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BEIJING, March 3 (Xinhua) -- The Chinese antique collector who bid at a Christie's auction for two looted bronze animal heads, Tuesday told why he has refused to pay his winning bid. The two looted pieces were not allowed to enter China according to a regulation issued a day after the auction by China's cultural relics administration, and as a result, the payment should not be made, Cai Mingchao said in a statement released by the National Treasure Funds of China (NTFC). China has repeatedly demanded the return of the sculptures -- heads of a rat and a rabbit -- looted when the Old Summer Palace (Yuanmingyuan) was burned down by Anglo-French allied forces during the Second Opium War in 1860. "The auction negated the history that the cultural relics were looted, defied the ethics of international society, and breached the rules of commercial auctions," Cai said in the statement, which was e-mailed to Xinhua. Cai said that the sculptures would disappear forever and auctioning looted antiques could become a commercial practice had he not been the final bidder at the auction in Paris on Feb. 25. "I got the chance and I was capable of buying the bronzes at the time of the auction. As a Chinese collector and art advisor, I'm willing to rescue looted artworks," Cai, NTFC's collection advisor, emphasized. Cai won the auction by bidding 31.49 million euros (39.63 million U.S. dollars) by telephone, but he told a press conference Monday that no payment would be made. So far, five of the 12 bronze animal heads have been returned, while the whereabouts of five others are unknown. An online survey conducted by sina.com.cn showed more than 70 percent of the netizens support Cai's patriotic action for he had safeguarded China's interests. However, others said China's reputation would be affected and Christie's is still able to hold new auctions. An attempt to contact Cai failed and employees of his company in Xiamen, Fujian Province, said they had lost contact with their boss since Monday. The company was established in 2003 with a registered capital of 1.16 million yuan (nearly 170,000 U.S. dollars) and more than 10 employees. Cai owns 95 percent of the company's shares. Chinese Foreign Ministry spokesman Qin Gang reiterated on Tuesday that the looted sculptures were originally owned by China and China opposed any auction of these cultural relics and demanded their return. Qin said he learned the bidder was Chinese on Monday after the news conference. Christie's has not made any official comment over the issue so far. NTFC was established in 2002 under the administration of China Foundation for the Development of Social Culture registered under the name of the Ministry of Culture for the purpose of repatriating looted Chinese artifacts.
SEOUL, April 7 (Xinhua) -- Li Changchun, a senior official of the Communist Party of China (CPC), on Tuesday called for stronger economic and trade ties between China and South Korea and urged their business communities to work together to help promote the strategic cooperation between the two nations. Li, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, made the call in an address at a welcome luncheon for him hosted by four Korean business groups: the Korea Foreign Trade Association, the Korea Chamber of Commerce and Industry, the Federation of the Korean Industries, and the Korea Federation of Small and Medium Businesses. Li Changchun, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, delivers a speech during a luncheon with chiefs of four South Korean business lobby groups in Seoul, South Korea, on April 7, 2009. Li praised the development of bilateral ties since China and South Korea established diplomatic ties 17 years ago. During the past 17 years, bilateral relations have witnessed rapid development and cooperation and exchanges expanded in a comprehensive manner, which has benefited the two countries and the region, he said. The Communist Party of China and the Chinese government attach great importance to the ties with South Korea and are willing to work with South Korea to continue strengthening and deepening the strategic cooperation, he said. Li spoke about China's stand regarding the current global financial crisis, the measures it has adopted to counter the crisis and its participation in international cooperation. The London summit of the Group of 20 yielded pragmatic results, he said. At the summit, Chinese President Hu Jintao's speech on strengthening macro-policy coordination, reforming international financial institutions and improving financial regulation, played a constructive role in the outcomes of the meeting, Li said. He said that Hu and his South Korean counterpart Lee Myung-bak, at their meeting in London, agreed to work to deepen the pragmatic cooperation in various fields between the two countries and push forward the bilateral relations. Li suggested both sides make efforts to deepen the mutually beneficial cooperation to ensure the smooth growth of bilateral trade, enhance policy coordination to promote financial cooperation, work out new ways to boost mutual investment and strengthen multilateral cooperation to improve the international trade environment. He also proposed entrepreneurs of the two countries continue to contribute to the bilateral strategic cooperative partnership, make new efforts to promote the mutual understanding and friendship between China and South Korea, facilitate the exchanges between the younger generation and promote the cultural exchanges between the two nations. South Korea is the last leg of Li's four-nation tour, which has already taken him to Australia, Myanmar and Japan.

BEIJING, Feb. 7 (Xinhua) -- The Communist Party of China (CPC) has called for beefing up efforts to further push forward peaceful development of relations between the mainland and Taiwan. A meeting on Taiwan work, held from Friday through Saturday, pointed out that major breakthrough had been made in development of relations across the Taiwan Straits in 2008. The meeting urged doing solid job to further push forward development of cross-Straits relations and the process of cross-Straits consultations, continuing the progressive method of easy things first, difficult things later; and economic affairs first, political affairs later. It urged consolidating the political bases that the two sides both oppose "Taiwan independence" and adhere to the "1992 Consensus", to maintain the momentum of the improving cross-Straits relations. It urged vigorously beefing up economic exchanges and cooperation, fully realizing direct transport, postal and trade links, striving for normalization of economic relations and working for institutionalizing economic cooperation. It orders taking effective measures to help Taiwan businesses on the mainland to overcome difficulties, implementing a series of policies that benefit Taiwan compatriots, beefing up cooperation in dealing with the international financial crisis. It also urged vigorously pushing forward all-round exchanges, with emphasis on promoting cultural and educational exchanges and involving more Taiwan people in cross-Straits exchanges. Jia Qinglin, member of the Standing Committee of the Political Bureau of the CPC Central Committee, attended the meeting and made a speech. Jia, who is also Chairman of the National Committee of the Chinese People's Political Consultative Conference, urged following the guidelines put forward by CPC Central Committee General Secretary Hu Jintao on Taiwan work. The meeting was presided over by State Councilor Dai Bingguo. The Taiwan Work Office of the CPC Central Committee director Wang Yi delivered a work report at the meeting.
RAYONG, Thailand, April 10 (Xinhua) -- Chinese Premier Wen Jiabao arrived here Friday to attend the East Asia Summit and related meetings in a bid to promote regional cooperation to confront the global financial crisis. The premier's trip is aimed at enhancing mutual trust between China and east Asian countries, promote regional cooperation and boost determination and confidence to jointly tackle the crisis, which has dealt a heavy blow to the Asian economy. Chinese Premier Wen Jiabao (L Front) arrives in Phatthaya, Thailand, April 10, 2009. Wen's trip from April 10 to 12 will be highlighted by a series of meetings in Phatthaya of Thailand, including the 12th China-Association of Southeast Asian Nations (ASEAN) Summit, the 12th summit between the ASEAN and China, Japan and South Korea, the 4th East Asia Summit, and China-Japan-South Korea Breakfast Meeting. Wen's trip from April 10 to 12 will be highlighted by a series of meetings in Pattaya, Thailand, including the 12th China-the Association of Southeast Asian Nations Summit, the 12th summit between the ASEAN and China, Japan and South Korea, the 4th East Asia Summit, and a China-Japan-South Korea Breakfast Meeting. His entourage includes Foreign Minister Yang Jiechi; Zhang Ping, chairman of the National Development and Reform Commission; Finance Minister Xie Xuren; Commerce Minister Chen Deming; Xie Fuzhan, director of the Research Office of the State Council; Chinese Ambassador to the ASEAN Xue Hanqin; Qiu Xiaoxiong, vice secretary-general of the State Council and director of the premier's office; and Assistant Foreign Minister Hu Zhengyue. Chinese Premier Wen Jiabao (L Front) arrives in Phatthaya, Thailand, April 10, 2009. Wen's trip from April 10 to 12 will be highlighted by a series of meetings in Phatthaya of Thailand, including the 12th China-Association of Southeast Asian Nations (ASEAN) Summit, the 12th summit between the ASEAN and China, Japan and South Korea, the 4th East Asia Summit, and China-Japan-South Korea Breakfast Meeting.
BEIJING, Feb. 13 -- Chinese banks issued 1.62 trillion yuan (7 billion) in new loans in January, up 101 percent year-on-year, prompting some economists to say the government might not cut interest rates for the time being to boost the economy. The massive jump in lending is equal to about one-third of the loans issued in the whole of 2008, a year that began on a generally tight credit line, the central bank said yesterday. M2, which includes cash and all types of deposits and indicates overall liquidity in the financial system, grew in January, too, by 18.8 percent year-on-year. It increased 17.8 percent in December. The massive growth in lending comes at a time when banks are rushing to cherry-pick the juiciest stimulus-package projects, especially major infrastructure ones that need long-term investment, the economists said. Chinese banks issued 1.62 trillion yuan (7 billion) in new loans in January, up 101 percent year-on-year The government announced a 6-billion package on November 9 to boost domestic demand and shore up investment. Though the central government will shoulder one-third of the cost, banks will play an important role in financing the construction of bridges, railways and highways. "The banks are fighting for the best projects in the government's stimulus package," said Ha Jiming, chief economist of China International Capital Corp. "It's not surprising to see that an array of the deals were sealed in the past month." "The massive lending growth minimizes the need to further cut interest rates heftily," said Lian Ping, chief economist with Bank of Communications. "The liquidity problem should ease with such a growth." The central bank has cut the benchmark lending rate by 2.16 percentage points in the past four months and reduced the deposit reserve requirement ratio in order to ensure there's enough liquidity in the market to boost the economy. The growth in lending could also prove to be a blessing for cash-strapped domestic enterprises trying to stay afloat amid shrinking overseas demand and waning consumer confidence. Central bank figures show bill financing, which supplies working capital, accounted for 39 percent of the new loans. Medium and long-term corporate loans made up 32 percent. "It (growth) reduces the default risks of domestic firms, which in turn eases worries over bank asset quality at least in the short term," said Sun Mingchun, an economist with Nomura International. The economists said the dramatic rise in lending could be partly attributed to pent-up demand for loans last year. The central bank had imposed a curb on lending till November last year to combat inflation and prevent the economy from overheating. That left "many firms, especially small- and medium-sized ones, facing a severe cash flow problem", Sun said. Policymakers lifted the curb in November and raised the target for M2 growth to 17 percent for 2009, up from 16 percent that had been in practice since 2006. The move is expected to ensure there's enough liquidity in the market to spur investment and boost the economy, whose growth dropped to a seven-year low of 6.8 percent in the fourth quarter last year. "Credit expansion in the first quarter of this year is expected to be very high because banks can maximize investment returns by front-loading new loans," said Jing Ulrich, managing director and chairwoman of China Equities at JP Morgan. But Ulrich cautioned against a possible rise in credit risk because the increase in liquidity could cause a sharp rise in banks' non-performing loans.
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