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KUWAIT CITY, Dec. 28 (Xinhua) -- China vowed here on Sunday to further its pragmatic cooperation with Kuwait in the various fields in a bid to step up the bilateral relations to a higher level.     In his meeting with Emir of Kuwait Sheikh Sabah al-Ahmad al-Jaber al-Sabah, visiting Chinese Vice Premier Li Keqiang called on the two sides to promote high-level exchange based on equality and mutual benefit, political mutual trust as well as cooperation on trade.     China highly values its ties with Kuwait and the two nations have offered mutual understanding and support on issues with the irrespective key concern, Li said.     Li also said that China is ready to strengthen cooperation with the Gulf Cooperation Council (GCC) which plays a very important role in the Gulf region.     The dialogue mechanism with GCC would launch next year and the negotiation on a free trade area has entered into a critical phase, Li said, expressing his belief that Kuwait would continue to play a significant role to boost China-GCC relationship. Chinese Vice Premier Li Keqiang(R,front) visits the operation center of Kuwait's third mobile telephony network contracted to build by China's Huawei Technologies Co., Ltd. in Kuwait City, Dec. 28, 2008.     Echoing Li's views, Emir Al-Sabah highlighted the growth of cooperation between the two nations such as economics and trade, promising that the country would continue to push forward the bilateral relations.     Emir Al-Sabah also expressed his appreciation to China's efforts on the Middle East issue and willingness to, as a GCC member, work with China to safeguard the regional peace and stability.     Li pays the visit to Kuwait at the invitation of Kuwaiti First Deputy Prime Minister and Minister of Defense Sheikh Jaber MubarakAl-Hamad Al-Sabah.     Kuwait is the final leg of Li's 11-day overseas visit, his first foreign visit since he took office as vice premier in March, which has already taken him to Indonesia and Egypt. Chinese Vice Premier Li Keqiang(R) visits the operation center of Kuwait's third mobile telephony network contracted to build by China's Huawei Technologies Co., Ltd. in Kuwait City, Dec. 28, 2008.     According to official statistics, China and Kuwait renewed their record of bilateral trade volume in 2007 with 3.6 billion U.S. dollars, a 30 percent growth compared with that of 2006.     China imported 2.3 billion dollars worth of goods from Kuwait in 2007, with 90 percent of oil products, while only exporting 1.3billion dollars of goods to Kuwait.

DAVOS, Switzerland, Jan. 28 (Xinhua) -- Chinese Premier Wen Jiabao on Wednesday stressed confidence, cooperation and responsibility as key to overcoming the current global financial crisis.     The global financial crisis is a challenge for the whole world, and the pressing task for the international community is "to take further measures to restore market confidence as soon as possible," Wen told participants attending the World Economic Forum annual meeting in the Swiss skiing resort of Davos.     In tackling the crisis, confidence is the source of strength, practical cooperation the effective way and accepting responsibilities the prerequisite, he said in his special message at the forum.     "We should not only take more forceful and effective steps to tide over the current difficulties, but also push for the establishment of a new world economic order that is just, equitable, sound and stable," Wen said.     To this end, international economic cooperation and a sound multilateral trading regime should be promoted, and the reform of the international financial system should be advanced, he said. Chinese Premier Wen Jiabao (L) answers questions after speaking at the World Economic Forum annual meeting, in Davos, Switzerland, on Jan. 28, 2009.It is also necessary to strengthen international cooperation in financial supervision and regulation to guard against the build-up and spread of financial risks, the Chinese premier said.     Wen said the interests of developing countries should be effectively protected and economic development of the whole world should be promoted.     He also called for jointly tackling global challenges, such as climate change, environmental degradation, natural disasters and food security.     "No country can be insulated from these challenges or meet them on its own. The international community should intensify cooperation and respond to these challenges together," Wen said.     Wen, who is on a visit to Switzerland, traveled on Wednesday to Davos to attend the forum after meeting with President of the Swiss Confederation Hans-Rudolf Merz for talks on bilateral ties on Tuesday.     Switzerland is the first leg of Wen's European tour, which will later take him to Germany, the European Union headquarters, Spain and Britain.

BEIJING, Oct. 31 (Xinhua) -- China's decision to cut interest rates on Thursday is part of its flexible monetary policy to cope with the world financial crisis and boost domestic economy, a central bank spokesman said on Friday.     Li Chao, spokesman of the People's Bank of China (PBOC) explained the government's cut in interest rates for the second time in one month.     On Wednesday, the PBOC announced to cut interest rates by 0.27 percentage points as of Oct. 30 to spur economic growth. The benchmark one-year deposit rate dropped to 3.60 percent from 3.87percent, while the benchmark one-year lending rate fall from 6.93 percent to 6.66 percent.     The previous cut was on Oct. 8, when the PBOC announced a lowering of deposit and lending rates by 0.27 percentage points and decided to cut the reserve-requirement ratio by 0.5 percentage points from Oct. 15.     Li said the move was in response to a spreading and worsening world financial crisis. "The severe crisis was beyond most people's expectations."     He said: "China's economy relies highly on external markets. It is very necessary for the country to adjust economic policy, including monetary policy, in a timely and flexible manner to reduce the negative impact to a minimum."     "Recently, China's exports have weakened as a result of weak world demand. Domestic export-oriented enterprises, especially those coastal based companies, face difficulties," he added.     The country's export value in the first three quarters was 1.07trillion dollars -- up 22.3 percent -- the growth rate was 4.8 percentage points lower, official figure showed.     "Meanwhile, the nation's inflation pressure has been eased," he said, adding the latest interest rate cut aims at maintaining the energy of China's economic growth.     China's gross domestic product (GDP) grew to 20.16 trillion yuan (2.96 trillion U.S. dollars) in the first three quarters of this year, up 9.9 percent from the same period of last year. The growth rate was 2.3 percentage points lower than the same period last year.     Consumer price index (CPI), the main gauge of inflation, rose 4.6 percent in September over the same period last year, off from the 12-year high of 8.7 percent in February.     When asked the reason why the government only reduced interest rates and left the reserve-requirement ratio unchanged in the latest move, Li said this is because liquidity of the country's bank is adequate.     Li said to cope with the international financial crisis and maintain sound and relatively fast national economic growth, the central bank has removed mandatory restriction on the commercial banks' loan plan.     He said that China has confidence that it can resist the world financial crisis, as the country has great potential in expanding its domestic demand, and the financial system is stable.     He called for cooperation between countries worldwide to cope with the crisis, and to carry out international financial system reform

BEIJING, Jan.24 (Xinhua) -- China's top economic planner said Saturday it would raise the minimum state purchasing prices for rice in major rice-producing areas by as much as 16.9 percent this year.     The move was aimed at protecting farmers' interests, keeping grain prices stable and boosting grain output as grain growers had experienced higher costs since last year, according to the National Development and Reform Commission (NDRC).     The state purchasing prices for japonica rice will rise 15.9 percent to 1900 yuan (280 U.S. dollars) per ton this year, according to the NDRC.     In addition, prices for early and late indica rice will be 16.9percent and 16.5 percent higher respectively to 1800 yuan and 1840yuan per ton.     It was the biggest increase in grain purchasing prices since 2004, said Ding Jie, an official with the NDRC's price department.     In 2004, China started the practice of buying grains from farmers at a state-set minimum price when market prices drop below the protective price level in order to encourage grain production.     Saturday's announcement came before Chinese farmers kick off the spring planting season, as the government tried to prevent the grain growers' enthusiasm from being eroded by higher costs of fertilizers and other production materials.     Statistics from the Ministry of Agriculture show December fertilizer prices, except urea, rose more than 20 percent from a year earlier. Diesel for farm use was 5.8 percent higher year-on-year.     The NDRC already hiked the minimum purchasing price for wheat by as much as 15.3 percent starting this year. It raised the purchasing prices for wheat and rice twice last year.     With a population of more than 1.3 billion, China relies mainly on domestic production for food and targets grain output of more than 540 million tons by 2020.     China's grain output rose 5.4 percent year-on-year to a record 528.5 million tons in 2008, official data show.     State-owned enterprises purchased 170 million tons of grains from farmers in 2008, said Nie Zhenbang, director of the State Administration of Grain, earlier this month.     That move, together with higher purchasing prices, resulted in a revenue increase of more than 50 billion yuan (7.4 billion U.S. dollars) for the whole country's farmers, said Nie.

Wu Bangguo (C), chairman of the Standing Committee of China's National People's Congress (NPC), holds the First plenary session of the sixth session of the 11th NPC Standing Committee at the Great Hall of the People in Beijing, China, on Dec. 22, 2008.     BEIJING, Dec. 22 (Xinhua) -- China announced plans Monday to establish a social security number system for the welfare of its citizens.     The draft of the social insurance law was discussed by the Standing Committee of the 11th National People's Congress, the country's top legislature, on Monday.     The draft said China would establish a standard social security number system across the nation by using each citizen's current identification card number.     The social insurance fund will be categorized into endowment insurance, medical insurance, insurance against injury at work, unemployment insurance and childbirth insurance, the draft said.     Currently, China's social insurance fund is managed by the Ministry of Human Resources and Social Security and its branches in provinces, municipalities and autonomous regions.     According to the country's labor law, the funding of endowment, medical and unemployment insurance is raised by both individuals and their employers. Workplace injury and childbirth insurance have to be paid by employers.     A series of social insurance fund embezzlement scandals have been exposed in China since 1998. More than 16 billion yuan (about2.3 billion U.S. dollars) was embezzled.     The new social insurance law's draft said any individual or organization has a right to complain or report illegalities about the social insurance fund. The measure is an endeavor to invite more supervision of the citizen's basic security.     The draft also determined that a new type of rural medical system, in which farmers and governments raise funds together, would be included in the medical insurance.     Governments will cover medical insurance expenses for citizens who live on low-income subsidies, have serious disabilities or are older than 60 years, the draft said.