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BEIJING, Dec. 6 (Xinhua) -- A well-known economist said Monday that the biggest problem in China is not inflation, but shifting its economic structure to maintain sustainable growth."The biggest challenge faced by China is economic restructuring in order to shift the economy to a more balanced way that will provide sustainable economic growth," Stephen Roach, former chairman of Morgan Stanley Asia, told Xinhua."In the post-crisis environment, the shift means to build a consumer-led economy, and that is the overriding challenge in China," said Roach, who currently serves as non-executive chairman of Morgan Stanley Asia.Residents' incomes in China remain at a low level. "People's incomes are only 42 percent of the GDP, whereas in the US the rate is 86 percent. So the government should raise the income of the citizens, especially when China wants to stimulate domestic private consumption," said Roach."Of course, that does not mean the Chinese government should ignore the risk of higher inflation," he said.Official data showed that China's October Consumer Price Index (CPI), a major gauge of inflation, rose to a 25-month high at 4.4 percent."There is a certain amount of momentum to inflation, so it's likely to be the a problem over the next 12 months. If the government acts quickly, it will be able to limit the problem, or else China could be facing this problem in 2012 as well," said Roach.Roach suggested China should take broad and comprehensive approaches in dealing with inflation, and the medium-term goal of the shifted economic structure need to be maintained."The government has to demonstrate its resolve in dealing with inflation, and property market assets. It's a challenge, but I think the government is up to the challenge," according to Roach.

BELGRADE, Nov. 23 (Xinhua) -- Celebrating 30 years of cooperation and fraternal relations between the capitals of Serbia and China, an art exhibit entitled "The Beauty of Beijing" was opened in the Old Palace in Belgrade on Tuesday.Belgrade Mayor Dragan Djilas extended a welcome to the visiting Beijing delegation, underscoring years of cooperation and cultural exchanges."For us the bridge we are going to build together is important, along with our cultural components which will complement our desire for Belgrade in 2020 to be the European 'cultural capital'," said Djilas, making reference to the 1,507-meter bridge over the Danube River to be constructed by Chinese firms. The total value of the contract is 170 million Euros and its completion date is 2013.The original cooperation agreement between Beijing and Belgrade was signed in October 1980, with the aim of boosting cooperation in the fields of economics, urban planning, utilities, health, education, culture, tourism and sport.Ma Zhipeng, senior advisor to the city of Beijing, said cooperation between the twin cities has been expanding over the last three decades.He said the art exhibit, with its 50 paintings divided into four thematic sections, would allow the citizens of Belgrade to become more familiar with the Chinese capital."On the occasion of the festive celebrations, in addition to the exhibition, the Belgrade Chamber of Commerce and Beijing signed an agreement on cooperation, which will provide a platform for economic cooperation between the two cities," said Ma.In addition to the art exhibit, the Orchestra "Huaxia" performed a collection of classic Chinese musical pieces with traditional instruments. 

BEIJING, Nov.24 (Xinhua) -- Senior Communist Party of China (CPC) official Li Yuanchao met in Beijing Wednesday with a delegation consisting of members on the third course of the Workshop of the National Executive Committee of the African National Congress (ANC) of South Africa. The delegation was led by Joel Sibusiso Ndebele, Minister of Transport of South Africa.Li Yuanchao, head of the Organization Department of the CPC Central Committee, said the success of the first two workshops held in China brought substantive benefits for both parties. Li Yuanchao (R), a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, a member of the CPC Central Committee Secretariat and head of the Organization Department of the CPC Central Committee, meets with Joel Sibusiso Ndebele, minister of Transport of South Africa, who led a delegation consisting of members on the third course of the Workshop of the National Executive Committee of the African National Congress (ANC) of South Africa, in Beijing, capital of China, Nov. 24, 2010.The CPC was willing to cooperate with the ANC in making a success of future courses and hoped that the two parties would further share views and experiences on governance, to serve expansion of friendly cooperation ties between the two parties and of the comprehensive strategic partnership between China and South Africa, Li said.Ndebele said the ANC attached great importance to holding of the workshop and was satisfied with the results of the former two. He hoped that the third course of the workshop would help deepen exchange of experience in governance between the ANC and the CPC, boost cooperation between the two parties and bring benefit to the peoples of both countries.

BEIJING, Dec. 8 (Xinhua) -- China's Ministry of Finance said here Wednesday that it will sell a batch of 30-year long-term book-entry treasury bonds this week at a yield of 4.23 percent.The bonds, with a total face value of 28 billion yuan (about 4.2 billion U.S. dollars), will be sold over five days starting Thursday, said the ministry in a statement on its website.The bonds are the 40th batch of the kind to be sold by the ministry this year, and will be the fifth batch of 30-year T-bonds the ministry has sold this year.The bonds will become tradable on Dec. 15 through the national inter-bank bond market and over the counter at designated commercial banks. Interest will be paid every half year.

CHENGDU, Nov. 12 (Xinhua)-- The reconstruction of the Erwang Temple, which was damaged in the Wenchuan Earthquake in 2008, is expected to finish on Nov. 18 in southwest China's Sichuan Province, according to local heritage protection authorities on Friday.Sitting in the Yulei Mountains in Dujiangyan City, Erwang Temple was built over 2,000 years ago to commemorate Li Bing and his son, the two engineers who built the Dujiangyan irrigation system, which was listed as a World Heritage site in 2000.The temple will soon be partially open for visitors and the final touches are being added to the water supply, drainage system and lavatories in these areas, said Fan Tuoyu, deputy chief of the Dujiangyan Cultural Relics Administration.The entire temple will be opened after the Chinese Lunar New Year, which falls on Feb. 3, 2011, said Fan.The reconstruction project kicked off in June, 2008 with an investment of 126 million yuan (19 million U.S. dollars) from the central budget.The temple was seriously damaged in the Wenchuan earthquake with almost all the ancient buildings having collapsed.