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ALGIERS, Nov. 5 (Xinhua) -- China and Algeria voiced commitment here Wednesday to step up bilateral strategic and cooperative relations and called for intensified cooperation in fields such as infrastructure, energy and resource exploration. In his meeting with Algerian Prime Minister Ahmed Ouyahia, visiting Chinese top legislator Wu Bangguo called Algeria as "an important cooperation partner," noting that China highly values its strategic and cooperative relations with Algeria. China and Algeria are both developing countries and share common aspiration to develop their economies to improve the welfare of their peoples, said Wu, Chairman of the Standing Committee of China's National People's Congress (NPC). He noted that China will join hands with the Algerian side to cement the bilateral cooperation in long-term and strategic perspectives. He proposed the two nations should work closer in fields such as infrastructure construction, energy, resource exploration and establish an economic and trade cooperation zone. "We should encourage our enterprises to work together on some big and important projects to improve the quality and level of the China-Algeria cooperation," Wu added. "The Chinese government will encourage Chinese enterprises to establish business and invest in Algeria, adopt open policy on technology transfer to Algeria and launch various training programs for Algerian personnel in an effort to contribute to Algeria's economic structure adjustment and employment enlargement," the Chinese top legislator said. Agreeing with Wu's proposal, Ouyahia said that the Algerian government has a sincere will to learn from China and boost bilateral cooperation and mutual investment to help the country's economic transformation and realize sustainable development. Wu Bangguo (L), chairman of the Standing Committee of China's National People's Congress, meets with Algerian Prime Minister Ahmed Ouyahia in Algiers, capital of Algeria, on Nov. 5, 2008The Algerian government would create bigger space and better conditions for Chinese companies to start their business in Algeria, the prime minister promised. Wu also met with Abdelkader Bensalah, President of Algerian Council of the Nation, on Wednesday. Wu said his visit has realized the purpose of promoting the inter-parliamentary cooperation with Algerian parliament and boosting the bilateral strategic and cooperative relations. "We have become brothers on political issues, good partners in trade, and good friends with close coordination on world affairs," Wu recognized. He also reaffirmed the NPC's willingness to share its experience with the Algerian Council of the Nation on issues concerning legislation and national development in an aim to boost substantial cooperation and promote friendship between the two peoples. Wu Bangguo (L Front), chairman of the Standing Committee of China's National People's Congress, meets with the President of Algerian Council of the Nation Abdelkader Bensalah (R Front) in Algiers, capital of Algeria, on Nov. 5, 2008Bensalah highlighted that the achievement China scored in its national economic and social development is a living proof to the world of the success of the country's opening-up policy. The Algerian Council of the Nation hopes to step up its friendly exchange and cooperation with the NPC, Bensalah said. Algeria is the first leg of Wu's five-nation Africa tour which will also take him to Gabon, Ethiopia, Madagascar and Seychelles.
BEIJING, Nov. 17 -- Chinese banks should be alert to the risks of growing bad loans and narrowing profit margins amid a worsening global financial crisis and domestic interest rate cuts, a senior banking regulator has warned. China Banking Regulatory Commission Vice Chairman Jiang Dingzhi told a financial forum in Beijing on Saturday that China's banking system, despite being generally healthy, faces growing risks. "Our judgment is that losses at overseas financial institutions will widen further, and capital shortfalls will become more serious," Jiang said "The financial crisis won't end in the near term. So we should not turn a blind eye to the risks " Jiang said, warning that the first risk China may face in the coming years is "exported inflation" from developed economies. He said many developed economies have taken quick action to inject huge liquidity and credit into their banks to stabilize financial systems and it is likely that the banks will export capital to developing countries such as China (through direct investment or loans). "That may cause high inflation (for us) and we should keep a close eye on cross-border capital flows," said Jiang. Jiang also warned that bad loans, especially in the real estate sector, are the second risk that China's banks are confronted with. "Bad loans are already showing an upward trend, especially in the property market where the mortgage default risk is growing at an accelerating pace," Jiang said, without elaborating. Jiang also said Chinese banks may encounter growing losses from their overseas investment as the global financial crisis remains "far from over". The government said earlier that Chinese banks suffered "very limited losses" overseas as their exposure to bankrupt global financial companies was not much. Jiang said Chinese banks also face narrowing profit margins as the central bank cuts interest rates to boost the slowing economy. Banks are encouraged to lend after the government announced a 4 trillion yuan (586 billion U.S. dollars) stimulus plan a week ago. The People's Bank of China has cut interest rates thrice this year after economic growth cooled to 9 percent in the third quarter, the slowest rate in five years. He said the banks will see declining profits next year as lower interest rates shrink margins and loan defaults may increase. However, Jin Liqun, chairman of the supervisory board of China Investment Corp, said Chinese banks should continue market-oriented reforms despite the risks. "All these risks cannot be used as excuses to defer further reform in the banking system," said Jin at the forum. "Only with market-oriented reforms can our banks further build up their capabilities in profit-making and risk-prevention." Jiang said China's banking system remains "in good health" with all major indicators at their best levels ever. Banks' total assets, 59.3 trillion yuan at the end of September, were five times the level of 10 years ago when the Asian financial crisis erupted, he added. And banks reduced their average bad-loan ratio to 5.49 percent at the end of September, from 6.3 percent at the end of March. "These sound indicators are the basis of our confidence to battle financial crisis," Jiang said.
Mongolian Prime Minister Sanj Bayar (R), also head of the ruling Mongolian People's Revolutionary Party(MPRP), shakes hand with Wang Jiarui, head of the International Department of the CPC Central Committee, in Ulan Bator, Mongolia, Dec.19, 2008. Wang Jiarui heads a delegation of the Communist Party of China to pay a 4-days friendly visit to Mongolia. ULAN BATOR, Dec. 19 (Xinhua) -- Mongolian President Nambaryn Enkhbayar and Prime Minister Sanj Bayar on Friday met with Wang Jiarui, head of the International Department of the Communist Party of China Central Committee (CPC) to discuss bilateral ties. During the meeting, Enkhbayar spoke highly of the current Chinese-Mongolian good-neighbor partnership of mutual trust. Bilateral cooperation has developed fast in various fields in recent years, said the president, adding that there is great potential for the two to develop cooperation in trade and other economic areas in Mongolia. Mongolia's President Nambariin Enkhbayar (R) shakes hand with Wang Jiarui, head of the International Department of the CPC Central Committee, in Ulan Bator, Mongolia, Dec.19, 2008. Talking about the current financial crisis, Enkhbayar said "the measures taken by China to tide over the current financial crisis are proper and Mongolia hopes to work together with China to minimize the impact of the crisis on the countries." Prime Minister Sanj Bayar, who serves as chairman of Mongolian People's Revolutionary Party (MPRP), referred to relations with China as a top priority of Mongolia's foreign policy, adding that ties between MPRP and CPC is of great importance to bilateral relations. The prime minister also vowed that his country would adhere to one-China policy and support China's stance on Taiwan and Tibet issues. Mongolian deputy prime minister Miyeegombo Enkhbold (L), shakes hand with Wang Jiarui, head of the International Department of the CPC Central Committee, in Ulan Bator, Mongolia, Dec.19, 2008. Wang Jiarui briefed the Mongolian leaders on the current political and economic situations in China, saying the development of bilateral ties and cooperation have brought "concrete benefit" to the two peoples. The CPC is willing to further enhance relations with the MPRP, Wang said, adding that the CPC and the Chinese government will unswervingly develop relations with Mongolia in a sound, stable way. Wang Jiarui arrived in Mongolia on Friday morning.
BEIJING, Jan. 8 (Xinhua) -- China has called on state enterprises and academic institutions to step up efforts to attract more leading Chinese scientists studying overseas, a move that would enable the country to stay globally competitive. According to a guideline issued by the General Office of the Communist Party of China (CPC) Central Committee, high-quality Chinese talent in foreign countries, especially those at the frontier fields of science and technology, is needed for China to embrace global competition and forge ahead with its opening up. Priority should be given to the recruitment of leading scientists who are able to make breakthroughs in key technologies, develop high-tech industries and lead new discipline areas, said the guideline. It urged key laboratories, state-owned commercial and financial institutions, high-tech zones, and higher institutions to create favorable conditions to attract more overseas Chinese experts to serve their motherland. Efforts should be made to make sure they are well-treated, have good career prospects and enjoy convenient service, the guideline stated. "(We should) further emancipate our mind, break away out-of-date rules and regulations, improve relevant policies, and fully understand, trust and use them." it said. Chinese scientists who have studied abroad have long played a crucial role in developing the country's industry, education and national defense programs. Among them were Qian Xuesen, China's father of space technology, Li Siguang, founder of China's geomechanics and Deng Jiaxian, nuclear physics expert. An official with the Organizational Department of the CPC Central Committee has said that a large portion of scientists from the country's two top academies studied abroad. More than 80 percent of the academicians from the Chinese Academy of Sciences have studied abroad. The figure for the Chinese Academy of Engineering is 54 percent.
Chinese Vice Premier Li Keqiang (front, 2nd R), also member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, visits a manufacturing factory of the Commercial Aircraft Corporation of China Co., Ltd. (COMAC) in east China's Shanghai municipality Dec. 12, 2008. Li inspected Shanghai from Dec. 12 to Dec. 13, 2008. SHANGHAI, Dec. 14 (Xinhua) -- China's vice premier Li Keqiang stressed the priority to maintain stable, healthy economic growth through domestic demand expansion and economic restructuring during his two-day inspection tour in the eastern metropolis of Shanghai. He said the economic development was the foundation for solving all problems. As the central government had pointed out, priority should be given to maintaining stable and relatively fast economic growth next year. This would be achieved through expanding domestic demand, restructuring the economy and transforming the growth pattern. All would ultimately target improving people's living standard. Chinese Vice Premier Li Keqiang (C), also member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, visits the Yangshan Port in east China's Shanghai municipality Dec. 12, 2008. Li paid a visit to the city from Dec. 12 to 13. He expressed appreciation for the progress Shanghai made in developing the Pudong New District and said the only way to sustain growth was to "deepen the opening-up". He urged local authorities to let the market play a fundamental role in the allocation of resources, step up innovation in corporate management. While visiting Yangshan Deep Water Port, he said planers need a "broad vision", adding that efforts should be made to sustain and expand export to sharpen the country's competitive edge in the global market. During his inspection tour at local companies such as Baosteel Group Co. and China UnionPay, he said companies were the main drive of domestic demand expansion. They must accelerate technological innovation and structural adjustment. Meanwhile, local government should encourage development of service industry, as well as advanced equipment manufacturing and high-tech industries, he said. The vice premier also visited local communities and chatted with residents. He said the government would continue promoting reforms in the housing and medicare systems. The ultimate goal was to improve people's living condition.