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HONG KONG, May 18 (Xinhua) -- China will definitely be able to meet the target of achieving eight percent economic growth in 2009, a senior official of the country's top economic planning body said here Monday. "Judging from the indicators of the first four months, I do believe it is highly possible to achieve an eight percent growth for the full year. In fact, I believe the target will definitely be met," said Xulin, head of the Department of Fiscal and Financial Affairs of the National Development and Reform Commission. Speaking at a briefing in Hong Kong, Xu said the basic assessment was that there has been consolidation in the recovery momentum and that the minor slowdown in April, normal as it has been when considering the past experiences, did not necessarily signal a second bottom in the ongoing economic downturn. Economic planners have been monitoring the economy closely and are prepared to put in place additional measures in the coming months if it is necessary, Xu said. Post-earthquake reconstruction in Sichuan province was being carried out quicker than previously planned. Small and medium enterprises were receiving financing aid from guarantee programs, Xu told local as well as foreign reporters. The National Development and Reform Commission will approve 600 billion yuan (88 billion U.S. dollars) of corporate bonds this year as the IPO market remained cool, compared with 236 billion (35 billion U.S. dollars) for 2008, Xu said. The debt of the Chinese government was about 20 percent of gross domestic product, compared with over 190 percent for Japan, close to 100 percent for the United States and 60 percent on average for the European economies. The Chinese government has planned a budget deficit of 950 billion yuan (139 billion U.S. dollars) for 2009, which represented about 2.8 percent of gross domestic product. Xu said the ample resources could sustain heavy government investment to stimulate the economy for several years although "it was not necessary. "The Chinese government will spend more resources to develop public housing programs and a pension system and to push forward the health reform, so as to increase the contribution of domestic consumption to economic growth," Xu said. "I don't think export can still play the roles as they did in past few years in driving the Chinese economy," Xu said, adding that China, as a responsible player, would like to see a moderately stable yuan.
HONG KONG, July 4 (Xinhua) -- The Bank of China (Hong Kong) Limited (BOCHK), the sole Renminbi (RMB) clearing bank in Hong Kong, announced here Saturday that it will launch RMB clearing services for trade settlement starting from Monday. BOCHK said it had singed a clearing agreement with the People's Bank of China in relation to RMB business, and will invite banks and other financial institutions participating in trade settlement to sign a new clearing and settlement agreement. On Wednesday, the People's Bank of China and other departments on the mainland jointly announced the "Administrative Rules on Pilot Program of Renminbi Settlement of Cross-Border Trade Transactions", allowing RMB settlement of cross-border trade transactions for the first time. "The initiation of the Pilot Program is of particular significance. It will increase the source channels and the usage of RMB funds," said He Guangbei, vice chairman and chief executive of BOCHK. Under the Pilot Program, enterprises will also have greater flexibility in selecting the settlement currency of cross-border trade transactions as well as increasing their capability to hedge exchange risk, minimize costs, and boost the efficiency and profitability of cross-border trade transactions, he said. BOCHK, as a participating bank of RMB business, will take the lead in launching a wide spectrum of RMB trade settlement and finance services for its corporate customers to conduct RMB- denominated trade transactions such as remittances, collections and L/C services between Hong Kong and Shanghai, Shenzhen, Guangzhou, Dongguan and Zhuhai, said the vice chairman.
TOKYO, June 7 (Xinhua) -- Japan and China vowed to promote cooperation on the topics of environment protection, technology trade and intellectual property rights (IPR) protection during their second high-level economic dialogue held here on Sunday. "China attaches great importance on saving the energy and protecting the ecology, while Japan has broad experience and advanced technologies on these areas," said Zhang Ping, chairman of China's National Development and Reform Commission, "So the two countries can achieve win-win results through close cooperation." Chinese Commerce Minister Chen Deming (4th L), Chairman of China's National Development and Reform Commission Zhang Ping (3rd L) and other Chinese officials hold a press conference in Tokyo, capital of Japan, on June 7, 2009. The officials were all members of a Chinese delegation which arrived here Saturday to attend the 2nd Sino-Japanese high-level economic dialogue Zhang said in recent years China and Japan have already conducted active collaboration on energy and environment conservation. This has become a new highlight among the wide range of cooperation between the two countries and provided a new growing point for bilateral trade and economy. He said more cooperation will be conducted on countermeasures of sandstorms, air pollution and treatment of garbage and sewage in small cities and towns. The two sides also signed a contract to turn Shenyang, which used to be a heavy industrial city in China's northeast, into an environment conservation "sample city" through cooperation with Japan's Kawasaki of Kanagawa Prefecture, which is renowned for its recycling economy. China and Japan also exchanged views on developing technology trade and small and medium-sized enterprises (SMEs) cooperation. "Japanese SMEs are very mature in technology and Chinese SMEs are growing fast. They should have huge potential for cooperation to tap into the vast market both inside and outside China," according to Chinese Commerce Minister Chen Deming. Chen said China will continue to promote overseas business of SMEs and hoped Japan can help facilitate the process by measures such as easing visa controls. Chen and his Japanese counterpart, Toshihiro Nikai, minister of economy, trade and industry, also talked on strengthening 3G telecommunications network building, opening up source code software and software and IT service outsourcing, as well as the compulsory certification system for information security products that Chinese government planned to introduce. They signed a memorandum and established for the first time a working group to protect intellectual property rights (IPR). "The working group will focus on information sharing of laws and regulations with regards to IPR, as well as the experience in the law enforcement," Chen said. "Japan is a very advanced country in terms of IPR protection and we believe there are many experiences that China can learn," he added. He said through efforts in recent years China has established its own IPR protection system. "China, as a developing country, will face a lot of problems in the process of enforcement, but we will not shun such problems." "China and Japan have a broad range of economic cooperation. We will use the working group mechanism to solve problems in respect of IPR protection," Chen said. The memorandum signed by Chen and Nikai stipulates that the intellectual property working group meet once a year. Nikai asked that the working group convene its first meeting by the end of the year. The one-day dialogue, co-chaired by Wang and Japanese Foreign Minister Hirofumi Nakasone, was attended by senior officials from the two countries. The dialogue mechanism, first held in Beijing in December 2007, was jointly launched by Chinese Premier Wen Jiabao and then Japanese Prime Minister Shinzo Abe during Wen's trip to Japan in April 2007.
BEIJING, May 10 (Xinhua) -- China and Kuwait signed five agreements here on Sunday in an effort to further the bilateral relations to a higher level. The agreements covered fields of energy, finance, telecommunication, transportation and education, according a press release from the Chinese Foreign Ministry. However, the press release does not give details about the agreements, only emphasizing they are among the positive steps to push foreword the bilateral relations. Chinese President Hu Jintao and visiting Kuwaiti Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah witnessed the signing ceremony after they conferred on the bilateral ties and other issues of common concern. Chinese President Hu Jintao (L) and visiting Kuwaiti Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah review the guard of honor during a welcome ceremony in Beijing, capital of China, on May 10, 2009 During the talks, Hu highlighted the growth of the relations since the two countries forged diplomatic 38 years ago and offered a three-point proposal to cement the bilateral cooperation in the various fields. He called on the two sides to cement political mutual trust and maintain the high-level exchange and give a full play to their economic edges. Hu suggested the two countries expand their energy cooperation, saying that China is willing to work closely with the Kuwaiti side to establish a long-term and strategic partnership with mutual benefit in the regard of energy, the press release added. The Chinese President also proposed to promote the bilateral cooperation in other fields such as trade, transportation, telecommunication and engineering, promising that China will encourage its enterprises to invest in and establish their businesses in Kuwait. Agreeing with Hu's views on the bilateral relations, Emir Al-Sabah said that Kuwait highly values and regards its relations with China as one of the most important foreign relations. Kuwait is committed to fostering its friendly and cooperative relations with China based on the mutual understanding and trust, Emir Al-Sabah said, calling on the two to intensify their exchange and cooperation on international and regional issues. The two heads of the state also exchanged views on such issues as Middle East, the press release added. As Hu's guest, Emir Al-Sabah arrived in Beijing on Sunday afternoon, starting his four-day state visit to China from May 10 to 13.
BEIJING, May 6 (Xinhua) -- China and Portugal agreed here Wednesday to enhance friendly exchanges and cooperation. Top Chinese legislator Wu Bangguo and top Chinese political advisor Jia Qinglin met with Portuguese parliament speaker Jaime Gama on Wednesday. Wu, chairman of the Standing Committee of the National People's Congress (NPC), China's top legislature, spoke highly of China-Portugal relations and noted that China always conducted its ties with Portugal from a strategic, long-term perspective and is ready to advance their comprehensive strategic partnership. Wu Bangguo (R), chairman of the Standing Committee of the National People's Congress, China's top legislature, meets with Jaime Gama, speaker of Portugal's Assembly of the Republic (Parliament), at the Great Hall of the People in Beijing, capital of China, May 6, 2009 He called on the two countries to maintain the momentum of high-level contacts, forge stronger economic and trade ties, intensify personnel exchanges and strengthen consultation and coordination in international organizations. Gama, who is visiting China from May 5 to May 9 at the invitation of Wu, said that Portugal highly appreciated China's responsible attitude and effective policies adopted in tackling the world financial crisis and expressed the hope of furthering Portugal-China cooperation. Earlier Wednesday, Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top advisory body, also met with Gama. Jia said the CPPCC hoped to enhance friendly relations with the Portuguese parliament and play an active role in promoting the development of bilateral relations. Gama said Portugal is willing to strengthen Portugal-China cooperation and exchanges in the fields of politics, economy, culture and science and technology.Jia Qinglin (R Front), chairman of the National Committee of the Chinese People's Political Consultative Conference, meets with Jaime Gama (L Front), speaker of Portugal's Assembly of the Republic (Parliament), at the Great Hall of the People in Beijing, capital of China, May 6, 2009.