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OSLO, Jan. 13 (Xinhua) -- Jan Egeland, director of the Norwegian Institute of International Affairs, on Thursday spoke highly of China's timely assistance to a Europe struggling in deep financial crisis.In an article published on the Thursday issue of the Norwegian- language newspaper Aftenposten, Egeland said that 150 years after Britain and other Western countries forced China to accept the opium trade in Chinese cities, crisis-hit European countries are now hoping to have investment and assistance from China.Three years ago nobody would have thought that China would emerge as a contributor to the euro's survival and to save the European countries from financial bankruptcy, he said in the article."We live in a world of radical change -- 2011 is the year when we will definitely see that the economic and political center of gravity is moving eastward," the author said.Large parts of Asia, Latin America and Africa as well as the Middle East are marked by optimism, growth and investment. But in the forefront is China, which is making investments in Europe and America, the article said.It is equally sobering to click on costofwar.com to see how quickly the U.S. government spends billions in Afghanistan and Iraq as 1.1 trillion U.S. dollars have been spent on the two wars there, Egeland said.Beijing, already a major investor in Greece and in talks with Ireland, has bought nearly 50 billion of Spain's government debt, said the article. Chinese Vice Premier Li Keqiang has just concluded a visit to Spain, Germany and Britain with over 100 prominent Chinese businessmen. During this visit, he said that China will contribute to help Europe get out of the crisis, the article added."There is every reason to believe that China does not want revenge on earlier humiliation, but actually want to contribute to both the U.S. and Europe to avoid economic chaos. Lenders earn little when the borrowers go bankrupt," said Egeland.

BEIJING, Dec. 6 (Xinhua) -- Chinese credit rating firm Dagong Global Credit Rating assessed the sovereign credit rating of Ireland at BBB in its third sovereign or regional credit rating report released Monday.Dagong's credit rating of Ireland is lower than that given by Moody's, Standard and Poor's and Fitch."Dagong made its assessment based on factors such as Ireland's increasing debt level, the administrative capability of its government, economic and financial strength," Dagong Global said.Dagong Global's announcement follows the proposed 85-billion-euro bailout of debt-hit Ireland by the European Union and the International Monetary Fund.Dagong's report also rated four other nations - Finland, Uruguay, Kenya and Sudan.In terms of domestic currency-denominated debt, Finland received the firm's top AAA rating, but with a negative outlook.Uruguay was rated BB-plus while Kenya received a B rating.Sudan was rated C, the nation's first sovereign credit rating.Dagong Global uses a three-level assessment system, with each level containing three sub-levels. For example, AAA, AA and A.The rating agency published sovereign credit ratings in two earlier reports. One on July 11 rated 50 countries. The second on October 20 rated nine countries and regions.Founded in 1994, Dagong Global is a pioneer in the rating of industry, region and sovereign debt. It is also a leading credit rating firm for corporate bonds, financial bonds and structured debt.

SEOUL, Nov. 12 (Xinhua) -- Chinese President Hu Jintao called for concerted efforts to realize strong, sustainable and balanced growth of the world economy at the Group of 20 (G-20) summit here on Friday.Delivering a speech entitled "Build on Achievements and Promote Development" at the summit, he presented a four-point proposal for the major economies to jointly promote global economic recovery and growth.FOUR-POINT PROPOSAL FOR GLOBAL ECONOMIC GROWTHChinese President Hu Jintao attends the inauguration of the Group of 20 (G20) Summit in Seoul, capital of South Korea, Nov. 12, 2010.Hu said the world economy was slowly recovering thanks to the concerted efforts of the G-20 and the entire international community, but total demand remained insufficient in the absence of new sources of growth"Countries differ in policy objectives, making macroeconomic policy coordination even more difficult and global recovery even more fragile and uneven," he said.The Chinese leader had been promoting cooperation and coordination since he arrived in Seoul for the summit on Thursday morning."We must adopt an attitude responsible to history and the future, bear in mind the common interests of mankind, build on what we have already achieved and continue to work in concert for strong, sustainable and balanced growth of the world economy," Hu said.The first point of Hu's proposal at the summit was that the world community should improve the framework for strong, sustainable and balanced growth and promote cooperative development."Strong, sustainable and balanced economic growth is of great significance to the whole world," he said."We should stick to the country-led principle, take into full account the different national circumstances and development stages of various members, and appreciate and respect each country's independent choice of development path and policies," he added.The second point was that the world community should champion open trade and promote coordinated development."We must be firmly committed to free trade, to the consensus reached at previous G-20 summits, and to the effort of opposing all forms of protectionism and removing existing trade protectionist measures," he said.The Chinese president also called on the world community to reform the financial system and promote stable development."We should continue to push for fair and merit-based selection of the management of international financial institutions, and enable more people from developing countries to take up mid-level and senior management positions," he said.The last point of Hu's proposal was that the world community should narrow the development gap and promote balanced development.@ "We must endeavor to build a new and more equal and balanced global partnership and encourage developed and developing countries to have more mutual understanding and closer coordination rather than follow the old path of trading accusations and public confrontation," he said.

LUANDA, Jan. 13 (Xinhua) -- Visiting Chinese Vice Minister of Commerce Zhong Shan said here on Thursday that China would help Angola in diversifying its exports to China as part of the efforts to boost trade relations between the two countries.Zhong made the pledge during his meeting with Angolan Minister of Trade Maria Idalina Valente to explore ways of further expanding trade and economic ties between the two countries.Zhong said China has attached importance to developing ties with Angola, the largest trading partner of China in Africa, and the 2010 visit to Angola by Chinese Vice President Xi Jinping brought Sino-Angolan ties to new highs.The Chinese official said crude oil was almost the sole product of Angola which ended up in Chinese markets despite the fact that trade volume between the two countries amounted to some 25 billion U.S. dollars in 2010, and the Chinese government has decided to reduce or waive tariffs on Angolan exports to China from January 1, 2011 to encourage Angolan businessmen to export more products to China, including agricultural produces, fish and other marine products and diamonds.Zhong said China and Angola have made substantial progress in bilateral cooperation in the fields of energy, basic infrastructures and agriculture, and the Chinese government has encouraged Chinese enterprises to invest in Angola and make technological transfers to the African country as well.For her part, Maria Idalina Valente said Angola welcomed China's proposal to expand bilateral trade and economic cooperation on the basis of the strategic partnerships hammered out during Xi Jinping's visit to Angola.The Angolan minister said the biggest challenge faced by her government is to diversify its oil-dependent economy and to build up industrial and manufacturing capabilities in the national economy.She said Angola is trying to improve its investment conditions and hopes to reach an agreement with China on the protection of investments by the year 2012.The minister said her country is also keen on learning from China's development experiences in setting up special economic zones and zones of processing products for exports.Zhong arrived in Luanda earlier in the day for a two-day work visit to the African country.

BEIJING, Nov. 14 (Xinhua) -- Chinese Vice Premier Li Keqiang has urged more efforts be made to accelerate economic restructuring to achieve sustainable development amid concerns of global uncertainties."The global economy is still facing great uncertainties and has not shaken off the deep impact of the financial crisis", Li wrote in an article Xinhua received Sunday, calling for "deep understanding" of the proposal for national development in the next five years.The Communist Party of China (CPC) Central Committee's Proposal on Formulating the 12th Five-year Program (2011-2015) on National Economic and Social Development was issued on Oct. 27 after it was adopted at the Fifth Plenary Session of the 17th CPC Central Committee, which ended Oct. 18.The imbalance of the overall world economic recovery remains and trade protectionism is on the rise, Li wrote in the article while calling for correct understanding of both domestic and international situation.Further, Li warned of the potential damage that will be caused by some governments' excessive debt, noting that some major economies continue their expansionary monetary policies and are pumping enormous liquidity into markets to boost their economic recovery, which may spur turbulence in the global financial market and push up commodity prices.Additionally, the inflow of hot money will affect emerging economies, he said."The world economy is growing slowly and the structure of global demand is changing, which puts new pressure on China in its efforts to stabilize and expand exports and maintain a stable and relatively rapid economic growth," Li wrote.The next five years will be crucial for building a moderately prosperous society in an all-round way, he said."The transformation of the economic development mode brooks no delay, and the key for the transformation is to achieve it at an accelerated speed and with practical effects," he said.Only by transforming the development mode can problems of imbalance and unsustainability be resolved, Li said.The government will work to boost domestic demand, consumption in particular, as a long-term strategy to maintain healthy and stable economic development and transform the economic development pattern, he wrote.It is imperative to keep investment at an "appropriate growth rate" and encourage private investment to expand domestic demand, he said.Efforts should also be made to promote balanced urban-rural development and scientific innovation to upgrade industries.Li said China will also move ahead with "vigorous but steady" political reform while pushing forward economic restructuring.The government will reduce its intervention in economy and let market play the role in resource distribution, Li wrote. He also called for stepping up fiscal and taxation reform and strengthening financial supervision to prevent systematic financial risks.The country will open more fields to the outside and enhance opening up in the inland area, he said.He also called for participation in global economic governance and regional cooperation, speeding up the implementation of free trade zone strategy and opposing trade protectionism, so as to push for the development of a just and rational international economic order.