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BEIJING, Jan. 24 (Xinhua) -- The People's Bank of China, the country's central bank, disproved Saturday the allegations by a U.S. Treasury official that China is manipulating the exchange rates of its currency, saying the statement is untrue and misleading. Su Ning, vice governor of the central bank, said that the allegation could sidetrack the effort to track the real cause of the financial crisis. "President Obama -- backed by the conclusions of a broad range of economists -- believes that China is manipulating its currency," the U.S. Treasury Secretary-designate Timothy Geithner wrote to the Senate Finance Committee in documents released on Thursday. "Also, we should avoid any excuse that might lead to the revitalization of trade protectionism. Because it will do no good to the fight against the crisis, nor will it help the healthy and stable development of the global economy," Su said. Yi Xianrong, a researcher with the financial research center of the CASS, told Xinhua on Friday if the U.S. labeled China as a "currency manipulator," it would hurt the concerted action of fighting the global financial crisis. It would also hamper the global efforts to shake off an economic slowdown as the Sino-U.S. economic tie had become one of the world's most important bilateral economic ties, Yi said. According to China customs statistics, Sino-U.S. trade hit 333.74 billion U.S. dollars last year, up 10.5 percent year on year. With a 9-percent rate, China contributed more than 20 percent of global economic growth in 2008, while the U.S. remained the world's largest economy, Yi said. Geithner's comment was just aiming to try out the Chinese government's response, said Zuo Xiaolei, senior analyst with the Beijing-based Galaxy Securities. Yuan appreciation and the pace of appreciation should not only be decided by trade surplus but also the status of domestic economic development, Zuo said. "The price advantage of Chinese exports may not be a result of currency issues, but the country's lower costs of labor, resources and land," she said. In July 2005, China abandoned a decade-old peg to the U.S. dollar and allowed its currency to appreciate by 2.1 percent. Since then, the yuan has strengthened further, rising more than 20 percent against the U.S. dollar.
TAIPEI, Jan. 8 (Xinhua) -- The mainland-donated panda pair is scheduled to meet the Taiwan public on Jan. 26, the first day of the Chinese Lunar New Year, the Taipei city government announced on Thursday. Taipei mayor Hau Lung-bin will visit the panda pair a few days earlier, on Jan. 24, with 500 orphans and children from poor families. "If all the quarantine measures for the panda pair and other procedures for their moving into the zoo go well as scheduled, the 500 children invited by the city government will be the first visitors on Jan. 24," Hau said. The Taipei city zoo said an opening ceremony for the panda enclosure would also be held on Jan. 24. The area would be open to the public on the morning of Jan. 26. It's estimated an average of 22,000 panda visitors per day will come to the enclosure once it's opened, according to the zoo. To accommodate the crowds, the zoo will extend business hours until 18:00 p.m. during the Spring Festival holidays. The city government said earlier in a statement that the pandas were expected to attract about 6 million visitors to the zoo annually, double the current number. The pair of 4-year-old giant pandas named "Tuan Tuan" and "Yuan Yuan" (when linked, their names mean "reunion" in Chinese), have now become "sweethearts" on the island. Cartoon images of the bears are displayed at bus stations and the airport's entrance. The mainland announced in May 2005 it would donate two giant pandas to Taiwan. Their departure had been delayed for more than three years. Improved cross-Straits ties made their journey to Taiwan possible.

DAVOS, Switzerland, Jan. 28 (Xinhua) -- Chinese Premier Wen Jiabao on Wednesday stressed confidence, cooperation and responsibility as key to overcoming the current global financial crisis. The global financial crisis is a challenge for the whole world, and the pressing task for the international community is "to take further measures to restore market confidence as soon as possible," Wen told participants attending the World Economic Forum annual meeting in the Swiss skiing resort of Davos. In tackling the crisis, confidence is the source of strength, practical cooperation the effective way and accepting responsibilities the prerequisite, he said in his special message at the forum. "We should not only take more forceful and effective steps to tide over the current difficulties, but also push for the establishment of a new world economic order that is just, equitable, sound and stable," Wen said. To this end, international economic cooperation and a sound multilateral trading regime should be promoted, and the reform of the international financial system should be advanced, he said. Chinese Premier Wen Jiabao (L) answers questions after speaking at the World Economic Forum annual meeting, in Davos, Switzerland, on Jan. 28, 2009.It is also necessary to strengthen international cooperation in financial supervision and regulation to guard against the build-up and spread of financial risks, the Chinese premier said. Wen said the interests of developing countries should be effectively protected and economic development of the whole world should be promoted. He also called for jointly tackling global challenges, such as climate change, environmental degradation, natural disasters and food security. "No country can be insulated from these challenges or meet them on its own. The international community should intensify cooperation and respond to these challenges together," Wen said. Wen, who is on a visit to Switzerland, traveled on Wednesday to Davos to attend the forum after meeting with President of the Swiss Confederation Hans-Rudolf Merz for talks on bilateral ties on Tuesday. Switzerland is the first leg of Wen's European tour, which will later take him to Germany, the European Union headquarters, Spain and Britain.
ATHENS, Nov. 26 (Xinhua) -- Chinese President Hu Jintao finished the last leg of his five-nation trip here on Wednesday and embarked on his way home. The trip, which began on Nov. 14, took him to a financial summit in Washington and the Economic Leaders' Meeting of the Asia-Pacific Economic Cooperation (APEC) forum in Lima. He also paid state visits to Costa Rica, Cuba, Peru and Greece. At the Washington summit, the Chinese leader outlined China's propositions on responding to the international financial crisis, explained major measures adopted by the Chinese government to ensure financial stability and economic development, and made proposals on reforming the international financial system. At the APEC meeting, President Hu made proposals on furthering Asia-Pacific regional cooperation in dealing with the world financial crisis, the Doha Round of WTO negotiations, food and energy security, and other pressing issues facing the world and the region. During his state visits to Costa Rica, Cuba, Peru and Greece, the Chinese president and leaders of the four nations exchanged views on the further development of bilateral relations and reached broad consensus on expanding friendly and mutually beneficial cooperation. In Lima, Hu and his Peruvian counterpart Alan Garcia announced the conclusion of a bilateral free trade agreement (FTA) and the upgrading of bilateral ties to a strategic partnership.
BEIJING, Nov. 2 (Xinhua) -- China's economy is in good shape despite the changing economic environment, and it will maintain stable and relatively fast growth, National Bureau of Statistics (NBS) chief Ma Jiantang told Xinhua on Sunday. "The fundamentals of China's economy remain unchanged despite the changing world economic environment," the new NBS director said. "We should be confident about the country's economic outlook." The world's fastest economic growth rate, successful commodity price controls, increasing foreign exchange reserves and good employment rates were the factors to support the economic fundamentals, said Ma. The consumer price index (CPI), the main gauge of inflation, eased to 4.6 percent in September from the same period last year. It hit a 12-year high of 8.7 percent in February. The country's gross domestic product (GDP) grew by 9.9 percent in the first three quarters, 2.3 percentage points down from the same period last year. The slowdown was a result of combined effects, including the global financial crisis, the world economic downturn and severe domestic natural disasters, Ma said. However, he said, "We should be confident about the country's economic outlook." The country had rich resource reserves, great market potential, vigorous enterprises and the government had strong macro-control abilities. The government had made a series of macro-economic policy adjustments against the changing economic environment, which would guarantee a steady and sound economic development, he said.
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