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BEIJING, Jan. 5 (Xinhua) -- Chinese exporters face an increased risk of not being paid for their goods as foreign banks run out of cash and some overseas importers evade paying debts, China's Ministry of Commerce (MOC) warned Monday. "The cases of malicious debt evasion and breach of contracts by importers in certain countries or regions are on the rise," said the ministry in a notice. It attributed the phenomenon to the impact of the deepening global financial crisis. The MOC urged local governments, guilds and overseas Chinese businesses to more closely monitor the credit of foreign importers. Priority should be placed on tracking the credit ratings of foreign lenders, it said. The ministry also called on local governments to support the development of export credit insurance and encourage exporters to carry such insurance by reducing premiums. From January to November last year, China Export & Credit Insurance Corporation (SINOSURE) provided 56.5 billion U.S. dollars of guarantee for exporters against credit risks such as payment default. That is 63.6 percent higher than the same period a year earlier. The reason for the increase is that more exporters sought insurance, company figures show. SINOSURE is China's only policy insurance company undertaking export credit insurance. In that period, SINOSURE paid 210 million U.S. dollars of indemnities, up 174.5 percent from the same period of 2007. In December, the insurer reduced credit ratings for a record 48countries, including the United States. A total of 191 countries were reappraised in December.
CHONGQING, Dec. 16 (Xinhua) -- China has approved the establishment of a bonded area in southwestern Chongqing Municipality in an effort to boost the opening and development of central and western regions. Chongqing Vice Mayor Huang Qifan said Tuesday at a press conference here that the first inland bonded area had been approved by the State Council, or the Cabinet. The 8.37-sq km Cuntan Bonded Area centers both the Cuntan Harbor and the Jiangbei International Airport. The bonded area will be completed in 2015. "The Cuntan Bonded Area will be built into a multi-functional area with most advanced logistics and preferential policies," Huang said. "It will also become an accelerator for the opening upof central and eastern inland cities." The Chongqing Bonded Area Development Company and the area's administration commission will start operation on Thursday. Huang did not reveal the investment for the bonded area or its operation time. Bao Zichuan, chairman of the company, said the bonded area will focus on harbor business, air transport, foreign trade, export-oriented processing and commodity displays. Enterprises in the bonded area will enjoy such preferential policies as tax rebates for exports and free tax for trading within the area. So far, China has established ten such free trade zones in the coastal areas from north to south.

BEIJING, Nov. 27 (Xinhua) -- China's Party discipline watchdog Thursday vowed to put government-funded projects under scrutiny when the country is investing 4 trillion yuan to stimulate the economy. "We would try to prevent corruption, when a project is tabled for review and approval, when the land is allocated to it, when a public bidding is held for contractors," said He Yong, deputy secretary of the Communist Party of China Central Commission for Discipline Inspection (CCDI), at a meeting here Thursday. Besides government-funded ones, other projects with state investment would also be the top priority, he said. The CCDI would issue a set of rules to regulate business activities and officials' work as soon as possible, he said. For instance, it would push local governments to publicize urban planning documents, which listed infrastructure projects to be implemented, and issue detailed rules to protect fair play in public bidding. To curb graft in this field, discipline officers would also target commercial bribery, which has implicated officials. They will establish a database specially for commercial bribery cases. A company involved in such cases would be excluded from any business, He said. On Monday, the CCDI also issued a statement jointly with the National Development and Reform Commission (NDRC), the Ministry of Supervision, the Ministry of Finance and the National Audit Office to ensure close supervision on the stimulus package. The statement said two dozen inspection teams will be sent to follow projects funded by the package.
WUHAN, Jan. 14 (Xinhua) -- Former U.S. President Jimmy Carter said Wednesday he believes the incoming administration of President-elect Barack Obama will expand common interests of the United States and China. Carter, 84, flew to central China's Hubei Province after attending a series of events in Beijing to mark the 30th anniversary of China-U.S. diplomatic ties. Former U.S. President Jimmy Carter (2nd L, front) and his wife (3rd L, front) pose in front of a local medical center at a village in Hong'an County, central China's Hubei Province, on Jan. 14, 2009. He visited a memorial hall for Li Xiannian, who was Chinese president from June 1983 to April 1988. The memorial hall is located in Hong'an County, the hometown of Li. Carter said the two countries had witnessed rapid growth in cooperation, and U.S.-China ties had become the most important bilateral link in the world. Meeting with Hubei Governor Li Hongzhong, Carter said he felt very proud of the decision with former Chinese leader Deng Xiaoping to resume ties. Former U.S. President Jimmy Carter (L) receives a souvenir from Li Hongzhong, governor of Hubei Province, in Wuhan, capital of central China's Hubei Province, on Jan. 14, 2009. Carter said a deeper U.S.-China friendship helped to maintain peace and stability in the whole world. He said China's reform and opening-up policy brought about dramatic changes, creating an economic miracle. Deng Xiaoping and other Chinese leaders had indeed changed China with their wisdom. Calling Carter an old friend of the Chinese people, the governor appreciated the former U.S. president's important role in forging bilateral ties. He called for closer economic and cultural cooperation between both countries. Carter is scheduled to fly to Shanghai on Thursday.
BEIJING, Nov. 10 (Xinhua) -- Jia Qinglin, chairman of the National Committee of the Chinese People's Political Consultative Conference, the country's top political advisory body, called on the country's private enterprises to play an active role in economic growth. Jia, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, said the private sector should step up efforts on the development mode shift and optimize product structures during a research tour in the eastern Zhejiang Province from Nov. 7 to 10. Jia Qinglin (L), chairman of the National Committee of the Chinese People's Political Consultative Conference(CPPCC), talks with an employee with Huayi Electric Apparatus Group(HEAG) in Hangzhou, capital of east China's Zhejiang Province, on Nov. 9, 2008. Jia made an inspection in Zhejiang on Nov.7-10He told non-public companies to make full use of the opportunity of the government's decision to boost domestic consumption in the coming years. The government on Sunday announced it would launch a stimulus package estimated at 4 trillion yuan (570 billion U.S. dollars) to be spent over the next two years to finance programs in 10 major areas, such as low-income housing, rural infrastructure, water, electricity, transport, the environment and technological innovation. Jia said over the past three decades the private sector had made important contributions to China's economic development, technology innovation, job creation and other areas. He added that they should enhance innovation capabilities and sharpen competitive edges to better cope with adverse global economic conditions. He urged on local governments to earnestly implement favorable policies for private companies, help enhance their risk management capabilities and create a sound development environment for them.
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