In Brief

PUBLISHED : Saturday, 07 March, 2009, 12:00am
UPDATED : Saturday, 07 March, 2009, 12:00am

Rich urged to spend more

Rich people should spend more on private planes and yachts to boost domestic consumption, the Southern Metropolis Daily quoted CPPCC deputy chairman Li Jinhua as saying. Mr Li, former National Audit Office administrator, said there were two effective ways to expand consumption: increasing the incomes of people in the low and medium-earning bracket, and encouraging rich people to spend. He said it was important the wealthy expanded their consumption.

Call for bigger money notes

CPPCC delegate Zhu Zhengfu has urged the central government to issue larger denominations of banknotes, such as 500 yuan and 1,000 yuan, the Southern Metropolis Daily reports. The proposal has been made before, Mr Zhu says, but now is the right time to issue the higher denominations because people are worried about deflation. He suggests the move could encourage people to spend more; help the environment because fewer notes would be printed, saving trees; and save people time and energy - security guards and bank employees would have less bulk to deal with.

Stock purchases encouraged

NPC member Lu Ruihua is asserting that now is the time to buy stocks. He says it is guaranteed they will be profitable, the Southern Metropolis Daily reports. Mr Lu, a former governor of Guangdong province, says the global slowdown is affecting the US and China differently, providing China with a chance to develop. He also said that as mainland stocks had bottomed out several months ago, people would definitely profit by buying now. He also predicted that the mainland's economy would improve markedly in the near future.

Call for new Lei Feng honour

CPPCC delegate Liu Jianglong has proposed that China apply to the Unesco World Heritage Committee to add the 'spirit of Lei Feng' to its list of Intangible Cultural Heritage, the Qilu Evening News reports. Mr Liu, a Shapingba district deputy administrator from Chongqing, says establishing the spirit as Intangible Cultural Heritage would raise people's morale. Lei Feng, a People's Liberation Army soldier who died in 1962, is characterised as a selfless and modest person whose good deeds were devoted to the people of China. March 5 is called Lei Feng Day in his honour.

Olympics record a profit

The Beijing Olympics made more than US$16 million in profit, and the organising committee would publish the results of an audit once it is completed, the Southern Metropolis Daily quoted CPPCC member Jiang Xiaoyu as saying on Thursday. Mr Jiang, deputy chairman of the organising committee, said total revenue from the Games was US$1.625 billion, and expenses totalled US$1.609 billion. The expenses were similar to those of the Athens Olympics in 2004, he said.