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NEW YORK, April 26 (Xinhua) -- Jean-Claude Trichet, the president of the European Central Bank, called in New York on Monday for strengthening global governance amid the economic recovery process.The crisis showed that gaps in the system of global governance, in terms of both efficiency and legitimacy, have to be filled, Trichet said in a keynote speech at the Council on Foreign Relations in New York.Global governance in the financial sphere has fared during the crisis, he pointed out. "One dimension of international cooperation that I consider to have worked particularly well during the financial crisis has been that among central banks, both bilaterally and channeled through the various Basel-based committees.""But as much as some aspects of global governance appear to have passed the severe test of the global crisis, we should remember the significant shortcomings that may have contributed to creating the conditions for the crisis to happen in the first place," he added."One is the lack of coordination in financial regulation that was pervasive before the crisis and which encouraged financial institutions to engage in a large degree of regulatory arbitrage. This was the unavoidable result of the fact that while financial players were becoming increasingly global, and despite the remarkable efforts of the Basel Committee in respect of the banking sector, financial regulation remained largely national, with only relatively weak coordination at the international level, " said the president.

JINGHONG, Yunnan, March 27 (Xinhua) -- A governmental decision to go ahead with the sprinkling spree to celebrate a traditional festival has sparked controversy as a prolonged severe drought in southwest China has left tens of millions of people thirsty for water and crops withered.Netizens posted their harsh criticism after Duan Jinhua, head of the information office in Xishuangbanna Dai Autonomous Prefecture, Yunnan Province, confirmed in his microblog a week ago that celebrations for the New Year in the ethnic Dai calendar, featuring the sprinkling spree, will not be canceled despite the drought that is ravaging most parts of the province. A woman touches the base of a dry reservoir in the drought-hit Yi Autonomous County of Shilin, southwest China's Yunnan Province, March 25, 2010An online survey on the leading Internet portal Sina.com, showed that 52.3 percent of respondents backed the celebrations while 40 percent regarded it a waste of water.However, the government of the Dehong Dai and Jingpo Autonomous Prefecture has decided to cancel official celebrations for the Water Sprinkling Festival, and leave local people free for their own choices.The Water Sprinkling Festival, which is also observed by several other ethnic groups in addition to Dai in Yunnan, falls on April 15 this year. The traditional festival was listed a state intangible heritage in 2006 and has become a chance for carnival.Actually, the official celebration in Xishuangbanna would be cut to two hours, three hours shorter than in previous years, and people are encouraged to splash less water, according to Duan.But the cut did not satisfy critics as the worst drought in a century has increasingly become a major national concern.

BEIJING, April 27 (Xinhua) -- China's Ministry of Commerce Tuesday made a cautious prediction for the outlook of the nation's foreign trade for the rest of the year amid the fragile global economic recovery.The rebound of China's overseas shipments in the first quarter can largely be attributed to the low comparison base of the same period last year, the commerce ministry report said.Moreover, uncertainty in the global market remains as high unemployment in European Union nations and low capacity-utilization in the United States may dampen consumption and investment, the report said.China is facing deteriorating trade conditions as trade protectionism is on the rise, the report added.China suffered 19 trade-remedy investigations in the first quarter, up 93.5 percent over the same time last year. The investigations, targeting Chinese products, involved trade worth 1.19 billion U.S. dollars, the report said.The report also said higher costs may squeeze domestic enterprises' profits as a result of raw material price hikes and rising labor costs.China's exports increased 28.7 percent year on year in the first quarter of 2010 after dipping 16 percent last year amid the global economic downturn, customs data showed.

BEIJING, April 22 (Xinhua) -- A leading Chinese government think tank Thursday forecast the country's 2010 economic growth would top the 8-percent target set by the central government by almost 2 percentage points.The Chinese Academy of Social Sciences (CASS) forecast China's gross domestic product (GDP) would expand by 9.9 percent this year, 1.2 percentage points higher than last year's growth rate.Its forecast is higher than the 9.6-percent economic growth predicted by the Asian Development Bank earlier this month.Fixed assets investment would rise 33.3 percent year on year in 2010, said a blue book on China's 2010 economic prospects jointly released by the CASS and the Social Sciences Academic Press.The CASS said a slim chance existed of serious inflation in China this year with the consumer price index (CPI), a main gauge of inflation, growing within a moderate range.The book also said the government should make economic policies more flexible and better targeted over the rest of the year, while mapping out plans to withdraw stimulus measures gradually within the next two years without jeopardizing economic growth.China's GDP grew 11.9 percent year on year in the first quarter to 8.06 trillion yuan (1.19 trillion U.S. dollars) and fixed assets investment rose 25.6 percent to 3.53 trillion yuan during the same period.The country's CPI rose 2.4 percent year on year in March, below the government target limit of 3 percent.

PARIS, April 27 (Xinhua) -- French President Nicolas Sarkozy on Tuesday described this year's World Expo theme of "Better City, Better Life" as a bold and lucid choice focused on a significant challenge for the future.The president is scheduled to visit China on April 28-30 with stops at Xi'an, Beijing and Shanghai, where the exposition will be held from May 1 to Oct. 31."Taking the theme 'Better City, Better Life', you have chosen to make the 2010 Shanghai Expo an event resolutely focused toward the future," Sarkozy told Xinhua in an interview.He said, while the number of city dwellers continued to grow across the world and issues related to urban development became more and more significant, many problems needed to be solved. So China's choice of "Better City, Better Life" was appropriate."I pay tribute to the organizers of the 2010 Shanghai Expo who have made a lucid and bold choice," he said.Sarkozy said France was one of the firm supporters of Shanghai's candidacy for the exposition and was the first country to have promised to participate in the event."The choice of China and the choice of Shanghai, were something very important for us; that is the reason why I wanted to personally attend the opening ceremony," he said.The president said China has made great efforts to make the expo "a huge success."Sarkozy said the design and display in the France pavilion would reflect a real, colorful, confident and open France.