LONDON, March 14 (Xinhua) -- China's efforts of switching economic growth pattern would help to make an overall more stable world economy, said John Hawksworth, head of macroeconomics of PriceWaterhouseCoopers (PWC), one of the world's four largest accounting firms.He told Xinhua in a recent interview that this would also ultimately be good for China in the long term. There will be a reduction in the global trade imbalances in the long run with China's efforts of shifting economic growth pattern.China's adjustment important for world economyHawksworth said that China plays its part in making these adjustments, which is important for the long-term stability of the world economy. That is because China is a very important player, the world's biggest economy after the United State.Meanwhile, he emphasized that other economies should also make adjustments and play their parts for the world economy.He said that the United States need to control its high level of government borrowing. The same applies to European countries with high levels of borrowing."So all the main economies need to adjust and China is an very important element in the overall adjustment process," said Hawksworth.He was optimistic about the prospects for China in the efforts of shifting its economic growth pattern."It will remain a very strong growing economy and I'm optimistic that it will meet challenges and will continue to increase its relative importance in the world economy over the next 10 or 20 years," he said.Long-term process for China to shift economic growth patternWith regards to the main reasons for China to shift its economic growth pattern, Hawksworth said that in the long run China wants to promote consumer spending as a big driver of growth.China has been quite reliant on exports and investment in the past, he said. "Ultimately as China becomes a bigger part of the world economy, it can't continue to grow exports as fast as before. Also opportunities for more and more investment will be increasing. ""In the long run, you'll be better if more of China's growth would be dependent on consumer spending," he said.However, he said that China can not suddenly switch to consumer spending. "It has to be a long-term process and would also depend on other types of policies."For example, he said providing better healthcare provision at the moment is quite important because Chinese households are concerned about their future health care and therefore don't like to spend money.He also said that it might be encouraged by gradual move towards an increase in the Chinese exchange rate which would tend to reduce the price of imports and therefore boost consumption and boost the household spending power."It is a combination of policies which can't be done overnight, there has to be a long-term process over 10 years or more to gradually take effect," said Hawksworth.Short- and long-term challenges for ChinaAt the same time, Hawksworth said China is facing some short- and long-term challenges in the process of shifting its economic growth pattern.As for the short-term challenges, he said that China has obviously put a lot of emphasis on government spending and investment to stimulate the economy during the global financial crisis."Although that has been quite successful, it may also have led to some dangers of an overheating with increases in property prices and asset prices," he warned.He said that is a short-term problem which really requires a gradual tightening of monetary policy. Some restrictions on bank lending are also needed to avoid this asset price bubble getting out of control.In his view, the long-term challenge is about moving towards an economy that is more driven by household spending."This is partly about encouraging households to feel more confident about the future, about providing better healthcare from the state or better pensions to the households," he said.
BEIJING, March 14 (Xinhua) -- The amendment to the Electoral Law adopted by the National People's Congress (NPC), China's parliament, marked an important step to improve the people's congress system and advance socialist democracy, the People's Daily said in an editorial to be published Monday.The NPC concluded its annual session here Sunday after adopting an amendment to the Electoral Law, which grants equal representation in legislative bodies to rural and urban people.The amendment could better demonstrate equality among people, regions and ethnic groups, and promote social harmony, the editorial said.The editorial also spoke highly of the NPC session as an important meeting in the crucial era for China to deal with the global financial crisis, maintain steady and relatively fast economic development, and accelerate transformation of the economic growth mode.The NPC endorsed the government work report delivered by Premier Wen Jiabao, which highlights scientific development, transformation of the economic growth mode, innovation and improvement of people's livelihood, the editorial said.The editorial hailed the achievements of the NPC Standing Committee in 2009 and called for the NPC to make intensified efforts in legislation and supervision work and keep in closer contact with the people in 2010, the last year for the implementation of the country's 11th five-year plan (2006-2010).
BEIJING, March 12 (Xinhua) -- China's central bank said Friday a stronger yuan offers no help for solving the Sino-U.S. trade imbalance problem, and China opposes politicizing yuan's appreciation.Su Ning, vice governor of the People's Bank of China, made the comments a day after U.S. President Barack Obama told the U.S. Export-Import Bank's annual conference that a more market-oriented exchange rate of yuan will make an essential contribution to global rebalancing efforts."We do not think a country should rely others to solve its own problems," Su, a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, said on the sidelines of the top political advisory body's annual session.The U.S. Department of Commerce said on March 11 that the U.S. trade deficit with China increased to 18.3 billion U.S. dollars in January from 18.14 billion U.S. dollars in December. The increase renewed the U.S. call for a stronger yuan as it claimed the current exchange rate gives Chinese goods unfair price advantages.Su said although yuan has gained more than 20 percent since it depegged the U.S. dollars in June 2005, China's trade surplus tripled from 100 billion U.S. dollars in 2004 to nearly 300 billion U.S. dollars in 2008.In addition, he argued, a weaker U.S. dollar does not help cut the U.S. deficit. As the U.S. dollar depreciated by 3 percent annually in average between 2002 and 2008, its deficit soared from 500 billion U.S. dollars to 900 billion U.S. dollars, Su said.Tan Yaling, a financial researcher with Peking University, said as nations have different roles in international trade and differ in resources, what they produce, consume and want can be very different."It is unfair that the United States, on the one hand, consumes cheap Chinese goods, while on the other hand, it blames the low prices for causing their domestic job losses," she said.The Obama administration's continuous calls for a stronger yuan is actually aimed at diverting attentions from its domestic woes, experts said.To grapple with high unemployment rate and uncertain recovery prospects, Obama has to do something on job promotion to secure victory in the mid-term election in November this year, said Chen Zhiwu, a financial professor with Yale University.To curb soaring unemployment and boost growth, Obama has announced a special task force on a mission of doubling the U.S. exports in five years, as he said the U.S. can not "stand on the sidelines," as other countries are busy negotiating trade deals.Cheng Enfu, a deputy to the National People' s Congress (NPC), China' s top legislature, said the consistent pressure from the United States is simply because of its pursuit of national interests."Over-fast appreciation of yuan does no good to the global economic recovery which is still fragile and uncertain," he said.Zhu Yuchen, also an NPC deputy, said as China plays a leading role in global economic recovery, any drastic policy change will not only impair China's economy, but also the global recovery, which is not a responsible way.President Obama's remarks also came a month ahead of a semiannual Treasury Department report that could label China as a currency manipulator.Premier Wen Jiabao said in the government work report delivered to the NPC on March 5 that China will keep the yuan "basically stable" at an "appropriate and balanced" level.HEFTY SURPLUS, BUT SLIM PROFITSAlthough China has accumulated massive trade surplus over the past decades, that does not indicate the same profits, as more than half of China's exporters are foreign invested, lawmakers said.Figures released by the Ministry of Commerce showed 55.2 percent of China's foreign trade was completed by foreign-invested businesses last year. And 56 percent of the exports were done by foreign companies in China.Cheng Enfu said China only pockets paper-thin profits from the very end of the manufacturing chain, or processing and assembling work. However, the United States earn handsome profits from designing and distribution.According to a study by researchers of the University of California, of the 299 U.S. dollars retail value of a 30-gigabyte video iPod in the United States, 163 U.S. dollars is captured by American companies and workers, and 132 U.S. dollars go to parts makers in other Asian countries, while the final assembly, done in China, cost only about 4 U.S. dollars a unit."Even though Chinese workers contribute only about 1 percent of the value of the iPod, the export of a finished iPod to the United States directly contributes about 150 U.S. dollars to our bilateral trade deficit with the Chinese," Hal R. Varian, a professor of the University of California at Berkeley, wrote on the New York Times on June 28, 2007.Cheng Enfu noted it needs to upgrade exports product mix to fundamentally reverse China's disadvantages. That is, to export more profitable self-innovative products, rather than labor-intensive processing goods.
BEIJING, March 23 (Xinhua) -- China's year-on-year inflation rate was expected to be between 2 to 2.5 percent for the first quarter this year, the country's top economic planner said here Tuesday.The consumer price index (CPI), a main gauge of inflation, would see a "moderate increase" in the first quarter, the National Development and Reform Commission (NDRC) said in a statement on its website.China's CPI rose 2.7 percent from a year earlier in February, according to data from the National Bureau of Statistics.Food prices would begin to fall as the weather got warmer, said the statement. In February, food prices rose 6.2 percent from the previous year due to the Lunar New Year holiday and poor weather.The Lunar New Year holiday, or Spring Festival, is the most important traditional festival in China for family reunion. People usually spend a lot on food, alcohol, cigarettes and gifts during the period.The February CPI was within normal range, compared with the Spring Festival months in previous years, said Zhou Wangjun, deputy director of the Department of Prices of the NDRC.However, Zhou warned that there were still uncertainties in the price trend, including fluctuation in international commodities prices.China targets a consumer price rise of around 3 percent this year, according to a government work report delivered by Premier Wen Jiabao at the opening of the annual session of the National People's Congress earlier this month.
BEIJING, March 15 (Xinhua) -- China's anti-corruption chief He Guoqiang has urged cadres of the Communist Party of China (CPC) to refrain from abusing their authority for illicit gain and to win public trust through clean governance.He, head of the CPC Central Commission for Discipline Inspection, made the remarks in an article to be published Tuesday in Qiushi, or "Seeking Truth," the official magazine of the CPC Central Committee.Party leaders should strictly abide by the code of ethics for CPC cadres issued in January, another important regulation to ensure clean practice in Party cadres' work and prevent corruption, said He, a member of the Standing Committee of the CPC Central Committee Political Bureau.Efforts should be intensified to tackle corruption-related problems, such as cadres using their power for illicit gains, privately engaging in profit-making activities, meddling in economic activities and using their influence to seek benefits for relatives, He saidThe CPC Central Committee issued the guideline specifying 52 unacceptable practices with respect to CPC leaders and cadres, including accepting cash or financial instruments as gifts, and using their influence to benefit their spouses, children or "special concerned persons" with regards to their employment, stock trading or business.
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BEIJING, March 1 (Xinhua) -- China's top political advisor Jia Qinglin on Monday urged political advisors to offer practical suggestions to the country's pressing task of coping with climate change.Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), a political advisory body, made the call as he presided over a lecture given to the Standing Committee of the 11th CPPCC National Committee.Xie Zhenhua, Vice Minister of the National Development and Reform Commission (NDRC) and one of China's leading negotiators for climate change talks, gave committee members a lecture about key climate change issues and China's stands on them.The lecture is aimed at helping the members, whose main duty is to use their expertise to give suggestions to policy makers, to familiarize with and pay more attentions to the issue.Jia said while the global climate change is a major challenge for all countries, China's handling of the issue could impact on the country's overall economic and social development as well as the people's interests.Jia asked the members to conduct further studies in accelerating the adjustment of economic growth mode, industrial and energy structure, and controlling greenhouse gas emissions so as to offer advice to help the country to cope with problems in its development.
NANJING, Jan. 18 (Xinhua) -- Top Chinese legislator Wu Bangguo has urged to accelerate transformation of the mode of economic development, so as to improve sustainable development when fighting the global financial crisis.Wu, chairman of the Standing Committee of the National People's Congress, China's top legislature, made the remarks during his visit to east China's Jiangsu Province from Thursday to Sunday.He called for more efforts for the transformation of the mode of economic development, adjusting economic structure and boosting industrial upgrading."To accelerate transformation of the mode of economic development should be an important goal and strategic measure in carrying out the Scientific Outlook on Development," Wu said.Wu Bangguo (2nd L, front), member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and also chairman of the Standing Committee of the National People's Congress (NPC), talks with staff members as he visits COSCO (Nantong) Shipyard in Nantong of east China's Jiangsu Province, Jan. 15, 2010. Wu Bangguo paid a visit in Jiangsu for investigation and research on Jan. 14-17The economic recovery should be based on an optimized and upgraded economic structure, and the fight against global financial crisis be a process of improving sustainablity of development, he said.Wu stressed the importance of bringing in high-level human resources, advanced technologies and management expertise. He also encouraged domestic companies to acquire research and development institutions, sales networks, and famous brands, as well as to build production bases, in foreign countries.Advanced technologies and new economic growth points are needed for transformation of development mode, economic restructuring and industrial upgrading, and also for China to participate in international competition, he said.Wu Bangguo (C), member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and also chairman of the Standing Committee of the National People's Congress (NPC), shakes hands with a staff member as he visits WuXi AppTec company in Suzhou of east China's Jiangsu Province, Jan. 16, 2010. Wu Bangguo paid a visit in Jiangsu for investigation and research on Jan. 14-17Wu also called for more efforts to develop emerging industries, including new energy, new materials, Internet of Things, low-carbon technologies and others, "to ensure China will not lose a new round of international economic competition."Human recourses are the key factor of industrial upgrading and nurturing new economic growth points, Wu said."We shall bear in mind that human resources are of utmost importance," he said.Wu visited industrial parks, scientific research institutions and workshops of enterprises in the cities of Nantong, Suzhou and Wuxi.
NANNING, March 15 (Xinhua) -- Twelve of the 14 cities in southern China's Guangxi Zhuang Autonomous Region are affected by drought, the regional flood-control and drought relief authority announced Monday.The drought had affected 522,967 hectares of farm land by March 11 and 1.76 million people were denied easy access to drinking water, 232,100 people more than seven days earlier, said a statement from the authority.About 870,900 head of livestock were also suffering a shortage of drinking water.Local meteorologists forecast that in most of Guangxi, temperatures would be 0.1 to 1 degree Celsius higher than average in March and April, and precipitation would be 20 percent less.The authority predicted the drought would worsen, as the peak season for water consumption in spring ploughing would begin soon.
BEIJING, March 19 (Xinhua) -- China's Vice Minister of Culture Zhao Shaohua and Australian Ambassador to China Geoff Raby Friday signed a memorandum of understanding (MOU) on reciprocal years of culture (2010-2012) between China and Australia.The Year of Australian Culture in China, the opening ceremony of which is scheduled for June 8 in the National Center for the Performing Arts, lasts from June 2010 to June 2011.It will be a showcase of cooperation between China and Australia in the fields of art, music, performance, literature, film and other media.It will include an Australian aboriginal art exhibition held in the National Art Museum of China and art performances jointly produced by Chinese and Australian artists.As the first step, the National Museum of Australia and the National Art Museum of China Monday signed a memorandum of understanding to put arrangements in place for reciprocal touring exhibitions in China and Australia from 2010 to 2012 and facilitate future cultural exchanges.According to a joint statement released during the visit of China's Vice Premier Li Keqiang to Australia last year, the Year of Australian Culture in China is scheduled from 2010 to 2011, and the Year of Chinese Culture in Australia from 2011 to 2012.China's Ministry of Culture is actively preparing for the Year of Chinese Culture in Australia.