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TASHKENT, June 28 (Xinhua) -- Visiting Chinese Vice Premier Li Keqiang said on Sunday that China is willing to expand cooperation with Uzbekistan on wide-ranging issues while meeting with Uzbek President Islam Karimov. "Uzbekistan, as a country with important influence in central Asia, plays a major role in regional affairs, and developing a friendly partnership with Uzbekistan is one of the priorities of China's foreign policy," said Li. "China is willing to work together with Uzbekistan to constantly solidify the friendship and political trust between the two countries, make efforts to expand pragmatic bilateral cooperation in all fields, and increase exchanges in culture, education, health and sports," he added. Chinese Vice Premier Li Keqiang (R) meets with Uzbekistan's President Islam Karimov in Tashkent June 28, 2009. China also aims to enhance coordination and cooperation with Uzbekistan within multi-lateral frameworks like the United Nations and the Shanghai Cooperation Organization, said the Chinese official. Li said China is thankful to Uzbekistan for its support on issues that were deemed critical to China's core interests and on other major issues and promised China will continue to support Uzbekistan for its efforts to defend national independence and sovereignty, develop its economy and safeguard its national security and stability. On the global financial crisis, Li pointed out China has taken appropriate fiscal and monetary measures to spur economic growth and the Chinese economy is stabilizing. He noted bilateral trade between China and Uzbekistan is still growing rapidly despite the financial crisis and suggested the two sides increase exchanges on government policies to help each other deal with the crisis. Top leaders and senior officials of China and Uzbekistan have met on a regular basis in recent years. Chinese Vice Premier Li Keqiang (2nd R Front), accompanied by Uzbekistan's Deputy Prime Minister Ergash Shaismatov (1st R Front), visits Chkalov plane manufactory in Tashkent June 28, 2009. Chinese President Hu Jintao met with Karimov at the sidelines of the Shanghai Cooperation Organization summit held in the Russian city of Yekaterinburg earlier this month. The two also met during the 2008 Summer Olympic Games in Beijing. Meanwhile, Chinese Premier Wen Jiabao paid his first official visit to Uzbekistan in November 2007 after attending a meeting of the prime ministers of the Shanghai Cooperation Organization countries held in the Uzbek capital Tashkent. Karimov said he treated Li's visit to his country is another example of the close relations between the leaders of the two countries. He said Uzbekistan values its relationship with China, admires China for its development. He also expressed deep thanks to China for its longtime support and help. The Uzbek president then outlined new areas for further cooperation between Uzbekistan and China. "Uzbekistan and China have made major progress on bilateral economic and trade cooperation, but there is much potential for further developing and deepening that cooperation," he said. He suggested the two countries explore new ways of cooperation, map out a medium and long-term framework for cooperation and enhance bilateral economic and trade cooperation in an all-around way through effective mechanism and joint projects of strategic importance. He said Uzbekistan will continue to support China's position on issues related to Taiwan, Tibet and human rights and will work together with China to promote regional peace and stability. Li arrived in Tashkent on Saturday for a three-day official visit to Uzbekistan. Uzbekistan is the last leg of his three-nation foreign tour which has already taken him to Turkmenistan and Finland. Chinese Vice Premier Li Keqiang (1st R) meets with Uzbekistan's President Islam Karimov (1st L) in Tashkent June 28, 2009
BRUSSELS, April 28 (Xinhua) -- Senior officials and scholars from the European Union (EU) and China held a conference here, urging the two sides to enhance cooperation dedicated to seeking a global solution to the financial crisis. "After the financial crisis hit us, we stood closer, supported each other and worked together for an early recovery of our economy and that of the world. We become tightly bound more than ever before," Chinese ambassador to the EU Song Zhe said in a keynote speech at the conference in the European Parliament on Monday. "We have every reason to cooperate," Song said, adding China and the EU have converging interest and share common responsibility. Sino-EU relations has experienced slight derailing last year, as China postponed a summit with the EU due to French President Nicolas Sarkozy's decision to meet the ** Lama when France held the EU presidency. Relations appeared back on track in the face of the global financial crisis. Early this year, Chinese Premier Wen Jiabao visited Europe on a Journey of Confidence. Later during the G20 summit in London early this month, President Hu Jintao met a number of European leaders to consolidate mutual trust. In an effort to build a joint front against the financial and economic crisis, a trade and investment delegation from China last month struck multi-billion-U.S.-dollar deals with European companies to boost trade. Chinese Vice Premier Wang Qishan is scheduled to visit Brussels next week for high-level economic dialogues with EU counterparts. The 11th China-EU Summit will be held in Prague in mid-May, as the Czech Republic is holding the current EU presidency. The EU is the biggest organization of developed countries and China is the biggest developing country, Song said, adding bilateral relationship takes on greater global and strategic importance. Antonie Quero-Mussot, deputy head of cabinet of EU Commissioner for economic and monetary affairs, noted that cooperation between the EU, China and beyond is a necessary condition for a solution to the global financial crisis. "Without the dialogue not only between the EU and China, but also between all the major economies... there will not be a solution to the crisis," he said. His remark was echoed by Mei Zhaorong, former president of Chinese People's Institute of Foreign Affairs. "We can not solve the problem alone but have to work together," Mei said at the conference. He also downplayed the possibility of a G2 framework, under which the United States and China are expected to have a joint central role of leading the world out of the crisis. "We are not of the opinion that we alone with the U.S. can solve the problem," Mei said, "I do not think Europe like that opinion either." "I think the current form of G20 are far better. We should look at developing countries and emerging economies," he added.
BEIJING, May 8 (Xinhua) -- China's top economic planner Friday announced details of the country's new oil pricing mechanism, for the first time after the new pricing system kicked in at the beginning of this year. In a statement on its website, the National Development and Reform Commission (NDRC) said China would adjust domestic fuel prices when global crude prices reported a daily fluctuation band of more than 4 percent for 22 working days in a row. The commission said refiners would enjoy "normal" profit when global crude prices are below 80 U.S. dollars per barrel, but would face narrower profit margins when the crude prices rise above 80 U.S. dollars per barrel. However, fuel prices would not go further up, or only be raised by a small margin, when crude prices rise above 130 U.S. dollars per barrel, and fiscal and tax tools would be used to ensure supplies, the NDRC said. Light, sweet crude for June delivery rose 37 cents a barrel to settle at 56.71 U.S. dollars on the New York Mercantile Exchange Thursday after reaching a six-month high of 58.57 dollars. Crude prices staged strong rally on news of upbeat economic data in the United States, rising more than 10 percent in two weeks. The NDRC statement also came a day after it denied an online report claiming imminent price hike. C1 Energy, an energy information website, Thursday reported that the Chinese government would raise fuel prices as of midnight Thursday, but said later the price adjustment had been canceled, with reasons unknown. Xu Kunlin, deputy head of NDRC's pricing department, said the new oil pricing mechanism is not to be followed "word by word" without any flexibility, when asked whether the commission would soon adjust fuel prices at a press conference held in Beijing. "There has been pressure to raise domestic fuel prices as crude prices continued to rise," Xu said, "however, the final decision will depend on developments in crude prices in coming days." Friday's statement did not say how the global crude prices would be measured. Xu declined to reveal details on the basket of crude prices for evaluating international price changes, and said such details would remain a secret in a bid to prevent speculation. The NDRC said in the statement that the government would continue to control fuel prices at the current stage, because of insufficient market competition and imperfect market mechanisms. However, fuel prices would eventually be determined by market forces only in the long run under the new pricing mechanism, which is aimed to bring in more market forces, said the NDRC. China's fuel prices, with taxes included, are at a relatively lower level among major oil importers, said the NDRC. Domestic fuel prices are lower than in Japan, the Republic of Korea, India, Mongolia, and many European countries, but higher than in oil exporters in the Middle East and than some cities in the United States, according to surveys by the NDRC. China's retail fuel prices vary in different regions. Currently, gasoline 93, the most commonly used type of gas, sells for 5.56 yuan (81.8 U.S. cents) per liter in Beijing.
BALI, Indonesia, May 3 (Xinhua) -- Details of a sizeable foreign currency reserve pool among the Association of Southeast Asian Nations, China, Japan and South Korea (ASEAN+3) were finalized here on Sunday, two years after the initiative was first introduced to combat emergent financial problems. Finance ministers of the ASEAN+3 nations reached the agreement on all main components of regional reserve pool, known as Chiang Mai Initiative Multilateralization (CMIM), and it will be implemented before the end of this year. The agreement on the CMIM includes "the individual country's contribution, borrowing accessibility, and the surveillance mechanism," said a statement issued after the finance ministers' meeting. The total size of the CMIM is 120 billion U.S. dollars with the contribution portion between ASEAN and the Plus Three countries at20 percent versus 80 percent. China and Japan will each contribute 38.4 billion U.S. dollars to the pool, while South Korea will contribute 19.2 billion dollars. Among China's portion, Hong Kong Special Administrative Region will contribute 4.2 billion U.S. dollars. "We welcome Hong Kong, China, to participate in the CMIM," said the statement. The CMIM is set up to "address short-term liquidity difficulties in the region and to supplement the existing international financial arrangements," the statement said. The ministers agreed to establish an independent regional surveillance unit to monitor and analyze regional economies and support CMIM decision-making. As a start, there would be an advisory panel of experts to work closely with the Asian Development Bank (ADB) and the ASEAN Secretariat. In the statement, the ministers also endorsed the establishment of the Credit Guarantee and Investment Mechanism (CGIM) as a trust fund of the ADB with an initial capital of 500 million U.S. dollars. It could be increased once the demand is fully met. "It's a welcoming step in coping with the crisis, and an important step to the financial architecture of the region and it will infuse confidence to the market," said ADB Managing Director General Rajat Nag after the meeting, referring to the finalization of the CMIM. Asked whether the CMIM is meant to replace the role International Monetary Fund plays in the region, he said the mechanism is only "good complement" to what IMF does. "Gladly, we don't have the situation like in the U.S. or Europe but it's better to be prepared. Once there is a need, we are able to present our concerns and there is facility there," said Philippine Finance Secretary Margarito B. Teves." It is a helpful matter for the market." "It's done, there would be no blocking stone toward the final implementation of reserve pool," said Thai finance minister Korn Chatikavanij.
SHENYANG, June 27 (Xinhua) -- China's steel giant, Ansteel, had got government approval to increase its stake in Australian iron ore explorer Gindalbie Metals, a spokesman with Ansteel said Saturday. The approval came Tuesday, allowing the Anshan Iron and Steel Group (Ansteel) in northeast China's Liaoning Province to increase its interest in Gindalbie from 12.6 percent to 36.28 percent to become its biggest shareholder, according to the spokesman of Ansteel. The purchase will be finished within a week. Then the two sides will invest a 534-million-Australian dollar in Karara iron ore project in western Australia, with a 50-50 ownership. Gindalbie proposed Ansteel buy more of its shares in August last year. The application was approved by the board of Gindalbie early February.