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BEIJING, June 2 (Xinhua) -- China and the United States are ratcheting up efforts to prepare for strategic and economic talks this summer as U.S. Treasury Secretary Timothy Geithner continues his visit to Beijing.     "China-U.S. relations show a good momentum of development as both sides have kept close contacts since the new U.S. administration took office," President Hu Jintao told Geithner at the start of their meeting Tuesday afternoon. Chinese President Hu Jintao (R FRONT) meets with visiting U.S. Treasury Secretary Timothy Geithner (L FRONT) in Beijing, capital of China, June 2, 2009Hu reviewed his first meeting with U.S. President Barack Obama in London in April when both agreed on building a "positive, cooperative and comprehensive relationship for the 21st century" and launching China-U.S. Strategic and Economic Dialogue.     "As both sides agreed to hold the first round of dialogue in Washington D.C. in July, I hope both will work closely, step up preparation so as to make the dialogue a success," Hu said in a statement issued by the Chinese Foreign Ministry.     Hu characterized the dialogue mechanism as "an important platform for both nations to deepen understanding, mutual trust and cooperation."     The strategic track of the dialogue will be chaired by Chinese State Councilor Dai Bingguo and U.S. Secretary of State Hillary Clinton, while the economic track will be chaired by Vice Premier Wang Qishan and Geithner.     "As influential nations in the world, China and the United States share extensive common interests and shoulder important responsibilities in tackling global economic challenges and resolving the world hot-button issues," Hu said.     He said China would like to work with the United States to strengthen dialogues at all levels, expand exchanges and cooperation for fresh progress in bilateral relations in the new era.     Geithner, on first visit to China as Treasury chief, said his visit was "a good start" of building bilateral ties and "looked forward to holding the dialogue in Washington D.C."     He hailed bilateral "capacity to work together in global stage" and said he saw "early signs of stabilization of the economies."     Earlier afternoon, Premier Wen Jiabao also met with Geithner in Zhongnanhai, the central leadership's compound near the Forbidden City in Beijing. Chinese Premier Wen Jiabao (R) meets with visiting U.S. Treasury Secretary Timothy Geithner in Beijing, capital of China, June 2, 2009"The foremost task for both countries is to work more closely to address the global economic downturn, oppose protectionism in trade and investment, promote reform in international financial system, tighten oversight of international reserve currency so as to ensure the stability and growth of China, the United States andthe world," Wen said.     During his three-day visit, Geithner had a flurry of meetings with China's top economic team, including Vice Premier Wang Qishanand chiefs of commerce, finance, banking and securities, among others. Chinese Premier Wen Jiabao (1st R) meets with visiting U.S. Treasury Secretary Timothy Geithner (1st L) in Beijing, capital of China, June 2, 2009In an hour-long meeting with Geithner Monday, Wang said, "The major task of our economic dialogue is to address the global economic slowdown.     "We will send a message that China and the United States are cooperating substantively to get over the difficult times, which will help boost confidence, promote global financial stability and economic recovery," Wang said.     Geithner told Wang, "The world is going through an exceptionally challenging period now and I think the world has a huge stake in our two countries working closely together to lay a foundation for recovery."     On Monday in a speech to students at China's Peking University, Geithner said that China's investments in the United States "are very safe. ... We have the deepest, most liquid financial markets in the world."     Geithner also struck a positive note on the global economy, citing the initial signs of improvement. Visiting U.S. Treasury Secretary Timothy Geithner (2nd R) meets with representatives of eight U.S. clean energy companies with branches in China, at Beijing's Capital Museum, June 2, 2009Earlier Tuesday, Geithner visited Beijing's Capital Museum, which is partly powered by solar energy, generated by panels manufactured by Michigan-based Uni-Solar Company.     Geithner also met with representatives of eight U.S. clean energy companies with branches in China at the museum, pledging to learn from China and other countries to improve energy efficiency.     "The core part of the U.S.-China cooperation will be on the energy part. We expected it to be the central part of the new strategic and economic dialogue we just put in place," Geithner said.     "The world is gonna be watching what we do together as countries in this area, as they are watching us cooperate to help resolve the global recession of financial crisis," he said. Visiting U.S. Treasury Secretary Timothy Geithner (2nd R) meets with representatives of eight U.S. clean energy companies with branches in China, at Beijing's Capital Museum, June 2, 2009.At the end of Geithner's visit, Clinton and Geithner issued a joint statement on the Strategic and Economic Dialogue, saying the first meeting of the dialogue will be held in Washington D.C. "during the last week of July 2009."     They said, "The dialogue will focus on addressing the challenges and opportunities that both countries face on a wide range of bilateral, regional and global areas of immediate and long-term strategic interest."     Geithner left Beijing on Tuesday evening.

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.

HONG KONG, June 30 (Xinhua) -- The renminbi deposits with authorized institutions in Hong Kong rose 0.8 percent in May to 53. 4 billion yuan (7.8 billion U.S. dollars), representing about 2 percent of the foreign currency deposits, the Hong Kong Monetary Authority said Tuesday.     The total deposits rose 2 percent in the same month, with the HK dollar deposits rising 2.7 percent as the expansion in demand and savings deposits exceeded the contraction in time deposits.     Foreign currency deposits climbed 1.4 percent.     Seasonally-adjusted HK dollar M1, the narrowest measure of money supply in an economy, rose 9.6 percent in May and 26.8 percent from a year earlier. Unadjusted HK dollar M3, the broader measure, grew 2.5 percent in May and 8.1 percent year on year.     Hong Kong, a southern Chinese special administrative region and free trade hub, has been trying to foster the development of RMB financial market recently with a pilot scheme using yuan for cross- border trade settlement and the issuing of yuan-denominatedbonds in Hong Kong by local and foreign banks operating in the mainland.

BEIJING, May 6 (Xinhua) -- China and Portugal agreed here Wednesday to enhance friendly exchanges and cooperation.     Top Chinese legislator Wu Bangguo and top Chinese political advisor Jia Qinglin met with Portuguese parliament speaker Jaime Gama on Wednesday.     Wu, chairman of the Standing Committee of the National People's Congress (NPC), China's top legislature, spoke highly of China-Portugal relations and noted that China always conducted its ties with Portugal from a strategic, long-term perspective and is ready to advance their comprehensive strategic partnership. Wu Bangguo (R), chairman of the Standing Committee of the National People's Congress, China's top legislature, meets with Jaime Gama, speaker of Portugal's Assembly of the Republic (Parliament), at the Great Hall of the People in Beijing, capital of China, May 6, 2009    He called on the two countries to maintain the momentum of high-level contacts, forge stronger economic and trade ties, intensify personnel exchanges and strengthen consultation and coordination in international organizations.     Gama, who is visiting China from May 5 to May 9 at the invitation of Wu, said that Portugal highly appreciated China's responsible attitude and effective policies adopted in tackling the world financial crisis and expressed the hope of furthering Portugal-China cooperation.     Earlier Wednesday, Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top advisory body, also met with Gama.     Jia said the CPPCC hoped to enhance friendly relations with the Portuguese parliament and play an active role in promoting the development of bilateral relations.     Gama said Portugal is willing to strengthen Portugal-China cooperation and exchanges in the fields of politics, economy, culture and science and technology.Jia Qinglin (R Front), chairman of the National Committee of the Chinese People's Political Consultative Conference, meets with Jaime Gama (L Front), speaker of Portugal's Assembly of the Republic (Parliament), at the Great Hall of the People in Beijing, capital of China, May 6, 2009.