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BEIJING, Aug. 27 (Xinhua) -- China's top legislature concluded its four-day, bimonthly session Thursday, after approving the country's first armed police law and climate change resolution.     Top legislator Wu Bangguo told the closing meeting of the 10th session of the Standing Committee of the 11th National People's Congress (NPC) that the new armed police law clarified the nature, command mechanism, responsibilities, duties and rights of the paramilitary force. "It offers solid legal backing for the armed police to complete the country's security tasks, maintain social stability and safeguard the legitimate rights and interests of citizens and organizations," Wu said.     Climate change has been an issue of concern among lawmakers.     Wu said the newly-approved resolution was an "important achievement" and a significant measure taken by the top legislature to deal with the global challenge.     Wu, chairman of the NPC Standing Committee, said the resolution praised the government's work on climate change, emphasized the importance of the issue, clarified guidelines, basic policies, measures as well as China's stance.     He said lawmakers proposed many suggestions on a climate change report, presented by the State Council (Cabinet), and a draft of the resolution.     Lawmakers agreed climate change was a challenge faced by all humankind and needed international cooperation.     Wu said China "as a responsible nation" had been focusing on the issue, set energy efficiency and environmental protection as basic state policies and achieving sustainable development as national strategies.     He said the country had made laws and regulations to climate change and set energy saving and emissions reductions as binding targets in the state's medium and long-term development plan. The 10th session of the Standing Committee of the 11th National People's Congress (NPC) is held in Beijing, China, Aug. 27, 2009. The 10th session was closed on Thursday in Beijing. The country had "actively participated international cooperation on climate change and made contributions in mitigating and adapting to climate change."     He said the NPC Standing Committee "actively" made and improved laws related to the issue, listened to work reports regularly and conducted law enforcement inspections on resources and environment, which offered great support to the work of the government.     The top legislature also agreed Thursday a legislation overhaul with the updating and revision of 141 provisions in 59 different laws.     Wu said the collective updating and revision of laws was an important step to ensure a legal system with Chinese features would become "more scientific, unified and harmonious" and form a complete socialist legal system by 2010.     "The law revisions at this session solve the problem that some laws and regulations are incompatible with the economic and social development," he said.     This was the second legislation overhaul after the NPC Standing Committee in June agreed to abolish eight outdated and redundant laws, including one covering police stations that dated back to 1954.     Wu said the next step was to revise laws quickly, and asked government departments to enact regulations to help implement the laws, and streamline local regulations.     He said one of the focuses of the NPC's supervision work was to oversee the economy. One of the roles of NPC Standing Committee was supervision of the government.     He said due to the complicated domestic and overseas economic situation, the NPC took supervision of the implementation of the government's important decisions as top priority.     Each legislative session since April had deliberated work reports of some government departments, he said.     The NPC Standing Committee also investigated topics such as affordable housing construction at the suggestion of lawmakers. It would also supervise the implementation of the central government's public investment plan valued at 908 billion yuan (133.5 billion U.S. dollars) this year, part of the 4-trillion-yuan stimulus plan initiated late last year.     Wu said the investigation report on low-rent housing would be submitted to a legislative session in October.     "Such work plays an important role in promoting the implementation of central government decisions and stable and relatively fast economic development."     Wu said this session listened to a routine report on the implementation of the government's plan of economic and social development, as well as a report on economic restructuring and transforming the development model.     Lawmakers agreed that although the economy suffered a big drop during the fourth quarter last year, the 7.1-percent GDP growth in the first half of this year showed sound momentum, "which was not easy and a result of the efforts of the whole country."     Wu said it showed that the central government's decision of dealing with the impact of the global economic downturn was "completely correct" and the measures taken were "timely and effective."     Legislators said efforts should be made to ensure this year's economic and social development goals could be achieved.     The top legislature also accepted Thursday the resignation of Cui Mingjie, an entrepreneur of central Henan Province, from his post as NPC deputy, for alleged involvement in "serious economic crimes."     It also approved the expulsion of two NPC deputies -- Xu Zongheng, former mayor of south China's Shenzhen City, and Liu Youjun, director of the Guangdong provincial department of labor and social security -- for "serious violations of discipline."     According to the Credentials Committee of the NPC Standing Committee, the total number of deputies to the 11th NPC stands at 2,979.

DALIAN, Sept. 10 (Xinhua) -- Following is the translated version of the full text of Chinese Premier Wen Jiabao's speech delivered here on Thursday at the opening ceremony of the Annual Meeting of the New Champions 2009, or Summer Davos: 　　Build up in an All-round Way the Internal Dynamism of China's Economic Development     Speech by H.E. Wen Jiabao     Premier of the State Council of the People's Republic of China     At the World Economic Forum Annual Meeting of New Champions 2009     Dalian, 10 September, 2009     Professor Klaus Schwab, Executive Chairman of the World Economic Forum,     Distinguished Guests,     Ladies and Gentlemen, Chinese Premier Wen Jiabao addresses the opening plenary of the Annual Meeting of the New Champions 2009, or the Summer Davos, in Dalian, northeast China's Liaoning Province, Sept. 10, 2009.     Let me begin by extending warm congratulations on the opening of the third Annual Meeting of the New Champions, or the Summer Davos, and a sincere welcome to you all.     Over the past year, the world economy has experienced the most severe challenge since the Great Depression. We may recall the worries voiced by many people early this year when we gathered in Davos for the World Economic Forum annual meeting. Since then, thanks to the concerted efforts and active measures of the entire international community, some positive changes have taken place. The world economy is beginning to recover, although the process is slow and tortuous. We can now see the light of dawn on the horizon.This is a critical juncture and it is highly significant for political leaders, entrepreneurs, experts and scholars of various countries to gather together here and discuss how to "Relaunch Growth" of the world economy. I sincerely wish this meeting a great success!     This unprecedented global financial crisis has taken a heavy toll on the Chinese economy. Yet, we have risen up to challenges and dealt with the difficulties with full confidence. And we have achieved initial results in our endeavor.     We have arrested the downturn in economic growth. In the first half of this year, China's GDP grew by 7.1 percent, investment expanded at a faster pace, and consumption maintained fast and steady growth. Domestic demand played a stronger role in driving the economy forward. From January to July, 6.66 million new urban jobs were created, income of urban and rural residents increased, and overall social stability was maintained. We effectively managed fiscal and financial risks and kept budget deficit and government debt at around 3 percent and 20 percent of the GDP respectively. Banks' asset quality and ability to fend off risks were improved. At the end of June, the NPL ratio of commercial banks was 1.8 percent, down by 0.64 percentage point from the beginning of the year, and capital adequacy ratio stood at 11.1 percent.     With the world economy still mired in recession, it is by no means easy for us to have come this far. The achievements we have made are not something that dropped into our lap. Rather, they are the results of the proactive fiscal policy and moderately easy monetary policy and the stimulus package that the Chinese government and people have pursued in line with the national conditions. Some people take a simplistic view and believe that China's stimulus package means only the four trillion RMB yuan investment. This is a total misunderstanding.     China's stimulus package focuses on expanding domestic demand and is aimed at driving economic growth through both consumption and investment. Of the total four trillion yuan in the two-year investment program, 1.18 trillion yuan will come from the central government, and it will mainly be used to generate greater investment by local governments and the non-public sector. We have made vigorous efforts to stimulate consumption and make domestic demand, particularly consumer spending the primary driver of economic growth. We have increased subsidies for farmers, raised the minimum purchasing price of grains, introduced performance-based salaries for primary and middle school teachers, and increased the basic cost of living allowances for urban and rural residents so that the people will be able to spend more. In order to boost consumption, we have offered subsidies for the program of bringing home appliances, agricultural machinery, automobiles and motorcycles to the countryside and the program of exchanging used automobiles and home appliances for new ones. Purchase taxes on small-engine and energy conserving and environment friendly cars have been cut by half. In the first seven months, a total of 7.31 million cars were sold and total retail sales of consumer goods rose by 15 percent.

HANGZHOU, Aug. 22 (Xinhua) -- Pakistani President Asif Ali Zardari said Saturday his country welcomes Chinese investors.     Zardari made the call during his visit to Hangzhou, capital of east China's Zhejiang Province, the first leg of his ongoing China tour. Pakistani President Asif Ali Zardari (C, front) attends the Forum on Pakistan-Zhejiang (China) Trade and Investment Opportunities: Current Co-operation and Future Prospects in Hangzhou, capital of east's China's Zhejiang Province, Aug. 22, 2009. With the gradual recovery of its economy, Pakistan is making efforts to explore new international markets and remove barriers for investment and trade so as to attract more foreign investment, Zardari told reporters in Hangzhou.     Zhejiang is one of the Chinese provinces which enjoy close exchanges with Pakistan. A total of 43 Pakistan companies have their businesses in Zhejiang, yielding fruitful results in silk, water conservation, agriculture, among others, according to Zardari.     Zardari said his country will introduce a package of favorable policies for businesses in Zhejiang to invest in Pakistan, which will inject a new vitality into its economy.     Officials from Pakistan's investment promotion departments said Chinese investors are needed by Pakistan's agriculture, hydro power and energy sectors. The infrastructure alone will require an initial investment of 110 billion U.S. dollars.     Chinese fruit preservers can also play a crucial role in Pakistan as about 40 percent of Pakistan's fruit can not be moved to other places due to the lack of freezing vehicles, according to Pakistani officials, who commented on the basis of anonymity.     Zardari was paying his fourth visit to China since taking office last September.     He attributed his frequent visits to the intent of bringing back home China's experience in development. Guests attend the Forum on Pakistan-Zhejiang (China) Trade and Investment Opportunities: Current Co-operation and Future Prospects in Hangzhou, capital of east's China's Zhejiang Province, Aug. 22, 2009.

URUMQI, July 22 (Xinhua) -- A key expressway in northwest China's Xinjiang Uygur Autonomous Region began construction on Wednesday in a move to improve the region's road network and serve its economic development.     The 135-km expressway will link Kuytun City to Karamay City. The project, funded by the central government and Xinjiang regional government, will cost 3.87 billion yuan (about 567 million U.S. dollars).     The road is bidirectional with four lanes. It will be completed and put into use in November 2011.     Dai Gongxing, vice chairman of the Xinjiang regional government, said at the groundbreaking ceremony in Kuytun that the expressway, also part of the national expressway network, would improve the regional transport and promote local economic development.

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.

来源：资阳报