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BEIJING, Dec. 31 (Xinhua) -- On the last trading day of 2010, the Chinese currency, the yuan, strengthened to a record high for a second consecutive day, at 6.6227 per U.S. dollar, after 11 consecutive days of gains.The central parity rate of the currency, also known as the renminbi (RMB), was set two basis points stronger than Thursday's 6.6229, according to the China Foreign Exchange Trading system.China's central bank announced on June 19 it would further reform the formation mechanism of the yuan exchange rate to improve its flexibility.

ST. PETERSBURG, Russia, Nov. 22 (Xinhua) -- Chinese Premier Wen Jiabao and his Russian counterpart Vladimir Putin held talks here Monday evening during which they vowed to strengthen bilateral ties.They made the commitment in small-scale talks after Wen arrived in the evening for an official visit to Russia.Wen said that with the organization of a series of cultural activities including the language year programs, China-Russia ties have developed to an unprecedentedly high level.This is in line with the fundamental interests of both countries and their peoples, contributes vigorously to world peace and promotes development of both countries, Wen said. Chinese Premier Wen Jiabao (L) shakes hands with Russian Prime Minister Vladimir Putin before a banquet in St. Petersburg, Russia, Nov. 22, 2010. "I hope to inject new vigor into the comprehensive deepening of Sino-Russian strategic partnership of coordination through my visit," said the Chinese premier.Putin said that Russia attaches great importance to bilateral ties with China and expressed his satisfaction with the development of these ties.At present, both economies are facing with precious opportunities of development and therefore cooperation between Russia and China is conducive to rapid development of their economies, said Putin.He expressed the hope that both countries would make concerted efforts to ensure that bilateral cooperation can bear more fruit.The two leaders also exchanged views on promoting cooperation in key sectors.

BEIJING, Nov. 19 (Xinhua) -- Officials from the Ministry of Housing and Urban-Rural Development on Friday ordered local governments to begin a campaign to inspect projects under construction to eliminate safety risks in the wake of recent fire accidents.Local authorities should work on "effective prevention of accidents" and improve safety, especially in winter when fire and gas poisoning accidents tend to be more frequent, the ministry said in a statement on its website.Special monitoring should be undertaken of reconstruction work and of projects involving the expansion of existing buildings, it said, urging a "serious" crackdown on illegal practices during building operations, according to the statement.The notice followed the call from the State Council on Wednesday demanding tougher fire prevention measures, after a blaze Monday gutted a high-rise apartment building in Shanghai, killing at least 58 people, and another fire engulfed a 99-year-old building at Tsinghua University in Beijing on Nov. 13.

WASHINGTON, Jan. 13 (Xinhua) -- The United States and China must seize the "great opportunity" of cooperation to solve the common challenges facing the world today, said U.S. Commerce Secretary Gary Locke on Thursday."We can be certain that it will be a better future if the Chinese and American governments pursue cooperation over confrontation in the economic sphere," Locke said at a luncheon hosted by the U.S.-China Business Council in Washington.

BEIJING, Dec. 29 (Xinhua) -- China's gross domestic product (GDP) is predicted to grow by around 9.5 percent in 2011, 0.5 percentage points lower compared to the growth rate expected for this year, said a report issued Wednesday by the Bank of China (BOC).The report by the BOC, China's third largest lender, was based on the bank's projections of weak overseas demand, tighter monetary policy, and the government's planned economic restructuring for 2011, the first year of China's 12th five-year plan.The Chinese government announced in early December that it will switch its monetary policy stance from relatively loose to prudent next year to tackle rising inflation and keep economic growth at a sustainable pace.The report also said government policies this year to curb soaring property prices in some major cities, and the country's efforts to improve energy efficiency had slowed the economy with the GDP dropping to 9.6 percent in the third quarter, down from the second quarter's 10.3 percent and 11.9 percent in the first quarter.The report also forecast inflation to rise 4 percent in 2011, compared to the 3.3-percent rise expected for 2010. It said that in the second half of the year, the producer price index (PPI) for China's industrial products had kept rising along with the consumer price index (CPI), adding more inflationary pressure for the future.The Chinese government set a 3-percent target for inflation this year, but looks unachieveable after the index rose 3.2 percent during the first 11 months. Pushed up mainly by rising food prices, the index soared 5.1 percent in November to a 28-month high.The report also predicted new lending next year would be 7 trillion yuan (1.06 trillion U.S. dollars), just slightly down from the 7.5 trillion yuan target set by the government for 2010.Growth rates of retail sales of consumer goods and industrial value-added output would see a slight drop from year 2010, while imports would likely grow by 18 percent, 3 percentage points higher than exports.As inflation triggers wider public concerns, expectations for more hikes in interest rates are strengthening. The report forecast the People's Bank of China, the central bank, would likely hike rates for up to three times next year, mostly during the first half of the year.The central bank on Sunday raised the benchmark one-year lending and deposit rates by 25 basis points for the second time in just over two months. It had also set higher commercial lenders' reserve requirement ratio six times this year in a move to tighten liquidity amid climbing inflation.