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BEIJING, April 22 (Xinhua) -- A leading Chinese government think tank Thursday forecast the country's 2010 economic growth would top the 8-percent target set by the central government by almost 2 percentage points.The Chinese Academy of Social Sciences (CASS) forecast China's gross domestic product (GDP) would expand by 9.9 percent this year, 1.2 percentage points higher than last year's growth rate.Its forecast is higher than the 9.6-percent economic growth predicted by the Asian Development Bank earlier this month.Fixed assets investment would rise 33.3 percent year on year in 2010, said a blue book on China's 2010 economic prospects jointly released by the CASS and the Social Sciences Academic Press.The CASS said a slim chance existed of serious inflation in China this year with the consumer price index (CPI), a main gauge of inflation, growing within a moderate range.The book also said the government should make economic policies more flexible and better targeted over the rest of the year, while mapping out plans to withdraw stimulus measures gradually within the next two years without jeopardizing economic growth.China's GDP grew 11.9 percent year on year in the first quarter to 8.06 trillion yuan (1.19 trillion U.S. dollars) and fixed assets investment rose 25.6 percent to 3.53 trillion yuan during the same period.The country's CPI rose 2.4 percent year on year in March, below the government target limit of 3 percent.

BEIJING, May 3 -- Ma Weihua, president and chief executive officer of China Merchants Bank (CMB), said he wanted to see Chinese banks elevate their level of globalization in the context of expedited overseas expansion of Chinese companies during his bank's recent road show in the United States. He said CMB would pursue this process ambitiously but cautiously.The bank is soon to relocate its night-shift foreign exchange trading team to its New York branch, which was established in 2008, and will move on to security trading as well in the future, according to Ma during a group interview. The branch is also working on consolidating its dollar settlement business."What I'm concerned about right now is to first have my New York branch familiarized with the US market, customers and rules as soon as possible so I can expand the business steadily," Ma told the audience at a recent speech at New York University's Leonard N. Stern School of Business. "We won't consider faster expansion until we have secured our position here."Because of policy restrictions, CMB and other Chinese banks are only able to provide very limited services overseas for now. Retail banking, which CMB is best at, is still being constrained in its New York branch, its first branch in the West. But the bank is eyeing up other opportunities.The branch is attaching increasing importance to the loan business for Chinese companies during their overseas merger and acquisition activities. It just completed a big deal for a Chinese State-owned conglomerate but declined to reveal its name."The most fundamental motive to globalize our bank is to support Chinese companies' overseas growth and to provide the same quality service for foreign companies as well when they come to China," Ma said.According to Ma, over the past five years, Chinese companies' overseas direct investment saw an annual increase of 60 percent and their non-financial overseas investment grew by 68.5 percent year-on-year.In comparison, overseas assets only make up less than 4 percent of Chinese banks' total assets, while in large banks in Europe and the US, the proportion is about 40 percent, he said.

WASHINGTON, April 13 (Xinhua) -- Chinese President Hu Jintao on Tuesday called for concerted action by all countries to enhance nuclear security while stressing the need to properly address the challenge."The potential threat of nuclear terrorism cannot be neglected and the risk of nuclear material diversion and illicit trafficking is on the rise," Hu said in a speech delivered at the Nuclear Security Summit here.In the speech, Hu put forward five proposals on ways to strengthen nuclear security.First, the Chinese president said, all countries need to honor their commitments and responsibilities by adopting effective measures to secure nuclear materials and facilities.Chinese President Hu Jintao attends the first plenary session of the Nuclear Security Summit at the Washington Convention Center in Washington, April 13, 2010.Second, Hu said, they should consolidate the existing international legal framework on nuclear security, which consists of the Convention on the Physical Protection of Nuclear Material and International Convention for the Suppression of Acts of Nuclear Terrorism.Hu's third proposal is to strengthen international cooperation by sharing experience, exchanging information and cooperating on law enforcement.Fourth, he said, there is a need to help developing countries enhance their nuclear security capacity. Therefore he called for the International Atomic Energy Agency (IAEA) and the developed countries to offer greater assistance to developing countries in that respect.Finally, the president said that all countries should properly handle the relationship between nuclear security and the peaceful use of nuclear energy.

BEIJING, April 9 (Xinhua) -- Residential land prices in 35 major Chinese cities grew 8.63 percent on average in 2009, a Ministry of Land and Resources report published Friday said.Land prices for commercial buildings grew at a slower rate, 5.54 percent, while industrial land prices rose 2.04 percent.The report's release comes after land plots in major Chinese cities sold for record prices at auction, adding to concern that increased land prices have driven up housing prices.The ministry said in March residential property prices rose an average 25.1 percent from a year ago to 4,474 yuan (655.6 U.S. dollars) per square meter nationwide last year.The report also said land sales climbed 63.4 percent from a year earlier to 1.59 trillion yuan in 2009.Land supply for construction increased 44.2 percent year on year to 319,000 hectares in 2009 as the government accelerated infrastructure and property construction to boost domestic demand and ensure economic growth, the report said.