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BEIJING, April 7 (Xinhua) -- Top Chinese legislator Wu Bangguo held talks with Harry Jenkins, speaker of the House of Representatives of Australia, on Wednesday, with both sides pledging closer ties and more parliamentary exchanges between the two countries."China and Australia share extensive interests and broad cooperative potential in terms of developing bilateral ties and dealing with global challenges," said Wu, chairman of the Standing Committee of the National People's Congress, China's top legislature.China regards Australia as an important cooperative partner in the Asia-Pacific region and is willing to work with Australia to address each other's concerns and deepen cooperation from a strategic and long-term perspective, Wu said.Jenkins is in Beijing to attend the second meeting of a regular exchange mechanism of the two countries' parliaments which is scheduled for Thursday.It is Jenkins' first visit to China as speaker of the House of Representatives.Wu Bangguo (R), chairman of the Standing Committee of China's National People's Congress, meets with Harry Jenkins, Speaker of House of Representatives of Australia, in Beijing, China, April 7, 2010.Since the regular exchange mechanism was set up in 2006, it has become an important platform for increasing mutual understanding and promoting mutually-beneficial cooperation, Wu said, urging the two parliaments to have in-depth exchanges of views on issues of common concern.Jenkins hoped to have a better understanding of China through the seven-day visit, which will also take him to Guangdong Province, Ningxia Hui Autonomous Region and Shanghai.Also on Wednesday, Chinese Vice President Xi Jinping met with Jenkins.Xi said China and Australia, as important countries in the Asia-Pacific region, have extensive interests and solid basis for cooperation to safeguard regional peace and stability, promote regional and global economic growth and to deal with global challenges."A healthy and stable China-Australia relationship complies with the interests of the two countries and peoples," said Xi.Xi said that China and Australia should increase high-level visits and exchanges at various levels and cement mutually-beneficial cooperation in areas like trade, energy, environmental protection, technology and culture.

BEIJING, March 31 -- The appointment of three new academic members to the central bank's monetary policy committee on Monday reflects the increasing inclusiveness of monetary policymaking, but may not have any apparent bearing on the timing of an interest rate hike, analysts said.The People's Bank of China (PBOC) said three Chinese economists - Xia Bin, Li Daokui and Zhou Qiren - will replace Fan Gang, the only academic member of the committee, which advises on major monetary issues."Adding two more academics to the monetary policy committee is a welcome change," said Wang Tao, head of China economic research at UBS Securities. "I hope this helps to increase healthy debate within the committee, and increase the independence of monetary policy.""The appointment of three academic members this time - instead of one - indicates the increasing importance of academic voices in monetary policymaking and the three, with different backgrounds, are expected to complement each other to add to the inclusiveness of the panel," said Sun Lijian, an economist with Fudan University. It would make the country's monetary decision-making more rational, he said.Going by their recent comments on inflation, with Li saying that China could precede the United States in raising the rates and Zhou urging a timely and firm exit from stimulus policies, it is speculated that their appointment may signal chances of an earlier rate hike.Zhou said in a February speech that it was high time that China exited from the stimulus measures. "Given the past experiences, the stimulus through expanding money supply and debt only has a short-term effect," he said in the speech.One of the side effects of the stimulus is rising inflation. "The price of the stimulus policies is mainly the adverse effect of the large-scale release of money on the overall market price situation," he said. "We have seen it on the market."Li said early this month once China's consumer price index (CPI), a major measure of inflation, rises 3 percent, the country is set to increase the rates. China's CPI rose by 2.7 percent year-on-year in February.He also said on Monday that China may suffer from exported inflation from developed economies as their continued relaxed monetary policy would lead to surging raw material prices and large-scale capital flowing into the emerging economies, including China.Meanwhile, China should keep itself alert against possible price rises due to weather changes, such as the recent severe drought in southwestern regions.Xia Bin said on Monday that three factors should be taken into account when deciding on whether to raise the interest rates. It should be considered if real negative deposit interest rates occurred. But if inflationary expectations are not strong, the hike would be inappropriate. Moreover, China should not move ahead of the US since it would bring in speculative capital.China's benchmark one-year deposit rate stands at 2.25 percent.Dong Xian'an, chief macroeconomic analyst of Industrial Securities, said economic fundamentals should be the paramount determinant in interest rate related policymaking and the appointment of a new monetary policymaking panel would not have any substantial bearing on the timing of the possible hike.The month-on-month CPI figure is a crucial factor and as it continues to rise, the hike may come in the second quarter of this year, he said.

BEIJING, June 1 (Xinhua) -- China's central bank will push forward yuan settlement in cross-border trade and investment in the western Xinjiang Uygur Autonomous Region, Zhou Xiaochuan, governor of the People's Bank of China (PBOC), said Tuesday.Zhou said it was one of PBOC's important moves amid the central government's efforts to achieve leapfrog development and lasting stability in Xinjiang. However, he did not elaborate on the plan nor give a timetable.He said the PBOC would also support the development of small and medium-sized enterprises in Xinjiang.Chinese exporters and importers in five cities -- Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan -- are already allowed to settle cross-border trade deals in yuan.A PBOC report said last month that the country needs to expand yuan cross-border settlement when conditions allow.

URUMQI, May 29 (Xinhua) -- China would spend 120 to 150 billion yuan (17.6 to 22 billion U.S. dollars) on transport infrastructure in its far-western Xinjiang Uygur Autonomous Region over the next five years, the regional government said Saturday.The money will be used to build new roads and renovate old ones to support Xinjiang's "leapfrog development" promised by the central government earlier this month, according to a statement issued after a conference of the Ministry of Transport and Xinjiang's regional government.The paved roads to be built or renovated will reach 75,000 to 80,000 kilometers in the region where there were just 15,000 kilometers of paved roads in place by the end of last year, said Song Airong, a regional Party official.Xinjiang's current 838 kilometers of highways will also be extended to 4,000 kilometers over the next five years, he said.The central government unveiled a policy package last Thursday to support the development of Xinjiang Uygur Autonomous Region, setting a goal that the region should undergo a spurt in development so that by 2015 its per capita gross domestic product could reach the national average.Under the package, fixed asset investment in Xinjiang in the next five years will be more than double the amount in the current five-year plan that ends this year.

NANJING, May 2 (Xinhua) -- Chinese State Councilor Liu Yandong Sunday called for reform in talent cultivation and the education appraisal system among universities to boost innovation.The government would reform the education system to promote innovation, international vision and comprehensive abilities among students, Liu said at the opening of a forum of university presidents in Nanjing.Universities should explore new patterns of education with open minds and more cooperation with other research institutions and businesses, Liu said.Education and talent were the key elements in China's development.Liu also urged the universities to play a role as social think tanks to serve the country's economic and social development.Liu was speaking at the Chinese-Foreign University Presidents Forum, which was attended by the heads of about 150 universities around the world.

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