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BEIJING, Feb. 3 (Xinhua) -- Chinese economists are again concerned about the value of the country's dollar-denominated assets after the U.S. government's budget plan unveiled Monday forecast a record deficit for 2010.The economists are worried that, if the Congress approved the budget plan, the U.S. federal government will issue more bonds and print more money to finance the deficit, which may prompt dollar depreciation. Dollar depreciation erodes the value of China's holdings of dollar-denominated assets.The same fears took hold almost one year ago when the U.S. government said it would issue up to 2.56 trillion U.S. dollars of treasury bond debt to stimulate the economy to get through the recession.This time the budget deficit is larger. The Obama administration on Monday proposed a budget of 3.83 trillion U.S. dollars for fiscal year 2011 with a forecast deficit of 1.56 trillion U.S. dollars in 2010.The planned fiscal deficit is 10.6 percent of gross domestic product (GDP) - up from a 9.9 percent share in 2009 - the largest deficit as measured against GDP since the second world war.He Maochun, director of the Center for Economic Diplomacy Studies at Tsinghua University, said the deficit would be financed by those holding U.S. dollar-denominated assets with the main channel to transfer the risks caused by the deficit being the issuance of U.S. treasury bonds.The U.S. is already in enormous debt, with Treasury data showing public debt topping 12 trillion U.S. dollars in November last year, the highest ever.To pay for the deficit, the U.S. federal government will borrow 392 billion dollars in the January to March quarter of 2010, according to a Treasury Department statement released Monday. It will then issue 268 billion U.S. dollars of treasury bonds in the second quarter.Experts said the record deficit suggests the federal reserve will continue to flood more money into the market. The massive issuance of treasury bonds, the large fiscal deficit and the printing of the dollar will prompt further declines in the value of dollar, they said.In 2009, the greenback depreciated against major currencies by 8.5 percent, according to China's State Administration of Foreign Exchange (SAFE).China is the biggest foreign holder of the U.S. government debt. As of the end of November last year, China held 789.6 billion U.S. dollars of U.S. treasury bonds. Moreover, more than 60 percent of China's 2.399 trillion U.S. dollar stockpile of foreign exchange reserves - the world's largest - is in dollars.Cao Honghui, director of the Financial Market Research Office of the Chinese Academy of Social Sciences (CASS), a government think tank, said the massive U.S. deficit spending and near-zero interest rates would erode the value of U.S. bonds.The U.S. government should not transfer the problems of enormous debt to other nations or regions that are creditors like China, he added.The SAFE said in a statement in December 2009 that China would diversify its foreign exchange reserve holdings - both currencies and securities - to reduce risk.Liu Yuhui, an economist with the CASS, said late last month China may scale back its purchases of U.S. debt on concern the dollar will decline.China trimmed its holdings of U.S. government debt by 9.3 billion U.S. dollars in November last year - the biggest cut in five months - taking them down to 789.6 billion U.S. dollars.Ding Zhijie, associate dean at the finance school at the University of International Business and Economics, said China had been securing its investment value by using its foreign exchange reserves for imports and acquisition in 2009."More reserves should be used for investment in materials and resources, which can reduce the risk," he said, adding that he expects the purchasing spree to continue this year.The deficit is expected to ease slightly to 1.3 trillion U.S. dollars in 2011, but that still represents 8.3 percent of 2011 GDP.But Ding said it is necessary for the U.S. to keep its powerful fiscal stimulus policy in place, as the economic recovery is fragile and remains uncertain.The U.S. economy shrank 2.4 percent in 2009, but the U.S. government is projecting GDP growth of 2.7 percent in 2010 and an unemployment rate average of 10 percent.Zuo Xiaolei, chief economist at China Galaxy Securities, said the U.S. had no choice but to rely on massive government spending to ensure the economic recovery.The budget deficit will pump money into the economy and generate jobs, which in turn will generate greater tax revenue that can help pay off the debt, Zuo said."But there is still a risk the policy will fail and that debt will grow beyond the government's ability to pay," in which case the entire global recovery will be threatened.

UNITED NATIONS, Jan. 20 (Xinhua) -- The United Nations' top humanitarian official on Wednesday rejected as "insulting" and untrue reports about the Chinese search-and-rescue team in Haiti."I don't believe there is any truth in these accusations ... that the search-and-rescue teams favored international members of the community rather than Haitian nationals," John Holmes, Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator, told reporters at UN Headquarters."I think it was done in an overall fair way," he said.The Chinese team "did take the lead" in looking for the missing people in the Christopher Hotel and also looked elsewhere, he said."I really don't think that accusation of favoritism stands up at all," he said. "I think, frankly, it is insulting to the people who were doing that ... to suggest that.""As far as I know, they (the Chinese team) did an extremely effective job. They were present in large numbers in an early stage and rescued a significant number of people," he added.The Chinse rescue team's performance has won laud applause from UN Secretary-General Ban Ki-moon.Ban, who arrived in Haiti on Sunday, spoke highly of the Chinese team's job.On behalf of the United Nations and the international community, Ban expressed his gratitude to the Chinese rescue team, who rushed to Haiti at the earliest time possible after the quake.On Tuesday, the Chinse Foreign Ministry also rejected accusations that the country's rescue team in Haiti searched only for Chinese nationals."The comment that the Chinese rescue team was only searching for Chinese nationals in Haiti is false and made out of ulterior motives," Foreign Ministry spokesman Ma Zhaoxu told a regular briefing in Beijing.After a 7.3-magnitude earthquake devastated Haiti last Tuesday, China dispatched a rescue team of about 60 people to Port-Au-Prince, capital of the Caribbean nation.Ma said the team had found a number of bodies, including those of eight Chinese police officers, UN officers in Haiti and some others.The Chinese team had also set up a temporary clinic near Haitian Prime Minister's compound, treating a large number of injuried Haitian people.Huang Jianfa, leader of the Chinese international rescue team, said Tuesday that his team's rescue efforts in quake-hit Haiti have surpassed national boundaries."The principle of our work is to mobilize limited resources in the shortest possible time to carry out rescue operations in the most needed areas," Huang said during an interview with Xinhua.Huang said the Chinese team would continue to engage in frontline rescue work in the following days to help more people of Haiti and the world."This is the duty of China as a responsible big country toward the people of the world," he said.

BEIJING, Feb. 25 (Xinhua) -- Presidents of China and Zambia on Thursday pledged joint efforts to bringing bilateral relationship to a new high.The pledge came out of their hour-long summit talks in Beijing as China rolled out the red carpet for Rupiah Banda, who was on his first state visit to the country since becoming Zambian President in 2008.Banda was welcomed by Chinese President Hu Jintao at the Great Hall of the People in downtown Beijing.Chinese President Hu Jintao (R) holds a welcoming ceremony for visiting Zambian President Rupiah Banda in Beijing, China, Feb. 25, 2010. Banda arrived here Wednesday to kick off his first state visit to China, strengthening the ties of friendship"I highly appreciate your commitment to promoting practical cooperation between China and Zambia since you assumed presidency," Hu said at the start of the talks."I believe your visit will turn a new page in the bilateral friendship and bring the relationship to a new high," Hu said.Banda recalled "the historic relations that exist between our two countries that go back before our independence." China and Zambia forged diplomatic ties in October 1964.Banda highlighted "the sacrifices many young Chinese made in order to construct the first railway line connecting Tanzania and Zambia."The about-1,860-kilometer railway, one of the largest foreign-aid project undertaken by China, was financed and built by China in 1970s. More than 60 Chinese died in constructing the railway.

BEIJING, March 11 (Xinhua) -- Senior Chinese leaders joined lawmakers Thursday in discussions on the work report of the National People's Congress (NPC) Standing Committee.In the deliberation with lawmakers from northwest China's Qinghai Province, Li Changchun, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, said he totally agrees with the report.Li Changchun called on Qinghai authorities to further carry out the Scientific Outlook on Development and explore a new path of scientific and leapfrog development for underdeveloped regions.Li Changchun also told the deputies to step up efforts to promote core socialist values and ethnic unity.Vice Premier Li Keqiang joined the the discussion with lawmakers from Ningxia Hui Autonomous Region, in which he underscored the transformation of economic growth pattern.Li Keqiang said the region should improve economic restructuring, reforms and innovation, as the current drive to transform the economic growth pattern offers a new historic opportunity for western regions.Li Keqiang also said he entirely endorses the work report of the NPC Standing Committee.In his discussion with deputies from Jilin Province, He Guoqiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee, said the province should take advantage of national policies to boost its own development.When speaking of fighting corruption, He, also head of the Central Commission for Discipline Inspection of the CPC, urged more efforts to address the loudest complaints of the people, expand participation of the public, and strengthening the collection and analysis of online information.

BEIJING, March 9 (Xinhua) -- Chinese President Hu Jintao Tuesday paid his final respects to renowned educator and social activist Sun Qimeng as his body was taken away to be cremated at the Babaoshan Revolutionary Cemetery in Beijing.Sun died in Beijing on March 2. He was 100. Chinese President Hu Jintao shakes hands with a relative of renowned Chinese educator and social activist Sun Qimeng at the Babaoshan Revolutionary Cemetery in Beijing, capital of China, March 9, 2010. Sun died in Beijing on March 2 and his body was cremated on Tuesday. Top legislator Wu bangguo, Premier Wen Jiabao and Sun's friends joined Hu in the farewell ceremony.Other senior leaders, including top political advisor Jia Qinglin, senior leader Li Changchun, vice president Xi Jinping, vice premier Li Keqiang, senior leader He Guoqiang, and senior leader Zhou Yongkang also expressed their condolences.Sun was vice-chairman of the Standing Committee of the seventh and eighth National People's Congresses and honorary chairman of the seventh and eighth China Democratic National Construction Association Central Committee.Sun graduated in 1929 from the Politics Department of Soochow University in Suzhou city, and joined the Communist Party of China in 1950.He has made outstanding contributions to vocational education in China as well as to the country's development of social democracy and the legal system, said an official statement.