China warns officials on property corruption: state media

China's Wen says financial crisis more serious than expected
Beijing (AFP) May 17, 2010 - Chinese Prime Minister Wen Jiabao said Tuesday the global financial crisis was more serious and complex than expected and urged greater cooperation to push forward economic recovery. "The world economy is slowly recovering, but the basis for recovery is still weak and the progress uneven," China Central Television quoted Wen saying in talks with visiting German President Horst Koehler. "The European sovereign debt crisis has stalled the European recovery. The seriousness and complexity of the effects of the international financial crisis have surpassed peoples' expectations." The world's biggest economies should work together to explore the establishment of an effective international "mechanism" to advance the global economic recovery, Wen said.

Wen and Koehler both agreed to step up consultations on the recovery, while also advancing bilateral trade and economic ties, the report said. In talks with Koehler on Monday, President Hu Jintao said China fully supported the huge 110-billion-euro rescue package put forward by the European Union and the International Monetary Fund to help Greece overcome its debt crisis. Koehler, on a five-day visit to China, was also expected to hold talks with central bank governor Zhou Xiaochuan and Vice Premier Wang Qishan, the German embassy said. The German president, who is a former head of the International Monetary Fund, could raise the issue of the value of China's currency.

by Staff Writers
Beijing (AFP) May 18, 2010
China's ruling communists are cracking down on official corruption in the real estate market, warning of stiff penalties for anyone caught trying to cash in on the property boom, state media said Monday.

The government is trying to rein in soaring real estate prices and damp down social unrest over land grabs and forced evictions seen by the public as the result of collusion between unscrupulous officials and property developers.

The Communist Party's central disciplinary committee has defined 39 punishable offences for officials at government agencies and state-owned companies, the Xinhua news agency reported.

Officials will face punishment if they are found to have engaged in graft related to bidding on construction projects, the transfer of land and mining rights, real estate development and city planning, it said, without detailing the penalties.

"Party officials' interfering in construction projects... has severely impaired public interests, affected relations between the Party and the people... and undermined social harmony," Xinhua said in a special commentary.

The agency said such behaviour had triggered a "strong public backlash", adding the party planned to "firmly address and rectify" the problem.

Last month, a party official in the central province of Henan ordered that a protester be run over with a dump truck during a land dispute, killing him, in the latest case of violent confrontations triggered by land seizures.

The country's top leaders have repeatedly said that rampant official corruption has threatened the party's ability to rule.

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China boosts US debt holdings for first time in six months
Washington (AFP) May 17, 2010
China raised its massive US government debt holdings for the first time in six months in March amid soaring foreign bond purchases on the back of European debt concerns, official data showed Monday. The Chinese government, the top holder of US government debt, raised its long-term Treasury holdings to 895.2 billion dollars, up 17.7 billion dollars from February, the Treasury Department said ... read more

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