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ROME, Nov. 8 (Xinhua) -- Italy and China launched on Monday a strategic "innovation alliance" aimed at boosting technological exchange and joint research in crucial sectors including health, energy and "e-government."The Italy-China Innovation Forum, which stood as the first major event for the one-year celebrations of the Chinese Culture Year in Italy marking the 40th anniversary of diplomatic ties between the two countries, was a great opportunity to foster contacts between Chinese and Italian entrepreneurs and pave way for a strengthened bilateral cooperation.The key message of the forum was the need both China and Italy shared to cooperate in innovation and technology, stretching from health to "e-government," renewable energy and energy efficiency, high-quality design and information and communication technology ( ICT). Chinese Minister of Science and Technology Wan Gang addresses the opening ceremony of China-Italy Innovation Forum in Rome, Italy, Nov. 8, 2010.Organizers of the meeting were Italian Innovation Minister Renato Brunetta, Chinese Minister for Science and Technology Wan Gang and Italy's major industrial association, Confindustria.In front of 250 Italian industrials and 100 Chinese businessmen and institution representatives, Minister Brunetta proposed to launch an "innovation alliance" from which both countries could benefit."Innovation curbs bureaucracy, allows direct access to services on internet and simplifies administrative procedures," he said, suggesting its revolutionary power in increasing a country's global competitiveness and well-being.At the forum Brunetta announced the launch of an important agreement between Italy's Innovation Agency and Beijing's Science and Technology Commission aimed at creating an Italy-China center for technological transfer which will focus on stimulating contacts between scientific parks, technological districts and small enterprises of both countries.

BEIJING, Jan. 17 (Xinhua) -- The China Banking Regulatory Commission (CBRC) announced Monday that it will guide the nation's banks to a scientific pace of lending this year as it stressed bank loans should better serve the real economy.The CBRC said in a statement on its website that it will also expand and improve financial services in the country's rural areas and encourage banks to support borrowing activities from small-sized companies.The CBRC said it will carry out more studies in stepping up support for the country's affordable housing program, which aims to build 10 million affordable housing units for low and middle income residents this year.The commission also said it will continue to implement the differentiated home loan policy adopted last year, under which bank loans for third home purchases are suspended and down payments for all first-time home buyers are at least 30 percent of the purchase price, while second home buyers will have to pay an even higher amount of down payments, at 50 percent.Further, the CBRC said it would tighten controls over lending to local government's financing vehicles in order to ward off risks.Government data showed new yuan-denominated lending in China reached 7.95 trillion yuan (about 1.2 trillion U.S. Dollars) last year, overshooting the government's full-year target of 7.5 trillion yuan.

SANTIAGO, Chile, Dec. 22 (Xinhua) -- Chilean President Sebastian Pinera and visiting Chinese State Councilor Liu Yandong met here Wednesday to discuss the development of relations between their two countries since the establishment of diplomatic ties 40 years ago.Pinera said that Chile was the first South American country to establish diplomatic relations with China. The past 40 years have witnessed steady development of bilateral relations, and close exchanges and fruitful achievements in cooperation in various fields.The Chilean side attaches great importance to the development of comprehensive cooperative partnership with China and sticks to "one China" policy, President Pinera said, adding that Chile is willing to work with China to continue developing and deepening the mutually beneficial bilateral cooperation in education, science and technology and other fields to benefit the two peoples.Chilean President Sebastian Pinera (L) meets with visiting Chinese State Councilor Liu Yandong in Santiago, Chile, Dec. 22, 2010.Liu said that since the establishment of diplomatic relations between China and Chile on December 15, 1970, China-Chile relations have developed in a sustainable and in-depth way, with the maintenance of close contacts between the two sides, and with increasingly deepening development of bilateral economic and trade cooperation.China and Chile have maintained coordination and cooperation in international and regional affairs, Liu said, calling China and Chile "good friends and good partners".China is willing to join hands with Chile in promoting incessant development of China-Chile comprehensive cooperative partnership, with the occasion of marking the 40th anniversary of diplomatic relations as a fine opportunity.Liu put forward a three-point proposal for deepening exchange and cooperation in humanistic sectors between China and Chile:Firstly, efforts should be made to further strengthen bilateral cooperation in scientific-technological innovation, and give a full play to the role of bilateral cooperation mechanisms including the mixed committee on science and technology, in order to upgrade bilateral scientific-technological cooperation.Secondly, rich and colorful cultural exchange and cooperation should be developed in an in-depth way. In this endeavor, the two countries need to keep exploring new ways and channels of cooperation, in order to promote China-Chile cultural exchange and cooperation to a higher level.And thirdly, efforts should be made to further increase bilateral educational exchange and cooperation to promote China-Chile friendship.On the same day, Liu also met with the Chilean Education Minister Joaquin Lavin and Director of Chilean National Science and Technology Commission Jose Aguirela, exchanging views with them on strengthening cooperation in the fields of education and science and technology between China and Chile.Liu also attended a cerenomy for signing documents on bilateral educational and scientific-technological cooperation.

BEIJING, Jan. 17 (Xinhua) -- Wu Di, working as a secretary at a department at the elite Peking University, has to sacrifice privacy for lower rent.She now shares one room of a two-bedroom apartment, furnished with two single beds, and splits the monthly rent of 1,500 yuan (224 U.S. dollars) with a female friend.Wu moved to the new apartment two weeks ago. She used to share a two-bedroom apartment with a family of three, after she graduated from college in June 2010."I paid 1,250 yuan monthly. It was too much for me as I only earned 3,000 yuan a month," said Wu. "Besides, the family next door was very noisy."Although the current rent relieved her financial difficulty a bit, she hoped to pay less."Nearly one-third of my salary goes to rent. I am always very careful about spending money," she said.A survey done by the China Youth Daily Survey Center in December last year showed that 81.6 percent of 4,060 surveyed tenants around China thought that their rent had increased, and 80.6 percent said the soaring rent has greatly affected their lives.More and more young, white-collar Chinese have found themselves in an embarrassing situation: they have to bear a heavy financial burden from soaring rent and housing prices while not qualifying to enjoy preferential policies the government offers to low-income people, such as low-rent apartments.Lu Wei, a programmer working at a leading portable website, witnessed the housing rent increasing over the past four years."It would cost nearly 1,000 yuan less per month for a midium-decorated two-bedroom apartment in 2006," he said, now sharing a two-bedroom apartment with a friend near Beijing's downtown.Liu Qingzhu, research fellow with the Chinese Academy of Social Sciences, argued that housing rent has taken up too much of young people's income."Spending one-third or even a half of their income in housing rent is too much. They need money to do many other things, such as purchase decent clothes, study and for entertainment," Liu said.Also, rent is not the only thing troubling young tenants.During his four-and-a-half-year stay in Beijing, Lu has moved into new apartment five times.

BEIJING, Nov. 10 (Xinhua) -- China's central bank moved a step further to tighten liquidity amid increasing inflation pressures as it ordered Chinese banks to set aside more reserves on Wednesday.The People' s Bank of China, or the central bank, announced it would raise the deposit reserve requirement ratio (RRR) for Chinese financial institutions that accept deposits by 50 basis points from Nov. 16, which was estimated to freeze more than 300 billion yuan (45.1 billion U.S. dollars).The order came on the eve of Thursday's release of China' s October consumer price index (CPI), which is projected, by some economists, to reach 4 percent.The RRR for the four big state-owned banks - the Industrial and Commercial Bank of China, China Construction Bank, Bank of China and Agricultural Bank of China - will stand at 18 percent once the rise takes effect.Further, Wednesday's move will raise the deposit reserve ratio for other large financial institutions to 17.5 percent and that for small-and medium-sized financial institutions to 15.5 percent.The adjustment is the fourth RRR increase the central bank has ordered for Chinese banks this year, and the first time it has done so since it hiked interest rates by 0.25 percentage points last month.Chinese experts believe combined concerns, ranging from the looming hot money inflows caused by the United State quantitative easing to the growing inflation risks and soaring assets bubbles, have caused the central bank to raise the RRR to rein in liquidity."The central bank announced interest rates hikes and the RRR rise within one month, as the U.S. 600 billion-US-dollar quantitative easing is likely to send more speculative capital flowing to the emerging markets, and domestic commodities prices continue to increase, " senior economist with the Asian Development Bank, Zhuang Jian said, adding that the RRR increase will trim the banks' credit capital, which will help curb market speculation inflows and stabilize commodities prices.China's central bank, on Oct. 20, announced a rise of its benchmark one-year lending and deposit rate by 0.25 percentage points, the first interest rates hike in three years, as the nation's CPI hit a 23-month high to 3.6 percent in September.October's CPI is due to be announced on Thursday, while economists anticipate the October year-on-year inflation is likely to rise to 4.1 percent.Further, prices of China' s edible farm produce have witnessed consecutive increases since mid-October, as prices of 18 types of vegetables in 36 large and medium-sized cities rose by 4.9 percent during the week that ended Nov. 7, according to data released Wednesday by the Ministry of Commerce.Zhang Ping, head of the National Development and Reform Commission, said Tuesday that the nation's CPI is expected to exceed the government' s annual target of 3 percent.Also, the nation's real estate prices continued the upward trend in October, though at a slower pace, with property prices in 70 major Chinese cities increasing by 8.6 percent year on year in October, down from the 9.1-percent increase in September, the National Bureau of Statistics showed Wednesday.Li Huaiding, analyst with the Guoxin Securities Co., said Wednesday's rise would contribute to scaling back liquidity, but pressures still exist in the upcoming months, and the central bank may again increase interest rates before the end of the year.Additionally, the central bank said in a report issued on Nov.2 that it would gradually normalize the monetary policy from its counter-crisis mode and tighten control over liquidity to maintain moderate credit growth in the coming months this year.