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BEIJING, June 14 (Xinhua) -- China on Monday urged the United States political figures to stop blaming others for U.S. economic problems and to solve the problems themselves, as pressure on the Renminbi exchange rate mechanism builds."It's unreasonable to politicize the RMB exchange rate issue or engage in trade protectionism against China under the guise of the exchange rate issue. Doing so will only harm both sides," Foreign Ministry spokesman Qin Gang commented in response to some U.S. politicians' remarks on the Renminbi exchange rate issue.U.S. Treasury Secretary Timothy Geithner said at a congressional hearing last Thursday China's refusal to revalue its currency impedes global economic reforms -- even as he highlighted the importance of U.S.-China trade and hailed the recent growth of Chinese imports of U.S. products.Some U.S. congressmen have said they will soon push for a trade sanctions bill targeting countries "whose currency exchange rate is not equal to fair value.""We agree with the remarks China-US trade is very important. The trade is mutually beneficial and win-win in nature," Qin said.China does not intend to pursue trade surpluses and is actively increasing its imports from the United States to push for sound and balanced trade ties, he said.In the first quarter of this year, U.S. exports to China surged by 50 percent year on year but less than 20 percent to other regions, according to Geithner.
BEIJING, June 11 (Xinhua) -- China's retail sales, the main gauge of consumer spending in the world's fastest-growing economy, rose 18.7 percent year on year to 1.25 trillion yuan (183 billion U.S. dollars) in May, the National Bureau of Statistics (NBS) announced Friday.The growth rate was 3.5 percentage points higher than the same period last year and 0.2 percentage points higher than April's, said NBS spokesman Sheng Laiyun.Urban consumption hit 1.08 trillion yuan in May, up 19.1 percent year on year, while rural residents spent 163.7 billion yuan, up 15.8 percent. A woman walks by a sale advertising poster in Beijing, capital of China, May 11, 2010.In the first five months, total retail sales climbed 18.2 percent to 6.03 trillion yuan. The growth rate was 3.2 percentage points higher than the same period last year.The government rolled out a series of incentives to bolster consumption to counter the fallout from the global economic downturn, including subsidies for home appliances in rural areas and tax breaks for auto purchases, in early 2009, among others.China's auto sales in May rose 28.35 percent from a year earlier to 1.44 million units, bringing combined sales in the first five months to 7.6 million units, up 53.25 percent from a year earlier.Monthly sales of home appliances in China's countryside surged 220 percent year on year in May to 12.6 billion yuan. The figure for January-May period was 54.35 billion yuan, up 400 percent from year on year.
BEIJING, June 19 (Xinhua) -- The People's Bank of China, China's central bank, has decided to proceed further with the reform of the Renminbi exchange rate regime to enhance the RMB exchange rate flexibility, a spokesperson of the central bank said Saturday.The decision was made in view of the recent economic situation and financial market developments at home and abroad, and the balance of payments (BOP) situation in China, the spokesperson said in a statement.In further proceeding with the reform, continued emphasis would be placed to reflecting market supply and demand with reference to a basket of currencies. The exchange rate floating bands will remain the same as previously announced in the inter-bank foreign exchange market, the spokesman said.The spokesperson said China's external trade is becoming more balanced. The ratio of current account surplus to GDP, after a notable reduction in 2009, has been declining since the beginning of 2010."With the BOP account moving closer to equilibrium, the basis for large-scale appreciation of the RMB exchange rate does not exist," the spokesperson said.The PBOC will further enable market to play a fundamental role in resource allocation, promote a more balanced BOP account, maintain the RMB exchange rate basically stable at an adaptive and equilibrium level, and achieve the macroeconomic and financial stability in China, the spokesperson said.China has moved into a managed floating exchange rate regime based on market supply and demand with reference of a basket of currencies since July 1, 2005.The spokesperson said the reform of the RMB exchange rate regime has been making steady progress since 2005, producing the anticipated results and playing a positive role.With the current round of international financial crisis was at its worst, the exchange rate of a number of sovereign currencies to the U.S. dollar depreciated by varying margins."The stability of the RMB exchange rate has played an important role in mitigating the crisis' impact, contributing significantly to Asian and global recovery, and demonstrating China's efforts in promoting global rebalancing," the spokesperson said.The gradual recovery of the global economy and upturn of the Chinese economy has become more solid with enhanced economic stability. It is desirable to proceed further with reform of the RMB exchange rate regime and increase the RMB exchange rate flexibility, said the spokesperson.
BEIJING, July 23 (Xinhua) -- A senior official with the Communist Party of China (CPC) on Friday reaffirmed the Party's and government's unalterable will to clear pornography from the Internet.Liu Yunshan, head of the Publicity Department of the CPC Central Committee, said at a meeting held in Beijing that the government should continue its efforts to crack down on Internet websites that provide pornographic content or links to lewd information.China has established a special working group for coordinating a nationwide campaign to sweep out pornography and other illegal online publications.Officials with government agencies, including the police force and other law enforcement powers in attendance at the meeting, were asked to not only examine websites but also trace the sources of onlinepornography and break the profit chain from producing online pornography and lewd information.Operators of Internet websites, servers, telecom and even advertising agents will be under scrutiny for any pornography or lewd information spread by their services, according to a statement released at the meeting.In other matters discussed at the meeting, the government said it would continue to promote and establish a real name registration system for Internet users and online service operators, and improve its management over Internet search engines as well as information security regulations.
CANBERRA, June 21 (Xinhua) -- Visiting Chinese Vice President Xi Jinping called here on Monday for deepening strategic cooperation with Australia on energy and resources.In a speech delivered to the Australia-China Economic and Trade Cooperation Forum in the Parliament House, Xi said the cooperation on energy and resources between China and Australia boast profound foundation and great potential, and it has become a shining point for the bilateral economic and trade cooperation.Currently, Australia is the biggest exporter of iron ore, alumina, coal and liquefied natural gas to China, and it is also the biggest supplier of wheat, sheep hair and live cow for China.China is Austria's biggest trading partner and biggest exporting market as well as biggest importer. Despite of global financial crisis, Australia's export to China still rose by 31 percent in 2009.Xi said China, which is still in the process of industrialization and urbanization, increasingly needs energy and mineral resources, while Australia is an important energy and resource producer and exporter, so there is a remarkable potential for Australia to set up strategic cooperation with a nation like China, which boasts huge and steady market demand.