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ADDIS ABABA, Jan. 11 (Xinhua) -- China views Ethiopia as its major economic and trading partner in Africa, says Minister of Commerce Chen Deming on Monday. The bilateral trade volume reached a historical high of 1.376 billion U.S. dollars during the first 11 months of last year, up 12.4 percent over the same period of the previous year, said Chen, adding that China's imports from Ethiopia during that period rose 202 percent to over 200 million dollars. During his talks with Sufian Ahmed, Ethiopia's minister of finance and economic development, the Chinese minister said China's investment in Ethiopia had accumulated to 138 million dollars in areas like textile, daily necessities, machinery, glass, building materials and leather. By the end of November last year, Chinese firms in Ethiopia had accumulated a turnover of engineering contracts with nearly 4 billion dollars, said Chen, who arrived here on Monday for a two-day visit. Chen put forward a four-point proposal on further development of bilateral trade and economic cooperation: First, further expanding its imports from Ethiopia through the use of tariff-free policies; Second, strengthening cooperation in investment and engineering contracts and continuing to encourage strong Chinese firms to invest in Ethiopia; Third, fully implementing the eight new measures to enhance cooperation with Africa; Fourth, further promoting cooperation in official development assistance to support Ethiopia's infrastructure, and projects aimed to improve people's well-being. For his part, Sufian expressed his thanks for China's long-term official development aid to Ethiopia. The Ethiopian minister said trade deficit with China has improved significantly and China has become Ethiopia's biggest trading partner. Sufian spoke highly of China's eight new measures to enhance cooperation with Africa, saying that Ethiopia would work together with China to fully implement the measures.
BEIJING, Dec. 17 (Xinhua) -- Premium of China's insurance companies hit 1.02 trillion yuan (149.6 billion U.S. dollars) in the first 11 months of this year, up 11.65 percent from a year earlier, according to the China Insurance Regulatory Commission Thursday. The year would be the first year that China's insurance premiums exceeded 1 trillion yuan, data from the commission showed. From January to November, premium of property insurance rose 22.28 percent year on year to 264.02 billion yuan, and that of life insurance was 757.66 billion yuan, an annual increase of 8.37percent. The commission said the country's insurance firms were expected to eye combined profits at 46.09 billion yuan in the first 11 months, an increase of 57.45 billion yuan over the same period of last year. Profits of the country's insurers nationwide was about 26.1 billion yuan in the first half, up 98 percent, the commission said in July.
BEIJING, Nov. 12 (Xinhua) -- China would not let the yuan gain against the U.S. dollar in the short term, experts said here Thursday when commenting on the latest quarterly report of China's central bank. People's Bank of China (PBOC), the central bank, said Wednesday in its quarterly report of monetary policy, for the first time, that the bank would improve the mechanism of the exchange rate determination "based on international capital flows and movements in major currencies". "The new wording showed that China would reduce speculation and strengthen risk control in the future, but it did not necessarily suggest a change in the yuan's exchange rate policy," said Tan Yaling, an expert with the China Institute for Financial Derivatives at Peking University. "The future mechanism would reflect China's own concerns and status," she said. China's foreign exchange reserves surged to a record 2.27 trillion U.S. dollars as of the third quarter of 2009, up 19.26 percent year on year, PBOC reported in September. According to Yin Jianfeng, a researcher with the Chinese Academy of Social Sciences (CASS), a government think tank, it is natural for the central bank to pay more attention to increasing international capital inflows. "Excessive liquidities are pouring into China as the country is witnessing rapid recovery while the economic condition is still weak in the western world," he said. Zuo Xiaolei, chief economist with Galaxy Securities, said the central bank's report indicated the government had raised concerns that such inflows would put China under huge external pressure for yuan appreciation. Zuo predicted that as the U.S. dollar depreciates further, excessive liquidity will be a global issue in future, which would in turn pull up China's foreign reserve to a new level. China has been facing calls to let its own currency gain against the dollar since it recovered quickly from the financial crisis, especially after it reported the positive economic data of last month, however, experts had expressed different opinions. "Sudden upward movement in the yuan would slow China's economic growth when the country's exports just showed signs of recovery, "Tan said, "All in all, the exchange rate policy should not be subjected to other countries but serve our own economy." Also, the pace of yuan's appreciation should be determined not only by the foreign trade surplus, according to Zuo Xiaolei. The balance of China's internal development should also be taken into consideration, including the massive stimulus package and the accumulated liabilities of local governments, she said. China's exports slid 13.8 percent year on year to 110.76 billion U.S. dollars in October, said the National Bureau of Statistics Wednesday. The decline rate was 1.4 percentage points lower than that of September.
ROME, Nov. 17 (Xinhua) -- China's experience in eradicating hunger can be learned by other developing countries, the president of the UN International Fund for Agricultural Development (IFAD) said on Tuesday. Speaking to reporters on the sidelines of the World Summit on Food Security, Kanayo Nwanze said China has done a lot both in increasing national funds for agriculture and in supporting other developing countries through strategic rural investments. "I have seen firsthand progress," he said. "China was able in 30 years, from 1978 to 2007, to reduce rural poverty from 30 percent to 1.6 percent through massive investments in rural development and rural areas, focusing on women, right policies andl and access." For Nwanze China can be a role-model for other developing countries. "Through her own experience China is able to collaborate with others in bringing its knowledge and technology to other parts of the world," he said. However, "it is then the recipient country's responsibility to ensure that these experiences are properly used," he added. "China's partnership with developing countries, in particular Africa, is able to assist these countries but it is imperative that the developing countries have themselves the right policies to ensure that the investments reach the rural population," Nwanze said.
BEIJING, Nov. 17 (Xinhua) -- Chinese President Hu Jintao said here Tuesday he and visiting U.S. President Barack Obama agreed during their talks to resolve the nuclear issues of the Korean Peninsula and Iran through dialogue. "Both of us remain committed to resolving the nuclear issue on the Korean Peninsula through dialogue and consultation," Hu said when meeting the press with Obama after their bilateral talks. "Such a commitment serves the common interests of China and the United States and all other parties concerned." Hu said China and the United States will work with other parties concerned to stick to the denuclearization of the Korean Peninsula and the six-party talks process to safeguard the peace and stability of northeast Asia. The two presidents stressed that it is very important for the stability in the Middle East and the Gulf Region to uphold the international nuclear non-proliferation regime and properly resolve the Iran nuclear issue through dialogue and negotiation, Hu said.