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WUHAN, Feb. 20 (Xinhua) -- Pakistani President Asif Ali Zardari arrived here Friday evening, kicking off his second China visit at the invitation of the Chinese government.     During his stay at this capital city of central China's Hubei Province, Zardari was expected to pursue Sino-Pakistani cooperation in agriculture and water conservancy. He will also meet with the local governor.     On behalf of the Chinese government, State Councilor Dai Bingguo will meet with Zardari here.     Zardari will visit the Three Gorges Project in Yichang city to study its management and technology.     Zardari was scheduled to leave Hubei for Shanghai, China's financial hub, on Sunday to continue his China tour. He was particularly interested in finance, banking, large-scale construction and Shanghai's urban development, according to the Ambassador of Pakistan to China.     China believed the visit would consolidate the two countries' all-weather friendship and deepen all-round cooperation, Foreign Ministry spokeswoman Jiang Yu said earlier.     Zardari paid his first state visit to China as guest of President Hu Jintao in October last year.

PARIS, Feb. 25 (Xinhua) -- Two controversial ancient Chinese relics were auctioned off on Wednesday night for 14 million euros (17.92 million U.S. dollars) each by anonymous telephone bidders in Christie's sale of the collection of Yves Saint Laurent and Pierre Berge in the Grand Palace of Paris.     According to Christie's, they have received 8 phone calls for "enquiries" before the sale. After the auction was launched, the competition was only conducted between telephone bidders, with no one in the scene raised for a bid. The bronze sculpture of a rabbit's head, which is an ancient Chinese relic, is auctioned in the Grand Palace of Paris in Paris, France, Feb. 25, 2009. Two controversial ancient Chinese relics including the bronze sculptures of a rat's head and a rabbit's head, were auctioned off on Wednesday night for 14 million euros each by anonymous telephone bidders in Christies's sale of the collection of Yves Saint Laurant and Pierre Berge in Paris. The sculptures were looted by invading Anglo-French expedition army in the 19th century, when the invaders burned down the royal garden of Yuanmingyuan in BeijingChristie's refused to disclose who were the bidders at a press conference afterward.     The bronze sculptures, a rat's head and a rabbit's head, were looted by invading Anglo-French expedition army in the 19th century, when the invaders burned down the royal garden of Yuanmingyuan in Beijing.     Li Huan, a Chinese student in France told Xinhua that the two bronzes are news for the French, but history for the Chinese. Earlier this night, some Chinese students in France voluntarily went to the Grand Palace, distributing sheets introducing the history of Yuanmingyuan and the Second Opium War in 1860.The bronze sculpture of a rat's head, which is an ancient Chinese relic, is auctioned in the Grand Palace of Paris in Paris, France, Feb. 25, 2009. Two controversial ancient Chinese relics including the bronze sculptures of a rat's head and a rabbit's head, were auctioned off on Wednesday night for 14 million euros each by anonymous telephone bidders in Christies's sale of the collection of Yves Saint Laurant and Pierre Berge in Paris. The sculptures were looted by invading Anglo-French expedition army in the 19th century, when the invaders burned down the royal garden of Yuanmingyuan in Beijing."They should know more about the history. Although we failed in the lawsuit, justice will not fail," said Li.     The Tribunal de Grande Instance in Paris ruled against stopping the sale of the two bronzes on Monday, and the Association for the protection of Chinese Art in Europe (APACE) was ordered to pay compensation to the defendant.     Ren Xiaohong, a lawyer for APACE, told Xinhua that it was "of great significance" to file the lawsuit. "We hope to arouse public attention in Europe on the fate of numerous Chinese works stolen in the past, to help keep those relics well protected and collected," Ren said.     "My heart sank when the court refused our appeal," said Bernard Gomez, president of APACE, adding that "I hope the bidders are Chinese, I hope the two relics could go home eventually."     Bernard Brizay, French historian and journalist, as well as the author of "1860: the Looting of the Summer Palace" told Xinhua after the two bronzes were sold that he could understand the Chinese feelings towards the two relics. He said, "the two bronzes should be returned to China, no matter who got the bids."     Brizay also scorned on the offer by Pierre Berge, Yves Saint Laurent's partner. He used five "stupid" on Berge's words. "Combining the two relics with human rights and Tibet issues has no difference with blackmailing for ransom," he said.     The Chinese government formally called on Tuesday for the cancellation of the auction of the two bronzes. "The State Administration of Cultural Heritage has formally informed the auctioneer of our strong opposition to the auction, and clearly demanded its cancellation," said Ma Chaoxu, Chinese Foreign Ministry spokesman in a press conference.     "Using the pretext of human rights to infringe on the Chinese people's fundamental cultural rights is just ridiculous," Ma said.     The two bronze sculptures are part of the art collection of the late fashion designer Yves Saint Laurent. So far, five of the 12 bronze animal fountainheads have been returned to China, while the whereabouts of five others are unknown. A photographer takes a picture of the Chinese bronze rat head and rabbit head sculptures displayed on the preview of the auction of Yves Saint Laurent and Pierre Berge's art collection at the Grand Palais in Paris, France, Feb. 21, 2009

BEIJING, March 26 (Xinhua) -- China's central bank governor has spoken highly of the government's rapid responses to the current global financial crisis, featuring decisively adopting a proactive fiscal policy and an adaptively easing monetary policy, and launching a bundle of timely, targeted and temporary policies and measures.     The prompt, decisive and effective policy measures adopted by the Chinese government demonstrates "its superior system advantage when it comes to making vital policy decisions," says Zhou Xiaochuan, president of the People's Bank of China (PBC), in an article entitled "Changing Pro-cyclicality for Financial and Economic Stability."     It is Zhou's third article published on the central bank's official website (WWW.PBC.GOV.CN) this week to discuss the issue of the current global financial crisis. His first and second articles, published on Monday and Tuesday, are entitled "Reform the International Monetary System" and "On Savings Ratio," respectively.     In the third article, the 61-year old central bank governor tries to find out the root causes for the current financial crisis, including but not limited to lessons on monetary policy, financial sector regulations, accounting rules.     The top Chinese banker says he wants to stimulate debate and discussions on some of the pro-cyclical features in the system, possible remedial measures, and how monetary and fiscal authorities can play their professional roles at times of severe market distress.     "Financial crises normally originate in the accumulation of bubbles and their subsequent bursts. Usually, economists pay a lot of attentions to pro-cyclicality on the macro level.     However, on the micro level, there are quite a number of notable pro-cyclical features embedded in the market structure today, which should be addressed as we deal with the current crisis and reform the financial system," he says.     Zhou suggests that in the current market structure, more counter-cyclical mechanisms or negative feedback loops on micro-level should be put in place to sustain a more stable financial system.     In the article, he notes that rating problems and herding phenomenon arise from outsourcing.     The global financial system relies heavily on the external credit ratings for investment decisions and risk management, giving rise to a prominent feature of pro-cyclicality, according to the central bank governor.     "Economic upswings produce euphoria and downturns generate pessimism," he says, "Many market players adopting ratings from the three agencies and using them as the yardstick for operations and internal performance assessments clearly result in a massive "herd behavior" at the institutional level."     Zhou points out that some market players seem to have forgotten that the ratings are no more than indicators of default probabilities based on past experiences but were never meant to be guarantees for the future, he says. "Once problems take place, as we have seen during the current crisis, fingers are pointed to the rating agencies," he says.     He suggests that financial institutions should try to rely more on internal rating in assessing risks.     He calls for giving full play to the professional role of authorities in maintaining overall financial stability and establishing a counter-cyclical mechanism for capital requirement     "To stabilize markets under severe stress, finance ministries and central banks need to act fast and apply extraordinary measures," he says, "Untimely or delayed response falls behind the curve and would make the outcome less than desired even if the response is correct and strong."     In modern Western societies, a prolonged political process for mandates to finance ministries or central banks often miss the best timing for action, Zhou says, adding, "We have observed such cases during the current crisis."     He suggests that governments and legislatures may consider giving pre-authorized mandates to ministries of finance and central banks to use extraordinary means to contain systemic risk under well-defined stress scenarios, in order to allow them to act boldly and expeditiously without having to go through a lengthy or even painful approval process.     "Such systematic pre-authorized mandates would put the specialized expertise of finance ministries and central banks to the best use when markets need it the most," he stresses.     The central bank governor attributes China's current success in easing the impacts of the crisis to the country's financial sector reform and ongoing macroeconomic stimulus measures     In 2003, fully aware of the systemic vulnerabilities of China's banking industry, the Chinese government made a courageous and strategic decision to restructure the four state-owned commercial banks, says Zhou, who took over as the PBC governor in late 2002.     In the article, Zhou gives a look back on the reforms of the country's major banks and security industry.     But he warns, "We should bear in mind that despite the notable achievements in banking reform, the major banks have not gone through a full business cycle and still have much to improve. An economic slowdown will be the ultimate stress test for the robustness of the banks' strengths."     According to the bank governor, irrespective of China's sound financial sector, the Chinese economy, especially the export sector, has felt the impact brought by the slowdown of the global economy.     He praises the Chinese government for its plans to stimulate domestic demand and promote stable and relatively rapid economic growth, including the extra investment of 4 trillion yuan (685 billion U.S. dollars) in over two years, the ten measures to revitalize the industrial sectors, and other bolster measures to increase money supply, promote employment, reform taxes and medical and healthcare system.     "Having taken the above-mentioned measures, China expect to maintain stable economic growth by boosting domestic demand and reducing dependence on external demand, thus serving as a stabilizing force in global economy," Zhou says.     In overall, the macroeconomic measures have produced preliminary result and some leading indicators are pointing to recovery of economic growth, indicating that rapid decline in growth has been curbed, he concludes.