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.
BEIJING, July 20 (Xinhua) -- Chinese President Hu Jintao called on diplomats to play a bigger role in serving the country's reform and national interests as China is seeking a stable and rapid development amid global economic downturn. "China is at a crucial moment in dealing with the financial crisis and maintaining rapid economic development ... diplomacy must better serve the overall situation of reform, development and stability," said Hu while addressing a national meeting attended by diplomatic envoys, which ended Monday in Beijing. Chinese President Hu Jintao (L Front) meets with the participants of a meeting for Chinese diplomats prior to the meeting in Beijing, capital of China, July 17, 2009. The 11th meeting for Chinese diplomats was held in Beijing on July 17-20.The nine members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, including top legislator Wu Bangguo and Premier Wen Jiabao, attended the meeting. "Under the new situation, diplomacy must rely on, serve and promote the development. It should focus on the task of ensuring growth, people's life and stability," He said. Hu urged Chinese envoys to join the global efforts for promoting economic growth, safeguard national sovereignty and security, firmly follow the one-China policy and maintain stability. China will stick to the independent foreign policy of peace, pursue the path of peaceful development and develop friendly cooperation with all the countries in line with the Five Principles of Peaceful Co-existence, Hu said. Chinese Premier Wen Jiabao also addressed the meeting, saying "the recovery of the global economy will be a slow process with twists and turns, there must be a long-term preparedness to effectively deal with (the global downturn)". The global financial crisis has plunged the world into deep recession, and it's difficult to say the global downturn has reached the bottom, Wen said.
BEIJING, Sept. 5 (Xinhua) -- The Chinese economy is experiencing a "V" shape recovery and the growth rate may reach 8 percent both this year and next year, said Chinese economist Fan Gang said here Saturday. Fan, a monetary policy adviser to China's central bank, said at the 2009 annual conference of CEO in Beijing, that the economy will see a sustainable recovery and will be back to normal in 2011,according to a report of the China News Service. He predicted that the real estate investment will increase by around 30 percent in 2010, which will add one percentage point to economic growth. Corporate investment is expected to grow prominently next year and as the global trade is warming up, Chinese export, which still enjoys the cost advantage, will recover. "After the economy is back to normal in 2010, the government will adjust the macro-economic policy. But before that happens, the current stimulus policy should stay to sustain the recovery," he said. Fan said people should adjust their expectation of economic growth and not regard recovery simply as a double-digit growth. A growth grate of 8 percent to 9 percent is sustainable growth.
BEIJING, Sept. 13 (Xinhua) -- China said on Sunday the U.S. decision to impose special protectionist tariffs on tire imports from China is grave trade protectionism and goes against its commitments made at the Group of 20 summit. "We hereby express our strong discontentment and firm opposition to the U.S. decision, which was made regardless of China's solemn stance," Foreign Ministry spokeswoman Jiang Yu said in a statement. U.S. President Barack Obama decided to impose a tariff on tires imported from China on Sept. 11, which will begin with a 35-percent duty the first year and decrease to 30 percent the second year and 25 percent the third year on passenger vehicle and light-truck tires from China. "The United States, by making the decision, failed to honor its commitments made at the G20 financial summit and abused trade remedy measures, which is grave trade protectionism and will undermine the China-U.S. economic and trade ties as well as the early recovery of world economy," Jiang said. China has lodged solemn representation to the U.S. side and reserves its right to take further actions, Jiang said.
BRUSSELS, Oct. 8 (Xinhua) -- Chinese Vice President Xi Jinping met here Thursday with Belgian King Albert II on bilateral ties, vowing to enhance cooperation between the two sides. Xi said the development of Sino-Belgium relations is enjoying good momentum, and his visit is aimed to improve political trust and substantial cooperation to make new progress in bilateral ties. China highly appreciates the King and Belgian Royal family's commitment to the development of Sino-Belgium friendship, Xi said. The Europalia Chinese Art Festival, which opened here on Thursday, will promote mutual understanding and friendship between the two peoples, he said. Xi also introduced the great achievements of China in the last 60 years, China's policies and concepts on promoting scientific development and building a harmonious society and a harmonious world, as well as the measures China has adopted in tackling the global financial crisis. Chinese Vice President Xi Jinping (1st R front) meets with Belgian King Albert II (1st L front) in Brussels, Belgium, Oct. 8, 2009 King Albert II expressed his admiration for China's impressive National Day celebrations on Oct. 1, speaking highly of the great achievements of China in the last 60 years. The King said Xi's visit is of great significance and will further promote the development of bilateral ties, adding that Belgium is willing to strengthen cooperation and expand cultural exchanges with China. He also said Belgium will actively take part in the 2010 Shanghai Expo.Chinese Vice President Xi Jinping (L) meets with Belgian King Albert II in Brussels, Belgium, Oct. 8, 2009. 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, Sept. 29 (Xinhua) -- China will lower gasoline and diesel prices by 190 yuan (27.8 U.S. dollars) per tonne from Wednesday, the National Development and Reform Commission (NDRC) announced Tuesday. The benchmark price of gasoline will be 6,620 yuan a tonne, and for diesel 5,880 yuan a tonne, according to the NDRC. The retail price of gasoline will drop by 0.14 yuan per liter and that of diesel will decrease by 0.16 yuan per liter. It is the eighth fuel price adjustment since the country adopted a new fuel pricing mechanism, which took effect on Jan. 1 and the first reduction of fuel prices in two months. Under the pricing mechanism, the NDRC will consider changing the benchmark retail prices of oil products when the international crude price changes more than 4 percent over 22 straight working days. The price cut was in accordance with the international price changes, the NDRC said. The average crude price of Brent, Dubai and Cinta has declined to 71.52 U.S. dollars a barrel, down 5.02 percent since the previous fuel price adjustment, according to the Shanghai-based CBI (China) Co., Ltd., a leading service provider in Chinese commodity markets.
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BEIJING, Oct. 6 (Xinhua) -- China's new yuan-dominated loans in September was expected to reach 300-400 billion yuan (44-59 billion U.S. dollars), China Securities Journal reported on its website Tuesday. The figure was less than that of August, which hit 410.4 billion yuan. Liu Mingkang, Chairman of the China Banking Regulatory Commission (CBRC), provided the figure during an International Monetary Fund (IMF) conference held in Istanbul, Turkey on Monday. New loans in the first eight months stood at 8.15 trillion yuan, far exceeding the full-year target of five trillion yuan, according to he People's Bank of China, the central bank, this September. The CBRC reiterated in September that domestic lenders should seek to enhance their risk management and stick to regulatory requirements to reduce worries over financial risks caused by rapid credit growth this year. China began to adopt a moderately easy monetary policy in last November in a bid to maintain economic development amid the financial crisis.
BEIJING, Sept. 6 (Xinhua) -- China Unicom (Hong Kong) Ltd. Said Sunday that it signed a deal with Telefonica, the Spanish telecom operator, to enhance their alliance by spending 1 billion U.S. dollars each on share purchase. China Unicom would acquire shares equal to about between 0.885 percent to 0.892 percent of stake in Telefonica, according to the company's statement to the Shanghai Stock Exchange. Telefonica would increase its stake in China Unicom from 5.38 percent to 8.06 percent, the statement said. Their cooperation would focus on infrastructure and equipment purchase, mobile service platforms, research and development, and service provision to multinational clients, according to the deal.
BEIJING, Oct. 3 (Xinhua) -- Former Chinese ambassador to Brazil Chen Duqing said Saturday China may play a significant role in Riode Janeiro's preparations for the 2016 Olympic Games. "Compared with the other applicants, currently Rio de Janeiro still has a lot to do to improve its sports facilities and other infrastructure, which indicates a special opportunity for Chinese companies," Chen told Xinhua Saturday in an exclusive interview. The costs of preparing for the event in 2016 are estimated at roughly 12 billion U.S. dollars. However, the event is expected to generate 250 billion. Zhou Zhiwei, an expert in Brazil studies with the Chinese Academy of Social Sciences, noted that for Rio de Janeiro, traffic and infrastructure are the city's weak points. Beating rivals Chicago, Tokyo and Madrid, Rio de Janeiro won the right to host the world's largest stage of sporting events after three failed attempts. Rio de Janeiro's win also marks the first time that an Olympic Games will be held in South America. Chen said as big third world countries, both China and Brazil have cooperated closely in applying for host cities, making preparations and organizing the Games in the past few years. In 2007, China's General Administration of Sports sent teams to Brazil to draw experiences from the Pan American Games. During last year's Beijing Olympics, the Brazilian Olympic Committee and the Rio de Janeiro bid team came to China to watch the games. Besides the Games, Rio de Janeiro, along with another seven cities, was also expected to host the 2014 World Cup, which required large investments in infrastructures in terms of sports facilities, transportation and reception, Chen said. "Just like their Beijing friends, I believe people in Rio de Janeiro will also enjoy rich benefits brought along by the Olympic Games," he added.
BEIJING, Aug. 14 (Xinhua) -- Premier Wen Jiabao on Friday urged young Chinese and Africans to remember the traditional friendship and work together to promote Sino-African relations. "I hope young people from China and African countries will learn from each other and help each other, treat differences with an open mind, and contribute your wisdom and strength to building the strategic China-Africa partnership," Wen said. He made the remarks while addressing the opening ceremony of the third China-Africa Youth Festival and a farewell ceremony for young Chinese volunteers departing for Africa. Chinese Premier Wen Jiabao (R, front) shakes hands with an African young man attending the opening ceremony of the third China-Africa Youth Festival in Beijing, capital of China, Aug. 14, 2009. Wen on Friday attended the opening ceremony of the third China-Africa Youth Festival and a farewell ceremony for young Chinese volunteers departing for Africa. The festival, originally proposed by Wen at the second China-Africa Cooperation Ministerial Conference in Ethiopia in December 2003, has become a platform for China-Africa exchanges. "Young people bear the hope of a nation and they also shoulder the future of a friendly China-Africa relationship," Wen said, expressing his hope young people would fulfill their historic responsibilities and create better conditions for friendship development. The Chinese government decided in 2006 to send 300 young volunteers to Africa to work in medical, agricultural, sports and educational field. Wen encouraged the volunteers to serve the African people with their knowledge and skills, win their friendship and trust, and learn from them. More than 750 guests, including youth delegates from 49 African countries, attended the ceremony.