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BALI, Indonesia, May 3 (Xinhua) -- Details of a sizeable foreign currency reserve pool among the Association of Southeast Asian Nations, China, Japan and South Korea (ASEAN+3) were finalized here on Sunday, two years after the initiative was first introduced to combat emergent financial problems. Finance ministers of the ASEAN+3 nations reached the agreement on all main components of regional reserve pool, known as Chiang Mai Initiative Multilateralization (CMIM), and it will be implemented before the end of this year. The agreement on the CMIM includes "the individual country's contribution, borrowing accessibility, and the surveillance mechanism," said a statement issued after the finance ministers' meeting. The total size of the CMIM is 120 billion U.S. dollars with the contribution portion between ASEAN and the Plus Three countries at20 percent versus 80 percent. China and Japan will each contribute 38.4 billion U.S. dollars to the pool, while South Korea will contribute 19.2 billion dollars. Among China's portion, Hong Kong Special Administrative Region will contribute 4.2 billion U.S. dollars. "We welcome Hong Kong, China, to participate in the CMIM," said the statement. The CMIM is set up to "address short-term liquidity difficulties in the region and to supplement the existing international financial arrangements," the statement said. The ministers agreed to establish an independent regional surveillance unit to monitor and analyze regional economies and support CMIM decision-making. As a start, there would be an advisory panel of experts to work closely with the Asian Development Bank (ADB) and the ASEAN Secretariat. In the statement, the ministers also endorsed the establishment of the Credit Guarantee and Investment Mechanism (CGIM) as a trust fund of the ADB with an initial capital of 500 million U.S. dollars. It could be increased once the demand is fully met. "It's a welcoming step in coping with the crisis, and an important step to the financial architecture of the region and it will infuse confidence to the market," said ADB Managing Director General Rajat Nag after the meeting, referring to the finalization of the CMIM. Asked whether the CMIM is meant to replace the role International Monetary Fund plays in the region, he said the mechanism is only "good complement" to what IMF does. "Gladly, we don't have the situation like in the U.S. or Europe but it's better to be prepared. Once there is a need, we are able to present our concerns and there is facility there," said Philippine Finance Secretary Margarito B. Teves." It is a helpful matter for the market." "It's done, there would be no blocking stone toward the final implementation of reserve pool," said Thai finance minister Korn Chatikavanij.
BEIJING, July 10 (Xinhua) -- China's Ministry of Finance (MOF) announced Friday that it will launch two more batches of electronic savings bonds of up to 50 billion yuan (7.32 billion U.S. dollars) since next week. According to the ministry, one batch of the e-savings bonds of 40 billion yuan has a term of three years, with a fixed annual interest rate of 3.73 percent. The other, the five-year e-savings bonds, is worth 10 billion yuan at a fixed annual interest rate of four percent. The two bonds will be issued from July 15 to 31, with interests to be calculated from July 15 and paid annually, said the ministry in a statement on its website. These bonds are open to only individual investors, the MOF said. Compared with other types of bonds, the e-savings bond is seen as more convenient for investors. For example, the interest can bepaid through direct deposit into the investor's account. This is the second time the ministry launches this kind of bond this year, with the first issuance of two batches of e-savings bonds in April. The ministry also said it would issue two batches of book-entry treasury bonds next week with a face value of 12.48 billion yuan and 12.65 billion yuan each. One with the face value of 12.48 billion yuan has a term of 91 days, and the issue price, set by competitive bidding, was 99.72 yuan for a face value of 100 yuan. In this sense, the annual yield will be 1.15 percent, the ministry said. The other has a term of 273 days, and the issue price was set at 99.077 yuan for 100 yuan, with an annual yield of 1.25 percent. The ministry said the book-entry T-bonds will be sold from July 13 to July 15. Trading of the bonds will begin July 17.
BEIJING, May 1 (Xinhua) -- On the occasion of the International Labor Day on Friday, Chinese Premier Wen Jiabao visited workers at a metro construction site in Beijing, extending festival greetings and encouraging them to "strengthen confidence to overcome difficulties brought about by the financial crisis and the influenza epidemic." Wen told the workers that this year is a very difficult one for China as the country is hit hard by a global financial crisis. Chinese Premier Wen Jiabao (2nd L) talks with workers as he visits a construction site of Beijing subway in Beijing, capital of China, May 1, 2009. Wen expressed his best regards to the workers here.He added the recent outbreak of H1N1 influenza epidemic (swine flu) in some countries has affected China's economic and social development. The premier said any difficulty can be overcome as long as people have firm confidence and there is strong leadership of the Chinese Communist Party and the government. Chinese Premier Wen Jiabao (2nd R) trims vegetables with a canteen worker as he visits a construction site of Beijing subway in Beijing, capital of China, May 1, 2009. Wen expressed his best regards to the workers hereArriving at the construction site of the metro route No.9 along the capital's southern fourth-ring road, Wen wished workers festival happiness and encouraged them to "care and help each other like brothers." Part of the north-south metro line is due to open within this year. "How long have you been in Beijing?" Wen asked one of the migrant workers. "Ten years," the worker replied. "Then you've already a Beijinger," Wen said. While visiting the construction site, Wen asked detailed questions about the metro construction progress. "Have your family come to Beijing for the festival?" the premier asked a worker Hui Youquan who was busy setting up a reinforcing steel and spar frame on top of the metro station. Hui said his family is still at hometown. Wen told the workers Beijing citizens would be grateful to them for the comfortable subway. He also worked with workers on the spar frame. He said migrant workers have made great contribution to the country's industrialization and urbanization. "You have already become a main force of China's working class," Wen said, extending his "gratitude and respect." The premier said the Party and government have adopted a series of measures to improve migrant workers' working and living conditions, including strengthening their training, establishing a comprehensive social security system and paying great attention to their work safety. A comprehensive mechanism covering work injury, medical care and pension are being established, he said, adding that safety monitoring devices have been installed on construction sites. While helping some female workers to trim vegetables, Wen inquired about their working and living conditions. Entering a canteen, he asked chefs to pay attention to food hygiene and ensure workers to have tasty meals. Wen felt satisfied when he learned that workers could watch television, read newspapers and magazines and even practise handwriting in their spare time
BEIJING, May 6 (Xinhua) -- Chinese President Hu Jintao and his U.S. counterpart, Barack Obama, on Wednesday discussed bilateral relations and the A/H1N1 flu epidemic during a telephone conversation. Hu recalled that during their meeting at the Group of 20 summit in London in early April, he and Obama agreed to work together to build a positive, cooperative and comprehensive relationship in the 21st century. The two leaders also reached extensive consensus on the establishment of the mechanism of China-U.S. Strategic and Economic Dialogues, joint efforts to tackle the international financial crisis, and enhanced coordination and cooperation on major global and regional issues, Hu said. "Now, both countries are seriously implementing the consensus," the Chinese president said. "China is willing to work with the United States to push for a healthy and stable development of China-U.S. relations," he said. Obama, for his part, said the meeting with Hu was important because it outlined the future development of bilateral cooperation and made a good start on the China-U.S. strategic dialogue. The United States appreciated China's efforts to promote bilateral relations, he said. The Chinese president expressed sincere condolences over the A/H1N1 flu epidemic that has hit parts of the United States, and said the Chinese government has started emergency measures to prevent a spread of the disease. "We are willing to keep contact with the World Health Organization, the United States and other parties concerned, and strengthen cooperation to jointly confront this public health challenge," Hu said. Obama said his country has adopted effective measures against the disease and will continue to keep a close eye on the outbreak. The U.S. president said he was looking forward to meeting with Hu again during a meeting of leaders of the Group of Eight nations and developing countries in Italy. Obama said he was also looking forward to visiting China. The two leaders also exchanged views on such issues as the situation on the Korean Peninsula and the situation in South Asia.
QINGDAO, April 22 (Xinhua) -- China invited senior naval officers from 29 countries Wednesday to three People's Liberation Army (PLA) Navy vessels on the sidelines of a celebration to mark the 60th anniversary of the founding of the PLA Navy. The vessels were the Great Wall 218 conventional-powered submarine, Type 054 frigate FFG-526 Wenzhou and the Peace Ark hospital ship. The ships, all independently designed and made by China, represented the latest stage of PLA Navy equipment, Gu Wengen, deputy commander of the force, told Xinhua Wednesday. According to Gu, the invitation to the foreign delegates was intended as the latest move by the PLA to demonstrate its military transparency. Commissioned in September 2005, the Wenzhou is one of the most modern frigates in the service of the PLA. At 4,000 tonnes, the frigate is even larger than many of the PLA's destroyers, according to Gu. The Great Wall 218 conventional-powered submarine is also one of China's new-generation submarines equipped with world-class sonar and weapon systems, he said. The Peace Ark hospital ship can provide seagoing medical services equal to those of a top hospital in Beijing. All three vessels were commissioned in just the past few years, said Gu, adding that the Peace Ark only went into service in December. "Foreign naval officers can not only learn about the modernization of China's navy by visiting the three vessels but can also feel our sincerity to expand cooperation and exchange with our foreign counterparts," Gu said. After a quick tour of the Peace Ark, Capt. James Fanell with the U.S. Seventh Fleet, who came from the naval base in Yokosuka, Japan, said that he was glad to see the increasing openness of the Chinese navy. "I was here five years ago on the USS Cushing. The openness shown by the international fleet review is much greater than that of five years ago," Fanell said. "It is very encouraging and appreciated to be able to walk aboard the ship and see ships of the Chinese fleet as well as other ships of the international community," he said. For Adm. Moura Neto of the Brazilian Navy, the Chinese navy's transparency was as surprising as its modernization. "I saw the real China and the real PLA navy," he said. China launched a grand maritime ceremony Monday to mark the 60th anniversary of the founding of its navy off the coast of the eastern city of Qingdao. The four-day celebration includes seminars, a sampan race and a fleet review scheduled for Thursday that will feature the debut of the country's nuclear submarines. A total of 21 foreign naval vessels from 14 countries, including the United States and Russia, and delegations from 29 countries will take part. According to Ding Yiping, deputy commander of the PLA Navy, the celebration was the first large multi-lateral military exchange of its kind in the history of the People's Republic of China. Naval forces from different countries had voiced support for China's call to seek mutual trust and benefits, and resolve disputes on the basis of equal consultations and negotiations, he said. Their support would help build harmony on the seas, the theme of this year's celebration, he said. Adm. Gary Roughead, the U.S. Chief of Naval Operations, also said that the PLA and U.S. navies had much potential for cooperation in international humanitarian aid and joint maritime rescues in the West Pacific. "I believe any time one can address problems cooperatively, it makes for a more harmonious outcome. That's why I look forward to continue to work with the PLA Navy," Roughead told Xinhua at a naval symposium held in Qingdao. "I think navies are good opportunities to advance military-to-military relations as part of an overall relationship between nations," he said.