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BARCELONA, Nov. 3 (Xinhua) -- The top Chinese negotiator for the United Nations climate change talks being held here said Tuesday that the Kyoto Protocol must be followed.     "China's position is quite clear: the Kyoto Protocol must be adhered to, since it best illustrates the principal of 'common but differentiated' responsibilities," said Su Wei, head of the Chinese delegation to the talks.     Su told Xinhua that during earlier negotiations, some countries had proposed discarding the Kyoto Protocol and adopting a totally new document at December's Copenhagen climate change meeting.     "This demand is strongly rejected by the Group of 77 and China, and other developing countries," Su said.     Su stressed that the Kyoto Protocol must be the legal basis for further negotiations at Copenhagen, and developed countries must fulfill their obligations under the protocol, which regulates that they should clarify their reduction targets in the second phase of the protocol.     "If this basic arrangement is changed, the future of the Copenhagen meeting would be greatly shadowed," Su said.     The deal to be reached at the Copenhagen conference, Su said, should have two basic elements.     One element is to set the mid-term emission reduction targets for developed countries under the Kyoto Protocol. That is, developed countries as a whole should commit to making 25-40 percent cuts below 1990 levels by 2020.     The second element is to make substantial arrangements for the implementation of the UN Framework Convention on Climate Change in accordance with the Bali Roadmap.     "We hope we could lay a good foundation for the Copenhagen conference through negotiations at this meeting," Su said.

BEIJING, Jan. 10 -- Shanghai has set a GDP growth rate target for the year of more than 8 percent, almost the same as 2009's economic development rate.     Party Secretary Yu Zhengsheng yesterday announced the target at a one-day session of the Shanghai Committee of the Communist Party of China.     He added the growth rate of value-added output from the service industry should be much higher than the GDP rate.     The city didn't set a higher GDP goal because it wanted to put more effort into restructuring the economy than simply seeking more GDP growth, Yu told the meeting.     The city's GDP growth was estimated to be more than 8 percent last year, a little lower than the average national level. Total retail sales of consumer goods rose by about 14 percent and growth of fixed assets investment was around 10 percent in 2009.     Yu said the targeted rate was a suitable development speed for Shanghai, which was hit by the global financial crisis during its economic restructure transition.     He told the session that the World Expo 2010 Shanghai was the most important task for the government this year.     It requires not only coordination of all districts and departments but also active participation and devotion by citizens, he said.     "We should spare no efforts to ensure a successful, wonderful and unforgettable Expo," he said.     "We should make full use of the opportunity to stimulate investment and consumption, enhance friendly cooperation with the world and build a city with international influence."     Yu emphasized the importance of security during Expo. He requested government officials to strengthen anti-terrorism efforts, guarantee food and drug safety and quality, and keep monitoring and preventing public health events, such as outbursts of swine flu.     To enhance transport during Expo, the government will continue a series of infrastructure works. More Metro lines and cross-river projects will be completed this year.     Construction of the Bund, Shanghai-Nanjing inter-city railway and the Hongqiao transport hub are planned to be finished this year.     Yu stressed that government officials should consider people's interests at all time and listen to their advices. He said the government should reduce impact on life during Expo as much as possible.     Also, Yu said regulation and control in the real estate market will be improved to help it develop in a healthy and sustainable way. And 500,000 new jobs will be created to keep the unemployment rate around 4.5 percent.

BEIJING, Dec. 28 (Xinhua) -- Chinese Premier Wen Jiabao Monday asked auditors to keep a close eye on public investment projects to help avoid embezzlement and waste of public funds.     Jerry-built projects and vanity projects should be strictly forbidden with the help of closer follow-up scrutiny of public funds, said the premier in a meeting with participants at a national auditing conference.     The National Audit Office (NAO) statistics showed that altogether 234.7 billion yuan (34.51 billion U.S. dollars) of public funds have been misappropriated and 16.3 billion yuan wasted during the first 11 months this year. Chinese Premier Wen Jiabao (C, front), also a member of the Standing Committee of the Political Bureau of the Central Committee of the Communist Party of China, shakes hands with one of participants of the National Audit Work Conference and the Commendatory Convention for Outstanding Audit Units and Auditors, at the Great Hall of the People in Beijing, Dec. 28, 2009    Wen urged auditors to strengthen budget enforcement auditing in order to guarantee an open and transparent fiscal budget for governments at all levels.     The premier said that auditing should shoulder the responsibility of safeguarding the country's economic security by detecting possible risks in economic operations. As for now, special attention should be paid to fiscal and financial risks, he said.     He also called for giving full play to the role of auditing in the fight against corruption and severely cracking down on corruption.     China carried out audit among more than 20,000 government officials including provincial level cadres and bosses of large state-owned enterprises this year. Cases involving 67 senior officials and 164 others were handed over to judicial authorities, said the NAO.

BEIJING, Dec. 12 (Xinhua) -- China should take more forward looking and preemptive measures to fight inflation expectations following this year's credit boom and runaway property prices, said a report released by a leading Chinese bank.     Bank loans should be extended at a more reasonable pace with improved structures next year and policy fine-tuning is necessary, the Bank of Communications has said in a report released by its financial research center.     The government should maintain the continuity and stability of its monetary policy and meanwhile be more targeted and flexible, it said.     The report noted an over brisk equity and property market are always prelude of inflation. Money flow should be regulated to prevent asset bubbles.     It also suggested government increase supply of land resources and affordable housing and crack down on land enclosure to curb skyrocketing property prices which gained the most in 14 months in November.     CPI, the main gauge of inflation, jumped 0.6 percent in November from a year ago, the first monthly growth since January, because of lower statistical bases and rising food prices.     The producer price index (PPI), a major measure of inflation at the wholesale level, declined 2.1 percent in November from a year earlier.     The report expected PPI to end monthly drop in December, and the annual CPI decline to narrow to 0.8 percent.     Hyperinflation is unlikely and CPI is predicted to rise four percent next year, it said.

BEIJING, Nov. 12 (Xinhua) -- China would not let the yuan gain against the U.S. dollar in the short term, experts said here Thursday when commenting on the latest quarterly report of China's central bank.     People's Bank of China (PBOC), the central bank, said Wednesday in its quarterly report of monetary policy, for the first time, that the bank would improve the mechanism of the exchange rate determination "based on international capital flows and movements in major currencies".     "The new wording showed that China would reduce speculation and strengthen risk control in the future, but it did not necessarily suggest a change in the yuan's exchange rate policy," said Tan Yaling, an expert with the China Institute for Financial Derivatives at Peking University.     "The future mechanism would reflect China's own concerns and status," she said.     China's foreign exchange reserves surged to a record 2.27 trillion U.S. dollars as of the third quarter of 2009, up 19.26 percent year on year, PBOC reported in September.     According to Yin Jianfeng, a researcher with the Chinese Academy of Social Sciences (CASS), a government think tank, it is natural for the central bank to pay more attention to increasing international capital inflows.     "Excessive liquidities are pouring into China as the country is witnessing rapid recovery while the economic condition is still weak in the western world," he said.     Zuo Xiaolei, chief economist with Galaxy Securities, said the central bank's report indicated the government had raised concerns that such inflows would put China under huge external pressure for yuan appreciation.     Zuo predicted that as the U.S. dollar depreciates further, excessive liquidity will be a global issue in future, which would in turn pull up China's foreign reserve to a new level.     China has been facing calls to let its own currency gain against the dollar since it recovered quickly from the financial crisis, especially after it reported the positive economic data of last month, however, experts had expressed different opinions.     "Sudden upward movement in the yuan would slow China's economic growth when the country's exports just showed signs of recovery, "Tan said, "All in all, the exchange rate policy should not be subjected to other countries but serve our own economy."     Also, the pace of yuan's appreciation should be determined not only by the foreign trade surplus, according to Zuo Xiaolei.     The balance of China's internal development should also be taken into consideration, including the massive stimulus package and the accumulated liabilities of local governments, she said.     China's exports slid 13.8 percent year on year to 110.76 billion U.S. dollars in October, said the National Bureau of Statistics Wednesday. The decline rate was 1.4 percentage points lower than that of September.

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