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BEIJING, Nov. 26 (Xinhua) -- China has tightened settlement and sale of foreign exchange by individuals to curb non-normal cross-border capital inflow, according to a statement of the State Administration of Foreign Exchange (SAFE). Banks should deny, review or report to foreign exchange regulators, individual purchases or settlements of foreign exchange suspicious of splitting up one deal into several smaller ones to dodge limits on the size of exchange transfer by one person, which is understood to be one of the channels for hot money inflow, said the statement on Wednesday. Practices including one overseas individual or institution remitting foreign exchange to five or more individuals within China who settle them respectively, or five or more individuals buying foreign exchange and remitting them to one and the same overseas individual or institution, on a single day, every other day or consecutive days, are considered exchange splitting behavior, said the SAFE. China in 2007 set the limit of up to 50,000 U.S. dollars per year for an individual to exchange between yuan and foreign exchange.
BEIJING, Oct. 30 (Xinhua) -- China's central government launched 20 venture capital funds with seven local governments on Friday to provide investment in the country's high-tech sectors, the top economic planner said in a statement on its web site. The investment would go to high-tech sectors including the electronic and information sector, biological and pharmaceutical industry, new energy sector and projects related to energy conservation and environmental protection, the National Development and Reform Commission (NDRC) said. The 20 funds would collect about nine billion yuan (1.31 billion U.S. dollars), of which, one billion yuan was invested by the central government, 1.2 billion yuan by local governments and the rest from private investment, the NDRC said. The funds were aimed to direct capital into new industries and competitive high-tech enterprises to push forward self-innovation, it said. The NDRC and the Ministry of Finance signed the agreement with 7 local governments of Beijing, Jilin, Shanghai, Anhui, Hunan, Chongqing and Shenzhen.
BEIJING, Dec. 20 (Xinhua) -- Foreign Minister Yang Jiechi pledged Sunday China will continue to cooperate with other countries to address global challenges in the coming new year. "China will continue to work with the rest of the international community to tackle various global challenges with full confidence and jointly advance world peace and development," said Yang at a new year reception held by the Foreign Ministry for foreign diplomats and officials of international organizations. The Ministry of Foreign Affairs of China holds a New Year reception for foreign envoys and guests in China, in Beijing, capital of China, Dec. 20, 2009.He said the year 2010 will be crucial for the recovery of the global economy, the reform of the international system and China's efforts to ensure stability and promote development. "We will work to maintain steady and relatively fast economic growth, and at the same time speed up the transformation of the economic development pattern so that our effort on these two fronts will reinforce each other," Yang said. He said China will remain committed to the path of peaceful development and the win-win strategy of opening-up, and pursue development that is peaceful, open and cooperative. Chinese State Councilor Dai Bingguo (2nd R) and Chinese Foreign Minister Yang Jiechi (1st L) toast with a foreign guest during a New Year reception held by the Ministry of Foreign Affairs of China, in Beijing, capital of China, Dec. 20, 2009. Yang told reporters at the reception the Shanghai World Expo is one of the major tasks of China's diplomatic work in 2010. He said he would like to take the reception as an opportunity to promote the expo to the international community and invite overseas people to visit China during the event next year. In his speech, Nolana Ta Ama, dean of the Diplomatic Corps and Togo's ambassador to China, said as China plays an increasingly important role on the international stage, it will continue to devote itself to the world affairs in 2010. Over 400 people, including China's State Councilor Dai Bingguo, attended the reception.
BEIJING, Nov. 17 (Xinhua) -- China and the United States have agreed to continue dialogue and cooperation in macroeconomic and financial policies as the recovery of the global economy remains unsteady, Chinese President Hu Jintao told the press here on Tuesday after his talks with visiting U.S. President Barack Obama. Hu said he and President Obama exchanged views on the current global financial situation and held that given the positive signs of the recovering global economy, the foundation of it was far from solid. "We both agreed to properly handle trade frictions between the two countries through negotiations on an equal basis, and to make concerted efforts to boost bilateral trade and economic ties in a healthy and steady way," said Hu. "I stressed to President Obama that under the current situation, both China and the United States should oppose and resist protectionism in all forms in an even stronger stand," he said.