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BEIJING, March 11 (Xinhua) -- China's February consumer price index (CPI), a main gauge of inflation, is still within normal range, although the figure surged higher than expected last month.CPI rose 2.7 percent year on year in February, 1.2 percentage points higher than January, driven by a 6.2 percent rise in food prices, the National Bureau of Statistics (NBS) said Thursday.Yang Ziqiang, head of the People's Bank of China's Jinan bureau, said the hefty rise is because the Lunar New Year holiday fell in February this year, but in January last year.The Lunar New Year holiday, or Spring Festival, is the most important traditional festival in China for family reunion. People usually spend a lot on food, alcohol, cigarettes and gifts during the period.Yang, also a deputy to the National People's Congress (NPC), China's top legislature, made the sidelines of the ongoing NPC session.China targets a rise of consumer price of around three percent this year, says a government work report delivered by Premier Wen Jiabao at the parliament's annual session on March 5.Yang said severe inflation is unlikely to emerge this year, as market supply still outweighs demand, and government regulation on the real estate industry will help stabilize prices.But he cautioned against the consistent commodity price increases, as the international crude oil prices rebounded to above 80 U.S. dollars a barrel.Li Daokui, a financial professor with the Tsinghua University, said CPI rise exceeds the current one-year deposit interest rate, or 2.25 percent, which will enhance the expectation of interest rate rise.China's CPI ended nine months of decline in November last year, when it rose 0.6 percent, as the economy picked up thanks to the government's stimulus package.However, the unprecedented bank loans last year together with runaway housing prices pushed up fears for inflation and asset bubbles, posing a policy dilemma for the government to balance between sufficient economic growth and containing potential overheating.
BEIJING, March 12 (Xinhua) -- China's central bank said Friday a stronger yuan offers no help for solving the Sino-U.S. trade imbalance problem, and China opposes politicizing yuan's appreciation.Su Ning, vice governor of the People's Bank of China, made the comments a day after U.S. President Barack Obama told the U.S. Export-Import Bank's annual conference that a more market-oriented exchange rate of yuan will make an essential contribution to global rebalancing efforts."We do not think a country should rely others to solve its own problems," Su, a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, said on the sidelines of the top political advisory body's annual session.The U.S. Department of Commerce said on March 11 that the U.S. trade deficit with China increased to 18.3 billion U.S. dollars in January from 18.14 billion U.S. dollars in December. The increase renewed the U.S. call for a stronger yuan as it claimed the current exchange rate gives Chinese goods unfair price advantages.Su said although yuan has gained more than 20 percent since it depegged the U.S. dollars in June 2005, China's trade surplus tripled from 100 billion U.S. dollars in 2004 to nearly 300 billion U.S. dollars in 2008.In addition, he argued, a weaker U.S. dollar does not help cut the U.S. deficit. As the U.S. dollar depreciated by 3 percent annually in average between 2002 and 2008, its deficit soared from 500 billion U.S. dollars to 900 billion U.S. dollars, Su said.Tan Yaling, a financial researcher with Peking University, said as nations have different roles in international trade and differ in resources, what they produce, consume and want can be very different."It is unfair that the United States, on the one hand, consumes cheap Chinese goods, while on the other hand, it blames the low prices for causing their domestic job losses," she said.The Obama administration's continuous calls for a stronger yuan is actually aimed at diverting attentions from its domestic woes, experts said.To grapple with high unemployment rate and uncertain recovery prospects, Obama has to do something on job promotion to secure victory in the mid-term election in November this year, said Chen Zhiwu, a financial professor with Yale University.To curb soaring unemployment and boost growth, Obama has announced a special task force on a mission of doubling the U.S. exports in five years, as he said the U.S. can not "stand on the sidelines," as other countries are busy negotiating trade deals.Cheng Enfu, a deputy to the National People' s Congress (NPC), China' s top legislature, said the consistent pressure from the United States is simply because of its pursuit of national interests."Over-fast appreciation of yuan does no good to the global economic recovery which is still fragile and uncertain," he said.Zhu Yuchen, also an NPC deputy, said as China plays a leading role in global economic recovery, any drastic policy change will not only impair China's economy, but also the global recovery, which is not a responsible way.President Obama's remarks also came a month ahead of a semiannual Treasury Department report that could label China as a currency manipulator.Premier Wen Jiabao said in the government work report delivered to the NPC on March 5 that China will keep the yuan "basically stable" at an "appropriate and balanced" level.HEFTY SURPLUS, BUT SLIM PROFITSAlthough China has accumulated massive trade surplus over the past decades, that does not indicate the same profits, as more than half of China's exporters are foreign invested, lawmakers said.Figures released by the Ministry of Commerce showed 55.2 percent of China's foreign trade was completed by foreign-invested businesses last year. And 56 percent of the exports were done by foreign companies in China.Cheng Enfu said China only pockets paper-thin profits from the very end of the manufacturing chain, or processing and assembling work. However, the United States earn handsome profits from designing and distribution.According to a study by researchers of the University of California, of the 299 U.S. dollars retail value of a 30-gigabyte video iPod in the United States, 163 U.S. dollars is captured by American companies and workers, and 132 U.S. dollars go to parts makers in other Asian countries, while the final assembly, done in China, cost only about 4 U.S. dollars a unit."Even though Chinese workers contribute only about 1 percent of the value of the iPod, the export of a finished iPod to the United States directly contributes about 150 U.S. dollars to our bilateral trade deficit with the Chinese," Hal R. Varian, a professor of the University of California at Berkeley, wrote on the New York Times on June 28, 2007.Cheng Enfu noted it needs to upgrade exports product mix to fundamentally reverse China's disadvantages. That is, to export more profitable self-innovative products, rather than labor-intensive processing goods.

SHARM EL-SHEIKH, Feb. 14 (Xinhua) -- A senior Syrian official underlined on Sunday the importance of cooperation with China, especially in the fields of agriculture and food security.Talking to Xinhua on the sidelines of a joint Afro-Arab ministerial meeting, Nabi Rasheed, an aide to the Syrian minister of agriculture, said his country pays much attention to cooperation with China on agriculture and food security and looks forward to more joint projects in this regard."Syria and China cooperate with each other in the long term through the exchange of delegations and training programs. A high- level Chinese delegation led by the agriculture minister has visited us recently, when we discussed opportunities and means to boost agricultural cooperation. Syria will also take part in the 2010 Shanghai EXPO," the Syrian official said.Rasheed who headed his country's delegation to the Joint Afro- Arab Ministerial Meeting on Agricultural Development and Food Security which kicked off on Sunday in the Egyptian resort of Sharm el-Sheikh, said the current meeting has attached greater importance due to the drought which haunts many Arab and African countries and the global financial crisis.The recent food crisis caused the prices of many food stuff to ratchet up and the global financial crisis forced many countries to cut funds allocated to agricultural development, said the official."I hope the meeting will lay a concrete foundation stone for cooperation between Arab and African states at this vital stage," he said.The Syrian official added that the meetings aim to establish a common Arab-African strategy on agriculture and food security, pointing out that there is a plan to set up a follow-up, steering and coordination body along with a special fund to support the implementation of decisions to be sanctioned by the ministers.Rasheed added that his country has already taken tangible steps on food security, "Syria has successfully made food security years ago thanks to governmental policies and its support for the agricultural sector.""We have achieved this goal," he said, yet adding his country still faces challenges due to the recent drought which is the worst in 50 years.
BEIJING, Jan. 21 (Xinhua) -- Beijing's per capita gross domestic product exceeded 10,000 U.S. dollars for the first time last year after a strong economic recovery, a local statistics official said Thursday.The GDP in the Chinese capital grew 10.1 percent to 1.187 trillion yuan (137.8 billion U.S. dollars) in 2009, according to the Beijing Bureau of Statistics.The per capita GDP was 68,788 yuan (10,070 U.S. dollars) as the city had 17.55 million permanent residents at the end of 2009."The breakthrough is a milestone for Beijing," said Yu Xiuqin, the bureau's deputy director. "According to the standards of the World Bank, Beijing has become a moderately well-off city."According to the World Bank, a country or region should be recognized as moderately well-off when its per capita GDP exceeds 10,000 U.S. dollars, the official explained.The service industry contributed to 75 percent of Beijing's GDP and its urbanization rate had reached 85 percent, she said."The Beijing government will take further measures to boost the living standards and social welfare of the rural population to bridge the gap between urban and rural areas," Yu said.
BEIJING, March 12 (Xinhua) -- Chinese mainland held ceremonies Friday commemorating the 85th anniversary of the death of Dr. Sun Yat-sen, the forerunner of the anti-feudalism revolution in China.In Beijing, a ceremony was held in Zhongshan Park, a park named after Dr. Sun.Abdul'ahat Abdulrixit, vice chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), China's top political advisory body, Zhou Tienong, chairman of the Central Committee of the Revolutionary Committee of the Chinese Kuomintang (RCCK), Lou Zhihao, deputy head of the United Front Work Department of the Communist Party of China Central Committee, and Beijing Vice-Mayoress Cheng Hong placed flower baskets at the foot of a statue of Sun Yat-sen.The ceremony was presided over by Li Wuwei, vice chairman of the Central Committee of the RCCK, and was joined by more than 200 people including representatives from the Standing Committee of the National People's Congress, China's top legislature.Local officials and citizens in east China's Jiangsu Province marked the day at the mausoleum of Dr. Sun in Nanjing, capital city of Jiangsu, honoring his spirit and achievements in the revolution and calling for national reunification.In Shanghai, books were published about Dr. Sun and his wife, Soong Ching Ling, former Chinese Honorary President, commemorating his death.A local official at the Shanghai ceremony held in the former residence of Dr. Sun, said he hoped that the books would promote patriotism among the public, especially the youth.Dr. Sun was born in 1866 and died in 1925. He is known to the Chinese as a "great revolutionary and statesman" who fought against feudalism and imperialist aggression and for the independence and freedom of the Chinese people. Memorial ceremonies are held every year on the date of his death around the nation.
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