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NEW YORK, Aug. 31 (Xinhua) -- Oil prices plummeted to below 70 U.S. dollars a barrel on Monday as investors were rattled by the sharp decline in China's equities market.     Light, sweet crude for October delivery lost 2.78 dollars, or 3.8 percent, to settle at 69.96 dollars a barrel on the New York Mercantile Exchange. The contract fell to the intraday low of 69.13 dollars a barrel. Global stock markets dropped broadly after China's Shanghai Composite Index dived almost 7 percent, spurring concerns about the pace of world economic recovery.     Oil prices have found support from optimism that a potential turnaround in the economy could boost flagging fuel consumption, which sent the futures up to a fresh ten-month high of 75 dollars a barrel. However, oil failed to break the 75-dollar psychological barrier and fell back to around 70 dollars a barrel as investors were worried that the market might have gotten too far ahead of the economy.     In London, Brent Crude for October delivery tumbled 3.52 dollars, or 4.8 percent, to 69.27 dollars a barrel on the ICE Futures exchange.

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MOSCOW, July 30 (Xinhua) -- Chinese merchants will be allowed to retrieve their goods in a closed Moscow market, the head of a Chinese coordination group said on Thursday.     A Chinese coordination group on Thursday discussed with Moscow's consumer department the clearing up of Chinese merchants' stalls in the Cherkizovsky market as well as the transferring of their goods.     The Russian side agreed to take further steps to safeguard the market's order and to work with the Chinese side to crack down on the illegal activities, said Cai Guiru, head of the temporary Chinese coordination group and chairperson of the Chinese Chamber of Commerce in Russia.     It is agreed that Chinese merchants will be allowed to clean up their stalls and ship out their merchandise during a specific period of time every day, Cai said.     The Russian side took "sincere and earnest" attitudes towards the handling of the market closure, in the hope that most of the Chinese merchants will be able to retrieve their goods safely, she said.     This meeting is helpful and the Russian side heard positive opinions from Chinese vendors, said Georgy Smoleyevcky, first deputy head of the Moscow Consumer Market and Services Department.     The Russian side will make conclusions accordingly and give instructions to relevant departments, he said, expressing the hope that complaints from Chinese traders will be less and less in future.     The official also dismissed the speculation that a Chinese shopping mall will be built in the place of the closed Cherkizovsky, Russia's biggest wholesale market.     The coordination group, formed under the auspices of the Chinese embassy in Russia in July, involves heads of China's provincial chambers of commerce.     Russian police abruptly shut down the nearly 300-hectare market in northeastern Moscow on June 29, after the disclosure of various illegal and irregular operations in the market by the Russian Federal Supervision Service for Consumer Rights Protection and People Welfare.     A Chinese senior delegation, led by Vice Minister of Commerce Gao Hucheng, reached broad consensus with the Russian side on the closure issue.

URUMQI, July 22 (Xinhua) -- A key expressway in northwest China's Xinjiang Uygur Autonomous Region began construction on Wednesday in a move to improve the region's road network and serve its economic development.     The 135-km expressway will link Kuytun City to Karamay City. The project, funded by the central government and Xinjiang regional government, will cost 3.87 billion yuan (about 567 million U.S. dollars).     The road is bidirectional with four lanes. It will be completed and put into use in November 2011.     Dai Gongxing, vice chairman of the Xinjiang regional government, said at the groundbreaking ceremony in Kuytun that the expressway, also part of the national expressway network, would improve the regional transport and promote local economic development.

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SINGAPORE, Aug. 24 (Xinhua) -- The 6th China-Singapore Joint Council Meeting for Bilateral Cooperation, co-chaired by visiting Chinese Vice Premier Wang Qishan and Singapore's Deputy Prime Minister Wong Kan Seng, was held here on Monday.     During the meeting, Wang Qishan spoke highly of the China-Singapore relations. He said that both countries have maintained frequent interflow of high-level visits, cooperations between the two countries have advanced in all-round way with good results. Against the backdrop of the international financial crisis, it is of great significance that China and Singapore actively explore new ways and areas of cooperation. Chinese Vice Premier Wang Qishan (L) meets with Singapore's Prime Minister Lee Hsien Loong in Singapore, on Aug. 24, 2009. At the invitation of Singapore's Deputy Prime Minister Wong Kan Seng, Wang Qishan arrived here on Sunday to start a four-day official visit to the city state    Singapore's Deputy Prime Minister Wong Kan Seng said that the bilateral ties have developed rapidly based on mutual trust, friendship and cooperation. He said that Singapore is confident in the future of China, and is willing to work more closely together to enhance bilateral relations. Chinese Vice Premier Wang Qishan (2nd R) meets with Singapore's Prime Minister Lee Hsien Loong (4th L) in Singapore, on Aug. 24, 2009Earlier Monday, Wang Qishan and Wong Kan Seng also co-chaired the 11th China-Singapore Joint Steering Council Meeting for the Suzhou Industrial Park and the 2nd China-Singapore Joint Steering Council Meeting for the Tianjin Eco-City. They also witnessed the signing of Memorandums of Understanding (MOUs) related to educational cooperation and science and technology, and a Protocol to the tax treaty between the two countries.     At the invitation of Singapore's Deputy Prime Minister Wong Kan Seng, Chinese Vice Premier Wang Qishan arrived here on Sunday to start a four-day official visit to the city state.

BEIJING, July 23 (Xinhua) -- The Chinese government has made clear Thursday that it will continue its proactive fiscal policy in the second half of this year to maintain its economic growth as government leaders reiterated the stance, for there are still uncertainties ahead.     Finance Minister Xie Xuren told local financial bureaus at a conference in Beijing on Thursday that the proactive policies, which included increased investment from the government, tax cuts and subsidies to low- income families, had taken effect in stimulating the recovery of the national economy.     The Chinese economy expanded 7.9 percent from a year ago in the second quarter of this year, driven by a surge of fixed-asset investment backed by government fiscal policies. Finance Minister Xie Xuren was seen in this file photo taken on March 6, 2008    The economic growth rate accelerated from the 6.1 percent in the first quarter of this year and the 6.8 percent in the fourth quarter of last year.     To weather the global economic recession, the Chinese government unveiled a four-trillion-yuan stimulus package in November to revive the world's third largest economy, which was slowed by tumbling exports. The central government promised a 1.18trillion yuan investment.     By the end of June, 591.5 billion yuan (86.6 billion U.S. dollars) out of the total investment from the central government had been allocated, which boosted a 33.5 percent jump of fixed-asset investment in the first half of this year. It was the highest level in the last five years.     The ministry's decision came as Chinese leaders vowed to continue the current policies.     Chinese President Hu Jintao said Thursday that China should adhere to its proactive fiscal policy and moderately easy monetary policy to ensure a stable economic growth as the recovery is not yet solid.     Premier Wen Jiabao has reiterated that the economy is in a crucial phase and rebounding. He pledged to maintain the current macroeconomic policies and fully implement its four-trillion yuan stimulus package.     Xie said the government will implement the fiscal policy "at full swing" in the second half of this year and speed up allocation of investment from government, which, Xie hoped, would stimulate private investment.     Yang Zhiyong, researcher of the Institute of Finance and Trade Economics at the Chinese Academy of Social Sciences, a government think tank, said that currently the proactive fiscal policy had a limited impact on pushing up private investment. It is hard for private investment to enter monopolistic sectors, he added.     Li Yining, an economist from the Peking University, said consumption should be spurred to fuel the growth momentum in the future as the current economic recovery was advanced mainly by investment. He suggested the proactive policy be further carried out to stimulate consumption and private investment in the following period.     Xie said in the second half the ministry will continue its policy of tax cuts to increase investment from enterprises and consumption.     The ministry also pledged to increase spending on people's livelihood. Investment in agriculture, social security, medical care, education, science and environmental protection climbed 33.9percent from a year earlier to 1.48 trillion yuan, according the ministry.     Analysts said the macroeconomic polices should also aim to adjust economic structure for the long term and to create new growth points.     Jia Kang, president of the Institute of Fiscal Science, Ministry of Finance, said the government resolves to step up adjustment of economic structure as the economy is back on track for recovery.     Xie said the fiscal policy in the second will support innovation and energy conservation and emission reduction to sustain the economic growth.     On July 21, the ministry started a pilot program to subsidize 50 percent of investment for solar power projects, a move to boost the solar industry as a new growth point for the country's economy.     Xie also urged to strengthen supervision over fiscal management and improve information transparency in the second half as fiscal expenditure in the second half faced great pressure. Wen Jiabao also described the country's fiscal situation as "severe."     The ministry said the country's fiscal revenue in the first six months fell 2.4 percent from a year ago to about 3.4 trillion yuan, while its fiscal expenditure rose 26.3 percent to 2.89 trillion yuan. 

PITTSBURGH, United States, Sept. 25 (Xinhua) -- Chinese President Hu Jintao on Friday called on world leaders to make every effort to promote global economic growth and a comprehensive, balanced and sustainable socioeconomic development.     In a speech at the Group of 20 (G-20) economic summit in Pittsburgh, Hu said the world economy has seen positive signs since the two G-20 summits held in Washington in November and in London in April.     "The international community's confidence has strengthened, financial markets have moved toward stability and the world economy has seen positive signs," the Chinese president said.     Hu warned that the foundation of an economic recovery is not yet solid, and that many uncertainties remain.     "A primary task at present," he said, "is to counter the international financial crisis and promote a healthy world economic recovery." Chinese President Hu Jintao (R5 Front) poses for photos with other participants during the Group of 20 (G20) Financial Summit in Pittsburgh of the U.S., Sept. 25, 2009Hu called for more efforts be made in the following three areas:     -- First, to stand firm in commitment to stimulating economic growth:     "All countries should keep up the intensity of their economic stimulus plans," he said.     Both developed and developing countries should take more solid and effective measures and make a greater effort to boost consumption and expand domestic demand, he said.     "Major reserve currency issuing countries should take into account and balance the implications of their monetary policies for both their own economies and the world," Hu said. Chinese President Hu Jintao (R Front) talks with Canadian Prime Minister Stephen Harper (L Front) during the Group of 20 (G20) Financial Summit in Pittsburgh of the U.S., Sept. 25, 2009-- Second, to stand firm in commitment to advancing reform of the international financial system:     "We should follow through on the timetable and the roadmap agreed upon at the London summit, increase the representation and voice of developing countries and push for substantive progress in the reform," the Chinese president said.     He urged world leaders to improve the existing decision-making process and mechanism in international financial institutions, and encourage more extensive and effective participation of all parties.     "We should move forward the reform of the international financial supervisory and regulatory regime," Hu said.     -- Third, to stand firm in commitment to promoting balanced growth of the global economy:     The global economic imbalances include gaps between savings and consumption, and imports and exports in some countries. But more importantly, he said, it manifests itself in the imbalances in global wealth distribution, resource availability and consumption and the international monetary system.     "The root cause, however, is the yawning development gap between the North and the South," Hu said.     He called on world leaders to build up international institutions that promote balanced development.     "We should scale up input in development in diverse forms ... We should value the important role of technological cooperation in promoting balanced development, reduce man-made barriers to technology transfer, and create an enabling environment for developing countries to narrow the development gap," Hu said.     The Chinese leader said his country has attached great importance to comprehensive, balanced and sustainable socioeconomic growth, and has mainly relied on expanding domestic demand, in mitigating the impact of the international financial crisis.     "In the first half of this year, despite the drastic contraction in overseas demand, China's GDP managed to grow by 7 percent year-on-year," he said.     Hu said that China has taken an active role in international development cooperation, and has been actively engaged in international cooperation to tackle the crisis since it broke out.     He said China will follow through on its assistance pledges and measures in a responsible manner, and within its capabilities offer more help to developing countries, particularly the least developed nations in Africa.     "I am confident that with the concerted efforts of the entire international community, we will prevail over this international financial crisis and usher in a more prosperous future for the world economy," he said.     Leaders from the Group of 20 gathered in Pittsburgh on Thursday and Friday to discuss ways to promote a recovery from the world economic and financial crisis.

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BRUSSELS, Oct. 8 (Xinhua) -- Chinese Vice President Xi Jinping met Thursday with European Commission President Jose Manuel Barroso on bilateral ties, vowing to enhance cooperation between the two sides.     Xi, who congratulated Barroso for his reelection, said China appreciated his efforts in the past five years on boosting development of the comprehensive and strategic partnership between China and the European Union. China believes, too, that the bilateral ties would advance further in a healthy and stable way within the new term of Barroso, Xi said.     Xi said China and the EU, who have formed a pattern of comprehensive, wide-range and multilevel cooperation, have become two important forces to help shape the future international structure into a multipolar world.     Xi put forward a three-point proposal to further strengthen bilateral relations between China and the EU. Chinese Vice President Xi Jinping (R) shakes hands with European Commission President Jose Manuel Barroso during their meeting in Brussels, capital of Belgium, Oct. 8, 2009.    First, to firmly stick to the strategic direction of their bilateral ties. Xi said that to promote the growth of China and the EU's comprehensive and strategic partnership accords with the common interests of both sides and is a right choice benefiting the peoples of China and the EU and the international community as a whole.     Second, to always adhere to the belief of mutual benefit and win-win cooperation. The two sides should mull over tangible ways to properly handle disagreements, to foster new cooperation and to firmly stem the torrent of trade and investment protectionism, Xi said.     Third, to always adhere to the principle of equality and mutualtrust. The Sino-EU relations will remove various obstacles and make progress as long as both sides stick to the principle of "mutual respect and mutual trust, consultation on an equal footing, and seeking common ground while shelving differences," Xi said. It will also be important to bear in mind the overall interests of bilateral relations and respect each other's major concerns, Xi said.     China is ready to work with the EU to build Sino-EU relations into a model of peaceful coexistence and friendly exchanges between countries that transcend civilizations, social systems and development models, Xi said.     Barroso offered congratulations on the success of China's impressive National Day celebrations on October 1, speaking highly of the great achievements of China in the last 60 years.     Sino-EU relations have seen remarkable achievements, he said, adding that the past five years have witnessed frequent top-level exchanges, fruitful personnel and cultural exchanges, and rapid development of economic and trade cooperation.     China and the EU have seen increasing common ground on global issues, including the international financial crisis and climate change, and both sides oppose protectionism and champion a just international order, Barroso said.     In the next five years, the EU will continue developing and promoting the EU and China's comprehensive and strategic partnership and strive to handle disagreements in a mature and responsible spirit so as to further develop bilateral ties, he said.     Barroso also wished the forthcoming Europalia Chinese Art Festival a great success.     Xi arrived here Wednesday for an official visit to Belgium, the first leg of his five-nation European tour. He will also visit Germany, Bulgaria, Hungary and Romania.  

BEIJING, July 23 (Xinhua) -- The Chinese government has made clear Thursday that it will continue its proactive fiscal policy in the second half of this year to maintain its economic growth as government leaders reiterated the stance, for there are still uncertainties ahead.     Finance Minister Xie Xuren told local financial bureaus at a conference in Beijing on Thursday that the proactive policies, which included increased investment from the government, tax cuts and subsidies to low- income families, had taken effect in stimulating the recovery of the national economy.     The Chinese economy expanded 7.9 percent from a year ago in the second quarter of this year, driven by a surge of fixed-asset investment backed by government fiscal policies. Finance Minister Xie Xuren was seen in this file photo taken on March 6, 2008    The economic growth rate accelerated from the 6.1 percent in the first quarter of this year and the 6.8 percent in the fourth quarter of last year.     To weather the global economic recession, the Chinese government unveiled a four-trillion-yuan stimulus package in November to revive the world's third largest economy, which was slowed by tumbling exports. The central government promised a 1.18trillion yuan investment.     By the end of June, 591.5 billion yuan (86.6 billion U.S. dollars) out of the total investment from the central government had been allocated, which boosted a 33.5 percent jump of fixed-asset investment in the first half of this year. It was the highest level in the last five years.     The ministry's decision came as Chinese leaders vowed to continue the current policies.     Chinese President Hu Jintao said Thursday that China should adhere to its proactive fiscal policy and moderately easy monetary policy to ensure a stable economic growth as the recovery is not yet solid.     Premier Wen Jiabao has reiterated that the economy is in a crucial phase and rebounding. He pledged to maintain the current macroeconomic policies and fully implement its four-trillion yuan stimulus package.     Xie said the government will implement the fiscal policy "at full swing" in the second half of this year and speed up allocation of investment from government, which, Xie hoped, would stimulate private investment.     Yang Zhiyong, researcher of the Institute of Finance and Trade Economics at the Chinese Academy of Social Sciences, a government think tank, said that currently the proactive fiscal policy had a limited impact on pushing up private investment. It is hard for private investment to enter monopolistic sectors, he added.     Li Yining, an economist from the Peking University, said consumption should be spurred to fuel the growth momentum in the future as the current economic recovery was advanced mainly by investment. He suggested the proactive policy be further carried out to stimulate consumption and private investment in the following period.     Xie said in the second half the ministry will continue its policy of tax cuts to increase investment from enterprises and consumption.     The ministry also pledged to increase spending on people's livelihood. Investment in agriculture, social security, medical care, education, science and environmental protection climbed 33.9percent from a year earlier to 1.48 trillion yuan, according the ministry.     Analysts said the macroeconomic polices should also aim to adjust economic structure for the long term and to create new growth points.     Jia Kang, president of the Institute of Fiscal Science, Ministry of Finance, said the government resolves to step up adjustment of economic structure as the economy is back on track for recovery.     Xie said the fiscal policy in the second will support innovation and energy conservation and emission reduction to sustain the economic growth.     On July 21, the ministry started a pilot program to subsidize 50 percent of investment for solar power projects, a move to boost the solar industry as a new growth point for the country's economy.     Xie also urged to strengthen supervision over fiscal management and improve information transparency in the second half as fiscal expenditure in the second half faced great pressure. Wen Jiabao also described the country's fiscal situation as "severe."     The ministry said the country's fiscal revenue in the first six months fell 2.4 percent from a year ago to about 3.4 trillion yuan, while its fiscal expenditure rose 26.3 percent to 2.89 trillion yuan. 

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PYONGYANG, Oct. 5 (Xinhua) -- Chinese Premier Wen Jiabao and Kim Jong Il, top leader of the Democratic People's Republic of Korea (DPRK), on Monday attended a grand celebration marking the 60th anniversary of the establishment of the diplomatic relations and the closing ceremony of the China-DPRK Friendship Year.     In a speech delivered at the May Day Stadium in Pyongyang, Premier Wen said China and the DPRK have understood, supported and helped each other during the past 60 years despite changes in the international situation.     The ruling parties and peoples of China and the DPRK have steadily promoted the development of the bilateral ties, contributing to regional peace and stability, Wen said.     This year marks the China-DPRK Friendship Year, featuring a variety of celebrations and events of exchanges, which have enhanced the friendship between the two countries, strengthened cooperation in various fields and injected new vitality into the bilateral ties, Wen said.     Currently, China-DPRK relations have arrived at a new historic point, he said.     China is ready to join hands with the DPRK to further consolidate and develop the traditional friendship, expand friendly exchanges and cooperation to better serve the well-being of both peoples, and make greater contribution to regional peace and stability, he noted.     DPRK Premier Kim Yong Il, who also attended the event, said the establishment of DPRK-China relations 60 years ago was an epoch-making event and the DPRK is firmly determined to consolidate and develop the DPRK-China friendship.     The events marking the China-DPRK Friendship Year have effectively promoted the friendship and trust between the two peoples, he said.     The DPRK is ready to make joint efforts with China to further the friendly, cooperative relations, he said.     During the celebration, the leaders watched the grand gymnastic and artistic performance "Arirang" presented by DPRK artists.  

BEIJING, Sept. 16 (Xinhua) -- Fifty-two types of new weapon systems developed with China's own technologies, including airborne early warning and control (AEWC) aircraft, will be showcased at the military parade celebrating the 60th anniversary of the founding of New China.     Further cutting-edge weaponry would include sophisticated radar, unmanned aerial vehicles (UAV) and satellite communication devices of the People's Liberation Army (PLA), Lieutenant General Fang Fenghui, general director of the parade, told Xinhua Wednesday.     The Oct. 1 parade would also show personnel and equipment from the navy, air force and China's ballistic missile corps, Fang said.     Fang did not identify the specific models of the weapon systems but said all of the weapons are tagged: "Made in China".     "They (the weapon systems) embody the ongoing transformation of the PLA from a labor-intensive force to technology-intensive might be capable of joint operations in modern warfare," said Fang, who is also commander of the PLA's Beijing Military Area Command.     "The weapon systems to be shown in the parade also showcase the ability of the PLA to carry out diverse military missions," he said.     There will be 56 regiments on the ground and in the air during the parade, symbolizing the country's 56 ethnic groups marching along the road of socialism with Chinese characteristics in solidarity, Fang said.     Fourteen of the regiments will march through Chang'an Avenue on foot, 30 in wheeled transport and 12 will take to the air.     All the troops in the parade will be dressed in PLA 07-type uniforms and most of them are from generations born in the 1980s and 1990s.     Compared with the previous military parade on National Day 10 years ago, this one would have less troops and equipment but increased high-tech weaponry and special force units, Fang said.

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