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China gets tough with substandard foodstuffs

+ –
09:49, July 14, 2007

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(4)

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Safeguarding food safety has been made the top priority of China’s
industrial and commercial departments, with nearly 5,800 tons of
substandard foods recalled in the first half of the year.

Zhou Bohua, director of the State Administration of Industry and
Commerce, said that fake and low-quality food detected in 34,400 cases
involved an aggregate value of 67.7 million yuan (8.9 million U.S.
dollars).

Up to 63,600 entities without business licenses were penalized in the
first half of the year while another 2,207 had their licenses revoked for
failing to meet quality standards.

A total of 3,191 counterfeit hideouts were smashed.

Zhou said staff had stepped up supervision of pork to prevent adulterated
pork, pork from pigs which died of disease or other kinds of substandard
pork from entering markets.

Rural areas and transit routes will be the focus of future supervision,
he said.

In an interview with Xinhua, Li Yuanping, director of the Import and
Export Bureau of the General Administration of Quality Supervision,
Inspection and Quarantine said that China, the world’s major food
exporter, has made food safety a top concern.

“We have put in place a monitoring system which covers plantation,
breeding farms and production bases. Only raw materials that meet
standards can be used,” he said.

In response to the health scare sparked by substandard food items ranging
from tainted wheat gluten for pet food to catfish containing antibiotics,
Li said that the government has thoroughly investigated each case.

“All of them are exceptional cases,” he said, citing an official figure
that more than 99 percent of China’s exports are up-to-standard.

“There is no such thing as zero risk. In term of food safety, it’s
impossible for any country to make 100 percent of their foodstuff safe,”
he said. “The country should not be put on trial because of the problems
of a particular company. China-made products should not be labeled as
substandard just because of a few bad producers.”

Lin Wei, deputy director of the bureau said that China would adopt the
severest measures to punish company culprits, including blacklisting them
and imposing an export ban.

Source: Xinhua

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Learning Mandarin – People’s Daily Online – ADB revises lending rates on U.S. dollar and yen

loans

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Home>>Business

ADB revises lending rates on U.S. dollar and yen loans

+ –
19:58, July 12, 2007

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companies in 2009 (2)

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The Asian Development Bank (ADB) has revised its lending rates for both
its U.S. dollar and Japanese yen single currency pool-based loans, an ADB
report said on Thursday.

For the period from July 1, 2007 to Dec. 31, 2007, the lending rate for
U.S. dollar pool-based loans will increase from 5.91 percent to 6.34
percent, said the report.

During the same period, the lending rate for the Japanese yen pool-based
loans will change from 1.31 percent to 1.69 percent.

ADB also announced its rebate for its London Interbank Offered Rate
(LIBOR)-based loans for the period Jan. 1 to Dec. 31, 2007.
For U.S. dollar LIBOR-based loans with a rate of LIBOR plus 0. 40
percent, the rebate will increase from 0.30 percent to 0.31 percent.

For Japanese yen LIBOR-based loans with a rate of LIBOR plus 0. 40
percent, the rebate will increase from 0.36 percent to 0.45 percent.

Source: Xinhua

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