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BEIJING, March 7 (Xinhua) -- China should speed up reforming its financial system to make the yuan an international currency, said political advisors Saturday. "A significant inspiration to draw from the global financial crisis is that we must play an active role in the reconstruction of the international financial order," said Peter Kwong Ching Woo, chairman of the Hong Kong-based Wharf (Holdings) Limited. The key to financial reform is to make the yuan an international currency, said Woo in a speech to the Second Session of the 11th National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top political advisory body. That means using the Chinese currency to settle international trade payments, allowing the yuan freely convertible on the capital account and making it an international reserve currency, he said. China's yuan, or Renminbi, can be freely convertible on the current account but not on the capital account, preventing it from being a reserve currency or a choice in international trade settlement. China has announced trial programs to settle trade in the yuan, a move analysts say will facilitate foreign trade as Chinese exporters might face losses if they continue to be paid in the U.S. dollar. The dollar's exchange rate has become more volatile since the global financial crisis. Economists say the move will increase the acceptance of the currency in Asia, which will help it become an international currency in the long run. The status of the yuan as an international currency will benefit China by giving it a bigger say in world financial issues and reducing the reliance of its huge foreign reserves on the U.S. dollar, some analysts say. Other analysts argue a fully convertible yuan will hurt China as it would allow massive capital outflow during a financial crisis. Meanwhile, Chinese authorities remain cautious. It's possible that the global financial crisis will facilitate the process of making the yuan internationally accepted, but there's no need to push for that, Yi Gang, vice central bank governor, told Xinhua earlier this month. That process should be conducive to all sides, he said. Xu Shanda, former vice director of the State Administration of Taxation and a CPPCC National Committee member, urged for faster paces in making the yuan an international currency as a way of increasing national wealth. He said the United States and the European Union have obtained hefty royalties from the international use of their currencies while China has become the biggest source of that income. A royalty, or seignior age, results from the difference between the cost of printing currency and the face value of the money. "China's loss due to royalty payment has far exceeded the benefit of not making the yuan an international currency," he said in a speech to the annual session of the CPPCC National Committee, without elaborating. China's State Council, or Cabinet, said last December it would allow the yuan to be used for settlement between the country's two economic powerhouses -- Guangdong Province and the Yangtze River Delta -- and the special administrative regions of Hong Kong and Macao. Meanwhile, exporters in Guangxi Zhuang Autonomous Region and Yunnan Province will be allowed to use Renminbi to settle trade payments with ASEAN (Association of Southeast Asian Nations) members.
GENEVA, March 12 (Xinhua) -- China on Thursday blasted a U.S. measure blocking Chinese poultry imports, saying the "clearly discriminative measure" can serve as a good example for the WTO's training courses. The U.S. measure, or Section 727, is contained in the Omnibus Appropriation Act of 2009, which was approved by the U.S. Senate on Tuesday. It bans any funds from being used to "establish or implement a rule" allowing imports of poultry products from China. "It is needless to explain why such discriminative measure are forbidden by the WTO," said Zhang Xiangchen, deputy permanent representative of the Chinese WTO mission. "Perhaps we could send to the Institute of Training and Technical Cooperation of the WTO Secretariat a copy of this section, which would serve as a perfect example for their training courses," Zhang told a WTO meeting in Geneva. "I believe that any trainee with a preliminary knowledge will tell that this section violates the basic rules of the WTO including the MFN (most-favored-nation) treatment principle," he said. In a strong-worded statement, Zhang said he had got "a specific instruction from Beijing to express the serious concern of the Chinese government about the U.S. Omnibus Appropriation Act of 2009." "What should we, all WTO members, do to prevent such discriminative practice from undermining the multilateral trading system and sending wrong signal to the outside world at this critical juncture of global crisis?" said Zhang at the meeting. "How should we live up to our commitments repeatedly made both here at the WTO and at the G20 summit to resist trade protectionism?" he added. On Wednesday, the Chinese WTO mission in Geneva also sent a verbal note to the U.S. WTO mission. According to the note, the U.S. measure has triggered strong reactions in China, and the government is under increasing pressure from the poultry industries to "adopt related measures to poultry products imported from the United States." "China would raise complaints to the WTO in this regard and maintain the right of further measures," said the note. "At the same time, we would like to urge the U.S. to eliminate such kind of discriminative and trade protectionist provision as soon as possible in order to correct its wrong decision," it said. China and the United States banned imports of each other's poultry in 2004 following outbreaks of bird flu. They agreed to lift the bans at the Sino-U.S. joint Commission on Commerce and Trade in 2004. China did lift the ban but has complained that the United States was not following suit. China imported 580,000 tons of chicken products from the United States last year, accounting for 73.4 percent of total chicken imports, according to figures from the Chinese Ministry of Commerce.

NAIROBI, Feb. 8 (Xinhua) -- Chinese President Hu Jintao will pay state visits to the African countries of Mali, Senegal, Tanzania and Mauritius in mid-February, his second trip to the continent in search for closer cooperation since the 2006 Beijing Summit of the Forum on China-Africa Cooperation. The top-level visit follows a four-nation African tour by Chinese Foreign Minister Yang Jiechi in intensified efforts to forge full partnership with Africa. China and African countries have made great achievements in developing a new type of strategic partnership since the Beijing Summit, with more frequent high-level exchanges. Three months after the summit, President Hu Jintao embarked an African tour of eight countries initiating the process of implementing the achievements of the summit to benefit the continent. Some senior Chinese officials also went to Africa on friendly missions in 2008. On African side, more than 20 leaders visited China last year, attending the opening ceremonies of the Beijing Olympics and Paralympics or watching the Olympic Games. African countries have always been supportive on issues concerning China's core interests since the establishment of diplomatic ties decades ago and offered aid and support to China's quake relief efforts last year, showing the deep friendship between the two sides. China cherishes the support from the continent and pledges to further implement the achievements of Beijing Summit by helping African countries maintain political stability and boost economic development. China devised an eight-measure policy to enhance economic and trade cooperation with Africa in 2006 Beijing Summit, including assistance, preferential finance, construction of a conference center for the African Union, debt cancellation, more African market share in China, professional training, and establishment of trade and economic cooperation zones in Africa. The policy has been effectively carried out with remarkable achievements in the past two years. By the end of 2008, the China-Africa Fund had invested nearly 400 million U.S. dollars in 20 projects, generating an investment in Africa by Chinese enterprises to about 2 billion dollars. Bilateral trade hit 106.8 billion dollars in 2008, after exceeding 10 billion dollars in 2000. The made-in-China brand finds its way into African families, while market share for a variety of African commodities in China has also snowballed. China has also cancelled part of debts for the most indebted and least developed countries in Africa, at the same time, lifting tariffs on imports from those countries. In addition, the construction of economic and trade zones or duty free trade zones in Africa is progressing smoothly, including the Zambia-China Economic and Trade Cooperation Zone, the Guangdong Economic and Trade Cooperation Zone in Nigeria and the Lekky Duty Free Trade Zone in Lagos, Nigeria, the Egypt-Suez Economic and Trade Zone and Ethiopian Orient Industrial Park. Cultural exchanges have also been active and fruitful between the two sides. African song and dance have gained their audience in China and China's Confucius Institute has also taken root in Africa since its first landing in the University of Nairobi, Kenya, in December 2005. Cooperation and exchanges between China and Africa have enhanced friendship and understanding between the two peoples. Malian President Amadou Toumany Toure, whose country is the first in sub-Saharan Africa to establish diplomatic ties with China, applauded the Chinese President's upcoming visit, hoping it will bring bilateral cooperation to a new height. Mali will warmly welcome President Hu, Toure said, adding that he will invite Hu to attend the inauguration of a China-aid bridge project in the country's capital Bamako. Senegal is also looking forward to Hu's visit. Abdoulaye Balde, spokesman for the presidential office, said his country was bracing itself for the first visit by a Chinese head of state since the two countries resumed diplomatic ties three years ago. Senegalese President Abdoulaye Wade visited China twice in 2006 in a bid to boost bilateral ties, Balde said, expressing his belief that the top-level exchange would give impetus to the development of strategic partnership between the two countries. Officials in Tanzania and Mauritius also welcome Hu's upcoming visits, hoping to further enhance cooperation with China, which they see as a rising power that will benefit Africa as well as other developing nations.
NAIROBI, Feb. 8 (Xinhua) -- Chinese President Hu Jintao will pay state visits to the African countries of Mali, Senegal, Tanzania and Mauritius in mid-February, his second trip to the continent in search for closer cooperation since the 2006 Beijing Summit of the Forum on China-Africa Cooperation. The top-level visit follows a four-nation African tour by Chinese Foreign Minister Yang Jiechi in intensified efforts to forge full partnership with Africa. China and African countries have made great achievements in developing a new type of strategic partnership since the Beijing Summit, with more frequent high-level exchanges. Three months after the summit, President Hu Jintao embarked an African tour of eight countries initiating the process of implementing the achievements of the summit to benefit the continent. Some senior Chinese officials also went to Africa on friendly missions in 2008. On African side, more than 20 leaders visited China last year, attending the opening ceremonies of the Beijing Olympics and Paralympics or watching the Olympic Games. African countries have always been supportive on issues concerning China's core interests since the establishment of diplomatic ties decades ago and offered aid and support to China's quake relief efforts last year, showing the deep friendship between the two sides. China cherishes the support from the continent and pledges to further implement the achievements of Beijing Summit by helping African countries maintain political stability and boost economic development. China devised an eight-measure policy to enhance economic and trade cooperation with Africa in 2006 Beijing Summit, including assistance, preferential finance, construction of a conference center for the African Union, debt cancellation, more African market share in China, professional training, and establishment of trade and economic cooperation zones in Africa. The policy has been effectively carried out with remarkable achievements in the past two years. By the end of 2008, the China-Africa Fund had invested nearly 400 million U.S. dollars in 20 projects, generating an investment in Africa by Chinese enterprises to about 2 billion dollars. Bilateral trade hit 106.8 billion dollars in 2008, after exceeding 10 billion dollars in 2000. The made-in-China brand finds its way into African families, while market share for a variety of African commodities in China has also snowballed. China has also cancelled part of debts for the most indebted and least developed countries in Africa, at the same time, lifting tariffs on imports from those countries. In addition, the construction of economic and trade zones or duty free trade zones in Africa is progressing smoothly, including the Zambia-China Economic and Trade Cooperation Zone, the Guangdong Economic and Trade Cooperation Zone in Nigeria and the Lekky Duty Free Trade Zone in Lagos, Nigeria, the Egypt-Suez Economic and Trade Zone and Ethiopian Orient Industrial Park. Cultural exchanges have also been active and fruitful between the two sides. African song and dance have gained their audience in China and China's Confucius Institute has also taken root in Africa since its first landing in the University of Nairobi, Kenya, in December 2005. Cooperation and exchanges between China and Africa have enhanced friendship and understanding between the two peoples. Malian President Amadou Toumany Toure, whose country is the first in sub-Saharan Africa to establish diplomatic ties with China, applauded the Chinese President's upcoming visit, hoping it will bring bilateral cooperation to a new height. Mali will warmly welcome President Hu, Toure said, adding that he will invite Hu to attend the inauguration of a China-aid bridge project in the country's capital Bamako. Senegal is also looking forward to Hu's visit. Abdoulaye Balde, spokesman for the presidential office, said his country was bracing itself for the first visit by a Chinese head of state since the two countries resumed diplomatic ties three years ago. Senegalese President Abdoulaye Wade visited China twice in 2006 in a bid to boost bilateral ties, Balde said, expressing his belief that the top-level exchange would give impetus to the development of strategic partnership between the two countries. Officials in Tanzania and Mauritius also welcome Hu's upcoming visits, hoping to further enhance cooperation with China, which they see as a rising power that will benefit Africa as well as other developing nations.
BEIJING, April 5 (Xinhua) -- Chinese Foreign Minister Yang Jiechi on Sunday held phone talks respectively with U.S secretary of state and foreign ministers of Russia, Japan and South Korea on the Democratic People's Republic of Korea's (DPRK) launching activity. China has noticed the DPRK's announcement of having launched an experimental communications satellite and taken note of the concerns expressed by the relevant parties on this issue, Yang told his counterparts of the U.S., Russia, Japan and South Korea Hillary Clinton, Sergei Lavrov, Hirofumi Nakasone, and Yu Myung Hwan. China, as a close neighbor of the Korean Peninsular, has always been committed to safeguarding peace and stability on the Korean Peninsular and in the Northeast Asia region, Yang said. The Chinese government lately has reiterated its stance on solving the issue through dialogue and consultation and opposing any actions that could complicate the situation and escalate tension, he added. To push forward the six-party talks, build a nuclear-free Korean Peninsular and maintain peace and stability in Northeast Asia are in the interests of all parties concerned and also the common aspirations of the international community, said the Chinese minister. He said the Chinese side urged all relevant parties to show restraint and avoid any moves that could further increase tension in the region. China will address the current situation in a responsible and constructive manner, Yang said, noting that China is willing to communicate with all parties concerned to solve the issue properly. China will join efforts with other parties to advance the six-party talks and safeguard peace and stability of the Korean Peninsular, he added. Russian, Japanese, South Korean foreign ministers and the U.S. sectary of state also expressed their countries' willingness to continue exchanges of views and consultation with China on the issue.
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