GOODWILL MISSION: Pakistani Rear Admiral Syed Arifullah Hussaini is welcomed in Shanghai on November 25 after he led a two-ship flotilla to the Chinese city on a four-day visit (CHEN FEI)

Lunar Exploration

On November 26, China unveiled plans to send Chang'e-3, its domestically developed lunar probe, to the Moon in early December. The probe gets its name from Chang'e, the mythological goddess from Chinese folklore who is said to live on the Moon with a rabbit.

Chang'e-3 comprises of a lander and moon rover Yutu (Jade Rabbit). The lunar probe will land on the Moon in mid-December if everything goes according to plan, said Wu Zhijian, a spokesman for the State Administration of Science, Technology and Industry for National Defense.

The mission is China's first exploration of an extraterrestrial object using a remote controlled probe, Wu added.

The tasks for Yutu include surveying the Moon's geological structure and surface composition, and looking for natural resources, said Ouyang Ziyuan, chief scientist of China's lunar satellite project. It can travel at a speed of up to 200 meters per hour.

The moon rover will land on Sinus Iridum, which means "Bay of Rainbows" in Latin, a name the flat plain of basaltic lava was given because of the rainbow-like semicircular ridge of mountains surrounding it. Yutu will be in operation there for around three months.

The Chang'e-3 mission is the second phase of China's lunar program, which includes orbiting, landing and returning to Earth. It follows the success of the Chang'e-1 and Chang'e-2 missions in 2007 and 2010.

"More than 80 percent of technology used in the mission is new," Wu noted.

Spending Rule

In the latest move under China's anti-graft campaign, central authorities issued a regulation to standardize fund management and ban Party and government extravagance on November 25.

The regulation, which contains 65 items and 12 chapters, outlines the proper management of funds for various uses, including official travel, receptions, meetings, official vehicles and buildings.

It is meant to guide Party and government organizations in practicing frugality and rejecting extravagance, and is an important move in the spirit of the recently-concluded Third Plenary Session of the 18th Communist Party of China Central Committee, according to a statement issued by the Party's Central Committee and the State Council, China's Cabinet.

The regulation emphasizes that public offices must first work out an annual budget before spending funds. Funds used before budgeting and overspending are strictly prohibited.

Insurance Profits

Gross revenue of China's social insurance funds increased 22 percent year on year to 3.14 trillion yuan ($515 billion) last year, the Ministry of Finance revealed on November 27.

Gross expenditure increased 27 percent from 2011 to reach 2.39 trillion yuan ($392 billion) in 2012, according to the ministry.

China's social insurance funds cover basic endowment for senior citizens, basic medical care, unemployment, work-related injury and maternity.