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GUANGZHOU, Nov. 22 (Xinhua) -- What China can do for the world is not to sell out its massive dollar reserve, but slightly increase its hold of the currency to give reasonable support to the U.S. effort to save its economy, said a senior economist here on Saturday. It is indeed difficult for China to handle its huge forex reserve, as the U.S. currency has already depreciated 20 percent against the Chinese yuan, said Cheng Siwei, well-known economist at a financial forum held in Guangdong. "China would suffer from losses if it sells off the dollar, so our strategy should be not to sell, but to slightly increase dollar reserve," said Cheng, also former vice-chairman of the Standing Committee of the National People's Congress (NPC). Cheng made the remarks amid increasing concern that China might use its forex reserve to finance its 4-trillion-yuan stimulus plan. China held 1.9 trillion dollars worth of forex reserve by September this year. China "can only afford to do what is corresponding to its level of development and national power amid a global crisis," said Cheng. "We should be prudent as to how to deal with our forex reserve," said Cheng, noting that China, despite its large size of economy, has its gross domestic product (GDP) accounting for only 6 percent of the world's total, and its per capita GDP ranking falling out of the top one hundred list.
BEIJING, Jan. 13, 2009 (Xinhua) -- Hu Jintao, general secretary of the Communist Party of China (CPC) Central Committee, on Tuesday urged the Party's anti-corruption body to "firmly correct official wrongdoings" that harm public interests. Addressing a plenary session of the CPC Central Commission for Discipline Inspection (CCDI), the ruling Party's internal anti-corruption body, Hu said Party officials should maintain their political integrity and lead the people to overcome difficulties amid hardships. Hu Jintao, general secretary of the Communist Party of China (CPC) Central Committee, addresses the third plenary session of the 17th CPC Central Commission for Discipline Inspection in Beijing, capital of China, Jan. 13, 2009. The CPC committees, governments and the Party's discipline organs at all levels had maintained a rigorous crackdown on all forms of corruption since the Party's 17th National Congress in 2007, said Hu, also Chinese president. He called on the Party's discipline organs to focus on power abuse, bribery and misconduct, pledging that no corrupt officials would be allowed to escape punishment. "We should be fully aware that the fight against corruption needs long-term, complicated and tough efforts," said Hu. "In the anti-corruption efforts, we should also pay attention to both punishment and prevention and achieve effects to earn trust from the people and provide solid assurance for reform, development and stability," he said. ATTACH IMPORTANCE TO PARTY MEMBER'S INTEGRITY Hu said that in the face of complicated and changing international situations and domestic reforms, the integrity of officials at all levels was vital to keep steady economic growth and social harmony. Officials' integrity and honesty would determine their behavior at work and off duty, Hu said. Officials should consciously adhere to socialist core value judgments as well as the Party's basic theories and policies. Self-discipline and supervision must be relied on to cultivate clean and dedicated model leaders and the discipline organs should conduct unremitting education on virtue and morality, Hu said. To realize the objectives, he urged the CCDI to carry out more education and supervision of Party officials, and ensure against abuse of authority. Supervision and inspection should also be promoted and implemented in major decision making and deployment in accordance with the scientific outlook on development, Hu said. The disciplinary organs should also push harder on investigations to corruption cases and deal with corruption problems in most high-risk departments or governmental affairs, he added. Hu emphasized six aspects in the Party's anti-corruption work for immediate concentration: -- Party officials should always ask the people for political advices, basic needs and suggestions for resolving social problems, and try harder to take practical measures to tackle public difficulties. -- Officials should make more efforts to learn Party theories and policies and increase their capabilities to deal with complex situations by applying theory to practice. -- Officials should always remember their duties and responsibilities endowed by the Party and people, and fulfill their assignment with more devotion. -- Officials should hold a correct concept of political achievements by respecting and seeking truth in their work. -- Officials should always prioritize people's interests and refrain from seeking personal gains or furthering their own interests. -- Officials should maintain the Party's solidity and unity, and strictly abide by Party rules and regulations. They also should increase economic awareness to frugally conduct all undertakings. Hu urged Party committees at all levels to regard strengthening education on integrity and honesty for officials as an important task in managing the Party by strict rules. He also encouraged the Party's self-discipline organs to bravely fight all forms of corruption and illegalities, calling on Party committees to support anti-graft work. Statistics from the commission showed that 4,960 officials above county head level were punished nationwide during the year ending last November. The session was presided over by He Guoqiang, head of the CCDI. At present were other senior CPC officials Wu Bangguo, Wen Jiabao, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang and Zhou Yongkang.

BEIJING, Dec. 18 (Xinhua) -- China held a meeting on Thursday morning to celebrate the 30th anniversary of its reform and opening-up drive, which turned the once poverty-stricken country into one of the world's largest economies. Top leaders, including President Hu Jintao, attended the ceremony, which started at the Great Hall of the People in downtown Beijing at 10:00 a.m. China held a meeting on Thursday morning to celebrate the 30th anniversary of its reform and opening-up drive, which turned the once poverty-stricken country into one of the world's largest economies The celebration also drew nearly 6,000 Chinese from all walks of life. In a speech at the ceremony, Hu said 30 years to the day witnessed the opening of the 3rd Plenary Session of the 11th Communist Party of China (CPC) Central Committee. That meeting ushered in a new historic period of reform and opening-up, marking the most significant turning point in the Party's history since the New China was founded in 1949, he said. By gathering here today to commemorate the 30th anniversary of that meeting, Hu said they are meant to fully recognize the significance and great achievements of the reforms, sum up experience, and continue to develop the country on the path of socialism with Chinese characteristics. Hu said China's gross domestic product (GDP) kept growing at an annual rate of 9.8 per cent for three decades, more than three times the world average. China held a meeting on Thursday morning to celebrate the 30th anniversary of its reform and opening-up drive, which turned the once poverty-stricken country into one of the world's largest economies The President said China's GDP had soared from more than 360 billion yuan (about 52 billion U.S. dollars) in 1978 to 24950 billion yuan in 2007, making China become the world's fourth largest economy. The past 30 years have been a period in which China's overall national strength has risen by a big margin, and the Chinese people have received more tangible benefits than ever before, he said. The country has carried out extensive international exchanges and cooperation, through which China's economy was boosted, he said, adding in the process, China has also made important contribution to the world's economic development. China's economic reforms started 30 years ago after the 10-yearCultural Revolution (1966-1976), which left the country on the verge of economic breakdown. The decision to open up the once-secluded country and reform its moribund economy was made at the 3rd plenary session of the 11th Central Committee of the Communist Party of China, which started on Dec. 18, 1978. The date is commonly regarded as a watershed in China's development.
Wu Bangguo (C), chairman of the Standing Committee of China's National People's Congress (NPC), holds the First plenary session of the sixth session of the 11th NPC Standing Committee at the Great Hall of the People in Beijing, China, on Dec. 22, 2008. BEIJING, Dec. 22 (Xinhua) -- China announced plans Monday to establish a social security number system for the welfare of its citizens. The draft of the social insurance law was discussed by the Standing Committee of the 11th National People's Congress, the country's top legislature, on Monday. The draft said China would establish a standard social security number system across the nation by using each citizen's current identification card number. The social insurance fund will be categorized into endowment insurance, medical insurance, insurance against injury at work, unemployment insurance and childbirth insurance, the draft said. Currently, China's social insurance fund is managed by the Ministry of Human Resources and Social Security and its branches in provinces, municipalities and autonomous regions. According to the country's labor law, the funding of endowment, medical and unemployment insurance is raised by both individuals and their employers. Workplace injury and childbirth insurance have to be paid by employers. A series of social insurance fund embezzlement scandals have been exposed in China since 1998. More than 16 billion yuan (about2.3 billion U.S. dollars) was embezzled. The new social insurance law's draft said any individual or organization has a right to complain or report illegalities about the social insurance fund. The measure is an endeavor to invite more supervision of the citizen's basic security. The draft also determined that a new type of rural medical system, in which farmers and governments raise funds together, would be included in the medical insurance. Governments will cover medical insurance expenses for citizens who live on low-income subsidies, have serious disabilities or are older than 60 years, the draft said.
GUANGZHOU, Oct. 20 (Xinhua) -- Chinese exporters, faced with dwindling foreign orders amid global economic slowdown, are diverting their attention to domestic markets. At the ongoing Canton Fair, China's leading trade fair, businesses that canvass foreign buyers are also focusing on the local market as their customers in the Western nations are dragged into recession by the global credit crisis. Qiao Guan, board chairman of the Jiangsu Hotwind Sauna Equipment, said his company is planning to divert some of the business from abroad to the domestic market. The company's sales in the United States, which accounted for about 30 percent of its total exports, had dropped by more than 20 percent this year, Qiao said. He hoped the local sales could compensate the decreasing orders in the foreign market. "We have completed research on the domestic market, which shows some exported goods are affordable and have good sales prospects in the local market," he said. The Himin Solar Energy Group, based in east China's Shandong Province, produces solar water heaters that are sold both at home and abroad. Xue Xinwen, head of the firm's international trade department, said the company had been losing orders as some Western countries canceled subsidies on environment-friendly imports. "We have sent more staff to market our products to local infrastructure authorities and companies," he said. "Domestic consumption has been greatly boosted by a robustly growing economy, creating positive situations for exporters to go local," he said. But the readjustment can be difficult. Li Jianlan, a worker with Wanji Plumbing Materials Co. Ltd, based in Ningbo, said an exclusive exporter like her company lacked channels and brand loyalty in the domestic market. "These are two different kinds of markets, and it takes a lot of work to be familiar with the ways business is done with local buyers," she said. Some goods that are made for export are deemed too expensive for Chinese buyers. Huang Yan, general manager of the L-bright Export Manufacture Corporation, said it had been very difficult to sell its products to domestic buyers as they lacked a price advantage. Local governments, aware of the trend, are taking action to encourage the conversions. Guangdong Province, the country's major exporting base, issued a notice in June, ordering local quality inspection authorities to provide needed technical assistance to exporters.
来源:资阳报