Beijing Olympic Budget Rises
Beijing has increased the budget for the 2008 Olympic Games to USD2
billion, from the previous estimate of USD1.6 bn, according to China
Daily. The budget top-up will be spent security for the event, said Liu
Jingmin, Vice Mayor of Beijing and Executive Vice President of the
Beijing Organizing Committee for the Games of the XXIX Olympiad
(BOCOG). He also addressed Beijing’s awful pollution claims – Wednesday
witnessed particularly poor air quality in the Chinese capital – saying
"Over the past few years, the city has moved 167 factories to more
remote areas, while helping them with technical innovations to reduce
emissions." However, he added tha Beijing has yet to decide whether to
close factories in the surrounding areas during the Games.
China Won’t Set Yuan Convertibility Timetable
China will let the market play a bigger role in determining the
exchange rate of the yuan, and will eventually make the renminbi fully
convertible, according to the central bank governor. "Supply and demand
forces in the market will play a bigger role in setting the yuan's
rate," said Zhou Xiaochuan, Governor of People's Bank of China. He
added that free convertibility of the yuan under capital accounts will
be eventually realized, but would not set a timetable for free
convertibility.
Government Pledges Full Healthcare Coverage by 2020
China’s healthcare system reform proposals be presented to the people
for soliciting their opinions, a senior health official has said. "All
people in urban and rural areas will enjoy basic medical care and
health services by 2020," said Gao Qiang, Vice-Minister of Health. Gao
did not elaborate further, but said the new plan centres on the
"coordinated and parallel" reform of the medical services, insurance
and supplies systems and would increase " government responsibility and
spending,” and would also “encourage greater participation of private
capital from both home and abroad in the health sector," he said.
Eight organisations – the World Health Organization, McKinsey, the
World Bank, the Development Research Center of the State Council and
four Chinese universities – have submitted proposals and the final plan
is said to be a combination of the suggestions.
Last update : Saturday, 20 October 2007
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