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BEIJING, Oct. 11 (Xinhua) -- The value of yuan, China's currency Renminbi, hit new high against U.S. dollar Monday as the central parity rate of the yuan was set at 6.6732 per U.S. dollar, according to the data released by the China Foreign Exchange Trading System.Monday's central parity rate beat the previous record of 6.6830 on Oct. 8.The yuan has picked up its strength against the U.S. dollars and seen increased volatility in the trading days since the People's Bank of China (PBOC), the central bank, announced on June 19 this year to increase exchange rate flexibility.Based on Monday's central parity, the Chinese currency has strengthened against the U.S. dollar by about 2.26 percent from the rate of 6.8275 per U.S. dollar that was set a day before the PBOC's pledge to increase flexibility.On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate during trading each day.China would continue reform of the formation mechanism of its currency exchange rate to improve its flexibility, but will do so in a gradual way, Zhou Xiaochuan, Governor of the People's Bank of China, China's central bank, said in Washington on Sunday.

URUMQI, Sept. 25 (Xinhua) -- Senior Chinese leader Zhou Yongkang has called for breakthroughs in the development of northwest China's Xinjiang Uygur Autonomous Region during his five-day inspection tour there.Breakthroughs should be achieved in efforts to resettle herdsmen, promote bilingual and vocational education, utilize natural resources, and develop industrial parks, said Zhou, a Standing Committee member of the Political Bureau of the Communist Party of China Central Committee.Zhou told local officials to thoroughly carry out policies set by the central government to develop Xinjiang and strive for the improvement of well-being for the locals.Zhou traveled across the sprawling Xinjiang, about one sixth of China's territory, from Sept. 19 to 24. He visited rural households, schools, farms, a crude oil pipeline station at China-Kazakstan border, industrial zones, and army camps.

URUMQI, Sept. 25 (Xinhua) -- Senior Chinese leader Zhou Yongkang has called for breakthroughs in the development of northwest China's Xinjiang Uygur Autonomous Region during his five-day inspection tour there.Breakthroughs should be achieved in efforts to resettle herdsmen, promote bilingual and vocational education, utilize natural resources, and develop industrial parks, said Zhou, a Standing Committee member of the Political Bureau of the Communist Party of China Central Committee.Zhou told local officials to thoroughly carry out policies set by the central government to develop Xinjiang and strive for the improvement of well-being for the locals.Zhou traveled across the sprawling Xinjiang, about one sixth of China's territory, from Sept. 19 to 24. He visited rural households, schools, farms, a crude oil pipeline station at China-Kazakstan border, industrial zones, and army camps.

BEIJING, Oct. 15 (Xinhua) -- The 17th Central Committee of the Communist Party of China (CPC) opened its fifth plenary session in Beijing Friday to discuss the nation's next five-year development plan.The four-day meeting will review proposals for the country's 12th five-year program (2011-2015) on national economic and social development.The period would be critical for building a moderately prosperous society, the Political Bureau of the CPC Central Committee announced last month.It would be a time of difficult issues for deepening the reform and opening-up process while accelerating the transformation of the nation's economic development pattern, said the announcement.China has pledged to build a "xiaokang" -- moderately prosperous -- society in the first two decades of the 21st century."The next five-year program will be vital for dealing with difficulties to realize the objective by 2020," said Prof. Hu Angang, a prominent expert on China's national situation in Beijing."The new program will basically be in accordance with the principles of Scientific Outlook on Development," Hu said.Despite of high GDP growth for years, China still faces huge challenges in development, ranging from unbalanced economic growth pattern, widening gap between urban and rural areas and between different regions, to environmental problems as well as international trade protectionism."China's export-driven economic growth is unsustainable," said Justin Yifu Lin, World Bank Chief Economist and Senior Vice President."Transformation of the country's economic growth pattern should still be a major issue for the next five years, 15 years and even a longer period of time."The CPC Central Committee Political Bureau said in a last month's statement that transformation of the economic growth pattern should be based on improving people's livelihoods.President Hu Jintao has pledged to adopt "Inclusive Growth," a concept created and advocated by Asian Development Bank in 2007, for resolving social problems as a result of economic development.According to Hu, inclusive growth means to spread the benefits of economic globalization and development among all countries, regions and people and to realize balanced economic and social progress through sustainable development.World Bank President Robert Zoellick said developing countries will play a more important role in balancing and stabilizing the world economy, and China's effort will be of great significance for restructuring the world economy after global downturn.A draft version of the proposals for the 12th five-year program has been offered to some delegates of the CPC's 17th National Congress and organizations outside the Party.The document was further revised based on their suggestions.Sources with the CPC said the proposals, accumulated from throughout the Party and other organizations, would become a guideline document for China's continued reform and opening-up process as well as socialist modernization.

BEIJING, Oct. 21 (Xinhua) -- Chinese Foreign Ministry on Thursday confirmed it had started preparations for President Hu Jintao's visit to the United States early next year, which the ministry said would be profound and far-reaching for bilateral ties."China and the United States have maintained close communications about the visit, which will be very important and will bring far-reaching influence for bilateral relations in new era," spokesman Ma Zhaoxu told a regular press briefing.Although Hu's U.S. visit had long been under discussion, it was the first time that China's foreign ministry confirmed the visit and elaborated on its significance.Ma said both China and the United States would like to see a successful visit that will boost the positive, cooperative and comprehensive China-U.S. relationship in the 21st century.At their meeting on the sidelines of the G20 summit in Toronto in June, U.S. President Barack Obama formally invited Hu to pay a state visit to the United States early next year. Hu accepted the invitation, Ma said.The visit will be Hu's first state visit to the United States since the Obama administration took office.His last state visit to the United States took place in April 2006."We agreed that we will work together to achieve tangible results in anticipation of the visit of President Hu to Washington in January 2011," U.S. Attorney General Eric Holder said in Beijing Thursday.Chinese analysts said the visit would be significant because it is expected to help address current issues and chart a path for the long-term bilateral ties."At such a crucial moment, Hu's visit will help reshape the China-U.S. ties in future," said Yuan Peng, a scholar of the China Institute of Contemporary International Relations.Relations between the two countries had stumbled earlier this year over issues ranging from U.S. arms sales to Taiwan to China's currency exchange rate, said Qin Yaqing, deputy director of Chinese Foreign Affairs University."It is impossible for two presidents' meeting to iron out all the differences, but the meeting will enable presidents to elaborate on their stances for better mutual understanding," Qin said.The past has proved that high-level visits could play a unique role in boosting China-U.S. relations, Yuan said. "It always worked the things out at the critical time."Yuan said Hu's visit was aimed at bringing the damaged China-U.S. relations back on "healthy and stable" track."In months ahead of Hu's visit, the United States should be reasonable in dealing with issues like trade and economy and refrain from measures undermining bilateral ties," said Shi Yinhong, a professor of China's Renmin University.Before their meeting in Washington next year, Hu and Obama are scheduled to meet on the sidelines of the G20 summit and Asia-Pacific Economic Cooperation(APEC) leaders' gathering in November.