China Channel

Communist Party of China
elects new central leadership

BEIJING -- The 17th National Congress of the Communist Party of China (CPC) meeting here this week will elect a new Central Committee and a new Central Commission for Discipline Inspection, congress spokesman Li Dongsheng said here Sunday at a press briefing.
He said that a proposed list of candidates had been discussed and prepared by the Political Bureau of the 16th CPC Central Committee and would be submitted to the Presidium of the 17th Congress for deliberation and approval.

The list was made on the basis of the work of a special working group, which operated under the leadership of the Political Bureau and took charge of democratic recommendation, organizational scrutiny, assessment and nomination of candidates for the new Central Committee and the new Central Commission for Discipline Inspection, he said.

The preparatory meeting of the 17th National Congress of the Communist Party of China has appointed Zeng Qinghong as secretary-general of the five-yearly event opening on Monday, Li said.

Liu Yunshan, Zhou Yongkang, He Guoqiang and Wang Gang have been appointed deputy secretaries-general of the congress at the first meeting of the presidium on Sunday, Li added.

Jiang Zemin, Li Peng and Zhu Rongji are going to attend the 17th National Congress of the Communist Party of China (CPC) as specially invited delegates, he said.

The new team of top CPC leaders will meet journalists after the congress, according to Li.

Upon the conclusion of the congress, the Party's 17th Central Committee and the Central Commission for Discipline Inspection will hold their first plenary sessions respectively to elect their new leading bodies, Li said.

Members of the Standing Committee of the Political Bureau of the new Central Committee of the CPC will meet Chinese and foreign reporters after the plenary session of the Central Committee, he said.

According to Li, 2,213 delegates are attending the congress, representing more than 70 million Party members nationwide.

The congress, regarded as the most important political event in China this year, has attracted more than 1,000 overseas reporters.

Li announced that the preparations for the congress had been completed. The congress is to open on Monday morning and will last seven days.

Agenda for CPC National Congress decided

The agenda of the 17th National Congress of the CPC was decided Sunday afternoon at a preparatory meeting of the congress, according to Li.

He said the main items of the agenda are as follows:
-- to hear and examine the report submitted by the 16th CPC Central Committee;
-- to examine the report on the work of Central Commission for Discipline Inspection;
-- to deliberate and adopt the amendment to the Party Constitution;
-- to elect the Party's 17th Central Committee and Central Commission for Discipline Inspection.

China hikes bank reserve rate to 13%

Updated: 2007-10-13 16:22

China ordered banks to set aside more money as reserves for the eighth time this year to cool speculation in stocks and real estate and curb the fastest inflation in 10 years.

Lenders must park 13 percent of deposits as reserves from October 25, up from 12.5 percent, the People's Bank of China said Saturday on its Web site. The required ratio is the highest in almost a decade.

The move is aimed at "strengthening liquidity management in the banking system and checking excessive credit growth", the central bank said in a statement. Excess liquidity could lead to price hikes and pour more fuel into the sizzling economy.

China's consumer prices surged 6.5 percent in August from a year earlier, the biggest jump since December 1996. The rate breached the government's annual 3 percent target for a fourth consecutive month, as food costs soared.

China's trade surplus jumped 56 percent in September, the customs authorities said Friday, taking it to US$185.65 billion for the first nine months of the year, more than the US$177.5 billion for all of last year.

Money supply is surging as the central bank sold the yuan to buy into the foreign currency brought into the country by the trade surplus. Some of that money is finding its way into stocks, pushing the benchmark CSI 300 Index up 181 percent this year. Money supply rose 18.5 percent in September.

China's commercial banks lent out 3.36 trillion yuan in the first nine months, surpassing the full-year figure in 2006.

The economy, the world's fourth largest, probably grew 11.5 percent in the third quarter, the government may announce next week, according to the median estimate of 14 economists surveyed by Bloomberg News. The date for the release of the gross domestic product report hasn't been set.

Of 20,000 households surveyed in a central bank quarterly report released September 20, a record 61.3 percent said they expect inflation to quicken in the fourth quarter.

"The central bank will continue to give priority to managing inflationary expectations going forward," Wang Qing, chief China economist at Morgan Stanley in Hong Kong, said before the announcement. "Monetary policy focuses on addressing the risks of economic and asset-price overheating."

China has taken other action to combat rising prices.

All government-regulated prices have been frozen until year-end and the state has boosted the supply of grains, vegetables and pigs and cracked down on illegal collusive price increases. The central bank has sold bills to soak up cash from the financial system.

Stock and house prices have gained as households shifted money from low-yielding bank deposits. Household savings fell 41.8 billion yuan in August from the previous month. Housing prices jumped 20.8 percent in Shenzhen and 12.1 percent in Beijing in August.

One delegate disqualified for discipline violation


BEIJING -- One delegate to the upcoming 17th National Congress of the Communist Party of China (CPC) has been disqualified for serious violation of discipline, Li Dongsheng, spokesman for the congress, said here Sunday.

(There was no elaboration that would reveal the “serious violation of discipline.")

Three of the 2,217 elected delegates have died of illness, Li said.

The actual number of delegates to attend the national congress is 2,213. Representing more than 70 million CPC members, the delegates are strong in terms of vanguard nature and broadly representative, he said.

He said that new measures have been taken to expand intra-Party democracy in the election of delegates.

Candidates have been recommended more democratically than before with public notification within the electoral units, he added.

Statistics show Party committees at all levels nominated 2,550 candidates for the 2,217 elected delegates, which means the number of candidates is 15 percent higher than the final number of delegates, compared with 10 percent in the election of delegates to the 16th CPC National Congress in 2002.