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KAMPALA, Jan. 25 (Xinhua) -- Ugandan President Yoweri Museveni on Monday met officials of the China National Offshore Oil Corporation (CNOOC) amidst increased lobbying by international oil giants to enter the country's oil sector.A State House statement issued here said that the CNOOC officials who met Museveni at State House Entebbe, 40km south of the capital Kampala, expressed interest in joining Uganda's oil and gas sector by partnering up with Tullow, an Irish oil company.Tullow, which has oil blocks in western Uganda, is seeking a partner to help it start oil production in the country.The CNOOC meeting comes weeks after Italian oil giant, Eni Spa, also expressed interest in joining the country's oil sector, promising an oil refinery and a power plant.Eni wants to enter the sector by buying stakes of another oil company Heritage Oil which jointly operates two blocks with Tullow on a 50-50 percent venture.The Eni-Heritage deal which is yet to be concluded is embroiled in controversy as Tullow exercised a pre-emption move saying it has the first option to buy the Heritage stakes, a move the government said it would not accept because it would create a monopoly.Museveni told the CNOOC officials joined by Tullow officials that the government will discuss all proposals and announce its decision soon."President Museveni said that the government will discuss all proposals by companies operating in the oil and gas sector adding that the country looks forward to welcoming new companies," the statement said.The Museveni-CNOOC-Tullow meet also comes days after Aiden Heavey, Tullow's chief executive met Museveni urging Uganda to honor contractual obligations following the Eni-Heritage deal.Uganda's recently discovered oil is attracting a lot of attention from international oil giants.So far the country has discovered an estimated two billion barrels of oil and according to experts there is a possibility of discovering more.

BEIJING, March 20 (Xinhua) -- The appreciation of renminbi, or China's currency yuan, will not help tackle the global economic imbalance, economists said here Saturday.The idea that yuan's appreciation would cure global economic imbalance was not going to happen, Angel Gurria, secretary general of the Organization for Economic Cooperation and Development, said at the China Development Forum 2010.To solve trade imbalance, countries such as the United States and China should seek measures to encourage domestic consumption, improve social well-being and reform pension system, instead of sticking to the exchange rate issue, Gurria said.The exchange rate adjustment, especially between the United States and China, would not help cut the U.S. trade deficit, while one way to tackle the problem is to loose restrictions on high-technology exports to China, Nobel Prize-winning economist Joseph Stiglitz said.Since China overtook Germany to become the world's largest exporter, the country is facing increasing criticism for devaluating the yuan to earn artificial price advantages. Some U.S. senators have recently ratcheted up pressure on yuan appreciation and urged the government to label China as currency manipulator."If the U.S. government names China as a currency manipulator, quite unfortunately, it will hurt the bilateral relations at least in short and medium term," said Li Daokui, director of the Center for China in the World Economy of Tsinghua University."The two countries should be cooperative to solve the problem, while naming China as a currency manipulator will be no help," Li said."After all, it will not be in the interests of the United States, China and the whole world if the two countries' disputes escalate into a trade war," he said.

BEIJING, Feb. 24 (Xinhua) -- Chinese military and international relations experts on Wednesday said that a recent Pentagon report playing down Taiwan's aerial combat capability was a front for more advanced arms sales to the island, which would seriously violate a Sino-U.S. agreement that Washington endorsed 28 years ago. "Any further arms sales, especially if the U.S. sells F-16 fighters to Taiwan, would increase already strained tensions with China," Prof. Tan Kaijia with the National Defense University of the People's Liberation Army told Xinhua. The report delivered by the Defense Intelligence Agency of the U.S. Department of Defense to the Congress has stressed that many of Taiwan's 400 active combat aircraft were not operationally capable due their age and maintenance problems. It also specified that Taiwan's 60 U.S.-made F-5 fighters have reached the end of their operating life and some of the island's F-16 A/B jet fighters needed improvement to increase combat effectiveness. The Pentagon's report came as Taiwan continued to voice its need for advanced U.S. weaponry such as 66 F-16 C/Ds, a substantial improvement model on Taiwan's current F-16 A/Bs. But the U.S. side excluded the fighters from the latest arms sale package. According to media reports, Taiwan currently operates 60 U.S.-made F-5 fighters, 148 F-16 A/Bs, 56 French-made Mirage 2000-5 fighter jets and 126 locally produced Indigenous Defense Fighter (IDF) aircraft. "If the U.S. equips Taiwan with new F-16s, replacing the second-generation F-5s, it would significantly increase the island's aerial combat effectiveness for F-16's compatibility to other U.S.-made weapon systems such as airborne early warning and control aircraft through Link-16 Multifunctional Information Distribution System," said Prof. Tan. According to the Communique jointly issued by the Chinese and U.S. governments on Aug. 17, 1982, the U.S. side states that "its arms sales to Taiwan will not exceed, either in qualitative or in quantitative terms, the level of those supplied in recent years since the establishment of diplomatic relations between the U.S. and China." "Comprehensive performance of the F-16s is far beyond that of the F-5s and the qualitative parameters of the F-16 C/Ds also exceed those of the F-16 A/Bs," said Tan. Selling such arms would "be an overt offense" against the Aug. 17 Communique, and promoting such a move by an elaborate report would not give any justification for the U.S. since the F-16 C/Ds would not be considered as a defensive weapon in any case, he said. Guo Zhenyuan, a researcher with the prominent thinktank China Institute of International Studies, told Xinhua that previous U.S. arms sales to Taiwan were covered by the front of "providing Taiwan with arms of a defensive character" to ease the backlash to the bilateral relationship from the Chinese side. "The U.S. side should know that the sooner it stops selling arms to Taiwan, the more willing China would be to work with it on global and regional issues," Prof. Jin Canrong with Renmin University of China said. Enditem Xinhua writer Li Hanfang contributed to the story.

BEIJING, March 12 (Xinhua) -- China's central bank said Friday a stronger yuan offers no help for solving the Sino-U.S. trade imbalance problem, and China opposes politicizing yuan's appreciation.Su Ning, vice governor of the People's Bank of China, made the comments a day after U.S. President Barack Obama told the U.S. Export-Import Bank's annual conference that a more market-oriented exchange rate of yuan will make an essential contribution to global rebalancing efforts."We do not think a country should rely others to solve its own problems," Su, a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, said on the sidelines of the top political advisory body's annual session.The U.S. Department of Commerce said on March 11 that the U.S. trade deficit with China increased to 18.3 billion U.S. dollars in January from 18.14 billion U.S. dollars in December. The increase renewed the U.S. call for a stronger yuan as it claimed the current exchange rate gives Chinese goods unfair price advantages.Su said although yuan has gained more than 20 percent since it depegged the U.S. dollars in June 2005, China's trade surplus tripled from 100 billion U.S. dollars in 2004 to nearly 300 billion U.S. dollars in 2008.In addition, he argued, a weaker U.S. dollar does not help cut the U.S. deficit. As the U.S. dollar depreciated by 3 percent annually in average between 2002 and 2008, its deficit soared from 500 billion U.S. dollars to 900 billion U.S. dollars, Su said.Tan Yaling, a financial researcher with Peking University, said as nations have different roles in international trade and differ in resources, what they produce, consume and want can be very different."It is unfair that the United States, on the one hand, consumes cheap Chinese goods, while on the other hand, it blames the low prices for causing their domestic job losses," she said.The Obama administration's continuous calls for a stronger yuan is actually aimed at diverting attentions from its domestic woes, experts said.To grapple with high unemployment rate and uncertain recovery prospects, Obama has to do something on job promotion to secure victory in the mid-term election in November this year, said Chen Zhiwu, a financial professor with Yale University.To curb soaring unemployment and boost growth, Obama has announced a special task force on a mission of doubling the U.S. exports in five years, as he said the U.S. can not "stand on the sidelines," as other countries are busy negotiating trade deals.Cheng Enfu, a deputy to the National People' s Congress (NPC), China' s top legislature, said the consistent pressure from the United States is simply because of its pursuit of national interests."Over-fast appreciation of yuan does no good to the global economic recovery which is still fragile and uncertain," he said.Zhu Yuchen, also an NPC deputy, said as China plays a leading role in global economic recovery, any drastic policy change will not only impair China's economy, but also the global recovery, which is not a responsible way.President Obama's remarks also came a month ahead of a semiannual Treasury Department report that could label China as a currency manipulator.Premier Wen Jiabao said in the government work report delivered to the NPC on March 5 that China will keep the yuan "basically stable" at an "appropriate and balanced" level.HEFTY SURPLUS, BUT SLIM PROFITSAlthough China has accumulated massive trade surplus over the past decades, that does not indicate the same profits, as more than half of China's exporters are foreign invested, lawmakers said.Figures released by the Ministry of Commerce showed 55.2 percent of China's foreign trade was completed by foreign-invested businesses last year. And 56 percent of the exports were done by foreign companies in China.Cheng Enfu said China only pockets paper-thin profits from the very end of the manufacturing chain, or processing and assembling work. However, the United States earn handsome profits from designing and distribution.According to a study by researchers of the University of California, of the 299 U.S. dollars retail value of a 30-gigabyte video iPod in the United States, 163 U.S. dollars is captured by American companies and workers, and 132 U.S. dollars go to parts makers in other Asian countries, while the final assembly, done in China, cost only about 4 U.S. dollars a unit."Even though Chinese workers contribute only about 1 percent of the value of the iPod, the export of a finished iPod to the United States directly contributes about 150 U.S. dollars to our bilateral trade deficit with the Chinese," Hal R. Varian, a professor of the University of California at Berkeley, wrote on the New York Times on June 28, 2007.Cheng Enfu noted it needs to upgrade exports product mix to fundamentally reverse China's disadvantages. That is, to export more profitable self-innovative products, rather than labor-intensive processing goods.

BEIJING, Feb. 22 (Xinhua) -- Senior officials of the Communist Party of China (CPC) on Monday urged Party organs and governments at all levels to prioritize talented individuals as the top resource for social and economic development.It was revealed in a meeting of the Political Bureau of the CPC Central Committee, which was presided over by General Secretary of the CPC Central Committee, Hu Jintao.According to a statement issued by the meeting, members of the Political Bureau deliberated the mid- and long-term plan for national talent development (2010-2020), saying that a more open policy for introducing and cultivating talents should be carried out.The Party should improve its leadership of talent management to cultivate talents, while all provincial-level governments and governmental departments in charge of important industries should also work out corresponding talent development plans, said the statement.During the meeting, members of the Political Bureau also discussed a government work draft report which will be submitted by the State Council to the top legislature's annual session next month.Under the leadership of the CPC Central Committee and with joint efforts by the country's people of all ethnic groups, China made "hard-won" achievements against the backdrop of the global economic downturn and international financial crisis in 2009, the statement said.The State Council and local governments at all levels had performed their duties well and done a lot to overcome the difficulties, it said.The year of 2010 will be vital to continue dealing with the impact of the global downturn and keeping steady economic growth as well as to transform the mode of economic development.The meeting also called for more efforts to fulfill the country's 11th Five-Year Plan (2006-2010), the statement said.

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