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BEIJING, Dec. 28 (Xinhua) -- China had "unprecedented dynamic interaction" with the rest of the world in 2008, receiving some 180 heads of state or government, Foreign Minister Yang Jiechi said here Sunday. Yang made the remarks when addressing a new year reception in the Diaoyutai State Guesthouse. State Councilor Dai Bingguo and more than 400 foreign diplomats and Chinese officials were also present. Yang said the cooperation between China and the rest of the world was further consolidated and enhanced amid the natural disasters, Beijing Olympics as well as the international financial turmoil. The year 2008 marks the 30th anniversary of China's reform and opening-up. "Great changes have taken place in China and China's diplomacy have reached a new height," Yang said. Chinese State Councillor Dai Bingguo (R) and Foreign Minister Yang Jiechi (C) cheers with a foreign envoy during a New Year reception held by the Minitry of Foreign Affairs of China, in Beijing, capital of China, Dec. 28, 2008. China will remain on the road of peaceful development and adhere to the mutually beneficial strategy in the coming year, making unremitting efforts for the comprehensively sustainable social development and the peace and stability of the world, he said. Nolana Ta Ama, Togolese Ambassador to China, said on behalf of the diplomatic corps in Beijing that the world needs China in the past, at present and in the future. "All ambassadors are hoping to enhance dialogue and cooperation with China," Ta Ama said. "Our task will be completed smoothly, as the country we are in takes not intervening in other countries' internal affairs and not seeking hegemony as the basis of its foreign policy," he said.
BEIJING, Nov. 17 -- Chinese banks should be alert to the risks of growing bad loans and narrowing profit margins amid a worsening global financial crisis and domestic interest rate cuts, a senior banking regulator has warned. China Banking Regulatory Commission Vice Chairman Jiang Dingzhi told a financial forum in Beijing on Saturday that China's banking system, despite being generally healthy, faces growing risks. "Our judgment is that losses at overseas financial institutions will widen further, and capital shortfalls will become more serious," Jiang said "The financial crisis won't end in the near term. So we should not turn a blind eye to the risks " Jiang said, warning that the first risk China may face in the coming years is "exported inflation" from developed economies. He said many developed economies have taken quick action to inject huge liquidity and credit into their banks to stabilize financial systems and it is likely that the banks will export capital to developing countries such as China (through direct investment or loans). "That may cause high inflation (for us) and we should keep a close eye on cross-border capital flows," said Jiang. Jiang also warned that bad loans, especially in the real estate sector, are the second risk that China's banks are confronted with. "Bad loans are already showing an upward trend, especially in the property market where the mortgage default risk is growing at an accelerating pace," Jiang said, without elaborating. Jiang also said Chinese banks may encounter growing losses from their overseas investment as the global financial crisis remains "far from over". The government said earlier that Chinese banks suffered "very limited losses" overseas as their exposure to bankrupt global financial companies was not much. Jiang said Chinese banks also face narrowing profit margins as the central bank cuts interest rates to boost the slowing economy. Banks are encouraged to lend after the government announced a 4 trillion yuan (586 billion U.S. dollars) stimulus plan a week ago. The People's Bank of China has cut interest rates thrice this year after economic growth cooled to 9 percent in the third quarter, the slowest rate in five years. He said the banks will see declining profits next year as lower interest rates shrink margins and loan defaults may increase. However, Jin Liqun, chairman of the supervisory board of China Investment Corp, said Chinese banks should continue market-oriented reforms despite the risks. "All these risks cannot be used as excuses to defer further reform in the banking system," said Jin at the forum. "Only with market-oriented reforms can our banks further build up their capabilities in profit-making and risk-prevention." Jiang said China's banking system remains "in good health" with all major indicators at their best levels ever. Banks' total assets, 59.3 trillion yuan at the end of September, were five times the level of 10 years ago when the Asian financial crisis erupted, he added. And banks reduced their average bad-loan ratio to 5.49 percent at the end of September, from 6.3 percent at the end of March. "These sound indicators are the basis of our confidence to battle financial crisis," Jiang said.

BEIJING, Nov. 4 -- China has set a timetable for its large aircraft plan, and the first homemade jumbo jet will take to the skies by no later than the start of the 13th Five-Year Plan Period (2015-20), a senior official said yesterday. This is the first time a timetable for the trunk liner project has been made public, since the Commercial Aircraft Corp of China Ltd was set up in May. The company is in charge of the large plane's assembly, marketing and after-sales service with an initial investment of 19 billion yuan (2.8 billion U.S. dollars). Miao Wei, vice-minister of industry and information technology, said at the China International Aviation & Aerospace Forum 2008 yesterday that China-made jumbo jets will be on the market between 2015 and 2020. "We will finish the concept design and research on key technologies before 2010, and have the first plane roll off the production line before 2014," he said. Even though the domestic passenger transport volume has been dropping recently amid the global economic slowdown, Miao said he had confidence in China's vast demand for new planes. "In the next 10 years, China will need at least 1,000 new planes," he said. The corporation is currently studying a feasibility plan for the large plane, Jin Zhuanglong, its general manager said yesterday. Some sub-projects have begun, and the large airplane's technology scheme and suppliers will be decided soon, he said. The corporation, which is also responsible for marketing the homemade regional jet ARJ21, will sign its first overseas order, worth about 0 million, with General Electric Co, at the seventh China International Aviation & Aerospace Exhibition, which opens today. GE's leasing unit will sign a contract for 25 ARJ21-700s, which raises the company's backlog to 208, Chen Jin, general manager for marketing and sales, said. Miao said the ARJ21-700 will enter service next year, while work on a 100-seat version, a business-jet model and a freighter will start next year. China has also received 136 orders for the MA 60, a propeller-driven commuter plane, Miao said. Xi'an Aircraft Industry Group Co, the maker of the plane, has already delivered 34, he said. "The next few years will be an important period for China's aviation industry," he said. The ministry will draft a mid-and-long-term plan for the aviation industry soon in order to coordinate the development of large planes, regional jets and helicopters, he said. Lunar ambitions Models of a soft-lander and a rover for the second phase of China's lunar exploration program will be displayed at the air show for the first time. Designed and made by China Aerospace Science and Technology Corporation (CAST), the soft-lander, weighing 3,800 kg on top of the launch vehicle, is likely to be launched in 2013, a corporation source said yesterday. The government has given the nod to the second phase of the lunar program to explore the surface of the moon, the corporation said.
BEIJING, Jan. 26 (Xinhua) -- Finance Minister Xie Xuren said Monday there would be growing difficulty balancing China's budget this year, and he urged officials to avoid unnecessary spending. In a Lunar New Year greeting on the ministry's homepage, Xie said that the external and internal conditions affecting China's social and economic development in 2009 were "very severe" and more difficulties had to be overcome to achieve "steady and relatively fast" economic growth. Xie said government funds should be used efficiently as the government carried out an active fiscal policy to support public investment while cutting taxes. To stimulate the economy, the government has raised export tax rebates three times since July, increased farm subsidies and endedthe value-added tax for equipment purchases -- a move that's expected to reduce companies' tax bills by 120 billion yuan (about 17.4 billion U.S. dollars) a year. Moreover, the threshold for individual income tax, which now stands at 2,000 yuan per month, is likely to rise. Although 2008 fiscal revenue grew an estimated 19 percent from 2007 to some 6 trillion yuan, the economic slowdown, falling corporate profits and tax cuts drove down fiscal revenue in the second half of last year. Last year, the economy grew 9 percent year-on-year, ending a five-year period of double-digit growth. Xie said earlier this month that the fiscal decline might continue this year. The Finance Ministry has imposed tighter controls on the general administrative expenditure of local governments. For example, local governments have been ordered to limit the year's spending on car purchases, meetings, catering and overseas travel to no more than the amounts spent last year. Jiangxi Province has urged officials to avoid unnecessary travel and vowed to cut meeting outlays by 20 percent from the 2008 level, catering expenses by 10 percent, and international business travel costs by 10 percent. Many local governments, meanwhile, said they would step up investment spending in 2008. Shaanxi Province, for example, said it planned to invest 40 billion yuan in education, job re-training, public sanitation and social security, up 21 percent from last year, while Henan Province will invest 40 billion yuan to raise living standards. These and other local governments announced investment plans after the central government put together a 4-trillion-yuan stimulus package in response to ebbing growth.
CAIRO, Dec. 25 (Xinhua) -- Visiting Chinese Vice Premier Li Keqiang said on Thursday that China is willing to further the strategic cooperative ties with Egypt which was established in 1999. During his meeting with Egyptian President Hosni Mubarak, Li said the tenth anniversary of the establishment of the ties in next year should be an opportunity to further such a relationship. "The two sides should take advantage of this opportunity to strengthen the strategic coordination and cooperation and enrich the contents of bilateral relations," he said. Li suggested the two countries to deepen cooperation in trade, investment, transport, communications, tourism and human resources as well as explore new areas. Meanwhile, Mubarak expressed beliefs that with the joint efforts of leaders of the two countries, Egypt-China strategic cooperative relations will make new progress. Li arrived here on Wednesday afternoon for a four-day official visit to Egypt at the invitation of Egyptian Prime Minister Ahmed Nazef. He told Mubarak that the purpose of his visit is to implement the consensus reached by the two heads of state, deepen the relations with Egyptian and promote relations with Arab and African countries. He hailed Egypt, which he believes plays an important role in international and regional affairs, as an important cooperative partner of China among developing countries. "The Chinese side attaches great importance to developing Sino-Egyptian relations," Li noted, adding that the two countries have always respected each other, treated each other frankly and witnessed continuously deepened political trust and rapid development of pragmatic cooperation in various areas. "The relationship between the two nations has become a model for cooperation among developing countries," he said. Mubarak asked Li to convey his regards to Chinese President Hu Jintao and other Chinese leaders. He said he has maintained close and friendly relations with several generations of Chinese leaders, and Egypt is pleased to see China's rapid development, and hopes it can be stronger. He said he has been working to promote the development of bilateral ties, and attaches great importance to developing friendly cooperation in all fields with China. Li also briefed Mubarak on China's measures in countering the global financial crisis, including adjusting macroeconomic policies in a timely manner, implementing proactive fiscal policy and moderate monetary policy and expanding domestic demand to promote economic growth. He said China believes that these measures will be conducive to China's economy to maintain steady and rapid development. After the meeting, Li briefed the Egyptian media on the meeting with the president. Li also held talks with Egyptian Prime Minister Ahmed Nazef, and the two attended a signing ceremony on cooperative documents in fishery. Besides meetings with Egyptian leaders, Li will also attend the opening ceremony of a China-Egyptian business forum in the afternoon. Egypt is the second leg of Li's first overseas trip since he took office as vice premier in March. The trip has brought him to Indonesia and will bring him to Kuwait. Among his entourages are senior foreign affairs, development, commercial and banking officials. According to Chinese statistics, trade volume between China and Egypt has reached more than 5.3 billion U.S. dollars as of October this year, a 44-percent increase compared with the same period of last year. By the end of July, about 570 Chinese companies have invested in the northeastern African country. In addition, more and more Egyptian students begin to study Chinese language as the bilateral ties ushered into a new phase. Up to now, there are five Egyptian universities that have established Chinese language departments.
来源:资阳报