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China's Premier Wen Jiabao said on Wednesday macro control measures should be further strengthened to prevent the fast-growing national economy from overheating. The monetary policies should be stable in general but "moderately tightened" to secure a stable and fast-growing economy, said Premier Wen at a meeting of the State Council. Wen said the country will continue to implement its current prudent fiscal and monetary policies. He called for fiscal policies to be more supportive of industrial restructuring. He said industrial production is growing at a rate that is faster than desired and the trade surplus is too big. China's trade surplus in May soared to US.45 billion, up 73 percent from the same month last year. Wen said the country would continue to adjust export rebates and tariffs on certain items while further improving policies to boost imports in a bid to address the climbing trade surplus. Sustained fast growth of investment, excessive liquidity in the capital market and rising inflation pressure also deserve more attention, said Wen. Wen said the government would control the supply of land and bank loans to high energy-consuming projects. He also said financial, fiscal and taxation measures should be employed to guide the flow of capital. He said there should be more channels for capital outflow and for the use of foreign exchange. Rising food prices have caused the consumer price index (CPI) to rise 3.4 percent in May, higher than the government's target of three percent. Wen pledged to stabilize food prices by ensuring the food supply and enhanced supervision over food quality.
KUNMING - A comprehensive research and preservation facility for the germplasm of rare and endangered plants,wild animal species and microorganisms was completed on Sunday in southwest China's Yunnan Province. With an investment of 148 million yuan (US.5 million) over the past two years, the "Southwest China Germplasm Bank of Wild Species" facility was established by the Kunming Institute of Botany (KIB) with the help of the Chinese Academy of Sciences (CAS). "The bank will be a key player in China's biotech industry and a pioneer in the nation's biodiversity conservation and bioresource development strategy," Chen Zhu, vice president of CAS, said at the inauguration ceremony. According to the KIB, the bank sees itself as a leading storage facility of Asian species within 15 years of its foundation, and expects to make significant contributions to the development of the biotech industry and life science research by providing valuable resources, information and expertise. Within the next five years, the bank is expected to collect 6,450 wild species, 4,000 of which will be plant seed species. Within 15 years, its collection will reach 19,000 species. The bank comprises a seed section, an in-vitro micro-propagation unit, a microorganism bank, an animal germplasm bank, a DNA bank, an information center and a garden. Stretching across an undulating landscape and climatic zones ranging from the tropical to the frigid, Yunnan is home to a multitude of plant species linked together by a complex network of phylogenetic relations, and accounts for more than 50 percent of China's plant diversity.

A shop assistant checks hundred yuan bank notes at a shop in Xiangfan, central China's Hubei province in this file photo. [Reuters]A senior U.S. Treasury official warned Congress on Thursday that a legislative drive to force China into letting its currency rise in value more quickly could backfire and do damage to the U.S. economy. Deputy Assistant Treasury Secretary Mark Sobel warned a House of Representative trade subcommittee that U.S. lawmakers risked creating a perception abroad that the United States is becoming "an isolationist nation" that does deserve foreign investment. "If the United States adopts currency legislation that is perceived abroad as unilateralist, investors' confidence in the openness of our economy could be dampened, diminishing capital inflows into the United States and potentially putting upward pressure on interest rates and prices," Sobel said. However, Ways and Means Trade Subcommittee Chairman Sander Levin, a Michigan Democrat, objected to the administration's description of congressional proposals as protectionist, and other lawmakers testifying on Thursday argued China's "unfair" trade practices required a strong U.S. legislative response. Two Senate committees have already approved legislation that aims to equip Treasury with new tools to pressure China into letting its yuan currency rise faster in value, which U.S. manufacturers say is necessary to eliminate an unfair price advantage for Chinese-made goods. Rep. Tim Ryan, an Ohio Democrat, said Congress should pass an even stronger bill -- such as one he has crafted with Rep. Duncan Hunter, a California Republican -- that would allow U.S. companies to seek countervailing duties against China's undervalued exchange rate. "Passage of a weak bill will only lead to many more years of inaction by the administration, loss of jobs and loss of critical U.S. manufacturing capability. We need legislation that will lead to action," Ryan said. A Republican committee member, Rep. Thomas Reynolds of New York, said there was bipartisan support for taking a tougher line with China than Treasury has followed so far. "Be ready for the fact that there's a boiling point in the Congress coming from the people of America saying we need to do better than what's happened so far," Reynolds said. After the hearing, Levin told reporters that House leaders would decide when Congress returns in September the best way to proceed with China currency and trade legislation. "I think we will look at all options," including the Ryan-Hunter bill, Levin said. He expressed confidence that Congress could craft legislation that presses China on the currency issue without violating World Trade Organization rules. But Treasury Secretary Henry Paulson has made clear that he does not want the additional legislative tools and that he prefers to seek a faster pace of economic reform in China through discussion, especially in a "strategic economic dialogue" that he initiated with Beijing last December. Sobel's appearance before the House subcommittee was a bid by Treasury to wave off more legislation in Congress, where anger at China has been mounting and has helped fuel the bid to force Beijing into faster currency appreciation. "We appreciate the frustrations of Congress with the slow pace of Chinese reform. Indeed, we strongly share those frustrations," Sobel said. "Yet we continue to believe that direct, robust engagement with China is the best means of achieving progress." Paulson has just returned on Wednesday night from his fourth trip to China since taking over Treasury just over a year ago. Again he was unable to persuade Chinese officials to offer any commitment to speed up currency reforms. Paulson told reporters in Beijing that Chinese officials whom he met, including President Hu Jintao, intended to move ahead with economic reforms including on currency but that the country's economic stability was critically important. The failure to get firm Chinese promises on currency has fed into a sense in Congress that China does not play fair on trade rules. Sobel said Paulson had "conveyed a strong message about the need for far more vigorous action by China to correct the undervaluation of renminbi (RMB), take immediate action to lift the RMB's value and achieve far greater currency flexibility." China's yuan is also known as the renminbi. David Spooner, the Commerce Department's assistant secretary for import administration, echoed some of Sobel's worry that Congress's actions could rebound against the United States because they might violate global trade rules. "I must make clear that the Department of Commerce is deeply concerned that the other legislative proposals that have been advanced to date raise serious concerns under international trade rules," Spooner said, adding that could trigger a global cycle of protectionist legislation. Similarly, the U.S. Trade Representative's deputy general counsel, Daniel Brinza, warned that Congress needed to beware approving legislative proposals that did not comply with rules set by the World Trade Organization. Doing so would undermine U.S. credibility when it tries to persuade others to abide by WTO rulings, Brinza said.
LONDON, March 13 (Xinhua) -- The Center for Creative Business in London hosted on Thursday Creative Exchange with China, exploring the possibilities of business ventures between the two countries in the creative industry. The conference, which is aimed to help creative businesses from both China and Britain to get to know each other before exploring the business potentials of the rising industry, has attracted some 200 creative entrepreneurs, creative business managers and executives, policy makers, practitioners academics and researchers. In his keynote speech delivered at the conference, Michael Bichard, rector of the University of the Arts London, said within the next two years, Britain's creative industries sector is expected to overtake the financial sector as the country's most significant economy. At the same time, China will move ahead of Germany as the world's third largest economy. "If we remain isolated, we would not be able to achieve our creative goals of building global brands. To make collaborations effective, it takes much deeper look into the respective industries instead of superficial ones," he said. Bichard, who is also chair of Design Council UK, hopes that Design Council would cooperate with China not only academically, but across the business to develop tomorrow's creative industry. However, Bichard noted that creative exchange is not just about money, it's about understanding. The Olympics is a strong link between Beijing and London. Bichard urged for enforcing the bond, saying "two countries together can achieve great things." Professor Xiong Chengyu, director of National Research Centre of Cultural Industry at China's prestigious Tsinghua University, clarified the conceptual difference of cultural industry in China and creative industry in Britain. "It has only been 5-6 years since we began to talk about the cultural industries in China. In the past in China, we regarded culture as a kind of spiritual course which is focused on social benefit rather than economic benefit. The Chinese government realized how important it is to the national economy and has already carried out a number of policies to help and promote development," he said. Wang Yongzhang, director general of cultural industries at China's Ministry of Culture, elaborated on China's policy improvement on the cultural industry over the years to serve as a backgrounder to the audience. Representatives from British and Chinese creative companies also shared information about their experience in China during panel sessions. The afternoon session dwelled on three topics with participants discussing Investing in China, Investing in UK and Managing Creativity in China. The one-day conference sponsored by the Center for Creative Business, University of the Arts London and London Business School, is part of China Now, a six-month celebration of Chinese cultural and history across Britain.
KHARTOUM: Chinese peacekeepers were on Wednesday awarded certificates of merit for their excellent performance during their eight-month term in Sudan, a Chinese officer said Thursday.Lieutenant General Jasbir Singh Lidder, commander of the UN Mission in Sudan (UNMIS), presented Unit Citations to the engineering, transportation and medical contingents of Chinese peacekeeping troops, and Force Commander Commendations to 22 Chinese troops.The two certificates of merit are the highest honor awarded to peacekeepers from various contributing countries in Sudan, said the Chinese officer.The awards ceremony was held at the base of the Chinese peacekeeping troops in Wau, capital of West Bahr al-Ghazal state in southern Sudan, two weeks before their departure from Sudan to rotate with another batch of Chinese peacekeeping troops.Lidder said it was a great honor for him to serve with the Chinese peacekeepers as they were ending "their very successful term" in Sudan."During the past months, the three contingents of the Chinese peacekeeping troops have done a significant job to be a role model for professionalism, commitment and conduct," Lidder said.The Chinese peacekeepers had also maintained excellent relations with the contingents of other countries as well as the local population, the UNMIS commander said.Li Chengwen, the Chinese Ambassador to Sudan, congratulated all the three contingents, the 22 Chinese peacekeepers as well as the other officers and soldiers. He highly praised their performance in Sudan, especially in the extremely difficult and complicated conditions.The 435-strong Chinese peacekeeping troops, the second batch of Chinese peacekeepers deployed in southern Sudan since China started taking part in UN peacekeeping operation there in May last year and arrived in Wau in January this year.
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