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 BEIJING, Jan. 4 (Xinhua) -- Major Chinese lenders are expanding a preferential policy on house loan interests to cut the burden of the country's home buyers hit by the spreading financial crisis.     For individuals who bought houses on mortgage lending before Oct. 27, 2008 and have not paid off the loans, their credit interest rates could be reduced to 70 percent of the benchmark rate from the previous 85 percent, customer service staff of several banks told Xinhua on Sunday.     The discount will be available for Beijing, Shanghai and Qingdao clients of the China Construction Bank after their applications go through default record checks.     The Bank of China branch in Shanghai is also providing the preference but the Beijing branch keeps the rate unchanged.     The Industrial and Commercial Bank of China, the country's largest lender, and the Agricultural Bank of China are also making specific rules for similar rate discounts.     China's central bank announced in October it would reduce the lower limit of interest rates on individual house loans to 70 percent of the benchmark credit rate from 85 percent, starting from Oct. 27 last year.     The move was viewed as a stimulus to the flagging property market but it has been unclear whether house mortgage deals before that date can enjoy the favor.     Under the rate discount, home buyers with a 500,000-yuan (73,500 U.S. dollars) bank loan to be paid off within 20 years can save nearly 60,000 yuan of interest, analysts estimate.

BEIJING, Oct. 22 (Xinhua) - Chinese Premier Wen Jiabao and visiting Danish Prime Minister Anders Fogh Rasmussen on Wednesday agreed to establish comprehensive strategic partnership between the two nations.     Wen told Rasmussen during their talks that both sides shared strong desire to lift the level of the bilateral mutually-beneficial cooperation, since the Sino-Danish relations had become more mature after experiencing 58 years' development.     Denmark was one of the first western nations to recognize the People's Republic of China, and the two peoples enjoyed profound friendship, Wen noted.     China applauded Denmark's adherence to one-China policy, and was ready to work with the country to increase mutual trust, expand cooperation in science, technology, environmental protection, energy, innovation, culture and other areas, he said. Chinese Premier Wen Jiabao (3rd L back) and Denish Prime Minister Anders Fogh Rasmussen (2nd L back) attend the signing ceremony between the two countries in Beijing, capital of China, Oct. 22, 2008    The premier hoped that the two nations would improve their capacity of promoting economic growth and resisting risks through the increase of bilateral cooperation.     China paid high attention to the 15th Conference of the Parties of the United Nations Framework Convention on Climate Change in Copenhagen next year, Wen said, noting that China would, in line with the principles of common but differentiated responsibilities, make efforts to push forward related international cooperation in this area to achieve positive progress.     Rasmussen said Denmark attached great importance to building the comprehensive strategic partnership with China, and hoped to enhance the bilateral cooperation in environment, renewable energy resources, education, research and other fields.     Denmark was ready to strengthen cooperation with China to jointly safeguard the stability of the international financial market, the prime minister said.     The country would also increase cooperation with China in response to climate change, he noted.     The two nations signed documents to enhance bilateral cooperation in climate change, renewable energy resources, science, technology and innovation. The two prime ministers attended the signing ceremony of the agreements.     Rasmussen was here for a six-day official visit to China and for the seventh Asia-Europe Meeting scheduled for Oct. 24-25.

BEIJING, Jan. 24 (Xinhua) -- The People's Bank of China, the country's central bank, disproved Saturday the allegations by a U.S. Treasury official that China is manipulating the exchange rates of its currency, saying the statement is untrue and misleading.     Su Ning, vice governor of the central bank, said that the allegation could sidetrack the effort to track the real cause of the financial crisis.     "President Obama -- backed by the conclusions of a broad range of economists -- believes that China is manipulating its currency," the U.S. Treasury Secretary-designate Timothy Geithner wrote to the Senate Finance Committee in documents released on Thursday.     "Also, we should avoid any excuse that might lead to the revitalization of trade protectionism. Because it will do no good to the fight against the crisis, nor will it help the healthy and stable development of the global economy," Su said.     Yi Xianrong, a researcher with the financial research center of the CASS, told Xinhua on Friday if the U.S. labeled China as a "currency manipulator," it would hurt the concerted action of fighting the global financial crisis.     It would also hamper the global efforts to shake off an economic slowdown as the Sino-U.S. economic tie had become one of the world's most important bilateral economic ties, Yi said.     According to China customs statistics, Sino-U.S. trade hit 333.74 billion U.S. dollars last year, up 10.5 percent year on year.     With a 9-percent rate, China contributed more than 20 percent of global economic growth in 2008, while the U.S. remained the world's largest economy, Yi said.     Geithner's comment was just aiming to try out the Chinese government's response, said Zuo Xiaolei, senior analyst with the Beijing-based Galaxy Securities.     Yuan appreciation and the pace of appreciation should not only be decided by trade surplus but also the status of domestic economic development, Zuo said.     "The price advantage of Chinese exports may not be a result of currency issues, but the country's lower costs of labor, resources and land," she said.     In July 2005, China abandoned a decade-old peg to the U.S. dollar and allowed its currency to appreciate by 2.1 percent. Since then, the yuan has strengthened further, rising more than 20 percent against the U.S. dollar.

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BEIJING, Nov. 25 (Xinhua) -- Chinese Premier Wen Jiabao stressed here Tuesday the comprehensive and strategic partnership between China and the European Union (EU).     "Comprehensive" means the promotion of political trust and mutually beneficial cooperation, and "strategic" requires that both sides make concerted efforts in a far-sighted way to ensure the lasting, stable and healthy development of China-EU relations, Wen said.     The premier made the remarks in his meeting with former president of European Commission also former prime minister of Italy Romano Prodi. Chinese Premier Wen Jiabao (L) meets with Romano Prodi, former president of European Commission and former prime minister of Italy, in Diaoyutai State Guesthouse, Beijing, capital of China, Nov. 25, 2008.    Wen highlighted the recent growth in China-EU cooperation, noting that China will firmly support the EU's integration process and welcomes the EU to play a more active role in dealing with international issues.     "We cherish the hard-won achievements on China-EU relations and are willing to further trust and cooperation with the EU based on mutual respect, equality and reciprocity," Wen told Prodi.     Wen also called on the two sides to join hands to tackle global challenges and overcome the current difficulties over the world's finance and economy.     Echoing Wen's views, Prodi spoke highly of the Beijing Olympic Games and the measures adopted by China to handle the international financial crisis.     He said China is playing a brand new and positive role in world affairs and he would continue to contribute his efforts to boost mutual understanding and cooperation between the EU and China.

Li Changchun (5th R, 2nd row), member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, poses for photos with artists after a concert celebrating 30 years' reform and opening-up in Beijing Dec. 10, 2008. (Xinhua Photo)    BEIJING, Dec. 10 (Xinhua) -- Li Changchun, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, watched on Wednesday night a performance that marked the 30th anniversary of the country's reform and opening-up.     The concert in Beijing featured poem recitation and chorus of songs as an ode to the achievements China has made in the past 30 years.     It was one of a series of performances organized by the China Literature and Arts Federation to commemorate the anniversary.     Liu Yunshan, member of the CPC Central Committee Political Bureau and head of the CPC Central Committee Publicity Department, and State Councilor Liu Yandong also attended the event.

BOSE, Guangxi, Oct. 21 (Xinhua) -- China's top lawmaker urged the southwest Guangxi Zhuang Autonomous Region to build more transportation infrastructure and accept more industries from developed areas.     Guangxi should try to find a road for development compatible to its own realities, said Wu Bangguo, chairman of the Standing Committee of the National People's Congress (NPC), during his tour of the region which wraps up Wednesday.     Wu said the region should use the advantages it has such as low labor costs and natural resources to develop rural areas.     Wu, who is also member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau, visited local villages, factories and schools to talk about rural reforms made at the recent Third Plenary Session of the Seventeenth CPC Central Committee.     He said the region should use its advantage of having a lengthy coastline and many sea ports, to make the Beibu Gulf Economic Zone the top recipient of development.     During his tour, Wu paid a visit to the Bose Memorial Hall, in Bose City. It was built to commemorate a 1929 uprising led by revolutionaries including Deng Xiaoping.     He laid a floral basket in front of the statues of Deng and his comrades. Deng is known as the Chief Architect of China's 30 year-old Reform and Opening-up drive.

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BEIJING, Oct. 30 (Xinhua) -- The latest test found that Chinese baby formula milk and other milk powder products met the new temporary restrictions on melamine, the country's top quality control agency said on Thursday.     It was the 13th test on the industrial chemical following the tainted baby formula scandal that killed at least three infants and sickened more than 50,000 others, according to the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ).     The latest test covered 60 batches of baby formula milk powder from 14 brands in five major cities nationwide, and 68 batches of other milk powder products from 22 brands in 12 cities, the agency said.     At present, 1,336 batches of baby formula from 74 brands and 1,935 batches of other milk powder from 178 brands produced after Sept. 14 were tested and all were in line with the limit, it added.     Melamine, often used in the manufacturing of plastics, was added to sub-standard or diluted milk to make the protein levels appear higher.     China set temporary limits on melamine content in dairy products earlier this month. The limits were a maximum of 1 mg of melamine per kg of infant formula and a maximum 2.5 mg per kg for liquid milk, milk powder and food products containing at least 15 percent milk.

BEIJING, Nov. 8 (Xinhua) -- China's first non-governmental community foundation, the Arcadia Public Welfare Foundation, was launched at the Great Hall of the People in Beijing on Saturday.     The foundation was established with 100 million yuan (about 14.65 million U.S. dollars) donated by Shenzhen Airtown (Eastern) Industrial Co. Ltd. and Shenzhen Arcadia Real Estate Group.     "In the past, it was largely the government that took care of China's communities, but now social groups are playing a vigorous part," said Wang Jinhua, an official in charge of community construction of the Ministry of Civil Affairs.     Arcadia, a residential community built on landfill in Shenzhen, the city that was China's window of reform and opening-up, has received domestic and overseas habitat awards since 2005.     Li Aijun, board chairman of the Shenzhen Arcadia Real Estate Group, said the foundation planned to provide financial aid for community welfare projects, such as senior citizens' housing, schools, recreation facilities and environmental protection teams.     The first project will help a local hospital improve community health care and provide free exams.

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BEIJING, Nov. 17 -- Chinese banks should be alert to the risks of growing bad loans and narrowing profit margins amid a worsening global financial crisis and domestic interest rate cuts, a senior banking regulator has warned.     China Banking Regulatory Commission Vice Chairman Jiang Dingzhi told a financial forum in Beijing on Saturday that China's banking system, despite being generally healthy, faces growing risks.     "Our judgment is that losses at overseas financial institutions will widen further, and capital shortfalls will become more serious," Jiang said     "The financial crisis won't end in the near term. So we should not turn a blind eye to the risks " Jiang said, warning that the first risk China may face in the coming years is "exported inflation" from developed economies.     He said many developed economies have taken quick action to inject huge liquidity and credit into their banks to stabilize financial systems and it is likely that the banks will export capital to developing countries such as China (through direct investment or loans).     "That may cause high inflation (for us) and we should keep a close eye on cross-border capital flows," said Jiang.     Jiang also warned that bad loans, especially in the real estate sector, are the second risk that China's banks are confronted with.     "Bad loans are already showing an upward trend, especially in the property market where the mortgage default risk is growing at an accelerating pace," Jiang said, without elaborating.     Jiang also said Chinese banks may encounter growing losses from their overseas investment as the global financial crisis remains "far from over".     The government said earlier that Chinese banks suffered "very limited losses" overseas as their exposure to bankrupt global financial companies was not much.     Jiang said Chinese banks also face narrowing profit margins as the central bank cuts interest rates to boost the slowing economy. Banks are encouraged to lend after the government announced a 4 trillion yuan (586 billion U.S. dollars) stimulus plan a week ago.     The People's Bank of China has cut interest rates thrice this year after economic growth cooled to 9 percent in the third quarter, the slowest rate in five years. He said the banks will see declining profits next year as lower interest rates shrink margins and loan defaults may increase.     However, Jin Liqun, chairman of the supervisory board of China Investment Corp, said Chinese banks should continue market-oriented reforms despite the risks.     "All these risks cannot be used as excuses to defer further reform in the banking system," said Jin at the forum. "Only with market-oriented reforms can our banks further build up their capabilities in profit-making and risk-prevention."     Jiang said China's banking system remains "in good health" with all major indicators at their best levels ever.     Banks' total assets, 59.3 trillion yuan at the end of September, were five times the level of 10 years ago when the Asian financial crisis erupted, he added. And banks reduced their average bad-loan ratio to 5.49 percent at the end of September, from 6.3 percent at the end of March.     "These sound indicators are the basis of our confidence to battle financial crisis," Jiang said.

BEIJING, Oct. 26 (Xinhua) -- China's economy was on sound track but prospects were complicated by the world economic slowdown, said Zhou Xiaochuan, governor of China's central bank, on Sunday.     In a report Zhou made to the fifth session of the Standing Committee of the 11th National People's Congress (NPC), he said the country's economy was developing as expected, but the world economic slowdown added uncertainties to its prospect.     "Our economy is highly reliant on overseas demand. Slacking exports resulted from the global economic slowdown would have a negative impact on the economy," he said.     He suggested the country need to be cautious in adjusting policies because there are both possibilities of cost-driven price rises and possibilities of continuous price falls in the future.     "Currently, inflation pressure mainly comes from rising cost," he said.     He said in the world, more and more economies began to shift their policies from curbing inflation to boosting economic developments amid a world economic recession. The international commodity price is expected to enter a new round of rise.     According to him, the PBOC will adopt flexible and prudent macro-control policies to strive for the stability of the country's financial sectors and promote sound and rapid economic growth.     Zhou said efforts would go to other specific fields, including establishing financial risk monitoring mechanism, enhancing cooperation among domestic and overseas financial organs, and ensuring liquidity in the banking system.     He also urged strengthening foreign exchange management through enhancing cross-border capital flow management and supervision, in a bid to avoid losses and risk caused by speculation activities.     The central bank would keep a close look over the real estate sector and improve financial services in this sector, he added.     Zhou said that the impact of the world financial crisis on China's economy cannot be underestimated. However, the country's economic situation is sound as a whole, and is capable to effectively resist the external impact.     China's financial sectors have grown stronger after years of development. The profit-earning and risk-resistance abilities have been greatly improved, market liquidity is sufficient, and the financial system is sound and safe, he explained.     The fifth session of the Standing Committee of the 11th National People's Congress (NPC) opened its second plenary meeting Sunday morning. Wu Bangguo, chairman of the Standing Committee of the NPC, attended the meeting.