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CANBERRA, March 21 (Xinhua) -- Li Changchun, a senior official of the Communist Party of China (CPC), met with Australian Prime Minister Kevin Rudd here Saturday, and the two leaders pledged to combat the financial crisis and further develop bilateral ties.     After conveying greetings from Chinese President Hu Jintao and Premier Wen Jiabao to Rudd, Li, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, expressed sympathy to Australia for the recent bushfires and floods. Australian Prime Minister Kevin Rudd (1st R) meets with Li Changchun (1st L), a member of the Standing Committee of the Political Bureau of the Central Committee of the Communist Party of China, in Canberra, capital of Australia, March 21, 2009On bilateral ties, Li proposed both countries keep high-level exchanges and he welcomed Rudd and other Australian leaders to visit China.     He suggested the two countries expand economic cooperation on the basis of mutual benefits. "Proceeding from the fundamental interests of our development, our two countries should promote energy and resources enterprises to forge long-term strategic cooperative relations," he said.     He also urged the two sides to steadily advance negotiations on the Free Trade Agreement in line with active, pragmatic, balanced and mutually beneficial principles.     Australia is a major destination for Chinese overseas students and tourists. Li pledged to strengthen bilateral cultural links between the two peoples. He welcomed the Australian side to participate in the World Expo due to be held in Shanghai in 2010.     Both China and Australia are important countries in the region.Li suggested both countries maintain close consultation on such major matters as combating the financial crisis and coping with climate change. Li Changchun (L Front), a member of the Standing Committee of the Political Bureau of the Central Committee of the Communist Party of China, visits the National Museum of Australia in Canberra, capital of Australia, March 21, 2009The Group of 20 London Summit will be due in early April. Rudd told Li that he anticipated meeting again with Chinese President Hu Jintao during the summit. The close contacts between the leaders of the two countries have promoted the growth of bilateral ties and the expanding common interests have opened broad prospects for bilateral cooperation in all areas, he said.     He also spoke highly of the stimulus measures adopted by China after the financial crisis. He said that the role of G20 should be given full play for accumulating a consensus for addressing the current financial and economic problems.     On the reform of the international financial system, emerging countries should increase their say and decision-making rights, he said.     Also on Saturday, Li visited the National Portrait Museum and National Museum of Australia.     Li arrived in Australia on Friday. Australia is the first-leg of Li's four-nation tour which will also take him to Myanmar, the Republic of Korea and Japan.

WUXI, Jiangsu, March 28 (Xinhua) -- China's top political advisor has urged the country to press forward the government's stimulus plans and spare no efforts to achieve the 2009 economic and social development targets.     All sides in China should combine their strength to boost growth, guarantee people's well being and maintain social stability amid the downturn, said Jia Qinglin, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), during a research tour to Wuxi city of eastern China's Jiangsu Province over the weekend.     China aims at an annual economic growth of about 8 percent this year after the global financial crisis slowed the 2008 growth to a seven-year low of 9 percent. Jia Qinglin (C front), member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and chairman of the National Committee of the Chinese People's Political Consultative Conference, investigates Hynix-Numonyx Semiconductor Ltd. in Wuxi, east China's Jiangsu Province, March 28, 2009. Jia Qinglin, together with Chinese Vice Premier Hui Liangyu, who is also a member of the Political Bureau of CPC Central Committee, made an investigation tour in Wuxi from March 27 through 28    Jia reaffirmed that the fundamentals of China's economy and its long-term upward direction has not changed, though 2009 will be "the most difficult year" for the country's economy since the beginning of the 21st century.     He told local authorities and entrepreneurs to vigorously develop advanced manufacturing, modern service sector and high-tech industries.     Measures should be taken to speed up industrial upgrading, explore international markets and introduce more overseas high-level talents, said Jia.     He underscored the urgency of creating more jobs and improving social welfare. He also called for more government investment to rural areas to support agriculture and raise farmers' income. Jia Qinglin (2nd L, front), member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and chairman of the National Committee of the Chinese People's Political Consultative Conference, investigates the Yangshan peach orchard in Wuxi, east China's Jiangsu Province, March 28, 2009

LHASA, March 14 (Xinhua) -- Five bouquets of lily and chrysanthemum, one for each of the five young women who died in the riots exactly a year ago.     "We are here today, to bring you our best regards," murmured Tang Qingyan, manager of the Yishion casual wear outlet in downtown Lhasa. "May you be happy every day in heaven."     Yishion, one of the 908 shops torched by the rioters on March 14, 2008, lost five employees, including four Han nationals and one Tibetan. The women were aged between 19 and 24.     Exactly a year after the tragedy, Tang brought six employees to mourn the dead Saturday on the exposed riverbed of the Lhasa River, whose water has, in the dry season, given way to a huge expanse of sand and cobblestones.     The place was quietly sandwiched between high mountains and the "Sun Island", Lhasa's new development project with restaurants, apartments and villas. The occasional whining chirps of aquatic birds added to people's woes.     Silently, the group laid offerings on the ground: five candles, piles of "paper money", incense sticks, and two strings of firecrackers.     "Here, we've brought you some money, too, so that you won't be short of cash," said Tang as he led four young women and two men to put the "paper money" in a little flame they lit on the ground.     The Chinese traditionally burn "paper money" for the deceased, hoping they would have enough cash in the afterlife.     "Dear sister, I've got your favorite sweater," Zeng Yaoyao sobbed as she put a white sweater in the flame. "Please rest in peace."     Zeng, 20, said she dreamed of her cousin Yang Dongmei Friday night. "I was so excited I ran up to embrace her. Then she said something about her sweater. I woke up in tears."Photo taken on March 14, 2009 shows the manager of the Yishion garment store Tang Qingyan (C) and employees mourn by the Lhasa river the five sales assistants burned to death in an arson attack by the rioters on March 14, 2008, in Lhasa, capital of southwest China's Tibet Autonomous RegionOf the five dead, Yang, Liu Yan and Chen Jia were still single. "According to the customs in our home province Sichuan, the death of an unmarried daughter is considered evil. They could only be buried in the obscure graveyard far from their homes," said Tang.     The three girls' parents therefore agreed to have their ashes spilled into the Lhasa River. "It's a beautiful place, even better than our home province," Tang said.     Tsering Zhoigar, the only Tibetan girl, was taken to her hometown in Xigaze Prefecture for the "sky burial", the traditional Tibetan burial.     Tsering Zhoigar's close friend Basang joined Yishion after the torched store was revamped and reopened in May. "I used to spend a lot of time with her at her store after work. Now that she's gone, I feel closer to her by doing her job."     Six sales women huddled together on the second floor of the store when rioters set the ground floor on fire. Zhoi'ma, 24, was the only one to escape the fire site at the last minute.     A year after the tragedy, the nightmare still clings to Zhoi'ma, who refused to talk to the media and stayed away from the mourning. "We called many times on her cell phone, but she didn't answer," said Tang. "She told me this morning she was going to mourn her friend Zhoi'gar in the Tibetan way, and at monasteries."     Towards the end of the mourning, the flames spread to burn card-boards they had carefully propped up with cobblestones to contain the fire. With all the offerings burnt, the group threw the bouquets into the river. A young man lit firecrackers before he stood with others, bowed, and paid a silent tribute to the dead.     Four police officers, who had been silently watching the scene, lowered their heads, too. "It's sad indeed. That's why we have tightened security this year to avoid similar tragedies," said one of them, who refused to be named.     Tang still stays in touch with families of the dead.     "These good girls were all their families" breadwinners," he said. "Zhoi'gar worked with me for three years and Yang Dongmei, my wife's younger cousin, worked for a year."Photo taken on March 14, 2009 shows employees of the Yishion garment store put bunches of fresh flowers into the Lhasa river to mourn the five sales assistants burned to death in an arson attack by the rioters on March 14, 2008, in Lhasa, capital of southwest China's Tibet Autonomous RegionTang had known Chen Jia, the youngest of the five, since she was a toddler. "Her father is my close friend. Until the day she died, she'd been worrying for her younger brother, who was blind in one eye."     With the government's compensation for Chen Jia's death, her parents had arranged an operation for her brother, Tang said. "Now I hope she'll have nothing more to worry about."     Tang hadn't had the time to get familiar with the other two girls, Liu Yan and He Xinxin, who had worked for a week and three days respectively.     He Xinxin's parents took her home to the central Henan Province after the riots. "Her cousin used to work in Lhasa, but left for home before the new year holidays," said Tang.     "I had planned to take all my 14 employees here to mourn them today, but I didn't want everyone to point to my store and say 'hey, look, Yishion is closed,'" he said. "Together, we'll try to walk out of the shadow soon."

BEIJING, March 26 (Xinhua) -- China's central bank governor has spoken highly of the government's rapid responses to the current global financial crisis, featuring decisively adopting a proactive fiscal policy and an adaptively easing monetary policy, and launching a bundle of timely, targeted and temporary policies and measures.     The prompt, decisive and effective policy measures adopted by the Chinese government demonstrates "its superior system advantage when it comes to making vital policy decisions," says Zhou Xiaochuan, president of the People's Bank of China (PBC), in an article entitled "Changing Pro-cyclicality for Financial and Economic Stability."     It is Zhou's third article published on the central bank's official website (WWW.PBC.GOV.CN) this week to discuss the issue of the current global financial crisis. His first and second articles, published on Monday and Tuesday, are entitled "Reform the International Monetary System" and "On Savings Ratio," respectively.     In the third article, the 61-year old central bank governor tries to find out the root causes for the current financial crisis, including but not limited to lessons on monetary policy, financial sector regulations, accounting rules.     The top Chinese banker says he wants to stimulate debate and discussions on some of the pro-cyclical features in the system, possible remedial measures, and how monetary and fiscal authorities can play their professional roles at times of severe market distress.     "Financial crises normally originate in the accumulation of bubbles and their subsequent bursts. Usually, economists pay a lot of attentions to pro-cyclicality on the macro level.     However, on the micro level, there are quite a number of notable pro-cyclical features embedded in the market structure today, which should be addressed as we deal with the current crisis and reform the financial system," he says.     Zhou suggests that in the current market structure, more counter-cyclical mechanisms or negative feedback loops on micro-level should be put in place to sustain a more stable financial system.     In the article, he notes that rating problems and herding phenomenon arise from outsourcing.     The global financial system relies heavily on the external credit ratings for investment decisions and risk management, giving rise to a prominent feature of pro-cyclicality, according to the central bank governor.     "Economic upswings produce euphoria and downturns generate pessimism," he says, "Many market players adopting ratings from the three agencies and using them as the yardstick for operations and internal performance assessments clearly result in a massive "herd behavior" at the institutional level."     Zhou points out that some market players seem to have forgotten that the ratings are no more than indicators of default probabilities based on past experiences but were never meant to be guarantees for the future, he says. "Once problems take place, as we have seen during the current crisis, fingers are pointed to the rating agencies," he says.     He suggests that financial institutions should try to rely more on internal rating in assessing risks.     He calls for giving full play to the professional role of authorities in maintaining overall financial stability and establishing a counter-cyclical mechanism for capital requirement     "To stabilize markets under severe stress, finance ministries and central banks need to act fast and apply extraordinary measures," he says, "Untimely or delayed response falls behind the curve and would make the outcome less than desired even if the response is correct and strong."     In modern Western societies, a prolonged political process for mandates to finance ministries or central banks often miss the best timing for action, Zhou says, adding, "We have observed such cases during the current crisis."     He suggests that governments and legislatures may consider giving pre-authorized mandates to ministries of finance and central banks to use extraordinary means to contain systemic risk under well-defined stress scenarios, in order to allow them to act boldly and expeditiously without having to go through a lengthy or even painful approval process.     "Such systematic pre-authorized mandates would put the specialized expertise of finance ministries and central banks to the best use when markets need it the most," he stresses.     The central bank governor attributes China's current success in easing the impacts of the crisis to the country's financial sector reform and ongoing macroeconomic stimulus measures     In 2003, fully aware of the systemic vulnerabilities of China's banking industry, the Chinese government made a courageous and strategic decision to restructure the four state-owned commercial banks, says Zhou, who took over as the PBC governor in late 2002.     In the article, Zhou gives a look back on the reforms of the country's major banks and security industry.     But he warns, "We should bear in mind that despite the notable achievements in banking reform, the major banks have not gone through a full business cycle and still have much to improve. An economic slowdown will be the ultimate stress test for the robustness of the banks' strengths."     According to the bank governor, irrespective of China's sound financial sector, the Chinese economy, especially the export sector, has felt the impact brought by the slowdown of the global economy.     He praises the Chinese government for its plans to stimulate domestic demand and promote stable and relatively rapid economic growth, including the extra investment of 4 trillion yuan (685 billion U.S. dollars) in over two years, the ten measures to revitalize the industrial sectors, and other bolster measures to increase money supply, promote employment, reform taxes and medical and healthcare system.     "Having taken the above-mentioned measures, China expect to maintain stable economic growth by boosting domestic demand and reducing dependence on external demand, thus serving as a stabilizing force in global economy," Zhou says.     In overall, the macroeconomic measures have produced preliminary result and some leading indicators are pointing to recovery of economic growth, indicating that rapid decline in growth has been curbed, he concludes.

PYONGYANG, April 13 (Xinhua) -- Li Jinhua, vice chairman of the Chinese People's Political Consultative Conference (CPPCC), on Monday met with Kim Wan Su, director of the secretariat of the Central Committee of the Democratic Front for the Reunification of the Fatherland (CCDFRF) of the Democratic People's Republic of Korea (DPRK).     Li, who is heading a CPPCC delegation on a visit to the DPRK, said at the meeting that this year marks the 60th anniversary of the establishment of diplomatic ties between the two countries, and the visit was also one of the major events of the China-DPRK friendship year. Li Jinhua (L), vice chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), meets with Kim Wan Su, chief of the Secretariat of the Central Committee of the Democratic Front for the Reunification of the Fatherland of the Democratic People's Republic of Korea (DPRK) in Pyongyang, capital of DPRK, April 13, 2009.The visit came just after the end of the first session of the 12th Supreme People's Assembly of the DPRK. On behalf of the CPPCC, Li congratulated on Kim Jong Il's reelection as chairman of the DPRK's National Defense Commission.     Kim Wan Su said DPRK-China friendship has had deep historical groundwork, and the recent years have witnessed further development of DPRK-China friendship.     The CCDFRF would like to further improve exchanges and cooperation with the CPPCC and make greater contributions to the friendship of the two countries, he said.

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