



But he said he did not expect the government to release supportive policies, and the severe market environment could help him cut out smaller competitors.



As the world's largest battery producer, China called off the 15 percent export tax rebate in 2006 to curb the country's investment fever on high energy-consuming enterprises.



But experts estimate that such a move, together with renminbi appreciation and rising raw material prices, has forced Chinese battery makers to endure 50 percent more costs than their foreign rivals.





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SAIC to retain Ssangyong assets

A spokeswoman from SAIC Motor Corp, China's largest automaker, said yesterday it will continue to work toward the normal business operation of debt-ridden Ssangyong, after the South Korean SUV maker was put into bankruptcy protection by a Seoul court last Friday.

We respect and understand the rule by the court. It is a decision based on all related interested parties in line with the South Korean law, said the SAIC spokeswoman.

SAIC issued a statement yesterday saying that the Seoul Central District Court approved the bankruptcy protection application from Ssangyong.

The decision ends Shanghai-based SAIC's four-year control of Ssangyong. But SAIC will still retain its interests in Ssangyong's assets.

SAIC said yesterday that it hoped the two managers will map out and implement a practical business revival plan to put Ssangyong back on track as soon as possible.

I don't think Ssangyong's case will pose a big threat to SAIC's financial performance and operation, said Zhu Siming, an automobile analyst at consulting firm Frost

Obama: current economic crisis not as severe as Great Depression

WASHINGTON, Feb. 10 (Xinhua) -- U.S. President Barack Obama said Tuesday that the current economic crisis was not as severe as the Great Depression in the 1930s.

This was a big difficult situation. Now, I think we've got to keep perspective. We're not going through the Great Depression, Obama said in an interview with ABC.

I know there have been some analogies there but when FDR took over, unemployment at that time was 30 percent, said Obama, noting the figure now was 7.5 percent or 7.6 percent.

Obama also joked that he was constantly trying to thread the needle between sounding alarmist.

We are not just an ordinary recession, we are in a perfect storm of financial problems, he said.

The president warned that there is no easy out for the Wall Street. I think it is hoping for an easy out on this thing and there is no easy out, Obama said.

What we've tried to do is to apply some of the tough love that's going to be necessary, Obama said, referring to a new financial bailout package released by Treasury Secretary Timothy Geithner earlier Tuesday.

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Crude prices plunge after EIA lowers global oil demand forecasts

NEW YORK, Feb. 10 (Xinhua) -- Crude prices plunged Tuesday after the U.S. Energy Information Administration (EIA) lowered global oil demand forecasts.

The EIA revised down its 2009 global oil demand forecast by 400,000 barrels per day from the previous outlook, predicting demand will fall by 1.17 million barrels per day this year from 2008 levels.

The worsening global economy and a weak consumption means there is plenty of oil on the market despite recent OPEC cuts, said the EIA.

Meanwhile, the Commerce Department said Tuesday that wholesalers slashed inventories by the largest amount in 16 years. Inventories plunged by 1.4 percent, nearly double analysts' expectations of 0.8 percent.

Light, sweet crude for March delivery tumbled 2.01 U.S. dollars to settle at 37.55 dollars a barrel on the New York Mercantile Exchange.

In London, the March Brent contract fell 19 cents to 45.83 dollars on the ICE Futures exchange.

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U.S. concert operators finalize merger

LOS ANGELES, Feb. 10 (Xinhua) -- Two major concert operators in the United States on Tuesday announced that they have finalized a merger agreement, creating an equal partnership that is expected to dominate the concert business.

Ticketmaster and Live Nation, both based in Los Angeles, are combined into a new company named Live Nation Entertainment, which will handle concert promotion, ticketing and, in some cases, artist management, the companies said.

No different from any other industry, the challenges are all around every aspect of live entertainment, said Barry Diller, Ticketmaster's chairman, referring to the current economic recession.

Being able to put Live Nation and Ticketmaster into an equal partnership will allow the companies to get through this difficult period and be able to expand live entertainment options to audiences throughout the world, he said.

The two companies currently boast 6 billion dollars collectively in annual sales.

Ticketmaster, which puts on some 16,000 concerts per year in 57countries, has an artist management firm, which represents the Eagles, Miley Cyrus and other big names, and has exclusive deals with acts such as U2 and Madonna.

For a decade, the two companies had a cooperative relationship in which Ticketmaster sold tickets to Live Nation events, but Live Nation started its own ticketing unit in January.

Once merged, the company hopes to realize about 40 million dollars in annual savings, company officials said.

The deal is subject to an anti-trust review, and industry analysts estimate that the merged company would control about 80 percent of the concert business in the United States.

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Bernanke says Feds efforts help ease credit market strains

WASHINGTON, Feb. 10 (Xinhua) -- U.S. Federal Reserve Chairman Ben Bernanke told Congress Tuesday that the central bank's efforts have helped ease the credit market strains.

Notably, our lending to financial institutions, together with actions taken by other agencies, has helped to relax the severe liquidity strains, said Bernanke in testimony to the House Financial Services Committee.

He said the Federal Reserve has responded forcefully to the financial and economic crisis since its emergence in the summer of2007, adding the past 18 months or so have been extraordinarily challenging for policymakers around the globe, not least for central banks.

Earlier Tuesday, Federal Reserve said it is prepared to expand a key program to one trillion dollars to get the frozen credit markets functioning again.

The expansion could increase the size of the Term Asset-Backed Securities Loan Facility (TALF) to as much as 1 trillion dollars and could broaden the eligible collateral to encompass other types of newly issued AAA-rated asset-backed securities, said a statement released by the U.S. central bank.

Those AAA-rated securities include commercial mortgage-backed securities, private-label residential mortgage-backed securities, and other asset-backed securities, it said.

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Immigrants play dynamic role in Los Angeles regional economy: report

LOS ANGELES, Feb. 10 (Xinhua) -- Although earning low wages, immigrants play an essential and dynamic role in the regional economy of Los Angeles, according to a report released on Tuesday.

Immigrants make up nearly half the Los Angeles workforce and contribute nearly 40 percent of the region's gross regional product, with rates of entrepreneurship higher than their native-born counterparts, according to the report by Manuel Pastor and Rhonda Ortiz of the Center for the Study of Immigrant Integration at the University of California.

Despite lower-than-average wages, immigrants also account for more than one-third of the region's spending power, said the report published by the Los Angeles Times.

But the report also found pressing needs for more English classes, job training and leadership development programs to help immigrants acquire the skills needed to keep the state economically competitive as baby boomers age and begin to retire.

About 28 percent of Los Angeles County residents are baby boomers who will eventually need to be replaced in the workforce --many of them by immigrants who on average are less skilled and educated, according to the report.

The report called for more private efforts to help immigrants become better citizens.

The report specifically cited tensions in South Los Angeles, where seven major public high schools, for instance, changed from 85 percent African American in the early 1980s to more than 70 percent Latino today. The report called on continued investment in African American communities.

The lack of English skills was one of the greatest impediments for immigrants to move up the economic ladder, the report noted.

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Highlights of U.S. Financial Stability Plan

Special Report:Global Financial Crisis






WASHINGTON, Feb. 10 (Xinhua) -- U.S. Treasury Secretary Timothy Geithner on Tuesday delivered a speech on the Obama administration's comprehensive Financial Stability Plan. The following are some highlights of the speech:



TRANSPARENCY AND ACCOUNTABILITY



-- A new website, FinancialStability.gov, will be launched to detail where federal funds are going and whether they are succeeding in stabilizing the financial system and promoting new lending, including posting all contracts on the Internet.



-- The Treasury will require banks to show how government assistance will expand lending and how they intend to use taxpayer dollars.



  STRESS TESTS



-- The Treasury, together with the Fed, FDIC and federal bank regulators will jointly develop the guidelines of "stress tests" to ensure the nation's largest banks can withstand a worsening economy. Those banks who fail the test will receive more capital injections from the government.

U.S. Federal Reserve to expand credit aid up to 1 trillion dollars

WASHINGTON, Feb. 10 (Xinhua) -- The U.S. Federal Reserve said Tuesday it is prepared to expand a key program to one trillion dollars to get the frozen credit markets functioning again.

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Lower mortgage rate not as easy as expected

Special Report:House Market under New Policy






In October 2008, China's central bank announced a cut to the individual mortgage rate to 70 percent of the benchmark lending rate. So far, all major commercial banks in the country have released details of their preferential rates. For consumers, lower mortgage payments should be good news. However, banks have their own plans.











Allmajorcommercialbanksinthecountryhavereleaseddetailsoftheirpreferentialrates.



Allmajorcommercialbanksinthecountryhavereleased
detailsoftheirpreferentialrates.



The preferential rate has long been expected by mortgage payers. However, enjoying it isn't as easy as one expects.



Mr. Mi said "The banks are requiring me to sign an additional agreement under which I cannot pay my mortgage in advance for three years. Otherwise I will not enjoy the 70 percent rate."



Some banks require clients to have an unpaid mortgage amount of at least 300,000 yuan. Such compulsory agreements have set barriers to quite a number of mortgage payers.



For consumers, the preferential rate will significantly ease their burden. For banks, however, this will mean a sharp drop in profits.



Guo Tianyong, Professor of Central Finance University said "For Industrial and Commercial Bank of China, if 50 percent of its mortgage borrowers enjoy the low rate, its annual profit will shrink by 3 billion yuan. For the whole banking sector, this means an annual profit loss of over 10 billion yuan."



As the preferential rate policy is not required, most banks are reluctant to offer it to clients.



Guo Tianyong said "The 70 percent rate is not a compulsory policy. It only sets a bottom level for mortgage rates. Banks have hesitated in making decisions. This reflects that Chinese banks are still weak in their risk pricing capability. They don't know how to make a reasonable plan for interest rates."



Individual mortgages have always been quality assets for banks. Experts say that given the current economic environment, the profit from individual mortgages have become more and more important for banks.











U.S. Senate approves massive stimulus package

Special Report:Global Financial Crisis






WASHINGTON, Feb. 10 (Xinhua) -- U.S. Senate Tuesday approved President Barack Obama's massive stimulus package, which was designed to revive the sagging American economy.



The vote was 61-37. Lawmakers had to resolve differences between the Senate 838-billion-dollar bill and an 819-billion-version of the legislation approved last week by the House.











U.S.SenateTuesdayapprovedPresidentBarackObama'smassivestimuluspackage,whichwasdesignedtorevivethesaggingAmericaneconomy.



U.S. Treasury Secretary Timothy Geithner speaks at a press
conference in Washington, the United States, on Feb. 10, 2009.
The Obama administration Tuesday unveiled a new financial
bailout package to restore the U.S. ailing financial system.
(Xinhua Photo).



Once a final bill is crafted and passed by both chambers, the measure would be sent to Obama to sign into law. Obama has set a February 16 deadline for the bill.



Obama, who was addressing a gathering in Fort Myers, Florida, a city suffering a lot from the economic crisis, hailed the passage immediately.



"That is good, that is good news," Obama told the people. "It is a good start."



The new president stepped up his pressure on Congress to approve his massive stimulus package in past days, warning that the dire state of the American economy led him to believe "we need to put this recovery plan in motion as soon as possible."

Philippine posts drop in FDI for Jan-Nov period last year

MANILA, Feb. 10 (Xinhua) -- Foreign direct investment (FDI) inflows to the Philippines in the first 11 months of last year reached 1.7 billion U.S. dollars, down 40.9 percent from last year, as the global recession weaken investors' confidence, the Bangko Sentral ng Pilipinas, the country's central bank reported Tuesday.

Net inflow of equity capital, accounting for the majority of FDI to the Philippines, totaled 1 billion U.S. dollars from January to November 2008, down 50 percent from the same period in 2007.

Most of the equity inflows, mainly sourced from the U.S., Japan, Singapore, South Korea, Germany and Malaysia, went to the manufacturing, services, mining, construction and financial sectors.

Inter-company borrowing and lending between foreign direct investors and their subsidiaries and affiliates in the Philippines posted net inflows of 238 million U.S. dollars during the eleven-month period, or down 38.2 percent year on year.

The global economic slowdown has resulted in less borrowing by Philippine subsidiaries from their mother companies. Likewise, reinvested earnings for the first 11 months of 2008 dipped 13.2 percent to 394 million U.S. dollars.

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Singapore Airlines profit down 43% in Q4, 2008

Special Report:Global Financial Crisis




SINGAPORE, Feb. 10 (Xinhua) -- Singapore Airlines registered a 42.8 percent drop in net profit in the fourth quarter of 2008 over a year ago, the airline said on Tuesday.

The airline said in a statement that it earned a net profit of 337 million Singapore dollars (about 225 million U.S. dollars) from October to December 2008, down 42.8 percent or 253 million Singapore dollars (about 169 million U.S. dollars) from the same period a year ago.

The airline said its revenue declined 2.6 percent to 4,164 million Singapore dollars (about 2,777 million U.S. dollars) on weaker passenger and cargo carriage, while expenditure rose 5.7 percent to 3,807 million Singapore dollars (about 3,539 million U.S. dollars).

The company said while the drop of oil prices lowered its expenditure on fuel, losses in hedging amounted to 341 million Singapore dollars (about 227 million U.S. dollars), adding that foreign exchange movements also lowered operating profits.

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Analysts differ on recovery timing

Special Report:Global Financial Crisis




While economists say China is likely to be the first to recover from the current economic downturn, when that recovery will come is still an open question.

The nation's economic growth weakened to 6.8 percent year-on-year in the fourth quarter last year, from 11.2 percent in the last quarter of 2007. As most of China's major trading partners, including the US and Europe, are predicted to further lose steam in 2009, some analysts see the national economy suffering by 2010 due to weakening overseas demand.

The current adjustment could take as long as three years, said Wang Xiaoguang, a researcher with the National Development and Reform Commission.

It is not only a result of external impact, but also a turning point of China's own economic growth cycle, Wang said.

The nation's growth started to pick up in 2002, after a five-year recession triggered by the Asia financial crisis. Over the past five years, it maintained an average growth rate of over 10 percent and topped 13 percent in 2008.

Zhuang Jian, an economist with Asian Development Bank, said the economic situation is even harsher for China in 2009 compared with a year ago.

He expects sluggish demand in the advanced economies may drag down China's economic growth by 1 percentage point.

Others, however, say the latest economic indicators show that the economy is already on the track of recovery.

According to Gao Shanwen, chief economist with Essence Securities, the January figures of consumer price index and producer price index released yesterday reflect the growing strength of the economy.

Recent economic indicators show the worst time has just passed, despite many uncertainties ahead, Gao said.

Annualized consumer inflation dropped to 1 percent in January, the lowest in 30 years. However, consumer prices gained by 0.9 percent from last December, which some analysts say indicates stronger demand.

Meanwhile, it's reported that the nation's loan growth hit a record high in January, thanks to policymakers' decision to relax lending curbs to prop up the economy.

The nation's lenders extended about 1.6 trillion yuan in new loans in January, about one-third of China's new lending for all of 2008, according to Reuters.

Continued surge in bank lending will help the strong rebound in activity in the coming months from a low level, but the level of activity is unlikely to return to the height of 2008, said Wang Tao, an economist with UBS Securities.

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Power output falls 13% in Jan on weak demand

China's power generation in January fell 13 percent year-on-year due to weak demand during the Lunar New Year, according to an industry association.

The country's major power producers produced only 250.3 million megawatt hours of power in the month, said an official with China Electricity Council (CEC) yesterday, who declined to be named.

This is the fourth consecutive month that the country has seen a negative growth in power generation. CEC statistics showed that thermal power generation in October, November and December last year fell 5.3 percent, 16.6 percent and 12.4 percent respectively.

During the Lunar New Year, many industrial plants stopped production, leading to a drop in power demand, said Xue Jing, an executive with CEC.

However, compared with last October and November, power demand in China has begun to see some recovery, she said.

Power demand is seen as a barometer of China's economy as much of the country's growth relies on power-intensive industries like metals and chemicals.

According to a CEC report released on Feb 4, China's power demand will continue to fall in the first half of this year before picking up in the third quarter.

From the end of the second quarter, power demand may start to increase, said CEC.

The first two quarters will be the most difficult time for the power sector, said the association.

The National Energy Administration earlier said China would invest 580 billion yuan in the country's power industry this year and also accelerate the development of nuclear power plants and wind farms.

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Singapores container shipping firm profit down 84% in 2008

Special Report:Global Financial Crisis




SINGAPORE, Feb. 10 (Xinhua) -- Singapore's container shipping and logistics group Neptune Orient Lines (NOL) Tuesday posted a net profit drop of 84 percent in 2008 compared to 2007.

The company said in a statement that its net profit for 2008 was 83 million U.S. dollars, 84 percent lower than 2007.

The group said its earnings before interest and tax was 213 million U.S. dollars in 2008, down by 64 percent from the previous year.

For the fourth quarter of 2008, the company reported a net loss of 149 million U.S. dollars.

Revenue for the year rose 14 percent to 9.3 billion U.S. dollars compared to 2007.

Ron Widdows, NOL's president and chief executive officer, said in the statement that the results show the impact of a severe market downturn in the latter part of 2008, caused by reduced consumer confidence and significant restructuring costs.

Though we recognized early the pattern of decline in market conditions, and took decisive action to reconfigure our business, the adjustments could not fully counter the speed and dramatic nature of the downturn being experienced in global container trades, said Widdows.

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Vanke dangles goodies to lure new home buyers

China's largest real estate developer Vanke has embarked on a series of promotional activities in Shenzhen and Shanghai to attract prospective home buyers.

Analysts said the promotional activities are de facto price cuts by Vanke as part of its efforts to cope with the gloomy domestic property market.

From Jan 28 to Feb 9, Vanke conducted a series of activities in Shanghai, including lucky draws with the top prize a 13,000 yuan discount on new home buys, one year free car parking, free property management, and free cable TV service. A similar sale last year helped Vanke rake in 257 million yuan cash in a single day.

Between Feb 7 and 9, as a promotional campaign during the Lantern Festival, Vanke offered 10,000 yuan cash rewards for prospective home buyers in Shenzhen.

Figures from Vanke showed that sales revenues in January increased 18.6 percent year-on-year, and experts said it was tightly linked to its consistent promotion plans.

According to Vanke's report released on Sunday, apartments traded in January on average were priced at 7,657.44 yuan per sq m, a 5.2 percent fall from December.

Following Vanke's steps, a group of property developers in Shanghai including Greenland Group, Hong Kong-listed Hopson Development, and Poly Real Estate Group, have all marketed their projects with favorable offers during the Lantern Festival.

Industry experts pointed out that the projects that are offering incentives are those which have been developed earlier and not the new ones.

We could see more property developers embarking on similar activities after March. Developers and potential home buyers are expecting more favorable polices to be announced then and are adopting a wait-and-see attitude for now, said Chen Zhencheng, an industry analyst.

According to statistics from Uwin, a real estate information provider, Shanghai's residential units traded at an average price of 13,700 yuan per sq m in 2008, up 32.52 percent over 2007. Around 8.97 million sq m of housing area was traded in Shanghai last year, down 56.9 percent over 2007.

Industry experts predicted that developers would cut prices to counter the financial crisis as the government stimulus measures alone are not enough to lift the gloom in the residential market.

Housing prices in most of the big cities could drop by over 15 percent this year, said Chen Xikang, a researcher with the Chinese Academy of Sciences, the government thinktank.

Across the country, housing prices may drop by 8-10 percent on average in 2009, while the price in some big cities may go down by 15-20 percent, said Chen.

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Good harvest likely despite severe drought

A good summer harvest can still be expected despite the worst drought to hit the country in half a century thanks to the government's efforts to supply irrigation to the dry fields.

A senior anti-drought official told a press conference yesterday that farmers could still expect a good summer crop because anti-drought measures have yielded results.

The food supply in the country will remain unchanged, said E Jingping, head of the Office of State Flood Control and Drought Relief Headquarters.

But he warned that the situation in the wheat-growing areas could turn very serious if there was no rain in the next 15 days.

The drought has left more than 40 percent of the country's wheat fields parched, especially in the major breadbasket of Central and North China. The situation is especially severe in eight provinces - Hebei, Shanxi, Anhui, Jiangsu, Henan, Shandong, Shaanxi and Gansu.

The dry spell poses a threat to seven other provinces and regions, too.

Till Monday, about 24 million mu (1.6 million hectares) of farmland had recovered from the drought, but 136 million mu was still under the grip of the dry spell.

Wheat prices have risen in the past two weeks over fears of a poor harvest. The grain's delivery price for March peaked at 2,041 yuan ($299) a ton at Zhengzhou Commodity Exchange in Henan on Thursday, up 6 percent from the last trading day before Spring Festival.

The losses caused by the drought would be reduced substantially if the farmlands can be irrigated properly, E said.

More than 60 percent of the winter wheat fields in the eight provinces have been irrigated, and most of the drought-hit plots are likely to get enough water in 10 days.

The government has taken steps to ensure people in the drought-hit areas have access to water to meet their basic needs. And it has been providing drinking water to 1.55 million people.

A 350-million-yuan special subsidy has been sanctioned to farmers to help them combat the drought. Apart from that, the government is diverting water from the Yangtze and Yellow rivers to Henan, Shandong and Jiangsu to irrigate the parched fields.

The China Meteorological Administration (CMA) has forecast that the drought-hit areas are likely to get moderate rainfall of about 2-4 mm from today, while Hebei and Shandong are expected to receive 5-10 mm.

CMA chief Zheng Guoguang said there was still uncertainty over the weather in spring. The weather can become worse than we think, and we must be fully prepared, he said on CMA's website.

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China to allow equity investment for banks in H1

China's banking regulator is drafting new rules that will allow the nation's commercial banks to make equity investment in the first half of 2009, the Security Times reported on Tuesday.

Trials of equity investment will begin with China's Big Four commercial banks, namely Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and Agricultural Bank of China, the paper quoted an unnamed official as saying.

Current regulations prohibit commercial banks in China to involve themselves in equity investment directly. The banks have to establish a subsidiary for equity investment.

The government unveiled a 4-trillion-yuan ($586 billion) stimulus package in November 2008 to protect the country's investment and export-driven economy amid the global downturn. The new rules on equity investment are part of the government's efforts to boost investment.

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Hong Kong stocks edge up 0.81% after range trading

HONG KONG, Feb. 10 (Xinhua) -- Hong Kong stocks finished a day of range trading on Tuesday, with the benchmark Hang Seng Index edging up 0.81 percent to 13,880.64.

The HSI once neared the 14,000 mark by moving to as high as 13,976.31 in the morning, but moved within narrow ranges above 13,600 thereafter. The lowest reading for the benchmark index during trading was 13,663.41.

Analysts attributed the lack of clarity in the market's direction to the delay of the United States bailout plan at the Congress, although U.S. President Barrack Obama's press conference was aired throughout the world.

Mild profit taking, a practice in line with recommendations from financial institutions, was seen a few times during the day's trading. Short sales remained low, suggesting a still generally positive market sentiment.

The HSI futures for February was trading at a modest discount of about 40 points, also suggesting a lack of direction on the Hong Kong market.

Turnover shrank from Monday's rather modest 48.54 billion HK dollars (6.22 billion U.S. dollars) to 42.06 billion HK dollars (5.39 billion U.S. dollars).

Banking giant HSBC finished up 0.8 percent at 63 HK dollars and its local unit Hang Seng Bank also added 0.38 percent at 92.35 HK dollars.

The finance sub-index gained the most among the major categories, advancing 218.80 points, or 1.08 percent, to finish at 20,399.88.

ICBC, the leading commercial lender on the Chinese mainland, gained 1.1 percent at 3.68 HK dollars, while China Construction Bank added 1.94 percent to close at 4.2 HK dollars.

Bank of China advanced 0.02 HK dollars, or 0.93 percent, at 2.18 HK dollars, and BOC Hong Kong rose 2.08 percent to finish at 8.35 HK dollars.

China Life, the leading insurance player on the mainland, also gained 1.28 percent to close at 23.8 HK dollars, while Ping An added 1.47 percent.

Energy shares benefited from news report of a potential tax cut for oil products, with PetroChina surging 2.96 percent to 6.6 HK dollars and offshore oil producer CNOOC adding 2.58 percent at 7.55 HK dollars.

Sinopec, however, shed 0.02 HK dollars, or 0.43 percent.

China Mobile, another market heavyweight and the leading telecom operator on the Chinese mainland, added 0.92 percent at 76.45 HK dollars, while competitor China Unicom edged up 0.05 HK dollars at 7.84 HK dollars.

Most Hong Kong-based real property players lost ground on the news that Hang Lung Properties recorded sharp profit falls. Sun Hung Kai Properties, the leading residential developer in the Hong Kong Special Administrative Region, lost 1.35 percent at 65.95 HK dollars, while Cheung Kong, the conglomerate headed by the city's richest man Li Ka-shing, lost 0.52 percent.

The properties sub-index shed 0.83 percent, while the commerce and industry category advanced 1.05 percent. The utilities genre added 0.08 percent.

HKEx, the only stock exchange in the financial hub of Hong Kong, added 1.05 HK dollars, or 1.52 percent, to close at 70 HK dollars.

Click for more news in Biz China>>







09/02/10 BizChina (21:00)









09/02/10 BizChina











News in Program:



Chinas consumer price index up 1% in January



Chinas electrical capacity nears 800 mln kw



China not to rely on rate moves



China signs currency swap with Malaysia

Artificial rain, underground water to relief N. Chinas drought

Click for more news in China Today



The drought-hit regions are in dire need of water, but extreme conditions have made this precious resource very hard to find. To help ease the situation, relevant parties are rolling up sleeves, with measures that include drilling for underground water and creating artificial rain.







PeopleirrigatethewheatfieldintheWolongDistrictofNanyang,acityincentralChina'sHenanProvince,onFeb.4,2009.Henan,China'smajorgrainproducer,issuedaredalertfordroughtonJan.29.Theprovincialmeteorologicalbureausaidthedroughtistheworstsince1951.Thedroughthasaffected63percentoftheprovince's5.26millionhectaresofwheat.(Xinhua/XiongYunbin)



PeopleirrigatethewheatfieldintheWolong
DistrictofNanyang,acityincentralChina's
HenanProvince,onFeb.4,2009.Henan,China's
majorgrainproducer,issuedaredalertfor
droughtonJan.29.Theprovincialmeteorological
bureausaidthedroughtistheworstsince1951.
Thedroughthasaffected63percentofthe
province's5.26millionhectaresofwheat.
(Xinhua/XiongYunbin)



Modern technology against the sometimes cruel power of Mother Nature. Flying above the clouds, the Air Force takes up the role of a modern Rain God with iron wings. So far five flights have been dispatched to five provinces to create artificial rain, and another fifteen planes are on standby for orders to take off.

Chinese Vice President Xi Jinping meets with Fijian leaders

Special Report:Xi visits L. America, Malta






Click for more news in World Wide Watch>>

Vice President Xi Jinping has arrived in Mexico for an official visit after making a transit stop in Fiji.







ChineseVicePresidentXiJinping(L)meetswithFijiPresidentJosefaIloiloinNandi,Fiji,Feb.9,2009.(Xinhua/HuangJingwen)



ChineseVicePresidentXiJinping(L)meetswithFijiPresident
JosefaIloiloinNandi,Fiji,Feb.9,2009.(Xinhua/HuangJingwen)



Before his departure, Xi Jinping met with Fijian President Josefa Iloilo on Monday. Xi extended his sympathies on the recent flood which caused widespread devastation in Fiji. Iloilo hailed the smooth development of Sino-Fijian ties.