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BEIJING, March 5 (Xinhua) -- The international press has given extensive coverage to Chinese Premier Wen Jiabao's government work report at the Second Session of the 11th National People's Congress (NPC) which started on Thursday, and praised China's persisted target of 8 percent annual economic growth in the face of the world financial crisis. The French-based AFP reported that despite the turbulence and recession of the world economy, "Wen forecast China can sustain eight percent economic growth in 2009, boosting hopes China's export-driven economy will cope with the crisis." "Asian markets rallied for a second day after Chinese Premier Wen Jiabao on Thursday reaffirmed his government's growth aims, triggering gains across the region in China-related stocks," it reported. On Thursday, the benchmark Nikkei-225 climbed 142.53 points to 7,433.49, up 1.95 percent. The British news agency Reuters said: "Premier Wen Jiabao assured on Thursday that China will achieve 8 percent growth this year despite a deepening financial crisis, setting out export support and spending programs to shore up the economy." Wen said China's budget deficit this year will reach 950 billion yuan (140 billion dollars), and though he did not announce fresh economic stimulus, his assurances helped extend a rally in Asian markets, Reuters reported. The U.S.-based Associated Press (AP) said: "China rolled out an aggressive government spending program on Thursday, promising ramped-up outlays for infrastructure and social programs to ward off the global economic downturn and forestall unrest." The German Press Agency (dpa) said China seeks to bolster the economy against the effects of a global slowdown. China announced a record annual budget deficit of 950 billion yuan (140 billion dollars), but Wen stressed that the deficit was below 3 percent of China's gross domestic product (GDP), remaining "within the acceptable range of what our overall national strength can bear and is therefore safe," dpa said. The Financial Times said Premier Wen pointed out that the international environment is becoming more complex and the financial crisis is further deepening. But China will meet its goal of 8 percent economic growth as long as the Chinese government establishes right policies, takes proper measures and pushes for effective implementation. Both the Financial Times and the British Broadcasting Corporation (BBC) reported that the ongoing meetings of the NPC and the Chinese People's Political Consultative Conference (CPPCC) drove up international stock markets on Wednesday, saying the Chinese economy has become a favorable factor for bourses around the globe. The Daily Telegraph said the economic stimulus plan announced by China last year concentrated on infrastructure, but Wen stressed the need to care about the healthcare and social insurance systems, especially in rural regions. The Swedish Broadcasting Corporation said Wen pinpointed China's target of 8 percent growth in his report, and expounded the importance to increase employment and control the registered urban unemployment rate at under 4.6 percent. New Zealand TV said the international community is closely watching developments of China's two annual conferences at a time when the global economy is undergoing a big recession. As a result of China's plan to expand its domestic demands and a series of the Chinese government's economic stimulus packages, quite a few stock markets have rebounded in the past two days, the TV report said. Premier Wen asked Chinese enterprises to consolidate their market shares in the traditional export destinations and do their utmost to explore the emerging markets, under a circumstance that global demands have been falling drastically and against a backdrop that trade protectionism is re-emerging, Interfax reported. Wen encouraged Chinese small- and medium-sized enterprises to cultivate name brands for export, it said. China is a developing country with a population of 1.3 billion. It must maintain a reasonable pace of economic growth to raise the employment rate both in urban and rural areas, increase people's incomes and safeguard social stability, another Russian news agency said. World Daily, the biggest Chinese newspaper in the Philippines, said in an editorial that the annual NPC meeting is being held when the global financial storm is hitting every corner of the world. Nearly 3,000 deputies will discuss national policies and put forward feasible suggestions. China's economic development this year will have an important effect on its growth in coming years. Therefore the deputies attending the critical meeting shoulder great responsibilities, the daily said.
BEIJING, Feb. 19 (Xinhua) -- Chinese Vice Premier Zhang Dejiang Thursday urged the country's labor department to find employment for people this year. China is facing a daunting task to secure jobs for its workforce after more than 20 million migrant workers lost their jobs in the global financial crisis. To compound the problem, more than seven million college graduates will be looking for jobs this year. "We must ensure a stable employment situation this year, as employment is related to people's livelihood and the harmony and stability of the society," Zhang said at a working conference of the Ministry of Human Resources and Social Security. The country's urban unemployment rate increase 0.2 percentage points to 4.2 percent at the end of 2008, even though migrant workers are not included in that number. Zhang asked the ministry to adopt more active policies to find employment for people. Tax burdens of firms could be reduced, and preferential policies for social security coverage could be employed to help firms survive the crisis and keep jobs, Zhang said. More subsidies should be offered to organize vocational training in order to get people reemployed, and training should be made more relevant to different jobs, he added. The Vice Premier also said the government should step up building a social insurance system that covers both urban and rural residents, and continue to raise pensions for retired workers. China created new jobs for 11.13 million people last year, 11 percent more than the target of 10 million. The country also found jobs for five million laid-off workers and for 1.43 million who had difficulty in finding a job. The combined 6.43 million was again higher than the original target of five million.
DAKAR, Feb. 13 (Xinhua) -- Visiting Chinese President Hu Jintao held talks with his Senegalese counterpart Abdoulaye Wade in Dakar on Friday to discuss promotion of friendly and cooperative ties between China and the West African nation. Hu said the bilateral relations have made progress in various fields since the resumption of diplomatic ties in 2005, and facts have proved that the China-Senegal friendship is in the fundamental interests of both nations and will have a promising future. To cement bilateral cooperation and seek more tangible benefits for the two peoples, Hu proposed both nations keep exchange of high-level visits and deepen political trust, and increase communications and cooperation between the two governments, legislatures, ruling parties and local authorities so as to lay a solid political foundation for bilateral ties. On the economic front, Hu suggested establishing a bilateral economic and trade steering committee to plan and monitor trade cooperation. China would like to facilitate Senegalese corporations' efforts to do business in and expand their exports to China, and the Chinese government will encourage Chinese businesses and the China-Africa Development Fund to cooperate with Senegalese businesses, Hu said. Visiting Chinese President Hu Jintao (L) meets with his Senegalese counterpart Abdoulaye Wade in Dakar, capital of Senegal, Feb. 13, 2009 Hu called on non-governmental organizations in both nations to increase exchanges, seek multiple forms of cooperation and enhance mutual understanding. On international issues, Hu said China values the positive role that Senegal has played in African and international issues, and would like to step up consultation and coordination with Senegal in the United Nations, the World Trade Organization and other organizations, in a bid to safeguard the legitimate rights of developing countries and to promote South-South cooperation and South-North dialogue. Hu said China will keep its promise made at the Beijing Summit of the China-Africa Cooperation Forum in November 2006 and will not reduce its aid to Africa as a result of China's efforts to address the global financial crisis. China will urge the international community to pay attention to the difficulties the crisis has brought to Africa and to increase Africa's representation and voice in reforms of the international financial system, Hu said, adding that China would like to further communicate and coordinate with Senegal and other African countries to tide over the crisis. Wade said he was satisfied with the bilateral cooperation since the resumption of diplomatic ties as China has fully honored its commitments and China-aided programs have been going on smoothly. He appreciated China's generous support for Senegal in the sectors of infrastructure, agriculture, culture, education and public health. After the talks, the two presidents witnessed the signing of a number of cooperation deals. Senegal was the third leg of Hu's five-nation tour. The first-ever visit by a Chinese president was warmly welcomed by local people, with the streets from the airport to downtown Dakar being lined up with Chinese and Senegalese flags and welcoming crowds.
BEIJING, April 10 (Xinhua) -- China unveiled Friday an investment guide book to help domestic firms make foreign investments. The first batch of the guide book released Friday by the Ministry of Commerce covers 20 countries, such as Pakistan, Thailand, Malaysia and Japan. The guide book includes investment laws and regulations of the 20 countries and statistics about individual countries among other useful information such as advice on problems that firms may encounter. The ministry said it would unveil more of the guide book to cover as many as 160 countries and regions by the end of June, and it would update the guideline. "It can be a good time now for Chinese firms to invest overseas," said Li Ruogu, president of the Export-Import Bank of China (China Exim), "as banks have been instructed to support overseas mergers and acquisitions of Chinese firms." He said Chinese firms should increase their investment in developing countries such as Mongolia and those in Africa, Southeast Asia and Latin America. Li said such investment could be mutually beneficial for China and investment-receiving countries. He said investment-receiving countries could expect a boost to the economy with the combination of China's capital and local resources. Large overseas investment and aid programs of Chinese firms may also boost imports from China and create more employment for Chinese labor, therefore contribute to China's economic growth as well, he added. He argued that such investment of domestic firms could be supplementary to the country's other plans to stimulate the economy. China announced a four-trillion-yuan stimulus package aimed at expanding domestic consumption after the financial crisis slashed overseas demand, in a bid to shift its heavy reliance on exports. Keen to contain the falling exports, the government had also taken various measures, including raising export rebates six times since August last year, to save the failing sector. Figures released Friday showed China's exports continued to fall in March, for the fifth month in a row, but at a slower pace. Li said encouraging domestic firms to invest overseas could be another option, when the financial crisis is yet to bottom out and it will take some time before domestic demand could take off. "It's definitely the right choice to rely more on domestic consumption for growth in a country with a 1.3 billion population, which has great market potential," he said, adding that heavy reliance would be unsustainable. The World Trade Organization has predicted a 9-percent decline in global trade this year, the sharpest drop since World War II. "But there is a long way to go before domestic consumption will be able to fuel economic growth." "The country's overall purchasing capacity is not powerful enough yet," he said. China's per capita income of urban residents stood at 15,781 yuan (2,321 U.S. dollars) in 2008, with that of the rural population at 4,761 yuan.
BEIJING, March 24 (Xinhua) -- China said it would raise benchmark retail prices of gasoline and diesel by 290 yuan (42.46 U.S. dollars) per tonne and 180 yuan per tonne, respectively, as of midnight Tuesday. It is the second oil price adjustment this year. The National Development and Reform Commission (NDRC), China's top economic planner, cut benchmark pump prices of gasoline and diesel by 140 yuan and 160 yuan per tonne, or 2 percent and 3.2 percent, respectively, on Jan. 14. Experts said more frequent price adjustments show China can respond more quickly to international oil price changes after a new pricing mechanism took effect Jan. 1, 2009. The combined photo taken on Mar. 24, 2009 shows the price boards before (top) and after (bottom) the adjustment, in Beijing, China. China said it would raise benchmark retail prices of gasoline and diesel by 290 yuan (42.46 U.S. dollars) per tonne and 180 yuan per tonne, respectively, as of midnight Tuesday. Oil price fell to 53.10 U.S. dollars a barrel in electronic trading on the New York Mercantile Exchange on Tuesday. On the previous trading day, it settled at 53.80 U.S. dollars a barrel, the highest price since Dec. 1. Under the new mechanism, China's domestic prices are to be "indirectly linked" to global crude prices "in a controlled manner." "The 'indirect link' would be based upon average global crude prices, while taking into account domestic production costs, taxation, and 'appropriate profits' of oil producers," deputy director of the pricing department of the NDRC, Xu Kuning, said. Government-set fuel prices were previously changed infrequently. As a result, either Chinese drivers ended up paying more than those in other countries when crude prices dropped, or domestic refineries suffered huge losses when crude prices surged. Last Dec. 18, when the international crude price dropped from a record 147 U.S. dollars a barrel to less than 40 U.S. dollars, the NDRC announced a move to cut pump prices by 900 yuan and 1,100 yuan per tonne for gasoline and diesel, respectively. The new pricing mechanism was announced the following day and took effect at the beginning of this year. In Tuesday's notice to raise pump prices, the NDRC urged the two state-owned oil producers, PetroChina and Sinopec, to increase oil production to meet demands. It also urged local pricing regulators to strengthen supervision over oil prices and crack down on any price violations. China's crude oil output reached 190 million tonnes in 2008, up2.3 percent year-on-year, the highest growth in three years, according to the China Petroleum and Chemical Association. Imports of crude oil rose 9.6 percent year-on-year to 179 million tonnes last year, which accounted for 48 percent of total crude oil demand.