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WASHINGTON, Feb. 4 (Xinhua) -- Major trading partners of the United States, including China, did not manipulate their currencies to gain an unfair advantage in international trade in 2010, according to a report released by the U.S Treasury Department on Friday."Based on the resumption of exchange rate flexibility last June and the acceleration of the pace of real bilateral appreciation over the past few months," China's behavior did not qualify under the official definition of manipulation, the Treasury said in its long-delayed semiannual report to the Congress on International Economic and Exchange Rate Policies.With respect to exchange rate policies, ten economies were reviewed in this report, accounting for nearly three-fourths of U. S. trade. Many of the economies have fully flexible exchange rates. A few have more tightly managed exchanges rates, with varying degrees of management."No major trading partners of the United States" met the standards identified by the Congress as currency manipulator, concluded the report.Since the June 19, 2010 announcement by China's central bank of greater exchange rate flexibility, its currency, also known as renminbi (RMB) has appreciated 3.7 percent against the dollar, or about 6 percent annualized. The renminbi has appreciated 26 percent in total against the dollar since 2005.The Treasury said that because inflation in China is significantly higher than it is in the U.S., the RMB has been appreciating more rapidly against the dollar on a real, inflation- adjusted basis, at a rate which if sustained would amount to more than 10 percent per year.The U.S. accuses Beijing of keeping its currency undervalued, flooding the country with cheap exports and costing U.S. jobs. But many economists believe that the appreciation of RMB will help little to the U.S. employment."Treasury today again made the right call on China's currency policy in its latest exchange rate report," John Frisbie, President of the U.S.-China Business Council (USCBC) said in a statement after the U.S. Treasury Department'report."While USCBC believes that China should allow its exchange rate to better reflect market forces, designating China as a ' manipulator' would achieve nothing. USCBC continues to support the Obama administration's approach of combined multilateral and bilateral engagement with China as the most effective way to make progress on the exchange rate issue."
UNITED NATIONS, Feb. 11 (Xinhua) -- China Friday urged the United Nations and Security Council to give more attention to Africa and called on the international community to provide greater support to the region in order to maintain peace and security. Addressing an open debate of the UN Security Council on the interdependence between security and development, Li Baodong, China's permanent representative to the UN said the inter-linkages between peace and development are most pronounced in Africa. There will be no world prosperity and stability without peace and development in the region. He called on the international community to provide greater support and more assistance to regional countries, AU and other regional and subregional organizations to maintain African peace and security. Li stressed that security and development are mutually linked and reinforcing. To safeguard peace and promote development, the international community should increase development input and eradicate root causes of conflicts. "Poverty and underdevelopment are the major causes for triggering conflicts and breeding terrorism. The developed countries should further increase its development aid, provide debts relief to developing countries, open up markets, transfer technology and help the developing countries to achieve the Millennium Development Goals as soon as possible." Li said development can be anchored only in an environment free from war and turbulence. The UN and Security Council should vigorously promote peaceful culture, encourage and support peaceful resolutions to disputes through dialogue, consultations and good offices. In addition, greater emphasis should be given to peacebuilding so as to prevent relapse into conflicts. "In post-conflict countries and regions, simultaneous progress should be made in the fields of politics, security and development throughout development and reconstruction process, " said Li. "Capacity building should be prioritized in the post-conflict countries to enhance governance, provide basic services, advance development and reconstruction so that the people could enjoy peaceful 'dividend' quickly. This is conducive to consolidating political reconciliation process and stabilizing post-conflict situations, " he said.

MADRID, Jan. 24 (Xinhua) -- The Spanish branch of Industrial and Commerce Bank of China (ICBC) was officially inaugurated in Madrid Monday.ICBC President Jiang Jianqing, Spanish Minister of Industry, Tourism and Commerce Miguel Sebastian and Chinese Ambassador to Spain Zhu Bangzao attended an inaugural gala dinner here.In a speech, Jiang thanked the Spanish government and authorities for allowing the ICBC to open in Spain and highlighted the importance of the Spanish economy and the close relations between the two countries.Sebastian said Spain welcomes the arrival of the biggest Chinese bank, which would further improve the already good relationship between the two counties.The Madrid branch is to provide a wide range of financial services to 166,000 Chinese nationals living in Spain.ICBC has a total of 386,723 employees and 162 foreign branches throughout the World.
BEIJING, Jan. 26 (Xinhua) -- The Chinese government Wednesday raised the minimum down payment requirement for the purchase of second home to 60 percent of the property's value from 50 percent, to curb property market speculation.The decision was announced in a statement released after an executive meeting of the State Council, China's cabinet, which was presided over by Premier Wen Jiabao.File photo taken on Nov. 14, 2010 shows a newly built residential community in east China's Shanghai Municipality.
WINDHOEK, May 21 (Xinhua) -- Top Chinese legislator Wu Bangguo on Saturday met with Namibian President Hifikepunye Pohamba on advancing the bilateral cooperation to further develop the partnership with Namibia.Wu, chairman of the National People's Congress (NPC) Standing Committee, China's top legislative body, extended Chinese President Hu Jintao's greetings to Pohamba and hailed an "all- weather" partnership forged between the two nations.Namibia is one of the youngest states in Africa, which became fully independent in 1990.Wu reviewed the profound friendship between the two countries, which established diplomatic ties one day after Namibia's announcement of its full independence.Wu said the two countries have reaped good harvests in cooperation in the fields of politics, trade, culture, education, public health and culture in recent years, which has already set a model for countries engaged in the South-South cooperation.He also highlighted the mutual understanding and support on issues concerning each other's core interests, and to bring the bilateral economic and trade cooperation to a new high, Wu put forward a three-point proposal concerning the importation of the husbandry and aquatic products, resource and mining as well as the infrastructure construction.Namibia is a nation with significant influence in the southern Africa, Wu said, vowing that China will work with the Namibian side to push the bilateral partnership to a higher level.For his part, Pohamba welcomed Wu's visit, the first one ever paid by a Chinese top legislator, and spoke highly of China's long-standing support for Namibia's national liberation and construction.Namibia will develop the long-term and strategic cooperation in a much broader domain with China and welcomes more Chinese businesses to invest in the country, the Namibian president said.On the China-Afrcia relationship, the two leaders stressed that the two sides should work closer under the framework of the Forum of China-Africa Cooperation to boost political mutual trust, substantial and pragmatic cooperation on trade and humanitarian exchanges, especially those among the young generations, so as to further enrich a new China-Africa partnership.Namibia is the first leg of Wu's 12-day African-Asian tour. He will also visit Angola, South Africa and Maldives.
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