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BEIJING, March 1 (Xinhua) -- China has issued a circular Sunday "stoutly" ordering officials at all levels not to spend public money on sightseeing overseas. The circular was jointly issued by the General Office of the State Council and the General Office of the Communist Party of China Central Committee amid a situation where many Chinese officials have been using public money to pay for their personal travel disguised as business trips. The Chinese government hoped officials at all levels to set an example for other people to cope with the financial crisis and overcome the obstacles in economic development. According to the circular, all overseas business trips should be arranged strictly. The expenses and number of officials for such trips should be kept as low as possible. And related departments should include all those expenses into their budget and get them approved beforehand. Officials should not add more countries or cities to their travel schedules at will and extend their stay aboard. And they should not claim reimbursement for personal trip costs or resort to companies or inferior departments to cover their travel spending. Xinhua reported in last December that two officials were removed from their posts in east China's Jiangxi Province for being implicated in overseas sightseeing disguised as study tours earlier in 2008. Liu Zhongping, who was on an 11-member delegation to the United States and Canada in April, was ousted from the dual posts of Party secretary and Chief of the Office for Foreign and Overseas Chinese Affairs of Xinyu City. Also ousted was Liu Qun, a deputy of Liu Zhongping's office. Liu's office reportedly fabricated the delegation's agenda to get approval by higher authorities, prolonged the trip against rules, and taking kickbacks while buying air tickets for officials. China urged discipline inspection departments at all levels to tighten supervision and auditing over funds used for overseas business trips and expose and punish violators severely
RIYADH, Feb. 11 (Xinhua) -- Visiting Chinese President Hu Jintao said Wednesday that China will seek an early free trade agreement (FTA) with the Gulf Cooperation Council (GCC). "The FTA is in the fundamental and long-term interests of both sides and will help deepen their mutually beneficial cooperation and achieve common development," Hu said during a meeting with GCC Secretary General Abdul Rahman Al-Attiya in Riyadh, where the council is headquartered. "China will work actively toward signing the agreement at an early date," Hu said. Chinese President Hu Jintao (R) shakes hands with Abdul Rahman Al-Attiyah, secretary general of the Gulf Cooperation Council (GCC), in Riyadh, capital of Saudi Arabia, Feb. 11, 2009. Hu is in Saudi Arabia for a state visit Al-Attiya echoed Hu's views and pledged efforts to complete the FTA talks as soon as possible. China and the GCC launched FTA negotiations in July 2004, and the first round of the talks took place in April 2005.

BOAO, Hainan, April 19 (Xinhua) -- Chinese officials and entrepreneurs said Sunday that China should have bigger say in setting commodity prices, as oil and iron ore prices saw roller-coaster-like fluctuations in the past two years. The drastic price changes are not reflecting real demand, but are propped up by financial speculators, said the senior executives of China's top energy enterprises at the Boao Forum for Asia (BFA) annual conference 2009, which concluded Sunday in the island resort of Boao in south China's Hainan Province. They said commodity prices should be pulled back to normal track to reflect real demand, otherwise the inflation woe will come back and make business expansion unsustainable. PRICE AND REAL DEMAND "Although we are the biggest commodity buyer in the world, our role in the price setting is limited," said Zhang Xiaoqiang, vice minister of the National Development and Reform Commission (NDRC), China's economic planning agency. China's steel makers have fallen into a prolonged bargain with the world's major iron ore producers, demanding a sharper price cut than the 20 percent-off deal plan offered by the Rio Tinto of Australia, as the world's No.1 iron ore importer has less demand amid the economic slowdown. Iron ore prices increased five fold in the five years before 2008. Xu Lejiang, boss of the Baosteel Group Corporation, China's largest steel maker, said at the forum that nothing is more important than the normalization of iron ore pricing, without elaborating how much more price cut he wants. The continuously rising iron ore prices partly reflected demand, but that's not the whole picture, said Xu. The prices tumbled by more than two thirds from a peak of 187 U.S. dollars per tonne last year. Speculative trading on iron ore shipping index helped fan the volatility, since shipping costs comprise a large share of the iron ore prices. The Baltic Dry Index (BDI), a main gauge of international shipping activities, has plummeted from a peak of 11,000 points to above 600 points, which is certainly what people are reluctant to see, Xu said. His view was echoed by Fu Chengyu, chief executive officer of the China National Offshore Oil Corporation (CNOOC), the largest offshore oil producer in China. He said the prices are bound to fall after irrational rise. He said the loose monetary policy in the United States should be blamed for the skyrocketing oil prices last year. "If no measures were taken, the world would see another round of inflation after we weather through the crisis," he said. He noted the pre-emptive measures should be put into place to avoid that, otherwise the next headache for the G20 leaders will be how to fight inflation. "We should prepare for tomorrow," Fu said. Zhang Xiaoqiang said international collaboration is essential to enhance the oversight of the financial speculation. ACTION BEFORE CRISIS The volatile external conditions forced many Chinese energy enterprises to seek their own way to offset the negative impacts of price fluctuations. Cost saving has always been important to CNOOC, said Fu. "We have cut the cost to 19.78 U.S. dollars per barrel, and that has allowed us to get through with ease when prices fall." "We step up investment with the current cheap prices, and that will help us flourish after the crisis," Fu said. To offset the negative impacts of price changes, many Chinese enterprises have been engaged in hedge trading and other derivative products investment, but many failed with mounting losses. "CNOOC has lost nothing, since we use hedge trading to preserve value, rather than make money," he said. "Hedge trading is not speculation," said Fu who has 30 years of experience in the oil industry. Fu called on Asian countries to negotiate with the world's major crude oil suppliers, as Asian nations have to pay 1 to 2 U. S. dollars more per barrel than other buyers. Zhang Xiaoqiang noted China will continue to liberalize domestic prices of energy products and resources, saying the recent reform of refined oil prices is a good start. "We should beef up our commodity reserve to ensure plenty supply in order to offset the negative impacts of big price changes," Zhang said. As the Chinese government has announced plans to build the second batch of national oil reserve bases, enterprises can try to have their commercial energy reserves in the future.
BEIJING, March 5 (Xinhua) -- The international press has given extensive coverage to Chinese Premier Wen Jiabao's government work report at the Second Session of the 11th National People's Congress (NPC) which started on Thursday, and praised China's persisted target of 8 percent annual economic growth in the face of the world financial crisis. The French-based AFP reported that despite the turbulence and recession of the world economy, "Wen forecast China can sustain eight percent economic growth in 2009, boosting hopes China's export-driven economy will cope with the crisis." "Asian markets rallied for a second day after Chinese Premier Wen Jiabao on Thursday reaffirmed his government's growth aims, triggering gains across the region in China-related stocks," it reported. On Thursday, the benchmark Nikkei-225 climbed 142.53 points to 7,433.49, up 1.95 percent. The British news agency Reuters said: "Premier Wen Jiabao assured on Thursday that China will achieve 8 percent growth this year despite a deepening financial crisis, setting out export support and spending programs to shore up the economy." Wen said China's budget deficit this year will reach 950 billion yuan (140 billion dollars), and though he did not announce fresh economic stimulus, his assurances helped extend a rally in Asian markets, Reuters reported. The U.S.-based Associated Press (AP) said: "China rolled out an aggressive government spending program on Thursday, promising ramped-up outlays for infrastructure and social programs to ward off the global economic downturn and forestall unrest." The German Press Agency (dpa) said China seeks to bolster the economy against the effects of a global slowdown. China announced a record annual budget deficit of 950 billion yuan (140 billion dollars), but Wen stressed that the deficit was below 3 percent of China's gross domestic product (GDP), remaining "within the acceptable range of what our overall national strength can bear and is therefore safe," dpa said. The Financial Times said Premier Wen pointed out that the international environment is becoming more complex and the financial crisis is further deepening. But China will meet its goal of 8 percent economic growth as long as the Chinese government establishes right policies, takes proper measures and pushes for effective implementation. Both the Financial Times and the British Broadcasting Corporation (BBC) reported that the ongoing meetings of the NPC and the Chinese People's Political Consultative Conference (CPPCC) drove up international stock markets on Wednesday, saying the Chinese economy has become a favorable factor for bourses around the globe. The Daily Telegraph said the economic stimulus plan announced by China last year concentrated on infrastructure, but Wen stressed the need to care about the healthcare and social insurance systems, especially in rural regions. The Swedish Broadcasting Corporation said Wen pinpointed China's target of 8 percent growth in his report, and expounded the importance to increase employment and control the registered urban unemployment rate at under 4.6 percent. New Zealand TV said the international community is closely watching developments of China's two annual conferences at a time when the global economy is undergoing a big recession. As a result of China's plan to expand its domestic demands and a series of the Chinese government's economic stimulus packages, quite a few stock markets have rebounded in the past two days, the TV report said. Premier Wen asked Chinese enterprises to consolidate their market shares in the traditional export destinations and do their utmost to explore the emerging markets, under a circumstance that global demands have been falling drastically and against a backdrop that trade protectionism is re-emerging, Interfax reported. Wen encouraged Chinese small- and medium-sized enterprises to cultivate name brands for export, it said. China is a developing country with a population of 1.3 billion. It must maintain a reasonable pace of economic growth to raise the employment rate both in urban and rural areas, increase people's incomes and safeguard social stability, another Russian news agency said. World Daily, the biggest Chinese newspaper in the Philippines, said in an editorial that the annual NPC meeting is being held when the global financial storm is hitting every corner of the world. Nearly 3,000 deputies will discuss national policies and put forward feasible suggestions. China's economic development this year will have an important effect on its growth in coming years. Therefore the deputies attending the critical meeting shoulder great responsibilities, the daily said.
BEIJING, March 29 (Xinhua) -- Chinese Vice Premier Wang Qishan has called on the international community to "act together" at the upcoming London summit to get through the global financial crisis, in an article published by the British newspaper The Times on Friday. In the article entitled "G20 must look beyond the needs of the top 20," with a subtitle "China believes the developing world should have a stronger say in how the international financial system is run," Wang urged all heads of states to be present at the G20 London summit to "act together to get through the time of hardship." After the financial crisis broke out, China was quick to put in place a decisive plan to boost domestic demand, advance economic restructuring and improve people's well-being, which have started to produce results, said the vice premier. However, the Chinese economy still faces severe challenges, including to meet the demanding goal of maintaining economic growth by boosting domestic demand, ensuring employment and readjusting the economic structure. China also has to cope with shrinking external demand caused by the global economic downturn and trade and investment protectionism, Wang said. "China will continue to take forceful measures to maintain steady and fast economic growth and contribute its share to an early recovery of the world economy," Wang pledged in the article. Since the G20 summit in Washington last year, said Wang, China has provided a lot of assistance and support through a variety of means to a number of countries and regions, and played a part in the creation of significant Asian and global economic and trade initiatives. The Chinese leader stressed the significance of the international community to enhance coordination and cooperation to overcome the current difficulties. "Efforts should be made to expand trade and investment cooperation to bolster economic growth, step up cooperation among small and medium-size businesses to ensure employment stability, and strengthen cooperation in energy conservation and emissions' reduction, environmental protection and development of new energy technologies to nurture growth points for the world economy," Wang suggested. He firmly rejected trade and investment protectionism of all kind. "The international community should recognize that the trend towards economic globalization is irreversible and should take credible steps to reject all forms of trade and investment protectionism," he said. Wang also called on the international financial system to be reformed, "with the focus on readjusting the governance structure of international financial institutions and increasing the representation and voice of developing countries." He asked the London summit to set a clear goal, timetable and road-map for such reform. To prevent similar crisis from happening again, Wang, also a Chinese economic expert, suggested prudent regulation of all financial markets and institutions involved to be tightened and regulatory coordination and cooperation at both the regional and international levels to be increased. On the hot topic of increasing financial resources for the International Monetary Fund (IMF), he said China supports the increase as far as the fund is safe and reasonable returns can be ensured. "China is ready to play an active part in exploring ways to raise resources and will contribute to this effort within its ability," Wang said. He asked the IMF to mobilize resources through the "quota-based" system as well as voluntary contributions, striking a balance between the rights and obligations of the contributing countries. As a return, said the Chinese vice premier, the IMF must enhance capacity-building, reform governance structure and ensure that the resources play a significant role in easing the international financial crisis and countering the global economic downturn. China inclines to see the resources mainly to be used to help developing countries which are seriously hit by the crisis, Wang said. Leaders of the world's 20 largest economies will meet in London on Thursday to discuss, among other things, a coordinated response to the current global financial crisis
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