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VIENNA, May 16 (Xinhua) -- Chinese top legislator Wu Bangguo and Austrian Acting Chancellor Josef Proll met here on Saturday, with both sides agreeing to expand bilateral trade and economic cooperation in the fight against the ongoing world financial crisis.     Wu, chairman of the Standing Committee of China's National People's Congress (NPC), said China's development has provided even greater room for expanding economic and technological cooperation with Austria. Wu Bangguo (L Front), chairman of the Standing Committee of the National People's Congress, China's top legislature, meets with Austrian Acting Chancellor Josef Proll (R Front) in Vienna, capital of Austria, May 16, 2009Proll said the financial crisis had incurred a serious impact on Austria's economy. In the process of addressing the consequences of the financial crisis, the Austrian government places great importance on strengthening economic and technological relations with China.     China witnessed an economic growth of 6.1 percent in the first quarter of this year, while Austria's economy contracted 2.8 percent in the same period.     Noting that the two economies are highly complementary, Wu said China has a huge market and Austria has advanced technologies in many fields. He said China is ready to expand cooperation with Austria in such areas as energy efficiency, environment protection, water conservancy, eco-agriculture, auto parts and clean energy, so as to foster new growth spots of both economies.     Proll said Austria will actively transfer advanced technology to China in a bid to expand cooperative areas and carry out large-scale projects. He said that the two countries should turn their economic complementarity into real fruits of cooperation, so as to help the Austrian economy to rally and bring benefits to the people of both countries.     Wu said both sides should encourage their companies to seek new cooperative opportunities brought about by the governments' economic stimulus measures.     Wu noted that the Chinese government's policy package to counter the impact of the financial crisis has achieved initial results. China is now focusing on restructuring the economy and changing the pattern of growth in a bid to attain sustainable growth.     He said the governments of both countries should create favorable conditions for and facilitate the flow of travelers and cooperation between companies of the two countries.     Proll said that he agreed with Wu.     Wu also met on Saturday with Barbara Prammer, president of the Austrian National Council, or the lower chamber of the parliament. Wu Bangguo (L front), chairman of the Standing Committee of the National People's Congress, China's top legislature, meets with Austrian National Council President Barbara Prammer (R front) in Vienna, capital of Austria, May 15, 2009During his meeting with Prammer, Wu said Austria is an important cooperative partner of China in Europe. Prammer said Wu's visit reflects the closeness of relations between the two countries.     Reviewing the regular contact between the governments, parliaments, political parties and local governments of the two countries, Wu said greater political trust, rapidly growing trade and increasing cultural exchanges helped enhance popular mandate to the expansion of bilateral relations.     Prammer said as bilateral links and cooperation in various fields grow smoothly, more and more Austrian people are now willing to learn about China. She said the social basis and popular mandate for expanding Austria-China relations are growing, which will cast a bright future for bilateral cooperation.     Wu expressed appreciation that the new government and newly-elected parliament of Austria have given priority to developing relations with China. In order to lift bilateral links to a new level, Wu suggested that the two sides should maintain the current momentum of high-level contact and further deepen political trust.     Wu said the parliaments of the two countries should strengthen friendly relations by carrying out exchanges at all levels and in all forms. He welcomes more and more Austrian parliamentarians to visit China.     The top Chinese lawmaker suggested that the two countries should further expand trade, investment and economic cooperation by utilizing their specific advantages. Under the circumstances of the spreading world financial crisis, it is of greater significance to strengthen such cooperation, he said.     China welcomes Austrian companies to explore business opportunities in the country and participate in the 2010 Shanghai World Expo, said Wu.     He also suggested that the two sides should enhance cooperation in such areas as culture, tourism, local governance and education.     He said the two countries should also have even closer cooperation on international affairs. They should join hands to oppose any forms of trade protectionism and push for the establishment of a fair, just, inclusive and orderly financial system in the world.     Wu said both countries can make contribution to maintaining stability of the international financial market and promoting recovery of the world economy.     In response, Prammer said Austria places its relations with China on an important position in its foreign policy. She said Austria is ready to expand the flow of people traveling between the two countries so as to enhance mutual understanding and trust. She also expressed the willingness to further deepen bilateral links in such areas as local contact and cultural exchanges.     She said the parliament of Austria will have closer cooperation with the NPC to promote the development of Austria-China relations.     Wu is in Vienna for an official goodwill visit. He is the first NPC chairman to visit the country in 15 years. 

BEIJING, June 24 (Xinhua) -- The Chinese government's fiscal revenue in the first five months of 2009 reached 2.7 trillion yuan (400 billion U.S. dollars), down 6.7 percent from the same period of last year, Finance Minister Xie Xuren said Wednesday.     Xie revealed the figure in a report to the ninth session of the Standing Committee of the 11th National People's Congress (NPC), China's top legislature.     Of the total, the central government collected about 1.4 trillion yuan, down 14 percent. This accounted for 39.6 percent of the annual budget.     Local governments collected the other 1.3 trillion yuan, up 2.9 percent, which accounted for 42.4 percent of the annual budget.     Xie cited four factors for the drop in fiscal revenues: a fall in international trade due to the global economic downturn; a fall in revenue value relative to the consumer price index and producer price index; structural tax reduction polices and a slowdown in China's economic growth.     Structural tax reduction policies reduced taxes by about 230 billion yuan in the first five months, according to the report.     He said in the first five months, fiscal expenditure nationwide amounted to almost 2.25 trillion yuan, up 27.8 percent over the same period last year, accounting for 29.5 percent of the budgeted figure.     Central government expenditure totaled 459.3 billion yuan, up 21.4 percent, while local governments spent 1.79 trillion yuan, up29.5 percent, he said.     The funding went mainly to expanding public investment, increasing subsidies for low-income groups, ensuring sufficient money for education, health, social security, employment, basic housing and culture, and supporting technological innovation, energy conservation and emission reduction.     Xie stressed that the government would continue to ensure the stable growth of investment and actively implement structural tax reduction policies to ease the burden on business and consumers. Doing so would encourage companies to invest and individuals to consume.     "Efforts should be made to boost revenues and cut spending," he said, calling for frugality and strict control of expenditures by reducing government vehicle purchases, reception fees and official travel.     He said: "The construction of government and Party committee buildings should be rigidly limited."     The government would promote the scientific and meticulous management of public finances, boost efficiency and deepen fiscal system reform, he said, adding that resource tax reform would be advanced and the consumption tax system would be adjusted.     Xie said the outstanding national debt reached 5.3 trillion yuan at the end of last year, which was within the 5.5-trillion-yuan limit in the annual budget.     The government's fiscal revenue reached about 6.13 trillion yuan last year, 19.5 percent more than in 2007.     Xie said the central fund for reconstruction from last year's May 12 earthquake reached 74 billion yuan and expenditures were 69.77 billion yuan last year.     This year, the central budget allocated 130 billion yuan for reconstruction work. 

BEIJING, May 14 (Xinhua) -- Two revised rules involving a planned Nasdaq-style stock market, the Growth Enterprise Market (GEM), will take effect on June 14, according to the China Securities Regulatory Commission (CSRC) Thursday.     The two rules involve establishing an independent committee to approve listings for the GEM and the management of sponsors of IPOs.     The two rules are taken as a key step closer toward introducing the much-anticipated GEM, a board intended to nurture innovation-driven start-ups as the government tries to help smaller companies get financing and encourage technological advances.     The rules are the same as the drafts issued on April 17 to solicit public opinions, said the CSRC.     Under the rules, the new panel will have 35 members. Five will come from the CSRC and the others from the accounting, law and other sectors. The panel won't include members of the review panel for IPO application on the main board.     Under the rules, the sponsors of IPOs on the GEM are required to monitor the companies' performance for three years, up from two for companies on the main board.

BEIJING, April 28 (Xinhua) -- China and Peru on Tuesday signed a free trade agreement (FTA) in Beijing, capping over-a-year-long negotiations and legal processes. Chinese Vice President Xi Jinping and his Peruvian counterpart Luis Giampietri Rojas witnessed the signing ceremony in Beijing, with both hailing the deal "a new landmark" in bilateral ties.     "China-Peru agreement is the first FTA package China has signed with a Latin American country," said the Chinese Commerce Ministry. Chinese Vice President Xi Jinping (R) meets with Peruvian First Vice President Luis Giampietri Rojas at the Great Hall of the People in Beijing, capital of China, April 28, 2009.    After 14 months of negotiations, China and Peru concluded their free trade talks in November 2008, followed by some legal processes in both countries.     "With the global financial crisis looming, the China-Peru deals ends a positive message of deepening cooperation and tiding over difficulties," said Zhu Hong, deputy director general of the International Department of the Chinese Commerce Ministry.     The pact is China's second in Latin America, following an accord with Chile in 2005.     "The China-Peru FTA is a comprehensive deal, covering goods, service, investment and other fields while the accord with Chile deals with goods only," Zhu said. A complementary deal on service trade was signed with Chile in 2008.     "The pact features a high degree of openness," Zhu said, citing phased, free tariffs on more than 90 percent of goods ranging from China's electronic products and machinery to Peru's fish powder and minerals.     Under the deal, both pledged to further open their service sectors and offer national treatment to investors from the other country.     China and Peru also reached agreement on intellectual property, trade rescue, customs procedures and other fields.     The official said the pact would play an important role in helping both nations deal with global financial foes and boosting their own economies.     Trade between the two countries reached 7.5 billion U.S. dollars in 2008, according to Chinese customs authority.     The FTA deal is likely to come into force in early 2010, Zhu said.     Since the beginning of the decade, Beijing has vigorously pursued free trade agreements. So far, China has signed FTA deals with the Association of Southeast Asian Nations (ASEAN), Chile, Pakistan, New Zealand, Singapore and Peru.     China is also in free trade talks with Australia, the Gulf Cooperation Council, Iceland, Norway and Costa Rica, among others.

TOKYO, June 8 (Xinhua) -- Japanese Prime Minister Taro Aso met Monday with visiting Chinese Vice Premier Wang Qishan on bilateral economic cooperation.     During their talks, Wang said that as two major economies in the world, China and Japan are faced with grave challenges posed by the global financial crisis and the worldwide economic recession. Japanese Prime Minister Taro Aso (1st R) meets with Chinese Vice Premier Wang Qishan (1st L) in Tokyo, Japan, June 8, 2009In the grim circumstances, the second China-Japan high-level economic dialogue, which was held successfully Sunday, will play an important role in advancing the implement of the consensus reached by leaders of both countries during President Hu's visit in Japan last year, promoting China-Japan economic and trade cooperation and simulating the economic growth of the two countries as well as the rest of the world, he said.     Wang said that in order to tide over the financial crisis, the Chinese government has adopted a series of policy measures aimed at "maintaining economic growth, expanding domestic demand and adjusting economic structure" and achieved initial success.     "We have the confidence and ability to overcome the current difficulties and maintain the relatively rapid and stable economic growth," said the Chinese vice premier. Japanese Prime Minister Taro Aso (R) meets with Chinese Vice Premier Wang Qishan in Tokyo, Japan, June 8, 2009. Aso, for his part, expressed his hope that the two sides will strengthen exchanges and cooperation and jointly tackle the challenges in a bid to put the world economy back on the track for growth at an early date.     Earlier in the day, Wang also held talks with representatives from Japan's economic and business communities.     The Chinese vice premier arrived Saturday to attend the second China-Japan high-level economic dialogue.     During the one-day dialogue, which was co-chaired by Chinese Vice Premier Wang Qishan and Japanese Foreign Minister Hirofumi Nakasone, the two sides discussed a wide range of issues and signed eight documents, including the MOU for International Property Protection Exchanges and Cooperation, Meeting Minutes on Agriculture Cooperation between China and Japan, and the MOU on Strengthening Science and Technology Cooperation in the Field of Seismology.     The dialogue mechanism was jointly launched by Chinese Premier Wen Jiabao and then Japanese Prime Minister Shinzo Abe during Wen's trip to Japan in April 2007.     The first dialogue was held in Beijing in December 2007.

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