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BEIJING, June 10 (Xinhua) -- China's foreign exchange regulator said Thursday it will strengthen monitoring of cross-border capital flows to reduce risk.The regulator will keep a close watch on the economic and financial situation home and abroad this year, the State Administration of Foreign Exchange (SAFE) said in its annual report on management of foreign exchange posted on its website.It will also enhance its monitoring of abnormal cross-border capital flows by cracking down on illegal private banks and internet-based speculation in foreign exchange.The SAFE will maintain a prudent approach to managing foreign currency reserves and will continue to improve its diversification strategy.China's balance of payments continue to expand, albeit slowly, despite the impact of the global financial crisis.At the end of 2009, China's foreign exchange reserves hit 2.4 trillion U.S. dollars, a 453 billion U.S. dollar increase from the end of 2008.China had gold reserves of 1,054 tonnes at the end of last year, the fifth largest in the world.Although gold has commodity and monetary properties, the global gold market is relatively small and illiquid, the report noted, adding that because of its volatile price and high cost of holding and trading, gold has limited utility in asset allocation.
NANCHANG, July 31 (Xinhua) - More cities, counties and townships in China have implemented community correction programs instead of imprisoning not-serious offenders, according to a statement released Friday after a meeting held by the Ministry of Justice in eastern China' s Jiangxi Province.In the first half of 2010, the community correction programs were implemented in four more prefecture-level cities, 84 more counties and city districts, and 2,858 more townships and urban communities, it said.That means the programs are now in 222 prefecture-level cities, 1,420 counties and city districts, and 17,981 townships and urban communities.Further, ten provinces and municipalities, including Beijing and Shanghai, have the programs in all their townships and urban communities.About 486,000 offenders have been committed to community correction programs nationwide, up from 350,000 at the end of 2009.Only 0.2 percent of them committed offences again while they were attending the correction program, the statement said.
CAIRO, July 5 (Xinhua) -- A seminar aimed at improving the levels of trade between Egypt and China was held in Cairo late Monday.The two-hour forum was attended by about 60 officials and representatives from both Egyptian and Chinese companies. Cao Jiachang, commercial counselor at the Chinese embassy to Egypt and Mohamed Shafeek, chairman of Egypt's General Authority for Imports and Exports Control, joined the discussion.The forum discussed the pre-shipment inspection of Egypt's imported industrial products from China and other topics such as the improvement of trade structure between the two countries.In February 2009, China's top quality watchdog and Egypt's Ministry of Trade and Industry signed a memorandum of understanding for pre-shipment inspection of Chinese industrial products exported to Egypt.Trade and economic cooperation between China and Egypt have seen rapid development in recent years. In 2009, bilateral trade volume reached 5.86 billion U.S. dollars.
XIAMEN, June 20 (Xinhua) -- The Chinese mainland and Taiwan have come closer to signing a comprehensive economic pact as "substantial progress" has been made in negotiations, the mainland's chief Taiwan affairs official said on Sunday.Speaking at a centerpiece conference of the week-long Straits Forum held in the southeastern city of Xiamen, Director of the State Council's Taiwan Affairs Office, Wang Yi, said the progress in talks on the Economic Cooperation Framework Agreement (ECFA) is a result of joint endeavors and shall be honored by both sides.The two sides discussed the main contents of the pact and items of the goods and services to be included in the "early harvest program" at the third round of expert-level talks in Beijing last week.The Association for Relations Across the Taiwan Straits (ARATS) and Taiwan's Straits Exchange Foundation (SEF) represented both sides during the negotiations. Two previous talks were held in Beijing and Taipei earlier this year.The ECFA is intended to normalize mainland-Taiwan economic ties and bring the two economies closer, the pact's initiators said. Its "early harvest program" will cover certain industries to first benefit from tariff reductions.
BEIJING, July 11 (Xinhua) -- A Chinese government official said Sunday China had approved renewing the operation license of Beijing Guxiang Information Technology Co. Ltd., operator of Google's China website.The official with the Ministry of Industry and Information Technology (MIIT), who spoke anonymously, told Xinhua that the result of its annual checkup on Google was "Approved after Rectification."Guxiang submitted an application letter to the MIIT on June 29 to renew Google's Internet Content Provider (ICP) license, a permit to run websites in China.In the application letter, Guxiang pledged to "abide by Chinese law," and "ensure the company provides no law-breaking content as stipulated in the 57th statement in China's regulations concerning telecommunications."The statement says that any organization or individual is prohibited from using the Internet to spread any content that attempts to subvert state power, undermine national security, infringe on national reputation and interests, or that incites ethnic hatred and secession, transmits pornography or violence.Guxiang also accepted that all content it provides is subject to supervision of government regulators, said the official.