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October 22, 2004 - October 29, 2004
Central Bank Ups Interest Rate
After months of debate China's central bank, the People's Bank of China, decided Thursday to raise both lending and deposit interest rates 0.27 percentage points as of October 29. The adjustment for medium and long-term interest rates will be larger than that for short-term rates, according to a press release posted on the bank's website.
IOC Coordination Commission Meets in Beijing
The IOC Coordination Commission for the 2008 Olympics opened its third meeting in Beijing on Wednesday. Gilbert Felli, the IOC's Olympic Games executive director, urged Beijing to move ahead with venue construction, allowing time for test events to be held prior to the Games. He emphasized that venue quality, not cost, is of paramount importance.
Plans Advanced for Silk Road Revival
The Third International Silk Road Conference is being held this week in Xi'an. The International Road Federation (IRF) has been actively promoting the revival and modernization of the ancient Silk Road to strengthen ties between China, Central Asia and Europe. The reconstruction of links between the regions will provide impetus to western China's development as well as to the economies of other participating countries.
Anti-Smuggling Campaign Shows Results
The past six years have seen efforts against illegal traffickers prevent around US$5 billion worth of goods being smuggled. As the priorities of the campaign changes to keep up with smugglers' new tactics, an exhibition will be launched in November to display its successes.
FM: Talks on Sea Border Advance
Talks between China and Japan over sea demarcation in the East China Sea on Monday were constructive. "We hold that a fair solution to the issue should be sought through negotiations based on the United Nations Law of the Sea Convention," said Foreign Ministry spokeswoman Zhang Qiyue in Beijing Tuesday.
Snow Dragon Unleashed on Antarctic Trail
Chinese scientists set out from Shanghai Monday for the country's 21st expedition to the southern ice-clad continent, hoping to make it to its highest point: the summit of Dome A. If the expedition is successful, China will be the first country to enter the area by land.
China, US Agree on Six-party Talks, Taiwan Issue
China and the US agreed on Monday that the framework for six-party talks should be adhered to and a one-China policy followed. During the second leg of his three-nation Asian tour, Secretary of State Colin Powell made clear the US' stance on both issues in meetings and talks with Chinese leaders in Beijing.
Galloping Economy Needs Tighter Reins
The central government may need to impose another round of economic tightening measures. Policy makers are in agreement that curbs should be applied selectively, but flare-ups in trouble areas indicate that past cooling efforts may have been too mild. Many local governments and enterprises are taking advantage of the central government's loosening of the reins to restart pet projects and circumvent policies, using funds obtained outside the banking system.
Reform Demanded Following Coal Mine Accidents
The work safety watchdog determined to further improve safety facilities and enterprises' awareness of production safety after four fatal accidents occured in the past one week.
Germ Warfare Victims Seek Justice in 2nd Trial in Japan
Three Chinese germ warfare investigators who have studied the Japanese invasion of China during its invasion in China flew to Japan yesterday to reveal atrocities unleashed by the Japanese army. The team will testify before a Tokyo High Court that they have found evidence of bacteriological warfare on the Chinese people.
'Bicycle Kingdom' Abolishes Bike Registration System
China's more than 1.3 billion people may directly ride their new bicycles from the store to the roads without first going to the police for registration. New road traffic safety rules passed in Beijing Friday abolished bicycle registration system which had been in place for nearly half a century.
week
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