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JOHANNESBURG, March 8 (Xinhua) -- In order to combat piracy and to improve maritime safety, South African authorities have begun using a sophisticated navigation satellite system, it was announced on Tuesday.Piracy, especially by Somalis, has been increasing along Africa east coast in recent years. The South African Press Association (SAPA) reported on Tuesday that Karl Otto, head of the South African Maritime Safety Authority (SAMSA) announced the surveillance tool at a conference in Durban.Called Long Range Identification and Tracking (LRIT), the system monitors and tracks vessels in waters south of the equator.Otto said the introduction of the LRIT followed concerns over the safety of seafarers, the safety standards of ships within South African waters.Otto said there were high levels of cargo at risk, such as fuels and oils.He said reasons for installing the system included the number of shipwrecks along the South African coast, and the threat of pollution of the marine environment by ships."It also serves as a mechanism to prevent piracy."Otto said the satellite system has the capacity to identify and track vessels up to 1,000 nautical miles (1,850 km) from the South African coastline as well as South African-flagged vessels anywhere in the world."This is a revolutionary development in the security of our seas," he said.SAMSA was determined to protect South Africa's seafarers, its coastline and the marine environment, Otto said.
WASHINGTON, May 27 (Xinhua) -- The U.S. Treasury Department said in a report released on Friday that China was not manipulating its currency."In China, since the authorities decided in June 2010 to allow the exchange rate to appreciate in response to market forces, the renminbi (RMB) has appreciated by a total of 5.1 percent against the dollar in nominal terms through the end of April 2011, or at an annual pace of approximately 6.0 percent," noted the semi- annual report on international economic and exchange rate policies.The Treasury said that as inflation in China is significantly higher than it is in the United States, the renminbi has appreciated more rapidly against the dollar on a real, inflation- adjusted basis, at a rate of around 9 percent per year.The delayed report, which was originally scheduled to be sent to the Congress on April 15, finds "no major trading partner of the United States" manipulated its currency during the period covered in the report.The Treasury added that it will continue to "closely monitor" the renminbi appreciation pace.The report also noted that the U.S. economy is recovering from its deepest recession in the post-war period."While recent growth is encouraging, the economy still faces significant challenges," said the report. The number one challenge is still in the labor market.The U.S. unemployment rate, currently at 9.0 percent, is not expected to fall significantly this year.Besides, housing market and long-term fiscal position are " unsustainable," according to the report.In recent remarks, Treasury Secretary Timothy Geithner stated that China is the fastest growing market for U.S. exports. In 2010, U.S. exports to China grew at a pace that was 50 percent higher than the rest of the world.

BEIJING, Feb. 11 (Xinhua) -- China's foreign exchange regulator said Friday it did not suffer any losses from its investment in Fannie Mae and Freddie Mac bonds, adding that media reports of up to 450 billion U.S. dollars of losses were "groundless.""Up until now, the capital and interest repayments of Fannie Mae and Freddie Mac bonds is normal, and no losses have incurred," The State Administration of Foreign Exchange (SAFE) said on its website.Annual yields of the bonds were around 6 percent between 2008 and 2010, the SAFE said.The regulator, which oversees China's more than 2 trillion U.S. dollars of foreign exchange reserve, also clarifies it had not bought any stocks of the two troubled mortgage companies.UPI reported on Friday that the Obama Administration will propose phasing out the two mortgage giants after rescuing them, which is part of a U.S. Treasury Department white paper to Congress that lays out three ways of cutting government support to the 10.6 trillion U.S. dollars mortgage market.
BEIJING, Jan. 30 (Xinhua) -- Chinese President Hu Jintao said Sunday more attention should be paid to raising people's living standards while striving for economic growth.Hu made the remarks at a symposium with non-Communist parties and individuals to mark the Spring Festival, or the Lunar New Year, which falls on Feb. 3 this year.Hu urged the parties and social groups to pursue the people-first principle and help the government to better serve the people."We should always make the improvement of people's lives an important starting point in promoting development in a scientific way and enhancing social harmony," Hu said.Chinese President Hu Jintao (C), also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, delivers an important speech at a symposium with non-Communist parties and individuals to mark the Spring Festival in Beijing, capital of China, Jan. 30, 2011.He said the government would focus on the transformation of its economic development pattern, and try to achieve its economic targets this year, which is also the start of the 12th five-year period (2011-2015).Hu hoped the non-Communist parties and individuals would concentrate on promoting scientific development and put forward practical suggestions for achieving comprehensive, coordinated and sustainable development.This year marks the 90th anniversary of the founding of the Communist Party of China (CPC).Hu said the past 90 years had proved that unison of ideas, targets and actions in the multi-party cooperation system under CPC leadership guaranteed the country to achieve progress in revolution, development and reform.Hu expressed appreciation for the contributions of non-Communist parties and individuals to social and economic development last year."We must rely on all Chinese people, including non-Communist parties, societies, ethnic groups and people from all walks of life and in different strata to achieve this year's goals for economic and social development," said Hu.At the event, Hu also extended New Year's greetings and best wishes to all people from the non-Communist parties and the All-China Federation of Industry and Commerce and those without party affiliations.Non-Communist party leaders at the gathering gave opinions on issues such as multi-party cooperation, rural social security system, water conservation, strategic emerging industries, education and cultural exchanges across the Taiwan Straits.The meeting was chaired by Jia Qinglin, chairman of the National Committee of the Chinese People's Political Consultative Conference. Vice President Xi Jinping and Vice Premier Li Keqiang were present at the gathering.
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