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WASHINGTON, Oct. 10 (Xinhua) -- 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 here on Sunday.Westerners prefer Western medication method that is quick but drastic, while Chinese people prefer traditional Chinese medication that is slower and giving time for different herbs to take effect. A steep rise of Chinese currency yuan would cause harms, Zhou told a group of bankers and reporters during a luncheon speech at the 2010 annual membership meeting of the Institute of International Finance (IIF).Governor of the People's Bank of China (PBOC) Zhou Xiaochuan hosts a press briefing during the annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington D.C., capital of the United States, Oct. 8, 2010. To manage Chinese currency issue is a "complicated art," as you have to take into consideration domestic inflation, unemployment rate, gross domestic product (GDP) growth, balance of payments and other factors, he added.IIF, which represents over 420 world leading financial institutions headquartered in more than 70 countries, host its annual membership meeting in Washington D.C. between Oct. 8 and 10, when the International Monetary Fund and World Bank host their annual meetings in the same time.

BEIJING, Aug. 29 (Xinhua) -- Shanghai Pudong Development (SPD) Bank said its first-half-year net profit rose 33.92 percent from one year earlier due largely to lending boom and increased commission fees.Net profits climbed to 9.08 billion yuan (1.34 billion U.S. dollars) in the first six months of this year, the Shanghai-based lender said in a statement filed with the Shanghai Stock Exchange late Sunday.Its growth in profits stemmed from rising operating revenues, a result of growing net interest earnings, increased fee incomes and the improved quality of assets, according to the statement.Earnings per share stood at 0.791 yuan, up 20.21 percent from one year earlier. Also, operating revenues grew 36.42 percent to 22.75 billion yuan in the first half of 2010, it said.Total assets for the commercial bank hit 1.781 trillion yuan by the end of June, up 9.77 percent from the end of 2009.

BEIJING, Oct. 20 (Xinhua) -- China must improve the quality, accuracy and credibility of statistics to better serve the country's social and economic development, said Chinese Vice Premier Li Keqiang in a letter addressed to a ceremony on Wednesday in Shanghai marking the first World Statistics Day.A relatively standardized modern statistics system that conforms to China's national conditions and international standards have basically taken shape in China, according to the letter received by Xinhua on Wednesday.Li said that as China will soon enter into the 12th five-year development period (2011-2015), it must push forward the development and reform of statistics gathering to provide accurate and comprehensive information in a timely way.Li also said the Chinese government will continue to strengthen international exchanges and cooperation in the realm of statistics.The World Statistics Day, initiated by the United Nations, aims to promote knowledge about statistics among the public.

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.

ANKARA, Oct. 7 (Xinhua) -- Chinese Premier Wen Jiabao arrived in Ankara on Thursday night for a three-day official visit to Turkey.Turkey is the last leg of Wen's four-nation tour, which has taken him to Greece, Belgium and Italy. He also had an unscheduled meeting with his German counterpart Angela Merkel on Tuesday in Germany.Earlier on Thursday in Rome, Wen held talks with Italian Prime Minister Silvio Berlusconi, President Giorgio Napolitano and parliamentary leaders, and launched together with Berlusconi the program of the Chinese Culture Year in Italy. Chinese Premier Wen Jiabao (L, front) arrives in Ankara, capital of Turkey, for an offical visit, on Oct. 7, 2010.During his stay in Turkey, Wen is scheduled to meet with Turkish Prime Minister Recep Tayyip Erdogan and President Abdullah Gul.Chinese Ambassador to Turkey Gong Xiaosheng said last week that Premier Wen's visit to Turkey will boost the two countries' relations to a new level."We expect the Chinese-Turkish ties to have a new and better development and a leap forward after Wen visits Turkey," Gong told a press briefing in Ankara. "As the two nations know more about and work more with each other, I believe there will be great prospects for our cooperation."