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BEIJING, May 6 (Xinhua) -- China's central bank said Wednesday the economy is doing "better than expected" in the first quarter, and pledged to maintain "ample" liquidity in the financial system for economic recovery.     China would stick to its moderately easy monetary policy and ensure "ample" liquidity at banks, the People's Bank of China (PBoC) said in its quarterly monetary policy report posted on its website.     The country has pumped 4.58 trillion yuan (670 billion U.S. dollars) of new loans into the economy in the first quarter to stimulate growth.     The figure is already nearing 5 trillion yuan of new loans targeted for the whole year. In March alone, new loans increased by a record 1.89 trillion yuan.     The country's financial institutions and enterprises would digest the huge amount of new loans in the following months, the report said.     Industry insiders have said credit extended by China's banks in April may have dropped to above 600 billion yuan after staying at above 1 trillion yuan for three straight months.     The central bank said new lending from commercial banks focused on government-backed projects. It encourages more bank loans to be channeled to small and medium-sized enterprises as they play an important role in the national economy and in increasing employment.     The central bank said in the first-quarter monetary policy report it would continue to instruct financial institutions to extend new loans, despite the earlier surge.     The pick-up in bank lending is conducive to stabilize the financial market and boosting market confidence, PBoC said. Meanwhile, the bank urged lenders to improve credit quality to avoid a possible rebound in bad loans.     There have been "positive changes" in the economy in the first quarter, the bank said, echoing remarks made by Premier Wen Jiabao last month.     The quarter-on-quarter growth is improving, compared to the fourth quarter of last year, it said, without giving specific figures.     China's economy expanded 6.1 percent in the first quarter, the lowest pace in 10 years and down from 9 percent in the fourth quarter last year.     The central bank also said foundations for the recovery are not solid, as uncertainties in external economies still exist and private investment is yet to become active with new lending concentrated on government projects.     In listing uncertainties ahead, the bank said the country still has to battle against the financial crisis that is unfolding and a collapse in external demand that is hurting exports.     The country is also under great pressure to create enough jobs and from a slower growth in residents' income, which would suppress future consumption, it said.     The bank also warned overcapacity and insufficient demand may drive prices lower in the country with the world economy in a downturn.     But it also said continued falls in prices may become less likely along with the world recovery, a turnaround in the national economy and fast credit growth.     "Prices of primary products and assets may rebound quickly once investor confidence is restored, as the global credit is relatively loose thanks to injection of liquidity and stimulus packages across the world," the bank said.     The central bank also said it was concerned that the extraordinary monetary policy adopted by other major economies would result in inflation risks.     It referred to the quantitative easing policy adopted by the U.S., Japan, Britain and Switzerland to pump cash into their economies.     The quantitative easing policy meant increasing currency supply through purchasing mid- and long-term treasury bonds after central banks cut interests rates to near zero.     The extraordinary monetary policy harbored huge risks for international financial markets and the global economy, said the central bank.     It would increase the risk of global inflation, said the central bank, suggesting it would create new assets bubbles and inflation if central banks of major economies failed to mop up thehuge liquidity when the global economy recovered.     "A policy mistake made by some major central banks would put the whole world in risk of inflation," it said.     The quantitative easing policy would also make exchange rates of major currencies more volatile, according to the report.     The central bank cited the U.S. move to purchase treasury bond in March as an example, saying although the dollar had appreciated against other major currencies, it fell after the purchase.     PBoC said the policy would leave the bond markets subject to fluctuations.     It said massive purchase of mid- and long-term treasury bonds may keep yield at a low level. But in the long run, as the financial markets returned to stability and the economy recovered, inflation expectations would grow, interest rates would rise, and bond prices would adjust sharply, according to the report.

BEIJING, July 13 (Xinhua) -- China's Ministry of Finance announced Monday that the country's fiscal revenue in June rose 19.6 percent year on year to 686.75 billion yuan (100.5 billion U.S. dollars).     However, in the first half of this year, fiscal revenue fell 2.4 percent to 3.398 trillion yuan, said the ministry in a statement on its website.     The growth rate last month was 14.8 percentage points higher than the growth rate in May. Fiscal revenue fell 9.9 percent in the first four months this year from a year earlier to 2.05 trillion yuan due to shrinking business profits hit by the global economic slowdown and active fiscal policies including tax cuts to buoy domestic economic growth.     The ministry attributed the revenue rise in June to the stabilization of overall economic performance, growing business profits and the increase in the cigarette tax.     The government announced on June 20 the tax on cigarette cartons costing 70 yuan or more would rise to 56 percent from 45 percent, and the tax on cigarette cartons costing less than 70 yuan would rise from 30 to 36 percent.     Sales tax revenues rose 63.1 percent year on year in June, with business tax revenues edging up 6.4 percent, but the ministry did not specify the figures.     In June, China's fiscal expenditure increased 21.5 percent to 640.56 billion yuan from a year earlier. From January to June, the figure stood at 2.89 trillion yuan, up 26.3 percent from the same period last year.     The government unveiled a 4-trillion-yuan stimulus package in November last year to be spent over the next two years to shore up the world's third largest economy, with 1.18 trillion yuan from the central government.     Fiscal revenue includes taxes as well as administrative fees and other government income, such as fines and income from state-owned assets.

BEIJING, May 15 (Xinhua) -- China has called for the EU to recognize its market economy status soon, said Yao Jian, spokesman for China's Ministry of Commerce (MOC) here Friday.     China's Commerce Minister Chen Deming will attend the 11th China-EU Summit in Prague in the Czech Republic next week, Yao said.     The summit will address China's desire to be recognized as full market economy by the EU soon, the limitation on high-tech exports to China from the EU and bilateral economic cooperation, Yao said.     China need not be recognized by any country in terms of market economy as a concept, but market economy status is a technicality that will help China receive fair treatment in anti-dumping investigations, Yao said.

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BEIJING, June 27 (Xinhua) -- China's monthly power generation is expected to rise for the first time in June, after eight months of declines, said the National Development and Reform Commission (NDRC) Friday on its website.     The top planning agency based the forecast on statistics collected by State Grid and China Southern Power Grid from June 1 to 23.     Due to increasing economic activity and high temperatures, daily power generation topped 10 billion kilowatt hours for nine days during mid-June and exceeded 10.80 billion kw/hrs on June 23 -- the highest this year, said the NDRC.     Eight provinces and regions set power records from June 1 to June 23: Hebei, Hubei, Jiangxi, Sichuan, Yunnan and Hainan provinces and Guangxi Zhuang Autonomous Region and Xinjiang Uygur Autonomous Region.

NANJING, April 23 (Xinhua) -- Chinese Vice President Xi Jinping urged Communist Party leaders Thursday to cultivate fine work styles and keep in close contact with the people.     Leaders should be able to endure loneliness, content to live a simple lifestyle, resist temptation and stand up to tests, he said during a conference on studying and implementing the scientific concept of development held in the coastal province of Jiangsu.     Government leaders should promote a hard-working style and put limited funds and natural resources to the best use, said Xi, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee.     He asked officials to carry out investigations and studies of actual situations, pay visits to the grassroots levels and go down to the people.     The people's requests should serve as the fundamental basis for government decisions, and leaders should put those issues that are in the fundamental and most practical interests of the people at the top of their agenda, he said.     Leaders should take a correct attitude towards their personal gains or losses, and should not be preoccupied with respectability and material values, said Xi.

BEIJING, June 2 (Xinhua) -- China's national college entrance exam saw a decrease in candidates for the first time in the past seven years, said the Ministry of Education Tuesday.     About 10.2 million people registered to attend the upcoming exam, down 3.8 percent year on year, according to the ministry.     In contrast, candidates for the exam saw a continuous increase from 2002 to 2008, jumping from 5.27 million in 2002 to 10.5 million in 2008.     This year's examinees would have more opportunities to enter colleges as they would compete for 6.29 million seats in China's universities and colleges, up four percent from last year, the ministry's figure showed.     About half of the country's provinces and regions earlier reported a decrease in candidate number. Some media reports came to the conclusion that greater employment pressure caused by the international economic downturn led to the drop.     "I don't agree with this view," said Jiang Gang, deputy director of the ministry's college students office.     "The drop of candidate number is mainly due to the decline of senior high school graduates," he said.     Jiang, however, admitted the financial crisis did inflict great pressure the country's job market.     In China, most of the candidates for higher education are students finishing three-year study in senior high schools.     Figures from the National Bureau of Statistics showed the number of senior high school graduates decreased from 8.49 million last year to 8.34 million this year. It is estimated to be 8.03 million in 2010.     College graduates are having a hard time finding jobs this year as posts are being axed due to the economic slowdown.     China has 6.11 million college students due to graduate this year, and one million from last year are still looking for jobs, according to the Ministry of Human Resources and Social Security.     Known as "gao kao" in Chinese, the national college entrance exam, which falls on June 7 to 9 each year, is the largest examination in the world. The exam can change the candidates' lives in a fiercely competitive society.

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BEIJING, June 2 (Xinhua) -- China and the United States are ratcheting up efforts to prepare for strategic and economic talks this summer as U.S. Treasury Secretary Timothy Geithner continues his visit to Beijing.     "China-U.S. relations show a good momentum of development as both sides have kept close contacts since the new U.S. administration took office," President Hu Jintao told Geithner at the start of their meeting Tuesday afternoon. Chinese President Hu Jintao (R FRONT) meets with visiting U.S. Treasury Secretary Timothy Geithner (L FRONT) in Beijing, capital of China, June 2, 2009Hu reviewed his first meeting with U.S. President Barack Obama in London in April when both agreed on building a "positive, cooperative and comprehensive relationship for the 21st century" and launching China-U.S. Strategic and Economic Dialogue.     "As both sides agreed to hold the first round of dialogue in Washington D.C. in July, I hope both will work closely, step up preparation so as to make the dialogue a success," Hu said in a statement issued by the Chinese Foreign Ministry.     Hu characterized the dialogue mechanism as "an important platform for both nations to deepen understanding, mutual trust and cooperation."     The strategic track of the dialogue will be chaired by Chinese State Councilor Dai Bingguo and U.S. Secretary of State Hillary Clinton, while the economic track will be chaired by Vice Premier Wang Qishan and Geithner.     "As influential nations in the world, China and the United States share extensive common interests and shoulder important responsibilities in tackling global economic challenges and resolving the world hot-button issues," Hu said.     He said China would like to work with the United States to strengthen dialogues at all levels, expand exchanges and cooperation for fresh progress in bilateral relations in the new era.     Geithner, on first visit to China as Treasury chief, said his visit was "a good start" of building bilateral ties and "looked forward to holding the dialogue in Washington D.C."     He hailed bilateral "capacity to work together in global stage" and said he saw "early signs of stabilization of the economies."     Earlier afternoon, Premier Wen Jiabao also met with Geithner in Zhongnanhai, the central leadership's compound near the Forbidden City in Beijing. Chinese Premier Wen Jiabao (R) meets with visiting U.S. Treasury Secretary Timothy Geithner in Beijing, capital of China, June 2, 2009"The foremost task for both countries is to work more closely to address the global economic downturn, oppose protectionism in trade and investment, promote reform in international financial system, tighten oversight of international reserve currency so as to ensure the stability and growth of China, the United States andthe world," Wen said.     During his three-day visit, Geithner had a flurry of meetings with China's top economic team, including Vice Premier Wang Qishanand chiefs of commerce, finance, banking and securities, among others. Chinese Premier Wen Jiabao (1st R) meets with visiting U.S. Treasury Secretary Timothy Geithner (1st L) in Beijing, capital of China, June 2, 2009In an hour-long meeting with Geithner Monday, Wang said, "The major task of our economic dialogue is to address the global economic slowdown.     "We will send a message that China and the United States are cooperating substantively to get over the difficult times, which will help boost confidence, promote global financial stability and economic recovery," Wang said.     Geithner told Wang, "The world is going through an exceptionally challenging period now and I think the world has a huge stake in our two countries working closely together to lay a foundation for recovery."     On Monday in a speech to students at China's Peking University, Geithner said that China's investments in the United States "are very safe. ... We have the deepest, most liquid financial markets in the world."     Geithner also struck a positive note on the global economy, citing the initial signs of improvement. Visiting U.S. Treasury Secretary Timothy Geithner (2nd R) meets with representatives of eight U.S. clean energy companies with branches in China, at Beijing's Capital Museum, June 2, 2009Earlier Tuesday, Geithner visited Beijing's Capital Museum, which is partly powered by solar energy, generated by panels manufactured by Michigan-based Uni-Solar Company.     Geithner also met with representatives of eight U.S. clean energy companies with branches in China at the museum, pledging to learn from China and other countries to improve energy efficiency.     "The core part of the U.S.-China cooperation will be on the energy part. We expected it to be the central part of the new strategic and economic dialogue we just put in place," Geithner said.     "The world is gonna be watching what we do together as countries in this area, as they are watching us cooperate to help resolve the global recession of financial crisis," he said. Visiting U.S. Treasury Secretary Timothy Geithner (2nd R) meets with representatives of eight U.S. clean energy companies with branches in China, at Beijing's Capital Museum, June 2, 2009.At the end of Geithner's visit, Clinton and Geithner issued a joint statement on the Strategic and Economic Dialogue, saying the first meeting of the dialogue will be held in Washington D.C. "during the last week of July 2009."     They said, "The dialogue will focus on addressing the challenges and opportunities that both countries face on a wide range of bilateral, regional and global areas of immediate and long-term strategic interest."     Geithner left Beijing on Tuesday evening.

YINGXIU, Sichuan, May 12 (Xinhua) -- One year after a massive earthquake hit China's southwestern inland, Chinese President Hu Jintao on Tuesday mourned quake victims with a white chrysanthemum and a motivating speech calling for collective strength in face of extreme hardship.     On 2:28 p.m. Tuesday, exactly one year after the devastating quake shattered many areas in Sichuan and neighboring provinces, President Hu, in dark suit and a blue-and-white stripped tie, paid his respect at a white marble memorial wall on which a written record was inscribed. Chinese President Hu Jintao places a white chrysanthemum in front of a commemorative wall of the earthquake during the commemorative service to mark the first anniversary of May 12 Earthquake in Yingxiu Township of Wenchuan County, southwest China's Sichuan Province, May 12, 2009Beside the monument wall stands a giant granite clock, purposely made cracked, showing the exact time as the tremor occurred. The mourning venue was located among destroyed buildings, including one once belonged to the Xuankou Middle School in the 12,000-resident Yingxiu town, the epicenter of the earthquake. Two thirds of Yingxiu residents lost their lives. Among them 44 were students or teachers from the particular school. A national flag-raising ceremony is held during the commemorative service to mark the first anniversary of May 12 Earthquake in Yingxiu Township of Wenchuan County, southwest China's Sichuan Province, on May 12, 2009The former school gate was decorated Tuesday with white and yellow silk flower, a symbol of grief in the Chinese culture.     After solemn music played by a white uniform-clad military trumpeter, President Hu said, "The country mobilized the fastest, widest and strongest relief efforts when the whole Chinese nation was faced with the unprecedented challenge from the quake disaster."     Chinese Premier Wen Jiabao arrived in Sichuan hours after the quake hit the province to direct relief work.     "Our quick response helped save lots of lives and minimize property losses incurred by the quake," Hu said.     The most destructive quake in China's history, the 8.0-magnitude earthquake struck Sichuan's Wenchuan county and affected some parts of the provinces of Shaanxi and Gansu on May 12, 2008, leaving more than 87,000 dead or missing and the property loss valued at, in official estimates, more than 800 billion yuan (117 billion U.S. dollars).     Mentioning global aid to China's quake relief, Hu said, "On behalf of the Chinese government and people, I express, once again, heartfelt thanks to foreign leaders, governments, political parties, social institutions and embassies in China for their deep care and support to quake relief and reconstruction."     He also thanked United Nations organizations and other international institutions and foreign friendly personages for their care and support

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BEIJING, May 23 (Xinhua) -- China unveiled Saturday credit rating standards for the sovereignty entity of a central government, the first sovereign credit rating standards in China, aiming broader participation in global credit rating.     The standards were announced by Dagong Global Credit Rating Co., Ltd, one of the first domestic rating agencies in China.     The sovereign credit rating standards would be able to evaluate the willingness and ability of a central government to repay its commercial financial debts as stipulated in contracts, said the company.     The rating results could reflect the relative possibility of a central government to default as a debtor, and the rating is based on the country's overall credit value, according to Dagong.     Elements of credit risks will include the country's political environment, economic power, fiscal status, foreign debt and liquidity, said the company, adding that it judges the credit of a sovereign entity on the basis of a comprehensive evaluation of its fiscal strength and foreign reserves.     Compared with other rating agencies, Dagong pays more attention to the different economic stage of each country, and examines the features of its credit risks in a holistic and systematic view, according to Dagong.     Jiang Yong, director of the Center for Economic Security Studies under the China Institutes of Contemporary International Relations, said the financial crisis exposed a risk of the international society relying solely on the credit rating institutions of a single country, which is the largest risk of the world economy.     Luo Ping, head of the training center under China Banking Regulatory Commission, said the launch of the sovereign credit rating standards would help improve the transparency of credit rating information, and would strengthen China's position in the international financial arena.

SHANGHAI, June 6 (Xinhua) -- Commercial Aircraft Corporation of China Ltd. (COMAC) unveiled its manufacturing and assembling center here Saturday, the latest step towards the goal to manufacture China's homegrown large aircraft.     The Final Assembly Center of the COMAC was based on the Shanghai Aircraft Manufacturing Co., with a registered capital of two billion yuan (292.7 million U.S. dollars), said COMAC's general manager Jin Zhuanglong. People attend the inauguration ceremony of the Final Assembly Center of the Commercial Aircraft Corporation of China, Ltd (COMAC) in Shanghai, east China, June 6, 2009. It was one of the COMAC's three key entities which were responsible for aircraft design, manufacturing and service.     Jin said the Final Assembly Center's new base in Shanghai's Pudong area will be constructed within this year.     By 2010, the center will be able to produce 30 ARJ21-700 model planes a year, and the capacity will be expanded to 50 jets by 2012, Jin said. People attend the inauguration ceremony of the Final Assembly Center of the Commercial Aircraft Corporation of China, Ltd (COMAC) in Shanghai, east China, June 6, 2009. The ARJ21, an acronym for "Advanced Regional Jet for the 21st Century," is the first regional jet that China has fully developed independently, in accordance with the standards set by General Administration of Civil Aviation of China (GACAC), Federal Aviation Administration (FAA) and Joint Aviation Authorities (JAA).     The Shanghai-headquartered COMAC has launched its design and research center, based on the Shanghai Aircraft Design and Research Institute, and a customer service center.     The latter provides aircraft maintenance and repair, pilot training, aviation equipment and materials leasing and consulting for aviation technologies for both large planes and regional aircraft. An ARJ21 (Advanced Regional Jet for the 21st Century) plane is assembled at Shanghai Aircraft Manufacturing Co., Ltd in Shanghai, east China, June 6, 2009