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BEIJING, March 5 (Xinhua) -- President Hu Jintao and other Chinese leaders on Friday joined deputies to the National People's Congress (NPC), China's top legislature, in deliberating the government work report, calling for efforts to facilitate the transformation of the pattern of economic development.The NPC kicked off its annual session Friday morning as about 3,000 deputies from across the country heard and deliberated the government work report delivered by Premier Wen Jiabao.BALANCED, COORDINATED AND SUSTAINABLE DEVELOPMENTWhen joining NPC deputies from the eastern province of Jiangsu in a panel discussion on Premier Wen's report, President Hu called for efforts toward balanced, coordinated and sustainable development in the transformation of its economic growth pattern. Chinese President Hu Jintao (C) talks with deputies to the Third Session of the 11th National People's Congress (NPC) from east China's Jiangsu Province, in Beijing, capital of China, March 5, 2010. Hu Jintao joined in the panel discussion of Jiangsu delegation in deliberating the government work report by Premier Wen Jiabao on the opening day of the Third Session of the 11th NPCHu said efforts should be made to cultivate new pillar industries and industries with features and advantages, and achieve the coordinated development of the first, second and third industries.The country needs to develop more core and key technologies to support its transformation of the economic growth pattern and the economic restructuring, Hu told the lawmakers.He called for the establishment of a market-oriented technological innovation system, in which enterprises play the leading role and which combines the efforts of enterprises, learning and research institutes.He said higher education and research institutes should play a more important role in scientific and technological innovation.The President also stressed the coordination of industrialization, urbanization, and agricultural modernization, so that the agricultural sector could be boosted by the industrial sector, while the rural areas could benefit from the urban areas.He said authorities should facilitate balanced allocation of public resources and the free flow of production factors between urban and rural areas.Hu pointed out that China is currently facing both opportunities and challenges at the same time, but the opportunities outweigh challenges.He urged officials in Jiangsu Province to push forward independent innovation, promote urban-rural integration of economic and social development, and deepen the reform and opening-up drive.

公益联盟章程

BEIJING, March 14 (Xinhua) -- Chinese Premier Wen Jiabao said here Sunday that he is still worried about the safety of China's assets in the United States, urging the U.S. government to take actions to assure foreign investors of its treasury bonds."The instability of the U.S. dollar is a great concern for China's foreign assets," he said at a press conference after the National People's Congress concluded its annual session.Wen said he was "a little bit worried" about the China's assets safety in the United States at the same occasion last year.Chinese Premier Wen Jiabao smiles during a press conference after the closing meeting of the Third Session of the 11th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 14, 2010Wen reiterated that China needs to guarantee the "safety, liquidity and good value" of its foreign exchange reserves."Safety is China's top concern for the country's foreign reserve investment," Wen said, noting that China cannot afford any mistake in the management of the country's financial assets.Wen expressed hopes that the United States could take concrete actions to ensure the security of the assets and assure its foreign investors, as the safety of U.S. treasury bonds are guaranteed by its national credibility.According to the U.S. Treasury Department, China held 894.8 billion U.S. dollars in U.S. treasury bonds at the end of last year. This figure, revised up from the previous 755.4 billion U.S. dollars, means China remains the largest overseas holder of U.S. treasury bonds.

BEIJING, Feb. 11 (Xinhua) -- China's consumer price index (CPI), a main gauge of inflation, rose 1.5 percent year on year in January 2010, the National Bureau of Statistics announced Thursday.Food prices went up 3.7 percent last month year on year, with non-food prices edging up 0.5 percent from a year earlier.The figure advanced 0.6 percent in November 2009, ending nine months of decline.

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ZHANGZHOU, Fujian, Feb. 12 (Xinhua) -- President Hu Jintao on Friday visited some Taiwan businesses in Zhangzhou of southeastern Fujian Province ahead of the Spring Festival to extend New Year greetings.Hu, also general secretary of the Communist Party of China (CPC) Central Committee, visited a business park for Taiwan farmers in Zhangpu county of Zhangzhou City. The park, set up in 2006, houses more than 70 Taiwan-funded agricultural firms."We will try our best in everything that will benefit the Taiwan compatriots, and we will honor our words," Hu told the Taiwan business people.He said the mainland and Taiwan were negotiating on the cross-Strait Economic Cooperation Framework Agreement. "Its' something that will help promote cross-Strait economic cooperation and bring win-win results. During the negotiation process, we will put into full consideration the interests of Taiwan compatriots, especially those of farmers."Fujian, which faces Taiwan across the sea, has won the central government support in accelerating the construction of an economic zone on the western side of the Taiwan Strait, Hu said, adding the economic zone would provide a new platform and opportunities for cross-Strait exchanges and cooperation.Hu expressed hope that more Taiwan compatriots would be dedicated to promoting the peaceful development of cross-Strait relations and work with the mainland people for an even brighter future of the ties.Huang Ruei-bao, chairman of the Zhangzhou Jiuh-Bao Biotechnology Inc., an orchid grower, said investment environment in Zhangzhou was quite favorable and he planned to further expand his flower cultivating base here.The Spring Festival, or the Chinese lunar new year, is the most important holiday for the Chinese, which falls on Feb. 14 this year.Chinese President Hu Jintao (2nd L front), who is also general secretary of the Central Committee of the Communist Party of China (CPC), talks with a businessman (1st R) from China's Taiwan Province, at the Zhangpu Pioneer Park of Taiwan farmers in Zhangzhou, east China's Fujian Province, Feb. 12, 2010. Chinese President Hu Jintao (2nd L), who is also general secretary of the Central Committee of the Communist Party of China (CPC), talks with a businessman (1st L) from China's Taiwan Province, at the Zhangpu Pioneer Park of Taiwan farmers in Zhangzhou, east China's Fujian Province, Feb. 12, 2010.

BEIJING, Jan. 15 (Xinhua) -- China will soon clarify the rules and regulations on qualified foreign institutional investors (QFIIs) trading stock index futures in China, the China Daily reported Friday.     "The regulator will work on the policies and regulations on securities companies, mutual funds and QFIIs ... in order to guarantee the smooth launch of index futures," the newspaper quoted Shang Fulin, chairman of China Securities Regulatory Commission (CSRC) as saying at a national conference on securities and futures supervision that ended Thursday.     CSRC will also enhance supervision on securities firms that provide brokerage services for index futures trading and improve the country's cross-market supervision regime, the newspaper quoted Shang as saying.     Foreign institutions may be allowed to trade index futures using a portion of their QFII quota, but details on trading requirements are still unknown, said the newspaper.     At the conference Shang also said that the regulator would introduce margin trading and short selling pilot programs at the appropriate time, according to the newspaper.

BEIJING, Feb. 19 (Xinhua) -- U.S. political rhetoric has recently been obsessed with the exchange rate of the renminbi. President Barack Obama has indicated on several occasions that he would take a tougher stance on this issue in order to address trade imbalances between his country and China.But does the renminbi hold the key to this issue? What are the backstage calculations behind those demands from Washington?RENMINBI A WRONG TARGETWhile addressing Democratic senators early this month, Obama said the issue of renminbi exchange rate must be addressed to ensure that American products will not be put into a huge competitive disadvantage given the fact that China is going to be one of America's biggest markets.In an interview with Businessweek on Feb. 10, Obama said he and Chinese leaders are going to have some "very serious negotiations" on the renminbi issue.Supporters of Obama include economists such as Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics. Those experts say China's huge trade surplus is a result of an undervalued renminbi. Appreciation of the Chinese currency, in their view, would re-balance China's international trade.However, the validity of such argument is questionable.The Japanese yen, for example, has been appreciated enormously against the U.S. dollar over the past 40 years. Yet Japan's trade surplus with the United States has been continuously on the increase over the same period.The case with the Japanese yen has clearly demonstrated that international payment is not necessarily entirely linked to currency exchange rates. International trade balance is rather determined by international division of labor and product competitiveness.Stephen King, chief economist of the HSBC bank, said it is unreasonable to simply attribute China's big trade surplus to an undervalued currency. China's high savings rate is a more important factor in this respect, he told Xinhua.Nobel Prize laureate Andrew Michael Spence shared King's argument."Reducing the surplus in China involves deep structural change, much as reducing the U.S. deficits does. China's high savings are embedded in the structure of the economy," Spence wrote in Jan. 21's Financial Times.Without structural change, an appreciation of the renminbi might well lead to continued high savings and slow economic growth in China, rather than to a reduction of China's trade surplus, he wrote.International Monetary Fund (IMF) chief economist Olivier Blanchard believes that renminbi appreciation is not a solution for the U.S. economy.According to an IMF model, the American GDP will grow by 1 percent when the renminbi appreciates by 20 percent and other major Asian currencies also appreciate by a similar margin, he told Xinhua."This would be good news for U.S. growth. But this is clearly not enough, by itself to sustain growth in the United States," said Blanchard.World Bank chief economist and Vice President Justin Yifu Lin also said that the appreciation of the renminbi will not solve the problem of trade imbalance between China and the United States. On the contrary, such a move might damage both economies.CHINA BASHING NOT HELPFULObama has frequently attacked China over the renminbi issue in recent months. His motives are thought-provoking.In an article titled "Obama bashes China in order to win midterm elections," Japanese weekly Choice pointed out that after one year in office, the U.S. president now faces a sharp drop in approval ratings, a double-digit unemployment ratio and the loss of Democratic "supermajority" in the Senate.Trying to win the midterm elections under such circumstances, Obama had moved toward a "China-bashing" policy since the end of last year, including imposing high tariffs on Chinese products and pressuring China on renminbi exchange rate.But the truth is China has become the largest victim of U.S. trade protectionism since the outbreak of the global financial crisis.According to statistics released by the United States International Trade Commission, there were roughly 50 trade remedy cases filed by the United States between January and November 2009, half of which targeted China.At the end of last year, Chinese Premier Wen Jiabao said in an exclusive interview with Xinhua that some foreign countries kept asking China to appreciate its currency while using various protectionist measures against China. Their real motive was to contain China's growth, he said.Wen reiterated that China will never yield to external pressures on the exchange rate issue.In essence, a country's exchange rate policy is a matter of sovereignty.During a meeting with a visiting delegation of U.S. Chamber of Commerce in May 2005, Wen made it clear that the reform of renminbi's exchange rate was a sovereign right of China, and that every country had the right to choose a foreign exchange system compatible to its own national conditions and a reasonable exchange rate level.Wen said China would obey the rules of a market economy, but would never give in under foreign pressure.Any foreign pressure or attempt to manipulate the issue via news media represented a politicization of economic issues, which was unhelpful, the premier added.George Gilder, founder of Discovery Institute, said that it is neither realistic nor helpful for the United States to raise the renminbi exchange rate issue again with China.Pieter Bottelier, former chief of the World Bank's Resident Mission in China, told Xinhua that China and the United States share broad common interests.A prosperous, stable and strong China is in the interests of the United States and vice versa, said Bottelier. The two nations need to settle their differences through various dialogue mechanisms, he added.In recent years, China has been making efforts to balance international. The renminbi has been steadily appreciated against the U.S. dollar and the euro.Between July 2005, when China began its renminbi exchange rate reform, and the end of 2009, the value of the renminbi has appreciated by 21.21 percent against the U.S. dollar and up by 2.21 percent against the euro.Under such circumstances, China has been the fastest growing export market for the United States in recent years.In 2009, U.S. exports to China amounted to 77.4 billion dollars, accounting for an increasingly larger share in the country's total exports.During the same period, U.S. trade deficits with China dropped by 16 percent year-on-year.In the Asian financial crisis of late 1990s, China won worldwide applause for keeping a stable exchange rate of the renminbi.In the ongoing global financial crisis, while the world's major currencies all lost value, China has remained committed to a responsible renminbi exchange rate policy and has made significant contributions to the recovery of the global economy.Many experts familiar to China-U.S. trade pointed out that in order to achieve trade balance, the United States should take positive and concrete steps, such as increasing hi-tech exports to China and allowing Chinese firms to acquire shares in U.S. financial and technology sectors.

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SHIJIAZHUANG, Feb. 3 (Xinhua) -- Senior Chinese official Zhou Yongkang has called on local authorities of northern Hebei Province to do a good job in the two major issues of development and stability, to bring more benefits to the people.Zhou, a Standing Committee member of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks during a visit to Hebei from Jan. 31 to Feb. 2 to investigate the study and implementation of the Scientific Outlook on Development."Industrial development and city reconstruction should be based on scientific planning, using wasteland rather than farmland," said Zhou, urging local authorities to pay more attention to people's livelihood and protection of environment and historical and cultural heritage.Zhou praised the province for its economic development and the local government's work in administration and stability maintenance.He visited workers who were building a highway that was supposed to bring benefit and convenience to more than 80,000 local people in 109 villages.At the construction site, Zhou urged work safety and the project quality.Zhou also visited a glass factory, a heavy machinery company and a pharmaceutical group to inspect local companies' progress on technical researches and independent innovation.He urged the province to promote economic restructuring and coordinated development between urban and rural areas to realize better and faster development.

BEIJING, Feb.7 (Xinhua) -- China's railway network has transported 5.03 million passengers as of Feb. 6, the eighth day of the country's annual Spring Festival transport peak lasting from Jan. 30 to March 10 this year, said the Ministry of Railway (MOR) Sunday.The figure was 105,000 more than that in the same time last year, up 2.1 percent year on year, according to the MOR. Passengers enter the railway station under a shelter against the rain in Guangzhou, south China's Guangdong Province, Feb. 7, 2010. In spite of a heavy rain, the Guangzhou Railway Station was estimated to transport 230,000 passengers on Saturday, 5,000 more than the peak day of last yearBeijing railways have transported 347,418 passengers by Feb.6, and the figures in Guangzhou and Shanghai stood at 576,710 and 325,190, the MOR said.The MOR had forecasted in January that China's railways were expected to transport 210 million passengers during the Lunar New Year travel rush, up 9.5 percent year on year.  Passengers enter the railway station under a shelter against the rain in Guangzhou, south China's Guangdong Province, Feb. 7, 2010. In spite of a heavy rain, the Guangzhou Railway Station was estimated to transport 230,000 passengers on Saturday, 5,000 more than the peak day of last year.

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BEIJING, March 14 (Xinhua) -- China's top quality watchdog said Sunday it has received complaints from consumers against HP laptops for quality problems.The General Administration of Quality Supervision, Inspection, and Quarantine pays close attention to the complaints and has started investigations, said a brief statement posted on the administration's website.The complaints included problems of overheated graphic chips and display screen problems.

SHANGHAI, March 23 (Xinhua) -- There has been no timetable for the construction of a maglev line project between Hangzhou and Shanghai, a spokesman of the Shanghai municipal government said Monday.The project is still undergoing feasibility studies, the official said when responding to media reports last week which said the construction is expected to start this year.The proposal of the ultra-high-speed maglev line, with an estimated cost of 22 billion yuan (3.22 billion U.S. dollars), was approved by the National Development and Reform Commission in 2006.When completed, the line is expected to cut the travel time between Shanghai and Hangzhou, capital of the neighboring Zhejiang Province, to half an hour from the current 2.5 hours.

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