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BEIJING, July 4 (Xinhua) -- China did not lose its advantages in foreign trade despite global downturn and could retain foreign trade level above the global average once global economy recovered, a senior Chinese official said Saturday. Yi Xiaozhun, vice commerce minister, was speaking at the Global Think Tank Summit that ended Saturday in Beijing. Though China's foreign trade would not rise sharply as it did in the past few years, the country did not lose its foreign trade advantages thanks to policies to stimulate domestic demands, Yi said. He said China had been diversifying foreign trade and reported increased trade with countries in Africa, Middle East, middle Asia and Latin America. Yi also called for halt on protectionism, saying that protectionism had been picking up and about 40 percent of anti-dumping cases and 70 percent of anti-subsidy cases targeted China. He called for pushing forward the Doha round negotiation, which he believed was key in fighting against protectionism.
BEIJING, July 4 (Xinhua) -- Former Chinese Vice Premier Zeng Peiyan on Saturday called for the whole world to work together to seek reforms in financial supervision, boost economic restructuring and build a green economy. The present financial crisis has revealed deep-rooted structural imbalance within the traditional economy and developing pattern, and the world should focus on solving such issues in the post-crisis era, he told Xinhua during an exclusive interview at the Global Think Tank Summit. The international community should jointly improve the global financial supervision system with generally-accepted regulatory standards to monitor and intervene on possible systematic risks as early as possible, Zeng said. The international currency system should be reformed into a steady, foreseeable and diversified one, and it is necessary to set supervision on the financial stability of nations of major reserve currencies, he told Xinhua. It would take a long time to carry out the global economic restructuring and solve the imbalances between consumption and savings, he said, adding that such a move needs efforts from both developed countries and developing ones. Zeng called on developed countries to help developing countries by improving their external environment for economic development, as developing countries have already become the biggest victims of the present crisis. Zeng also called for more international cooperation in building a green economy, as developing countries need technical and financial support from developed countries to avoid wasting resources and destroying the environment while seeking economic revival. The summit, which concluded on Saturday, is organized by the China Center for International Economic Exchanges (CCIEE), a non-governmental research and consulting organization created this March, with Zeng as its director. The three-day summit had attracted over 900 scholars, experts and business leaders from all over the world, including former President of the European Commission Romano Prodi and former Secretary of State of the United States Henry Kissinger

MOSCOW, July 4 (Xinhua) -- Chinese Vice Foreign Minister Wu Dawei and Russian Deputy Foreign Minister Alexei Borodavkin discussed here on Saturday the nuclear issue on the Korean Peninsula and the situation in Northeast Asia. On the basis of mutual trust, the two sides exchanged in-depth views and reached consensus. Both ministers agreed that the situation in Northeast Asia had become of major concern as escalating tensions there could trigger a new arms race, threatening regional security. They said all parties concerned should remain calm and refrain from taking any actions that might further aggravate the situation. They said all relevant issues can be resolved through peaceful and diplomatic solutions such as negotiations, consultations and dialogue. Chinese Vice Foreign Minister Wu Dawei (2nd R) meets with Russian Deputy Foreign Minister Alexei Borodavkin (2nd L)in Moscow, Russia, July 4, 2009, to discuss the nuclear issue on the Korean Peninsula and the situation in Northeast Asia.China and Russia, as always, believe that safeguarding peace and stability of Northeast Asia accords with the interests of all countries in the region, they said, adding that the two countries will make joint efforts to secure such peace and stability. Both sides also reiterated their support to the goal of seeking complete and irreversible denuclearization of the Korean Peninsula. The two countries will seriously carry out related resolutions of the United Nations (UN) in the hope that implementing them can help maintain peace and stability of the peninsula. Both sides believed that the six-party talks was the only effective mechanism to resolve the Korean Peninsula nuclear issue. Only within the framework of the talks, can all parties find solutions to their security concerns, the ministers said. They said China and Russia were ready to make efforts, along with other parties, to resume the six-party talks. Wu arrived on Thursday in Moscow to discuss the Korean nuclear crisis. He will later visit the United States, Japan and South Korea.
SHENYANG, June 27 (Xinhua) -- China's steel giant, Ansteel, had got government approval to increase its stake in Australian iron ore explorer Gindalbie Metals, a spokesman with Ansteel said Saturday. The approval came Tuesday, allowing the Anshan Iron and Steel Group (Ansteel) in northeast China's Liaoning Province to increase its interest in Gindalbie from 12.6 percent to 36.28 percent to become its biggest shareholder, according to the spokesman of Ansteel. The purchase will be finished within a week. Then the two sides will invest a 534-million-Australian dollar in Karara iron ore project in western Australia, with a 50-50 ownership. Gindalbie proposed Ansteel buy more of its shares in August last year. The application was approved by the board of Gindalbie early February.
BRUSSELS, May 7 (Xinhua) -- The European Union (EU) and China should work together to ward off potential surge of protectionism amid the global economic slump, Chinese Vice Premier Wang Qishan said on Thursday. "China and the EU should stand firm against any form of protectionism for the sake of a global economic recovery," Wang said in an opening remark at a high-level economic and trade dialogue between the EU and China, two major trading powers in the world. The EU is now China's largest trading partner, while China is the second largest of the EU. Trade volume between them grew to 425.58 billion U.S. dollars in 2008, an increase of 19.5 percent over the previous year despite the impact of the financial crisis, according to figures from China's customs authorities. Wang said the two sides have every reason to avoid protectionism, either for the urgent need to work out of the current crisis or due to the irreversible trend of globalization. Chinese Vice Premier Wang Qishan (C), Chinese Minister of Commerce Chen Deming (L) and Minister of Finance Xie Xuren attend the Second China-European Union High Level Economic and Trade Dialog at the EU headquarters in Brussels, capital of Belgium, May 7, 2009He warned that protectionism, featuring the pursuit of benefits for one country at the expense of others, would in the end protect nobody, but lead to retaliation and make the crisis even worse, which has been proved by the history. The world economy paid a heavy price for the prevalence of trade protectionism during the Great Depression in the 1930s, which resulted in the contraction of global trade by two thirds. As the world economy plunged into its first-ever recession since the Second World War in the wake of the financial crisis, there is an increasing risk that more governments would resort to protectionist measures. For the EU, there has been more frequent use of anti-dumping measures against Chinese products, which is a major concern of the Chinese side. Wang urged the EU to take full account of China's concern and make real efforts to remove trade and investment barriers, adding the economies of China and the EU have much to offer each other and the two-way trade holds a huge potential. Chinese Vice Premier Wang Qishan speaks during the Second China-European Union High Level Economic and Trade Dialog at the EU headquarters in Brussels, capital of Belgium, May 7, 2009. He in particular called on the EU to relax restrictions on the transfer of advanced green technology to China so as to promote sustainable development. "The EU has an edge in new energy, energy-efficient building and waste recycling. There is a vast market in China for those green investments," Wang said. For the Chinese part, Wang said China will continue to send buying missions to Europe and encourage Chinese companies to increase procurement and imports from the continent as a concrete move to boost trade with the EU in the difficult times. In February, a big delegation of Chinese companies visited Germany, Switzerland, Spain and Britain. They struck 13.6-billion-dollar deals with their European counterparts. EU Trade Commissioner Catherine Ashton, who co-chaired the two-day dialogue with Wang, said the 27-nation bloc would remain committed to free trade. "We stand by our commitments to free trade and resist call of protectionism," Ashton said, adding everyone would benefit from further opening up. Ashton said the EU and China, as two key players in the world economy, should work together to meet global challenges, including a global free trade agenda. "What we do have an impact on the global economy. We have common interest to maintain openness, especially moving forward the Doha Round of world trade talks," she said. Her view was echoed by Wang, who called for joint efforts with the EU to help the world economy recover. "The urgent task now is to take decisive measures to kick-start the world economy," Wang said. "The EU is the world's largest economy, while China is the largest developing country. The economic and financial situation in the EU and China has a direct impact on the world economic recovery and financial stability." The high-level economic and trade dialogue, which is held annually between the EU and China, kicked off in Brussels on Thursday. The two-dialogue brought together key policy makers from both sides, including Wang and EU Trade Commissioner Catherine Ashton. A further eight EU Commissioners and a total of 12 Chinese ministers or vice-ministers are participating in the far-reaching talks, which cover a series of topics, such as trade, investment, small and medium-sized companies, customs cooperation, sustainable development, product safety and intellectual property rights. It is the second time that the EU and China hold the high-level economic and trade dialogue, which was agreed at a Sino-EU summit in November 2007. The first meeting was held in Beijing in April 2008.
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