From our archives

Dec 14, 1983

Foreign exchange service for Chinese

About 3,000 Chinese have opened their accounts as foreign exchange depositors at the Bank of China since it started a foreign currency service for Chinese residents two years ago.

As the country's open policy has sent more and more Chinese students, scientists and scholars abroad, where they are paid at foreign rates, the Chinese authorities found it unwise to continue to outlaw individual possession of foreign money.

For example, for a nuclear scientist surnamed Cao, who had just returned home after two years' work and study in the US, with his account at the Bank of China, the money he had made abroad began to bring him interest at an annual rate of 6.5 percent for his two-year fixed account and 2 percent for his current account.

Profits soar in rural business

China's rural enterprises are playing an increasingly important role in the national economy, as their number and interests continue to grow at a rapid pace.

In Wuxi county, the lakeside area in southern Jiangsu province, rural enterprises registered a total output value of 997.8 million yuan in the first 10 months this year, an increase of 23 percent over the corresponding period last year.

These rural enterprises' success is attributed to four factors: focusing on society's needs; introducing a variety of cooperative forms of production; rising large amounts of funds for education, technological innovation and equipment renewal; and establishing and improving financial systems.

Beijing has ancient towers repaired

Beijing is spending 2.09 million yuan on repairing the city's famous Corner Tower and the Bell and Drum Towers, reports Beijing Daily.

About 870,000 yuan has gone to the repair of the Corner Tower in the southeastern part of Beijng, which will soon open to the public after two years of repair work. Built in the Ming Dynasty (1368-1644), the tower was used for defense. It experienced several damages in history.

Beijing has also allocated 1.22 million yuan for the restoration of the Bell and Drum Towers, the first time the city has given such a large sum for repairing relics.

(China Daily 12/12/2008 page9)