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SHANGHAI, Feb. 1 (Xinhua) -- Top Chinese legislator Wu Bangguo has urged Shanghai to take the opportunity of hosting the World Expo to pioneer the country's transformation of economic development mode. Wu, chairman of the Standing Committee of the National People's Congress, China's top legislature, made the remarks during his visit to the country's economic and financial hub from Jan. 28 to Feb. 1.  Wu Bangguo (C), chairman of the Standing Committee of China's National People's Congress (NPC) visits the 2010 World Expo site in Shanghai, east China, Jan. 29, 2010. Wu visited Shanghai from Jan. 28 to Feb. 1.Accompanied by Yu Zhengsheng, secretary of the Shanghai Municipal Committee of the Communist Party of China, Wu visited the Expo Site as well as some high and new tech enterprises in the city.Shanghai must spare no effort in hosting the Expo and seize the opportunity to promote economic restructuring and industrial structural upgrading, to boost the development of modern service industry, and to speed up fostering emerging strategic industries, Wu said."Wu must make technological breakthroughs, speed up industrialization process, and develop emerging industries such as smart grid, low-carbon technology and biomedicine, so as to make sure the country can have the initiative in the new round of international economic competition," Wu said.The 2010 World Expo was scheduled to be held from May 1 to Oct. 31 in Shanghai, expected to attract a record total of 70 million visitors from home and abroad.

LONDON, March 14 (Xinhua) -- China's efforts of switching economic growth pattern would help to make an overall more stable world economy, said John Hawksworth, head of macroeconomics of PriceWaterhouseCoopers (PWC), one of the world's four largest accounting firms.He told Xinhua in a recent interview that this would also ultimately be good for China in the long term. There will be a reduction in the global trade imbalances in the long run with China's efforts of shifting economic growth pattern.China's adjustment important for world economyHawksworth said that China plays its part in making these adjustments, which is important for the long-term stability of the world economy. That is because China is a very important player, the world's biggest economy after the United State.Meanwhile, he emphasized that other economies should also make adjustments and play their parts for the world economy.He said that the United States need to control its high level of government borrowing. The same applies to European countries with high levels of borrowing."So all the main economies need to adjust and China is an very important element in the overall adjustment process," said Hawksworth.He was optimistic about the prospects for China in the efforts of shifting its economic growth pattern."It will remain a very strong growing economy and I'm optimistic that it will meet challenges and will continue to increase its relative importance in the world economy over the next 10 or 20 years," he said.Long-term process for China to shift economic growth patternWith regards to the main reasons for China to shift its economic growth pattern, Hawksworth said that in the long run China wants to promote consumer spending as a big driver of growth.China has been quite reliant on exports and investment in the past, he said. "Ultimately as China becomes a bigger part of the world economy, it can't continue to grow exports as fast as before. Also opportunities for more and more investment will be increasing. ""In the long run, you'll be better if more of China's growth would be dependent on consumer spending," he said.However, he said that China can not suddenly switch to consumer spending. "It has to be a long-term process and would also depend on other types of policies."For example, he said providing better healthcare provision at the moment is quite important because Chinese households are concerned about their future health care and therefore don't like to spend money.He also said that it might be encouraged by gradual move towards an increase in the Chinese exchange rate which would tend to reduce the price of imports and therefore boost consumption and boost the household spending power."It is a combination of policies which can't be done overnight, there has to be a long-term process over 10 years or more to gradually take effect," said Hawksworth.Short- and long-term challenges for ChinaAt the same time, Hawksworth said China is facing some short- and long-term challenges in the process of shifting its economic growth pattern.As for the short-term challenges, he said that China has obviously put a lot of emphasis on government spending and investment to stimulate the economy during the global financial crisis."Although that has been quite successful, it may also have led to some dangers of an overheating with increases in property prices and asset prices," he warned.He said that is a short-term problem which really requires a gradual tightening of monetary policy. Some restrictions on bank lending are also needed to avoid this asset price bubble getting out of control.In his view, the long-term challenge is about moving towards an economy that is more driven by household spending."This is partly about encouraging households to feel more confident about the future, about providing better healthcare from the state or better pensions to the households," he said.

BEIJING, March 6 (Xinhua) -- A 17 percent year-on-year increase in China's broad money supply, and a target of 7.5 trillion yuan (1.1 billion U.S. dollars) for this year, indicated a relatively easy monetary policy, said Su Ning, deputy governor of the People's Bank of China, the country's central bank.Speaking on the sidelines of the ongoing annual session of the top legislature, the National People's Congress (NPC), Su said the 17 percent increase in the nation's broad money supply was larger than the combined increase of targeted GDP and CPI growth, which suggested an "easy" monetary policy."If M2 (the broad measure of money supply) growth is 2 to 3 percentage points higher than the combined growth of GDP and CPI, the monetary policy could be seen as easy," said Su.Chinese Premier Wen Jiabao said Friday, in the government work report submitted to the NPC, that China targeted an approximate 3 percent rise in consumer prices and 8 percent GDP growth this year.Su further believed the 17 percent increase in the broad money supply would be able to support the ongoing economic recovery throughout the country.China's financial institutions lent a record 9.6 trillion yuan in new yuan-denominated loans last year, almost double that of the previous year, to spur the economy amid the global downturn, but it was accompanied by soaring property prices and rising expectations of possible inflation.Su said the 7.5 trillion yuan in new lending this year should speed up completion of projects under construction, rather than support new projects.

NANJING, Jan. 18 (Xinhua) -- Top Chinese legislator Wu Bangguo has urged to accelerate transformation of the mode of economic development, so as to improve sustainable development when fighting the global financial crisis.Wu, chairman of the Standing Committee of the National People's Congress, China's top legislature, made the remarks during his visit to east China's Jiangsu Province from Thursday to Sunday.He called for more efforts for the transformation of the mode of economic development, adjusting economic structure and boosting industrial upgrading."To accelerate transformation of the mode of economic development should be an important goal and strategic measure in carrying out the Scientific Outlook on Development," Wu said.Wu Bangguo (2nd L, front), member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and also chairman of the Standing Committee of the National People's Congress (NPC), talks with staff members as he visits COSCO (Nantong) Shipyard in Nantong of east China's Jiangsu Province, Jan. 15, 2010. Wu Bangguo paid a visit in Jiangsu for investigation and research on Jan. 14-17The economic recovery should be based on an optimized and upgraded economic structure, and the fight against global financial crisis be a process of improving sustainablity of development, he said.Wu stressed the importance of bringing in high-level human resources, advanced technologies and management expertise. He also encouraged domestic companies to acquire research and development institutions, sales networks, and famous brands, as well as to build production bases, in foreign countries.Advanced technologies and new economic growth points are needed for transformation of development mode, economic restructuring and industrial upgrading, and also for China to participate in international competition, he said.Wu Bangguo (C), member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and also chairman of the Standing Committee of the National People's Congress (NPC), shakes hands with a staff member as he visits WuXi AppTec company in Suzhou of east China's Jiangsu Province, Jan. 16, 2010. Wu Bangguo paid a visit in Jiangsu for investigation and research on Jan. 14-17Wu also called for more efforts to develop emerging industries, including new energy, new materials, Internet of Things, low-carbon technologies and others, "to ensure China will not lose a new round of international economic competition."Human recourses are the key factor of industrial upgrading and nurturing new economic growth points, Wu said."We shall bear in mind that human resources are of utmost importance," he said.Wu visited industrial parks, scientific research institutions and workshops of enterprises in the cities of Nantong, Suzhou and Wuxi.

BEIJING, Feb. 17 (Xinhua) -- The number of railway passengers rebounded sharply in China on Tuesday as more people started their return trips after Spring Festival family reunions, the Ministry of Railways said Wednesday.Passengers wait to take their trains inside a makeshift waiting room at a railway station in Nanchang, capital of east China's Jiangxi Province, Feb. 17, 2010. The railway station of Nanchang met its transport peak on Wednesday as large numbers of returning tourists went by trains here.Statistics from the ministry show China's railways served 4.185 million passengers on Tuesday, up 689,000 or 9.8 percent from the previous day.To cope with the increased demand for seats, the ministry added 238 special trains to ease the traffic, of which 64 were long-distance trains.People wait for their buses at a long-distance bus station in Jinan, capital of east China's Shandong Province, Feb. 17, 2010. Jinan met its medium and short-distance Spring Festival travel peak on Wednesday with most of the travelers going by long-distance buses to visit their relatives.The ministry predicts the travel peak days will probably be Feb. 19 and 20, as more and more passengers start their return trip. The ministry said it is closely watching the passenger flow situation and will adopt appropriate measures to meet passenger demand.Meanwhile, statistics from the Ministry of Transport (MOT) show that on Tuesday the country's roadways carried 28.1 million passengers, increasing 1.8 million or 12.6 percent from the previous day, while from Feb. 13 to 16 the combined figure was 127 million, up 10.8 percent from the same period last year.The MOT said that the country's roadways carried a total number of 32.5 million passengers on Wednesday, up 9.7 percent year on year.Wednesday MOT figures revealed that China's waterways were forecast to carry 780,000 passengers, down 2.5 percent year on year.The country's roadways were already ready for more passengers' long-distance return trip, as the one-week Spring Festival holiday was near its end, said He Jianzhong, a spokesman with the MOT.The Spring Festival, also known as the Chinese Lunar New Year, is China's most important annual festival. It is an occasion for reunions of family members, relatives and friends.

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