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BEIJING, Nov. 17 (Xinhua) -- The United States and China, the world's first and third largest economies, have pledged to rebalance each other's economy and move in tandem on forward-looking monetary polices for a strong and durable global economic recovery, according to a China-U.S. joint statement released here on Tuesday. The statement, issued after talks between Chinese President Hu Jintao and his U.S. counterpart Barack Obama, has climaxed the latter's first China trip since he took office in January. "China will continue to implement the policies to adjust economic structure, raise household incomes, expand domestic demand to increase contribution of consumption to GDP growth and reform its social security system," said the statement. The United States, in return, will take measures to increase national saving as a share of GDP and promote sustainable non-inflationary growth. "To achieve this, the United States is committed to returning the federal budget deficit to a sustainable path and pursuing measures to encourage private saving," it said. President Obama made it clear at an earlier press conference Tuesday afternoon that the rebalancing strategy would require America to save more, reduce consumption and reduce long-term debts. The statement also said that both sides will pursue forward-looking monetary policies and have "due" regard for the ramifications of those policies for the international economy. The two also agreed to expedite negotiation on a bilateral investment treaty, and work proactively to resolve bilateral trade and investment disputes in a constructive, cooperative and mutually beneficial manner. Recognizing the importance of open trade and investment to their domestic and the global economies, the two are committed to jointly fight protectionism in all its manifestations. "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 President Hu. "I stressed to President Obama that under the current situation, both China and the United States should oppose and reject protectionism in all forms in an even stronger stand," he said. The two sides also reiterated that they would continue to strengthen dialogue and cooperation on macro-economic policies and pledged to honor all commitments made at the first round of the Sino-U.S. Strategic and Economic Dialogue last July, the Group of 20 summits, and the recently concluded APEC Economic Leaders' Meeting in Singapore. The statement said that both sides commended the important role of the three G20 summits in tackling the global financial crisis, and were committed to work with other members of the G20 to enhance the G20's effectiveness as the premier forum for international economic cooperation. China and the United States also agreed to work through a cooperative process on mutual assessment to make the G20 Framework for Strong, Sustainable and Balanced Growth a success. The statement said that both sides welcomed recent agreements by the G20 to ensure that the International Financial Institutions (IFIs) have sufficient resources and to reform their governance structures. "The two sides stressed the need to follow through on the quantified targets for the reform of quota and voting shares of IFIs as soon as possible, increasing the voice and representation of emerging markets and developing countries in these institutions consistent with the Pittsburgh Summit Leaders Statement," it said.
BEIJING, Dec. 10 -- China will extend stimulus measures in the automobile industry for one more year, with small adjustments, to further support the world's biggest and fastest-growing auto market. The government announced the decision Wednesday after an executive meeting of the State Council chaired by Premier Wen Jiabao. The stimulus package, which was due to expire at the end of this month, includes a 50 percent cut in the 10 percent purchase tax for cars with an engine capacity of, or less than, 1.6 liters and subsidies for trade-in cars. It will now be extended to Dec 31, 2010. However, the purchase tax for smaller cars will be lifted from the current 5 percent to 7.5 percent of the total vehicle price. Buyers examining a small car in an auto market in Nanjing. Purchase tax for smaller cars will be levied at 7.5% Furthermore, the government also decided to raise the subsidy for trade-in cars from between 3,000 and 6,000 yuan to between 5,000 yuan and 18,000 yuan per vehicle. The stimulus package launched by the government in January helped China's automobile sales to exceed an expected 13 million units this year, making the country surpass the US as the world's biggest auto market. "It's unusual that demand for automobiles in a country increases more than 4.5 million units within 12 months, and sales break the monthly record for seven months in a year," said Rao Da, secretary-general of China Passenger Car Association. Statistics from the China Association of Automobile Manufacturers (CAAM) show that the smaller cars, with engine capacity of, or less than, 1.6 liters, contributed 85 percent of the sales increase in the domestic auto market. Most of the best-selling cars in China are smaller cars. The association estimated that the stimulus measures boosted the sales of smaller cars by 2.6 million units this year. Because of the favorable policy, sales of the battery and electric car pioneer BYD in the first 11 months surged 150.2 percent to 388,246 units. About two-thirds of the car sales were of the F3 model, a compact sedan that topped China's best-selling car list for seven months, with monthly sales surpassing 30,000 units, nearly double the figure for last year. According to CAAM, China's auto production and sales almost doubled from figures a year ago to reach 1.39 million and 1.34 million units respectively in November. Overall auto sales topped 12.23 million units in the first 11 months, up 42.39 percent from the same period last year.

ROME, Nov. 16 (Xinhua) -- Chinese Vice Premier Hui Liangyu on Monday proposed a four-point action plan aimed at eradicating world hunger in his address to a world summit on food security. Stressing the fact that the financial crisis has worsened the plight of the poor and the hungry, the Chinese vice premier said the summit, hosted at the UN Food and Agriculture Organization (FAO) headquarters here, was "of special significance to world food security, global economic recovery and sustainable development." In order to overcome the "dual pressure of an international financial crisis and a global food crisis," the first suggestion of the Chinese government was to increase input and raise food production by investing more in agriculture, build up the capability to resist natural disasters and strive for greater self-sufficiency. Chinese Vice Premier Hui Liangyu makes a speech during the United Nations Food and Agriculture Organization (FAO) Summit in Rome, capital of Italy, Nov. 16, 2009. On behalf of the Chinese Government, Hui Liangyu attended the United Nations Food and Agriculture Organization (FAO) Summit which opened Monday Both industrialized and developing countries should in the long run forge their own "blood-generating" capacity, Hui said. He called on developed countries and international organizations to provide developing countries with financial, technological, market and capacity-building assistance. The second Chinese suggestion presented to world leaders at the FAO summit was to "create a sound market environment for mutual benefit and win-win progress," obtainable through the elimination of all sorts of protectionism, the re-launch of the Doha Round negotiations and the reform of global financial governance. "All countries should jointly oppose trade protectionism in all its forms and manifestations and push for a positive outcome of the Doha Round negotiations," he said, urging developed countries to slash agricultural subsidies, remove trade barriers and give greater market access to developing countries. Thirdly, Hui proposed to push forward with the reform of the UN food and agriculture agencies and improve the global governance mechanism in order to rapidly react to crises. "China supports the creation of a food security safeguard system encompassing early warning, emergency relief and regulation functions," he said. Lastly, the Chinese government called for a coordinated and global approach in order to ensure a balanced growth. "Food security is closely related to economic growth, social progress, climate change and energy security," Hui said, adding that global cooperation must be intensified in all sectors because challenges are multiple and interconnected. This is why all countries "should strive for a positive outcome of the upcoming Copenhagen summit on global warming," the Chinese vice premier said. The world summit on food security opened in Rome on Monday. During the three-day event more than 60 heads of state and government will gather to discuss measures to eradicate hunger and ensure food security.
HONG KONG, Dec. 6 (Xinhua) -- State Councilor Liu Yandong Sunday gave a speech ahead of the Boao Youth Forum ( Hong Kong) that opens Monday, urging young people across China to work for the Chinese nation's rejuvenation. She said young people stand for the future and are the most creative part in a society. She hoped young people in China, including those from Hong Kong, Macao as well as the Chinese mainland and Taiwan province, can shoulder the historical responsibility and make their contributions to the great revival of the Chinese nation. Chinese State Councillor Liu Yandong delivers a speech at the 2009 BOAO Youth Forum (Hong Kong) in Hong Kong, south China, on Dec. 6, 2009 She said young people in the Hong Kong Special Administrative Region (SAR) should love the motherland and love Hong Kong, and be a united force in safeguarding national sovereignty and promoting Hong Kong's prosperity. Liu arrived in Hong Kong Saturday to open the 5th East Asian Games.
COPENHAGEN, Dec. 14 (Xinhua) -- In order to deal with climate change, efforts should be made simultaneously in fields of politics, economy, society, culture and ecology, a senior Chinese official told Xinhua. Only through this comprehensive approach can lead to the forming of a systematic framework against climate change and push forward the harmonious and sustainable development between human and nature," said Zhao Baige, vice minister of China's National Population and Family Planning Commission. With the efforts of all countries in recent years, great progress has been made in fighting climate change. But obvious shortcomings existed, Zhao said. In the past, much attention was paid to carbon dioxide emissions, but little was given to their correlation with population development, she said. In addition, the roles of politics, culture and society have often been neglected, she added. Zhao said it is a complicated and huge systematic project to deal with climate change, involving different sectors. With regard to politics, she said all governments must attach great importance to climate change and honor their commitments. A body should be established to coordinate departments involved, while a long-term plan and a legal framework for climate change should be established. On economy, Zhao said, "it is impossible to deal with climate change without economic support." She suggested developing countries follow a path of sustainable development when they push forward economic development. At present, China is on its way of adjusting its industrial structure, setting carbon emission cut targets, strengthening technical innovation, raising energy efficiency and rapidly developing renewable energy. In the social sector, Zhao said a comprehensive review over the impact of climate change is needed. The principle of equity and fairness should be introduced and a low-carbon consumption mode should be encouraged. Zhao said a lot of efforts are needed in the sector of culture. Thousands of years ago, Chinese started to believe that mankind should live in harmony with the nature, said Zhao, adding that China's traditional culture emphasizes the unity of personal rights and responsibilities. However, she pointed out that in Western countries, personal rights are "over emphasized" while collective responsibilities are neglected. In fact, China has formed a long-term low-carbon consumption behavior, while over consumption and luxury consumption widely exist in the West, said the Chinese official. As for the sector of ecology, Zhao said climate change and ecology are interrelated. In recent years, China has adopted a series of measures including developing ecological agriculture, raising land utilization efficiency, saving water resources and reducing pollution. Zhao stressed the importance of the interrelationship between the five above-mentioned fields, saying that only with a clear political direction, correct strategy and policy measures, can a country put carbon reduction targets into practice and adopt a low-carbon path.
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