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WASHINGTON, Feb. 4 (Xinhua) -- Major trading partners of the United States, including China, did not manipulate their currencies to gain an unfair advantage in international trade in 2010, according to a report released by the U.S Treasury Department on Friday."Based on the resumption of exchange rate flexibility last June and the acceleration of the pace of real bilateral appreciation over the past few months," China's behavior did not qualify under the official definition of manipulation, the Treasury said in its long-delayed semiannual report to the Congress on International Economic and Exchange Rate Policies.With respect to exchange rate policies, ten economies were reviewed in this report, accounting for nearly three-fourths of U. S. trade. Many of the economies have fully flexible exchange rates. A few have more tightly managed exchanges rates, with varying degrees of management."No major trading partners of the United States" met the standards identified by the Congress as currency manipulator, concluded the report.Since the June 19, 2010 announcement by China's central bank of greater exchange rate flexibility, its currency, also known as renminbi (RMB) has appreciated 3.7 percent against the dollar, or about 6 percent annualized. The renminbi has appreciated 26 percent in total against the dollar since 2005.The Treasury said that because inflation in China is significantly higher than it is in the U.S., the RMB has been appreciating more rapidly against the dollar on a real, inflation- adjusted basis, at a rate which if sustained would amount to more than 10 percent per year.The U.S. accuses Beijing of keeping its currency undervalued, flooding the country with cheap exports and costing U.S. jobs. But many economists believe that the appreciation of RMB will help little to the U.S. employment."Treasury today again made the right call on China's currency policy in its latest exchange rate report," John Frisbie, President of the U.S.-China Business Council (USCBC) said in a statement after the U.S. Treasury Department'report."While USCBC believes that China should allow its exchange rate to better reflect market forces, designating China as a ' manipulator' would achieve nothing. USCBC continues to support the Obama administration's approach of combined multilateral and bilateral engagement with China as the most effective way to make progress on the exchange rate issue."

BEIJING, Jan. 22 (Xinhua) -- Chinese President Hu Jintao has just ended his four-day landmark visit to the United States.During the visit, both sides agreed to build a China-U.S. cooperative partnership based on mutual respect and mutual benefit, which is to lead the development of bilateral ties in the future.It is widely believed that, in the new era, China and the United States need to enhance their political and economic relations, as well as boost cooperation in regional and international affairs.In order to achieve that, observers from across the world hold that the key lies in common actions.BLUEPRINT FOR BILATERAL RELATIONSReiterating their commitment to developing a positive, cooperative and comprehensive China-U.S. relationship as they agreed in 2009, Chinese and U.S. leaders also vowed to build "a cooperative partnership based on mutual respect and mutual benefit", during Hu's visit to Washington.The two terms showed a kind of progress which represented the increasing common interests and mutual need of the two sides over the recent period, as well as more and more challenges that required the joint efforts of the largest developed and developing countries, Chinese Vice Foreign Minister Cui Tiankai said.Yuan Peng, director of the America Studies of China Institute for Contemporary International Relations (CICIR), said the new expression of bilateral ties was positive, objective and pragmatic.As the deepening and development of the previous expression, the new term was a highlight of President Hu's U.S. visit, Yuan said.The joint statement issued by both sides during Hu's stay, which is built upon bilateral efforts to establish the cooperative partnership based on mutual respect and mutual benefit, is a clear reflection of the two countries' resolution and pragmatic attitude in jointly meeting global challenges, according to Chen Kang, professor at Lee Kuan Yew School of Public Policy at the National University of Singapore.In a nutshell, every word matters in the new expression.As "mutual respect" urges both China and the United States to respect each other's core interests and path of development, "mutual benefit" means that both countries are expected to achieve a win-win situation rather than a win-lose one, and bring about common prosperity."Partnership," meanwhile, shows that the two powers, instead of being rivals, are closely linked with each other in actions to cope with regional and international issues.Fu Mengzi, a researcher with the Beijing-based CICIR, told Xinhua, while every country attached great importance to their own national interest, their respective interests were neither unilateral nor absolute."When seeking its own interest, a country should meanwhile take into consideration the interest and major concerns of other countries," Fu said, adding that only by so doing could a win-win result rather than a zero-sum relationship be achieved.

SAN FRANCISCO, March 7 (Xinhua) -- The world's leading hard rive producer Western Digital Corp. on Monday announced that it has agreed to buy Hitachi Ltd.'s hard disk drive unit for about 4. 3 billion U.S. dollars, a move that will create a dominant player in the industry.Western Digital said that it plans to acquire Hitachi Global Storage Technologies, a wholly-owned subsidiary of Hitachi Ltd., in cash and stock.The proposed combination will result in a customer-focused storage company with the industry's broadest product lineup backed by a rich technology portfolio, Western Digital said.According to their agreement, the resulting company will retain the Western Digital name and remain headquartered in Irvine in the U.S. state of California.The transaction has been approved by the board of directors of each company and is expected to close during the third quarter of 2011.With the purchase, Western Digital will claim 49.6 percent share of global hard disk drive unit shipments based on latest quarterly statistics, compared to 29.4 percent for Seagate Technology LLC, the industry's No. 2 supplier, research firm iSuppli pointed out.The deal will give Western Digital a lead of 20.2 percentage points over Seagate, up from a mere 2 points without the acquisition, iSuppli said in a research note released Monday.The acquisition will also allow Western Digital to enter the critical enterprise hard disk drive segment, where it currently is only a marginal player.Analysts believed that the purchase might be a consequence of declining hard disk drive shipments, which are being impacted by the rising sales of tablet computers, which don't use hard disk drives and are cutting into the sales of mobile PCs, a major market for hard drives."Amid weaker industry conditions, organic sales growth is more difficult to achieve, prompting hard disk drive suppliers to engage in acquisitions to gain market share," iSuppli noted.

BEIJING, Jan. 31 (Xinhua) -- The Ministry of Culture, along with seven other central departments, announced on Monday the launching of the "parental watch project" in the online games industry beginning March 1.The project will require online game companies to set up a web page, enquiry hotline and other special channels for parental supervision of their children.Besides, these companies shall authorize parents, who want to monitor and control their children playing online games, to take measures to limit or ban the playing.Also, the online game companies shall provide help to parents in supervising their children's online game accounts and preventing them from playing improper games, as part of the project.The culture ministry tested the project in several online game companies in Feb last year, which proved effective in helping juveniles overcome addictions to online games.