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BEIJING, March 31 -- The appointment of three new academic members to the central bank's monetary policy committee on Monday reflects the increasing inclusiveness of monetary policymaking, but may not have any apparent bearing on the timing of an interest rate hike, analysts said.The People's Bank of China (PBOC) said three Chinese economists - Xia Bin, Li Daokui and Zhou Qiren - will replace Fan Gang, the only academic member of the committee, which advises on major monetary issues."Adding two more academics to the monetary policy committee is a welcome change," said Wang Tao, head of China economic research at UBS Securities. "I hope this helps to increase healthy debate within the committee, and increase the independence of monetary policy.""The appointment of three academic members this time - instead of one - indicates the increasing importance of academic voices in monetary policymaking and the three, with different backgrounds, are expected to complement each other to add to the inclusiveness of the panel," said Sun Lijian, an economist with Fudan University. It would make the country's monetary decision-making more rational, he said.Going by their recent comments on inflation, with Li saying that China could precede the United States in raising the rates and Zhou urging a timely and firm exit from stimulus policies, it is speculated that their appointment may signal chances of an earlier rate hike.Zhou said in a February speech that it was high time that China exited from the stimulus measures. "Given the past experiences, the stimulus through expanding money supply and debt only has a short-term effect," he said in the speech.One of the side effects of the stimulus is rising inflation. "The price of the stimulus policies is mainly the adverse effect of the large-scale release of money on the overall market price situation," he said. "We have seen it on the market."Li said early this month once China's consumer price index (CPI), a major measure of inflation, rises 3 percent, the country is set to increase the rates. China's CPI rose by 2.7 percent year-on-year in February.He also said on Monday that China may suffer from exported inflation from developed economies as their continued relaxed monetary policy would lead to surging raw material prices and large-scale capital flowing into the emerging economies, including China.Meanwhile, China should keep itself alert against possible price rises due to weather changes, such as the recent severe drought in southwestern regions.Xia Bin said on Monday that three factors should be taken into account when deciding on whether to raise the interest rates. It should be considered if real negative deposit interest rates occurred. But if inflationary expectations are not strong, the hike would be inappropriate. Moreover, China should not move ahead of the US since it would bring in speculative capital.China's benchmark one-year deposit rate stands at 2.25 percent.Dong Xian'an, chief macroeconomic analyst of Industrial Securities, said economic fundamentals should be the paramount determinant in interest rate related policymaking and the appointment of a new monetary policymaking panel would not have any substantial bearing on the timing of the possible hike.The month-on-month CPI figure is a crucial factor and as it continues to rise, the hike may come in the second quarter of this year, he said.
MANILA, June 7 (Xinhua) -- A reception was held in Manila Monday evening to mark the 35th anniversary of the establishment of diplomatic relations between China and the Philippines.Present at the reception, hosted by the Chinese embassy, were Philippine Foreign Secretary Alberto Romulo, former Philippine first lady Imelda Marcos, diplomats, Filipinos with Chinese origin and representatives of Chinese enterprises investing in the country.Addressing the reception, Chinese ambassador to the Philippines Liu Jianchao said that over the past 35 years, constructive and productive meetings on a regular basis between top leaders of the two countries have been indispensable in advancing bilateral ties with sustaining strength."I strongly believe," he said, "The essence of China- Philippines should be rooted in our peoples, in the studies we share, the business we do, the knowledge we gain, and even the sports we play.""Our purpose has always been making friends and partners with the Philippines and all the other countries in the region, fostering an amicable, stable and prosperous neighborhood, and building cooperation for mutual benefit and win-win progress," he added."As we are expecting the Philippine top leadership to be proclaimed, we know that China-Philippines relations are facing a new historical opportunity. The common interests between China and the Philippines are large, so is the scope of China-Philippines cooperation. The Chinese side looks forward to working with the incoming Philippine administration to ensure that China- Philippines strategic and cooperative relationship gets off to a good start and continues to forge ahead," he said.Philippine Foreign Secretary Romulo said that the theme for this year's anniversary is "Philippines plus China, more than friends". This theme highlights three distinct features of bilateral relationship: the deep ties of friendship between the two peoples; the multifaceted and expanding bilateral relations; and the role of youth in this relationship."We are proud that many prominent Filipinos are of Chinese ancestry. Foremost among them, of course, is our national hero, Dr. Jose Rizal, our first woman President Corazon C. Aquino, and our first Filipino saint, Lorenzo Ruiz," he said.Aside from these prominent Filipinos, members of the Chinese- Filipino community have made and continue to make significant contributions to Philippine society, he added.China and the Philippines established diplomatic relations on June 9, 1975.

MOSCOW, May 8 (Xinhua) -- Chinese President Hu Jintao and Russian Prime Minister Vladimir Putin met here Saturday and agreed to further enhance the strategic relations of cooperation and partnership between their two countries.President Hu is in Moscow for celebrations marking the 65th anniversary of the victory of the Great Patriotic War over Nazi Germany.At the meeting, Hu said that both China and Russia made great historic contributions to the victory of the World Anti-Fascist War and China takes the same stance toward the history of World War II as Russia. Chinese President Hu Jintao (L) meets with Russian Prime Minister Vladimir Putin in Moscow, May 8, 2010.China and Russia should strengthen communication and coordination to firmly safeguard the truthfulness and seriousness of history, Hu said, adding that China would like to work together with Russia to hold a series of events to mark the 65th anniversary of the victory of the World Anti-Fascist War.Hu told Putin that China-Russia relations are now enjoying a sound momentum of development and the two countries have made much headway in their cooperation in all fields.The two countries have also had close interaction and coordination in dealing with international and regional affairs, he said.
BEIJING, May 21 (Xinhua) -- China's local governments should step up efforts to close 10 million kilowatts of outdated coal-fueled power station capacity this year, Chinese Vice Premier Li Keqiang said Friday.This year is crucial to completing the country's energy saving and emission reduction goals as set out in the Eleventh Five-Year Plan (from 2006 to 2010), Li said in a letter to a national work conference held in Beijing discussing the elimination of backward production capacity.Official figures show China's unit gross domestic product (GDP) energy consumption fell 14.38 percent during the first four years of the Eleventh Five-Year Plan. But efficiency has to improve if the nation is to meet the 20 percent target set for the five-year period."This move is conducive to optimizing the country's power structure, enhancing energy saving and reducing pollution," Li said.
VANCOUVER, April 27 (Xinhua) -- Shanghai's upcoming hosting of the World Expo will be an "unforgettable experience" for local residents, leaving a lasting legacy of international trade that will be of benefit to everyone, according to a former Canadian politician.Grace McCarthy, the British Columbia tourism minister who was largely responsible for bringing the World Expo to Vancouver in 1986, said the hosting of the fair put the Canadian city on the global map, ultimately leading to its successful hosting of the Winter Olympics earlier this year.Now 82 and retired from politics, McCarthy, who heads the Vancouver-based Child Foundation charity which helps children with liver and intestinal disorders, said the spinoffs of the Shanghai expo would be vast, ranging from economic development for the city and the country as a whole, to improving the lives of local residents."Shanghai undoubtedly has strong local government with committees working night and day to make connections around the world. Those connections will pay off because they wouldn't even show up if they didn't plan to have a plant (they wanted built) or wanted to go and help rebuild that area that the expo site is on. There will be international trade which will be a benefit for everybody," she said."The opportunity now for Shanghai is the world gets to know the city, not as a land, but as the land of opportunity. Not as individuals who are hardworking, but individuals who want people to come and stay and live and contribute to the country. That's the essence of a world expo. People will see a very different Shanghai than what they have envisioned. It's a pure learning experience."With a theme of transport and communication, the Vancouver expo previewed a host of technologies that are now commonplace.Demonstrations of the internet were on display nearly a decade before it became commonplace, while inventor Arthur C. Clarke presided over a satellite dinner. With diners sitting in Canada, the famed author of 2001: A Space Odyssey chatted with those assembled via satellite from his Sri Lankan base.There was also a demonstration line of Vancouver's new transportation system with an overhead "Skytrain" moving passengers through the expo site. McCarthy said the Canadian-made system had drawn great interest from Singapore which was looking to improve its own rapid transit at the time. However, they ended up going with Japanese technology."It's that kind of interface and that kind of incentive that assist industry both in Canada and British Columbia. From that point of view it was super successful from educating young people about the world they live and making industrial and commercial contacts. At expos you always see futuristic things."That's what really makes an expo when you can showcase the world. It's a real learning experience for the country hosting. Children would come to expo and they would learn all about China, what they produced, what their educational system was like. Then they would go to another pavilion and find out more. It was a real learning experience because there was something for everyone at expo."McCarthy admits Vancouver's expo experience happened almost by accident. To celebrate the city's 100th anniversary in 1986, she got in contact with the Louvre art gallery in Paris to see about the possibility of touring the Mona Lisa across Canada, but little success. A chance meeting in London with Patrick Reid, who had overseen Canada's interest at six world expos, however, sealed the deal. With a reported budget of 800 million to 1 billion Canadian dollars, the fair was a great success in attracting more than 22 million visitors, but ultimately lost just over 300 million Canadian dollars.Despite the financial loss, McCarthy said the expo was beneficial for the psychology of the country that at the time was emerging from a prolonged recession. In addition, there was a sense of patriotism that swept over Canada."It was very beneficial for the psychology of the country and that's difficult to put dollars to. Everything is not all dollars, but everything in dollars is psychological because if you pour money into a party, an event or something, you can be super successful if you do it right. That's what we did."For a person who doesn't know Shanghai, this is a great learning experience for them. They'll see the excitement of the opportunities, the young people who have come to life in the city and are doing incredible things, they'll see all of that and their perception will change. That's worth an awful lot in the global picture."One area that benefited Vancouver tremendously following the fair was tourism. In 2008, tourism employed more than 131,000 people in the western province making it one of its largest sectors along with forestry, fishing and mining. It had 2008 revenues of more than 13.1 billion Canadian dollars, up 35 percent since 2002, according to Tourism BC statistics. "Expo provided us with a showcase to show the world and the world was very interested in seeing it. We had boom years for tourism after that ... afterwards, the people who came in droves and were interested in coming simply because of the media coverage that went all over the world," McCarthy said."When the whole thing finished the world did know about us. Someday they would like to come to British Columbia, Canada. That was kind of the mantra. And people did come in droves. Tourism was at its peak during those years."She adds, however, that the Shanghai organizer needed to recognize that "a country can't live on parties" alone, they also needed to be serious about the business end of it."The business end of it is just as much the hospitality plan quotient and the business plan quotient together."It is very important that countries envision what they want for the values of their people and what the people themselves want for a very good way of life."
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