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FRANKFURT, Oct. 15 (Xinhua) -- How could the Chinese economy witness rapid growth for over 30 years in a row? How could its population of 1.3 billion have living standards improved sustainably? The answer is what observers across the world are dubbing the "China miracle". On Wednesday, politicians and economists attending the "International Economists Forum" at the interval of the Frankfurt Book Fair gave their own interpretations on the "China miracle". Former German Chancellor Gerhard Schroeder, who has long been supporting a smooth expansion of Sino-German and Sino-European relations, said Europe should regard China as a partner instead of a rival. Europe should continue to push strategic relations between China and the European Union (EU), which would benefit both sides, said Schroeder, who visited China almost every year during his period in power. Edmund Strother Phelps, an American economist and the winner of the 2006 Nobel Prize in Economic Sciences, stressed the significance of innovation and entrepreneurship in boosting the economic development in China. Phelps also proposed that the Chinese government provide more conditions for encouraging innovation. Justin Yifu Lin, senior vice president of development economics and chief economist of the World Bank, said China adopted a pragmatic, dual-track approach in the reform process, by providing transitory protection to non-viable firms in old priority sectors and liberalizing the entry to the sectors that are consistent with China's comparative advantages. "Continuous innovation of technology and upgrading of industries are the driving forces of modern economic growth for China," Lin added. Professor Athar Hussain, director of Asia Research Center at the London School of Economics and Political Science, is well acquainted with China through his work as a foreign expert there in 1960s. In his lecture, Hussain praised China's achievements. He also pointed out the challenges ahead for China in its modernization drive. Chen Ping, a professor from China's Fudan University, noted that orthodox economic architectures failed to explain the success and experience of China. China's burgeoning growth and unprecedented development model had contributed to the human history at large, he added.
BEIJING, Aug. 1 (Xinhua) -- Several hundred former generals, famous military artists, and soldiers gathered at the foot of the Great Wall Saturday to celebrate the 82nd anniversary of the founding of the Chinese People's Liberation Army (PLA), which falls on August 1. At the ceremony organized by the China Great Wall Society (CGWS), veterans recited a poem telling their love and wishes for the country and the people. Lieutenant General Shao Huaze, vice chairman of the CGWS, said the peom was written based on the wishes collected from the veterans. The CGWS also held an exhibition of more than 500 calligraphy and painting works by former generals.

BEIJING, Sept. 19 (Xinhua) -- The Communist Party of China (CPC) Central Committee hosted a symposium here Saturday to solicit advice and suggestions from outside the Party on its document concerning strengthening and improving Party building. Hu Jintao, general secretary of the CPC Central Committee, briefed the participants on how the document of the Fourth Plenary Session of the 17th CPC Central Committee was weighed and finally formed. He asked them to freely voice their opinions on revising the document. Chairmen of the central committees of eight non-communist parties and personages without party affiliation like Health Minister Chen Zhu offered their suggestions on issues including strengthening the intra-Party democracy, fighting corruption and improving the leadership style. "The suggestions are valuable and insightful," said Hu. "They are a reflection of the close cooperative relations between the CPC and the non-communist parties." "We will study them and try to learn from them," he said. Hu said that being a ruling party in a country with a population of more than 1.3 billion, the CPC is shouldering an arduous task. The CPC will stick to the principle that the Party exercises self-discipline and is strict with its members. It will strengthen Party building and improve its art of leadership and governance. Hu stressed that the CPC will work hard to enhance its abilities of resisting corruption, guarding against degeneration and warding off risks. Members of the Standing Committee of the CPC Central Committee Political Bureau Jia Qinglin, Xi Jinping and He Guoqiang also attended the symposium. The Fourth Plenary Session of the 17th CPC Central Committee, which was concluded Friday, endorsed the decision of the CPC Central Committee on major issues on strengthening and improving Party building under the new circumstances. A communique issued upon the closing of the four-day plenum vowed to "expand intra-Party democracy to develop people's democracy" and resolutely fight corruption." It also acknowledged that quite a few problems existed inside the Party that ran counter to new circumstances and to the Party's nature.
HONG KONG, Sept. 28 (Xinhua) -- The launch of Renminbi sovereign bonds in Hong Kong on Monday shows China's efforts to boost the international use of the yuan step by step, officials and analysts said. The bond issue, worth only 6 billion yuan (878.5 million U.S. dollars), marked a key milestone in the internationalization of the RMB. Hong Kong was chosen for, and will benefit from, the milestone bond sale thanks to its unique position as the international financial center providing desired cushion against the potential risks when the program was launched, analysts said. BOOSTING INTERNATIONAL USE OF RMB The bond issue in Hong Kong came earlier than expected, said Hu Yifan, an economist with CITIC Securities. "The need for the RMB to go international and convertible has been growing along with the increasing importance and openness of the Chinese mainland economy and the risks arising from over- reliance on the United States dollar as the reserve currency," said Tse Kwok-leung, head of economic research of Bank of China ( Hong Kong) Limited. China has been launching pilot RMB programs over the years, but the pace has obviously quickened since the onset of the global financial crisis. Pilot RMB programs launched in Hong Kong over the past 12 months also included yuan-denominated cross-border trade settlement and trade financing, yuan bonds issued by policy banks, commercial lenders and the branches of foreign banks, and currency swaps. The sovereign bond issue would help "boost the international use of the RMB in a steady and orderly manner," the Chinese Ministry of Finance quoted Acting Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Henry Tang as saying. The sovereign bond sale in Hong Kong serves the purpose of water testing to "see how it is received by international investors." Hong Kong has a unique strength in that it provides the desired cushion against potential risks when the pilot programs were launched, given that the mainland capital market was yet to open up, Tse said. BOOSTING NASCENT BOND MARKET IN HONG KONG The bond issue ahead of the Chinese National Day showed the central government's support for Hong Kong, Vice Minister of Finance Li Yong said. It will help Hong Kong build on its strength as an international financial center by boosting the nascent bond market in Hong Kong, Tse Kwok-leung said. "It calls for a banking system, a stock market and a bond market, all developed, to make a developed international financial center," Tse explained. Hong Kong has been aspiring to be the leading international financial center in the Asian time zone. Government statistics showed that the total assets of Hong Kong's banking system and the size of its stock market were both about six times its gross domestic product, compared with a bond market equivalent to 43 percent of its gross domestic product. Bonds issued in Hong Kong in 2008 totaled 424.4 billion HK dollars (54.4 billion U.S. dollars), with 67 percent issued by the Hong Kong Foreign Exchange Fund, which was established to defend the Hong Kong dollar peg to the U.S. dollar. The other 33 percent were accounted for by development banks from outside Hong Kong and corporate bonds issued by local players. There were no sovereign bonds. Tse said the bond issue will also help improve the liquidity of, and diversify, the local bond market. It will also improve the operation of the RMB bond market in Hong Kong by helping find the benchmark interest rate in the local market. Tse said the demand for sovereign bonds issued by an economy as strong as the Chinese mainland was huge, given the impact of the global financial crisis on the corporate bond market. Vice Minister of Finance Li Yong also said he believed the bonds will be well received. "I believe the RMB sovereign bonds will prove popular with investors looking for safe and prudent investments. I definitely think it will be successful," Li said.
WASHINGTON, July 28 (Xinhua) -- Holding an umber basketball in his hand, Chinese Vice Premier Wang Qishan became the center of attention at the end of the first round of the China-U.S. Strategic and Economic Dialogue on Tuesday. The basketball, with Barack Obama's autograph, is a gift from the U.S. president to Chinese Vice Premier Wang Qishan who is the co-host of the "Economic Track" of the dialogue. The basketball is considered a symbol of the U.S. government's hospitality and gratitude to Chinese officials for their efforts in making this dialogue a success. U.S. President Barack Obama (R) presents a basketball to Chinese Vice Premier Wang Qishan (C), special representative of Chinese President Hu Jintao, as Chinese State Councilor Dai Bingguo (L) stands by in the Oval Office of the White House in Washington, on July 28, 2009. Obama met with Chinese Vice Premier Wang Qishan and State Councilor Dai Bingguo, special representatives of Hu, here on Tuesday. Wang Qishan and Dai Bingguo were in Washington to participate the two-day US-China Strategic and Economic Dialogue concluded here on July 28. During his closing address, Chinese State Councilor Dai Bingguo, co-host of the "Strategic Track," introduced the basketball to reporters, as he hailed the "in-depth, broad, candid, and productive" discussions between the two sides and expressed the Chinese delegation's appreciation of what the American government has done to arrange the dialogue. He also said that the Chinese side will work together with the U.S. side to make good preparations to ensure that President Obama's first visit to China later this year will be a success. Chinese Vice Premier Wang Qishan (L), special representative of Chinese President Hu Jintao, holds a basketball presented by the U.S. President Barack Obama as a gift in the Oval Office of the White House in Washington, on July 28, 2009. It was not the first time that basketball took the central stage during the two-day meeting. During his speech at the opening session on Monday, Obama, who is a well-known basketball fan, reached out to his Chinese guests by quoting Chinese NBA star Yao Ming. "As a new president and also as a basketball fan, I have learned from the words of Yao Ming, who said, No matter whether you are new or an old team member, you need time to adjust to one another," said the president. "Well, through the constructive meetings that we've already had, and through this dialogue, I'm confident that we will meet Yao's standard," he said.
来源:资阳报