China Braces for Typhoon Krosa
More than one million people have
been evacuated as southeast China braces itself for Typhoon Krosa,
the 16th major storm this year, which made landfall this afternoon.
Fujian province issued warnings of possible mud and rock slides, and
the coastal city of Wenzhou in Zhejiang province issued a red
warning, ordering ferries, sightseeing boats and fishing vessels to
head for safe harbours. The typhoon has already struck Taiwan, cutting off power supplies and grounding highway and air traffic.
China Promotes Potato Production
To mitigate food price inflation and food supply shortages caused by crops
savaged by natural disaster, China is turning its attentions to the humble
potato. New production targets and the development of potato-related industries
have been announced by Wei Chao'an, Vice Minister of Agriculture. Wei says the
new measures "can, to some extent, alleviate the shortage of arable land
and water resources, and add a source of food via enormously expanding potato-based industries, which is
conducive to improving the grain security of the state." He added that
potatoes provide a longer industry chain compared to traditional crops, such as
rice, maize, wheat and soybean - and could reap higher profits. By 2010,
China's sown area of potatoes is slated to total 6.67 million hectares, 1.67
million hectares more than in 2006, and per-unit yield is targeted to be
1,200kg, an increase of 200kg on 2006 figure.
Chinese Banks Report Big Profits
The Chinese banking sector made a total profit of RMB268.97 bn during the first six months of 2007, according to a report by the China Banking Regulatory Commission. The report also revealed that the non-performing loan ratio of Chinese banks dropped from 17.9 per cent in 2003 to 8.98 per cent in terms of assets. Many analysts, however, continue to contest these official statistics, believing the NPL ratio to be much higher than stated.
Last update : Sunday, 07 October 2007
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