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BEIJING, Oct. 13 (Xinhua) -- Over 500 participants of Asian and European Non-Governmental Organizations (NGOs) gathered here on Monday for a three-day forum to discuss issues covering social and ecological justice.     Addressing the opening ceremony of the seventh Asia and Europe People's Forum (AEPF), Chinese Foreign Minister Yang Jiechi believed the forum participants would follow the principle of equality and mutual respect, fully exchange views on subjects related to the theme of the meeting, seek common ground while putting aside differences, increase consensus, make constructive contributions and work together to make the event productive. The photo shows ageneral view of the opening ceremony of the 7th Asia-Europe Peopl's Forum in Beijing, capital of China, on Oct. 13, 2008. More than 500 non-governmental delegates from Europe and Asia participate in the forum that aims to promote social justice and enviromental protections.Its theme, "For social and ecological justice," covers a range of issues, including the Millennium Development Goals, climate change and ecological justice, social security in Asia and Europe, women's participation in political affairs, rights of the disabled and counter terrorism, all of which are common challenges confronting countries in Asia and Europe.     "I hope the participants will conduct in-depth discussions on these issues in a pragmatic manner and come up with practical and feasible suggestions that will serve as important policy reference for the upcoming Seventh Asia-Europe Meeting (ASEM)," Yang noted.     Asian and European leaders from more than 40 countries will gather in Beijing on Oct. 24 for the two-day ASEM Summit under the theme of "Vision and action towards a win-win solution."     "The Chinese side attaches great importance to the summit and is making active preparations for it," Yang said. Chinese Foreign Minister Yang Jiechi speaks during the opening ceremony of the 7th Asia-Europe Peopl's Forum in Beijing, capital of China, on Oct. 13, 2008. More than 500 non-governmental delegates from Europe and Asia participate in the forum that aims to promote social justice and enviromental protections.    "We hope the summit will help increase mutual understanding and trust and enhance multilateralism through extensive and in-depth political dialogue between Asia and Europe, advance globalization for mutual benefit and a win-win outcome, promote sustainable development and social harmony," he noted.     The ASEM Summit would produce fruitful results and contribute to the peace and development of the world and the well being of the people of both Asia and Europe, Yang said.     The forum, since its inception, had done much in promoting sustainable environmental, social and economic development, protecting the economic, social, cultural, civil and political rights of the people in Asia and Europe, and facilitating the participation of various sectors of society in the ASEM process, according to Yang.     The forum had put forward many good proposals that have attracted the close attention of ASEM, and contributed its share to Asia-Europe cooperation, Yang said.     "The Chinese government supports social organizations in China in their effort to fully participate in the activities of this forum, express the aspiration of China's social organizations, offer good opinions and suggestions and make constructive contribution to greater mutual understanding and friendship among people in Asia and Europe, closer solidarity and cooperation between Asia and Europe and in-depth growth of a new type of comprehensive partnership between the two regions."     The government would continue to give vigorous support to Chinese social organizations in conducting closer exchanges and cooperation with their counterparts from across the world and to facilitate their participation in international exchanges so they can play an even greater role in promoting mutual understanding and friendship between Chinese and people of other countries and in the building of a harmonious world, Yang noted.     He believed the forum would "play a positive role in promoting people-to-people exchanges and cooperation between Asia and Europe and in pushing forward the ASEM process." In addition, the forum would also make a unique contribution to maintaining world peace, stability and prosperity and promoting human progress and development, he said.     Zhang Zhijun, president of the China NGO Network for International Exchanges (CNIE), said the forum was faced with good opportunities at the present time when Asia and Europe enjoyed increasing cooperation.     The forum should continue to exert its own characteristics to strengthen understanding between Asian and European peoples, Zhang said.     He said the forum was a platform for exchanging experiences and ideas, for seeking solutions to some difficult issues, and for enhancing the healthy growth of Asian-European cooperation.     Zhang, on behalf of the organizing committee of the AEPF, expressed his gratitude for the Chinese government's support to the forum.

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BEIJING, April 13 (Xinhua) -- Chinese companies will no longer need the central bank's approval when issuing short-term bonds on the inter-bank market amidst government efforts to boost direct financing and reduce bank loan risks.     The People's Bank of China (PBOC) announced non-financial companies could issue bonds with maturities of less than one year on the inter-bank market without its approval from April 15.     Instead, they would only need to register at the National Association of Financial Market Institutional Investors set up in September, the PBOC said in a statement issued late on Saturday.     It said other negotiable notes "with a certain maturity" issued by non-financial companies on the inter-bank bond market wouldn't need administrative examination and approval, either. Nor would future innovative financing tools on the market.     China has vowed to develop its capital market and broaden direct financing channels to curb enterprises' heavy reliance on bank credit.     "China's financial structure has long been unbalanced, with its direct financing underdeveloped," said the statement. "Enterprises rely on bank loans too much, bringing them fairly large hidden risks."     To boost innovation in debt offering and raise the share of direct financing could mobilize the transfer of deposits to investment and decrease credit risks of the banking system, it said.     China allowed companies to offer short-term bonds to qualified institutional investors on the inter-bank market in May 2005.     From then to the end of 2007, 316 companies issued 769.3 billion yuan (about 109.9 billion U.S. dollars) of short-term bonds, with 320.3 billion yuan of outstanding debts, statistics showed.     In comparison, short-term loans to non-financial companies and other institutions surged 1.25 trillion yuan in 2007, while middle- and long-term loans jumped 1.65 trillion yuan.

Jia Qinglin (R), chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), arrives in Ljubljana, Slovenia, May 10, 2008. Slovenia is the third leg of Jia's current four-nation Europe tour. (Xinhua/Rao Aimin)    LJUBLJANA, May 10  -- China's top political advisor Jia Qinglin arrived in Ljubljana Saturday for an official goodwill visit to Slovenia.     During his visit to Slovenia, Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), will meet with Slovenian President Danilo Turk, Prime Minister Janez Jansa and representatives from all walks of life in Slovenian society.     Slovenia is the third leg of Jia's current four-nation Europe tour, which has already taken him to Romania and Hungary, and which will also take him to Croatia.     In a written speech delivered at the airport, Jia said that the people of China and Slovenia cherish good feelings to each other though the two countries are far apart. Since the two countries established diplomatic relations in 1992, they have maintained regular exchange of visits by high-level officials and achieved rich results in cooperation in such fields as trade, economy and culture.     Jia expressed the belief that his visit to Slovenia will contribute to further enhancing understanding and friendship between the two peoples and push forward mutually beneficial cooperation between the two countries in all fields.Jia Qinglin (2nd R), chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), arrives in Ljubljana, Slovenia, May 10, 2008. Slovenia is the third leg of Jia's current four-nation Europe tour.

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BEIJING, July 23 (Xinhua) -- Chinese President Hu Jintao on Wednesday paid a morale-boosting visit to domestic athletes busy training for the upcoming Olympic Games, saying he was looking forward to their good performances.     With 16 days to go until the Games opening ceremony, Hu, accompanied by Vice President Xi Jinping, went to the stadiums of the Training Bureau of the General Administration of Sport in southern Beijing in the morning. He watched training programs of athletes in gymnastics artistic, synchronized swimming, table tennis, weightlifting, basketball and volleyball. Chinese President Hu Jintao talks with one of the gymnasts at the gymnastics stadium on Wedneday. He paid a morale-boosting visit to domestic athletes busy training for the upcoming Olympic Games, saying he was looking forward to their good performances."Your moves are clear-cut and very elegant. I wish you success at the Games," he told 16-year-old He Kexin after she performed a set of routines with perfect technique on the uneven bars at the gymnastics stadium. The teenager won two World Cup titles earlier this year.     Hu expressed his hope that the gymnasts and coaches would train hard with high efficiency to improve their competition skills.     "Keep a cool state of mind and achieve outstanding results at the Games," he told them.     The training bureau boasts 15 stadiums where athletic teams in 11 events from 14 countries were training for the Games.     At the basketball stadium, the president was attracted by the swift moves by the players of the men's national basketball team. He voiced concerns for star player Yao Ming who suffered a foot injury in February.     "The whole nation is very concerned about your foot. How is it going now?" Hu asked the star center with the Houston Rockets.     "It's okay," Yao replied. The NBA star played his second match after coming back from injury on Saturday in the eastern city of Hangzhou, scoring 16 points and seven rebounds in 20 minutes against Angola.     Hu told Yao he needed to be more careful in future training and matches.     He expressed high hopes for the men's national basketball team, which also includes NBA stars Wang Zhizhi and Yi Jianlian.     "We Chinese people pay lots of attention to basketball and expect your superb performance in matches. I hope you can show your best at the Games," Hu told them.     At the swimming stadium, Hu watched the performance of synchronized swimmers and extended gratitude to head coach Masayo Imura from Japan.     "We are here today to give a boost to your spirits," Hu told the swimmers. "We are happy to learn that you have improved rapidly under the guidance of head coach Masayo Imura. I propose that we give a big applause to her to express our sincere thanks."     The 58-year-old coach, dubbed the "godmother" of Japanese synchronized swimming, started coaching her country's synchronized swim team in 1978. She helped her swimmers to eight Olympic medals over the past 30 years.     Imura started coaching in China after the 2006 Doha Asian Games in which China dethroned long-time Asian champion Japan in both the duet and team competitions.     Last month, she reiterated her hopes for medals at the Beijing Olympics, saying Chinese swimmers would help present a modern and dynamic China with their performance.     Hu praised Imura for her coaching and role in promoting sports exchanges and friendship between China and Japan.     "I believe that China's synchronized swimming team will give an outstanding performance at the Games under the guidance of Ms. Masayo Imura."     Imura pledged she would do her utmost to lead China's team to achieve good results.     At the table tennis stadium, Hu urged on the players from a sport that China has dominated, winning 16 Olympic gold medals over the years. On the team are such top players as Wang Nan and Zhang Yining.     "I hope you can have more exchanges with athletes from other countries and regions to work together for boosting the development of table tennis in the world," he said.     "I'm looking forward to your good news."     Hu also visited the weightlifting athletes and women's volleyball players.     Athens Games weightlifting gold medal winner Chen Yanqing told the president "Just watch me at the Games!" While Feng Kun, captain of the national women's volleyball team, told Hu: "We will repay the motherland and the people with the best results."     Chinese athletes have qualified to compete in all 262 events within the 28 Olympic sports, marking the first time that the country's athletes are represented across the board at an Olympics. The Chinese national delegation at the Beijing Games will also be the largest in the country's Olympic history.     At the training venues on Wednesday, Hu also visited the athletes' dining hall and rehabilitation center, urging the cooks to continue to prepare delicious meals and the doctors to provide thoughtful services.     He also voiced strong support for anti-doping.     "Anti-doping is a precondition for hosting a successful Games," he said after signing his name on a scroll for anti-doping. "As the host nation, China is obliged to set a good example in this regard."     "We must ensure the Chinese delegation attend the Games cleanly and make positive contributions to safeguard the purity of the Olympics."     Apart from boosting morale of the country's athletes, the president had shown concerns for the preparatory work at Olympic venues.     During a visit to the eastern city of Qingdao on Sunday, the venue of the Olympic sailing event, Hu highly praised the use of renewable energy and environment-friendly material in the buildings of the Qingdao Olympic Sailing Center. He urged the center staff to make greater efforts for the preparations.     Starting in mid-June, the coast of Qingdao was coated with a vast algae coming from the Yellow Sea. A bright green covering of algae smothered beaches and extended out several hundred meters. It once covered 32 percent of the sailing venue at the peak of the outbreak.     Hu expressed satisfaction with the efforts Qingdao had made to clean the seawater and make it qualified for the sailing event, and urged local authorities to continue to keep alert.     He also encouraged Chinese athletes to achieve good results and voiced sincere welcome for foreign athletes.     "The Chinese people are showing their warm welcome to athletes from all over the world. We will do our best to provide good service for you," he told some foreign athletes who were training at the center.

BEIJING, July 21 (Xinhua) -- Chinese Vice President Xi Jinping called for a high-level Beijing Olympics by providing a secure environment, good media services and strict anti-doping work for the Games.     The preparatory work for next month's Olympics were effective, and the preparation for security, media services and doping inspection had achieved a first-class level worldwide, Xi said here on Monday when touring the Games' command center and several of the venues.     Xi, also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, thought highly of the Beijing security work, saying the capital had laid a good foundation for the safety work.     He praised the human-orientated facilities and equipment in the media village. Chinese Vice President Xi Jinping (C) shakes hands with a drug supervisor for the Olympic Games, in Beijing, capital of China, July 21, 2008. Xi inspected the security work, medias operation and drug supervision for the upcoming Olympic Games Monday.    When visiting the new International Broadcast Center (IBC), he encouraged all the reporters present to spread the happiness of watching Olympics to the global audience of billions.     Afterwards, Xi held court at the Beijing Olympic Sports Center, stressing to further detail the security and emergency plans to achieve a more strict control over safety issues.     He told Chinese journalists to provide more professional work for the global audience.     He also called for "zero tolerance" on doping, stressing a clean and fair environment for all participating athletes.

TAIYUAN, Oct. 2 (Xinhua) -- Vice Premier Zhang Dejiang underscored the scientific outlook on development and production safety during an inspection tour to northern Shanxi Province on Wednesday and Thursday.     Zhang visited the site of the Sept. 8 landslide in Xiangfen County on Thursday morning, where an unlicensed iron ore tailings pond burst and killed at least 262 people.     "The September 8 landslide was a very serious production safety incident, causing great losses, having a bad impact and leaving a deep lesson," he said.     The vice premier said a thorough investigation into the cause of the incident should be conducted and that those responsible for it should be punished seriously in accordance with law.     A lesson should be drawn from the incident and people should be put first, he stressed, adding that more efforts should be exerted to crack down on unlicensed production and corruption behind production safety incidents.     He also demanded local authorities have a scientific outlook on development.     Production safety should be strengthened through more investment, scientific and technological progress and better management, the vice premier said.

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NEW DELHI, Sept. 9 (Xinhua) -- China-India relationship stands at a new starting point, the two should view and approach relations from a strategic and long-term perspective and keep moving forward their partnership to benefit the two countries and peoples, visiting Chinese Foreign Minister Yang Jiechi said here Tuesday.     He made the remarks in his speech titled "For Peace and Friendship, Win-Win Cooperation and Common Development" at a meeting held by the Indian Council of World Affairs and the Institute of Chinese Studies. Chinese Foreign Minister Yang Jiechi delivers a speech titled "For Peace and Friendship, Win-Win Cooperation and Common Development" at a meeting held by the Indian Council of World Affairs and the Institute of Chinese Studies in New Delhi, India, Sept. 9, 2008Yang said China and India are the two biggest developing countries in the world. He quoted Chinese President Hu Jintao as saying that China-India friendship not only serves the interest of both countries but also benefits Asia and the world at large.     He said there is no conflict of fundamental interests between China and India. "What we have are broad common interests. We are partners, not rivals. There is a lot that we can do together to further our friendship and cooperation. We should view and approach our relations from a strategic and long-term perspective and keep moving forward our partnership in the new century to the benefit of our two countries and peoples."     To this end, he proposed that efforts are needed to be step up in the five areas between the two countries: increase exchanges and enhance strategic mutual trust, boost economic cooperation and trade for win-win progress, expand people-to-people and cultural exchanges, strengthen cooperation in multilateral for a to uphold common interests, address each other's concerns and properly handle differences.     "Today, our relations stand at a new starting point. Without friendly relations and mutually beneficial cooperation between China and India, there would be no development and prosperity of our respective countries, no harmony and rejuvenation of Asia, and no peace and progress of the world," he said.     Yang arrived in India last Sunday. He attended the inauguration ceremony of China's consulate-general in Kolkata, the capital of West Bengal, met and reached agreement with the West Bengal's Governor and Chief Minister on ways to deepen friendly and multi-faceted cooperation between China and West Bengal.     He called upon Indian Prime Minister Manmohan Singh and held talks with Indian External Affairs Minister Pranab Mukherjee in Delhi Monday. The two sides had an in-depth exchange of views and reached broad agreement on ways to further implement the common understanding reached by leaders of both countries and deepen the China-India strategic and cooperative partnership as well as issues of mutual interest.

TOKYO, May 7 (Xinhua) -- Chinese President Hu Jintao and Japanese Prime Minister Yasuo Fukuda signed here Wednesday a six-point Sino-Japanese joint statement on all-round promotion of their strategic and mutually beneficial relations.     BILATERAL RELATIONS     Both sides agree that the Sino-Japanese relationship is one of the most important bilateral ties for both countries. China and Japan have great influence and shoulder solemn responsibilities for peace, stability and development in the Asia-Pacific region and the world at large.     Long-term peaceful and friendly cooperation is the only choice of the two countries. Both sides are dedicated to promoting a strategic and mutually beneficial relationship in an all-round way to realize the lofty goal of peaceful coexistence, friendship from generation to generation, mutually beneficial cooperation and common development. Chinese President Hu Jintao (L) shakes hands with Japanese Prime Minister Yasuo Fukuda after they signed a joint statement in Tokyo, capital of Japan, May 7, 2008. Visiting Chinese President Hu Jintao and Japanese Prime Minister Yasuo Fukuda signed the Sino-Japanese joint statement on advancing strategic and mutually beneficial relations on May 7.    POLITICAL BASIS FOR STABLE DEVELOPMENT OF RELATIONS     Both sides reiterate that the China-Japan Joint Statement issued on Sept. 29, 1972, the China-Japan Treaty of Peace and Friendship signed on Aug. 12, 1978, and the China-Japan Joint Declaration released on Nov. 26, 1998 constitute the political basis for the stable development of Sino-Japanese relations and the opening up of a bright future.     The two sides reaffirm their continuous adherence to the consensus reached in joint press communiques between Oct. 8, 2006 and April 11, 2007 and their commitment for the comprehensive implementation of the consensus.     NEW SITUATION OF SINO-JAPANESE RELATIONS     The two sides agree to face history squarely, look forward to the future and make continuous joint effort to open up new prospect in their strategic mutually beneficial relations. The two sides will continue to build up mutual understanding and trust, expand mutually beneficial cooperation, and make sure that the future development of Sino-Japanese relations conforms with the trend of the world's development, and jointly create a bright future for Asia-Pacific region and the world at large.     COOPERATIVE PARTNERSHIP     The two countries reaffirm that they are cooperation partners, with neither side posing threat to the other. Both countries reiterate that they will support each other in its peaceful development and both are convinced that China and Japan, with both countries committed to peace and development, will bring enormous opportunities and benefits to Asia and the world.     Japan highly evaluates China's development since its reforms and opening-up and its commitment to contribute to building a world of lasting peace and common prosperity. While China speaks highly of Japan's adherence to the path of a peaceful country in the past six decades and more since World War II and its contribution, through peaceful means, to world peace and stability.     Both sides agree to strengthen dialogue and communication on the U.N. reform and seek more consensus. China values Japan's status and role in the United Nations and is willing to see Japan play a bigger and more constructive role in international affairs.     ISSUE OF TAIWAN     Japan reiterates adherence to its stance declared in the Japanese-Sino Joint Statement on the Taiwan issue.     ALL-AROUND COOPERATION     Both sides agree to a mechanism for high-level regular visits between leaders of the two nations, strengthen communication and dialogue between the governments, parliaments and political parties of the two countries, enhance exchange of views on bilateral ties, domestic and foreign policies, and the world situation. The two sides will also increase the exchange of high-level visits in the security sector to promote mutual understanding and trust.     The two sides pledge to expand the exchanges of media, sister cities, sports and civilian groups between the two countries, and consistently promote exchanges of youngsters in a bid to enhance mutual understanding between the two peoples.     Both sides decide to strengthen mutually beneficial cooperation in various fields, including energy, environment, trade, investment, information and communication technology, finance, food and product safety, protection of intellectual property rightand business environment.     They are also keen on the development of bilateral cooperation in farming, forestry, fishery, transportation, tourism, water resources, medical care and others sectors.     Japan and China will make an effective use of the summit economic talks between the two countries proceeding from a strategic perspective.     The two nations also pledge to work together and make the East China Sea a sea of peace, cooperation and friendship.     The two sides agree that China and Japan, as two important countries in the Asia-Pacific region, will keep close communication over regional affairs and strengthen coordination and cooperation.     The two sides decide to jointly safeguard peace and stability in Northeast Asia and facilitate the process of six party-talks.     The two sides agree that the normalization of relations between Japan and the Democratic People's Republic of Korea is of great significance for peace and stability in Northeast Asia. China welcomes and supports the two countries efforts to resolve relevant issues and realize normalization of their bilateral ties.     The two sides agree to promote regional cooperation in East Asia and contribute to building a peaceful, prosperous, stable and open Asia in line with the principle of opening-up, transparency and tolerance.     Noting that they bear greater responsibilities for world peace and development in the 21st century, the two countries are ready to enhance coordination over important international issues in a joint effort to build a world of lasting peace and common prosperity.     The two sides decide to cooperate in coping with climate change after 2012 within the framework of the United Nations Framework Convention on Climate Change and in line with the principle of "common but differentiated responsibilities and respective capabilities" and the Bali Roadmap.

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BEIJING, Aug. 20 (Xinhua) -- Chinese President Hu Jintao on Wednesday paid a morale-boosting visit to the country's Paralympic athletes, urging them to "strive to become strong and fight for the best."     With 16 days to go until the opening ceremony in Beijing, Hu, accompanied by Vice President Xi Jinping, went to the training center for Paralympic athletes in a northeastern suburb of the capital in the morning. Chinese President Hu Jintao shakes hands with an athlete at the training center for Paralympic athletes in Beijing, China, Aug. 20, 2008.More than 300 Chinese athletes competing in the Sept. 6-17 Games were busy training at the center, the country's first national-level training facility for disabled athletes.     The 547-member China delegation, the largest in history, will participate in all 20 events during the upcoming Paralympics.     Hu watched the training of the athletes in track and field, football, swimming and wheelchair basketball.     He cheered on Li Duan who had lost his sight 12 years ago in an accident, as he practiced long jump under the guidance of his coach. Li won two gold medals at the 2004 Athens Paralympics. Chinese President Hu Jintao cheers on swimmers at the training center for Paralympic athletes in Beijing, China, Aug. 20, 2008 "I heard you used to play basketball and switched to long jump after an accident. It must have not been easy for you." Hu said while holding the blind man's hands.     "A soldier could be injured, but he remained a soldier. An armyman could fall down, but his will was unbeatable," Li, a soldier in service, responded in high spirit. He said he would fight for better performances at the Beijing Games.     Hu also shook hands with other track and field athletes, and looked over the artificial limbs and racing wheelchairs they used.     "I was here to cheer for you before the opening of the Games, and I was moved to see all of you striving to become stronger and training very hard." He wished them all good luck during the Games. Chinese President Hu Jintao holds a football after writing "striving to become strong and fighting for the best" on it at the training center for Paralympic athletes in Beijing, China, Aug. 20, 2008. Hu also watched football players afflicted with cerebral palsy in training. They were the first-such group from China to represent the country in the Paralympics.     He wrote on a football "striving to become strong and fighting for the best," after the 12 athletes gave the president a football with their own signatures.     He said he hoped they would not only fight in the upcoming competition, but also in their daily lives.     At the swimming stadium, Hu said he believed the athletes would fully demonstrate their abilities and bring some glory for the country. Chinese swimmers had performed well in previous events. Chinese President Hu Jintao shakes hands with wheelchair basketball players at the training center for Paralympic athletes in Beijing, China, Aug. 20, 2008Hu opened a game for wheelchair basketball players, and applauded the frequent baskets by the athletes. He urged players to put participation before winning and enjoy the fun of the Games.     Hu also visited a downtown community home for the disabled after he left the training center to find out about the community services provided for the ordinary handicapped population in the capital. Chinese President Hu Jintao shakes hands with a disabled man who is playing chess in Shichahai community home for the disabled in Beijing, China, Aug. 20, 2008. At the special home set in a courtyard, he chatted with the disabled who were painting, writing, surfing on the Internet, playing Chinese chess or receiving recovery exercises.     He also joined some mentally-challenged people who were learning to make pizzas and dumplings, and another 20 handicapped making handicrafts such as bracelets and cloth paintings.     "The country will take more measures and make more efforts to improve the living conditions to let all the handicapped have a happy life in their mother country," Hu pledged.

BEIJING, Oct. 4 (Xinhua) -- The ongoing global financial turbulence will have a limited impact on China's banks and financial system in the short run, according to officials and experts.     "We feel China's financial system and its banks are, to the chaos developed in the U.S. and other parts of the world, relatively shielded from those problems," said senior economist Louis Kuijs at the World Bank Beijing Office.     He told Xinhua one reason was that Chinese banks were less involved in the highly sophisticated financial transactions and products.     "They were lucky not to be so-called developed, because this (financial crisis) is very much a developed market crisis." Farmers harvest rice in 850 farm in Northeast China's Heilongjiang Province on Sept. 26, 2008.    A few Chinese lenders were subject to losses from investing in foreign assets involved in the Wall Street crisis, but the scope and scale were small and the banks had been prepared for possible risks, Liu Fushou, deputy director of the Banking Supervision Department I of the China Banking Regulatory Commission, told China Central Television (CCTV).     Chinese banks had only invested 3.7 percent of their total wealth in overseas assets that were prone to international tumult, CCTV reported. The ratio of provisions to possible losses had exceeded 110 percent at large, state owned listed lenders, 120 percent at joint stock commercial banks and 200 percent at foreign banks.     Kuijs noted most of the banks resided in China where capital control made it more difficult to move money in and out. Besides, the country's large foreign reserves prevented the financial system from a lack of liquidity, which was troubling the strained international markets.     "At times like this, one cannot rule out anything," he said. "But still we believe the economic development and economic fundamentals in China are such that it's not easy to foresee a significant direct impact on the financial system."     However, he expected an impact on China's banks coming via the country's real economy, as exports, investment and plans of companies would be affected by the troubled world economy and in turn increase pressure on bad loans.     Wang Xiaoguang, a Beijing-based macro-economist, said the growing risks on global markets would render a negative effect on China in the short term but provided an opportunity for the country to fuel its growth more on domestic demand than on external needs.     He urged while China, the world's fastest expanding economy, should be more cautious of fully opening up its capital account, the government should continue its market reforms on the domestic financial industry without being intimidated.     Chinese banks had strengthened the management of their investments in overseas liquid assets and taken a more prudent strategy in foreign currency-denominated investment products since the U.S.-born financial crisis broke out, CCTV reported.

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