Rural pensions gain acceptance Long relying on their sons to ensure security in old age, Chinese farmers are now turning to social pension insurance for retirement. The change represents not only a fundamental shift in farmers' deep-rooted traditions, but an advance from a traditional rural state to a modern country, said Wang Yicai, director of the department of rural social insurance under the Ministry of Civil Affairs. Wang said social pension insurance has so far spread to more than 1,600 countries in 28 province-level regions, covering 60 million farmers. China desires foreign investment in light industry Seeking to clear up misunderstanding regarding foreign investment in light industry, a senior Chinese official stressed that the industry should reinforce the use of overseas investment, but in a more efficient and rational way to help realize its development blueprint. Facing the surge of products with overseas brand names made in overseas- funded enterprises in China, some people have argued that overseas investment has dealt a heavy blow to the domestic industry.
Products made in Sino-foreign joint ventures are totally different from foreign products.
China's offshore oil output has already exceeded 10 million tons in 1996, compared with last year's total of 8.7 million tons. Production for the whole year is likely to exceed 13 million or even 14 million tons. The figure would mean a record for the China National Offshore Oil Corp. established in 1982. The number is 15.3 percent greater than that reported in the same period last year, according to the report. Copyright 1996 AEME International Corporation, All rights reserved.