TO THE POINT: The government vowed to improve farmers’ living stan- dards and underlined several tasks to be fulfilled this year in this regard. A majority of domestic individual investors suffered losses of more than 70 percent on their investments in mainland stock markets last year. Steel manufacturers were also unlucky in 2008 and lost a total of $1.87 billion in November alone. Despite pressure from the gloomy economic situation, more than 200 enterprises in Shanghai promised no layoffs. Tainted milk producer Sanlu declared bankruptcy. Insurance premiums in China hit a record high in 2008. A Swiss bank defied global financial uncertainties and set up a joint venture financial institution with China’s Founder Securities.
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