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BEIJING, June 1 (Xinhua) -- China's central bank will push forward yuan settlement in cross-border trade and investment in the western Xinjiang Uygur Autonomous Region, Zhou Xiaochuan, governor of the People's Bank of China (PBOC), said Tuesday.Zhou said it was one of PBOC's important moves amid the central government's efforts to achieve leapfrog development and lasting stability in Xinjiang. However, he did not elaborate on the plan nor give a timetable.He said the PBOC would also support the development of small and medium-sized enterprises in Xinjiang.Chinese exporters and importers in five cities -- Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan -- are already allowed to settle cross-border trade deals in yuan.A PBOC report said last month that the country needs to expand yuan cross-border settlement when conditions allow.
BEIJING, May 8 (Xinhua) -- To achieve equitable development globally, China adheres to a principle of "common but differentiated responsibility" on climate change, a senior official said here Saturday.Xie Zhenhua, vice minister of the National Development and Reform Commission (NDRC), made the remarks at the International Cooperative Conference on Green Economy and Climate Change.Xie's comments came a day after Chinese Premier Wen Jiabao said that according to the principle of "common but differentiated responsibility," the international community should further clarify the mandatory reduction targets for developed countries and mitigation actions for developing nations."Developed countries discharged a great amount of greenhouse gases during their industrialization in the previous two centuries. That is the main cause of global warming," said Xie, one of China's leading negotiators for climate change talks. "That's why they should take most of the responsibility to reduce carbon emissions."Developed countries have already overused the earth's atmosphere for emissions, occupying what should be emission quotas for developing countries who are developing to meet their citizens' basic needs, he said."Developing countries are now beginning to industrialize. It is unfair to limit their development," Xie added.Xie said developed countries should transfer environmentally friendly technologies to developing nations and increase their aid to poor nations.Although a challenging task, China was likely to lower its energy consumption per unit of gross domestic product (GDP) by 20 percent at the end of this year compared with the 2005 level, he said.China would work to play a constructive role to promote a successful Cancun conference and further enhance dialogue and cooperation with the international community in terms of tackling climate change and promoting sustainable development of the world, he said.Five months after the Copenhagen talks and seven months before the Cancun conference, Saturday's conference was recognized as a platform to promote the materialization of pledges in the Copenhagen accord and urge for a fruitful Cancun conference.With a theme of "Low carbon, New energy and Sustainable development," the conference was organized by the China Center for International Economic Exchanges. The conference has invited top leaders, environment officials and entrepreneurs from both China and countries including Brazil, India, Mexico and South Africa.
VIENNA, May 19 (Xinhua) -- Chinese Minister of Commerce Chen Deming stressed Wednesday that, especially under the current“financial crisis, the exchange rate stability is the most important, which is not only a national responsibility, but also a responsibility for the world economic recovery."At a press conference jointly held with Reinhold Mittelehner, the Austrian Minister of Economic Affairs, and Christoph Leitl, president of the Austrian Chamber of Commerce, Chen said China will continue to maintain the stability of the Chinese yuan exchange rate to ensure economic stability.He believed that the exchange rate has an impact on national trade, but it is not the decisive factor. National trade would be more affected by such other factors as economic structure, resource allocation, as well as the stage of technology and development.He also stressed that the exchange rate is a sovereign issue of each country, which should be set by each country according to its own situation.The Chinese trade and investment promotion mission with over 80 Chinese enterprises, which is led by Chen, participated in the economic forum held by the Austrian Chamber of Commerce, discussing with about 100 major Austrian enterprises and signing a series of economic cooperation agreements.
LOS ANGELES, April 2 (Xinhua) -- Some U.S. experts on China suggested that the United States and China have different perceptions towards each other, but cooperation on critical global issues is essential and will necessarily involve sacrifices at home.Clayton Dube, Associate Director of U.S. China Institute at the University of Southern California, told Xinhua in a recent interview that domestic political concerns drive leaders in both countries, and neither side wants to be perceived by their fellow citizens as not standing up for core interests of their own countries.However, he said, what is vital is for leaders on both sides to convince their fellow citizens that cooperation on critical global issues is essential. Although it will involve sacrifices at home, ultimately those sacrifices will be rewarded to progress in addressing climate change, furthering economic growth and constraining the proliferation of nuclear weapons."Strong leaders know that they must sometimes yield on important measures in order to attain even more crucial aims. That must happen now and it must happen on both sides," stressed Dube."Leaders must always be sensitive to domestic pressures, but they also have a responsibility to look forward and to take action that will yield a better tomorrow, even if there are political costs today," said Dube.Stanley Rosen, Director of the East Asian Studies Center at the University of Southern California, told Xinhua that the political system, the role of media, ideology, political culture and political history between the two countries are very different, therefore it is easy for the two countries to misunderstand each other.However, in Rosen's opinion, both sides do not want the situation to get out of control."It is a two level game," he said, explaining that the U.S. leaders will deal with China, and Chinese leaders will deal with the U.S., then the U.S. leaders will deal with the U.S. and Chinese leaders will deal with China.He said the Obama Administration will have to worry about the U. S. Congress, and public opinion. His leadership has been weakened by the health care debate and he is worried about the mid-term election."There is much pressure on him to be tough on China," said Rosen.On the Chinese side, Rosen said Chinese leaders also face great pressure to be tough on the U.S. from the military, the National People's Congress, etc. "It is a nature of politics," Rosen said.From the U.S. side, Rosen said the message is Obama tries to be flexible in foreign affairs, but the flexibility has been perceived as weak towards China."His flexibility is not awarded, so he has to show his toughness towards China. The American and Chinese perceptions are different," said Rosen.For example, he said, the U.S. is tough on the currency issue and has put pressure on the Chinese side to reevaluate its currency. However, even in the U.S. there is a debate on whether the evaluation of RMB will help U.S. exports or to which degree the change of value of the Chinese currency will help increase jobs in the U.S..Rosen said the U.S. tends to be governed by elections. In his opinion, before the November election, the U.S. is unlikely to make concessions on issues on currency and others.He said what the U.S. can do is very limited right now, but he does not expect that the U.S. will take major actions to further deteriorate the U.S.-China relations. In his opinion, the Obama Administration and Democrats need to show their toughness towards China to woo voters before the mid-term election.He said most U.S. Congressional members are politicians but not statesmen. What they care about is to get re-elected every two years. Therefore, whether a small business will be closed and several dozens of employees will lose their jobs in their district is certainly a big concern for them, while whether what they have done will impact U.S.-China relations is not what they are caring about.Ben Tang, Director of Asian Studies at the Claremont Institute, told Xinhua that nationalism in both countries is on the increase and China has felt the pressure. However, he said the importance for the U.S. and China to cooperate should be carefully taken into consideration while making big decisions.Tang said that there is a trend of trade protectionism in the U. S. and some Americans attempt to let the world share the burden of its economic recession, that will set a very bad example in the world.But in Tang's opinion, the increasing trade protectionism and voices to be tough on China in the U.S. are partly fueled by the mid-term election to be held in November this year. He said such a situation won't last long. It will gradually die down after the election.
BEIJING, April 28 (Xinhua) -- Industrial enterprises in China's 24 regions reported combined profits of 690.8 billion yuan (101.2 billion U.S. dollars) in the first quarter, more than double the figure of the same period last year, the National Bureau of Statistics (NBS) said in a statement Wednesday.The NBS did not provide reasons for the 102.6-percent profit surge. The figure was down 21.1 percentage points for the first two months of the year, the statement said.Analysts attributed the growth to a low comparison base during the first quarter of 2009 when the country's economic growth was dragged down by the global economic downturn. The economic recovery, backed by government stimulus measures, also helped lift profits.The People's Bank of China, the central bank, said in a statement last week that industrial production in the first quarter had accelerated and profits of enterprises continued to expand on growing domestic demand.Altogether 38 of the 39 major industrial sectors saw year-on-year growth in profits, with profits of the steel industry up 3,380 percent and those of the power sector up 1,540 percent, the statement said.