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WASHINGTON, Nov. 14 (Xinhua) -- Chinese President Hu Jintao arrived in Washington Friday for a summit to discuss issues concerning financial markets and the global economy.     President Hu, and other leaders from the Group of Twenty (G20) members, have been invited by U.S. President George W. Bush to Saturday's meeting, the first in a series of summits to mitigate what economists predict could be a long and deep downturn.     Later in the evening, the Chinese president is expected to attend a dinner hosted by Bush for all the leaders.     "The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors," said White House spokeswoman Dana Perino last month in making the announcement of the summit.     At a press briefing last week, Chinese Vice Foreign Minister He Yafei said that China expects to build a fair, inclusive and efficient international financial system.     "We hope to consult with other participants to reform the international financial system and finally try to establish a fair, inclusive and efficient system," He said.     He said that China would take an active part in the summit-related activities in a constructive attitude, work together with all the parties for the achievement of pragmatic outcome, and impel the international community to tackle the financial crisis in a timely, comprehensive and effective manner.     The members of the G20 include Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States, and the European Union.     The managing director of the International Monetary Fund (IMF),the president of the World Bank, the secretary-general of the United Nations and the chairman of the Financial Stability Forum have also been invited to the Washington summit.     Washington is the first leg of President Hu's five-nation trip. He will later pay state visits to Costa Rica, Cuba, Peru and Greece. During his stay in Peru, he will attend the Economic Leaders' Informal Meeting of the Asia-Pacific Economic Cooperation(APEC) forum in Lima.

BEIJING, Nov. 27 (Xinhua) -- China's Party discipline watchdog Thursday vowed to put government-funded projects under scrutiny when the country is investing 4 trillion yuan to stimulate the economy.     "We would try to prevent corruption, when a project is tabled for review and approval, when the land is allocated to it, when a public bidding is held for contractors," said He Yong, deputy secretary of the Communist Party of China Central Commission for Discipline Inspection (CCDI), at a meeting here Thursday.     Besides government-funded ones, other projects with state investment would also be the top priority, he said.     The CCDI would issue a set of rules to regulate business activities and officials' work as soon as possible, he said. For instance, it would push local governments to publicize urban planning documents, which listed infrastructure projects to be implemented, and issue detailed rules to protect fair play in public bidding.     To curb graft in this field, discipline officers would also target commercial bribery, which has implicated officials.     They will establish a database specially for commercial bribery cases. A company involved in such cases would be excluded from any business, He said.     On Monday, the CCDI also issued a statement jointly with the National Development and Reform Commission (NDRC), the Ministry of Supervision, the Ministry of Finance and the National Audit Office to ensure close supervision on the stimulus package.     The statement said two dozen inspection teams will be sent to follow projects funded by the package.

DOHA, Nov. 29 (Xinhua) -- China on Saturday called for efforts to create global development partnerships and urged the international community to take practical steps to help developing nations in confronting the ongoing global financial crisis.     Vice Chinese Foreign Minister He Yafei, as the special envoy of Chinese President Hu Jintao, made the remarks at the plenary session of the U.N.-sponsored Follow-up International Conference on Financing for Development.     The spreading international financial crisis, coupled with the complicated and grave international economic situation, is posing a challenge to efforts to implement the Millennium Development Goals, He said.     The international community should approach the issue of financing for development from an overall and long-term perspective, establish partnerships for global development and take practical steps to help the developing countries.     On the issue of financing for development, a balance needs to be struck in the following points, He said.     Special attention should be given to efforts to minimize the impact of the financial crisis on developing countries, so as to maintain a good balance between stabilizing the financial market and helping vulnerable countries and communities.     Moreover, relevant parties should do more to promote global economic growth and stability, and stand firm against protectionism in efforts to conclude the Doha round of negotiations at an early date, he said.     He also urged the developed nations to fulfill their commitments on aid, and offer debt forgiveness and technology transfers to the developing nations.     While seeking solutions to the longstanding problem of development deficits, countries around the world should also mobilize new and extra funds to effectively cope with such emerging challenges as energy security, food security and climate change, He said.     On crisis response and prevention, He called on countries worldwide to continue their efforts in stabilizing the financial market as well as in building a just, equitable, inclusive and orderly international financial system.     Efforts should be made to carry out necessary reforms of the existing international financial system and its governance structures in a timely, gradual, comprehensive and balanced manner, He added.     The United Nations, the most authoritative international organization in the world, should continue to play its leading role in financing so as to encourage the international community to make bigger investments in development, he noted.

BEIJING, Jan. 8 (Xinhua) -- China has called on state enterprises and academic institutions to step up efforts to attract more leading Chinese scientists studying overseas, a move that would enable the country to stay globally competitive.     According to a guideline issued by the General Office of the Communist Party of China (CPC) Central Committee, high-quality Chinese talent in foreign countries, especially those at the frontier fields of science and technology, is needed for China to embrace global competition and forge ahead with its opening up.     Priority should be given to the recruitment of leading scientists who are able to make breakthroughs in key technologies, develop high-tech industries and lead new discipline areas, said the guideline.     It urged key laboratories, state-owned commercial and financial institutions, high-tech zones, and higher institutions to create favorable conditions to attract more overseas Chinese experts to serve their motherland.     Efforts should be made to make sure they are well-treated, have good career prospects and enjoy convenient service, the guideline stated.     "(We should) further emancipate our mind, break away out-of-date rules and regulations, improve relevant policies, and fully understand, trust and use them." it said.     Chinese scientists who have studied abroad have long played a crucial role in developing the country's industry, education and national defense programs. Among them were Qian Xuesen, China's father of space technology, Li Siguang, founder of China's geomechanics and Deng Jiaxian, nuclear physics expert.     An official with the Organizational Department of the CPC Central Committee has said that a large portion of scientists from the country's two top academies studied abroad.     More than 80 percent of the academicians from the Chinese Academy of Sciences have studied abroad. The figure for the Chinese Academy of Engineering is 54 percent.

BEIJING, Nov. 2 (Xinhua) -- China's gross domestic product (GDP) growth is expected to slow to 9.4 percent in 2008 from last year's 11.4 percent as the shrinking exports will cool the world's fourth largest economy, according to a Chinese credit rating agency report on Sunday.     The fundamentals of the economy are sound, but falling export orders would take a toll on the national economy in the short term, and domestic consumption needed time to play a bigger role, said the report released by the China Chengxin International Credit Rating Co. (CCXI), a joint venture of China's first rating agency China Chengxin Credit Management Co. Ltd. and U.S.-based Moody's Corporation.     The changing external economic environment and the burst of domestic asset bubbles would exacerbate the slowing economy, said the report.     The proactive fiscal policy was key to preventing the economy from falling and there was room for further cuts in bank reserve requirement ratios and interest rates.     It predicted the economy would gain 8.6 percent in 2009, but it gave no explanation of its forecast.     China's economy grew at 9 percent in the third quarter, the slowest in five years, as the global financial crisis sapped demand for Chinese goods, and domestic industrial production waned in response to weak demand and rising raw material costs.     The government has lowered interest rates three times in the last two months, increased export rebates and cut property transaction taxes to boost domestic consumption.     The report said the world financial crisis would have limited direct impact on the domestic banking system, but it warned Chinese exporters of default risks of foreign buyers.     Insurers and securities companies would be affected as the domestic capital market was growing more connected to the international market.     In September, the Manila-based Asian Development Bank, projected China's GDP growth to fall to 10 percent this year and further ease to 9.5 percent in 2009.     The slow-down was a result of the combined effects of a reduced trade surplus, slower growth in investment, and the global economic downturn, the Asian Development Outlook 2008 Update has said.

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