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GUANGZHOU, Nov. 22 (Xinhua) -- What China can do for the world is not to sell out its massive dollar reserve, but slightly increase its hold of the currency to give reasonable support to the U.S. effort to save its economy, said a senior economist here on Saturday. It is indeed difficult for China to handle its huge forex reserve, as the U.S. currency has already depreciated 20 percent against the Chinese yuan, said Cheng Siwei, well-known economist at a financial forum held in Guangdong. "China would suffer from losses if it sells off the dollar, so our strategy should be not to sell, but to slightly increase dollar reserve," said Cheng, also former vice-chairman of the Standing Committee of the National People's Congress (NPC). Cheng made the remarks amid increasing concern that China might use its forex reserve to finance its 4-trillion-yuan stimulus plan. China held 1.9 trillion dollars worth of forex reserve by September this year. China "can only afford to do what is corresponding to its level of development and national power amid a global crisis," said Cheng. "We should be prudent as to how to deal with our forex reserve," said Cheng, noting that China, despite its large size of economy, has its gross domestic product (GDP) accounting for only 6 percent of the world's total, and its per capita GDP ranking falling out of the top one hundred list.
BEIJING, Dec. 11 (Xinhua) -- Railway stations across China expect to handle a record of 188 million passengers heading home to family for the Lunar New Year holidays. That's up 8 percent year-on-year, the Ministry of Railways (MOR) said here on Thursda y. "With 150 more trains in operation, trains can carry 4.48 million travelers every day, up 180,000 compared with the same period of 2008," MOR spokesman Wang Yongping told Xinhua. The 40-day travel period, built around the Spring Festival, lasts from Jan. 11 to Feb. 19. Wang said railways across the country will face a great amount of pressure as the Lunar New Year, which usually arrives in February, falls on Jan. 26. "Students and employees nationwide are heading for home for an early holiday, while migrant workers are also returning home earlier this year as many manufacturers they work for have cut or ceased production amid weak market demand," said Wang. "When most people will be moving around at the same time, an earlier-than-usual travel rush is around corner." Transport safety is MOR's top concern. Railway departments nationwide are examining maintenance and transport facilities to ensure a smooth operation, according to the ministry. At the same time, MOR released an emergency mechanism on Monday in preparation for possible severe weather such as snow storms and fog. Hundreds of thousands of passengers were stranded at railway stations in southern China before this year's Spring Festival as blizzards paralyzed transportation.
BEIJING, Nov. 2 (Xinhua) -- Chinese President Hu Jintao and Tongan King Taufa'ahau Tupou V exchanged congratulatory messages on Sunday to celebrate the 10th anniversary of the establishment of bilateral diplomatic relations. Hu said in the message that the establishment of diplomatic ties between the two countries on Nov. 2, 1998 opened a new chapter in bilateral relations. Over the past 10 years, the bilateral ties have been continuously solidified and strengthened, he added. Hu said the establishment and development of bilateral ties have brought real benefits to the two peoples and promoted the stability and development of the Pacific Islands Region. China is willing to make joint efforts with Tonga, on the basis of the Five Principles of Peaceful Coexistence, to further strengthen bilateral exchanges and cooperation, boost the two peoples' friendship and understanding and lift China-Tonga friendly and cooperative ties to a higher level, thus making new contribution to the stability, development and progress of the two countries and the region as a whole, he said. Tupou V said it was farsighted for former King Taufa'ahau TupouIV to make the decision to build diplomatic ties with China 10 years ago. The development of the ties has benefited the two peoples greatly, he said, adding the Tongan government will continue to abide by the one-China policy.
BEIJING, Dec. 11 (Xinhua) -- Railway stations across China expect to handle a record of 188 million passengers heading home to family for the Lunar New Year holidays. That's up 8 percent year-on-year, the Ministry of Railways (MOR) said here on Thursda y. "With 150 more trains in operation, trains can carry 4.48 million travelers every day, up 180,000 compared with the same period of 2008," MOR spokesman Wang Yongping told Xinhua. The 40-day travel period, built around the Spring Festival, lasts from Jan. 11 to Feb. 19. Wang said railways across the country will face a great amount of pressure as the Lunar New Year, which usually arrives in February, falls on Jan. 26. "Students and employees nationwide are heading for home for an early holiday, while migrant workers are also returning home earlier this year as many manufacturers they work for have cut or ceased production amid weak market demand," said Wang. "When most people will be moving around at the same time, an earlier-than-usual travel rush is around corner." Transport safety is MOR's top concern. Railway departments nationwide are examining maintenance and transport facilities to ensure a smooth operation, according to the ministry. At the same time, MOR released an emergency mechanism on Monday in preparation for possible severe weather such as snow storms and fog. Hundreds of thousands of passengers were stranded at railway stations in southern China before this year's Spring Festival as blizzards paralyzed transportation.