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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.

BEIJING, Jan. 22 (Xinhua) -- Xinhua News Agency published an article by Hao Shiyuan, an academician of the Chinese Academy of Social Sciences (CASS), on Thursday, to hail that the Democratic Reform is historic stride for social system in Tibet.     Hao, who is also director of the CASS center for the study of Tibetan history and culture, has contributed the article to the Beijing-based Guangming Daily as part of the newspaper's serial articles to mark the establishment of the "Serfs Emancipation Day" by the Tibetan legislature on Monday.     Before the launching in 1959 of the Democratic Reform in Tibet, the highland area was under a hierarchical rule by monks and aristocrats, says the article, citing a book by Edmund Candler, an India-based correspondent of the British newspaper "Daily Mail", who entered Tibet with British army in 1905.     According to the British reporter's "The Unveiling Lhasa", Tibet was then under a feudalist serfdom, where peasants were slaves of lamas. He even compared the Potala Palace, the residence of Tibetan Buddhist leaders, with the bloodiest medieval castles in Europe in the Middle Ages.     The British journalist was so surprised at what he saw in Tibet that he depicted the Tibetan serfdom as unprecedentedly stubborn and dark.     The Communist Party of China (CPC), which represents the fundamental interests of the Chinese of different ethnic groups, is the only power which can lead the one million Tibetan serfs to end the hierarchical serfdom in Tibet, says Hao.     In 1951, the central government signed a 17-article Agreement with the local government of Tibet, which marks the peaceful liberation of Tibet.     In 1954, late Chinese leader Chairman Mao Zedong told the ** Lama, who was then a vice chairman of the Standing Committee of the National People's Congress (NPC), the top legislature, that the central government was not eager to implement the Democratic Reform in Tibet, though the reform had been underway in other minority areas.     "It needs the consent of the Tibetan people and the will of the Han people must not be forcibly given to the Tibetan people," said Mao, who indicated that the central government was patient enough on the issue of Democratic Reform in Tibet, though "some Han officials might be" eager to carry out the reform.     The scholar explains that "some Han officials", who were not as patient as the central government, came to the idea to start the reform at an early time, because they witnessed that the Tibetan people were increasingly eager to end the serfdom, under which, the Tibetan serfs were living in an abyss of suffering.     Between 1952-58, the local government of Tibet had a financial income of 392.9 million yuan (about 52 million U.S. dollars), but 357.17 million yuan, or 91 percent, came from the central government. Meanwhile, the central government had invested a lot of money to build highways in Tibet. By 1957, the length of Tibetan highways topped 6,000 kilometers.     Under serfdom, however, Tibetan serfs could not enjoy the economic achievements in Tibet, which were made with the financial assistance by the central government, the article says.     The Buddhist monks, aristocrats and the local government were frightened by the bulging demand of the Tibetan people for carrying out the reform.     In 1955, a preparatory committee of the Tibet Autonomous Region was set up, with the ** Lama as the chairman and the Banqen Lama as a vice chairman. In the same year, some Tibetan aristocrats began plotting for armed rebellions.     Beginning in 1957, some Tibetan people were organized to lay siege to government organizations, kill government staff workers, and hold armed rebellions. In 1958, a large number of rebellious armed forces were set up in Tibet.     On Mar. 10, 1959, an all-around armed rebellion was launched by the local government of Tibet and the stubborn upper-class forces, and the ** Lama went into exile, in betrayal of the nation and the Tibetan people.     The Tibetan hierarchical ruling forces headed by the ** Lama held the 1959 armed rebellion - an attempt to safeguard the feudalist serfdom and their fundamental interests, oppose all kinds of changes in Tibet, and seek for "Tibetan independence", according to the article.     On Mar. 28, the central government dissolved the local government of Tibet and replaced it with the preparatory committee, while launching the Democratic Reform, which allowed the Tibetan people to step in the process of a modern social development. Since then, a series of reform policies and measures had been issued to abolish the old system and set up a new system.     In 1961, the Democratic Reform was initially completed as the 1million emancipated Tibetan serfs became the master of Tibet and people's governments were set up across the autonomous region.     Thanks to the support of the central government, the Tibetan economy had achieved a big progress. As of 1965, the grain output in Tibet reached 290 million kilograms, an 88.6 percent increase over 1958, while the number of the livestock stood at over 18 million, an increase of 54.1 percent comparing with that of 1958.     On Sept. 1, 1965, the Tibet Autonomous Region was established, which marks the beginning of a socialist drive in Tibet, a historic stride for social system in Tibet, the article says.

BEIJING, Jan. 15 (Xinhua) -- Chinese President Hu Jintao has ordered the Ministry of Railways (MOR) to "brainstorm for measures" to help travelers over the annual Spring Festival travel peak.     The ministry's website on Thursday reported a message from Hu, saying, "This year's Spring festival is facing a tougher supply-demand imbalance and the ministry has to brainstorm for measures to promote passenger convenience and open the measures to public. The ministry has to ensure a smooth and safe transportation during the peak season." Passengers head for their trains at the Beijing West Railway Station in Beijing Jan. 15, 2009. China's annual Spring Festival pessenger rush is getting started these days as the Spring Festival comes close    Senior officials Zhou Yongkang and Zhang Dejiang have also urged the ministry to investigate ticket shortage problems and take actions to guarantee tickets.     In response to the instructions, Vice Minister of Railways Wang Zhiguo said the ministry had ordered to suspend cargo services to allow more passenger trains in the busiest southern and eastern regions. Short-distance passenger trains would be suspended for more long-distance trains. Hard sleepers would be changed to seats.     The ministry will also transfer passenger trains serving northeast and northwest areas to south and east China and improve schedules of temporary trains, especially those for students and migrant workers.     Meanwhile, tickets will be sold only in the railway ticket sales network, except for group tickets for students and migrant workers. Hotels, restaurants and travel agencies are ordered to halt ticket booking services, and major stations will adopt 24-hour sales.     Stations have to set up counters for students and send staff to sell tickets in schools and places where migrant workers gather.     Sales staff are prohibited from buying tickets for others, from carrying cash and mobile phones during work hours, from keeping personal belongings on the sales desk.     Wang also apologized to passengers who had reacted angrily to a video posted online, which showed a sales lady in Beijing Railway Station printing 130 tickets for trains running to cities in the northeast.     Passengers had accused the station of scalping tickets. People queue up to buy train tickets at the Beijing West Railway Station in Beijing Jan. 15, 2009. China's annual Spring Festival pessenger rush is getting started these days as the Spring Festival comes close.     "On behalf of the ministry, I have to apologize to passengers for their unpleasant feelings and misunderstandings the incident has caused," Wang said. "The action was immediately investigated and turned out it was part of advance preparations to save time for passengers. There was no rumored collusion between railway staff and ticket scalpers."     He said the ministry pledged to crack down on scalpers and exert strict supervision on booking systems, including sales outlets and online booking.     Last December a nationwide campaign was launched to tackle ticket counterfeiting and scalping. As of Thursday, the authorities had detained 2,393 people in 2,009 scalping investigations and seized 78,237 tickets, of which 60,000 were counterfeit.     MOR spokesman Wang Yongping said insufficient transport capacity resulted in the short supply and scalpers made it worse.     Almost 188 million people are expected to travel by train in the holiday season, up 8 percent or 13.73 million from last year. The daily rail traffic will grow by 340,000 people to a record average high of 4.7 million.     From Jan. 1 to 10, the number of passengers leaving Beijing increased 29.4 percent year on year. The figure for Shanghai was 22.7 percent and Guangzhou 25.8 percent.     The Spring Festival rush started on Jan. 11. The first four days saw 18.15 million travelers nationwide, 4.538 million a day, up 8.5 percent from a year earlier.     Wang said the ministry had arranged a record 2,208 temporary trains, 253 more than the same period last year, and more were yet to come into service, but the supply was still far from enough, he added.     Wang Zhiguo said the ministry would start construction on up to 30,000 kilometers of new lines with investment of more than 2 trillion yuan (292.5 billion U.S. dollars) in two years.     Operational railways would stretch 110,000 kilometers by 2012 when the difficulty of obtaining a ticket would be much eased, he added. People queue up to buy tickets at the Changsha Railway Station in Changsha, capital of central-south China's Hunan Province, Jan. 8, 2009. The Spring Festival travel period, known as Chunyun in Chinese, began to see its passenger peak in Changsha as the college students and migrant workers started to return home.

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BEIJING, Jan. 6 (Xinhua) -- Chinese Vice President Xi Jinping urged officials with the Communist Party of China (CPC) to play more important roles when dealing with the international financial crisis.     Xi, also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, made the remark during a conference Tuesday.     Xi asked officials to make public promises that they would better implement their duties to Party members and non-party people.     The official also urged Party officials to carry out the central government's policies designed to keep steady economic growth and improve the people's lives using practical measures.

BEIJING, Oct. 31 (Xinhua) -- Chinese shares dropped 1.97 percent on Friday, the month's last trading day.     The benchmark Shanghai Composite Index lost 1.97 percent, or 34.82 points, to close at 1,728.79. The Shenzhen index was down 1.19 percent, or 70.33 points, to close at 5,839.33 points.     The combined turnover was 35.23 billion yuan (5.03 billion U.S.dollars), compared with 49.35 billion yuan on the previous trading day. Losses outnumbered gains by 656 to 199 in Shanghai and 576 to151 in Shenzhen.     Almost all sectors fell except industries related to aircraft making after the Commercial Aircraft Corporation of China Ltd. (CACC) announced Chinese indigenous regional jets would be sold to the United States, analysts said. CACC is not a publicly traded company.     Coal companies suffered the most losses. Kailuan Clean Coal Co.lost 7.21 percent to 10.3 yuan. Taiyuan Coal Gasification Company fell 4.34 percent to 7.50 yuan.     "I don't think the fall was related to recent mine accidents. It was a reflection of diminishing global energy demand," said Alex Xue, analyst with JL McGregor & Company.     The finance sector also dropped by an average of 3 percent. CITIC securities lost 2.46 percent to 17.84 yuan. Bank of Communications fell 4.20 percent to 4.33 yuan.     According to estimates from Friday's China Securities News, third-quarter profits of the country's 1,466 listed companies would fall 10.17 percent from the same period a year ago and 18.41 percent from the previous month to 206.09 billion yuan.     Operating net cash flow fell 51.75 percent to 827.4 billion yuan in the first three quarters. Analysts said rising material costs and weakening demand led to slumping profits.     The country's industrial output value growth slowed to 11.4 percent in September, the lowest rate since April 2002, the National Development and Reform Commission said on Thursday.     Despite the latest rate cut, which was viewed as helpful to stabilizing the stock market, analysts said the market could possibly continue falling. The long-term affects from the rate cut are yet to been seen.

ANKARA, Nov. 27 (Xinhua) -- China attaches importance to its friendship and cooperation with Turkey, said China's top political advisor Jia Qinglin here Thursday.     China will enhance exchanges and mutual trust, consultations and coordination in international and regional affairs, and cooperation in economy, trade, culture, education and tourism with Turkey, said Jia at a meeting with Turkish Prime Minister Recep Tayyip Erdogan.     Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), said the Chinese side is satisfied with the development of bilateral relations and confident in their future friendship and cooperation. China's top political advisor Jia Qinglin(L) shakes hands with Turkish Prime Minister Tayyip Erdogan in Ankara, Nov. 27, 2008.     Jia, who arrived here Wednesday on an official goodwill visit as guest of Speaker of the Turkish Grand National Assembly Koksal Toptan, said to further promote bilateral relations is conducive to their mutual benefit and regional peace, stability and development, and conforms to the fundamental interest of the two sides.     China will work with Turkey to explore new ways and areas for expanding cooperation in economy, trade, project engineering, investment and tourism, said Jia.     He said China encourages Chinese investment in Turkey and welcomes Turkish businesses to China.     Erdogan said bilateral relations have progressed smoothly and there are no problems between the two countries.     Turkey expects to conduct close cooperation with China in international affairs and hopes for more cooperation in jointly fighting the current financial crisis, said the prime minister.     He said he hoped that the two countries will expand cooperation in economy, trade, culture and tourism and he welcomed China's businesses.     In a discussion here Thursday with Chinese business people working in Ankara, Jia encouraged them to work hard to the benefit of the two countries and the two peoples.     Turkey is the second leg of Jia's four-nation visit which has taken him to Jordan and will also take him to Laos and Cambodia.

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LIMA, Nov. 20 (Xinhua) -- Foreign and trade ministers from the 21 member economies of the Asia Pacific Economic Cooperation (APEC) forum on Thursday called for joint efforts to overcome the ongoing global financial crisis and revive the Doha Round trade negotiations.     "APEC economies are committed to implementing all necessary measures to bolster the real economy and boost investment and consumption levels in the region," said a joint statement released by the ministers after a two-day Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting in the Peruvian capital.     "Ensuring a rapid, coordinated and effective response to the current global financial crisis is the highest priority for APEC economies and will be the focus of attention" when APEC leaders meet on the weekend, said the statement.     The APEC ministers met in Peru during the "most difficult set of economic conditions" since APEC was created in 1989, it said.     Peruvian Foreign Minister Jose Garcia Belunde, who chaired the meeting, said the ministers have reaffirmed their opposition to trade and investment barriers.     The ministers have agreed to continue to "strengthen consumption level in the region and expand trade activities," he said.     "We've decided to continue supporting the multilateral trade system, including the World Trade Organization, and to support a conclusion to the Doha trade round," he said.     Australian Trade Minister Simon Crean said the APEC ministers not only have reached an consensus to push forward the Doha talks but also agreed on the direction to conclude it.     Crean called on the APEC leaders to make commitment based on the action plan adopted by the G-20 countries in Washington earlier this month, noting that nine of the APEC members participated in the Washington meeting.     "Commitement at various levels" are required to deal with the financial crisis, he said.     U.S. Trade Minister Susan Schwab said world leaders should learn from the Great Depression in the 1930s and prevent a "prolonged and deepening" crisis from taking place.     Schwab noted that the G-20 nations had made it clear that trade barriers and protectionism will not be an option during the crisis and it is vital to conclude the Doha talks as soon as possible.     The world economies should "use trade in a positive way" to avert the crisis, she said.     "We will do everything we can" to push forward the Doha talks, she added.     Singapore Trade and Industry Minister Lim Hng Kiang said APEC has yet to confront many challenges and the financial crisis is likely to top APEC's agenda next year when Singpore takes over as the chair.     The 20th APEC Ministerial Meeting started on Wednesday to make final preparations for the APEC Leaders' Meeting this weekend.  

BERLIN, Jan. 28 (Xinhua) -- Chinese Premier Wen Jiabao arrived in the German capital Berlin late Wednesday for an official visit to the country.     The premier is scheduled to meet with German Chancellor Angela Merkel and Vice Chancellor Frank-Walter Steinmeier on Thursday to discuss bilateral relations and further cooperation between the two nations amid the global financial downturn.     Upon his arrival, Wen said in a statement that currently Sino-German relations are faced with a sound opportunity of development.     The two nations have maintained frequent high-level contacts, and economic and trade cooperation has been expanding steadily, Wen said.     Both sides also witnessed fruitful dialogues on such fields as science and technology, education, culture, and youth exchanges, he noted.     Bilateral consultation and coordination on international affairs have also been strengthened, he added.     The premier expected his meeting with Merkel would further enhance mutual trust and broaden consensus between the two nations.     Wen also expressed the belief that his visit will further push forward the Sino-German partnership, which bears a global responsibility.     Meanwhile, the premier, on behalf of the Chinese people, extended Chinese lunar new year greetings and good wishes to the German people.     During his two-day visit to Germany, Wen will also attend a forum on Sino-German economic and technical cooperation and deliver a speech.     Germany is the second leg of Wen's European tour after Switzerland, where he attended the annual meeting of the World Economic Forum (WEF). The trip will also take him to the European Union headquarters, Spain and Britain. 

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BEIJING, Dec. 14 (Xinhua) -- Chinese media selected the 10 most popular phrases from the past three decades to mark the official 30th anniversary of China's reform and opening up, which falls on this month.     When China began to reform and open-up 30 years ago, people began experiencing, seeing and doing new things. In fact things were so new, they needed to create new words to describe what was happening.     In order of popularity, starting with number one:     "Go in for business"     In the 1980s when China was starting to transition from a planned economy to a market economy, it had a two-track pricing system (official and market prices) for industrial raw materials, including steel, non-ferrous metals, timber and coal.     Seeing business opportunities within the pricing system, many people, especially government employees and those from state-run factories or institutes, quit their jobs to open their own businesses.     "Going for business" was often used to refer to the phenomena of people breaking away from the constraints of a planned system to embrace the market economy. 　　"Be laid off and get re-employed"     To adapt to the market economy and improve competitiveness of state-owned enterprises (SOEs) in the 1990s, China began restructuring.     "Encouraging mergers, standardizing bankruptcy, laying off and reassigning redundant workers, streamlining for higher efficiency" was a guideline in the SOEs reforms.     No official statistics show how many workers were laid off during that period, but experts estimate the number could be tens of millions.     To avoid social unrest and help most of those workers find new jobs, the Chinese central government offered occupational trainings, small loans and preferential tax policies.     "Migrant worker"     China's reform and opening-up drive started in rural areas in 1978 with collectively-owned farmland contracted to individual families. This freed about 100 million peasants from farm work.     However, most of these people were tied to the countryside by a residence-based rationing system for virtually everything, including food. About 63 million of these former farmers were given jobs in village-run enterprises that mushroomed in those days.     A policy change in 1984 allowed them to find jobs in cities but the massive migration of rural laborers didn't start until after China decided to move to a market economy in 1992.     The rapid inflow of investors created many construction, factory and mining jobs, most of which urban dwellers consider too tiring or dirty.     The number of migrants grew from 60 million in 1992 to 120 million in 2003 and 210 million this year, according to central government figures.     The work of the migrant population has generated 21 percent of China's gross domestic product in the past 30 years, the Chinese Academy of Social Sciences has found. But migrant workers face various problems, including delayed pay schedules, no or low work-place injury compensation, lack of health care and little schooling for their children.     "It doesn't matter if a cat is black or white, so long as it catches mice."     This sentence was used by late leader Deng Xiaoping, chief architect of China's reform and opening-up, on different occasions to clear up doubts as to whether the economic reform was capitalist or socialist.     The sentence helped stop ideological arguments at the early stage of reform and encouraged generations of Chinese to pursue their dreams in the market economy. 　　"Surfing the Internet"     The Internet was introduced in China more than 10 years ago. It quickly gained popularity and impacted society.     While online music, instant communication services, video streaming and online games greatly entertained millions of Chinese, the Internet also became a powerful news medium where information was disclosed, shared and publicized quickly.     Through June, China had 221 million netizens, according to the Data Center of China Internet (DCCI). The netizen population, which had already surpassed that of the United States to become the world's largest, would increase to 263 million by the end of this year, DCCI forecasted.     E-commerce transactions amounted to 2 trillion yuan (about 300 billion U.S. dollars) in 2007 and 25 percent of netizens had bought something online after "surfing the Internet" as of June this year. 　　"Reform and opening-up"     In 1978, a group of villagers from Xiaogang village in eastern Anhui Province decided to adopt a household contract responsibility system, which entrusted the management and production of public owned farmland to individual households through long-term contracts.     Later the system, described by then Chinese leader Deng Xiaoping as "a great invention of Chinese farmers", was widely adopted across the country and triggered economic reform.     Over the past 30 years, the country witnessed significant changes in comprehensive national strength, people's living standards and international influence thanks to the reform and opening-up policy.     China's share of the world's combined gross output rose to 6 percent at the end of 2007, compared with just 1.8 percent in 1978when its reform and opening-up began, according to the National Bureau of Statistics (NBS).     Fast economic growth over the past 30 years lifted China's GDP ranking in the world from 10th in 1978 to fourth after the United States, Japan and Germany     According to the NBS, China's per capita income jumped to 2,360U.S. dollars in 2007 from 190 U.S. dollars in 1978.     "Beijing Olympic Games"     Many believe that without opening-up, it would be impossible for China to host the 2008 Beijing Olympics.     The Games, commended by International Olympic Committee (IOC) President Jacques Rogge as "truly exceptional", were seen by the world as China's come-of-age show on the international stage.     China grabbed a total of 100 medals at the Beijing Games -- a coincidence as the country dreamt for 100 years to be the Olympic host -- and overtook the United States to top the gold medal count with 51.     As the most watched Games in history, with an estimated 4.5 billion TV and Internet viewers, the Beijing Olympics attracted the most participants, who were from a record 204 countries and regions.     "Speculate in stocks"     In 1990, China opened its first stock exchange in Shanghai, the country's industrial and financial center. In 1991, it set up its second bourse in Shenzhen, the country's first special economic zone.     China witnessed waves of stock crazes over the years and fluctuations in the stock market touch the nerves of millions of Chinese.     In 2007, the country saw a bull stock market, with the key benchmark Shanghai Composite Index soaring from 2,728 points in January to 5,261 points, or 92.85 percent, on December 28.     In fact, the market has been on a bullish run for 29 months from June 6, 2005 to November 2007, longer than the general bullish market cycle of 17 to 24 months.     But it has dipped since last November.     "Chinese characteristics"     The phrase became well-known as an answer by late leader Deng to the question of how China could improve its productivity and people's lives with its less-developed economy.     Deng's answer was "to build socialism with Chinese characteristics". It means China has its own way of development rather than copying other countries' experiences.     The phrase is frequently quoted by the Chinese and used in China's official documents.     "Rise abruptly"     The phrase, or "Xiong Qi" in Chinese meaning "Go! Go!", is a dialect of southwest China's Sichuan Province. It was originally used by football fans to inspire teams in the 1990s.     The phrase soon became popular among the Chinese public and was used widely outside the sports field to encourage people to keep up their spirits.     After the May 12 earthquake in Sichuan, Chinese used the phrase to show their care and support to the quake-affected areas and people.     The 10 phrases were selected by 15 Chinese media, including the Beijing Evening News, the Shanghai Evening Post, the Tianjin-based Jin Wan Bao, the Guangzhou-based Yangcheng Evening News and the Shanxi Evening News.     Newspapers, which are based in 15 provinces and municipalities, started soliciting catch phrases from the public in October, according to the Beijing Evening News.     The list, voted on by readers and netizens, was publicized in Shanghai on Saturday.

BEIJING, Nov. 1 (Xinhua) -- In the space of a year, Yang Chanjuan's career plan has changed direction. A soon-to-graduate college student in economics, Yang is feeling her fortunes being buffeted by the financial crisis.     Yang was recently told by her schoolmates already working in the financial sector that their companies would cut staff, or there would no bonus this year. Amid the turmoil and full of uncertainty, a job in banking or securities company was no longer desirable to her. As a result, she decided to apply for a government job. Yang's change in career plan came as the financial crisis is spreading around the world. As it is now beginning to hit the real economy, more and more people, not only those in banks, have lost their jobs.     International Labor Organization (ILO) estimated earlier that the financial crisis would cost 20 million jobs globally by the end of 2009. The ILO said the new projections could prove to be underestimates if the effects of the current economic turmoil are not quickly confronted and plans laid for the looming recession. Migrant workers fill in application forms at a job fair in Chongqing, southwest China on Jan. 1, 2008. International Labor Organization (ILO) estimated earlier that the financial crisis would cost 20 million jobs globally by the end of 2009.    In the birthplace of the crisis, the United States, big companies from Goldman Sachs to Coca Cola, Motorola to Alcoa, have all announced their job cut plans. Economists believed the jobless total could increase by 200,000.     Back to China, unemployment now becomes a concern too. Although with 2-trillion U.S. dollars of foreign reserves, a budget surplus and a controlled capital market, China would suffer limited direct impact from the crisis. However, weakening demand from its major markets, North America and Europe, is now leading China's real economy in the export sectors into a tough situation.     In China's coastal areas, export enterprises are now struggling with soaring labor cost and fewer orders from foreign customers. Many toy factories in South China's Guangdong Province were shut from January to July this year.     Earlier last month, two big factories of a Hong Kong listed toy-maker were shut. As a result, 7,000 workers lost their jobs. Affected by the global financial crisis, the company was suspended from trading thus it faced severe shortage of current funds.     Statistics from the Ministry of Commerce showed that China's export suffered a growth slowdown in the first three quarters compared with the same period last year -- from 27.1 percent to 22.3 percent. The government said the gross domestic product (GDP)growth rate in the first three quarters this year slowed to 9.9 percent - a 2.3 percentage points fall compared with the same period last year.     "The greatest impact is on these labor-intensive, small and medium-sized export enterprises," said Wang Dewen, a labor economist from China Academy of Social Sciences.     These export-oriented enterprises that make China the world's workshop, are mainly small and medium-sized and vulnerable to market changes. These are China's major employers, absorbing 70 percent of the aggregate 20-million new jobs every year.     Wang said that the lower-end labor market, especially the migrant workers who are the biggest source of employees in the export enterprises, would suffer from unemployment. As the crisis is now just beginning to hit the real economy, the whole situation could be worse if there is no countermeasure.     The fear of unemployment is also hovering over other places. College students and white-collar workers are now worried about their future in the open market.