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WASHINGTON, Oct. 10 (Xinhua) -- China would continue reform of the formation mechanism of its currency exchange rate to improve its flexibility, but will do so in a gradual way, Zhou Xiaochuan, Governor of the People's Bank of China, China's central bank, said here on Sunday.Westerners prefer Western medication method that is quick but drastic, while Chinese people prefer traditional Chinese medication that is slower and giving time for different herbs to take effect. A steep rise of Chinese currency yuan would cause harms, Zhou told a group of bankers and reporters during a luncheon speech at the 2010 annual membership meeting of the Institute of International Finance (IIF).Governor of the People's Bank of China (PBOC) Zhou Xiaochuan hosts a press briefing during the annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington D.C., capital of the United States, Oct. 8, 2010. To manage Chinese currency issue is a "complicated art," as you have to take into consideration domestic inflation, unemployment rate, gross domestic product (GDP) growth, balance of payments and other factors, he added.IIF, which represents over 420 world leading financial institutions headquartered in more than 70 countries, host its annual membership meeting in Washington D.C. between Oct. 8 and 10, when the International Monetary Fund and World Bank host their annual meetings in the same time.

BEIJING, Sept. 24 (Xinhua) -- Premier Wen Jiabao's three-day U.N. visit this week has been fruitful as a major diplomatic effort at a time when new changes are emerging in the world economy and politics, Foreign Minister Yang Jiechi told reporters Friday.Wen was in New York from Tuesday to Thursday for the U.N. Summit on the Millennium Development Goals (MDGs) and the general debate of the 65th session of the U.N. General Assembly, a summit of the U.N. Security Council member states, and a high-level discussion panel on AIDS and MDGs. He also met with U.S. President Barack Obama on bilateral ties and regional and world issues, calling for more cooperation.Yang said Wen made the New York trip as the world economy stabilized and started to show improvement but the recovery remained unbalanced and was still not solid.The international community has, in general, made significant progress on meeting the Millennium Development Goals (MDGs), the minister said. he said, however, more imminent is the imbalance in international development and there are new challenges in international cooperation and development.The developing countries want more attention from the international community on the development issue, the minister said, and countries are ever more willing to promote peace, development and cooperation. They, he said, expect a greater role for the United Nations in safeguarding world peace, promoting mutual development and advancing international cooperation.Wen's trip also came at a time when there are some misunderstandings and misinterpretations about China, which had led the global economic recovery and was put in the global spotlight, Yang said.Wen's visit was also important given that the handling of ties between China and the United States, in particular the appropriate handling of the differences and the advancing of mutual trust and cooperation, is of great importance to the health of their bilateral relations, the foreign minister added.PRESENTING CHINA AS IT ISPremier Wen tried to present China as it is at the U.N. meetings, the welcome banquet in his honor organized by friendly organizations, meetings with foreign leaders and guests, and in media interviews.The premier was sincere and objective about the true condition, challenges and development strategy of China. He made it clear that there had been no change to the fundamental fact that China remains a developing country and that it will stick to the policy of reform and opening up to the outside and the long-term pursuit of peaceful development, Yang said.It is widely agreed, Yang said, that Premier Wen responded with clear and definitive answers to questions about the developing country status, development strategy and international role of China.His words had been sincere and his arguments convincing, helping the international community better understand China as it is and increasing their confidence in the country, Yang said.ADVANCING MDGS FULFILLMENTAddressing the U.N. summit on MDGs, Premier Wen introduced China's achievement in fulfilling the MDGs in slashing poverty and promoting cooperation among developing countries.He laid out a package of proposals to further advance the fulfillment of the MDGs, calling on the international community to prioritize African development and poverty alleviation, as well as promoting U.N.'s leading role in international cooperation.Wen pledged to help developing nations with improving their livelihoods, reducing or erasing debts, enhancing links in such fields as finance, economy and trade, agriculture and human resources training.He announced China will, on top of previously pledged assistance, provide an additional 200 million U.S. dollars in aid to flood-stricken Pakistan.The premier also witnessed the signing of a memorandum of understanding on boosting cooperation between China and the U.N. Development Program (UNDP).As most countries believe, despite all kinds of difficulties, Yang said, China has made positive contributions to achieving the MDGs. China's economic and social progress would certainly encourage other developing nations. In the eyes of the world, China always keeps its promises by taking substantial, sincere and selfless measures.Premier Wen's presence at a U.N. panel on AIDS, the first appearance of senior Chinese leadership to such gatherings, has demonstrated a China that is open, self-confident, emphasizing human dignity, social justice and harmony, as well as balanced development, Yang said.While meeting with the U.N. Secretary General Ban Ki-moon, Wen said China pledged to play a more active role in U.N. affairs in various sectors and to strengthen its partnership with the U.N.PROMOTING PEACE AND STABILITYAttending the U.N. Security Council meeting, Wen presented China's views on world security, and expressed China's willingness to continue supporting the U.N.'s leading role in safeguarding international peace and security.

GUANGZHOU, Nov. 4 (Xinhua) -- China's first inter-city subway, linking two southern China cities hosting the 2010 Asian Games, started operations Wednesday.The 21-kilometer Guangfo Line connects Guangzhou City with Foshan City, both in the manufacturing hub of the Pearl River Delta region in Guangdong Province.Riders on the subway will find that the travel time between the two cities has been reduced from 90 minutes to 30 minutes, said sources with the subway company Guangzhou Metro.The line has 14 stations and a ride from end to end costs only six yuan (less than one U.S. dollar).Local authorities have been pushing for the increased integration of cities in the Pearl River Delta and consider the operation of the Guangfo Line a big step in that direction.The subway was purposely opened one week prior to the start of the 2010 Asian Games. The competitions will be held in Guangzhou, Foshan, Dongguan, and Shanwei.

PYONGYANG, Oct. 24 (Xinhua) -- The government of the Democratic People's Republic of Korea (DPRK) held a grand banquet here on Sunday to mark the 60th anniversary of the entry of the Chinese People's Volunteers (CPV) into the Korean front.Premier Choe Yong Rim of the DPRK's cabinet and Vice Chairman Guo Boxiong of China's Central Military Commission joined CPV veterans and hundreds of others on the occasion on the eve of the Monday anniversary.The CPV fought alongside Korean army and people during the war, helped the DPRK win liberation, and defended regional and global peace, said Yang Hyong Sop, vice-president of the Presidium of the DPRK Supreme People's Assembly.He conveyed, on behalf of his country, warm greetings to CPV veterans as well as the Chinese army and people, adding that the DPRK is committed to enhancing its traditional friendship with China and passing it from generation to generation.In his address, Chinese ambassador Liu Hongcai recalled the profound friendship forged on the battlefields between the two peoples and two armies, saying their heroic feats contributed to upholding justice and opposing power politics, and their victory belongs to all peace-loving people across the world.China will always remember all those who had given their lives for peace and make concerted efforts with the DPRK to promote regional and global peace and development, he added.Before the banquet, Chinese delegates watched an adapted Chinese opera masterpiece performed by DPRK artists.

NICE, France, Nov. 5 (Xinhua) -- Chinese President Hu Jintao on Friday urged major economies to jointly shore up the burgeoning economic recovery worldwide in the wake of the latest global financial crisis.The call came in Hu's talks with his French counterpart Nicolas Sarkozy in this southern French city, just days ahead of a summit of the Group of 20 main economies in Seoul.All the parties should strengthen coordination on their macropolicies on the basis of unity, mutual benefit and win-win progress, sending a clear message to the market that they are united against serious global economic challenges, Hu said.Chinese President Hu Jintao (L) meets with French President Nicolas Sarkozy at the Massena Museum in Nice, France, Nov. 5, 2010.In this way, they will be able to rally market confidence and maintain the momentum of the recovery of the recession-hit world economy, he added.Meanwhile, the parties need to promote the reform of the international financial system, improve related supervision and regulation, and expand the representation of emerging economies and developing countries in international financial institutions, Hu said.Concerted efforts should also be taken to narrow the gap between the North and the South, curb all forms of protectionism and secure a comprehensive and balanced outcome of the Doha Round of World Trade Organization negotiations, he added.

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