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Sinopec Third Quarter Net Profits Tumbled

Sinopec booked third-quarter net profit of 8.3 billion yuan, down by 38.7% from 13.41 billion yuan a year earlier, Xinhua reported. Sinopec posted 17.64 billion yuan of net profits for the first three quarters, a 63.7% fall comparing to the same period last year. Sinopec attributes the fall to higher crude prices that have pushed its refining business deep into the red. In the first 6 months of 2008, it has received government subsidies of 45.1 billion yuan in total including fiscal subsidies, import subsidies and import tariff rebates for crude oil. Cash flow for the first three quarters was 3.427 billion, down 103.4% from the same period last year.

Source: Xinhua, October 29, 2008
http://news.xinhuanet.com/fortune//2008-10/29/content_10276297.htm

China Supreme Court Judge Under Disciplinary Investigation

Huang Songyou, a judge of the China’s highest court, was removed from position and now under investigation for connection with corruption, reported Dong Fang Morning News. On October 28, 2008 the 5th session of the 11th Standing Committee announced the removal of Huang Songyou from the position of Vice President of Supreme People’s Court. It was reported that he was led away by Communist Party disciplinary staff in earlier in October and has not been home since. His family indicated that Huang has been assisting in the investigation of a top level official at the High Court of Guangdong Province for suspected illegal activities in connection with the auction of a piece of real property. Huang is considered the highest-ranking official in China’s judiciary system that has been disciplined since 1949.

Source: The Supreme People’s Court of China, October 29, 2008 http://www.court.gov.cn/news/bulletin/release/200810290004.htm Dong Fang Morning News, October 29, 2008 http://epaper.dfdaily.com/dfzb/html/2008-10/29/content_91392.htm

Hu Jintao: Firmly remember the sad lessons of this year’s significant safety incidents

The following is a translation of news report regarding Hu Jintao’s speech at the Central Party School in September, criticizing cadres for lack of “objective consciousness, a general situation consciousness, a sense of hardship, and a consciousness of responsibility”, as reflected in the recent series of food quality scandals. [1]
On September 19, 2008, China News Net broadcast that, according to a CCTV News Broadcast report, the opening ceremony for a special topic seminar for state level main cadres  was held that morning at the Central Party School. This seminar was to mobilize the party to further study scientific development activities. Hu Jintao, the general secretary of the Central Committee of the Chinese Communist Party (CCP), State President, and Central Military Committee President, pointed out during the meeting that some significant production safety and food accidents had happened during the year, which had caused significant losses to people’s lives and property. He emphasized that the severity of these accidents and their consequences must be fully evaluated, and some sad lessons must be firmly remembered.

Hu Jintao stressed that since the reform and open policy began, the CCP has emphasized restructuring, and has insisted that the party must manage the party, govern the party strictly, advance the party’s structuring of its magnificent projects, and drive the party’s structure to grow stronger through constant reforms. At the same time, we must see soberly, along with the continuous development of the reform and open policy and socialist market economy, and along with the increase in time, that the party has been in power and the change in the party’s team, and that the party’s self structuring faces many new topics and new tests. The tests of the party’s power, the reforms and open policy, and the development of a socialist market economy are all long-term and complex, and the task of managing and ruling the party is more arduous than at any time in the past.

Hu said that this year, some places had significant production safety incidents and food safety incidents, which caused a significant loss of people’s lives and property. From these incidents, it shows that some cadres lack objective consciousness, a general situation consciousness, a sense of hardship, and a consciousness of responsibility, and that they show an attitude drift, loose management, and that they have slacked off in their work. Some don’t even listen to the people’s voices, and don’t care about those significant problems that relate to the safety of people’s lives. We must fully evaluate these incidents and their severity, and firmly remember the sad lessons.

Hu Jintao pointed out that those incidents told us again that only if we resolved the existing significant problems in the team of the party members, let the party comrades build the party to better serve the people, build the government for the people, always think of the people first, and always care for the people, can the CCP lead the people to strive for the victory of completely building an affluent society.

Endnote:
[1] www.china.com, September 19, 2008
http://news.china.com/zh_cn/domestic/945/20080919/15097074.html

4,525 Officials convicted in five years

4,525 county-and-above-level government officials were convicted from 2003 to 2008, said by Wang Shengjun, the Supreme Court’s chief justice, in a report to the Standing Committee of National People’s Congress on October 26. The figure is 77.52% higher than five years before. The courts trialed 1.2 million criminal cases that seriously harm the social security, including crimes endangering national security, terrorist, gang crimes, murder, kidnap, robbery, and drug abuse. 1.6 million people were put in jail.

Source: Xinhua, October 26, 2008
http://news.xinhuanet.com/newscenter/2008-10/26/content_10254667.htm

Gansu Police Put Video Surveillance System in Place

Gansu provincial Pubic Security Division’s Visual Command & Coordination System (VCCS) was in operation on October 27. VCCS, composed of large screen monitor, visual command function, and phone recording facility, is mainly used as a central command system for major emergencies.

The current visual surveillance monitor covers 14 cities and a mining area with high resolution. In real time, the monitor can switch to and zoom in any geographic target inside the province, provided incorporated into the system. The VCCS allows a centralized control of daily dynamics of public security across the whole province. Gansu is the last province in the country to equip the provincial PSD with VCCS.

Source: Xinhua, October 28, 2008
http://news.xinhuanet.com/legal/2008-10/28/content_10265748.htm

Expanding the Navigation System; China to Launch Dozen Satellites in 2009

China is planning to launch 12 satellites in 2009 as part of Big Dipper Satellite Navigation & Position System (BDSNPS), aiming to provide basic services to domestic and neighboring regions, said Ran Chengqi, deputy head of National Center of Satellite Navigation Project (NCSNP), at a conference on October 28.

BDSNPS was born in 2000. The dozen new satellites, adding onto its current five, is a major step toward a final complete system of 30+ satellites. Ran claimed that the system aims to expand services around the globe.

According to Xinhua, China started its R&D on satellite navigation in 1994, following US, Russia, and Europe.

Source: Xinhua, October 28
http://news.xinhuanet.com/newscenter/2008-10/28/content_10267364.htm

Xinhua’s Reports about U.S. in the World News Headlines between October 24 and 27

American Army Helicopter in Iraq Crosses Border to Shoot and Kill Syria Civilians http://news.xinhuanet.com/world/2008-10/27/content_10257299.htm

U.S.Is Worried that Sarkozy Will Lead Europe to Oppose America http://news.xinhuanet.com/world/2008-10/26/content_10252817.htm

U.S. Election: Obama Maintains Leads over McCain in All Three Polls http://news.xinhuanet.com/world/2008-10/26/content_10253755.htm

U.S. Air Force Will Establish Global Striking Headquarter http://news.xinhuanet.com/world/2008-10/25/content_10248874.htm

Many States in U.S. Cast Votes for President in Advance; Obama Currently in Leading Position http://news.xinhuanet.com/world/2008-10/25/content_10248395.htm

American Retired Veteran: True Terrorists Are Ourselves http://news.xinhuanet.com/world/2008-10/25/content_10250201.htm

American Presidential Election: Avoid Having the Bad One Rather Than Choosing the Best http://news.xinhuanet.com/world/2008-10/24/content_10242749.htm

Wall Street Diary: Greenspan Finally Admits Mistakes http://news.xinhuanet.com/world/2008-10/24/content_10245208.htm


Lin Yifu: It’s Inappropriate for China to Bottom-fish U.S. Market

Lin Yifu, deputy director and executive economist of World Bank, warns that “developing countries will see dramatic decrease in exports due to the recession in developed countries’ economy, and will face shortage of investment money.” He does not agree with the suggestion that China should utilize the foreign reserve to bottom fish the U.S. market. He believes it’s not the right time to send money to the United States at the moment. He says China should use the foreign currency to acquire resource, or help China’s products enter the world market, and acquire new technology. Lin had the above comments while he went back to China for a conference on October 26.

Source: Xinhua, October 27, 2008
http://news.xinhuanet.com/fortune/2008-10/27/content_10257112.htm