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BEIJING, Dec.24 (Xinhua) -- China will bring its overall money supply to a normal level with a range of policy tools next year as the government shifts monetary policy from "moderately loose" to "prudent", the central bank said Friday in a statement on its website, citing Deputy Governor Hu Xiaolian.Hu, a deputy governor of the People's Bank of China (PBOC), said at a meeting with bankers that China needs a shift to a prudent monetary policy to rein in rising consumer prices and curb asset bubbles.China is facing tremendous inflationary pressures, with the country' s consumer price index (CPI), a main gauge of inflation, accelerated to a 28-month high in November of 5.1 percent."The major task for next year's monetary policy will be normalizing money supplies," she said, noting that the growth in money supply, mostly measured by M2, or the broad money supply, should be slowed from the pace during the implementation of a moderately loose policy.The Chinese government should maintain a "reasonable and moderate" credit growth next year that is in line with the country's goal in economic development and inflation control.New yuan-denominated loans in China stood at 7.45 trillion yuan in the first 11 months of this year - just shy of the government's full-year target of 7.5-trillion-yuan.Hu said with the global financial crisis having eased from its peak and China's stabilized economic momentum, the country is able to maintain a steady and relatively rapid economic growth with a prudent monetary policy.Hu stressed that China is facing pressure due to ample liquidity from home and abroad, and for the next phase, the Chinese government will work on liquidity controls with a range of policy tools, including open market operations and adjustment in interest rates and reserve requirement ratios.She highlighted the use of the differential reserve requirement ratio to supplement regular policy tools, which could guide banks to lend "reasonably, moderately and steadily" and boost risk controls in the financial system.China increased interest rates by 0.25 percentage points in October and hiked the bank reserve requirement ratio six times this year to 18.5 percent and 19 percent for some large commercial banks in a move to curb lending amid accelerating inflation.
YAOUNDE, Jan. 15 (Xinhua) -- Visiting Chinese Vice Premier Hui Liangyu has agreed with Cameroon's President Paul Biya during a meeting here on Thursday that the two countries should expand cooperation and further promote bilateral relations.During their meeting, Hui said since the establishment of diplomatic ties between China and Cameroon 40 years ago, the two countries have treated each other equally, friendly and with mutual trust. Both countries showed firm support regarding each other's core interests.In recent years, China and Cameroon have accelerated cooperation in such realms as trade and commerce, cultural and educational exchanges, bringing real benefits for the two peoples and providing new impetus for the development of bilateral relations, Hui said.The vice premier noted that the China-Cameroon friendly cooperation are embracing new opportunities and the potential will be huge for the two countries in expanding friendly cooperation.He said China is willing to join hands with Cameroon in increasing friendly exchanges, improving political mutual trust, expanding bilateral cooperation and promoting the friendly and cooperative ties to a new height.For his part, President Biya said in the past 40 years, Cameroon and China have carried out a series of cooperation in areas like agriculture and infrastructure construction on the basis of mutual benefit, and such cooperation has made great achievements.As Cameroon is making her new development strategies, the president expressed hope that China can further step up cooperation with and support for Cameroon, and become a strategic partner with Cameroon.The two sides also exchanged views on China-Africa cooperation. Hui said in the past decade, within the framework of the China- Africa Cooperation Forum, China and Africa have enhanced political mutual trust, stepped up support for each other, deepened bilateral cooperation and exchanges as well as further developed their new type of strategic partnership.President Biya noted that as cooperation continuously strengthens with China in the past years, Africa's position in the international arena has been improved, and investments to African countries have also been boosted.Biya said that African countries in general are optimistic about the future of Africa-China cooperation.

NANJING, Dec. 31 (Xinhua) -- A court in east China's Jiangsu Province sentenced a man to death and another to life in prison Friday for illegally raising up to 4 billion yuan (606 million U.S. dollars) in a fraudulent investment scheme.Another 11 suspects were given jail terms ranging from two-and-a-half to 10 years for collusion in the fraud, which caused losses of 650 million yuan (98 million dollars) to 14,822 investors, the Intermediate People's Court in the provincial capital, Nanjing, said in a statement.According to the statement, Sun Haiyu and Hu Zhen jointly set up a company, Nanjing Runzai Biology Co., Ltd. in January 2004 and began soliciting investments from the public in the name of planting glossy ganoderma, or reishi mushrooms, which are widely used in traditional Chinese medicine.The judge said the company exaggerated its profits in planting glossy ganoderma and fraudulently claimed that the investment was risk free.The duo, together with 11 accomplices, raised more than 4 billion yuan from April 2004 to July 2008.Sun was sentenced to death for the crime of illegal fund-raising by fraudulent means, while Hu was sentenced to life imprisonment.
HANGZHOU, Nov. 9 (Xinhua) -- Senior Chinese leader Li Changchun on Tuesday applauded the contributions that Chinese literary writers and authors had made to enriching people's lives and called on them to create more works that are true to life and close to people.Li, who is a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks in a congratulatory letter that was sent to the organizing committee of the fifth Lu Xun Literature Prize, one of China's most prestigious honors.The award ceremony was held in east China's Shaoxing City, the hometown of Lu Xun (1881-1936), one of China's most well-known contemporary authors and essayist, on Tuesday night.Named after Lu, the prize was first awarded in 1986.Writers of outstanding short- to middle-length novels, poems, prose, essays, reportage, literary reviews and theoretical works will receive the award, which is bestowed every two years.
MADRID, Jan. 5 (Xinhua) -- Chinese Vice Premier Li Keqiang and Spanish Prime Minister Jose Luis Rodriguez Zapatero Wednesday pledged continuous joint efforts to promote the cooperation between China and Spain, and between China and Europe as a whole.During their meeting, Li said China sees Spain as a reliable friend in Europe, and firmly backs Spain's efforts in countering the international financial crisis, as well as a series of economic and financial adjustment measures the Spanish government has adopted.With its own efforts and the support from the international community, Spain will surely overcome the difficulties, achieve financial stability and economic growth, Li said.Chinese Vice Premier Li Keqiang (R) meets with Spanish Prime Minister Jose Luis Rodriguez Zapatero in Madrid, Spain, January 5, 2011.Stressing the importance of boosting international pragmatic cooperation in eliminating the deep-seated impacts of the financial crisis, Li urged China and Spain to carry out cooperation in such areas as technology and capital, and achieve new progress in trade and economic development.Spanish enterprises are welcome to bring their competitive products to China, he said.Both sides can expand cooperation in new aspects such as energy conservation and environmental protection, new energy and new materials, Li said, adding that enterprises on both sides are encouraged to jointly explore the third-party markets to bring mutual benefits and achieve an all-win result.Li said he is confident that new progress can be made in the all-round cooperation between China and Spain as long as both sides make efforts in concert and fulfill their agreed deals.Zapatero, on his part, stressed the priority of Spain's relations with China in his country's foreign policy. He also called the ties the most successful cooperative relations.Spain advocates globalization and multilateralism, and the building of a new, fair and balanced multilateral order, Zapatero said, adding that China should play an important role in this order.
来源:资阳报