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BEIJING, June 12 (Xinhua) -- China's ethnic culture is an important component of the Chinese culture, has made enormous contribution to the formation and development of the Chinese Nationality, and has been a valuable spiritual treasure shared by the Chinese Nationality.     This was remarked by Li Changchun, member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau, at a national work conference on ethnic culture, which opened here Friday. Li Changchun (L, front), member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, meets with the delegates of a national work conference on ethnic culture, in Beijing, capital of China, June 12, 2009.In a meeting with the delegates prior to the opening of the conference, Li called for deepening the study and practice of a scientific view of development, as well as efforts to open up a new situation for the undertakings of the country's ethnic culture.     The official hailed the enormous achievements China has made in the undertaking of ethnic culture since the founding of the People's Republic of China in 1949 and particularly since the country took to the Reform and Opening-up Policy in 1978. The undertakings of China's ethnic culture is now at a new historic starting point, he said.     The country will step up the building of infrastructure for public cultural facilities in minority areas, by well implementing a series of cultural projects funded by central finance. He pledged to send the voices of the Party Central Committee and the State Council to millions of homes of the minority people, so as to enrich the spiritual and cultural life of ethnic groups.     Great efforts will be made to promote international exchanges of the ethnic culture, so as to increase the competitiveness and impacts of the Chinese culture, Li said.     He called for further strengthening and improving the Party leadership on the work of ethnic culture and making efforts to build up a massive and high-quality group of ethnic cultural workers.     Also present at the meeting were three members of the CPC Central Committee Political Bureau, including Vice Premier Hui Liangyu, CPC Central Committee Secretariat Member Liu Yunshan, and State Councilor Liu Yandong.     The conference, the first of its kind in the country, was attended by provincial officials from across the country in charge of the matter, as well as officials from some central departments concerning ethnic affairs, culture, media and cultural heritage.

MILAN, May 18 (Xinhua) -- Top Chinese legislator Wu Bangguo arrived in the Italian city of Milan on Monday for an official goodwill visit to the country.     Wu, chairman of the Standing Committee of China's National People's Congress (NPC), began his tour in Italy at the invitation of Italian Senate President Renato Schifani and Chamber of Deputies President Gianfranco Fini.     In a written statement released at the airport upon his arrival, Wu said China is ready to work with Italy to maintain the sound momentum of practical cooperation so as to make contributions to overcoming the international financial crisis and spurring the recovery of the world economy. Wu Bangguo (R Front), chairman of the Standing Committee of China's National People's Congress, the country's top legislature, arrives in Milan on May 18, 2009 at the start of an official goodwill visit to Italy    Wu is scheduled to meet with Italian President Giorgio Napolitano, Prime Minister Silvio Berlusconi as well as heads of both houses of the Italian parliament and other Italian leaders to exchange views on bilateral relations and other regional and international issues of common concern.     Wu is also to visit a research and development center of the Italian National Agency for New Technology, Energy and the Environment (ENEA), which shows China's interest in using European technologies to improve energy efficiency of its economy.     After Chinese President Hu Jintao's attendance at the London G20 summit in April and Chinese Premier Wen Jiabao's Europe tour in January, Wu is yet another senior Chinese leader to visit Europe in the past few months.     Against the background of the worsening global financial crisis, Wu's visit highlighted the importance that China attaches to cooperation with Europe in addressing global challenges.     Italy, which currently holds the rotating presidency of the G8 group, will host a summit between the leaders of G8 nations and developing countries in June. Hu is expected to attend the meeting.     Wu's visit coincides with a G8 environment ministers meeting that is to be held in Italy on May 22.     China and Italy have witnessed smooth development of bilateral ties in recent years. Berlusconi visited Beijing for the Asia-Europe summit last October.     Besides Milan, Wu is also to visit Rome, Florence and Venice. Italy is the final leg of Wu's three-nation Europe tour, which had already taken him to Russia and Austria. 

BEIJING, June 16 (Xinhua) -- For the first time in more than one year, China reduced its holding of U.S. Treasury bonds, and experts told Xinhua Tuesday that move reflected concern over the safety of U.S.-dollar-linked assets.     Data from the U.S. Treasury showed China pared its stake in Treasury bonds by 4.4 billion U.S. dollars, to 763.5 billion U.S. dollars, as of the end of April compared with March.     Tan Yaling, an expert at the China Institute for Financial Derivatives at Peking University, told Xinhua that the move might reflect activity by China's institutional investors. "It was a rather small amount compared with the holdings of more than 700 billion U.S. dollars."     "It is unclear whether the reduction will continue because the amount is so small. But the cut signals caution of governments or institutions toward U.S. Treasury bonds," Zhang Bin, researcher with the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, a government think tank, told Xinhua.     He added that the weakening U.S. dollar posed a threat to the holdings of U.S. Treasury bonds.     The U.S. government began to increase currency supply through purchases of Treasury bonds and other bonds in March, which raised concern among investors about the creditworthiness of U.S. Treasury bonds. The move also dented investor confidence in the U.S. dollar and dollar-linked assets.     China, the biggest holder of U.S. Treasury bonds, is highly exposed. In March, Premier Wen Jiabao called on the United States "to guarantee the safety of China's assets."     China is not the only nation that trimmed holdings of U.S. Treasury bonds in April: Japan, Russian and Brazil did likewise, to reduce their reliance on the U.S. dollar.     However, Tan said that U.S. Treasury bonds were still a good investment choice.     Hu Xiaolian, head of the State Administration of Foreign Exchange, said in March that U.S. Treasury bonds played a very important role in China's investment of its foreign exchange reserves. China would continue to buy the bonds while keeping an eye on fluctuations.     Zhang said it would take months to see if China would lower its stake. Even so, any reduction would not be large, or international financial markets would be shaken, he said.     Wang Yuanlong, researcher with the Bank of China, said the root of the problem was the years of trade surpluses, which created the huge amount of foreign exchange reserves in China. It left China's assets tethered to the U.S. dollar, he said.     He said making the Renminbi a global currency would cut China's demand for the U.S. dollar and reduce its proportion in the trade surplus.

HONG KONG, May 18 (Xinhua) -- China will definitely be able to meet the target of achieving eight percent economic growth in 2009, a senior official of the country's top economic planning body said here Monday.     "Judging from the indicators of the first four months, I do believe it is highly possible to achieve an eight percent growth for the full year. In fact, I believe the target will definitely be met," said Xulin, head of the Department of Fiscal and Financial Affairs of the National Development and Reform Commission.     Speaking at a briefing in Hong Kong, Xu said the basic assessment was that there has been consolidation in the recovery momentum and that the minor slowdown in April, normal as it has been when considering the past experiences, did not necessarily signal a second bottom in the ongoing economic downturn.     Economic planners have been monitoring the economy closely and are prepared to put in place additional measures in the coming months if it is necessary, Xu said.     Post-earthquake reconstruction in Sichuan province was being carried out quicker than previously planned. Small and medium enterprises were receiving financing aid from guarantee programs, Xu told local as well as foreign reporters.     The National Development and Reform Commission will approve 600 billion yuan (88 billion U.S. dollars) of corporate bonds this year as the IPO market remained cool, compared with 236 billion (35 billion U.S. dollars) for 2008, Xu said.     The debt of the Chinese government was about 20 percent of gross domestic product, compared with over 190 percent for Japan, close to 100 percent for the United States and 60 percent on average for the European economies.     The Chinese government has planned a budget deficit of 950 billion yuan (139 billion U.S. dollars) for 2009, which represented about 2.8 percent of gross domestic product.     Xu said the ample resources could sustain heavy government investment to stimulate the economy for several years although "it was not necessary. "The Chinese government will spend more resources to develop public housing programs and a pension system and to push forward the health reform, so as to increase the contribution of domestic consumption to economic growth," Xu said.     "I don't think export can still play the roles as they did in past few years in driving the Chinese economy," Xu said, adding that China, as a responsible player, would like to see a moderately stable yuan.