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UNITED NATIONS, May 29 (Xinhua) -- The exponential growth in trade and strategic relations between China and the Arab world is highly valued at the League of Arab States and will not come at the expense of relations with the United States, the secretary-general of the League of Arab States said at a press conference here on Friday.     "We value very much our relationship with China," Secretary-General Amre Moussa, told Xinhua. "We can have good relations, growing trade and growing economic investments with China and America at the same time." Amre Moussa, the secretary- general of the League of Arab States, gestures during a press conference at the headquarters of the United Nations in New York on May 29, 2009. Moussa on Friday called upon Israel to put an immediate end to the settlement construction in the West Bank, saying that if Israel goes ahead with the construction, it is impossible to set up an independent Palestinian stateChina is now the largest exporter to the Arab world, overtaking the United States for the first time since the 1960s. Trade between China and Arab countries jumped from 36.7 billion U.S. dollars in 2004, when the Sino-Arab Cooperation Forum was launched, to 132.8 billion dollars last year.     In the past, particularly during the Bush administration, the Arab world became increasingly disenchanted with America's lackluster role in the Israel-Palestine conflict. But U.S. President Barack Obama offers renewed hope that peace talks will progress.     "The previous administration waited six years (before addressing the crisis)," said Moussa. "Now (the Obama) administration has started engaging right away. This is encouraging because all of us have suffered from certain policies in the past."     "The hope is that the Obama administration will succeed in breaking this deadlock in order to allow the peace efforts to move on with the establishment of a viable Palestinian state ... which includes the immediate freeze of (Israeli) settlements," he said.     At the same time, despite the international community having "a window of opportunity," the Obama administration has yet to take concrete actions, added Moussa.     "What we expect is not only to hear a speech, but to act," he said.     Indeed, action on the Middle East crisis is rare. The UN Security Council has refused to follow up on recommendations made by a United Nations investigation into accusations of war crimes committed by Israel during the Gaza offensive in January.     Frustrated, the Arab League is "actively pursing" other avenues, including several independent fact finding and investigations, said Moussa.     "We are not going to let go of what happened in Gaza against the civilians," he said. "If you want to have justice, you have to have it across the board."     In a related development, the United Nations Human Rights Council investigation team will arrive in Gaza on Monday. Led by Justice Richard Goldstone, the team plans to meet with all concerned parties, including witness and victims of alleged violence, according to a press release issued on Friday. 

WASHINGTON, April 22 (Xinhua) -- The International Monetary Fund on Wednesday warned that the global economy was in "a severe recession" and the world output is projected to decline 1.3 percent this year, the deepest global recession since the Great Depression in 1930s.     "The global economy is in a severe recession inflicted by a massive financial crisis and acute loss of confidence," said the IMF in its latest World Economic Outlook report. "All corners of the globe are being affected." 　　EPICENTER OF CRISIS     According to the report, the world economy is projected to decline by 1.3 percent in 2009 as a whole and to recover only gradually in 2010, growing by 1.9 percent.     "Achieving this turnaround will depend on stepping up efforts to heal the financial sector, while continuing to support demand with monetary and fiscal easing," said the IMF.     The advanced economies experienced an unprecedented 7.5 percent decline in real GDP during the fourth quarter of 2008, and output is estimated to have continued to fall almost as fast during the first quarter of 2009, according to the report.     Although the U.S. economy may have suffered most from intensified financial strains and the continued fall in the housing sector, western Europe and advanced Asia have been hit hard by the collapse in global trade, as well as by rising financial problems of their own and housing corrections in some national markets.     Emerging economies are suffering badly and contracted 4 percent in the fourth quarter in the aggregate.     The United States, at the center of an intensifying global financial storm, will contract by 2.8 percent this year, said the IMF, adding that "the biggest financial crisis since the Great Depression has pushed the United States into a severe recession."     Meanwhile, the euro zone economy will shrink by 4.2 percent this year and fall a further 0.4 percent in 2010, the IMF said, criticizing the bloc for weak public policy responses and coordination.     In Japan, the IMF expects 2009 output to fall 6.2 percent, far worse than its January forecast for a 2.6 percent decline.     China is expected to slow to about 6.5 percent this year, half the 13 percent growth rate recorded pre-crisis in 2007 but still a strong performance given the global context, according to the IMF.     UNCERTAIN OUTLOOK     The IMF warned the financial crisis remains acute. "The financial market stabilization will take longer than previously envisaged, even with strong efforts by policymakers," it said.     Thus, financial strains in the mature markets are projected to remain heavy until well into 2010, and overall credit to the private sector in the advanced economies is expected to decline in both 2009 and 2010.     Meanwhile, emerging and developing economies are expected to face greatly curtailed access to external financing in both years.     In a semi-annual report Global Financial Stability Report (GFSR), which was released on Monday, the IMF said write-down on U.S.-originated assets to be suffered by all holders will be 2.7 trillion dollars, "largely as a result of the worsening base-case scenario for economic growth."     Total expected write-downs on global exposures are estimated at about 4 trillion dollars, of which two-thirds will fall on banks and the remainder on insurance companies, pension funds, hedge funds, and other intermediaries.     In the latest World Economic Outlook report, the IMF warned that the current outlook is exceptionally uncertain, with risks weighed to the downside.     The crisis has hurt international trade, with volume expected to plunge 11 percent this year before eking out 0.6 percent growth in 2010.     Consumer prices in developed countries were under pressure and would fall 0.2 percent in 2009.     "Even once the crisis is over, there will be a difficult transition period, with output growth appreciably below rates seen in the recent past," said the IMF.     BOLD POLICY     The IMF called for its members to take new bold policy stimulus to jump-start their economies.     "This difficult and uncertain outlook argues for forceful action on both the financial and macroeconomic policy fronts," said the IMF.     Past episodes of financial crisis have shown that delays in tackling the underlying problem mean an even more protracted economic downturn and even greater costs, both in terms of taxpayer money and economic activity.     "Policymakers must be mindful of the cross-border ramifications of policy choices," said the IMF. "Initiatives that support trade and financial partners will help support global demand, with shared benefits."     In advanced economies, scope for easing monetary policy further should be used aggressively to counter deflation risks.     Although policy rates are already near the zero floor in many countries, whatever policy room remains should be used quickly, according to the IMF.     Emerging economies also need to ease monetary conditions to respond to the deteriorating outlook.     However, in many of those economies, the task of central banks is further complicated by the need to sustain external stability in the face of highly fragile financing flows, the IMF warned.     The 185-member organization also warned against the rising protectionism.     "Greater international cooperation is needed to avoid exacerbating cross-border strains," said the IMF. "Coordination and collaboration is particularly important with respect to financial policies to avoid adverse international spillovers from national actions."     "A slide toward trade and financial protectionism would be hugely damaging to all, a clear warning from the experience of 1930s beggar-thy-neighbor policies," it warned.

BEIJING, May 5 --  The economy is likely to expand 7 percent in the second quarter - up from the first quarter's 6.1 percent - even as it confronts the painful prospect of shedding industrial overcapacity, a top government think tank said Monday.    "Economic growth will pick up in the second quarter as the government's stimulus measures gradually take effect," the State Information Center (SIC) forecast.     "There has been preliminary success in arresting the economy's downward trend," it said, but did not mention any fallout from the global H1N1 flu alert.     But Zhu Baoliang, an SIC economist and one of the authors of the SIC report, said the economy will only be slightly affected by the H1N1 flu.     Annualized GDP growth sank to a decade's low in the first quarter, largely because of a collapse in export demand.     But analysts said the economy might have bottomed out since then as latest economic figures are increasingly upbeat.     The CLSA China Purchasing Managers Index (PMI), a gauge of manufacturing activity, rose to 50.1 in April, the first time it has been above 50 since last August, CLSA Asia-Pacific Markets said yesterday. A PMI reading above 50 indicates an expansion of the manufacturing sector, while a reading below 50 signals a contraction.     Also, the PMI index compiled by the Federation of Logistics and Purchasing rose for the fifth straight month in April to 53.5 percent, up 1.1 percentage points from a month earlier.     The positive economic signs sent stock markets up across Asia, with the mainland's Shanghai Composite Index rising 3.3 percent and Hong Kong's Hang Seng index 5.5 percent.     "The Chinese government has been extremely successful in stimulating investment," said Eric Fishwick, CLSA head of economic research. "We hope that firmer domestic demand, as government spending gains traction, will keep the PMI above 50 in the months to come."     The World Bank said in a report in early April that the Chinese economy is expected to bottom out by the middle of 2009. It also forecast China's economic growth at 6.5 percent for the year.     The International Monetary Fund also forecast last month that growth in China is expected to slow to about 6.5 percent this year.     Consumer spending held fast over the past months, despite looming unemployment pressure. About 2.68 million vehicles were sold in the first quarter, making the nation the world's largest auto market during the period.     Housing sales surged 23.1 percent by value while retail sales rose 15.9 percent in the first quarter, 3.6 percentage points higher than the same period a year earlier.     "Based on the clear uptrend in recent economic activity we believe the worst is already behind China in terms of economic growth," Sun Mingchun, chief China economist of Nomura International, wrote in a research note. Sun said China would achieve its 8 percent growth target this year, with a V-shaped growth trajectory.     But some analysts argue that the figures could be volatile and the economy has to deal with the structural problem of overcapacity.     "It's still too early to say the economy is experiencing a real recovery," said Zhu, the SIC economist. "Over the past months, local enterprises have been running down their inventories. Now they have to reduce overcapacity."

BEIJING, July 13 (Xinhua) -- China's Ministry of Finance announced Monday that the country's fiscal revenue in June rose 19.6 percent year on year to 686.75 billion yuan (100.5 billion U.S. dollars).     However, in the first half of this year, fiscal revenue fell 2.4 percent to 3.398 trillion yuan, said the ministry in a statement on its website.     The growth rate last month was 14.8 percentage points higher than the growth rate in May. Fiscal revenue fell 9.9 percent in the first four months this year from a year earlier to 2.05 trillion yuan due to shrinking business profits hit by the global economic slowdown and active fiscal policies including tax cuts to buoy domestic economic growth.     The ministry attributed the revenue rise in June to the stabilization of overall economic performance, growing business profits and the increase in the cigarette tax.     The government announced on June 20 the tax on cigarette cartons costing 70 yuan or more would rise to 56 percent from 45 percent, and the tax on cigarette cartons costing less than 70 yuan would rise from 30 to 36 percent.     Sales tax revenues rose 63.1 percent year on year in June, with business tax revenues edging up 6.4 percent, but the ministry did not specify the figures.     In June, China's fiscal expenditure increased 21.5 percent to 640.56 billion yuan from a year earlier. From January to June, the figure stood at 2.89 trillion yuan, up 26.3 percent from the same period last year.     The government unveiled a 4-trillion-yuan stimulus package in November last year to be spent over the next two years to shore up the world's third largest economy, with 1.18 trillion yuan from the central government.     Fiscal revenue includes taxes as well as administrative fees and other government income, such as fines and income from state-owned assets.

SEOUL, May 17 (Xinhua) -- South Korean President Lee Myung-bak met Sunday with a group of 20 quake-affected children from China's Sichuan Province, encouraging them to make unremitting efforts to improve and fulfill themselves so as to become useful talented persons in the future.     Under the invitation of the President Lee, 20 children from the earth-quake hit areas visited the presidential office, Cheong Wa DAE, with their 20 friends coming from a South Korean nursery school.     Lee encouraged the quake-affected children to overcome the shock and difficulties.     "We can never loose hope. I hope you will grow up healthy and become talented persons for your country", said President Lee.     For her part, Li Xiaolin, vice-president of the Chinese People's Association for Friendship with Foreign Countries (CPAFFC), thanked President Lee's invitation, saying that they felt true love from South Korean people.     Cheng Yonghua, China's Ambassador to South Korea said "South Korea is a good neighbor that can help when China is in need." South Korean President Lee Myung-bak (R C), his wife Kim Yoon-ok (L C) and Chinese Ambassador to South Korea Cheng Yonghua (1st L) pose for a photo with Chinese youngsters at the presidential palace Cheong Wa Dae in Seoul May 17, 2009. Lee Myung-bak on Sunday met with a delegation of 20 youngsters from southwest China's Sichuan Province, which was seriously hit in the Wenchuan earthquake on May 12, 2008. The children also performed traditional Chinese dances for Lee while officials from the Sichuan provincial government presented him with a folk painting during the meeting.     Lee was in China in May last year for a summit with Chinese President Hu Jintao three months after he took office in Seoul.     South Korea doled out millions of dollars and sent dozens of workers to aid the region's recovery from the 8.0-magnitude quake.     The May 12 earthquake, the deadliest in China in decades, razed large portions of Sichuan and surrounding provinces, leaving nearly 90,000 people dead or missing.