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HONG KONG, July 4 (Xinhua) -- The Bank of China (Hong Kong) Limited (BOCHK), the sole Renminbi (RMB) clearing bank in Hong Kong, announced here Saturday that it will launch RMB clearing services for trade settlement starting from Monday.     BOCHK said it had singed a clearing agreement with the People's Bank of China in relation to RMB business, and will invite banks and other financial institutions participating in trade settlement to sign a new clearing and settlement agreement.     On Wednesday, the People's Bank of China and other departments on the mainland jointly announced the "Administrative Rules on Pilot Program of Renminbi Settlement of Cross-Border Trade Transactions", allowing RMB settlement of cross-border trade transactions for the first time.     "The initiation of the Pilot Program is of particular significance. It will increase the source channels and the usage of RMB funds," said He Guangbei, vice chairman and chief executive of BOCHK.     Under the Pilot Program, enterprises will also have greater flexibility in selecting the settlement currency of cross-border trade transactions as well as increasing their capability to hedge exchange risk, minimize costs, and boost the efficiency and profitability of cross-border trade transactions, he said.     BOCHK, as a participating bank of RMB business, will take the lead in launching a wide spectrum of RMB trade settlement and finance services for its corporate customers to conduct RMB- denominated trade transactions such as remittances, collections and L/C services between Hong Kong and Shanghai, Shenzhen, Guangzhou, Dongguan and Zhuhai, said the vice chairman.

BEIJING, June 5 (Xinhua) -- Chinese Vice President Xi Jinping met here on Friday with Timor-Leste's Foreign Minister Zacarias Albano da Costa.     Xi said China and Timor-Leste had maintained smooth relations since they forged diplomatic ties in 2002. China would support Timor-Leste's development by all means, he said.     He expressed gratitude to Timor-Leste for its adherence to the one-China policy, and its support on issues concerning China's core interest. Chinese Vice President Xi Jinping (R) meets with Timor-Leste's Foreign Minister Zacarias Albano da Costa in Beijing, China, June 5, 2009    As developing countries, both China and Timor-Leste were facing the tasks of speeding up economic growth and improving people's living standards, Xi said, pledging to expand cooperation and relations between China and Timor-Leste.     Da Costa said his country valued relations with China and would push forward cooperation in political, trade, human resource development and other areas.     Chinese Foreign Minister Yang Jiechi held talks with his Timor-Leste counterpart on Friday morning.

BEIJING, July 1 (Xinhua) -- Chinese Premier Wen Jiabao called for attention to "institutional and management loopholes" discovered in the auditing of central government budget in 2008 here Wednesday.     Wen made the comment at the executive meeting of the State Council, China's Cabinet.     All related authorities should take more effective measures to correct these problems, including revising the budget law, strengthening the monitoring and supervision of the new investment projects of the central government, and enhancing transparency in government affairs, Wen said.     He also called for establishment of accountability mechanism and building of effective monitoring, alarm, emergency system directing at major economic risks.     The correction result should be reported to the State Council by the end of October, Wen said.     Wen also said that the execution and management of the central budget had made substantial improvement in general, and highlighted the importance of audit supervision.     The meeting also approved plans to develop the coastal economic belt in northeastern Liaoning Province in an effort to rejuvenate the traditional industrial base.     The zone comprises coastal cities of Dalian, Dandong, Jinzhou, Yingkou, Panjin and Huludao, which opened navigation services to more than 140 countries and regions.     The economic zone should work to boost the opening up of northeast China, promote the shipping and logistics services, and push for the development of advanced manufacturing in the area.

BEIJING, June 17 (Xinhua) -- Chinese Premier Wen Jiabao said Wednesday China's economy is at a critical moment as it begins to recover "steadily".     Wen told an executive meeting of the State Council, China's Cabinet, that economic performance had started to show positive changes, favorable factors were increasing, the overall situation had stabilized and was moving upwards.     He said the government should continue a pro-active fiscal policy and moderately relaxed monetary policy.     Investment growth kept accelerating, consumption maintained a rapid and steady increase, and domestic demand played a stronger role in boosting economic growth, said Wen.     Agricultural and industrial production grew, and regional coordinated development was making progress, said Wen.     The financial market was stable, and investor confidence stronger. Urban employment kept rising, and reconstruction of areas affected by last year's May 12 earthquake was speeding up, said Wen.     Government measures to fight the global economic crisis proved correct and effective, and should continue to be implemented and improved according to the changing situation, he said.     But it should also be noted that the foundation for economic recovery was not stable and many uncertainties remained, said Wen, citing sluggish exports, the fiscal deficit and trade protectionism.     Wen called for clear-headed judgment and readiness for difficulties and complexities that might occur in the long term.     He urged local governments to further promote economic restructuring, guarantee the stable development of agriculture, encourage technological innovation and work to enhance energy conservation and environmental protection.     Comprehensive efforts should be made to boost domestic demand to power economic growth, Wen said, singling out such measures as subsidies for home appliances and automobiles in rural areas.     Housing consumption should be properly guided and the stable, healthy development of the property market should be ensured, said Wen, adding that tourism, entertainment and cultural consumption should be developed.     Central government-invested programs should be carefully carried out, while private investment should be expanded, said Wen.     He also highlighted the importance of the coordinated development of urban and rural areas, called for the further deepening of reform and opening up and the building of social insurance systems.

BEIJING, July 3 (Xinhua) -- A total of 150 disabled people were honored in Beijing Friday as national models for self-reliance.     They were the fourth batch of such honorees since China began in 1991 to honor disabled citizens for their unyielding spirits in the face of adversity.     "I'm very happy and proud of myself," said 32-year-old Ma Yunli, one of the medal receivers.     A native in Yanan in northwest China's Shaanxi Province, the mentally-challenged girl was winner of several medals of Paralympic Games.     "Through years' efforts, I can basically take care of myself and can even do some simple things for my family members," she said.  Chinese President Hu Jintao (R, front) shakes hands with representatives before a national meeting in Beijing, capital of China, July 3, 2009. The meeting is to award some handicapped people for their self-reliance and a number of people and units for their assistance to the handicapped population. Leaders of the Communist Party of China and the Chinese government, including Hu Jintao, Wen Jiabao, Li Changchun, Xi Jinping and Li Keqiang, met with representatives before the meeting.    "I achieved my success with the help of many kindhearted people," she said. "There are still many mentally-challenged people like me who need to be taken care of and aspire for help. I also want them to achieve success."     According to the China Disabled Persons' Federation (CDPF), the honored disabled this year aged from 19 to 72. Some of them are workers, farmers, students, and others come from various sectors including education, medical service, law, culture and science.     Among them, 97 suffer from limb disabilities, 32 are sight-disabled, 18 have hearing problems, two are mentally-impaired, one suffers from more than one kind of disability.     Also at Friday's conference, 200 institutions and 150 individuals were honored for the great help they had given to the disabled.     China has more than 83 million people with various kinds of disabilities, accounting for 6.34 percent of the total population.     Chinese leaders including Hu Jintao, Wen Jiabao, Li Changchun, Xi Jinping, and Li Keqiang met the delegates of the conference before it started.     Vice Premier Hui Liangyu said while addressing the meeting that the government should "speed up the establishment of social security and service systems for the disabled to create equal and better environment for them to participate in social affairs and for their all-round development."     Activities to help this group of people should be "more professional" and "standardized," said Hui, also director of the disabled working committee of the State Council, or Cabinet.     The CDPF's Chairwoman Zhang Haidi, a wheelchair-bound writer, presided over the conference.