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ISTANBUL, Oct. 4 (Xinhua) -- China on Sunday demanded an increase of the quota share of the emerging markets and developing countries in the International Monetary Fund (IMF) and urged the organization to accelerate its structural reform. Chinese Deputy Governor of the Central Bank Yi Gang made the remarks at the 20th meeting of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund in Istanbul. The one-day meeting was attended by representatives from 186 member countries and international financial institutions, the World Bank, the World Trade Organization and other organizations. The Chinese deputy governor criticized major international financial institution for failing to give a timely early warning report of the current global financial crisis, noting that the failure is closely related to deviation of the surveillance direction and its focus. The long-time underestimation of the quota share of the emerging markets and developing countries and their insufficient representation in the IMF are major causes for irrational governing structure, unfair surveillance and untimely early warning system, he said. Attendees take part in the International Monetary and Financial Committee (IMFC) meeting at the Istanbul Congress Center October 4, 2009. The IMFC has 24 members who advise and report to the IMF Board of Governors. Finance ministers and central bankers from around the globe are in Istanbul for the semiannual meetings of the International Monetary Fund and World Bank, which run from Oct. 4-7. He said China supports an increase of IMF structural resources in various ways. But he stressed that the quota share is the main resource of the IMF organization, urging the IMF to establish quota share automatic readjusting mechanism in a bid to reflect changes of economic positions of different countries. China supports the IMF to undergo wide-ranging administrative structural reform, including the strengthening of responsibilities of the executive board of directors, effective supervision of the administration, reform of chairman election system and increasing the proportion of administrative and working staff of emerging markets and developing countries, he added. Yi stressed that the IMF should strengthen supervision and surveillance over various major financial markets, synthetically think about various policies of member countries, and not to assess single policy in a simple and mechanical way. He said China welcomes the progress made by the IMF in enhancing early warning capability, the whole package reform in financing mechanism to offer loan to low-income countries and preferential financing measures. Istanbul is to host the annual meetings of the IMF and World Bank on Oct. 6-7.
BEIJING, July 23 (Xinhua) -- Chinese President Hu Jintao vowed to stick to the proactive fiscal policy and moderately easy monetary policy in the second half year to sustain stable and relatively fast economic growth. Hu, who is also general secretary of the Central Committee of the Communist Party of China (CPC), made the remarks at a conference with leaders of the country's leading non-Communist Parties on Thursday in Beijing. Chinese Premier Wen Jiabao and other senior leaders including top political advisor Jia Qinglin, Vice President Xi Jinping and Vice Premier Li Keqiang, attended the meeting. Hu said the Chinese economy is generally improving because of the stimulus packages the Chinese government rolled out to weather the global economic downturn, but caution against risks should be strengthened. The macroeconomic policies should be maintained to consolidate the current recovery to achieve the goal of eight-percent economic growth for this year, Hu said. China's annual economic growth quickened to 7.9 percent in the second quarter of this year, mainly boosted by a 33.5 percent surge in fixed-asset investment driven by powerful fiscal and monetary stimulus. The figure was compared with the 6.1 percent economic growth in the first quarter and 6.8 percent in the fourth quarter of last year. Hu called for thorough implementation of stimulus measures to expand domestic demand. The government tried to boost domestic demand to offset falling exports because of a slump of global demand. The measures included programs of rural home appliance subsidy and home appliance replacement and purchase tax cuts on autos. Economic restructuring and innovation should be enhanced to ensure economic recovery, Hu said. In rural development, Hu called for efforts to boost grain production and increase farmers' income through various channels. More investment should go to ethnic, border and poor regions, Hu added.

XIAMEN, Sept. 9 (Xinhua) -- China remains the most attractive country for foreign capital, despite that the country's foreign direct investment declined for ten straight months, a commerce official said Wednesday. "China has been the top destination for foreign capital for 17 consecutive years," Wang Chao, assistant commerce minister, said at the World Capital Forum in Xiamen, east China's Fujian Province. A report released by the United Nations Conference on Trade and Development (UNCTAD) on July 22 showed that China stands first on the list of five most attractive destinations for foreign capital, followed by the United States, India, Brazil, and Russia. The country has received 48.3 billion U.S. dollars of foreign direct investment (FDI) from January to July this year, down 20.3 percent over the same time last year amid a global economic downturn, Wang said. Wang said the country's prospects for overseas investment remains optimistic as it would simplify examination and approval procedures toward foreign investors. It will also guide foreign investment to go to high technology industry, advanced manufacturing industry, energy saving and environment protection industries, in a bid to optimize investment structures.
BEIJING, Aug. 3 (Xinhua) -- China Vanke, the country's largest property developer by market value, announced Monday evening that it had made a net profit of 2.52 billion yuan (368.9 million U.S. dollars) in the first half of the year, up 22.5 percent year on year. Company revenue in the first half was 21.81 billion yuan, up 26.4 percent year on year, the developer said in its half-year report to the Shenzhen Stock Exchange. The company sold 3.488 million square meters of housing nationwide in the six months, up 31.2 percent over the same period last year in terms of total sales space. The Shenzhen-based firm attributed the sales and profit rise to the upbeat Chinese property market performance in the first half, boosted by an array of government measures to bolster the economy and stimulate domestic consumption. The Shenzhen-listed developer had edged down 0.9 percent to 13.24 yuan a share Monday before the release of the report.
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