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BEIJING, Jan. 24 (Xinhua) -- The People's Bank of China, the country's central bank, disproved Saturday the allegations by a U.S. Treasury official that China is manipulating the exchange rates of its currency, saying the statement is untrue and misleading.     Su Ning, vice governor of the central bank, said that the allegation could sidetrack the effort to track the real cause of the financial crisis.     "President Obama -- backed by the conclusions of a broad range of economists -- believes that China is manipulating its currency," the U.S. Treasury Secretary-designate Timothy Geithner wrote to the Senate Finance Committee in documents released on Thursday.     "Also, we should avoid any excuse that might lead to the revitalization of trade protectionism. Because it will do no good to the fight against the crisis, nor will it help the healthy and stable development of the global economy," Su said.     Yi Xianrong, a researcher with the financial research center of the CASS, told Xinhua on Friday if the U.S. labeled China as a "currency manipulator," it would hurt the concerted action of fighting the global financial crisis.     It would also hamper the global efforts to shake off an economic slowdown as the Sino-U.S. economic tie had become one of the world's most important bilateral economic ties, Yi said.     According to China customs statistics, Sino-U.S. trade hit 333.74 billion U.S. dollars last year, up 10.5 percent year on year.     With a 9-percent rate, China contributed more than 20 percent of global economic growth in 2008, while the U.S. remained the world's largest economy, Yi said.     Geithner's comment was just aiming to try out the Chinese government's response, said Zuo Xiaolei, senior analyst with the Beijing-based Galaxy Securities.     Yuan appreciation and the pace of appreciation should not only be decided by trade surplus but also the status of domestic economic development, Zuo said.     "The price advantage of Chinese exports may not be a result of currency issues, but the country's lower costs of labor, resources and land," she said.     In July 2005, China abandoned a decade-old peg to the U.S. dollar and allowed its currency to appreciate by 2.1 percent. Since then, the yuan has strengthened further, rising more than 20 percent against the U.S. dollar.

BEIJING, Jan. 24 (Xinhua) -- The People's Bank of China, the country's central bank, disproved Saturday the allegations by a U.S. Treasury official that China is manipulating the exchange rates of its currency, saying the statement is untrue and misleading.     Su Ning, vice governor of the central bank, said that the allegation could sidetrack the effort to track the real cause of the financial crisis.     "President Obama -- backed by the conclusions of a broad range of economists -- believes that China is manipulating its currency," the U.S. Treasury Secretary-designate Timothy Geithner wrote to the Senate Finance Committee in documents released on Thursday.     "Also, we should avoid any excuse that might lead to the revitalization of trade protectionism. Because it will do no good to the fight against the crisis, nor will it help the healthy and stable development of the global economy," Su said.     Yi Xianrong, a researcher with the financial research center of the CASS, told Xinhua on Friday if the U.S. labeled China as a "currency manipulator," it would hurt the concerted action of fighting the global financial crisis.     It would also hamper the global efforts to shake off an economic slowdown as the Sino-U.S. economic tie had become one of the world's most important bilateral economic ties, Yi said.     According to China customs statistics, Sino-U.S. trade hit 333.74 billion U.S. dollars last year, up 10.5 percent year on year.     With a 9-percent rate, China contributed more than 20 percent of global economic growth in 2008, while the U.S. remained the world's largest economy, Yi said.     Geithner's comment was just aiming to try out the Chinese government's response, said Zuo Xiaolei, senior analyst with the Beijing-based Galaxy Securities.     Yuan appreciation and the pace of appreciation should not only be decided by trade surplus but also the status of domestic economic development, Zuo said.     "The price advantage of Chinese exports may not be a result of currency issues, but the country's lower costs of labor, resources and land," she said.     In July 2005, China abandoned a decade-old peg to the U.S. dollar and allowed its currency to appreciate by 2.1 percent. Since then, the yuan has strengthened further, rising more than 20 percent against the U.S. dollar.

LIMA, Nov. 22 (Xinhua) -- Chinese President Hu Jintao put forward proposals for dealing with major issues in international economic and social development and tackling the ongoing global financial crisis at the 16th APEC economic leaders' meeting here on Saturday. 　　ADDRESSING INT'L PROMINENT ISSUES     Hu presented five proposals for addressing the prominent issues in international economic and social development.     First, APEC member economies should build consensus and promote sound development of the multilateral trading regime, Hu said.     "A fair and open multilateral trading regime is conducive to the steady growth of regional and global trade, to the sound growth of the world economy and to the benefits of all parties," he said.     "We should have strong confidence in the multilateral trading regime and give strong support to the Doha Round negotiations," he added.     Second, APEC member economies should take up responsibilities and jointly tackle climate change, he stressed.     All parties should, in keeping with the requirement of the UN Framework Convention on Climate Change and its Kyoto Protocol and the principle of "common but differentiated responsibilities," actively conduct negotiations for the implementation of the "Bali Roadmap" and take effective policy measures in light of their respective conditions to mitigate climate change.     Third, exchanges and cooperation should be conducted and efforts joined to combat natural disasters, Hu said.     In order to increase exchanges and cooperation in disaster response in the Asia-Pacific region, China has put forward the APEC Principles on Disaster Response and Cooperation this year, he said.     "It is also our hope that APEC members will consider carrying out long-term cooperation projects in post-disaster recovery and reconstruction so as to deepen APEC cooperation in disaster prevention and relief," he added.     Fourth, regulation and guidance should be enhanced and corporate social responsibility strengthened, he said.     "An important lesson we have learned from the ongoing financial crisis is that while trying to maximize economic returns, enterprises should follow a prudent, well-thought-out and responsible approach in market operations," he added.     Fifth, APEC members should take coordinated actions and ensure world food and energy security, Hu emphasized.     "We should, following the principle of common development, actively and effectively coordinate our policies and resort to a variety of joint measures to safeguard world food and energy security," he said.     "We should establish and act on a new energy security concept that calls for mutually beneficial cooperation, diverse forms of development and common energy security through coordination," he added.     TACKLING FINANCIAL CRISIS     "The rapidly-spreading international financial crisis, with its extensive impact, constitutes the most severe challenge confronting world economic growth," Hu said.     It is a major and urgent task for all countries and regions to deal effectively with financial risks, maintain international financial stability and promote world economic development, he added, lodging three proposals.     First, to curb the worsening financial crisis, all countries should take prompt and effective measures, enhance macroeconomic policy coordination, improve information sharing, help each other as much as possible, and employ all necessary fiscal and monetary means to stop the spread and development of the financial crisis, bring stability to global financial markets, stimulate economic growth, minimize the damage of the financial crisis on the real economy and avoid a global economic recession.     Second, the international community should earnestly draw lessons from the ongoing financial crisis and, based on full consultations among all stakeholders, undertake necessary reform of the international financial system in a comprehensive, balanced, incremental and result-oriented way, with a view to establishing anew international financial order that is fair, just, inclusive and orderly and fostering an institutional environment conducive to sound global economic development.     "The reform of the international financial system should both reflect the general law and principles of financial regulation and take into account the specific development stage and unique features of different economies," he said.     It should seek a balance among the interests of all parties and reflects, in particular, the interests of emerging markets and developing countries, he added.     Third, from a long-term perspective, it is necessary to change those models of economic growth that are not sustainable and to address the underlying problems in member economies.     "We should also pay adequate attention to the impact of the financial crisis on the developing world and provide necessary support to relevant countries to help them maintain growth momentum," he pointed out. 　　APEC'S FURTHER DEVELOPMENT     On APEC's development, President Hu said China is ready to work with other APEC members to promote its further development.     Since its launch almost 20 years ago, APEC has done a great deal in promoting trade and investment liberalization and facilitation and economic and technical cooperation, thus making positive contribution to regional economic integration and the building of an Asia-Pacific family, President Hu said.     The host of major reform measures adopted within the APEC framework in recent years have improved APEC's organizing and coordinating capabilities and significantly enhanced the dynamism and efficiency of APEC cooperation, Hu said.     To promote the further development of APEC, "we should maintain the nature of APEC as a forum for economic cooperation and its approach of conducting cooperation on a non-binding basis, as this best suits the diversity prevailing in the Asia-Pacific," the Chinese president said.     He said that the APEC members should continue to promote balanced progress in economic and technical cooperation and trade and investment liberalization.     "In particular, we should increase input in economic and technical cooperation to enhance capacity-building in developing members and narrow the development gap."     Hu arrived here on Wednesday for a state visit to Peru and the Economic Leaders' Informal Meeting of the Asia-Pacific Economic Cooperation (APEC).     The APEC economic leaders' meeting opened in Lima on Saturday to discuss such issues as the ongoing global financial crisis, the Doha Round trade talks and food security.     The two-day meeting would also discuss the APEC regional economic integration, corporate social responsibility, human security, APEC institutional reform, trade and investment, structural reform, anti-corruption and transparency, economic and technical cooperation, and climate change.

BEIJING, Dec. 19 (Xinhua) -- Taxi driver Qu waited patiently in the December night chill as a gas station boy changed the price tag, which indicated China's unified fuel price cut effective early Friday morning.     The country slashed the benchmark prices for fuel from 6.37 yuan (0.93 U.S. dollar) per litre to 5.46 yuan starting Friday morning, which was earlier than the long-awaited government scheme on fuel taxation and pricing slated for Jan. 1 next year.     "The price cut of 0.91 yuan per litre means a monthly saving of900 yuan for a taxi driver," said Qu, waiting in Thursday's midnight dark for the clock to turn zero.     The government distributed the news of the price cut via all major media and short messages to cell phone users on Thursday evening.     Nevertheless, there was no queuing-up at the gas station in the early morning hour. The station boy said long queues appeared in previous price rises this year.     The National Development and Reform Commission (NDRC) made it clear Thursday that domestic fuel prices would remain unchanged on Jan. 1, 2009, when the fuel tax is expected to kick in.     This round of price cut was China's revamp of its oil pricing system to let it pegged with the global market.     "The pricing would reflect the global market supply of oil resources and let the market play a fundamental role," said Zhao Jiarong, an official with the NDRC.     "The latest cut would narrow the gap between wholesale and retail prices. Consumers would benefit from it," said Xu Kunlin, another NDRC official.     Zhou Dadi, an energy researcher, said his calculation showed the factory gate fuel price would drop by 2,000 yuan per tonne and the pre-tax retail price would be down by 1.7 yuan per liter after the price cut.     A fuel trader said there might be a hoard purchase before the fuel taxation effective on Jan. 1 next year.     Bai Chongen, an economist from Tsinghua University, said the post-tax retail price would remain unchanged next year as fuel producers would lower the factory gate price again to offset the tax.     But for fuel producers, the price cut reduced their sales profit. "It will have a short-term impact on our profit, but we expect the global prices to rise in future. This will secure the long-term profit," said Shu Zhaoxia, a researcher with Sinopec, Asia's largest refiner.     Experts said the country's first fuel price cut in almost two years would help revitalize companies and factories eking out in a slowed-down economy.     Among industry beneficiaries, the aviation sector would see an immediate effect because the benchmark prices for jet fuel was slashed by a bigger margin of more than 30 percent, or 2,400 yuan, to 5,050 yuan per tonne.     An Air China spokesman said the cut would definitely boost the aviation industry as the drop was beyond airliners' expectation.     A Guojin Securities analyst said based on the forecast 2009 jet fuel consumption of 11.47 million tonnes, the price cut would lead to a cost reduction of 27.5 billion yuan for the country's aviation industry.

BEIJING, Oct. 20 (Xinhua) -- Vice-Premier Li Keqiang visited the 2008 China Beijing International Energy-Saving and Environmental Protection Exhibition on Monday.     Li, who is a member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau, spoke highly of the achievements made by the country and the national capital in terms of energy efficiency and pollution reduction.     LI said China has large potential in the resources and environmental sector and it should focus on energy efficiency and environmental protection. Chinese Vice Premier Li Keqiang (C) visits the 2008 China Beijing International Energy-Saving and Environmental Protection Exhibition in Beijing, capital of China, Oct. 20, 2008.    Accompanied by Liu Qi, member of the CPC Central Committee Political Bureau and secretary of the municipal Party committee of Beijing during his visit, the vice premier took in exhibits on solar powered houses, earthquake-proof and energy-saving houses and wind-powered generators.     The exhibition, which was held October 17-20, was co-sponsored by the Beijing Municipal Government and the State Development and Reform Commission.