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BEIJING, Nov. 2 (Xinhua) -- China's gross domestic product (GDP) growth is expected to slow to 9.4 percent in 2008 from last year's 11.4 percent as the shrinking exports will cool the world's fourth largest economy, according to a Chinese credit rating agency report on Sunday.     The fundamentals of the economy are sound, but falling export orders would take a toll on the national economy in the short term, and domestic consumption needed time to play a bigger role, said the report released by the China Chengxin International Credit Rating Co. (CCXI), a joint venture of China's first rating agency China Chengxin Credit Management Co. Ltd. and U.S.-based Moody's Corporation.     The changing external economic environment and the burst of domestic asset bubbles would exacerbate the slowing economy, said the report.     The proactive fiscal policy was key to preventing the economy from falling and there was room for further cuts in bank reserve requirement ratios and interest rates.     It predicted the economy would gain 8.6 percent in 2009, but it gave no explanation of its forecast.     China's economy grew at 9 percent in the third quarter, the slowest in five years, as the global financial crisis sapped demand for Chinese goods, and domestic industrial production waned in response to weak demand and rising raw material costs.     The government has lowered interest rates three times in the last two months, increased export rebates and cut property transaction taxes to boost domestic consumption.     The report said the world financial crisis would have limited direct impact on the domestic banking system, but it warned Chinese exporters of default risks of foreign buyers.     Insurers and securities companies would be affected as the domestic capital market was growing more connected to the international market.     In September, the Manila-based Asian Development Bank, projected China's GDP growth to fall to 10 percent this year and further ease to 9.5 percent in 2009.     The slow-down was a result of the combined effects of a reduced trade surplus, slower growth in investment, and the global economic downturn, the Asian Development Outlook 2008 Update has said.

Li Changchun (5th R, 2nd row), member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, poses for photos with artists after a concert celebrating 30 years' reform and opening-up in Beijing Dec. 10, 2008. (Xinhua Photo)    BEIJING, Dec. 10 (Xinhua) -- Li Changchun, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, watched on Wednesday night a performance that marked the 30th anniversary of the country's reform and opening-up.     The concert in Beijing featured poem recitation and chorus of songs as an ode to the achievements China has made in the past 30 years.     It was one of a series of performances organized by the China Literature and Arts Federation to commemorate the anniversary.     Liu Yunshan, member of the CPC Central Committee Political Bureau and head of the CPC Central Committee Publicity Department, and State Councilor Liu Yandong also attended the event.

BEIJING, Jan. 28 (Xinhua) -- China's railways carried 75.05 million passengers between Jan. 11-27, or in the first 17 days of the 40-day Spring Festival travel rush.     The figure represents a 17 percent increase from a year earlier, the Ministry of Railways (MOR) said Wednesday.     The ministry has ordered to add more transport capacity to provinces and municipalities including Sichuan, Chongqing, and Jiangxi to brace for the post-holiday traffic rush. The regions are homes to the largest number of migrant rural workers.     Hundreds of millions of Chinese went home for family gatherings in the lunar new year holiday, the most important traditional one in China, creating the world's largest population migration.     In addition, 114.7 million passengers have traveled by road between Jan. 25-28, up 5.4 percent from the same period last year. Short trips account for 80 percent of the total in the first four days of the seven-day Spring Festival holiday.

BEIJING, Jan. 1 (Xinhua) -- Chinese President Hu Jintao and his U.S. counterpart George W. Bush exchanged congratulatory messages Thursday to mark the 30th anniversary of the establishment of diplomatic relations between their two countries. Chinese President Hu Jintao(R) meets with U.S. President George W. Bush in Lima, capital of Peru, Nov. 21, 2008.    The establishment of diplomatic relations between China and the United States 30 years ago "is a milestone that marked a new chapter in the history of our relations and had a significant and profound impact on the international situation and the world's landscape," Hu said in his congratulatory message.     "For 30 years, thanks to the concerted efforts of generations of Chinese and American leaders and people of vision from all walks of life, we have made historic achievements in growing these relations," the Chinese president said.     "Our two countries have fruitful exchanges and cooperation in a wide range of areas. Our two peoples are increasing mutual understanding and friendship day by day. The strategic significance and global implications of China-U.S. relations have become all the more evident," Hu said.     "These facts have proven that the establishment and development of normal state-to-state relations between China and the United States serves the fundamental interests of our two peoples and go along with the trend of the times. They have not only delivered enormous benefits to our two peoples, but have also greatly contributed to peace, stability and development of Asia and the world at large," Hu said.     The world is now undergoing complex and profound changes, Hu said, adding under the new circumstances and in the face of new opportunities and challenges, China stands ready to work with the United States to build on past achievements, sum up and draw on experience in the development of China-U.S. relations, follow the principles of the three Sino-U.S. joint communiques, and remain committed to the development of a constructive and cooperative relationship.     China is willing to further strengthen dialogue and exchanges with the United States on the basis of mutual respect, equality, mutual benefit and win-win cooperation, enhance mutual trust and cooperation, and continuously expand the basis for cooperation and common interests between the two countries so as "to promote sound, stable and in-depth growth of our constructive and cooperative relationship", Hu said.     In his congratulatory message, President Bush said the decision by the two governments to open formal ties 30 years ago "transcended profound differences in our nations' histories, cultures, and political systems and bridged a seemingly impossible divide."     "The peoples of the United States and China have come to know each other well over the last 30 years. Together, we have built bridges between our two nations in every conceivable field – from commerce and trade to education, science, sports, and the arts," Bush said.     "Over the last eight years, the relationship between our two governments has become more constructive and cooperative, and we have made progress in addressing global challenges such as terrorism, pandemic disease, and the proliferation of nuclear weapons. We have worked as global leaders to promote open markets as the best way to foster economic dynamism and development," he said.     He hoped that over the coming 30 years "our governments will build on this foundation of goodwill and work constructively together to advance the causes of peace, stability, and development."     Bush expressed his confidence that working with common purpose and determination, China and the United States can successfully address global challenges to ensure that "our children inherit a truly better and safer world."

Wu Bangguo, Chairman of the Standing Committee of China's National People's Congress (NPC), presides over the 15th meeting of the chairman and vice-chairpersons of the 11th NPC Standing Committee, in Beijing, capital of China, Dec. 15, 2008.     BEIJING, Dec. 15 (Xinhua) -- China's top legislators on Monday approved the Ministry of Finance to expend "a certain amount" of fund in advance before the central budget is reviewed and approved next spring.     The chairman and vice-chairpersons of National People's Congress (NPC) Standing Committee made the decision at their meeting here Monday, said a statement issued after the meeting presided by Wu Bangguo, chairman of the NPC Standing Committee.     The statement did not reveal the exact number of the fund.     "In face of serious challenges from domestic and international market, the government has carefully adjusted the macroeconomic policies," the statement said. "The new moves were proved to be correct and effective."     The central budget is supposed to be discussed at the NPC annual session in next March. Wu Bangguo (C), Chairman of the Standing Committee of China's National People's Congress (NPC), presides over the 15th meeting of the chairman and vice-chairpersons of the 11th NPC Standing Committee, in Beijing, capital of China, Dec. 15, 2008.     At the meeting, they also discussed the agenda of the six session of the 11th NPC Standing Committee, expected to convene from Dec. 22 to 27.     Under the proposed agenda, lawmakers taking part in the session would review the draft amendments to the law on precautions against earthquake and disaster relief, the patent law, the criminal law and insurance law as well as drafts of the law on social insurance and tort liability law.     The draft law on arbitration of rural land contract conflicts and draft amendment to the law on statistics will be first tabled at the session.     Two international pacts are due to be ratified during the session: the pact on the joint military exercises held by the Shanghai Cooperation Organization members and the one on criminal judicial assistance between China and United Arab Emirates.     The State Council will table four reports, on implementation of the 11th Five-Year Plan, on measures to cope with international financial crisis and maintain a stable healthy economic growth, on measures to stabilize consumer price and on efforts to control water pollution.