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LONDON, March 15 (Xinhua) -- U.S. President Barack Obama's pressure on China over its currency's exchange rate is a manifestation of hypocrisy from the West and will not work, a British economist has said."The president is playing with fire... Obama really should tread carefully. At the same time, the United States is now at risk of sparking what could be an all-out trade war," said Liam Halligan in an article carried by this week's Sunday Telegraph.Halligan, chief economist at Prosperity Capital Management, predicted that China will not yield to U.S. pressure on the issue."Beijing will eventually allow the yuan to rise, but in its own time and in order to tackle inflation and not because of U.S. pressure."Chinese inflation is now at 2.7 percent, close to the official 3-percent control target, he noted.Halligan argued that the Chinese yuan may not be under-valued as much as Western politicians have perceived.Although Chinese exports rose by 46 percent in the first two months of 2010, the rise is from a very low base -- with February 2009 being the epicenter of the U.S.-sparked sub-prime storm, he noted.He also pointed out the fact that China's trade surplus dropped by 51 percent in the same period. That means China's gain in exports were out-weighed by an import surge."This hardly suggests the yuan, as (U.S. Treasury Secretary Tim) Geithner claims, is 'way too low'," said Halligan.Geithner said in January that Obama believed China was manipulating its currency.On Obama's latest call for China to adopt a more "market-oriented exchange rate," Halligan said Washington is actually the biggest currency manipulator in the world."The reality is that America's 'weak dollar' policy -- its long-standing practice of allowing its currency to depreciate in order to lower the value of its foreign debts -- amounts to the biggest currency manipulation in human history."Halligan also noted that Washington has for years "shamefully stalled" on various rulings of the World Trade Organization that showed America to be breaching global trade rules."America needs to act smarter and get its own economic house in order. Obama has decided instead to lash out at China in a desperate attempt to placate a U.S. electorate increasingly mindful of their president's failings," said Halligan.The economist said Western politicians' blame game against emerging markets over the current global imbalances reflects their hypocrisy and lack of character."It's always easier to blame someone else for your failings... The Western world's response to this self-made 'credit crunch' has highlighted the hypocrisy of our so-called leaders, their refusal to face reality and, above all, their lack of character," he said."The implication (of statements of Western politicians) is that sub-prime, and the deepest Western recession in generations, wasn't our fault. It was entirely unrelated to widespread financial fraud, political myopia and lax regulation," Halligan scorned.

DAVOS, Switzerland, Jan. 28 (Xinhua) -- Chinese Vice Premier Li Keqiang on Thursday called for international efforts to promote the sound recovery and sustained development of the world economy in the post-crisis era.In a keynote speech delivered at the annual meeting of the World Economic Forum in the eastern Swiss ski resort of Davos, Li said the theme of the meeting "Rethink, Redesign, Rebuild" embodies the spirit of cooperation and innovation to discuss means of world economic development in the post-crisis era.He introduced the measures China had taken to deal with the international financial crisis, its achievements and China's intended follow-up economic policies.The vice premier said the crisis did not change the fundamentals and long-term positive trend of China's economic development.Chinese Vice Premier Li Keqiang delivers a speech in the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, Jan. 28, 2010"Last year, we acted with resolve and confronted challenges head-on, and succeeded in ensuring steady and fast economic growth. As we draw plans for this year, we are confident that we can stay on top of the complicated situation and maintain steady and fast growth of the Chinese economy," said Li."Looking ahead, we are well positioned to achieve long-term, fast and steady economic growth."China needs to follow a scientific outlook on development -- accelerating essential transformation of economic growth pattern, intensifying strategic adjustment of economic structure and endeavoring to explore new development models, he told the world's leading business executives and political leaders.As a responsible and big developing country, China will stick to its unswerving path of peaceful development and mutually beneficial opening-up strategy, work together with other countries to promote the building of a harmonious world with sustained peace and common prosperity, he said.The international community had scored initial achievements by working together to cope with the financial crisis, which struck over a year ago, he said.Countries, whose fates are closely connected with each other, should further share responsibility and enhance cooperation under the complicated situation.Chinese Vice Premier Li Keqiang delivers a speech in the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, Jan. 28, 2010. Li laid out a five-point proposal regarding world economic recovery and sustained development in the post-crisis era."First, we should continue to work together and prevail over the crisis. In a globalized world, the economies of all countries are interdependent and mutually reinforcing," said the Chinese vice premier.The policies of one country can well impact those of others. Only when global economic recovery is achieved can the recovery of national economies be secured, he said.The recent concerted responses by various countries have reduced the severe impact of the international financial crisis and prevented the occurrence of a serious recession, he said.The crisis is not over yet and the foundation for economic recovery is still weak. Continued cooperation among countries is needed to avoid twists and turns and reduce risks in the course of recovery, said Li."Second, we should promote more open market," Li said. The international community should firmly fight protectionist practices, translate commitments into real actions and continue to advance trade and investment liberalization and facilitation, he added."Third, we should promote balanced development of the world," said Li. Efforts should be made to strengthen South-South cooperation and North-South cooperation, improve international mechanisms to promote balanced development, scale up assistance to developing countries and realize the UN Millennium Development Goals on schedule so as to deliver the benefits of development to people in all countries."Fourth, we should jointly tackle major challenges. This is our urgent task if we want to ensure sound recovery and sustained development of the world economy," he said.The international community should coordinate actions to meet global challenges like climate change, energy security, food security, public health security and major natural disasters, he said."Fifth, we should improve the structure of global governance," Li said. It is universally recognized that there is a need to improve current structures and develop a more fair and efficient structure of global governance that reflects changes in the global political and economic landscape.The principle of equal participation and inclusive cooperation should be followed in improving global governance. It is imperative to raise the voice and representation of developing countries, said Li.Chinese Vice Premier Li Keqiang delivers a speech in the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, Jan. 28, 2010A country's right to choose its own development model should be respected, and the primary role of the United Nations and relevant agencies and the constructive role of the Group of 20 should be given a better play, he said.

BEIJING, Feb. 16 (Xinhua) -- Foreign-funded enterprises in China exported 494.4 billion U.S. dollars worth of machinery, electrical and electronic products in 2009.A document posted on the website of the General Administration of Customs (GAC) said the figure made up 69.3 percent of the country's total exports of such products in the past year.Exports of machinery, electrical and electronic products by privately-owned enterprises totalled 106.6 billion U.S. dollars in 2009, down 8.7 percent from a year earlier, according to the document.State-owned enterprises only exported 92.1 billion U.S. dollars worth of machinery, electrical and electronic products, accounting for 12.9 percent of the country's total machinery, electrical and electronic products last year.The GAC document also said the majority of the country's exports of machinery, electrical and electronic products fell into the category of processing and assembling trade.China's exports of machinery, electrical and electronic products in the category of processing and assembling trade totalled 466.4 billion U.S. dollars last year, making up 65.4 percent of the country's total exports of such products.The country exported 713.1 billion U.S. dollars worth of machinery, electrical and electronic products last year, down 13.4 percent year-on-year. The exports contributed 59.3 percent to China's total exports in 2009.The European Union (EU), the United States of America and Hong Kong were the three major destinations for the China mainland's exports of machinery, electrical and electronic products last year.China exported 1.2 trillion U.S. dollars worth of products last year, down 16 percent from 2008, replacing Germany as the world's largest exporter.

BEIJING, March 18 (Xinhua) -- China's government is set to order some central state-owned enterprises (SOEs) to quit real estate business as their land acquisitions are blamed for fuelling rise of urban housing prices, spokesman of the state assets watchdog Du Yuanquan said Thursday.The State-owned Assets Supervision and Administration Commission (SASAC) would require 78 centrally-administered SOEs, whose major business was not property development, to withdraw from the business, Du said in a SASAC press conference Thursday in Beijing.The SASAC gave no specific timetable for the withdrawal, but Du said it would require the 78 enterprises to step up business restructuring and gradually pull out of property development after all current real estate projects were finished.Housing prices in China's 70 large and medium-sized cities grew 10.7 percent in February from a year earlier, and were up 0.9 percent compared to the previous month, according to official figures.However, a total of 16 central SOEs, who have property development as major business, such as the China National Real Estate Development Group Corp. and the China Poly Group Corp., would continue in real estate, said Du.

BEIJING, Jan. 21 (Xinhua) -- A senior official with China's central bank Wednesday called on lenders to balance their lending this year and to avoid abrupt loan fluctuations.The People's Bank of China (PBOC) will continue to optimize the lending structure and properly manage the pace of credit growth while ensuring sufficient loans for economic recovery, said Zhang Tao, head of the bank's financial survey and statistics department.The PBOC will continue its moderately loose monetary policy this year, he added.Premier Wen Jiabao on Tuesday urged the government to optimize credit structure and maintain a proper pace of credit supply to guard against financial risks.China's top banking regulator Liu Mingkang told the Asia Financial Forum held in Hong Kong Wednesday that China's overall credit growth will be scaled down to 7.5 trillion yuan (1.1 trillion U.S.dollars) in 2010, compared with last year's lending spree of 9.59 trillion yuan.To help soak up extra cash flow, the central bank raised the reserve requirements on banks by 0.5 percentage points on Monday, the first increase in 18 months, which analysts forecast would help freeze 250 billion yuan of liquidity.