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yuhoniby 2024-04-28 23:30:23

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GUANGZHOU, Nov. 22 (Xinhua) -- What China can do for the world is not to sell out its massive dollar reserve, but slightly increase its hold of the currency to give reasonable support to the U.S. effort to save its economy, said a senior economist here on Saturday.     It is indeed difficult for China to handle its huge forex reserve, as the U.S. currency has already depreciated 20 percent against the Chinese yuan, said Cheng Siwei, well-known economist at a financial forum held in Guangdong.     "China would suffer from losses if it sells off the dollar, so our strategy should be not to sell, but to slightly increase dollar reserve," said Cheng, also former vice-chairman of the Standing Committee of the National People's Congress (NPC).     Cheng made the remarks amid increasing concern that China might use its forex reserve to finance its 4-trillion-yuan stimulus plan. China held 1.9 trillion dollars worth of forex reserve by September this year.     China "can only afford to do what is corresponding to its level of development and national power amid a global crisis," said Cheng.     "We should be prudent as to how to deal with our forex reserve," said Cheng, noting that China, despite its large size of economy, has its gross domestic product (GDP) accounting for only 6 percent of the world's total, and its per capita GDP ranking falling out of the top one hundred list.

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Chinese Vice Premier Wang Qishan (front R) shakes hands with U.S. Treasury Secretary Henry Paulson at a signing ceremony on energy and environmental protection cooperation during the fifth China-U.S. Strategic Economic Dialogue in Beijing, China, Dec. 4, 2008.    BEIJING, Dec. 4 (Xinhua) -- A senior Chinese official said here on Thursday that China and the United States have reached consensus in five major areas to step up energy and environmental protection cooperation during the on-going fifth round of the Strategic Economic Dialogue (SED).     Zhang Xiaoqiang, vice minister in charge of the National Development and Reform Commission (NDRC), said the five areas are as follows.     First, the SED completed preparations to start cooperation in five areas: electricity, clean water, clean transportation, clean air and the conservation of forest and wetland ecosystems, mapping out plans and roadmaps.     China and the United States signed a 10-year energy and environmental protection cooperation framework in June during the fourth SED held in Washington, with these five areas as initial goals. Chinese Vice Premier Wang Qishan (front R) and U.S. Treasury Secretary Henry Paulson attend the signing ceremony on energy and environmental protection cooperation during the fifth China-U.S. Strategic Economic Dialogue in Beijing, China, Dec. 4, 2008.    Second, both sides agreed that energy efficiency would be the sixth initial goal.     Third, the SED achieved agreement on a framework document for the green partnership project under the 10-year cooperation framework. It will be formally signed by Chinese Vice Premier Wang Qishan and U.S. Treasury Secretary Henry Paulson.     Fourth, institutions including China's NDRC and the China Exim Bank, as well as the U.S. Trade and Development Agency and the Export-Import Bank of the United States, will sign a memorandum of understanding on measures to support the 10-year energy cooperation.     Fifth, seven eco-partnerships from the two countries will sign letters of intent on cooperation. These agreements include one involving China's southwestern Chongqing Municipality, the U.S. city of Denver and car maker Ford on an electric and hybrid automobile project.     The two-day SED, which is to end on Friday, also covers macro-economic risks, trade challenges and the investment environment.

BEIJING, Oct. 18 (Xinhua) -- China's quality watchdog said on Saturday the latest tests on Chinese milk powder found no trace of melamine.     It was the seventh round of tests for the industrial chemical since the report of the tainted baby formula scandal that left at least three infants dead and sickened more than 50,000 others, according to the General Administration of Quality Supervision, Inspection and Quarantine.     The tests covered 105 batches of baby formula from 20 brands in 10 provinces and 161 batches of other milk powder from 52 brands in 15 provinces, the agency said.     So far, 804 batches of baby formula from 66 brands and 1,126 batches of other milk powder from 161 brands produced after Sept. 14 have been tested and none contained melamine.     Earlier on Friday, the agency said the 12th round of tests found that Chinese liquid dairy products met the new temporary restrictions on melamine.     So far, the quality watchdog had conducted sample tests on 5,797 batches of liquid dairy products manufactured after Sept. 14from 136 brands and found all safely under the limit.     Last week, the government set temporary melamine content limits in dairy products of a maximum of 1 mg per kg of infant formula and a maximum 2.5 mg per kg for liquid milk, milk powder and food products that contained at least 15 percent milk.     Melamine, often used in the manufacturing of plastics, was added to sub-standard or diluted milk to make the protein levels appear higher.

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ATHENS, Nov. 24 (Xinhua) -- Chinese President Hu Jintao flew into Athens Monday for a state visit to Greece, which he said would be successful with the joint efforts by the Chinese side and the Greek side.     "In recent years, the China-Greece comprehensive strategic partnership has been consolidated continuously with increased exchanges and expanded cooperation in all sectors," said President Hu in a written speech issued upon his arrival at the airport.     He said that China attaches great importance to the development of its relations with Greece and will work together with the Greek side for the even better ties in the future. Chinese President Hu Jintao (R, front) is welcomed by Greek Prime Minister Costas Karamanlis upon his arrival in Athens, capital of Greece, on Nov. 24, 2008. Hu Jintao arrived in Athens Monday for a state visit.     The Chinese leader said that he is looking forward to in-depth exchange of views with Greek leaders on bilateral ties and other important issues.     "With the joint efforts of both sides, I believe, my current visit would be successful and would further boost the China-Greece comprehensive strategic partnership" he added.     Since China and Greece established diplomatic ties 36 years ago, bilateral relations have developed smoothly. In January 2006, the two countries agreed to forge a comprehensive strategic partnership.     Since then, the Sino-Greek relationship has entered a new development stage. The two countries have maintained frequent high-level exchanges, deepened mutual political trust, expanded economic and trade cooperation. In 2007, the bilateral two-way trade was recorded at 3.4 billion U.S. dollars, and in the first seven months of this year it reached 2.4 billion dollars.     In June this year, Greek President Karolos Papoulias visited China and had talks with President Hu. The two sides reached broad consensus on further expanding exchanges and cooperation in all areas and deepening China-Greece comprehensive strategic partnership.     President Hu, who arrived in Athens from the Peruvian capital of Lima, is on the last leg of a five-nation trip.     He has already attended the G20 summit on financial markets and the world economy in Washington and the Economic Leaders' Informal Meeting of the Asia-Pacific Economic Cooperation (APEC) forum in Lima, and paid state visits to Costa Rica, Cuba and Peru. Chinese President Hu Jintao and his wife Liu Yongqing arrive in Athens, capital of Greece, on Nov. 24, 2008. Hu Jintao arrived in Athens Monday for a state visit.

BEIJING, Nov. 19 (Xinhua) -- Tax rebates for China's light industry should be increased to alleviate cost burdens on exporters, the cabinet said here on Wednesday.     China also plans to remove unreasonable administrative fees and charges on industry players, and offer more, said a statement released after the executive meeting of the State Council presided over by Premier Wen Jiabao.     Through the foreign trade development fund, set up by the central government, active assistance will be made to boost exports and help companies' promotion and acquisition efforts in the international market, members said at the meeting.     The tax rebate rate has been raised three times this year in China. The most recent increase came Monday. It covered a list of 3,770 items which account for 27.9 percent of the country's total exports.     Items include labor-intensive, mechanical and electrical products. The rebate takes effect Dec. 1.     The previous two rebates were made in August and at the beginning of this month.     Official data showed that China's October export growth slowed to 19.2 percent from 21.5 percent in September.     "Light industry is China's strong point and its stable and healthy development would be of prime importance," members said while explaining the reason behind the move.     The industry is suffering severely from changes in the domestic and international economic environment in recent months. Concrete measures should be taken to support the industry to weather the difficulties.     China levies value-added tax on most products, but refunds varying amounts of that tax on goods that are exported. The government usually adjusts the size of export tax rebates for different types of goods when it is trying to encourage or discourage growth in particular industries.     Several other policies were passed at the meeting to support the development of the light industry. Financial subsidies were offered to rural residents and people in quake-hit regions and remote areas in China in an effort to boost domestic demand on their products.     More funding would be allocated to support the development of small and medium-sized enterprises, as well as to encourage technical innovations and upgrades in these companies.     The draft of arbitration law on land contract related disputes, which, after revision, would be submitted to the standing committee of the National People's Congress for approval, was also discussed at the meeting. Two revised drafts of ordinances on grassland and forestry fire prevention will be implemented after some changes

HANGZHOU, Nov. 16 (Xinhua) -- Rescuers have confirmed four people were killed and 17 others missing following Saturday's collapse at a subway construction site in east China's Zhejiang Province.     Search is continuing for the 17 trapped in the provincial capital Hangzhou, said the rescue headquarters chief Wang Guangrong. Rescuers work at the collapsed road where a subway tunnel was under construction in Hangzhou, capital of east China's Zhejiang Province, Nov. 15, 2008. Rescuers had updated the number of the missing workers from the previous 18 to 17 after they recovered another body at about 10 p.m. on Sunday, which brought the death toll from three to four.     The accident happened at 3:20 p.m. on Saturday when a 75-meter-long section of the subway tunnel under construction collapsed at the Fengqing Avenue in Xiaoshan District, trapping at least 50 workers and creating a huge crater where 11 vehicles were trapped.     Most of the trapped workers were taken out safely and 26 injured workers were hospitalized. Nine of the injured had been discharged from hospital and the other 15 are still receiving treatment.     More than 1,000 policemen and fire fighters participated in the rescue work. They are pumping water from the tunnel as water from a nearby river flowed into the tunnel soon after the cave-in. Rescuers work at the collapsed road where a subway tunnel was under construction in Hangzhou, capital of east China's Zhejiang Province, Nov. 15, 2008. "There is a slim chance for the trapped workers to survive because of heavy flooding in the crater," said Wang, adding that the water level once reached six meters at its highest.     The construction undertaker, China Railway Construction Group Co., Ltd., has halted all the subway construction works in the city for safety checks, said the group's vice president Bai Zhongren.     The provincial work safety bureau and construction bureau have set up an investigation group to find out cause of the accident.     And a panel, composed of experts from Beijing Jiaotong University, Beijing Urban Engineering Design and Research Institute Co., Ltd. and Zhejiang University, is working on the rescue operation scheme.     Under the expert panel's advise, authorities have evacuated three households living near the cave-in site. Their houses will be dismantled to make way for the mechanical operation in rescue and repair work, Bai said.     The families of the dead and the trapped workers are heading to the rescue site.

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BEIJING, Oct. 25 (Xinhua) -- The two-day 7th Asia-Europe Meeting (ASEM) was concluded here Saturday with participants reaching consensus on global financial crisis and other issues.     The meeting, attended by leaders and representatives from 45 Asian and European nations and organizations, realized its expected goal and was a great success, Chinese Premier Wen Jiabao said in a closing speech.     As one of the most fruitful achievements, a statement of the 7th ASEM on the international financial situation was adopted at the meeting. The two-day 7th Asia-Europe Meeting (ASEM) was concluded at the Great Hall of the People in Beijing on Oct. 25, 2008.    "Leaders believed that authorities of all countries should demonstrate vision and resolution and take firm, decisive and effective measures in a responsible and timely manner to rise to the challenge of the financial crisis," said the statement.     The international community should continue to strengthen coordination and cooperation and take effective and available economic and financial measures in a comprehensive way to restore market confidence, stabilize global financial markets and promote global economic growth, it said.     According to the document, leaders supported the convening of an international summit on Nov. 15 in the United States to address the current crisis and principles of reform of the international financial system.     The summit also adopted a declaration on sustainable development.     "The adoption of various cooperation proposals shows and proves again the interior impetus for strengthening dialogue at the ASEM and great potential for extending cooperation," Wen said.     Amid the global financial turmoil, the ASEM has been widely regarded as an opportunity for Asian and European leaders to find a solution.     French President Nicholas Sarkozy called the meeting very "helpful" for Asia and Europe to tackle the global financial crisis and build up common cause.     "We had discussed nearly all of the topics concerned by the two continents including the most difficult issues," he said at a press conference at the end of the meeting.     Premier Wen told the press conference the need of confidence, cooperation and responsibility to find a solution to the global financial meltdown.     "We are glad to see that many countries have made their efforts and achieved some results. But it is not enough as we now see it, and more endeavors are needed," said Wen.     All countries, especially developed ones, should take measures as soon as possible to stabilize the financial market and build public confidence, he said.     Financial innovation could help develop the economy, but financial supervision is even more important for the security of the financial system, he added.     The premier also declared that China would actively attend the Nov.15 financial summit.

ATHENS, Nov. 24 (Xinhua) -- Chinese President Hu Jintao flew into Athens Monday for a state visit to Greece, which he said would be successful with the joint efforts by the Chinese side and the Greek side.     "In recent years, the China-Greece comprehensive strategic partnership has been consolidated continuously with increased exchanges and expanded cooperation in all sectors," said President Hu in a written speech issued upon his arrival at the airport.     He said that China attaches great importance to the development of its relations with Greece and will work together with the Greek side for the even better ties in the future. Chinese President Hu Jintao (R, front) is welcomed by Greek Prime Minister Costas Karamanlis upon his arrival in Athens, capital of Greece, on Nov. 24, 2008. Hu Jintao arrived in Athens Monday for a state visit.     The Chinese leader said that he is looking forward to in-depth exchange of views with Greek leaders on bilateral ties and other important issues.     "With the joint efforts of both sides, I believe, my current visit would be successful and would further boost the China-Greece comprehensive strategic partnership" he added.     Since China and Greece established diplomatic ties 36 years ago, bilateral relations have developed smoothly. In January 2006, the two countries agreed to forge a comprehensive strategic partnership.     Since then, the Sino-Greek relationship has entered a new development stage. The two countries have maintained frequent high-level exchanges, deepened mutual political trust, expanded economic and trade cooperation. In 2007, the bilateral two-way trade was recorded at 3.4 billion U.S. dollars, and in the first seven months of this year it reached 2.4 billion dollars.     In June this year, Greek President Karolos Papoulias visited China and had talks with President Hu. The two sides reached broad consensus on further expanding exchanges and cooperation in all areas and deepening China-Greece comprehensive strategic partnership.     President Hu, who arrived in Athens from the Peruvian capital of Lima, is on the last leg of a five-nation trip.     He has already attended the G20 summit on financial markets and the world economy in Washington and the Economic Leaders' Informal Meeting of the Asia-Pacific Economic Cooperation (APEC) forum in Lima, and paid state visits to Costa Rica, Cuba and Peru. Chinese President Hu Jintao and his wife Liu Yongqing arrive in Athens, capital of Greece, on Nov. 24, 2008. Hu Jintao arrived in Athens Monday for a state visit.

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BEIJING, Dec. 1 (Xinhua) -- Six Chinese infants might have died from consuming melamine-tainted milk powder, the country's Ministry of Health (MOH) said here on Monday.     Experts with the MOH and provincial health departments had looked into 11 infant death cases since September across the country, and had ruled out connection to the tainted milk powder in five cases, the ministry said on its website.     They could not, however, rule out such possibility in the rest six cases, it said.     Four of the six cases occured in Jiangxi, Zhejiang, Guizhou and Shaanxi Provinces respectively, while the rest two cases occurred in the northwestern province of Gansu.     It did not give any further details.     Previous reports said three babies, including two in Gansu Province and one in Zhejiang Province, had already been confirmed by the ministry to have died from consuming the tainted milk from May to August.     The ministry did not make it clear whether the three confirmed cases were included in the six undecided case.     Meanwhile, 861 infants were still receiving treatment for kidney problems caused by tainted milk powder by last Thursday, the ministry said.     The figure dropped by about 200 from the previous week, when the number of hospitalized infants stood at 1,041.     All together 294,000 infants were found to have suffered from diseases of urinary systems in the ministry's nationwide screening, it said.     Among them, 154 had been in serious conditions, but were all stable by Monday. A total of 51,900 children had been hospitalized and 51,039 had recovered and left the hospital.     Most of the sick children were found to have only sand-like stones in their urinary systems.

BEIJING, Dec. 18 (Xinhua) -- China held a meeting on Thursday morning to celebrate the 30th anniversary of its reform and opening-up drive, which turned the once poverty-stricken country into one of the world's largest economies.    Top leaders, including President Hu Jintao, attended the ceremony, which started at the Great Hall of the People in downtown Beijing at 10:00 a.m. China held a meeting on Thursday morning to celebrate the 30th anniversary of its reform and opening-up drive, which turned the once poverty-stricken country into one of the world's largest economies    The celebration also drew nearly 6,000 Chinese from all walks of life.     In a speech at the ceremony, Hu said 30 years to the day witnessed the opening of the 3rd Plenary Session of the 11th Communist Party of China (CPC) Central Committee.     That meeting ushered in a new historic period of reform and opening-up, marking the most significant turning point in the Party's history since the New China was founded in 1949, he said.     By gathering here today to commemorate the 30th anniversary of that meeting, Hu said they are meant to fully recognize the significance and great achievements of the reforms, sum up experience, and continue to develop the country on the path of socialism with Chinese characteristics.     Hu said China's gross domestic product (GDP) kept growing at an annual rate of 9.8 per cent for three decades, more than three times the world average. China held a meeting on Thursday morning to celebrate the 30th anniversary of its reform and opening-up drive, which turned the once poverty-stricken country into one of the world's largest economies    The President said China's GDP had soared from more than 360 billion yuan (about 52 billion U.S. dollars) in 1978 to 24950 billion yuan in 2007, making China become the world's fourth largest economy.     The past 30 years have been a period in which China's overall national strength has risen by a big margin, and the Chinese people have received more tangible benefits than ever before, he said.     The country has carried out extensive international exchanges and cooperation, through which China's economy was boosted, he said, adding in the process, China has also made important contribution to the world's economic development.     China's economic reforms started 30 years ago after the 10-yearCultural Revolution (1966-1976), which left the country on the verge of economic breakdown.     The decision to open up the once-secluded country and reform its moribund economy was made at the 3rd plenary session of the 11th Central Committee of the Communist Party of China, which started on Dec. 18, 1978.     The date is commonly regarded as a watershed in China's development.

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