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BEIJING, March 7 (Xinhua) -- China should speed up reforming its financial system to make the yuan an international currency, said political advisors Saturday. "A significant inspiration to draw from the global financial crisis is that we must play an active role in the reconstruction of the international financial order," said Peter Kwong Ching Woo, chairman of the Hong Kong-based Wharf (Holdings) Limited. The key to financial reform is to make the yuan an international currency, said Woo in a speech to the Second Session of the 11th National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top political advisory body. That means using the Chinese currency to settle international trade payments, allowing the yuan freely convertible on the capital account and making it an international reserve currency, he said. China's yuan, or Renminbi, can be freely convertible on the current account but not on the capital account, preventing it from being a reserve currency or a choice in international trade settlement. China has announced trial programs to settle trade in the yuan, a move analysts say will facilitate foreign trade as Chinese exporters might face losses if they continue to be paid in the U.S. dollar. The dollar's exchange rate has become more volatile since the global financial crisis. Economists say the move will increase the acceptance of the currency in Asia, which will help it become an international currency in the long run. The status of the yuan as an international currency will benefit China by giving it a bigger say in world financial issues and reducing the reliance of its huge foreign reserves on the U.S. dollar, some analysts say. Other analysts argue a fully convertible yuan will hurt China as it would allow massive capital outflow during a financial crisis. Meanwhile, Chinese authorities remain cautious. It's possible that the global financial crisis will facilitate the process of making the yuan internationally accepted, but there's no need to push for that, Yi Gang, vice central bank governor, told Xinhua earlier this month. That process should be conducive to all sides, he said. Xu Shanda, former vice director of the State Administration of Taxation and a CPPCC National Committee member, urged for faster paces in making the yuan an international currency as a way of increasing national wealth. He said the United States and the European Union have obtained hefty royalties from the international use of their currencies while China has become the biggest source of that income. A royalty, or seignior age, results from the difference between the cost of printing currency and the face value of the money. "China's loss due to royalty payment has far exceeded the benefit of not making the yuan an international currency," he said in a speech to the annual session of the CPPCC National Committee, without elaborating. China's State Council, or Cabinet, said last December it would allow the yuan to be used for settlement between the country's two economic powerhouses -- Guangdong Province and the Yangtze River Delta -- and the special administrative regions of Hong Kong and Macao. Meanwhile, exporters in Guangxi Zhuang Autonomous Region and Yunnan Province will be allowed to use Renminbi to settle trade payments with ASEAN (Association of Southeast Asian Nations) members.
BEIJING, April 17 (Xinhua) -- Chinese President Hu Jintao stressed Friday the importance to improve the work of military officers to better serve the decision-making of the Communist Party of China (CPC) Central Committee and the Central Military Commission (CMC). He made the remarks here during a meeting with military officers. Chinese President Hu Jintao (C, front) poses for a group photo with military officers in Beijing, China, April 17, 2009. Hu stressed Friday the importance to improve the work of military officers to better serve the decision-making of the Communist Party of China (CPC) Central Committee and the Central Military Commission (CMC). "Under the guidance of the Deng Xiaoping Theory and the 'Three Represents,' we should focus on the overall situation of the country's security and development strategy ... and improve the work of military officers to a higher level," said Hu, who is also chairman of the CMC. Hu said that since the founding of New China, especially the reform and opening up, military officers have resolutely followed the decisions and instructions of the CPC Central Committee and the CMC, and have been devoted to their duties, worked hard and made important contributions to safeguarding the national sovereignty, security and development, as well as to the national defense and military modernization. "The world is experiencing profound, complex changes, and the impact of the global financial crisis is still spreading," Hu said," Under such circumstances, military officers are facing a more arduous task and shoulder more important responsibilities." Hu urged the building of a contingent of military officers who are self-disciplined, loyal to the party, well versed both in civil and military affairs. Guo Boxiong and Xu Caihou, both vice chairmen of the Central Military Commission, attended the meeting.

BEIJING, March 18 (Xinhua) -- China's State Council (Cabinet) called Wednesday for thorough implementation of this year's government work report in face of the worsening global downturn. Since the 2nd Session of the 11th National People's Congress (NPC), the top legislature, endorsed the report delivered by Premier Wen Jiabao on March 5, it was now the task of the State Council and its subordinate bodies to implement the report, said the meeting chaired by Wen. Government work this year should follow the main themes of coping with the financial crisis, promoting steady, relatively fast economic development, and fully implementing the stimulus plan to shore up the economy, it said. Ministries should perform their duties, draw up and execute their implementation plans and coordinate with each other, it said. The meeting said the global downturn was still worsening, and although some regions and trades in China had shown signs of recovery, difficulties still lay ahead. It called for the establishment of surveillance and early warning system and immediate actions if problems were detected. The meeting also approved in principle a medium- and long-term plan for forest fire prevention and a draft law on the armed police. After further revision, the draft law goes to the NPC Standing Committee for deliberation
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.
BEIJING, Feb. 8 (Xinhua) -- Irrigation has covered 52.7 percent of the wheat farmland in drought-hit provinces in China by Saturday, said the Ministry of Agriculture. A total of 85 million mu (about 5.67 hectares) of wheat land have been irrigated in eight drought-stricken provincial regions, the ministry told a meeting on Sunday. Minister Sun Zhengcai said it is of importance to fully use machines in the fight against drought. People irrigate a wheat field in Laocheng Township of Changge County, central China's Henan Province, Feb. 3, 2009. Henan, one of China's key wheat producing regions, has suffered from drought since Oct. 24, 2008. Some 2.9 million hectares of farmland in Henan were affected He asked local governments to increase subsidies for farmers to buy more irrigation-related and water-saving equipments, and make every effort to expand the irrigation coverage and save water. By Saturday, 152 million mu of wheat farmland, which accounted for 95 percent of the drought-stricken crops in China, was affected in eight provincial regions including Hebei, Shanxi, Anhui, Jiangsu, Henan, Shandong, Shaanxi and Gansu. Rain and snow from Friday to Sunday in the southeastern part of northwest China and the southwestern part of north China has reduced the area of drought-affected farmland by 20 million mu. China experienced the most severe drought for decades. As of Saturday, 299 million mu of crops, 4.42 million people and 2.2 million heads of livestock were affected. The crops affected was 110 million mu more than the average level during the same period in past years. During a visit to central China's drought-hit Henan Province on Saturday and Sunday, Chinese Premier Wen Jiabao has urged officials in drought-hit areas to place "top priority" on relief work as agricultural stability concerns China's bid to revive its economy. China has declared the highest level of emergency in response to the drought, employing artificial means to induce rains and allocating 86.7 billion yuan (about 12.69 billion U.S. dollars) as subsidies to farmers. In addition, the central government has decided to earmark 400 million yuan to local governments for drought relief.
来源:资阳报