Society

Wang Jianping and his wife, Shue, are a relatively affluent Chinese couple, with an annual household income of $16,000 — more than double the national average for urban families.

They own a three-bedroom apartment. They paid for their son to study electrical engineering at Tsinghua University, in Beijing. And they are prodigious savers, with $50,000 in a local state-run bank.

But like many other Chinese families, the Wangs feel pressed. They do not own a car, and they rarely go shopping or out to eat. That’s because the value of their nest egg is shrinking.

Under an economic system that favors state-run banks and companies over wage earners, the government keeps the interest rate on savings accounts so artificially low that it cannot keep pace with China’s rising inflation. At the same time, other factors in which the government plays a role — a weak social safety net, depressed wages and soaring home prices — create a hoarding impulse that compels many people to keep saving anyway.

Prime Minister Vladimir Putin will visit Beijing on October 11-12 to talk Russian-Chinese bilateral ties and to sign an intergovernmental memorandum on co-operation in the modernization of the two economies.

This will become Putin’s first trip abroad since he announced his plan to run for the presidency in March 2012 and, considering his rather high approval rating among the population, it is likely that he will return to the Kremlin for at least six years.

In Beijing, the premier will be accompanied by an army of top Russian businessmen and officials. During the two-day visit, Putin will participate in the 16th regular meeting of the heads of the two governments and meet with Chinese President Hu Jintao. The sides are expected to discuss a bunch of topics ranging from economy and science to technical and humanitarian co-operation.

At the invitation of Premier Wen Jiabao, Russian Prime Minister Vladimir Putin will pay an official visit to China on October 11-12, 2011, to further consolidate bilateral ties, and in particular, to ratchet up "pragmatic cooperation" with China, some analysts noted. During his visit in Beijing, Putin will participate in the 16th regular meeting between the two governments.

Leading a 160-member delegation including top business leaders, Putin will kick start his first trip abroad Tuesday after announcing his planned return to the Kremlin in 2012.

He and Wen will probably talk with reporters after meeting and officiating at the signing of bilateral agreements. A meeting has also been scheduled between Vladimir Putin and Chinese President Hu Jintao.

In the mean time, both parties plan to discuss a wide range of topics on economic, scientific-technical and humanitarian cooperation issues. Special attention will be paid to improving the structure of bilateral trade, investment cooperation, high-tech cooperation and long-term energy projects. The leaders will also exchange views on current issues in international and regional agenda.

China's railways carried a record total of 67.3 million passengers from Sept 28 to Oct 7, as many Chinese went on a travelling spree for the weeklong National Day holiday, the Ministry of Railways (MOR) said Saturday.

The figure was up 5.8 percent over the same period last year, with a daily record of 8.9 million passengers boarding trains on Oct 1, or National Day, the ministry said.