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BEIJING, March 26 (Xinhua) -- China's central bank governor has spoken highly of the government's rapid responses to the current global financial crisis, featuring decisively adopting a proactive fiscal policy and an adaptively easing monetary policy, and launching a bundle of timely, targeted and temporary policies and measures.     The prompt, decisive and effective policy measures adopted by the Chinese government demonstrates "its superior system advantage when it comes to making vital policy decisions," says Zhou Xiaochuan, president of the People's Bank of China (PBC), in an article entitled "Changing Pro-cyclicality for Financial and Economic Stability."     It is Zhou's third article published on the central bank's official website (WWW.PBC.GOV.CN) this week to discuss the issue of the current global financial crisis. His first and second articles, published on Monday and Tuesday, are entitled "Reform the International Monetary System" and "On Savings Ratio," respectively.     In the third article, the 61-year old central bank governor tries to find out the root causes for the current financial crisis, including but not limited to lessons on monetary policy, financial sector regulations, accounting rules.     The top Chinese banker says he wants to stimulate debate and discussions on some of the pro-cyclical features in the system, possible remedial measures, and how monetary and fiscal authorities can play their professional roles at times of severe market distress.     "Financial crises normally originate in the accumulation of bubbles and their subsequent bursts. Usually, economists pay a lot of attentions to pro-cyclicality on the macro level.     However, on the micro level, there are quite a number of notable pro-cyclical features embedded in the market structure today, which should be addressed as we deal with the current crisis and reform the financial system," he says.     Zhou suggests that in the current market structure, more counter-cyclical mechanisms or negative feedback loops on micro-level should be put in place to sustain a more stable financial system.     In the article, he notes that rating problems and herding phenomenon arise from outsourcing.     The global financial system relies heavily on the external credit ratings for investment decisions and risk management, giving rise to a prominent feature of pro-cyclicality, according to the central bank governor.     "Economic upswings produce euphoria and downturns generate pessimism," he says, "Many market players adopting ratings from the three agencies and using them as the yardstick for operations and internal performance assessments clearly result in a massive "herd behavior" at the institutional level."     Zhou points out that some market players seem to have forgotten that the ratings are no more than indicators of default probabilities based on past experiences but were never meant to be guarantees for the future, he says. "Once problems take place, as we have seen during the current crisis, fingers are pointed to the rating agencies," he says.     He suggests that financial institutions should try to rely more on internal rating in assessing risks.     He calls for giving full play to the professional role of authorities in maintaining overall financial stability and establishing a counter-cyclical mechanism for capital requirement     "To stabilize markets under severe stress, finance ministries and central banks need to act fast and apply extraordinary measures," he says, "Untimely or delayed response falls behind the curve and would make the outcome less than desired even if the response is correct and strong."     In modern Western societies, a prolonged political process for mandates to finance ministries or central banks often miss the best timing for action, Zhou says, adding, "We have observed such cases during the current crisis."     He suggests that governments and legislatures may consider giving pre-authorized mandates to ministries of finance and central banks to use extraordinary means to contain systemic risk under well-defined stress scenarios, in order to allow them to act boldly and expeditiously without having to go through a lengthy or even painful approval process.     "Such systematic pre-authorized mandates would put the specialized expertise of finance ministries and central banks to the best use when markets need it the most," he stresses.     The central bank governor attributes China's current success in easing the impacts of the crisis to the country's financial sector reform and ongoing macroeconomic stimulus measures     In 2003, fully aware of the systemic vulnerabilities of China's banking industry, the Chinese government made a courageous and strategic decision to restructure the four state-owned commercial banks, says Zhou, who took over as the PBC governor in late 2002.     In the article, Zhou gives a look back on the reforms of the country's major banks and security industry.     But he warns, "We should bear in mind that despite the notable achievements in banking reform, the major banks have not gone through a full business cycle and still have much to improve. An economic slowdown will be the ultimate stress test for the robustness of the banks' strengths."     According to the bank governor, irrespective of China's sound financial sector, the Chinese economy, especially the export sector, has felt the impact brought by the slowdown of the global economy.     He praises the Chinese government for its plans to stimulate domestic demand and promote stable and relatively rapid economic growth, including the extra investment of 4 trillion yuan (685 billion U.S. dollars) in over two years, the ten measures to revitalize the industrial sectors, and other bolster measures to increase money supply, promote employment, reform taxes and medical and healthcare system.     "Having taken the above-mentioned measures, China expect to maintain stable economic growth by boosting domestic demand and reducing dependence on external demand, thus serving as a stabilizing force in global economy," Zhou says.     In overall, the macroeconomic measures have produced preliminary result and some leading indicators are pointing to recovery of economic growth, indicating that rapid decline in growth has been curbed, he concludes.

MANDALAY, March 28 (Xinhua) -- Li Changchun, a senior official of the Communist Party of China (CPC), visited China-funded projects in Myanmar and other industrial and educational facilities amidst his on-going visit.     Li, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, visited the Myanmar's 3G core network, which was built by China's ZTE Corporation, one of China's leading telecom equipment producers.     After listening to reports from both sides, Li said that information and communication industry played an important role in modern society. "I am glad to see the results you have already achieved and hope you can enhance strategic cooperation in the telecom field."     He also urged ZTE and other Chinese companies in Myanmar to transfer technologies to their partners, train local technical contingent for better serving the clients and the local society.     On Friday afternoon, Li visited Hlaing Thar Yar city of industry and listened to the briefing of local officials. He also visited a plastic pipe plant and a factory of traditional Myanmar medicines.     Early on Saturday, Li flew from Yangon to Mandalay, the country's second largest city, and visited Mandalay industrial training center. The center was set up with a grant of 30 million RMB (4.39million U.S. dollar) from the Chinese government. It was designed to train local technicians for automotive production and maintenance.     Myanmar is the second-leg of Li's four-nation tour which will also take him to the Republic of Korea and Japan. He has already visited Australia

BEIJING, March 7 (Xinhua) -- Another Chinese delegation of businesses and industry leaders, led by the Ministry of Commerce (MOC), left for four European countries Saturday for investment and economic cooperation, the MOC said.     The business delegation, following purchases totaled more than 10 billion U.S. dollars in Europe by a Chinese procurement delegation in late February, are heading for the same destinations of Germany, Switzerland, Spain and Britain.     The new delegation will explore investment opportunities on areas of automobile, machinery, textile, food, electronics and technologies relating to energy saving and environment protection.     An MOC official said "the move would further strengthen cooperation between Chin and Europe and create a win-win result in tackling the global economic downturn."     The delegation are composed of more than 20 top Chinese companies, as well as several national trade associations and government officials.

LONDON, April 3 (Xinhua) -- Chinese President Hu Jintao made concrete proposals on tackling the global financial crisis at the G20 London summit, playing an important and constructive role for the summit to gain pragmatic results, the Chinese foreign minister said on Friday.     "The summit produced measures of high value in fighting the financial crisis and built up confidence for the world to tide over the crisis and renew economic growth," Yang Jiechi said, adding that Hu's proposals contributed to the result. Chinese President Hu Jintao attends the Group of 20 summit in London, Britain, April 2, 2009. The international community held high expectations, especially on influential emerging economies such as China, and President Hu's attendance caught much attention, Yang said.     At the summit, Hu called for international cooperation, actively participated in various discussions, comprehensively introduced China's effective measures in dealing with the financial crisis, Yang said.     According to Yang, the Chinese president's trip was proved to a success mainly in five aspects. Chinese President Hu Jintao (R) meets with British Prime Minister Gordon Brown in London, Britain, on April 1, 2009. Firstly, Hu expounded China's opinions on the global financial crisis and called for coordination and support between each other to "join hands and tide over the difficulties together."     Hu reiterated the Chinese government's willingness to strengthen macroeconomic policy coordination with the international community, push the reform of the international financial system forward, actively safeguard the stability of the multilateral trade mechanism and contribute to the restoration of the world's economic development.     Secondly, Hu put forward proposals on reforming the international financial system, saying efforts should be made to strengthen cooperation in financial regulations, formulate as soon as possible widely accepted standards and norms of the regulations, Yang said. Chinese President Hu Jintao (2nd R) talks with British Prime Minister Gorden Brown (R) as they prepare to pose for a family photo during the Group of 20 summit in London, Britain, April 2, 2009International financial institutions should offer more aid to developing countries and the Financial Stability Forum should playa bigger role, the Chinese president said.     The International Monetary Fund (IMF) should strengthen and improve its supervision over the macroeconomic policies of various economies, major reserve currency issuing economies in particular, with a special focus on their currency issuing policies.     Measures should be taken to improve the governance structures of the IMF and the World Bank and give more say to developing countries.     Thirdly, Hu introduced to world leaders China's anti-crisis measures and preliminary achievements gained in tackling the economic downturn.     Fourthly, China voiced strong opposition to protectionism and concerns over development issues, Yang said.     Hu pointed out that protectionism had produced grave consequences, lessons of history must be learnt, and no country should resort to protectionism under the excuse of stimulating the economy.     Yang said the crisis has taken its toll particularly on the developing nations and the UN Millennium Goals have also suffered as a result.     China, as the world's biggest developing nation, has spared no efforts in defending the interests of developing nations, the minister said.     Fifthly, Hu's visit promotes bilateral relations with some countries, Yang said. Chinese President Hu Jintao (L) shakes hands with U.S. President Barack Obama during their meeting in London, Britain, on April 1, 2009In London, Hu held talks with his U.S. counterpart Barack Obama in the first meeting between the two heads of state since the new U.S. administration took office in January, agreeing to build a positive, cooperative and comprehensive relationship in the 21st century and establish a new "China-U.S. Strategic and Economic Dialogue" mechanism.     The meeting ushered in a new era which features healthy and stable development of China-U.S. relations, Yang said.     In a meeting between Hu and his Russian counterpart Dmitry Medvedev, the two leaders agreed to push forward bilateral ties, jointly tackle the global financial crisis and strengthen coordination in dealing with international affairs. Chinese President Hu Jintao (L) meets with Russian President Dmitry Medvedev in London, Britain, April 1, 2009When meeting with British Prime Minister Gordon Brown, Hu reached broad consensus with him on tackling the international financial crisis, promoting the reform of the world financial system and enhancing bilateral relations.     Hu also met with his French counterpart Nicolas Sarkozy, Japanese Prime Minister Taro Aso, Brazilian President Luiz Inacio Lula da Silva, Australian Prime Minister Kevin Rudd, and South Korean President Lee Myung-bak.     Despite a tight schedule, Hu tried to seize every opportunity to explain China's positions and views on various issues and achieved good results, Yang said. Chinese President Hu Jintao (R) shakes hands with French President Nicolas Sarkozy during their meeting in London, Britain, on April 1, 2009G20 groups the world's major economies and serves as a key and effective platform for tackling the current global economic and financial challenges, Yang said.     China is ready to work with other G20 members to implement the consensus reached at the London summit and make greater contributions to overcoming the financial crisis, renewing global economic growth and advancing international financial reforms, the minister concluded.

BEIJING, April 8 (Xinhua) -- Chinese Vice President Xi Jinping met on Wednesday with visiting Thai Princess Maha Chakri Sirindhorn.     Xi expressed appreciation for her contribution to Sino-Thai friendship and donation to the country's earthquake-hit areas.     During her China trip from April 3-10, Sirindhorn visited southwest China's Sichuan Province, and donated 10 million yuan for the rebuilding of schools damaged by last year's devastating earthquake. Chinese Vice President Xi Jinping (R) shakes hands with Thai Princess Maha Chakri Sirindhorn in the Great Hall of the People in Beijing, China, April 8, 2009    Xi said China is ready to make joint efforts with Thailand to raise bilateral strategic cooperation to a new level.     Remarkable progress in bilateral cooperation has benefited the two peoples, and contributed to regional peace and stability, Xi said.     Sirindhorn told Xi she has a deep affection for China, and she is impressed with the great changes taking place in China whenever she visits the country.     The Thai princess said she would contribute more to enhancing Thailand-China friendship and cooperation.

来源：资阳报