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BEIJING, March 5 (Xinhua) -- China budgets 1.05 trillion yuan (154.4 billion U.S. dollars) of fiscal deficit this year to support economic growth as government revenue will fall significantly short of expenditures, says a government work report to be delivered by Premier Wen Jiabao at the parliament's annual session Friday.The government vowed to keep the debt at "appropriate" level. The total deficit consists of 850 billion yuan in central government deficit and 200 billion yuan in local government bonds, which will be included in local government budgets, reads the report, which was distributed to the media before the opening of the Third Session of the 11th National People' s Congress (NPC). The Third Session of the 11th National People's Congress (NPC) opens at the Great Hall of the People in Beijing, capital of China, March 5, 2010The government will continue to implement the policy of structural tax reductions to expand domestic demand and promote economic restructuring.It will also keep running the package plan for dealing with the global financial crisis, and increase spending to complete work on projects now under construction, improve people's well-being and maintain stability.According to calculation of the Ministry of Finance, the planned budget will take up about 2.8 percent of the GDP.China's fiscal deficit hit 950 billion yuan last year, a record high in six years, but still less than 3 percent of GDP.

LONDON, March 15 (Xinhua) -- U.S. President Barack Obama's pressure on China over its currency's exchange rate is a manifestation of hypocrisy from the West and will not work, a British economist has said."The president is playing with fire... Obama really should tread carefully. At the same time, the United States is now at risk of sparking what could be an all-out trade war," said Liam Halligan in an article carried by this week's Sunday Telegraph.Halligan, chief economist at Prosperity Capital Management, predicted that China will not yield to U.S. pressure on the issue."Beijing will eventually allow the yuan to rise, but in its own time and in order to tackle inflation and not because of U.S. pressure."Chinese inflation is now at 2.7 percent, close to the official 3-percent control target, he noted.Halligan argued that the Chinese yuan may not be under-valued as much as Western politicians have perceived.Although Chinese exports rose by 46 percent in the first two months of 2010, the rise is from a very low base -- with February 2009 being the epicenter of the U.S.-sparked sub-prime storm, he noted.He also pointed out the fact that China's trade surplus dropped by 51 percent in the same period. That means China's gain in exports were out-weighed by an import surge."This hardly suggests the yuan, as (U.S. Treasury Secretary Tim) Geithner claims, is 'way too low'," said Halligan.Geithner said in January that Obama believed China was manipulating its currency.On Obama's latest call for China to adopt a more "market-oriented exchange rate," Halligan said Washington is actually the biggest currency manipulator in the world."The reality is that America's 'weak dollar' policy -- its long-standing practice of allowing its currency to depreciate in order to lower the value of its foreign debts -- amounts to the biggest currency manipulation in human history."Halligan also noted that Washington has for years "shamefully stalled" on various rulings of the World Trade Organization that showed America to be breaching global trade rules."America needs to act smarter and get its own economic house in order. Obama has decided instead to lash out at China in a desperate attempt to placate a U.S. electorate increasingly mindful of their president's failings," said Halligan.The economist said Western politicians' blame game against emerging markets over the current global imbalances reflects their hypocrisy and lack of character."It's always easier to blame someone else for your failings... The Western world's response to this self-made 'credit crunch' has highlighted the hypocrisy of our so-called leaders, their refusal to face reality and, above all, their lack of character," he said."The implication (of statements of Western politicians) is that sub-prime, and the deepest Western recession in generations, wasn't our fault. It was entirely unrelated to widespread financial fraud, political myopia and lax regulation," Halligan scorned.

BEIJING, March 15 (Xinhua) -- China's anti-corruption chief He Guoqiang has urged cadres of the Communist Party of China (CPC) to refrain from abusing their authority for illicit gain and to win public trust through clean governance.He, head of the CPC Central Commission for Discipline Inspection, made the remarks in an article to be published Tuesday in Qiushi, or "Seeking Truth," the official magazine of the CPC Central Committee.Party leaders should strictly abide by the code of ethics for CPC cadres issued in January, another important regulation to ensure clean practice in Party cadres' work and prevent corruption, said He, a member of the Standing Committee of the CPC Central Committee Political Bureau.Efforts should be intensified to tackle corruption-related problems, such as cadres using their power for illicit gains, privately engaging in profit-making activities, meddling in economic activities and using their influence to seek benefits for relatives, He saidThe CPC Central Committee issued the guideline specifying 52 unacceptable practices with respect to CPC leaders and cadres, including accepting cash or financial instruments as gifts, and using their influence to benefit their spouses, children or "special concerned persons" with regards to their employment, stock trading or business.

RAMALLAH, March 23 (Xinhua) -- Visiting Chinese Vice Premier Hui Liangyu met with Palestinian Prime Minister Salam Fayyad here on Tuesday.Hui at first conveyed greetings of Chinese Premier Wen Jiabao to Fayyad, saying the Palestinians and China are good friends and brothers with mutual respect and mutual trust.The traditional friendship between the two sides have been consolidated over the past more than 40 years and the friendly cooperation has seen profound development, Hui said, adding that China is ready to join hands with the Palestinians to enhance the friendly bilateral political ties, strengthen economic and trade cooperation and expand cultural exchanges.Chinese Vice Premier Hui Liangyu (L) shakes hands with Palestinian National Authority (PNA) Prime Minister Salam Fayyad in the West Bank City of Ramallah, March 23, 2010. Fayyad hailed the traditional friendship between the governments and the peoples of both countries. He also expressed gratitude over China's consistent support of the justice cause of the Palestinian people for their national rights.The two sides exchanged views mainly on improving agricultural cooperation. They both agreed to open the gate for Chinese- Palestinian agricultural cooperation in the fields of grain planting, fruit growing and stock raising. Fayyad also wished success to the 2010 Shanghai Expo.The two sides also exchanged their views on the Middle East issues. Hui reaffirmed the Chinese government's position on the those issues, saying the Chinese government and people deeply sympathize with the experience of the Palestinian people.Hui also said the Chinese side holds that all concerned parties in the Middle East should solve their disputes through peaceful negotiations under relevant UN resolutions and according to the principles of land for peace and the Arab peace initiative, to reach an overall, just and lasting solution of the Middle East issue and realize peaceful coexistence of two independent nations.Following their talks, Hui and Fayyad attended the signing ceremony of the agricultural cooperation deal between the two countries.Hui also meet with Secretary General of the Palestinian National Authority (PNA) Tayeb Abdul Rahim, and placed a wreath at the tomb of the late Palestinian leader Yasser Arafat. Palestinian President Mahmoud Abbas, who is on a visit to Jordan, also had friendly talks with Hui through telephone