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BEIJING, April 2 (Xinhua) -- China needs to expand the Renminbi, or yuan, cross-border settlement efforts when conditions allow, the People's Bank of China (PBOC) said Friday."It is necessary for China to seek appropriate timing to expand the cross-border yuan settlement to more cities, enterprises and overseas pilot areas," said an international financial market report released on the central bank's website Friday.But the report did not detail the conditions for appropriate timing.The foreign trade volume settled in yuan is still small compared with China's total foreign trade volume, said the report, without specifying figures.Official figures from China's General Administration of Customs showed that the country's exports in 2009 stood at 1.2 trillion U.S. dollars, down 16 percent from 2008.China's State Council, or Cabinet, announced in April 2009 a pilot program to allow exporters and importers in five cities -- Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan -- to settle cross-border trade deals in yuan.The latter four cities are all in south China's Guangdong Province.The Bank of China (BOC), China's largest foreign exchange bank, announced on July 6 last year that its Shanghai branch had received the first cross-border yuan trade settlement deal from the BOC (Hong Kong).The government is considering enlarging the scope of cross-border yuan settlement from commodity trade into service trade, said the report.Yuan settlement was in accordance with the market demand, said Cao Honghui, a researcher with the Chinese Academy of Social Sciences, but increasing the yuan's global acceptance would be decided by factors such as the country's economic development and the financial system development.
BEIJING, May 24 (Xinhua) -- China and the United States should keep up communication and consultation on issues concerning each other's major interests such as the Iran nuclear issue and the Korean nuclear issue.Ma Zhaoxu, spokesman of the Chinese delegation attending the strategic track of the on-going second round of China-U.S. Strategic and Economic Dialogues (S&ED), made the remarks at a press briefing after the first meeting of the strategic track on Monday."The two countries should also enhance consultation and cooperation on counter-terrorism, non-proliferation and the fight against cross-border crimes," Ma said.On Monday afternoon, officials from China and the United States held two rounds of meetings, during the second half of which they discussed how to strengthen cooperation on major international and regional issues, and cooperation on international system reform and Asia-Pacific regional cooperation mechanism building."The S&ED, as an important platform, provides the two sides a good channel to discuss and consider cooperation in this regard," Ma said.Ma told the press the other four suggestions China proposed for further enhancing bilateral cooperation, including:-- To give full respect and consideration to each other's major interests and concerns while carrying out cooperation;-- To follow the globally-recognized rules guiding international relations, and peacefully resolve regional hot issues through dialogue and negotiation;-- To deal with disputes with an objective and calm attitude, and not to let the overall situation of China-U.S. cooperation deteriorate due to temporary difficulties;-- To expand cooperation, especially communication and consultation in such areas as climate change and energy security, so as to benefit the two countries and the world as a whole.He said mutual understanding and trust between the two countries had increased after the past rounds of strategic dialogues. The two sides have defined their relationship as positive, cooperative, comprehensive and 21st-century-oriented.The military relationship was also an agenda in Monday's talks, despite their bilateral military exchanges being suspended since the U.S. arms sales to Taiwan earlier this year."In the meeting, delegates from the Chinese Liberation Army said the Chinese side always attaches importance to mutual trust and cooperation with the U.S. side. However, respect for each other's core interests is an important basis for the development of a sound and stable China-U.S. military relationship. China will continue military exchanges and cooperation with the United States in the principle of mutual respect, mutual trust, equity and reciprocity," Ma said.Prior in the morning, the two countries' delegates held an hour-long close door meeting of the strategic track. Chinese State Councilor Dai Bingguo and U.S. Secretary of State Hillary Clinton co-chaired the talks.

WASHINGTON, April 21 (Xinhua) -- Powered by strong domestic demand, China's economy is expected to grow by 10 percent in 2010, said the International Monetary Fund (IMF) on Wednesday."In China, GDP growth exceeded the government's 8 percent target in 2009 and is expected to be close to 10 percent in both 2010 and 2011. What has been so far mainly a publicly driven growth path, built on infrastructure investment, is expected to turn toward stronger private consumption and investment," said the IMF in its latest World Economic Outlook report."Boosting domestic consumption will be a priority in China, through improved access to finance for small enterprises and households and stronger corporate governance and social safety nets to reduce precautionary saving," said the IMF.According to the report, in which the IMF said Asia's GDP is projected to grow by 7 percent in both 2010 and 2011, the strength in final domestic demand in China is expected to have positive spillovers for other Asian economies, particularly exporters of commodities and capital goods.In the report, the IMF said "the global recovery has evolved better than expected, with activity recovering at varying speeds, tepidly in many advanced economies but solidly in most emerging and developing economies."The world economy, which declined by 0.6 percent in 2009, will recover gradually in 2010 and 2011, growing by 4.2 percent and 4.3 percent respectively, said the IMF.
BEIJING, June 2 (Xinhua) -- China opposes the U.S. decision to set final duties of up to more than 200 percent on imports of steel gratings from China, the Ministry of Commerce (MOC) said in a statement Wednesday.This came after the U.S. Commerce Department Tuesday announced final anti-dumping duties of 136.76 to 145.18 percent on the gratings to "offset below-market pricing." It also set a countervailing duty of 62.46 percent.MOC said the United States had acted "discriminatorily" in the anti-dumping and anti-subsidy investigation and made the wrong conclusion, and China is dissatisfied and is opposed to this.Such move could hurt the interests of China, which both Chinese government and enterprises would not accept, the ministry said.China urged the U.S. to take effective measures to correct the mistake, it said.According to the U.S. trade remedy procedure, the U.S. International Trade Commission (ITC) will also make its final injury determination about the product soon.If the ITC makes affirmative final determinations that imports of steel gratings from China materially injure, or threaten material injury to, the domestic industry, the Commerce Department will issue anti-dumping duties and countervailing duties orders.In 2009, the United States imposed a series of trade remedy measures on Chinese products, and the value involved was eight times more than that in 2008, the MOC statement said."Such action not only hurts the interests of China, but also has an adverse impact on bilateral economic and trade ties," it said.China hoped the United States could show restraint in using trade remedy measures and act to fight trade protectionism, it said.
BEIJING, April 13 (Xinhua) -- China's drought relief authorities said Tuesday heavy rains had eased the drought in southwest China's Sichuan Province, but dry weather and high temperatures continued in other affected regions.Compared with data collected last Sunday, people and livestock facing shortage of drinking water in Sichuan had decreased by 500,000 and 560,000 respectively by Tuesday, said the Office of State Flood Control and Drought Relief Headquarters (SFDH).Heavy rains also reduced the area of affected arable land in Sichuan by 2.33 million mu (155,333 hectares) by Tuesday, according to the SFDH.However, drought still persisted in other areas, including the provinces of Yunnan and Guizhou and Guangxi Zhuang Autonomous Region as rain in these regions was far from adequate.As of Tuesday, drought had left 24.62 million people and 18.08 million livestock short of drinking water, said the statement.
来源:资阳报