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L'AQUILA, Italy, July 8 (Xinhua) -- Chinese State Councilor Dai Bingguo on Wednesday called for more cooperation among the five leading developing countries (G5) to address international challenges. Dai listed four aspects for further cooperation and coordination among the G5 when he, on behalf of Chinese President Hu Jintao, addressed the leaders' meeting of China, India, Brazil, South Africa and Mexico on Wednesday afternoon in the earthquake-stricken Italian city of L'Aquila. According to a press release issued by the Chinese delegation, Dai said the G5 should join hands to cope with the international financial crisis. Dai proposed that the G5 countries make join efforts to enhance the regulation of global financial system. he urged the G5 countries to actively address the challenges of climate change and cooperate on addressing non-traditional security threats. The Chinese state councilor also reiterated the importance of the unity of the G5, calling for continuing cooperation on a wide range of global issues.
QINGDAO, April 22 (Xinhua) -- China invited senior naval officers from 29 countries Wednesday to three People's Liberation Army (PLA) Navy vessels on the sidelines of a celebration to mark the 60th anniversary of the founding of the PLA Navy. The vessels were the Great Wall 218 conventional-powered submarine, Type 054 frigate FFG-526 Wenzhou and the Peace Ark hospital ship. The ships, all independently designed and made by China, represented the latest stage of PLA Navy equipment, Gu Wengen, deputy commander of the force, told Xinhua Wednesday. According to Gu, the invitation to the foreign delegates was intended as the latest move by the PLA to demonstrate its military transparency. Commissioned in September 2005, the Wenzhou is one of the most modern frigates in the service of the PLA. At 4,000 tonnes, the frigate is even larger than many of the PLA's destroyers, according to Gu. The Great Wall 218 conventional-powered submarine is also one of China's new-generation submarines equipped with world-class sonar and weapon systems, he said. The Peace Ark hospital ship can provide seagoing medical services equal to those of a top hospital in Beijing. All three vessels were commissioned in just the past few years, said Gu, adding that the Peace Ark only went into service in December. "Foreign naval officers can not only learn about the modernization of China's navy by visiting the three vessels but can also feel our sincerity to expand cooperation and exchange with our foreign counterparts," Gu said. After a quick tour of the Peace Ark, Capt. James Fanell with the U.S. Seventh Fleet, who came from the naval base in Yokosuka, Japan, said that he was glad to see the increasing openness of the Chinese navy. "I was here five years ago on the USS Cushing. The openness shown by the international fleet review is much greater than that of five years ago," Fanell said. "It is very encouraging and appreciated to be able to walk aboard the ship and see ships of the Chinese fleet as well as other ships of the international community," he said. For Adm. Moura Neto of the Brazilian Navy, the Chinese navy's transparency was as surprising as its modernization. "I saw the real China and the real PLA navy," he said. China launched a grand maritime ceremony Monday to mark the 60th anniversary of the founding of its navy off the coast of the eastern city of Qingdao. The four-day celebration includes seminars, a sampan race and a fleet review scheduled for Thursday that will feature the debut of the country's nuclear submarines. A total of 21 foreign naval vessels from 14 countries, including the United States and Russia, and delegations from 29 countries will take part. According to Ding Yiping, deputy commander of the PLA Navy, the celebration was the first large multi-lateral military exchange of its kind in the history of the People's Republic of China. Naval forces from different countries had voiced support for China's call to seek mutual trust and benefits, and resolve disputes on the basis of equal consultations and negotiations, he said. Their support would help build harmony on the seas, the theme of this year's celebration, he said. Adm. Gary Roughead, the U.S. Chief of Naval Operations, also said that the PLA and U.S. navies had much potential for cooperation in international humanitarian aid and joint maritime rescues in the West Pacific. "I believe any time one can address problems cooperatively, it makes for a more harmonious outcome. That's why I look forward to continue to work with the PLA Navy," Roughead told Xinhua at a naval symposium held in Qingdao. "I think navies are good opportunities to advance military-to-military relations as part of an overall relationship between nations," he said.
BEIJING, May 10 (Xinhua) -- China and Kuwait signed five agreements here on Sunday in an effort to further the bilateral relations to a higher level. The agreements covered fields of energy, finance, telecommunication, transportation and education, according a press release from the Chinese Foreign Ministry. However, the press release does not give details about the agreements, only emphasizing they are among the positive steps to push foreword the bilateral relations. Chinese President Hu Jintao and visiting Kuwaiti Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah witnessed the signing ceremony after they conferred on the bilateral ties and other issues of common concern. Chinese President Hu Jintao (L) and visiting Kuwaiti Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah review the guard of honor during a welcome ceremony in Beijing, capital of China, on May 10, 2009 During the talks, Hu highlighted the growth of the relations since the two countries forged diplomatic 38 years ago and offered a three-point proposal to cement the bilateral cooperation in the various fields. He called on the two sides to cement political mutual trust and maintain the high-level exchange and give a full play to their economic edges. Hu suggested the two countries expand their energy cooperation, saying that China is willing to work closely with the Kuwaiti side to establish a long-term and strategic partnership with mutual benefit in the regard of energy, the press release added. The Chinese President also proposed to promote the bilateral cooperation in other fields such as trade, transportation, telecommunication and engineering, promising that China will encourage its enterprises to invest in and establish their businesses in Kuwait. Agreeing with Hu's views on the bilateral relations, Emir Al-Sabah said that Kuwait highly values and regards its relations with China as one of the most important foreign relations. Kuwait is committed to fostering its friendly and cooperative relations with China based on the mutual understanding and trust, Emir Al-Sabah said, calling on the two to intensify their exchange and cooperation on international and regional issues. The two heads of the state also exchanged views on such issues as Middle East, the press release added. As Hu's guest, Emir Al-Sabah arrived in Beijing on Sunday afternoon, starting his four-day state visit to China from May 10 to 13.
BEIJING, May 17 (Xinhua) -- China's power consumption declined 3.63 percent year on year in April, larger than the 2.01 percent decrease rate in March, the China Securities News quoted figures from the China Electricity Council (CEC) Friday. A total of 275.67 billion kilowatt hours of electricity were used in April. The figure for the first four months was 1.06 trillion kilowatt hours, down 4.03 percent from the same period a year ago. Analysts said the extending decline indicated a soft footing in economic recovery. It is normal that power output and consumption have ups and downs in the process of economic revival. From January to April, power used by the agriculture and tertiary sectors went up 4.69 percent and 9.04 percent. And that for industrial sector slipped 8.29 percent. The National Bureau of Statistic (NBS) said on May 13 that power generation fell 3.5 percent last month from a year earlier, to 271.29 billion kilowatt hours. The industrial output rose 7.3 percent in the same month. Since the industrial sector consumes about 70 percent of China's power, some economists questioned whether a rise in industrial production could be accompanied by a decline in power consumption. Zhang Liqun, a researcher with the Development Research Center of the State Council, a government think-tank, told Xinhua that when looking at the decline in industrial power use, it was important to remember that industrial upgrading was still in progress. The decline of electricity consumption by heavy industry, which accounts for 82 percent of total industrial power consumption, was the leading cause for the overall decline. According to CEC data, power consumed by the heavy industry was down 8.62 percent in the first four months, and that for the light industry sank 6.76 percent. Analyst expected that power use in May would fall slower than the previous month, as the rebounding electrolytic aluminum and iron and steel industries would use more electricity in the coming months.
BEIJING, May 6 (Xinhua) -- China's central bank said Wednesday the economy is doing "better than expected" in the first quarter, and pledged to maintain "ample" liquidity in the financial system for economic recovery. China would stick to its moderately easy monetary policy and ensure "ample" liquidity at banks, the People's Bank of China (PBoC) said in its quarterly monetary policy report posted on its website. The country has pumped 4.58 trillion yuan (670 billion U.S. dollars) of new loans into the economy in the first quarter to stimulate growth. The figure is already nearing 5 trillion yuan of new loans targeted for the whole year. In March alone, new loans increased by a record 1.89 trillion yuan. The country's financial institutions and enterprises would digest the huge amount of new loans in the following months, the report said. Industry insiders have said credit extended by China's banks in April may have dropped to above 600 billion yuan after staying at above 1 trillion yuan for three straight months. The central bank said new lending from commercial banks focused on government-backed projects. It encourages more bank loans to be channeled to small and medium-sized enterprises as they play an important role in the national economy and in increasing employment. The central bank said in the first-quarter monetary policy report it would continue to instruct financial institutions to extend new loans, despite the earlier surge. The pick-up in bank lending is conducive to stabilize the financial market and boosting market confidence, PBoC said. Meanwhile, the bank urged lenders to improve credit quality to avoid a possible rebound in bad loans. There have been "positive changes" in the economy in the first quarter, the bank said, echoing remarks made by Premier Wen Jiabao last month. The quarter-on-quarter growth is improving, compared to the fourth quarter of last year, it said, without giving specific figures. China's economy expanded 6.1 percent in the first quarter, the lowest pace in 10 years and down from 9 percent in the fourth quarter last year. The central bank also said foundations for the recovery are not solid, as uncertainties in external economies still exist and private investment is yet to become active with new lending concentrated on government projects. In listing uncertainties ahead, the bank said the country still has to battle against the financial crisis that is unfolding and a collapse in external demand that is hurting exports. The country is also under great pressure to create enough jobs and from a slower growth in residents' income, which would suppress future consumption, it said. The bank also warned overcapacity and insufficient demand may drive prices lower in the country with the world economy in a downturn. But it also said continued falls in prices may become less likely along with the world recovery, a turnaround in the national economy and fast credit growth. "Prices of primary products and assets may rebound quickly once investor confidence is restored, as the global credit is relatively loose thanks to injection of liquidity and stimulus packages across the world," the bank said. The central bank also said it was concerned that the extraordinary monetary policy adopted by other major economies would result in inflation risks. It referred to the quantitative easing policy adopted by the U.S., Japan, Britain and Switzerland to pump cash into their economies. The quantitative easing policy meant increasing currency supply through purchasing mid- and long-term treasury bonds after central banks cut interests rates to near zero. The extraordinary monetary policy harbored huge risks for international financial markets and the global economy, said the central bank. It would increase the risk of global inflation, said the central bank, suggesting it would create new assets bubbles and inflation if central banks of major economies failed to mop up thehuge liquidity when the global economy recovered. "A policy mistake made by some major central banks would put the whole world in risk of inflation," it said. The quantitative easing policy would also make exchange rates of major currencies more volatile, according to the report. The central bank cited the U.S. move to purchase treasury bond in March as an example, saying although the dollar had appreciated against other major currencies, it fell after the purchase. PBoC said the policy would leave the bond markets subject to fluctuations. It said massive purchase of mid- and long-term treasury bonds may keep yield at a low level. But in the long run, as the financial markets returned to stability and the economy recovered, inflation expectations would grow, interest rates would rise, and bond prices would adjust sharply, according to the report.