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WASHINGTON, July 28 (Xinhua) -- The first round of the China-U.S. Strategic and Economic Dialogue was concluded on Tuesday as four government representatives from both countries hailed its results in their closing statements here. Chinese Vice Premier Wang Qishan delivers the closing statement of the first round of the China-U.S. Strategic and Economic Dialogue in Washington D.C., capital of the United States, July 28, 2009. The first round of the China-U.S. Strategic and Economic Dialogue was concluded on Tuesday.Chinese Vice Premier Wang Qishan and State Councilor Dai Bingguo joined their U.S. counterparts, Secretary of State Hillary Rodham Clinton and Secretary of Treasury Timothy Geithner, in a ceremony at the Eisenhower Executive Office Building, briefing reporters on the results of the "Economic Track" and "Strategic Track" of dialogue, which is the first of its kind between the world's biggest developing country and biggest developed country.     Chinese State Councilor Dai Bingguo delivers a speech during a welcoming reception held by United States friendly groups at Ritz Carlton Hotel in Washington D.C., capital of the United States, July 28, 2009. Dai Bingguo was in Washington to attend the first round of the China-U.S. Strategic and Economic DialogueThe dialogue was "unprecedented" in the history of the U.S.-China relations, and has laid foundation for the bilateral comprehensive relations in the 21st century meeting some biggest challenges, said Clinton, who co-chaired the Strategic Track with Dai. U.S. Secretary of State Hillary Rodham Clinton delivers the closing statement of the first round of the China-U.S. Strategic and Economic Dialogue in Washington D.C., capital of the United States, July 28, 2009. The first round of the China-U.S. Strategic and Economic Dialogue was concluded on Tuesday.For his part, Dai told reporters that the dialogue was successful and fruitful, in which both sides have discussed many issues in a transparent and candid way.     On the Economic Track, Wang said that both sides have discussed many strategic economic issues, and agreed to strengthen cooperation in building on the financial system to ensure the financial stability, among others.     "The success of the Economic Dialogue has left fresh impetus to the development of the positive, cooperative and comprehensive China-U.S. relationship for the 21st century," Wang said.     During the two-day dialogue, officials from China and the U.S. held face-to-face plenary session addressing the challenges and opportunities that both countries face on a wide range of bilateral, regional and global areas of immediate and long-term strategic and economic interests.     "Recognizing that cooperation between China and the United States will remain vital not only to the well being of our two nations but also the health of the global economy, we agreed to undertake policies to bring about sustainable, balanced global growth once economic recovery is firmly in place," said Geithner. U.S. Secretary of Treasury Timothy Geithner (Front) delivers the closing statement of the first round of the China-U.S. Strategic and Economic Dialogue in Washington D.C., capital of the United States, July 28, 2009. The first round of the China-U.S. Strategic and Economic Dialogue was concluded on TuesdayThe dialogue mechanism was upgraded from former Strategic Dialogue and biennial Strategic Economic Dialogue, which were initiated by the two heads of state in 2005 and 2006, respectively.     On April 1, 2009, Chinese President Hu Jintao and his U.S. counterpart Barack Obama agreed to establish the mechanism of China-U.S. Strategic and Economic Dialogue during their first meeting in London on the sidelines of the G20 financial summit.

HONG KONG, Sept. 28 (Xinhua) -- The launch of Renminbi sovereign bonds in Hong Kong on Monday shows China's efforts to boost the international use of the yuan step by step, officials and analysts said.     The bond issue, worth only 6 billion yuan (878.5 million U.S. dollars), marked a key milestone in the internationalization of the RMB.     Hong Kong was chosen for, and will benefit from, the milestone bond sale thanks to its unique position as the international financial center providing desired cushion against the potential risks when the program was launched, analysts said.          BOOSTING INTERNATIONAL USE OF RMB     The bond issue in Hong Kong came earlier than expected, said Hu Yifan, an economist with CITIC Securities.     "The need for the RMB to go international and convertible has been growing along with the increasing importance and openness of the Chinese mainland economy and the risks arising from over- reliance on the United States dollar as the reserve currency," said Tse Kwok-leung, head of economic research of Bank of China ( Hong Kong) Limited.     China has been launching pilot RMB programs over the years, but the pace has obviously quickened since the onset of the global financial crisis. Pilot RMB programs launched in Hong Kong over the past 12 months also included yuan-denominated cross-border trade settlement and trade financing, yuan bonds issued by policy banks, commercial lenders and the branches of foreign banks, and currency swaps.     The sovereign bond issue would help "boost the international use of the RMB in a steady and orderly manner," the Chinese Ministry of Finance quoted Acting Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Henry Tang as saying.     The sovereign bond sale in Hong Kong serves the purpose of water testing to "see how it is received by international investors." Hong Kong has a unique strength in that it provides the desired cushion against potential risks when the pilot programs were launched, given that the mainland capital market was yet to open up, Tse said.          BOOSTING NASCENT BOND MARKET IN HONG KONG     The bond issue ahead of the Chinese National Day showed the central government's support for Hong Kong, Vice Minister of Finance Li Yong said.     It will help Hong Kong build on its strength as an international financial center by boosting the nascent bond market in Hong Kong, Tse Kwok-leung said.     "It calls for a banking system, a stock market and a bond market, all developed, to make a developed international financial center," Tse explained.     Hong Kong has been aspiring to be the leading international financial center in the Asian time zone.     Government statistics showed that the total assets of Hong Kong's banking system and the size of its stock market were both about six times its gross domestic product, compared with a bond market equivalent to 43 percent of its gross domestic product.     Bonds issued in Hong Kong in 2008 totaled 424.4 billion HK dollars (54.4 billion U.S. dollars), with 67 percent issued by the Hong Kong Foreign Exchange Fund, which was established to defend the Hong Kong dollar peg to the U.S. dollar.     The other 33 percent were accounted for by development banks from outside Hong Kong and corporate bonds issued by local players. There were no sovereign bonds.     Tse said the bond issue will also help improve the liquidity of, and diversify, the local bond market. It will also improve the operation of the RMB bond market in Hong Kong by helping find the benchmark interest rate in the local market.     Tse said the demand for sovereign bonds issued by an economy as strong as the Chinese mainland was huge, given the impact of the global financial crisis on the corporate bond market.     Vice Minister of Finance Li Yong also said he believed the bonds will be well received.     "I believe the RMB sovereign bonds will prove popular with investors looking for safe and prudent investments. I definitely think it will be successful," Li said.

BEIJING, Oct. 11 (Xinhua) -- Chinese State Councilor Liu Yandong Sunday stressed the importance of nurturing more first-class financial personnel for the nation.     Liu made the remarks when visiting the Beijing-based Central University of Finance and Economics (CUFE) to convey congratulations on its 60th founding anniversary.     CUFE is the first university specialized in financial and economic studies established by the People's Republic of China. It is one of the 100 universities to which the Chinese government attaches top priority in the 21st Century.     Noting that finance is an important state function, and the core of modern economy, Liu expected the university to play a better role in cultivating innovation-oriented financial talents.     She also called on the university to contribute more to the national and local development programs.

BEIJING, Sept. 20 (Xinhua) -- Chinese President Hu Jintao has urged the Chinese People's Political Consultative Conference (CPPCC) to "continue carrying out its functions of political consultation, democratic supervision, and participation and raising proposals in governance, in a practical and effective way."     The CPPCC should make new contribution to boosting the Reform, Opening-up and Socialist Modernization Drive and the great cause of a peaceful reunification of the Nation, and safeguarding world peace and promoting a common development, said Hu, also general secretary of the Communist Party of China (CPC) Central Committee, at Sunday's gathering here to mark the 60th founding anniversary of the country's political advisory body.     Other Party and State leaders present at the commemorative event were Wu Bangguo, Wen Jiabao, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang, and Zhou Yongkang. The gathering was presided over by Jia Qinglin, chairman of the CPPCC National Committee and member of the Standing Committee of the CPC Central Committee Political Bureau.     In his key-note speech, Hu described the CPPCC as a patriotic United Front of the Chinese people, a major institution of the multiparty cooperation and political consultation under the leadership of the CPC, and a main form to display socialist democracy in the country's political life. Representatives from various fields join a meeting to celebrate the 60th anniversary of the founding of Chinese People's Political Consultative Conference (CPPCC), the country's top political advisory body, in Beijing, China, on Sept. 20, 2009.The CPPCC has had an uncommon experience and great achievements in the past 60 years as it has grown up along with the People's Republic, Hu said.     In September 1949, the first plenary conference of the CPPCC was held in Beijing, and it adopted the Common Guidelines of the CPPCC, which served as a temporary Constitution for the People's Republic, elected the CPPCC National Committee and the Central People's Government of the People's Republic of China (PRC).     Hu emphasized that over the past 60 years, the three-generation CPC leaderships, with Mao Zedong, Deng Xiaoping and Jiang Zemin as the core, respectively, have always given top priority and active support to the work of the CPPCC.     He urged the CPPCC to continue taking a political road of development with Chinese characteristics, making the promotion of the Scientific Concept on Development as its primary job, playing an important role in boosting a harmonious society, making contribution to pushing forward the great cause of a peaceful reunification of the Nation, and stepping up the self-building of its own.     To bring into full play of the CPPCC's role in the country's political life "is of great significance to improving the Party's governing capacity and consolidating the Party's ruling status," said Hu,     Jia, who also addressed the gathering, spoke highly of Hu's speech, noting that it is of guiding importance for bringing into full of the CPPCC's advantages under the new situation.Top Communist Party of China (CPC) and state leaders Hu Jintao (C, 1st row), Wu Bangguo (4th R, 1st row), Wen Jiabao (4th L, 1st row), Jia Qinglin (3rd R, 1st row), Li Changchun (3rd L, 1st row), Xi Jinping (2nd R, 1st row), Li Keqiang (2nd L, 1st row), He Guoqiang (1st R, 1st row) and Zhou Yongkang (1st L, 1st row) attend a meeting to celebrate the 60th anniversary of the founding of Chinese People's Political Consultative Conference (CPPCC), the country's top political advisory body, in Beijing, China, on Sept. 20, 2009.

BEIJING, July 20 (Xinhua) -- Chinese President Hu Jintao called on diplomats to play a bigger role in serving the country's reform and national interests as China is seeking a stable and rapid development amid global economic downturn.     "China is at a crucial moment in dealing with the financial crisis and maintaining rapid economic development ... diplomacy must better serve the overall situation of reform, development and stability," said Hu while addressing a national meeting attended by diplomatic envoys, which ended Monday in Beijing. Chinese President Hu Jintao (L Front) meets with the participants of a meeting for Chinese diplomats prior to the meeting in Beijing, capital of China, July 17, 2009. The 11th meeting for Chinese diplomats was held in Beijing on July 17-20.The nine members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, including top legislator Wu Bangguo and Premier Wen Jiabao, attended the meeting.     "Under the new situation, diplomacy must rely on, serve and promote the development. It should focus on the task of ensuring growth, people's life and stability," He said.     Hu urged Chinese envoys to join the global efforts for promoting economic growth, safeguard national sovereignty and security, firmly follow the one-China policy and maintain stability.     China will stick to the independent foreign policy of peace, pursue the path of peaceful development and develop friendly cooperation with all the countries in line with the Five Principles of Peaceful Co-existence, Hu said.     Chinese Premier Wen Jiabao also addressed the meeting, saying "the recovery of the global economy will be a slow process with twists and turns, there must be a long-term preparedness to effectively deal with (the global downturn)".     The global financial crisis has plunged the world into deep recession, and it's difficult to say the global downturn has reached the bottom, Wen said.

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