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BEIJING, July 5 (Xinhua) -- The Bank of China (BOC), China's largest foreign exchange bank, will transact the first cross-border yuan trade settlement deal Monday, a source with the bank said Sunday night.     The BOC Shanghai branch would receive the first cross-border yuan trade settlement deal from the BOC (Hong Kong) Monday, the unidentified source said.     The payee would be Shanghai Electric International Economic and Trading Co., Ltd. under Shanghai Electric Group Co., Ltd. and the remitter would be the company's business partner in Hong Kong.     China last week issued detailed measures to regulate the pilot program for cross-border trade settled in yuan. The rules specified how to make transactions using Renminbi (RMB) to settle trade with Hong Kong and Macao and regional trade partners.     "The service has drawn much attention and many overseas enterprises had been asking us about it months ago. Why? Because cross-border yuan trade settlement could help enterprises avoid exchange rates risks, lock up financial costs and reckon enterprise anticipated profits," the source said.     "In comparison to convertible currency settlement, it could streamline links and reduce trade cost. It could help enterprises without foreign exchange revenues cut losses from converting foreign exchanges. It could reduce derivative fees in selecting RMB financial products," said the source.     The BOC Shanghai branch has reached tentative agreements with 11 overseas agent banks on yuan trade settlement deals. Now the agent banks in tentative agreements with the BOC mostly are large banks in Asia and they anticipate remarkable demand on yuan settlement, according to the sources.     "We are in talks with banks in the United States and Europe and get very positive feedbacks. Despite some obstacles in cross-border yuan settlement, the trend is good," the source said.

BEIJING, May 19 (Xinhua) -- The 11th China-European Union (EU) summit, after being postponed from December in France due to well-known reasons, will be held on Wednesday in the Czech capital of Prague.     The resumption within half a year shows that China and the EU can endure all kinds of difficulties and tests, and shows the common desire of both sides to consolidate and develop the bilateral relationship, and indicates that the China-EU comprehensive strategic partnership is at a new historical threshold.     At the beginning of China's Lunar New Year, Chinese Premier Wen Jiabao made a "journey of confidence" to the EU headquarters and four European countries, which hugely promoted the two sides' confidence of cooperation.     During his visit, Wen agreed with European Commission President Jose Manuel Barroso that enhanced China-EU cooperation bears significance for the world and the China-EU summit would be held as soon as possible in 2009.     Besides, as the relationship between China and France gradually improved, conditions for the summit were ripe.     The upcoming summit will take place when the international situation is much different from earlier in the year. The global financial crisis has caused damage to the real economy, and A/H1N1influenza is posing a challenge to both China and Europe.     In this scenario, Premier Wen's attendance at the summit not only demonstrates China attaching great importance to the China-Incomprehensive strategic partnership, but also China's determination and sincerity to join hands with the EU to deal with global issues such as the financial crisis.     The summit will also help stabilize the China-EU relationship and strengthen its favorable trend of development.     The twists and turns in China-EU relations last year provided an opportunity for reflection. As a high-level EU official said at a recent seminar, China and the EU should seek common ground while reserving differences under the comprehensive strategic partnership, which does not demand identical ideas from both sides.     It will be a wise choice for both sides to respect the core interests of each other and deal properly with differences, compared with which, the China-EU cooperation is definitely the mainstream.     China and the EU attach great importance to each other in their strategic considerations. Both sides have common economic interests and have a broad range of global issues to cooperate on. Therefore, a healthy and stable relationship serves the core interests of both sides. Leaders from both sides need to strengthen dialogue and exchange of contacts from a global strategic perspective on the basis of equality and mutual respect.     In the face of the ongoing global financial crisis, the Prague China-EU summit is expected to push forward bilateral trade and economic cooperation which remains a key element of the China-EU comprehensive strategic partnership.     Last year, the bilateral trade volume exceeded 400 billion U.S. dollars for the first time. The EU remains China's biggest trade partner and largest export market. Recently, the EU became China's largest source of imports while China remains the EU's second largest trade partner. China's steadily growing market presents great opportunities for European enterprises.     However, since the beginning of this year, China-EU trade has been increasingly affected by the financial meltdown. Both sides are facing a key task to strengthen trade and economic cooperation and join hands to tide over the crisis.     Sound cooperation between China and Europe, including participation in each other's stimulus plans, will help both sides fight trade and investment protectionism, boost confidence, and promote early recovery of the global economy.     In December, the UN Climate Chance Conference will be held in the Danish capital of Copenhagen and various parties are still negotiating on a final deal. The Prague summit will help China and Europe to better understand each other's position on the issue and carry out practical cooperation.     In fact, China and the EU have huge potential in cooperating in the fight against climate change. Both sides may expand cooperation in developing new energy and energy saving technologies, promoting a low-carbon economy, and making environment-friendly industries new economic growth sectors.     There is a famous Chinese saying: people should see and tackle their issues from a long-term perspective with an open eye. Since 1975, China-EU ties have been upgraded from the constructive partnership to the comprehensive partnership to the current comprehensive strategic partnership which was established in 2003.This triple-jump process indicates that China-Europe relations are deepening with increasing global strategic significance.     It is believed that the 11th China-EU summit, which has not come easily, will push forward China-EU ties to a new phase of development.

BEIJING, May 21 (Xinhua) -- Chinese Premier Wen Jiabao attended the 11th China-EU summit with European leaders in Prague on Wednesday, focusing on bilateral strategic partnership, the global financial crisis and climate change.     The two sides reached a number of consensus at the summit which will play an active role in promoting a sustainable development of bilateral relations in an in-depth and all-around way.     Premier Wen stayed in Prague for a mere of five hours, but needed a 20-hour flight to go forth and back, indicating his sincerity, responsibility and confidence in meeting with the EU leaders.     Sincerity, responsibility and confidence are crucial in pushing forward the comprehensive China-EU strategic partnership, which is the experience drawn from the past and the need of reality.     Under the complex international political and economic situation, the China-EU relations have gone beyond the bilateral scope and bears more international significance.     China and the EU enjoy a solid basis in continuing cooperation and meeting challenges jointly.     Up to now, the two sides have set up more than 50 consultation and dialogue mechanisms covering political, trade, scientific, energy and environmental areas.     It is not worthy that the China-EU trade volume exceeded 425 billion U.S. dollars in 2008 in face of global slump, representing a 19.5-percent growth over the previous year.     At a time when the raging financial storm hit the world, the major tune for bilateral ties should be mutual support.     Just as what EU Commission President Jose Barroso described, China is a "crucial partner" in international efforts to counter global challenges, such as the economic and financial crisis and climate change.     Challenge also generates opportunities while posing danger to the world. When the financial crisis is raging, it also serves as a opportunity for both sides to forge stronger ties.     During the just concluded 11th China-EU summit in Prague, the two sides signed three agreements on cooperation in clean energy, science and technology, and small and medium-sized enterprises.     Wen also announced at the summit that China will send another buying mission to the EU to increase imports from Europe, a pragmatic action of China to fight against protectionism. It also signals Beijing's confidence to jointly tackle the global financial crisis with EU partners.     As the world's largest developing country and the largest bloc of developed nations respectively, China and EU need to develop steadily by clearing obstacles first, thanks to the fact that both sides enjoy huge potential and broad prospects for further cooperation.     EU should recognize China's market economy status as soon as possible, loosen its control over export restrictions on high-techproducts and lift its arms embargo to China, measures which will be conducive to nurturing new growth engines for trade and economic cooperation and expanding fields of cooperation.     Since the first China-EU summit in 1998, the international political and economic situation has experienced profound changes. In this context, the strategic and mutually beneficial partnership between the two sides has been expanded rapidly, further deepened and consolidated.     As the China-EU Summit enters a new decade, it is believed that the China-EU relations will constantly move ahead as long as both sides work together in a forward-looking manner, adhere to the principle of mutual respect, non-interference in each other's internal affairs, take into consideration of each other's core concerns and properly handle sensitive issues to refrain from harming bilateral ties by individual incidents.  

BEIJING, April 24 (Xinhua) -- Chinese Vice Premier Li Keqiang has called for stepped-up recycling to achieve better use of resources.     Li made the comments during a visit to pilot enterprises Thursday. He also attended a forum on the development of recycling economy.     Li emphasized the importance of recycling and urged companies to cultivate new areas of economic growth, as the global financial crisis still weighed on the real economy. Chinese Vice Premier Li Keqiang (2nd R Front) listens to an official of Shenhua Group Company introducing how to realize the development of the recycling economy in Beijing, capital of China, April 23, 2009. Promoting recycling would not only improve the use of resources and protect the environment, it would also help companies become more profitable, he said.     Enterprises should employ advanced technology and equipment and improve their management to achieve the most efficient use of resources with the lowest level of pollution and wastes, he said.     Li stressed technological progress and innovation, especially in key industries and major enterprises, and called for increased investment to support the development of recycling.     From late April to August, about 100 academicians, experts and work staff would be sent to companies and grassroots units nationwide to do research and provide guidance on recycling.

BRUSSELS, May 7 (Xinhua) -- The European Union (EU) and China should work together to ward off potential surge of protectionism amid the global economic slump, Chinese Vice Premier Wang Qishan said on Thursday.     "China and the EU should stand firm against any form of protectionism for the sake of a global economic recovery," Wang said in an opening remark at a high-level economic and trade dialogue between the EU and China, two major trading powers in the world.     The EU is now China's largest trading partner, while China is the second largest of the EU. Trade volume between them grew to 425.58 billion U.S. dollars in 2008, an increase of 19.5 percent over the previous year despite the impact of the financial crisis, according to figures from China's customs authorities.     Wang said the two sides have every reason to avoid protectionism, either for the urgent need to work out of the current crisis or due to the irreversible trend of globalization. Chinese Vice Premier Wang Qishan (C), Chinese Minister of Commerce Chen Deming (L) and Minister of Finance Xie Xuren attend the Second China-European Union High Level Economic and Trade Dialog at the EU headquarters in Brussels, capital of Belgium, May 7, 2009He warned that protectionism, featuring the pursuit of benefits for one country at the expense of others, would in the end protect nobody, but lead to retaliation and make the crisis even worse, which has been proved by the history.     The world economy paid a heavy price for the prevalence of trade protectionism during the Great Depression in the 1930s, which resulted in the contraction of global trade by two thirds.     As the world economy plunged into its first-ever recession since the Second World War in the wake of the financial crisis, there is an increasing risk that more governments would resort to protectionist measures.     For the EU, there has been more frequent use of anti-dumping measures against Chinese products, which is a major concern of the Chinese side.     Wang urged the EU to take full account of China's concern and make real efforts to remove trade and investment barriers, adding the economies of China and the EU have much to offer each other and the two-way trade holds a huge potential. Chinese Vice Premier Wang Qishan speaks during the Second China-European Union High Level Economic and Trade Dialog at the EU headquarters in Brussels, capital of Belgium, May 7, 2009. He in particular called on the EU to relax restrictions on the transfer of advanced green technology to China so as to promote sustainable development.     "The EU has an edge in new energy, energy-efficient building and waste recycling. There is a vast market in China for those green investments," Wang said.     For the Chinese part, Wang said China will continue to send buying missions to Europe and encourage Chinese companies to increase procurement and imports from the continent as a concrete move to boost trade with the EU in the difficult times.     In February, a big delegation of Chinese companies visited Germany, Switzerland, Spain and Britain. They struck 13.6-billion-dollar deals with their European counterparts.     EU Trade Commissioner Catherine Ashton, who co-chaired the two-day dialogue with Wang, said the 27-nation bloc would remain committed to free trade.     "We stand by our commitments to free trade and resist call of protectionism," Ashton said, adding everyone would benefit from further opening up.     Ashton said the EU and China, as two key players in the world economy, should work together to meet global challenges, including a global free trade agenda.     "What we do have an impact on the global economy. We have common interest to maintain openness, especially moving forward the Doha Round of world trade talks," she said.     Her view was echoed by Wang, who called for joint efforts with the EU to help the world economy recover.     "The urgent task now is to take decisive measures to kick-start the world economy," Wang said. "The EU is the world's largest economy, while China is the largest developing country. The economic and financial situation in the EU and China has a direct impact on the world economic recovery and financial stability."     The high-level economic and trade dialogue, which is held annually between the EU and China, kicked off in Brussels on Thursday. The two-dialogue brought together key policy makers from both sides, including Wang and EU Trade Commissioner Catherine Ashton.     A further eight EU Commissioners and a total of 12 Chinese ministers or vice-ministers are participating in the far-reaching talks, which cover a series of topics, such as trade, investment, small and medium-sized companies, customs cooperation, sustainable development, product safety and intellectual property rights.     It is the second time that the EU and China hold the high-level economic and trade dialogue, which was agreed at a Sino-EU summit in November 2007. The first meeting was held in Beijing in April 2008.