SANTIAGO, Nov. 20 (Xinhua) -- China is a dynamo of the world economy and is playing a central role in helping a global economic recovery, said Alicia Barcena, executive secretary of the Economic Commission for the Latin America and the Caribbean (ECLAC), on Friday. "China is part of the world trade of wheat, rice, soya, sugar and others, playing a very important role in the increase of those product exports. The same happens in the case of the minerals and oil," Barcena told Xinhua in an interview. He said China is one of the most important market for Latin American and the Caribbean products. "China is being a blessing for the exports of raw materials from Latin America and the Caribbean. But it is also a great exporter (to the region). So, it competes with the countries of this region, mainly with Mexico and the Central American nations," said Barcena. Trade between China and Latin America has grown tremendously, he noted. He said Mexico, for example, is beginning to see China as a partner rather than a competitor. Mexico has given priority to trade relations with China. As a result, the Asian country is now the fifth largest overseas market for Mexican products. Meanwhile, South America has also improved ties with China. "All producers see the opportunity of reaching the Chinese market," said Barcena.
GENEVA, Nov. 30 (Xinhua) -- Chinese Commerce Minister Chen Deming on Monday called on the Seventh WTO Ministerial Conference to send a positive signal to the world to help stabilize and improve the crisis-hit global economy. "Today at this gathering we should send a positive signal to the rest of the world, a signal to 'open up, advance and reform,'" Chen said at the opening plenary of the three-day conference, which was participated by trade and agriculture ministers from most of the 153 WTO members. "Now the global economy has shown signs of stabilizing and improving, but the foundation for the turnaround is not solid. The road to complete recovery remains long and winding," Chen said. He stressed the importance of trade opening and resisting protectionist pressures for world recovery. "We should not close our doors for fear of risks or challenges." "As long as WTO members can form consensus to stand by their WTO commitments, not adopt protectionist measures and remain open, we will be able to gather enormous strength to tide over the crisis," he said. The minister also stressed the need to advance the long-running Doha Round global trade negotiations as a way to reform and enhance the multilateral trade system. Eight years after its launch with a primary goal to help poor countries prosper through trade opening, the complex Doha Round is still not in its endgame because WTO members cannot narrow gaps on such key issues as agricultural tariffs, subsidies and industrial market access. After several missed deadlines, WTO members have set a latest deadline for concluding the Round in 2010. Chen stressed that progress made in the past eight years, as reflected in the agriculture and NAMA (non-agricultural market access) texts as of December 2008, "is hard won, and cannot be overturned for any excuse." He also called for respecting the Doha Round's development mandate and keeping multilateral negotiations as the major channel." Then it is hopeful that the talks can be successfully concluded in 2010." According to the Chinese minister, the WTO, as the only institutional arrangement governing global trade, needs necessary reform to improve its rules and functions, broaden its influence over other important international coordinating mechanisms, and assume a greater responsibility and role in governing global economy. The organization should reform toward the direction of promoting sustainable development, Chen said. It also needs to step up efforts in Aid for Trade and trade finance, while advancing trade liberalization. As a result, developing countries, especially LDCs (Least Developed Countries),can gain real benefits from globalization, he added.
BEIJING, Dec. 29 (Xinhua) -- Chinese Vice Premier Li Keqiang has stressed that more efforts should be made to improve the people's livelihood while promoting economic growth. Li made the remarks during a recent visit to north China's Shanxi Province, where he chatted with village cadres and laid-off workers. He said it is an important duty for the Party and government to solve the basic livelihood problems of the people. The goal of the nation's economic growth is to improve the people's well-being, he said. Chinese Vice Premier Li Keqiang (R) inspects the "shanty towns" to be pulled down at Guloudongjie Street in Datong, north China's Shanxi Province, Dec. 27, 2009. Li Keqiang made an inspection tour in Shanxi from Dec. 27 to 28Li also said the government should help meet the basic needs of disadvantaged people and further promote employment, compulsory education, basic medical care, public health and affordable housing projects to ensure the people's well-being. The efforts would not only let more people share the fruits of development, but promote the country's domestic demand and economic restructuring, according to Li.
ASHGABAT, Dec. 14 (Xinhua) -- Chinese President Hu Jintao's visit to Central Asia has been fruitful, Chinese Foreign Minister Yang Jiechi said Monday. Hu has reached broad consensus with leaders of Central Asian countries on strengthening political mutual trust, deepening practical cooperation, and promoting communication and coordination in multilateral organizations, Yang told reporters. CHINA-KAZAKHSTAN STRATEGIC PARTNERSHIP PROMOTED Chinese President Hu Jintao (L) meets with Kazakhstan's President Nursultan Nazarbayev in Astana Dec. 12, 2009. During his visit to Kazakhstan, the Chinese leader reached agreement with his Kazakh counterpart, Nursultan Nazarbayev, on promoting the Sino-Kazakh strategic partnership, said Yang, who was accompanying Hu during his visit. Hu made five proposals: strengthening political mutual trust, deepening cooperation in the energy sector and other sectors, enhancing financial cooperation, and expanding cultural cooperation. Hu expressed China's willingness to work with Kazakhstan and support each other on issues concerning their core interests, and push forward practical cooperation in various areas. Nazarbayev said he highly valued the important role of China's good neighborly foreign policy in promoting peace, security and development in Asia and the world. The two leaders agreed to further promote practical cooperation between China and Kazakhstan in various fields, and strengthen cooperation in important organizations and frameworks such as the Shanghai Cooperation Organization (SCO) and the Conference on Interaction and Confidence-building Measures in Asia (CICA), Yang said.
CHENGDU, Nov. 23 (Xinhua) -- China will send two giant pandas to Australia Friday for a cooperative research program. The four-year-old male panda "Wang Wang" and three-year-old female panda "Fu Ni" will stay in Australia for 10 years, said Zhang Hemin, chief of the Wolong Nature Reserve Administration in southwest China's Sichuan Province. "Wang Wang", which means "net" in Chinese, is 119 kg and "Fu Ni", which means "lucky girl", is 90 kg. They were quarantined on Oct. 21 for their trip to Australia. "Wang Wang" and "Fu Ni" were transferred to the Bifengxia Giant Panda Breeding Center in Ya'an City after the Wolong Giant Panda Protection and Research Center where they were living were destroyed in the May 12 massive earthquake in 2008. The Australian side had sent veterinaries and feeders of the two pandas to China for training. It had also set up a 10 hectares bamboo planting base, Zhang said. The two pandas will receive a body check Tuesday before their departure. China and Australia made an agreement in 2007 on the cooperative research. Giant pandas, known for being sexually inactive, are among the world's most endangered animals due to shrinking habitat. There are about 1,590 pandas living in China's wild, mostly in Sichuan and the northwestern provinces of Shaanxi and Gansu.
BEIJING, Oct. 25 (Xinhua) -- Chinese Vice Premier Hui Liangyu has called for attention on the ageing problem, noting this is a major issue that concerns "people's livelihood and the nation's lasting peace and stability." Hui's call came several days ahead of the country's traditional "Senior Citizen's Day," or Double Ninth Festival, which falls on the ninth day of the ninth month in the lunar calendar, or Monday. Hui, also director of China National Working Commission on Ageing, said at a recent meeting on the aging problem held in Beijing that the elderly were "valuable wealth of the Party and the country," and researchers should provide solid scientific foundation for the government to make strategies for the well-being of the ageing population. Statistics from the commission show more than 8.3 percent of the 1.3-billion Chinese population are above 65, and in most cities, more than 50 percent of the elderly people live without the company of their children. Hui said efforts should be made to deal with new conditions concerning ageing, such as unbalanced distribution of the aged between urban and rural areas.
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BEIJING, Jan. 8 (Xinhua) -- China issued a directive Friday that aims to promote renovation of the substandard dwellings in the country's urban areas and at state-owned factories and mines, in a move to improve the livelihood of low-income people. Renovation of squatter homes in cities and at state-owned factories should be completed in the next fives years, according to the directive posted by the Ministry of Housing and Urban-Rural Development on its website. Priority should be given to "the shanty towns covering large areas and with severe safety defects," according to the ministry. It also urged relevant departments to give full respect to the rights and interests of the people living in substandard dwellings, who are mainly low-income laid-off workers, and to ensure that renovating work be conducted in an open and fair way. The directive put forward multiple ways to finance the renovation work, including government funds, favorable loans from financial institutions, and tax rebates. By the end of 2008, China had 11.48 million families living in substandard housing, 7.44 million of which lived in cities, 2.38 million near state-owned plants and mines, 1.66 million in forest zones and reclamation areas.
BEIJING, Nov. 17 (Xinhua) -- China and the United States underlined that each country and its people have the right to choose their own path, and agreed to hold the next round of human rights dialogue in Washington by the end of February 2010, said the China-U.S. joint statement issued Tuesday. According to the statement, the Chinese and U.S. sides agreed that all countries should respect each other's choice of a development model. "Both sides recognized that China and the United States have differences on the issue of human rights," said the statement, "Addressing these differences in the spirit of equality and mutual respect, as well as promoting and protecting human rights consistent with international human rights instruments, the two sides agreed to hold the next round of the official human rights dialogue in Washington D.C. by the end of February 2010." The two sides agreed that promoting cooperation in the field of law and exchanges on the rule of law serves the interests and needs of the citizens and governments of both countries, and decided to convene the China-U.S. Legal Experts Dialogue at an early date.
BEIJING, Jan. 8 (Xinhua) -- China issued a directive Friday that aims to promote renovation of the substandard dwellings in the country's urban areas and at state-owned factories and mines, in a move to improve the livelihood of low-income people. Renovation of squatter homes in cities and at state-owned factories should be completed in the next fives years, according to the directive posted by the Ministry of Housing and Urban-Rural Development on its website. Priority should be given to "the shanty towns covering large areas and with severe safety defects," according to the ministry. It also urged relevant departments to give full respect to the rights and interests of the people living in substandard dwellings, who are mainly low-income laid-off workers, and to ensure that renovating work be conducted in an open and fair way. The directive put forward multiple ways to finance the renovation work, including government funds, favorable loans from financial institutions, and tax rebates. By the end of 2008, China had 11.48 million families living in substandard housing, 7.44 million of which lived in cities, 2.38 million near state-owned plants and mines, 1.66 million in forest zones and reclamation areas.
BEIJING, Jan. 4 -- China International Capital Corp (CICC) topped the rankings of the underwriters of China's initial public offerings (IPOs) in 2009, making an estimated 1.23 billion yuan from fees, Bloomberg data showed. The earning of the country's largest investment bank was boosted by underwriting the China State Construction Engineering Corp's 50.1 billion yuan IPO, the world's second-largest in 2009. CICC also took two other heavyweight companies public, China Shipbuilding Co Ltd and China CNR Co Ltd, raising 14.7 billion yuan and 13.9 billion yuan respectively. CITIC Securities, the top underwriter in 2008, fell to the No 2 spot in the ranking, making 855 million yuan from IPO deals totaling 28.7 billion yuan, according to Bloomberg data. The third slot went to Orient Securities, which earned 258 million yuan from IPO deals worth 11.9 bllion yuan. IPOs are among the most lucrative advisory businesses for Chinese securities firms as China has witnessed an IPO boom since it reopened the market last June after a 10-month halt blamed on the widespread global credit crunch. Chinese securities companies saw an exponential growth in their revenues from the IPO business, making a total of 4.76 billion yuan from underwriting fees, doubling the 2.35 billion yuan in 2008. But the earnings still lagged far behind the 7.61 billion yuan made during the pre-crisis period in 2007. Last year, 43 Chinese securities firms helped 111 companies go public on the mainland's A-share market, raising 202.2 billion yuan. The value of the IPO deals taken by the top 10 underwriters accounted for more than 70 percent of the total IPO values. Market insiders said the IPOs of heavyweight companies will remain the target for large investment bank and securities companies such as CICC and CITIC Securities next year while small and medium securities companies will make start-up board ChiNext their primary focus. Stock prices of listed securities companies soared sharply in the past two weeks, mainly stimulated by unconfirmed reports that China's State Council has given the final nod for the introduction of index futures in 2010. Analysts said Chinese securities companies would likely see a surge in revenues this year after the regulators announce a clear timetable for the launch of the index futures, margin trading and short selling. "The new products will certainly boost the earnings and valuations of the brokerage stocks," said Cheng Binbin, an analyst with Qilu Securities "It not only means strong profit growth for securities firms in the future but also a gradual transition toward a more risk-diversified business model." It is forecast that margin trading and short selling will likely contribute 9.41 to 14.3 billion yuan in revenues of securities companies in 2010 while index futures will contribute 5.76 to 6.34 billion yuan. The net profit of China's brokerage industry may reach 90 billion yuan in 2009, a year-on-year increase of 90 percent, according to an estimate by Guotai Junan Securities. Meanwhile, foreign banks also grabbed a share of the lucrative pie of China's booming capital market last year with Swiss bank UBS ranked the largest underwriter of Chinese overseas IPOs. The bank contracted 8 million in underwriting fees from Chinese companies that sought IPOs in the Hong Kong market, worth a total of billion last year, Bloomberg data showed. Mergers and acquisitions (M&As) made by the Chinese companies remained the traditional cash cow for foreign investment banks in 2009. Morgan Stanley was the No 1 financial advisor in M&A deals worth .9 billion on the Chinese mainland and Hong Kong, according to Bloomberg data. The largest M&A deal in 2009 made by a Chinese company was the .5 billion acquisition of Swiss oil company Addax Petroleum by China's largest oil refiner, Sinopec.