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BEIJING, March 1 (Xinhua) -- China's top political advisor Jia Qinglin on Monday urged political advisors to offer practical suggestions to the country's pressing task of coping with climate change.Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), a political advisory body, made the call as he presided over a lecture given to the Standing Committee of the 11th CPPCC National Committee.Xie Zhenhua, Vice Minister of the National Development and Reform Commission (NDRC) and one of China's leading negotiators for climate change talks, gave committee members a lecture about key climate change issues and China's stands on them.The lecture is aimed at helping the members, whose main duty is to use their expertise to give suggestions to policy makers, to familiarize with and pay more attentions to the issue.Jia said while the global climate change is a major challenge for all countries, China's handling of the issue could impact on the country's overall economic and social development as well as the people's interests.Jia asked the members to conduct further studies in accelerating the adjustment of economic growth mode, industrial and energy structure, and controlling greenhouse gas emissions so as to offer advice to help the country to cope with problems in its development.
BEIJING, March 3 (Xinhua) -- The Third Session of the 11th National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top political advisory body, opened in the Great Hall of the People in Beijing Wednesday.More than 2,000 CPPCC National Committee members, from across the country, will discuss major issues concerning the nation's development during the annual meeting scheduled to conclude on March 13.Jia Qinglin, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), delivers a report on the work of the CPPCC National Committee's Standing Committee over the past year at the Great Hall of the People in Beijing, capital of China, March 3, 2010. The Third Session of the 11th CPPCC National Committee opened on Wednesday afternoon.After the session started at 3 p.m., CPPCC National Committee Chairman Jia Qinglin delivered a report on the work of the CPPCC National Committee's Standing Committee over the past year."The CPPCC (last year)...made important contributions to effectively responding to the impact of the global financial crisis, pushing forward the process of building a moderately prosperous society in all respects, and promoting the great cause of peaceful reunification of the motherland," Jia said."The CPPCC's cause entered a period of unity, harmony, pragmatic progress and vigorous development," he said.Top Communist Party of China (CPC) and state leaders Hu Jintao, Wu Bangguo, Wen Jiabao, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang were present at the opening meeting.Founded in 1949, the CPPCC consists of elite members of the Chinese society who are willing to serve the think tank for the government and for the country's legislative and judicial organs.
BEIJING, Jan. 13 (Xinhua) -- The decision of the People's Bank of China (PBOC), the central bank, to increase the deposit reserve requirement ratio has drawn worldwide attention and fluctuations in global markets. The PBOC decided on Tuesday to raise the deposit reserve requirement ratio by 0.5 percentage points as of Jan. 18, which analysts translated as a move to manage inflationary expectations and avoid a recurrence of the lending boom. This was the first time that the PBOC adjusted the ratio of deposit that lenders are required to set aside since the end of 2008 and the first increase for the ratio since June 2008. The PBOC cut the bank reserve requirement ratio four times in the second half of 2008 to stimulate growth as the global financial crisis started to weigh on the economy. The adjustment of the reserve requirement ratio, without changing benchmark interest rates, indicated the central bank was targeting inflationary expectations instead of inflation, said Zhao Qingming, a senior researcher at the China Construction Bank. Ma Jun, chief economist with Deutsche Bank (Great China), said that the rise in the reserve requirement ratio has ended the expansionary monetary policy and started a tightening cycle. Global markets took a hit after the Chinese attempt to cool the world's fastest-growing major economy. Chinese equities saw their sharpest dip in seven weeks on Wednesday after the central bank asked lenders to set aside more reserves as record bank lending last year ignited fears of inflation and asset bubbles. The benchmark Shanghai Composite Index went down 3.09 percent, or 101.31points, to close at 3,172.66 points. The Shenzhen Component Index lost 2.73 percent, or 364.69 points, to close at 13,016.56 points. Hong Kong stocks shed 578.04 points, or 2.59 percent, to close at 21,748.60 on Wednesday. The Hong Kong market was also dragged by overnight losses on the United States markets. The benchmark Hang Seng Index opened down 1.42 percent and widened its losses to 2.24 percent by lunch break, and further to 2.59 percent by market close. South Korea's financial markets on Tuesday reacted as the Chinese central bank raised the deposit reserve requirement ratio, with the stock markets and foreign exchange rate plunging from the last close. The benchmark Korea Composite Stock Price Index (KOSPI) and the Korean Securities Dealers Automated Quotations (KOSDAQ) jointly marked a plunge of 27.23 points and 3.65 points, respectively, from the last close. The report from China also affected the foreign exchange market, with the local currency also sliding against the U.S. dollar by 1.9 won. The New Zealand share market also fell on Wednesday after the Chinese move. The share market closed 0.43 percent lower with the benchmark NZSX-50 down 14.1 points at 3,276.2. Canadian stocks fell for the second day, weighed down by a metal and mining sector that was hit by the Chinese central bank's decision to cool economic growth. The S&P/TSX Composite Index declined 126.94 points, or 1.06 percent, to 11,820.18 on Tuesday. Earlier the index shed 173 points to 11, 774, the lowest level this year. U.S. stocks retreated Tuesday, with S&P falling for the first time in 2010, as disappointing Alcoa fourth-quarter results and rising U.S. trade deficit cooled optimism for a strong earnings season and a sustainable economic recovery. Crude tumbled the most in five weeks on concerns that demand from China, the world's second-largest oil consumer, will wane as the government moves to curb lending. Benchmark crude for February delivery fell 1.73 dollars to settle at 80.79 dollars a barrel on the New York Mercantile Exchange. It's the first time this year a barrel has closed below 81 dollars a barrel. Meanwhile, analysts widely hold that the Chinese central bank's decision is to cast only a short-term, instead of mid-term, stroke on the domestic stock market, as the impact would largely be psychological. Zhuang Jian, a senior economist with the Asian Development Bank, said the adjustment did not indicate a shift in the moderately easy monetary policy, but was an effort to control the pace of lending. Through the reserve requirement ratio increase, the central bank intended to call for balanced lending at commercial banks, which would support economic growth while avoiding higher inflationary expectations, Zhuang said.
BEIJING, March 8 (Xinhua) -- Chinese President Hu Jintao urged scientific development of the Binhai New Area, an economic powerhouse in north China, when joining a panel discussion with lawmakers from Tianjin Municipality.It is urgent to accelerate the transformation of the economic development pattern and promote growth led by innovation and driven by internal impetus, Hu told the deputies to the National People's Congress (NPC), China's supreme legislature.Lying between Beijing and the Bohai Gulf, the Binhai New Area, with a population of 1.4 million, is an economic engine that drives the development of the country's north. Chinese President Hu Jintao talks with deputies to the Third Session of the 11th National People's Congress (NPC) from Tianjin Municipality, in Beijing, capital of China, March 8, 2010.The new area should play a leading role in the country to implement the scientific outlook on development and focus on improving people's livelihood and solving problems that the public care the most, Hu said.The city should seek coordinated social and economic development, and continuously strengthen its capabilities in urban planning, construction and management to build Tianjin into an international and modern city where people enjoy living.Wu Bangguo, chairman of the Standing Committee of the NPC, joined a panel deliberation on the draft amendment to the Electoral Law with lawmakers from the southwestern Yunnan Province.He said the electoral system is an important basis of the people's congress system and an important content of the socialist path of political development with Chinese characteristics."We must bring into better play the advantages of the electoral system with Chinese characteristics," Wu told the deputies.While joining a panel deliberation with NPC deputies from the eastern Shandong Province, Premier Wen Jiabao called for balanced development between urban and rural areas.The province should make efforts to expand export of its farm produce and help manufacturing businesses go through difficult times and upgrade their production capability, Wen said.Jia Qinglin, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), joined a panel discussion of political advisors from science and technology circles.Jia said science and technology workers should make efforts to advance innovation and contribute to the country's transformation of economic growth pattern.Speaking to NPC deputies from Fujian Province, Li Changchun, a Standing Committee member of the Political Bureau of the Communist Party of China (CPC) Central Committee, called for vigorous publicity efforts on the transformation of the economic development pattern.Vice Premier Li Keqiang told NPC deputies from Hainan Province to continue the efforts in developing the island into an international tourism destination.He said the province should develop tropical agriculture and marine economy, and strengthen energy conservation and environment protection.Zhou Yongkang, member of the Standing Committee of the Political Bureau of the CPC Central Committee, joined the deliberation of the government work report with deputies from the Xinjiang Uygur Autonomous Region.He said the region must "seize the historic opportunity, as the central authorities' conference on the work of Xinjiang approaches, ...to build a prosperous, harmonious and stable society in Xinjiang."The annual full sessions of the CPPCC National Committee and NPC opened in Beijing last Wednesday and Friday.