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BEIJING, Jan. 14 (Xinhua) -- China will increase the flexibility of the yuan exchange rate and further push forward the opening-up of its financial markets, a senior central bank official said Friday.China will continue the reform of the yuan exchange rate mechanism and keep the rate basically stable at a reasonable and balanced level, Li Dongrong, assistant governor of the People's Bank of China, said at a forum. The speech was posted on the central bank's website.The Chinese yuan strengthened to a record high against the U.S. dollar Friday, the central parity rate reaching 6.5896, the second straight day it has been set below 6.6 per dollar, according to the China Foreign Exchange Trading System.The currency has risen by more than 3 percent since the country's central bank announced in June 2010 it would further reform the yuan exchange rate formation mechanism to improve its flexibility.Li also said the central bank will work to expand trials of cross-border yuan settlement, to facilitate trade and investment.The central bank will promote the policy of allowing exporters to park their foreign revenue overseas, Li said, adding that it will further develop the foreign reserves market and create tools to hedge exchange rate risk.Li's speech came after the central bank announced Thursday the nation's qualified businesses and banks may settle their overseas direct investment in yuan, a move that expands the Chinese currency's global reach and eases excess domestic liquidity concerns.Li also voiced concern about loose credit globally, saying such policies are adding to capital-inflow and currency-appreciation pressures, leading to asset bubbles in some emerging economies.China still faces many challenges, Li said. "Expectations for inflation are rising. Housing prices are still high in some cities. Pressure from continuous inflows of foreign capital is increasingly evident," he said.The central bank will soundly manage money supply and maintain reasonable growth in credit, he added.
FUZHOU, Nov. 11 (Xinhua)-- Alibaba.com Ltd., operator of China' s largest online-commerce site for businesses, said its paying members in the third quarter exceeded 1 million for the first time, as shown in its unaudited financial figures for the quarter, released on Thursday.Alibaba boasts 56.7 million registered users, 8.2 million storefronts and over 1 million paying members, up by 25 percent, 35 percent and 30 percent respectively, year on year, according to the report."We specifically stepped up our efforts in enforcing a trusted and safe environment in our marketplace by eliminating paying members who committed fraud, as well as those who have a high probability to commit fraud. In this quarter, we terminated about 1,200 Gold Supplier members," said David Wei, chief executive officer of Alibaba.com., as posted on its website.Further, Alibaba's third quarter profit rose by 55 percent to 366.1 million yuan (55.3 million U.S. dollars) from 236 million yuan one year earlier, Alibaba said."Despite the uncertainty and mixed signals in the global economic environment, we are gratified to see our financial growth remained strong during this quarter," said David Wei.

BEIJING, Dec. 10 (Xinhua) -- A Chinese state councilor said on Friday that the Confucius Institute is facing a "new starting point", calling for increased cultural exchanges between China and foreign countries via the institution.While addressing the opening ceremony of the fifth conference of Confucius Institutes in Beijing, Chinese State Councilor Liu Yandong said that the institute is being offered new opportunity given exchanges of the diverse cultures in the world and China's wider opening-up."After five years' development, the Confucius Institute is now standing at a new starting point," said Liu, also president of the Confucius Institute headquarters council.The Confucius Institute, named after ancient Chinese philosopher Confucius, is a non-profit public institution which aims to promote Chinese language and culture in foreign countries.Up to now, China has set up more than 320 Confucius Institutes in 96 countries around the globe since the first one was established in 2004, said Liu.Li Changchun, a Standing Committee member of the Political Bureau of the Communist Party of China (CPC) Central Committee, also attended the opening ceremony of the annual conference.
BEIJING, Dec. 11 (Xinhua) -- China's urban fixed asset investment rose 24.9 percent in the first 11 months year on year to hit 21.07 trillion yuan (3.19 trillion U.S. dollars), China's statistics authority said Saturday.The growth rate was 0.5 percentage points higher than that during the first ten months, according to figures released by the National Bureau of Statistics (NBS).The urban investment in the primary, secondary and tertiary industries rose by 16.6 percent, 22.7 percent and 26.9 percent respectively.During the first 11 months, investment in central government projects rose 10.2 percent year on year to 1.68 trillion yuan, while investment in local government projects was up 26.4 percent to reach 19.39 trillion yuan, according to the NBS figures.Property development investment was up 36.5 percent year on year to reach 4.27 trillion yuan, the figures showed.During the same period, state-owned and state-controlled investment reached 8.75 trillion yuan, up 19 percent from a year earlier.Investment in railway constructions and transportation jumped 25.3 percent to 582.2 billion yuan, while investment in petroleum and gas exploration climbed 5.8 percent to 219.4 billion yuan for the first 11 months.
BEIJING, Jan. 12 (Xinhua) -- China's anti-graft chief, He Guoqiang, on Wednesday said the principles of putting people first and governing for the people must be implemented in combating corruption and building a clean government.Addressing a meeting of the Central Commission for Discipline Inspection (CCDI) of the Communist Party of China (CPC) and the Ministry of Supervision in Beijing, He, CCDI secretary, said safeguarding public interests should be the starting point and the objective of discipline inspection and supervision.The principles of putting people first and governing for the people should be implemented in the education on anti-corruption and clean governance and in building a fine Party work style, he said.Moreover, these principles should be carried out in addressing problems most complained about by the public, he said.Also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, He added that discipline inspections and supervision authorities should comprehensively improve the capability and work style of their staff.In a notice issued on Wednesday, the CCDI ordered Party discipline inspection authorities at all levels to study and implement the guiding principles of a speech Chinese President Hu Jintao made at a plenary session of the CCDI on Monday.Hu, also General Secretary of the CPC Central Committee, vowed at the session that the CPC and the Chinese government would wage the fight against corruption with greater determination and more forceful measures, as the situation remains "grave."He said all work should be done with the fundamental interests of the majority of the people as the core concern.
来源:资阳报