IN BRIEF (Page 3)

Finance

Guideline issued to stabilize capital flows

A specific guideline to stabilize capital flows was issued by the central government on July 5. It particularly encourages more private funds to take part in reform of financial institutions at various levels.

The State Council says China's financial system and economy are "stable and sound", with risks under "good control".

To guarantee the efficient use of credit and to support rebalancing of the economy, the State Council guideline contains 10 key points, including:

To continue to pursue a prudent monetary policy to keep the money and credit supply at a reasonable level, and to gradually let the market decide interest rates.

To support small businesses by mobilizing financial resources in different sectors of society, and accelerating securitization of credit assets.

Transport

China and Pakistan sign transport pact

China and Pakistan signed an agreement on July 5 on the blueprint for a huge transport project linking Northwest China to the Arabian Sea.

Observers say the project, named the China-Pakistan economic corridor, will open a new route for China's goods and energy.

It will also give a strong boost to Pakistan's economy and help maintain security there, they say.

The broad agreement was among eight pacts signed after a meeting between Chinese Premier Li Keqiang and Pakistani Prime Minister Nawaz Sharif.

The transport link is described as a "long-term plan" to connect Kashgar in the Xinjiang Uygur autonomous region to the southwestern Pakistani port of Gwadar.

More cooperation on railway sought

Chinese and European senior officials have called for further cooperation through the Sino-Euro railway.

The 11,179-km Chongqing-Xinjiang-Europe railway connects Chongqing with Duisburg, Germany, via Kazakhstan, Russia, Belarus and Poland.

"I hope the Sino-Euro railway can extend to all 16 Central and Eastern European countries," said Huang Qifan, mayor of Southwest China's Chongqing municipality, at the Local Leaders' Meeting of China-Central and Eastern European Countries in Chongqing on July 3.

He said the customs departments of these countries should strengthen cooperation to shorten the time needed to process goods and thus save costs for transporting freight via the route.

Employment

Job seekers abroad urged to be alert

Chinese people seeking employment abroad should sign proper contracts, receive safety training, research their destination countries thoroughly and only work through companies qualified to supply staff abroad, experts say.

Huang Leping, director of the Beijing Yilian Legal Aid and Research Center of Labor, an NGO dedicated to providing free legal aid for workers, suggested Chinese people planning to work overseas be cautious about employers or intermediary agencies that only give verbal promises about pay and benefits.

"Our workers are mainly sent abroad by Chinese companies that set up overseas branches or via intermediary agencies," Huang said. "Whatever the case, they should make sure that agreements about salary, rights and obligations are written into the contracts."

China Daily

(China Daily European Weekly 07/12/2013 page3)