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A senior central bank official has rejected calls for a quicker increase in the flexibility of the renminbi exchange rate, saying the currency's role in rectifying global economic imbalances should not be exaggerated. Hu Xiaolian, deputy governor of the People's Bank of China, said more attention should instead be paid to growing protectionism to safeguard the health of the world economy, according to a central bank statement and Xinhua. She was speaking in Washington on Saturday at a conference during the semi-annual meetings of the International Monetary Fund (IMF) and the World Bank. The meetings are a venue for key financial officials of the two institutions' member countries to discuss global economic issues. Officials and economists at the IMF, which has a mandate to safeguard the global economy and render advice to member countries, said that Beijing should pursue a more flexible exchange rate, for the sake of both the Chinese economy and a more balanced global economy. However, China did not seem to see the advice as being appropriate. "The fund... should respect its member countries' core interests and actual economic fundamentals," Hu was quoted as saying. "Biased advice would damage the fund's role in safeguarding global economic and financial stability." In July 2005, China abandoned the renminbi's decade-old peg to the US dollar and let the currency appreciate by 2.1 per cent. Since then, it has gained almost another 5 percent against the dollar. However, there has been a persistent international chorus, led by the United States, arguing that China has not been moving quick enough in letting its currency rise. US lawmakers have said that the country's trade deficit was partly caused by what they believed an undervalued Chinese currency. Chinese officials say the yuan's flexibility would gradually increase but argue that radical steps would generate shocks in the Chinese economy which could spread to the rest of the world. "The IMF... should attach significance to stability of domestic economies (of member countries) when observing their contribution to outside stability," Hu said. She said the IMF should strengthen surveillance over the soundness of economic policies of countries whose currencies are used as major instruments in other countries' foreign exchange reserves. She was clearly referring to the US, whose low savings rate, and fiscal and trade deficits are agreed to be a key cause for global economic imbalances. Hu also called attention to what is seen as a rising protectionist sentiment, which has been causing troubles for China's exporters. "We call on all countries to harness the opportunities created by globalization... and resolutely oppose protectionism," she said.
A top energy team under China's cabinet is drafting a strategy to increase access to sustainable energy among the rural poor.The plan will be based on research of other countries' experiences and is scheduled for release next year, the United Nations Development Program (UNDP) announced on Friday.The UN agency will help the Energy Leading Group affiliated with the State Council to attract global energy experts to work on the draft."We want to help the (Chinese) government come up with a viable rural energy strategy, which may serve as a role model for other developing countries," Shen Yiyang, program manager of UNDP's Energy & Environment Team, told China Daily.Details of the draft's contents were unavailable.Ma Xiaohe, vice-president of the Academy of Macroeconomic Research under the National Development and Reform Commission, confirmed that an overall rural energy strategy is being developed.Energy demand in rural areas is expected to increase rapidly in the run-up to 2030, he said.Rural energy consumption is expected to reach between 1 and 1.4 billion tons coal equivalent by 2015, compared to 370 million tons in 2000.The supply of commercial energy - electricity, coal and natural gas - is expected to meet two-thirds of rural areas' energy demand. Energy sources located in the countryside will supply the other third, Ma said.Currently, renewable energy accounts for only a small amount of rural energy supplies. But according to Ma, green energy will reach 400 million tons of coal equivalent by 2020.The country has set a goal of raising the ratio of renewable energy in the total energy supply to 15 percent by 2020, compared to the present 8 percent.

Finance Minister Xie Xuren and his Japanese counterpart Fukushiro Nukaga have agreed to work jointly to end the controversy created by allegedly contaminated China-made dumplings.Chinese Finance Minister Xie Xuren (L) shakes hands with Japan's Finance Minister Fukushiro Nukaga at the latter's office in Tokyo, February 10, 2008. [Xinhua]At the first-ever ministerial-level meeting since the food scare in Japan, the two ministers vowed to "keep searching for the real cause" that made 10 people fall ill after eating the dumplings."We must cooperate in the investigation to get to the root of the problem and to prevent such an incident so that it doesn't become an obstacle to our friendship," Nukaga told reporters in Tokyo yesterday. "And he (Xie) said he completely agreed (with the idea)."The two also agreed to hold another dialogue next month in Tokyo. Xie was in Japan to attend expanded discussions and meetings of the Group of Seven financial ministers. Representatives of Russia, South Korea and Indonesia were also invited to the deliberations.The ministerial-level meeting came four days after Lunar New Year's Eve, when Chinese and Japanese officials met in Tokyo and said they were ready to cooperate in the investigation.China is willing to fully cooperate and share information with Japan, Li Chunfeng, head of the five-member Chinese delegation, told reporters after the third round of talks at the Japanese Cabinet Office on February 6.The country had set up a joint investigation team with Japan to get to the truth as soon as possible, Li said, calling for an objective attitude and scientific measures to solve the problem.A joint investigation team that on Tuesday inspected the plant of Tianyang Food, which made the dumplings, did not find any "abnormality" with the production process."The plant (in Shijiazhuang, capital of Hebei) is very clean and well managed, and no abnormality was detected," Japanese delegation chief Harashima Taiji said on Wednesday.Chinese and Japanese journalists, too, visited the plant, where production was suspended on January 30. The plant employs about 800 people.Also on Wednesday, Japanese Health Minister Yoichi Masuzoe said someone could have deliberately tried to contaminate the dumplings."Judging from circumstantial evidence, we'd have to think that it's highly likely to be a crime," Masuzoe said in Tokyo.Chinese police and law enforcers in Japan's Hyogo prefecture, where the 10 people fell ill, have already set up a joint task force to probe the case.In a joint announcement, Hyogo police said that after finding large amounts of the pesticide methamidophos on and small holes in some of the dumpling packages they suspected someone deliberately tried to poison the product.Tianyang reiterated it has never used methamidophos and that the dumplings were always packed immediately after coming off the production line.China Daily - Agencies
At least two Chinese universities could achieve "world-class" status within the next 20 years, the president of one of the United States' oldest higher education institutions said yesterday in Beijing. Yale University's Richard Levin made the comment at the start of a 10-day visit by about 100 Yale faculty, students and administrators, the biggest delegation from the university ever to visit China. President Hu Jintao, who extended the invitation to the Ivy League university during his 2006 visit to the US, met the delegation last night at the Great Hall of the People. Hu said the visit of Levin's delegation will help promote mutual understanding and friendship between the two peoples, as well as the stable and healthy development of Sino-US relations. The president expressed his hope that Yale University students build strong relationships with the young people of China. In an interview with Chinese media, Levin said the country had made great progress in strengthening its top universities, by investing more in first-class facilities including research labs. "The key ingredients to being a world-class university are top students and top faculties," Levin said. "I don't think there is any doubt that China's top universities today have students that are as good as any in the world. "What remains to be built are faculties that are at the very frontier of research in their fields and worldwide leaders in their research endeavors." The delegation will spend its days meeting government leaders and visiting universities and other historical and cultural sites in Beijing, Shanghai and Xi'an. The Chinese government and Yale are sharing the cost of the trip. Participating students and faculty, the majority of whom had never before been to China, were handpicked to represent the university's different schools. Delegation groups will today meet with government leaders, including Yang Jiechi, the minister of foreign affairs and Jiang Zhenghua, chairman of the Chinese Peasants' and Workers' Democratic Party. The visiting students may even bridge some cultural divides. "I think that young people can play a very important role in securing a peaceful future for the US and China," Levin said. "Today, especially among the older generation, there is a great deal of ignorance about China in the United States, and some ignorance about the United States in China as well." Before leaving for China, some of the delegation met with US President George W. Bush, who spoke about the importance of "people-to-people diplomacy". "I think the trip will serve a cultural purpose in that our students will get a deeper understanding of Chinese culture to the extent that this throws into public view the importance of student-to-student exchanges," Levin said. "And that certainly serves a political purpose."
Policemen guard the sea wall at the Yuhuankanmen Port in Yuhuan, east China's Zhejiang Province, August 18, 2007.The Southeast China provinces are girding for the imminent Typhoon Sepat with cancellation of flights, evacuations of ships, boats and more than half a million people.[Xinhua] FUZHOU -- Typhoon Sepat packing winds of 119 km per hour landed in east China's Fujian Province at 2:00 am Sunday, said the Fujian provincial meteorological station. Before the landfall in Chongwu town, Hui'an county of Fujian, Sepat landed in Hualien, the central-eastern part of Taiwan around 5:40 am Saturday, with sustained winds of 180 kilometers per hour.Power cut for thousands of households and downpours were reported in many parts of the island.Sepat also brought downpours to Hui'an with 50-80 mm of precipitation in hours, according to the local meteorological station.Some buildings in Hui'an were damaged, roofs lifted while billboards and trees were toppled down, an official with the Hui'an office of flood control.The official said the typhoon was expected to cause more damages in the county.It rained heavily in the Fujian cities of Ningde, Fuzhou, Zhangzhou and Quanzhou early Sunday morning, according to the Fujian provincial meteorological station.Sepat was moving northwest and was expected to arrive in Jiangxi Province on Sunday afternoon, said an expert with the Fujian meteorological station.More than 900,000 people in the southern Guangdong Province and the eastern provinces of Fujian and Zhejiang have been relocated to safety before the arrival of Sepat.A car wades ahead in the flood water as typhoon Sepat lands with heavy winds and downpours in Cangnan county of the coastal city of Wenzhou, east China's Zhejiang Province on August 18, 2007. [Xinhua] The provincial meteorological station has issued the highest-level warnings for Sepat.More than 540,000 people in Fujian have been relocated to safe places by 7:00 pm Saturday, according to government officials.All entries of expressways in Fuzhou, capital of Fujian, were closed, while 109 domestic and international flights at the Fuzhou airport were cancelled on Saturday. Xiamen and Jinjiang cities also cancelled outbound flights.The Ministry of Civil Affairs have sent 3,000 tents to evacuated people in Fujian.Downpours have been forecast to hit the coastal areas of Fujian and neighboring Zhejiang Province starting from Saturday night.Passenger liners shuttling from Fujian to Taiwan have been suspended since Friday afternoon and it is undecided when services will resume.In Zhejiang Province, nearly 300,000 people had been evacuated to safety and 27,704 vessels back to harbor by 6:00 pm Saturday.Rain with precipitations of up to 87 millimeters hit Wenzhou, Pingyang, Taishun between Friday afternoon and Saturday.Three large reservoirs in Wenzhou discharged 17.5 million cubic meters of water in advance to leave room for more rainwater.In Guangdong, around 70,000 fishing farm workers on the sea, fishermen and residents in low-lying areas have been evacuated to safe areas.
来源:资阳报