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WASHINGTON, Sept. 20 (Xinhua) -- U.S. President Barack Obama said Monday that China's rapid economic development is in the interest of U.S. economy."It's good for us that China has done well," Obama said at a town-hall-style meeting telecast live on CNBC before heading to Pennsylvania to raise money for a Democratic Senate candidate.His address is in line with U.S. Secretary of Treasury Timothy Geithner's testimony to the Congress last Thursday."We have very significant economic interests in our relationship with China," Geithner said, "a strong and growing China benefits the United States, just as a strong and growing United States is good for China."In responding to a question about China's currency issue, Obama said that China's currency is lower than the market says that it should be, but trade is in the benefit for both sides."I just want to make sure trade is good for American businesses and American workers," Obama said."We are going to continue to insist that on this issue, and on all trade issues between us and China, that it is a two-way street, " he said.Facing November elections shaped by voter anger at the sour economy, U.S. lawmakers are weighing bills that would slap sanctions on Chinese goods, amid accusations that China keeps its currency -- and thereby its exports -- artificially cheap.The Obama administration acknowledged that China's imports supported the global economy and contributed substantially to recovery around the world.With over 1.3 billion people and an economy continuing to grow at or near double-digit rates, China is the U.S.' fastest-growing major overseas market.China's record of bringing hundreds of millions out of poverty, building a rapidly growing middle class, and now its efforts to encourage growth led by domestic demand, ultimately mean more demand for American goods and services.In order to pull the economy out of recession, Obama launched National Export Initiative (NEI) in March and set the goal of doubling the U.S. export in five years and creating two million jobs in the country.The Obama administration is clear that the vast Chinese market is a crucial part to fulfill the goal."Increasing opportunities for U.S. firms and workers through expanded trade and investment with China will be an important part of the success of the President's National Export Initiative and our efforts to support job growth more broadly."According to the Treasury Department, China is a critical market for a broad range of American products, from agriculture, to manufacturing, to services.China was the largest market for U.S. soybeans last year, importing over 9 billion dollars.In the manufacturing sector, the United States has already exported nearly 3.5 billion dollars in aircraft to China this year alone, and U.S. exports of automobiles and parts to China have grown over 200 percent.The issues in China and U.S. economic relations and trade should be properly solved through consultations on an equal footing. Exerting pressure cannot solve the issue. Rather, it may lead to the contrary, China's Foreign Ministry said recently.

BEIJING, Oct. 27 (Xinhua) -- The body of Peng Chong, a senior Chinese legislator and political advisor, was cremated at Beijing's Babaoshan Revolutionary Cemetery on Wednesday.President Hu Jintao, top legislator Wu Bangguo, Premier Wen Jiabao, and state and Party leaders Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang and He Guoqiang bid a final farewell to Peng Chong.Peng, who had served as vice chairman of China's top legislature and the top political advisory body, died of illness in Beijing on Oct. 18 at an age of 96.Peng was also a member of the Political Bureau of the 11th Central Committee of the Communist Party of China (CPC), a member of the Secretariat of the CPC Central Committee, vice chairman of the fifth National Committee of the Chinese People's Political Consultative Conference, and vice chairman of the standing committees of the fifth, sixth and seventh National People's Congresses.He was described in an official statement as a "loyal Communist fighter," "proletarian revolutionist" and "outstanding leader of the CPC's political work and the construction of China's socialist legal system."

CHENGDU, Nov. 3 (Xinhua) -- A senior Chinese government official said Wednesday that major geological disasters and densely-populated regions would be the two main areas to monitor in the nation's efforts to guard against losses caused by such disasters.In the first 10 months of 2010, 2,909 people were dead or missing following over 30,000 recorded geological disasters, Xu Shaoshi, the Minister of Land and Resources, said at a meeting held Wednesday in Chengdu, capital city of southwestern Sichuan Province.Further, the number of people dead or missing during this period was five times higher than in the same period last year, said Xu.However, the majority of these victims, about 2,000 people, were killed or went missing after five major mud and rock slides which struck areas in west China's Guizhou, Gansu, and Yunnan provinces, Xu said.A massive mudslide triggered by rainstorms slammed Zhouqu County in northwest China's Gansu Province this past August, leaving 1,510 dead and 255 others missing."Our focus in loss prevention and control in the future will be to closely watch the major geological disasters and the areas with high human concentrations," said Xu.Xu also urged local governments to make specific plans regarding geological disaster prevention, improve the assessment and pre-cautionary monitoring mechanism, and beef up rescue and response systems in the event of an emergency.

BEIJING, Sept. 21 (Xinhua) -- The central parity rate of the yuan, China's currency Renminbi (RMB), jumped 113 basis points, or 0.17 percent, Tuesday to a new record high at 6.6997 per U.S. dollar, according to the data released by the China Foreign Exchange Trading System.Tuesday's yuan central parity against U.S. dollar beat the previous record of 6.7110 per U.S. dollar on Monday and extended the Chinese currency's gains to eight consecutive trading days.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 Tuesday's central parity, the Chinese currency has strengthened against the U.S. dollar by 1.87 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.According to Tuesday's central parity rates, the yuan's value strengthened against all the currencies within its basket with lower rates.The PBOC released the yuan's central parity rates against a basket of currencies -- the U.S. dollar, the euro, the Japanese yen, the Hong Kong dollar, the British pound and the Malaysian Ringgit.The yuan's parity rate against the euro was set by the central bank at 8.7522 Tuesday, lower from 8.7595 Monday.The yuan's rate against 100 yen was 7.8204 Tuesday, compared with 7.8275 Monday.The Chinese currency soared 814 basis points against the British pound with the central parity rate being set at 10.42 from Monday's 10.5014.The central parity of RMB against the U.S. dollar is based on a weighted average of enquired prices from all market makers before the opening of the market in each business day.The central parity of RMB against the other five currencies is based on the central rate of RMB against the U.S. dollar of the same business day as well as the exchange rates of the five currencies against the U.S. dollar at 9 a.m. (0100 GMT) of the same business day in the international foreign exchange market.

YANGON, Aug. 29 (Xinhua) -- The 5th Escort Task group of the Chinese People's Liberation Army (PLA)- Navy, made up of two warships -- "Guanhzhou" and "Caohu" made a friendly call at Myanmar Yangon's Thilawa Port Sunday afternoon.It was also the first time for Chinese naval warship to have called at Myanmar port.The five-day mission is aimed at promoting friendly relationships between the two armed forces of the two countries and exchange between the two navies.A grand ceremony was launched to welcome the Chinese warships amid rain, attended by Major Han Sein, Commander of Myanmar Navy Dockyard Base, Chinese Ambassador to Myanmar Ye Dabo and other embassy officials as well as representatives of Chinese companies, teachers and students based in Myanmar and local Chinese residents totaling about 200.Chinese naval soldiers and officers of destroyer Guangzhou stand in formation on board upon their arrival at Myanmar Yangon's Thilawa Port, Aug. 29, 2010. The 5th Escort Task group of the Chinese People's Liberation Army (PLA)-Navy, made up of two warships -- "Guanhzhou" and "Chaohu" made a friendly call at Myanmar Yangon's Thilawa Port Sunday afternoon.After the ceremony, the warships were open to the visitors for viewing.During the call, the Chinese PLA escort task group will launch a series of exchange with the Myanmar navy.Myanmar is the fourth country that the 5th Chinese PLA escort task group called on after completing its escort missions in gulf of Aden and the waters off Somali coast.Prior to Myanmar, the escort task group had called on Egypt, Italy and Greece.