Special Report:  Global Financial Crisis

    BEIJING, May 6 (Xinhua) -- China's State Council, or cabinet, Wednesday urged industries to upgrade their technology to boost market confidence and domestic demand.

    The State Council said in an executive meeting that it would give "sufficient support" to several industries, including steel, non-ferrous metals, alternative-fuel cars, telecommunication equipment and logistics, to help improve technology.

    The government would earmark 20 billion yuan (about 2.94 billion U.S. dollars) to support technological upgrading, which was expected to attract 460 billion yuan of private-sector investment as well, it said.

    It also urged that retirees from bankrupt state-owned enterprises be brought into the basic health insurance system by the end of 2009. It said the government would allocate 42.9 billion yuan to subsidize the coverage.



China's Social Security Fund reports 2008 loss, first since founding

    BEIJING, May 6 (Xinhua) -- China's national government pension fund, the Social Security Fund (SSF), reported its first annual loss since its founding eight years ago, losing 6.79 percent on its investments in 2008.

    The loss mainly reflected last year's A-share market plunge, as the benchmark Shanghai Composite Index tumbled about 60 percent, according to the SSF's annual report released Wednesday. Full story