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BEIJING, Oct. 26 (Xinhua) -- Chinese Vice Premier Li Keqiang's upcoming visit to three nations would help advance bilateral relations between China and the three nations, said a senior official here on Monday.     "The visit will cement and promote our political mutual trust and traditional friendship," Chinese Vice Foreign Minister He Yafei told Xinhua.     Li will pay an official visit to Australia, New Zealand and Papua New Guinea from Oct. 29 to Nov. 5 at the invitation of governments of the three countries.     "This is an important visit paid recently by Chinese leader to the south Pacific region," He said, noting that the three governments attached great importance to the visit.     During the visit, Li will meet with the leaders of the three nations, attend the signing ceremony of bilateral agreements and make extensive contacts with officials of local governments, businessmen and peoples from all circles, according to He.     The visit would help promote friendly exchanges and pragmatic cooperation between China and the three countries in trade, energy, resources, science, education and other fields, and strengthen bilateral coordination in international and regional affairs, he noted.     Hailing the considerable progress in recent years, He said the Chinese government had always attached great importance to developing friendly and cooperative relations with the three countries.     "We always grasp the development direction of bilateral relations from a strategic and long-term perspective, adhere to the five principles of peaceful co-existence, and stick to the spirit of mutual benefit to strengthen our dialogue and cooperation," He noted.     "Seeking peace, development and cooperation is our common voice," He said, noting that in many ways, China's relations with the three countries faced a huge potential and rare opportunity for development.     He also provided detailed statistics to show the growth of bilateral relations, saying that economies of China and the three nations were highly complementary.     Australia is China's eighth largest trading partner and an important supplier of energy resources. Bilateral trade volume with Australia in 2008 reached 59.66 billion U.S. dollars.     New Zealand is the first developed country which signed and implemented the bilateral free trade agreement with China. Both Australia and New Zealand recognized China's full market economy status.     Papua New Guinea for many years is China's largest trading partner and investment destination in the Pacific island region.     According to incomplete statistics, at present, there are 130,000 Chinese students studying in Australia, and about 34,870 studying in New Zealand. The people-to-people exchanges between China and Papua New Guinea is also very active.     "Facts show that the development of the relationship between China and these countries has a solid foundation, and accords with the common interests of both sides," He noted.

KYONGJU, South Korea, Dec. 18 (Xinhua) -- Chinese Vice President Xi Jinping met South Korean Gyeongsangbuk-do Governor Kim Kwanyong here Friday.     Xi said China and South Korea, with a long history of friendship, have witnessed strong growth in their relations since the establishment of diplomatic ties in 1992, and the two countries had set up a strategic and cooperative partnership.     Xi said he met and reached broad consensus with South Korean leaders during the past two days, and made extensive communications with South Korean people from all walks of life. Chinese Vice President Xi Jinping (L, front) meets with Kim Kwan-Yong, Gyeongsangbuk-do Governor, in Gyeongju, South Korea, Dec. 18, 2009Xi said his South Korea trip was a success, achieving the expected goal of expanding consensus, promoting friendship and pushing forward cooperation.     Xi said communications between Chinese and South Korean provinces and cities account for a large part of the bilateral ties. He called on Gyeongsangbuk-do to strengthen communications and deepen cooperation with its Chinese sister province of Henan, and make a positive contribution to the development of ties between the two countries. Chinese Vice President Xi Jinping (R, front) meets with Kim Kwan-Yong, Gyeongsangbuk-do Governor, in Gyeongju, South Korea, Dec. 18, 2009    Kim greeted Xi on behalf of the local people. The governor hoped that the economic, cultural and local communications between South Korea and China would be further enhanced by Xi's visit.     Xi arrived in South Korea Wednesday night after a visit to Japan. He will also visit Myanmar and Cambodia.

BEIJING, Nov. 22 (Xinhua) -- A Chinese lawmaker has proposed to hold people who use public funds on lavish banquets legally accountable so as to curb the widespread practice.     Zhao Linzhong, deputy to the National People's Congress, the top legislature, was quoted by Sunday's Workers' Daily as saying that social engagements in which dining and drinking is a must seriously undermined the work style of the government and social morals.     Zhao, also board chairman of Furun Holding Group Co. Ltd. in east Zhejiang Province, said some government officials and entrepreneurs had their health and work affected by excessive dining and wining and their health and work.     It is a common practice for Chinese to have banquets or drinking parties when treating important guests, on major occasions and during festivals. Some Chinese have taken advantage of drinking and wining opportunities to seal business deals or seek political favors.     A modest reception could make visitors think that they are not important to the host.     Zhao blamed the social tradition as part of the reason, but added that the lack of supervision and legal loopholes had made the practice continue to prevail.     China has no laws governing the excessive drinking and wining at public expenses.     In October, Fu Pinghong, head of a hospital at Gaoting township in east Zhejiang Province, was sentenced to 11 years in prison on corruption and bribery charges. He had allegedly spent 440,000 yuan (64,433 U.S. dollars) of public funds on drinking, wining and entertaining guests.     Zhao believed that lavishing public funds equalized to embezzlement of state assets and laws should be amended to add the criminal offence of extravagant and wasteful spending.     Laws should be established to regulate banquets at public expenses and the local governments' budgets on banquets should be approved by legislatures, he said.

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BEIJING, Oct. 26 -- Shanghai has applied to regulators to launch a free exchange between the yuan and the New Taiwan dollar to enhance financial cooperation, the head of the Shanghai Financial Service Office said Sunday.     "With growing trade between Shanghai and Taiwan in recent years, we hope that a free exchange between the yuan and the New Taiwan dollar can be conducted in Shanghai as a trial," said Fang Xinghai at the 6th China International Finance Forum.     "We have applied to the regulators and expect it will be approved soon," Fang said at the two-day forum which ended Sunday.     Shanghai has recently launched a cross-border currency clearing system and Fang expects that it will be extended to Taiwan soon.     By the end of April, Taiwan had invested 5 billion U.S. dollars in more than 6,000 projects in Shanghai, and trade between the two sides totaled 13.68 billion dollars in the first eight months of this year.     Although the two sides must overcome some barriers in financial cooperation, Fang said they can explore possibilities in innovative products, such as exchange-traded funds that enable investors to buy or sell shares in an entire benchmark portfolio.     "The Shanghai Stock Exchange is making efforts to introduce ETFs based on overseas equity indices (and) we can also expect Taiwan and the mainland to introduce ETFs based on each other's index," Fang said.     The two sides can also cooperate in sectors that are not directly supervised by the central government, such as venture capital.     "Taiwan is very successful in the venture capital sector, while the Chinese mainland is still in the first stage. Policies have now been eased so that Taiwan VC firms can set up branches on the mainland," Fang noted.     The Chinese mainland and Taiwan in April sealed a cooperative financial regulatory mechanism.

BEIJING, Jan. 4 (Xinhua) -- Chinese central authorities have stressed the promotion of honesty and uprightness among the public, especially government officials, in enhancing clean governance and anti-corruption drive.     It is imperative to foster and carry forward the merit of honesty and uprightness, and officials should have the awareness of using power justly and pursue clean-fingered work style, according to suggestions on clean governance put forward by six central government departments.     The six departments also urged to strengthen education on the public about the value of honesty and cleanness combining social morality, professional ethics, family virtues and personal moral character.     It is stressed that anti-corruption should be a subject that is reflected in literature works, films and TV dramas, as well as newspapers and magazines, books, and electronic products.     The suggestions were jointly issued by the Communist Party of China (CPC) Central Commission for Discipline Inspection, the Ministry of Supervision, Publicity Department of the CPC Central Committee, the Ministry of Culture, State Administration of Radio, Film and Television and the General Administration of Press and Publication.

BEIJING, Oct. 26 -- Delegations from more than 84 countries and regions will participate the ITD conference Monday, and a host of international experts from governments, the private sector and academia will make presentations and lead discussions on this important topic.     The ITD is a cooperative venture formed in 2002 and comprised of the International Monetary Fund (IMF), the Organisation for Economic Cooperation and Development (OECD), the World Bank, the Inter-American Development Bank, the European Commission and the UK Department for International Development.     Its purpose is to foster dialogue on important topics in tax policy and administration and to function as a disseminator and repository of information on matters of interest in taxation around the world, through its website, www.itdweb.org.     The IMF attaches great importance to its role as a founding member of the ITD. Recent events in the world economy have made even clearer the necessity of international cooperation and sharing experience in economic matters, and this is the very purpose, which the ITD serves.     The topic of this conference is a timely and critical one. The world has been reminded recently and forcefully of the great importance of the financial sector for macroeconomic stability, growth, and development goals. The sector plays a critical intermediating function - without it credit could not exist, capital could not be channeled to useful purposes and risks could not be managed.     The conference will take place against the background of the worst financial and economic crisis to strike the world in three generations, and, while taxation was not itself the cause of the crisis, elements of the tax system are relevant to its background and resolution.     Most tax systems embody incentives for corporations, financial institutions and in some cases individuals to use debt rather than equity finance.     This is likely to have contributed to the crisis by leading to higher levels of debt than would otherwise have existed - even though there were no obvious tax changes that would explain rapid increases in debt. Tax distortions may also have encouraged the development of complex and opaque financial instruments and structures, including through extensive use of low-tax jurisdictions - which in turn contributed to the difficulty of identifying true levels of risk.     The magnitude of the fiscal challenges facing the world economy is greater than at any other time since World War II.     Estimates done by IMF staff on the fiscal adjustment necessary to bring government debt-to-GDP ratios down to 60 percent by 2030 - over 20 years hence - show a gap in the cyclically adjusted primary balances of some 8 percentage points of GDP in advanced economies to be closed between 2010 and 2020.     This cannot all be accomplished by expenditure reduction. New, or increased, sources of revenue will need to be found, on average perhaps 3 percentage points of GDP. While improvements in compliance and administration could account for some of that gap, it will be necessary to adjust tax policies to a degree not hitherto seen on a wide scale.     Although the world economy remains weak with downside risks and much hardship remain, signs of improvement are thankfully now visible.     This is an opportune juncture, therefore, to begin the work of planning countries' exits from the deteriorated fiscal positions developed in response to the crisis, and to give thought to questions raised by the performance of the financial sector in triggering the crisis.     What role can better tax policies and administration play in preventing a recurrence of this costly episode in economic history?     The financial sector has been, and must continue to be, a critical link in the development of the world's economies. The sector has played a key role in accelerating the development of the emerging markets - many of which, prior to this most recent episode, had grown able to tap the world's financial resources at an increasing rate unparalleled in history.     And for the world's most vulnerable economies, continued financial deepening will be absolutely necessary to permit them to meet their development goals. The upcoming conference will consider the role of taxation in both the industrial and developing countries with respect to these goals.     The conference will address not only the role of the financial sector as a source of revenue itself, and its broader role in the development and growth of the world economy, but also its function in assisting in administration of the tax system-through information reporting, collection of tax payments, and withholding.     This latter role will become ever more important with growing international cooperation in fighting tax evasion and avoidance.     Finally, we must not lose sight of the main function of the tax system - to raise revenue in an economically efficient, non-distortionary, and administratively feasible manner.     Even fully recognizing the existence of both market failures and policy-induced vulnerabilities, including those that contributed to this crisis, it is important to avoid accidentally introducing distortions through the tax system that may prove worse than the evils they are intended to remedy.     "Neutrality" of taxation of the financial sector in this sense is a benchmark against which deviations from this objective may be measured and judged.     One must ask whether any proposed interventions are targeted at a recognized externality or existing distortion, and, if so, whether the proposed action is the most appropriate response. And the multilateral institutions, in particular, must look to the effects which the financial sector and its taxation may have not only on the world's highly developed economies-those with the greatest depth of financial intermediation-but at the effects, direct and indirect, on the world's developing nations.     International cooperation on these matters will be critical to making improvements that will benefit all of us. This week's important event, hosted by the Chinese government and organized by the ITD, is itself a model in this regard.

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SHANGHAI, Dec. 5 (Xinhua) -- Shanghai Party chief Yu Zhengsheng met here Saturday with visiting Canadian Prime Minister Stephen Harper, vowing to take the opportunity of the Shanghai World Expo to upgrade bilateral economic and environmental cooperation.     The theme of the 2010 Shanghai World Expo is Better City, Better Life, and the core of this theme is to achieve harmony between man and nature, said Yu, member of the Political Bureau of the Communist Party of China (CPC) Central Committee and secretary of the CPC Shanghai Municipal Committee.     "We will step up the transformation of economic development mode and coordinate the various social interests, and promote development through reform and innovation," he said. Yu Zhengsheng(R), member of the Political Bureau of the Communist Party of China (CPC) Central Committee and chief secretary of the CPC Shanghai Municipal Committee, meets with visiting Canadian Prime Minister Stephen Harper in Shanghai, China, Dec. 5, 2009    He appreciated Canada's active participation in the Shanghai World Expo and believed that the Expo would increase the Chinese people's understanding about Canada.     Harper said Shanghai was a vibrant city, and the Canadian companies, represented by Bombardier, had been active in Shanghai in the areas of transportation, insurance, food and resources.     The 2010 Shanghai World Expo was a very good opportunity for Canada and Shanghai to expand and escalate cooperation, especially in the fields of high-tech and environmental science and technology, he noted.     Harper visited the Shanghai World Expo Park Saturday morning and inaugurated the Canada Pavilion.     He said Canada's participation in the Shanghai World Expo was one of the earliest decisions of the government under his leadership since he took office, and the Canada Pavilion would be a great success during the Expo.     Harper left Shanghai for Hong Kong Saturday afternoon.     According to statistics of Shanghai Municipal Commission of Commerce, by the end of the year 2008, Canadian companies have invested in 909 projects in Shanghai, and the amount of contractual foreign capital reached 876 million U.S. dollars.     During the past five years, import and export between Shanghai and Canada have maintained rapid growth. In 2008, the total trade volume reached 4.87 billion U.S. dollars.

BEIJING, Dec. 26 (Xinhua) -- China will make unswerving efforts and work jointly with the international community for the completion of the Bali Roadmap negotiations at the Mexico climate talks next year, a senior official said Saturday.     Xie Zhenhua, vice minister of the National Development and Reform Commission (NDRC), told Xinhua that China, as it has always done, would continue to play an active and constructive role on that front.     Also head of the Chinese delegation to the Copenhagen climate conference, Xie said developed countries bound by the Kyoto Protocol should confirm their second-phase emission reduction targets as soon as possible.     He said almost no progress was made on some key issues during the international climate change meeting in Copenhagen because developed countries were seeking to shift off obligations demanded by international climate agreements.     "Developing countries have raised requests concerning slowing and adapting to climate change, as well as funding and technology assistance, but developed countries have given no clear response, resulting in almost stagnation on key issues in these talks," he said.     It is also necessary to define the comparability of efforts in emission reduction between non-contracting developed countries and those who have endorsed the Protocol, said Xie.     He said parties bound by the Protocol should fulfill their commitment to short-term financing and stick to their promises on long-term funding.     Xie also urged developed nations to speed up technology transfer to developing countries.     Prior to the climate meeting, the Chinese government announced to cut emissions intensity by 40 to 45 percent by 2020 from the 2005 level.     During the talks in Copenhagen, China played an active role in seeking a viable solution to tackle global warming when diversity existed among countries, and it made great efforts to seek common ground while putting aside differences for further discussions, Xie said.

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BEIJING, Nov. 15 (Xinhua) -- China should enhance supervision and management of the country's insurance investment, said Li Kemu, vice chairman of the China Insurance Regulatory Commission (CIRC),on Sunday.     "With insurance funds were extended into disparate fields, other than bank deposit, demand for a better supervision and risk control enhanced, said Li at the International Finance Forum held in Beijing.     By the end of September, 3.4 trillion yuan (497.8 billion U.S. dollars) of insurance funds were invested in bonds, mutual funds, and stocks markets. Bonds investment alone accounted for 50.6 percent of the total.     Jiang Dingzhi, China Banking Regulatory Commission (CBRC) Vice Chairman also highlighted the importance of establishing a "all-coverage" financial supervision system.     He suggested the country broaden the financial supervision and management system, which would put the mutual funds, hedge funds, and credit risks appraisal agencies under control.     The new system requires financial institutions to share information, and also cooperate to fill the supervision blanks between different financial markets, he said.

LANGFANG, Hebei Province, Jan. 1 (Xinhua) -- President Hu Jintao on Friday urged Party committees and governments at all levels to make issues related to agriculture, rural areas and farmers top priority of their agenda and called for increased investment in these areas.     During a visit to villages in China's northern Hebei Province Friday, Hu called for efforts to develop modern agriculture by relying on the progress of science and technology and make sure that farmers have increasing incomes.     The president said this year's No. 1 document of the CPC Central Committee will include a batch of new policies to support agricultural development.     Hu spent time inquiring about the livelihood of local farmers and conveyed New Year greetings to them. Hu Jintao (C, front), Chinese President, general secretary of the Central Committee of the Communist Party of China (CPC) and chairman of the Central Military Commission, shakes hands with a family member of villager Zhang Futai during an inspection tour at a village of Liqizhuang Town, Sanhe City, north China's Hebei Province, on Jan. 1, 2010. Hu Jintao made the inspection tour in Sanhe City on Friday.    At a vegetable greenhouse of Liqizhuang Township of Sanhe City, which is close to Beijing, Hu inquired about sales and market price of vegetables and incomes of local farmers.     Hu urged local farmers to give full play to the area's geographic advantage and contribute to the development of local economy by raising the quantity and quality of vegetables.     At a grain and oil enterprise, Hu called for intensified efforts to improve product quality and lower production cost so asto provide consumers with more quality edible oil with a low price.     In another village of Liqizhuang Township, Hu encouraged village authorities to improve villagers' life quality by improving infrastructure and providing local people with more services.     After being told that 74-year-old villager Zhang Futai and his wife had moved into a two-storey building from a house made of mud and stone, Hu said he was happy to see the farmers' living conditions being improved.