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BEIJING, May 29 -- The Asian Development Bank (ADB) has called on Asian economies to strengthen their infrastructure investment through an effective financing framework to achieve higher and more sustainable growth.To that end, the bank said that as much as 0 billion would have to be invested annually in infrastructure across the region from 2010 to 2020. This means that around .25 trillion would be invested in that period in national and cross-regional infrastructure projects."In view of Asia's enormous untapped economic potential and the global financial crisis, now is the time to build efficient and seamless connections across Asia and with the rest of the world for a more competitive, prosperous and integrated region," said Masahiro Kawai, dean and CEO of the ADB Institute.A man working at the construction site of a railway line in Hainan province. The required infrastructure investment in the next 10 years is expected to produce income gains of about trillion across Asia.To meet the financing needs, the region could build an effective framework to mobilize its vast domestic savings as the main source, while encouraging private financing and participation involving public-private partnerships through "bankable" projects, said Kawai.He also suggested the strengthening of national and regional local currency bond markets, notably through the Chiang Mai Initiative, the Association of Southeast Asian Nations + 3 bond market initiative, and the Asian Bond Fund.

BEIJING, June 4 (Xinhua) -- Chinese Premier Wen Jiabao on Friday sent a message to Naoto Kan to congratulate him on his election as Japanese prime minister."China and Japan are important close neighbors to each other and important countries in Asia and the world. The development of stable, long-term good neighborly relations between them is in the fundamental interests of the two countries and two peoples and is conducive to peace, stability and prosperity in Asia and the world at large," the Chinese premier said.Wen noted that his recent visit to Japan was a big success, which helped make new progress in the development of bilateral ties. He said China is willing to work together with Japan to implement in real earnest the important consensuses the two countries have reached and push forward the strategic relations of mutual benefit in line with the principles laid down by the four important political documents concerning bilateral relations.Kan was voted in as prime minister by the lower house of Japanese parliament on Friday afternoon to succeed Yukio Hatoyama.

BEIJING, May 30 (Xinhua) -- Growth in China's consumer price index (CPI) is likely to see a reverse "V" shape this year and the possibility of a serious inflation is easing, said Ha Jiming, chief economist at the China International Capital Corp. (CICC).Speaking at an investor education activity in Beijing Saturday, Ha expected China's CPI to increase 3.2 percent in May from a year earlier, and said the CPI annual growth rate would even peak at 4 percent in June and July.The country's CPI rose 2.4 percent year on year in March and the growth for April accelerated to 2.8 percent, according to statistics from the National Bureau of Statistics.The pick-up in CPI growth was a result of lower comparison base last year and the risk for a serious inflation in short term was defusing because both the global commodity prices and domestic meat and vegetable prices were falling, he said.In China, food prices accounted for one third of the CPI weight.The CICC has cut its estimate for China's economic growth this year to 9.5 percent from 10.5 percent, he said.Interest rate hikes would be unlikely this year as growth in consumer prices was expected to fall in the second half, he said.

NANCHANG, April 29 (Xinhua) -- Chinese Ministry of Commerce released regulations concerning foreign investment in China's central region here Thursday.The region - which includes the provinces of Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan - should attract high-end green industry with policy incentives and guidance, the regulations say.It should give priority to manufacturing while eyeing investment in other sectors like agriculture, sophisticated processing industries, trade, finance, education, culture, tourism and leasing.The region should nurture business-friendly policies and slash transaction costs to attract businesses considering moving inland from the coastal regions.The rules call for rectifying any practices that disrupt business operation, including authorities' arbitrary law enforcement.The rules also urged a market-oriented administration system consistent with international rules.The ministry also pledged to establish state-level industrial transfer demonstration zones and to improve provincial industrial parks.

NANJING, May 31 (Xinhua) -- Zhu Yongxiang, a 72-year-old Chinese communist, pondered and cast his ballot to vote for the village communist party chief in the first direct election held in his village Houcong earlier this month."This is real democracy since party members' votes decide who the winner is instead of nominations and appointments," said Zhu, a villager with 50 years of membership in the Chinese Communist Party (CPC).He gave his support to Chen Jiagui in the election for party secretary in Houcong Village in Nanjing, capital of east China's Jiangsu Province.Chen beat his rival 121 to 32 votes in the election observed by 200 party members, some of whom came to the event with mud still on their shoes, fresh from work in the fields.From April to June, similar direct elections were run in 806 villages in Nanjing, where CPC committees in 363 neighborhoods in urban areas have piloted general elections for grassroots leaders since last year."The CPC has been the ruling party for over 60 years, since New China was founded in 1949. However, its long-standing party cadre selection model has caused some social conflicts and tension between the public and grassroots CPC cadres," said Professor Shao Jianguo with the Party School of the Nanjing Municipal CPC Committee.He pointed out in the selection method, appointed officials get the "power" from the the higher-ups rather, and consequently they are likely to care more about their superiors than the masses.With the ongoing direct elections in villages, Nanjing has become the only Chinese city to have extended the direct elections of grassroots CPC cadres to both urban and rural areas on a large scale, said the professor.The CPC chose the city to pilot the first direct election in one neighborhood in 2004, a move considered a significant step toward boosting democracy within the Party, said Cai Xia, a professor with the Party School of the CPC Central Committee, adding that it is expected to push forward democracy in Chinese society,"Intra-party democratic reform is crucial to the Party's foundation, since it brings changes to the kind of people that become CPC cadres," said Shao.Newly-elected party chiefs in the 806 villages with a population of 2.7 million are expected to take office in June.One of them, Chen Jiagui, the new party chief in Houcong Village, distinguished himself from four other candidates, who included township officials and college graduates.Actually, Chen had worked as the appointed party chief in the village for the past 10 years. He was thrilled about winning the post in the election."This time, the victory was hard won. I feel the weight of each ballot in my favor," he said.Villagers said Chen, a successful seedling tree grower himself, had led them to develop the tree plantation, which has become the backbone economy for boosting farmers' income."The party secretaries elected last year in urban communities have done a good job in helping residents resolve problems in daily life, like repairing street lights and roads," said Wang Qi, director of the organization department of Nanjing municipal CPC committee.He said Party members hope the village elections help boost the rural economy and raise farmers' income.Wang said the Nanjing committee has drafted election procedures based on experiences from the elections."The elections must abide by rules. There are procedures for electioneering, for example, and qualification examinations for candidates," he said.

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