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BEIJING, Oct. 10 (Xinhua) -- China's central bank on Friday said it will continue international cooperation to tackle the global financial crisis and maintain market stability. The pledge came two days after the People's Bank of China (PBOC) announced an interest rate cut in a co-ordinated global move to revive solvency in the international financial system. The PBOC on Wednesday cut the benchmark lending and deposit rates by 0.27 percentage points and the reserve requirement ratio by 0.5 percentage points amid growing fears of a slowing economy and falling equities market. "The PBOC will continue close contacts and cooperation with counterparts and international financial organizations to jointly maintain stability of global financial market," PBOC spokesman Li Chao told Xinhua. The PBOC would closely watch the developments and effects of the crisis and take timely and flexibly measures according to changes in the domestic and international situations to guard against financial risks, Li said. The global economic slowdown reduced demand for Chinese exports and inevitably affected China's economy, he said. The central bank was fully confident and capable of dealing with the crisis and maintaining stable and relatively fast economic growth. "China has a huge domestic market and the liquidity is abundant," he said. "As long as we take strong measures to boost domestic demand, the economy has big potential for sustainable growth." A PBOC statement on the third-quarter meeting of its monetary policy committee said it would take flexible and prudent macro-economic control measures to boost economic growth. The PBOC was not optimistic in its global economic outlook as intensifying fluctuations in the financial markets had affected the real economy. It said it would boost coordination between monetary policies and fiscal, industry, export and financial regulation policies to help transform economic growth mode and boost domestic demand to balance international payments.
BEIJING, Oct. 14 (Xinhua) -- China on Tuesday reaffirmed its resolve to keep its economy on track amid the global financial turmoil. In a meeting with visiting U.S. Senator Chuck Hagel, Vice Premier Wang Qishan said the financial crisis, triggered by the U.S. credit crunch, had exerted a grave impact on the global financial market. Chinese Vice Premier Wang Qishan(R) shakes hands with visiting U.S. Senator Chuck Hagel in Beijing, capital of China, Oct. 14, 2008 "As a responsible country, China has always valued the communication and cooperation with other nations to ensure world financial and economic stability." Wang said China would make great efforts to keep its economy on the right track, which would be the country's greatest contribution to the world. China had implemented and would continue measures to ensure the stability of finance, economy and the capital market, he said, referring to a package of new policies to spur economic growth. The central bank cut interest rates on Sept. 15 for the first time in six years. The People's Bank of China, the central bank, announced the deposit and lending rates would be lowered by 0.27 percentage points and the reserve-requirement ratio would be reduced 0.5 percentage points starting Oct. 15. "With tools at our disposal, we are confident and capable of prevailing over the overall difficulties and challenges," Wang told Hagel. He added the overall bilateral relations of the two countries had moved forward and become increasingly interdependent since forging diplomatic ties in 1979. To promote China-U.S. ties was in the fundamental interests of the two nations, he said. Wang proposed the two deepen a strategic trust and take a candid and pragmatic approach in addressing differences. They should work more closely on economy, trade, investment, energy, environment and high-tech. He also urged the United States to observe the three joint communiques, refrain from anything harmful to bilateral ties and the stability of the Taiwan Straits, so as to ensure the sound and steady progress of bilateral constructive cooperation. As all nations were becoming more connected, Hagel, a Republican senator from Nebraska, said the stronger cooperation between the United States and China would help ensure world financial and economic stability.

BEIJING, Sept. 17 (Xinhua) -- An executive meeting of the State Council (cabinet), presided over by Premier Wen Jiabao, on Wednesday decided to launch national comprehensive tests of dairy products and reform the dairy industry. According to the meeting, the incident involving the tainted Sanlu milk powder reflected chaotic industry conditions, as well as loopholes in the supervision and management of the industry. It is necessary to learn lessons, properly deal with the incident, improve the inspection and supervision system and strengthen the management of the dairy industry, the meeting said. The meeting also reached six other decisions and ordered governments at all levels to implement them. These decisions include: Saleswomen check the returned Sanlu brand milk powders in a supermarket in Yinchuan, capital of northwest China's Ningxia Hui Autonomous Region Sept. 17, 2008.providing the best and free medical care to those sickened by melamine-contaminated milk powder, -- confiscating and destroying all sub-standard products, -- strictly supervising the production of dairy companies with on-site inspectors, -- revising regulations on the supervision and management of the industry, -- subsidizing dairy farmers and encouraging more production by those enterprises with higher-quality products and, -- finding the cause of the incident and punishing those responsible. The Sanlu Group, a leading Chinese dairy producer based in the northern Hebei Province, admitted last week that it had found some of its baby milk powder products were contaminated with melamine, a chemical raw material. It issued an immediate recall of milk formula made before Aug. 6. Three infants have died so far. There are at least 6,244 infant victims of the contaminated milk powder, of whom 158, or 2.5 percent, have acute kidney failure, the Ministry of Health said on Wednesday.
BEIJING, Oct. 9 (Xinhua) -- Chinese Vice Premier Wang Qishan said on Thursday the country is fully confident and capable of overcoming the current economic difficulties, vowing to work closely with other countries to safeguard stability of the global financial market. Wang, in his meeting with former German Chancellor Gerhard Schroeder, said China has already taken relevant measures to face up to the turbulences of the international financial market. As the largest developing country and a rising market, China's priority is to well handle its own problems, he said. He believes China has great potential in domestic market and economic growth, adding the country would continue to take measures to maintain the stable and relatively fast economic development. "The Chinese government is to strengthen coordination with other countries to face up to the global crisis and promote the stability of the global economic and financial market," Wang told Schroeder. He appreciated the former German Chancellor's contribution to cementing bilateral ties. Regarding both countries as important trade, investment and technical cooperation partners, Wang said to further facilitate bilateral trade cooperation complies with the fundamental interests of both sides. Schroeder extended congratulations to China's full success in holding the Beijing Olympics and Paralympics. He hopes the two countries to step up cooperation in various areas to push forward bilateral ties.
BEIJING, July 31 (Xinhua) -- China's military would increase cooperation with foreign armed forces in order to contribute more to common development, Defense Minister Liang Guanglie said on Thursday. At a reception at the Great Hall of the People in Beijing to mark the 81st anniversary of the People's Liberation Army (PLA), Liang said, "China will take the road of peaceful development, unswervingly, and carry out an independent and self-reliant, peaceful diplomatic policy and a defensive defense policy, no matter how the international situation changes." A member of the Central Military Commission (CMC) and a state councilor, Liang stressed the fundamental necessity of the Army's acceptance of "the absolute leadership of the Communist Party of China (CPC)". A reception is held by the Denfense Ministry of China to celebrate the 81st Army Day which will fall on August 1, 2008 in Beijing, China, on July 31, 2008. China would never take to hegemonism and expansionism and posed no threat to any other country, Liang said. He noted the "positive changes" regarding the situation across the Taiwan Straits, while pointing out that pro-independence forces in Taiwan had never abandon their activities. "We are strongly determined to oppose and curb the separatist activities of 'Taiwan independence' forces," he said. The mainland would show its utmost sincerity and exert its greatest efforts for the welfare of Chinese compatriots on both sides of the Straits, to seek peace, safeguard China's sovereignty and territorial integrity, and safeguard the fundamental interests of the Chinese nation. A reception is held by the Denfense Ministry of China to celebrate the 81st Army Day which will fall on August 1, 2008 in Beijing, China, on July 31, 2008. Military officers of Foreign Embassies in China and their wives also attend the reception. Liang also praised the efforts of the armed forces during the severe winter weather chaos at the start of the year and after the May 12 earthquake. The reception was attended by other CMC members, including Chen Bingde, Li Jinai, Liao Xilong, Jing Zhiyuan, Wu Shengli and Xu Qiliang, as well as foreign military attaches. In August 1927, the CPC-led armed forces held an uprising against warlords, which is regarded as the founding day of the services. reception is held by the Denfense Ministry of China to celebrate the 81st Army Day which will fall on August 1, 2008 in Beijing, China, on July 31, 2008. Military officers of foreign embassies in China and their wives also attend the reception.
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