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 | Wednesday, April 26, 2000, updated at 09:39(GMT+8) | ||||||||||||
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Grain Acreage to Drop Five Percent in 2000China's grain acreage is expected to drop by five percent this year from a year earlier, while that of oil-bearing crops will jump about 10 percent, according to a recent survey by the Ministry of Agriculture.Of the total grain acreage, the area of land planted with summer wheat is expected to decline by six percent, and that of low-yield, poor quality wheat south of the Yangtze River will see the biggest cut. Jiangsu, Zhejiang, Hubei, Anhui, Sichuan and other major grain producing provinces in this region account for 70 percent of the total drop in the grain acreage. The acreage of quality wheat for special purposes has expanded at the same time, according to the ministry. The acreage of summer oil-bearing crops reached a record high this year, with central China's Hubei and Hunan provinces as well as eastern Jiangsu Province enjoying the most growth. In Hunan, the acreage of quality oil-bearing crops now exceeds 667,000 hectares. The survey says that summer grain seedlings are growing well in general, however, the drought in north China and the continuous rain in some areas south of the Yangtze River and in southwest China have affected wheat growth. X1108 CIRC Sets up Its Shanghai Office The China Insurance Regulatory Commission (CIRC) Monday launched its Shanghai Regulatory Office in the financial hub of the country, a move highlighting its supervision of the local insurance market. MDNM¡¥The office, which is responsible for overseeing the growth of the insurance industry, is the first branch that CIRC has ever set up outside Beijing. "The opening of this office ensures sustainable, healthy and rapid progress of the insurance industry in the region because it will provide a fair competing environment,'' said Ma Yongwei, chairman of CIRC, at the inauguration ceremony. "And the office will also be responsible for backing moves by authorities to ward off financial risks, regulating the growth of the insurance market and protecting the insurers' and customers' interests,'' said Ma. He added that the office would help to crack down on illegal activities or irrational competition in the fierce insurance market. Chen Liangyu, vice-mayor of Shanghai, noted that the opening of the office would improve the supervision and regulatory work of the financial industry in the local market, which is currently shouldered by the central bank -- the People's Bank of China Shanghai Branch -- and the China Securities Regulatory Commission Shanghai Regulatory Office. Chinese laws and regulations do not allow the consolidation of the banking, insurance and securities sectors, which is common in many foreign markets. Shanghai, as one of the most developed insurance markets in China, currently has 16 insurance firms and 47 foreign insurer representative offices with a total of 6,000 employees by the end of 1999. And the city has generated 11.5 billion yuan (US$1.39 billion) insurance premiums, representing some 9 per cent of the country's total in 1999.
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