18-- General Motors Corp.(GM) announced on Monday it had reached a tentative agreement with the unions to slash its multibillion-dollar health-care costs.GM CEO and Chairman Rick Wagoner said the agreement with the UAW is projected to reduce GM's retiree health care liabilities by about 25 percent, or 15 billion dollars, and cut GM's annual employee health care expense by about 3 billion dollars.The two sides agreed to enhance the cooperation in financing sector reform and supervision. The Act strengthened regulation in such areas as corporate governance,disclosure, and accountability of top executives and other gatekeepers. China expressed its view that the United States should support the full range of Chinese MDB projects. side welcomed China's willingness to make a greater contribution to the cause of poverty reduction in Latin America and the world at large. China affirmed its willingness to join the anti-money laundering and anti-terrorist financing regional bodies, and to take the necessary steps to obtain full membership in the Financial Action Task Force(FATF). Securities and Exchange Commission Chairman Christopher Cox, U. Commodities Futures Trading Commission Chairman Reuben Jeffrey, U. Both sides agreed that exchanged rate policyis a sovereign decision, but can have a global impact. The Chinese side stressed the importance of financial sector reforms in promoting economic growth.
Snow led an official delegation to China to co-chair the 17th Session of the China-U. Joint Economic Committee(JEC) on October 16-17, 2005. Both sides reaffirmed that excess volatility and disorderly movements in exchange rates are undesirable for economic growth. Chinese participants described measures being taken to strengthen the banking system and to develop its domestic capital markets, including restructuring of state-owned commercial banks and securities companies, resolving the problem of non-tradable shares in the stock market, strengthening financial market supervision, and further liberalization of financial services. The company announced meanwhile it would also close more factories and cut 25,000 manufacturing jobs.GM's loss for the third quarter included a charge of 805 million dollars for asset impairments in North America and Europe and restructuring charges of 56 million dollars at GM Europe. The Chinese side explained that the China's economic developments remained stable and rapid. In this context, the Chinese side affirmed their intention to make efforts on narrowing the gap between savings and investment, particularly by encouraging consumption. banks all well-capitalized, and non-performing loan ratios remain low.
Inflation and inflationary pressure are relatively contained. The Chinese side reiterated its commitment to undertake policies that would lead to sustained, rapid and more balanced growth of its domestic economy. The Chinese delegation to the JEC consisted of representatives from the Ministry of Finance(MOF), People's Bank of China(PBOC), Ministry of Foreign Affairs(MFA), National Development and Reform Commission(NDRC), Ministry of Commerce(MOFCOM), China Banking Regulatory Commission(CBRC), China Securities Regulatory Commission(CSRC), China Insurance Regulatory Commission(CIRC) and State Administration of Foreign Exchanges(SAFE). For investment opportunities with SINA, please click the link "Investor" below.GM also said it was exploring the sale of a controlling interest in its profitable finance arm, aimed at restoring General Motors Acceptance Corp.'s investment-grade rating and renewing access to low-cost financing.