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BEIJING, April 5  --The People's Bank of China says the country will be more open to foreign capital this year even though the prospect of a strong economic recovery is still unclear.Although the impending withdrawals of various countries' economic stimulus packages may also complicate the efforts to end the global economic crisis, the Chinese government has decided to increase the penetration of foreign capital into the country's financial industry in an appropriate way.An editorial in the "Global Times" quotes some western officials who said if China opened its market to western financial institutions the way it opened its market to five-star hotels, the potential risks would be huge for the country itself and the world at large.The editorial warns the doors to free trade should not swing open too quickly and that market openness should be managed at the right pace, as China has done during the past three decades. But it also notes that the stakes are higher in the country's financial industry. It argues that if China is fully open to foreign capital, the capital operation pattern common in developed economies such as the United States and several European nations will not suit its existing financial system on such short notice. As a result, chaos would erupt sooner or later in the financial sector.The editorial concludes that China should gradually liberalize its financial industry, because a sudden torrent of foreign capital would be undesirable. It calls for a prudent approach to financial liberalization that would yield a productive outcome as evidenced over the past three decades of gradual financial reform whereby more market competition has been encouraged and distressed loans have been effectively curbed. Such a policy has shielded China from being hit as severely by the current financial crisis and enabled it to rebound quicker than other advanced nations.

COPENHAGEN, May 28 (Xinhua) -- Danish Deputy Prime Minister and Foreign Minister Lene Espersen met here Friday with visiting Vice Chairman of the Chinese National People's Congress Standing Committee Hua Jianmin.Espersen congratulated China on its successful opening of the 2010 World Expo in Shanghai. She said Denmark has fully supported the expo by sending its national treasure Little Mermaid."I hope the Chinese audience will learn more about the Danish culture and the economic and social development of Denmark," Espersen said.The minister praised the Chinese people's hard working and entrepreneurial spirit, and lauded the miracle of China's economic development.Espersen said China and Denmark are important trading partners, not least due to the fact that there are more than 400 Danish enterprises investing in China."Denmark greatly appreciates that China recently sent a trade and investment mission to visit Denmark, and Denmark more than welcomes Chinese corporations to invest in Denmark," Espersen said.Hua, for his part, said bilateral relations have matured over the past 60 years. He said the two sides have sought a common ground on the basis of friendly cooperation.Hua noted that the bilateral comprehensive strategic partnership established in 2008 has offered new opportunity for further development of the Sino-Danish relationship.He also mentioned the increased cultural exchanges between China and Denmark, citing the establishment of a Confucius Institute in Denmark.

BRASILIA, April 16 (Xinhua) -- Chinese President Hu Jintao explained to several foreign leaders why he had to cut short his visit after a deadly earthquake in northwestern China's Qinghai province."At this difficult time, I need to return to my country urgently, to be together with the people of China, pitching in with the earthquake rescue efforts," Hu said to the leaders.A 7.1-magnitude quake struck the Tibetan Autonomous Prefecture of Yushu on Wednesday, killing at least 1,144 people and leaving 294 missing and 11,486 injured. About 100,000 people have been relocated.When the tragedy was reported to Hu, he had just attended the Nuclear Security Summit in Washington. Hu held an urgent meeting to analyze the sudden quake.Hu urged all-out efforts to save lives and provide assistance to people in the disaster zone. He also asked authorities to step up precautions to ward off potential risks of aftershocks and called for efforts to safeguard social stability in the quake-hit region.Hu ordered the urgent mobilization of planes to transfer quake relief workers to the disaster areas, and dispatched soldiers there for aid.He proposed the reduction of the Brasilia-held summit of BRIC, which groups Brazil, Russia, India and China, shortened his visit to Brazil, and postponed a trip to Venezuela and Chile.The leaders of Brazil, Russia and India all expressed understanding of and support for China's proposal and agreed to compress the original two-day summit into a one-day event.

BEIJING, May 31 (Xinhua) -- China's gasoline prices will be cut by 230 yuan (33.7 U.S. dollars) per tonne and diesel prices by 220 yuan per tonne from Tuesday, the National Development and Reform Commission (NDRC) announced Monday.The price cuts came after a record high in price hikes in April. The previous price cut was in September 2009.Before the adjustment, the benchmark price of gasoline was 7,420 yuan per tonne and diesel 6,680 yuan per tonne.Cao Changqing, head of price department of the NDRC, said the adjustment was "timely and in a proper amount" in response to recent changes in the international crude oil prices.International crude oil prices had been rising before May, when they began to decline, the NDRC statement said. The recent drops had amounted to 4 percent, meeting price adjustment conditions, it added.Cao said the move was also based on the global and domestic economic sitations and oil supply and demand as well as the country's pricing mechanism.In 2009, China adopted an oil pricing mechanism that allows the NDRC to adjust retail fuel prices when the international crude oil price changes by more than 4 percent over 22 straight working daysThe government would raise benchmark prices for domestically-produced onshore natural gas by 230 yuan per thousand cubic meters, or 24.9 percent, to 1,155 yuan per thousand cubic meters because of relatively low prices and strong demand, he said.

STOCKHOLM, April 30 (Xinhua) -- Sustainability expert, Professor Mohan Munasinghe who is also director general of Sustainable Consumption Institute at University of Manchester said China's development is more sustainable than the U.S. and Europe when they were in the similar development stage.In a recent interview with Xinhua in the Swedish capital city Stockholm, Munasinghe who was also Co-winner of the 2007 Nobel Prize for Peace as Vice Chairman of IPCC (Intergovernmental Panel on Climate Change) said sustainable development meant to balance the economic and social development with the damage of environment."What China proposes to develop harmonious society and especially to harmonize economic and social development and the environment is a way towards sustainable development," Munasinge said."China is more hopeful because stainability index shows that China's development is much more sustainable than the U.S. and Europe when they had similar development stage when per capita income was around 3,000 U.S. dollars he said."The second reason is that the discipline in eastern culture especially in China and Japan, you have a discipline to mix the social changes with economic development, you need a lot of discipline to bring about these changes," he said, adding that China's way of experiment in changes is very good."China often implements a pilot program and if it is good, it then promotes it in other areas and finally in the whole country and if you fail, then forget it and try new ways, this way you make the changes more beneficial than make it a total failure," commended Munasinge."China has the social capital that you make your society a consensus building society, this is Chinese social capital. Modernization sometimes is destroying very useful value systems, the value systems that survived from the ancient times are the sustainable values systems, for example, how to use less land and less water to farm and so on," he said.Munasinghe believes that due to Chinese culture and due to its development stage, China will be quicker to step into sustainable development track than that in developed countries because it is difficult to change their mindset and behavior.

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