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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.
LOS ANGELES - More Chinese tourists are expected to visit the United States as new travel rules between the two nations are pending, a report said on Sunday.Southern California is a likely destination for middle- and upper-class visitors with money to spend, said the Los Angeles Times.Travels agencies are preparing for what they hope could be a boom in new Chinese tourism to the United States that is expected to occur next year.Both nations are finalizing a deal to ease entry restrictions and lift a ban in China on promoting travel to the United States, according to the paper.The negotiations have been going on for several years, but China's government news agencies and sources at the US Commerce Department said a deal should be completed within the next few weeks, said the paper.The new travel rules are expected to be a particular boom to Southern California, which already sees more Chinese tourists - 110,000 in Los Angeles County last year - than anywhere else in the United States. But travel officials expect that number to grow significantly if more members of China's emerging middle and upper classes are able to travel to the region for vacations.China's travel industry is currently prohibited from marketing the United States as a travel destination because of disputes over the strict entry process initiated after 9/11 - a reality that US officials blame on the need for national security and concerns about visitors overstaying their visas, said the paper.

Chinese Premier Wen Jiabao delivers a keynote speech at a national meeting to honor 355 Chinese counties and cities as models in the work of "Shuangyong," in Beiing, on Jan. 4, 2008. Wen called for greater efforts to be made in the area of unity between the army and the government and between the army and the people. [Xinhua]Chinese Premier Wen Jiabao on Friday called for greater efforts to be made in the area of unity between the army and the government and between the army and the people.He issued the call at a national meeting to honor 355 Chinese counties and cities as models in the work of "Shuangyong.""Shuangyong" is a word used to convey the concept of mutual support, namely that "the government and the people support the military and give preferential treatment to the families of servicemen and martyrs, and the military supports the government and cherishes the people."Wen said: "It is of extreme importance to consolidate the solidarity between the military and the government and between the military and the people." He noted that doing so would safeguard the country's economic and social development and the building of a modernized armed force.Chinese Premier Wen Jiabao presents awards to representatives during a national meeting to honor 355 Chinese counties and cities as models in the work of "Shuangyong," in Beiing, on Jan. 4, 2008. [Xinhua]Wen said that "shuangyong" had long been a good tradition and a unique political advantage for the Party, army and people.It is an irrefutable truth that "so long as the army and people are united as one, they can defeat any enemy," the premier said.Wen asked Party organizations and governments at all levels to put this work high on their agenda, strengthen guidance at grassroots levels, and incorporate the concept of "putting people first" into practice.
Washington - China is on course to catch up with the United States and join the front ranks of world economic powers, but that is little cause for concern even among Americans, a global survey said Monday. Most respondents in 13 countries agreed it was "likely that someday China's economy will grow to be as large as the US economy," according to the opinion poll by the Chicago Council on Global Affairs and WorldPublicOpinion.org. "What is particularly striking is that despite the tectonic significance of China catching up with the US, overall the world public's response is low key -- almost philosophical," said Steven Kull, editor of WorldPublicOpinion.org. But the poll showed there is also distrust of China to "act responsibly" in world affairs. In no country was there a majority who felt that China's economic rise would be mostly negative, but that was not because China is particularly trusted, the pollsters said. Majorities in 10 out of 15 countries said they did not trust China "to act responsibly in the world." But the same number also said they distrusted the United States. "Though people are not threatened by the rise of China, they do not appear to be assuming that it will be a new benign world leader," Kull said. "They seem to have a clear-eyed view that China is largely acting on its own interests." The Chinese themselves are among the more skeptical populations, with only half saying that their economy will catch up with the United States'. Among Americans, the percentage was 60 percent. Only in India and the Philippines did a plurality of respondents say the United States would always remain a bigger economy than China. The highest level of concern about the implications of China's economic march was in the United States, where one in three is worried. But 54 percent of Americans said that its rise would be "neither positive nor negative" while one in 10 said it would be mostly positive. Only in Iran did a majority -- 60 percent -- say that it would be "mostly positive for China to catch up." The survey included 18 countries: Australia, Argentina, Armenia, China, France, India, Iran, Israel, Mexico, Peru, the Philippines, Poland, Russia, South Korea, Thailand, Ukraine, and the United States, plus the Palestinian territories. Not every question of the poll was asked in each country, so that the results for some questions covered less than 18 countries.
SHANGHAI, March 5 (Xinhua) -- A traditional commodity fair in east China, conventionally regarded as a barometer of the nation's foreign trade, reported less demands from American businessmen than expected, indicating a possible slowdown of Sino-U.S. trade. The 18th East China Commodity Fair, an event held at the beginning of every year, reported around 1,600 American businessmen, far less than expected. "The number of the American businessmen to the fair was only two thirds of those from the European Union, showing the deficient domestic demands of the United States," said Wang Qingjiang, an official with the fair. "The subprime crisis in the United States has shown its influence on China's exports," he added. The 5-day fair registered total business deals worth 583 million U.S. dollars between Chinese companies and the U.S. businessmen, a 1.5 percent dip from last year. Deals worth more than 3.67 billion U.S. dollars were signed at the fair, a 3.52 percent growth from 2007. Deals between Chinese companies and the European Union businessmen added up to 879 million U.S. dollars, a 9.5 percent growth compared with the last fair. Chinese companies and the Japanese businessmen made deals worth906 million U.S. dollars, almost the same amount compared with last year. The fair attracted more than 19,000 businessmen from 145 countries and regions around the world, with more than 60 percent from Asia. According to experts, the fair could indicate the trend in China's foreign trade in 2008.
来源:资阳报