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BEIJING, June 1 (Xinhua) -- China has promising growth prospects and should not be blamed for world imbalances, says Danny Quah, a renowned British economist."Emergency financing that was placed in the Chinese economy to counter the downturn from the 2008 global financial crisis was the right thing...The imbalances is a global problem, not a China problem," said Quah, a professor at the London School of Economics and Political Science.China did the right thing in infusing its economy with fiscal stimulus, Quah said in a recent interview with Xinhua.He also declined to describe the ballooning real estate prices as a bubble, pointing out "the strong fundamentals" of China's economy.He said the expansion of China's housing construction will be proved useful eventually, given the fact that "China is still engaging in the task of moving hundreds of millions of people from rural areas to urban China to continue to power its manufacturing and industrial progress.""So I would not describe it as a collapse of real estate bubble, we can look forward to a rationalization of housing and real estate prices," Quah said. "The improvement and expansion of housing stock will play an important role in continuing to move the Chinese economy forward.""I think Chinese fundamentals will continue to be strong. And a little bit of high inflation, as long as it doesn't break out into some kind of runaway high inflation, is probably no bad thing," he said. "We will get it under control again as the Chinese government did previously."On allegations that China deliberately keeps its currency RMB weak to obtain unfair advantages in trade with countries like the United States, Quah said people who draw such a false conclusion are misguided."The United States is running a trade deficit not just against China. It is running a trade deficit against almost 100 other countries," he said. "China is not unique in how it is exporting more to the United States than it's importing."The U.S. government was beginning to run a large trade deficit long before China's trade surpluses started grow, he added."If you take the ratio of China's bilateral trade surplus against the U.S. as a fraction of the U.S.' overall bilateral trade deficit against all of the countries, it has remained constant over the last 15, 20 years," Quah said.
BEIJING, April 18 (Xinhua) -- State Councilor Ma Kai Sunday called for improved academic research on administration reform to address problems in the administration structure hampering efforts to restructure.Ma, also president of the Chinese Academy of Governance, made the remarks here Sunday at a conference to inaugurate a research society focused on administrative reform.The Chinese administration system is plagued by problems such as government heavy-handedness, weak social management and deficient public services, Ma said.He added that mechanisms overseeing administrative power are still immature."We still have a long way to go in the reform of the administrative system," Ma said, "Administrative reform plays a critical role in both economic and political restructuring."Ma stressed the research society should build itself into an academic advisory body and a think-tank for administrative reform policies.

SIRTE, Libya, March 27 (Xinhua) -- China expects that the Arab summit in Libya can coordinate the inter-Arab relations and make achievements in the Palestinian cause, a senior Chinese diplomat said here on Saturday."We hope the Arab countries could coordinate internal relations and achieve positive results in reconciliation among Palestinian factions as well as the resumption of Palestinian-Israeli talks at the summit," said China's Special Envoy to Middle East Wu Sike in an interview with Xinhua on the sidelines of the 22nd Arab Summit in the Libyan city of Sirte.As a special representative of Chinese Foreign Minister Yang Jiechi, Wu attended the opening ceremony of the summit at the invitation of the Arab League Secretariat. He transmitted a letter of Chinese President Hu Jintao to the Arab leaders."I will convey a strong message of China that we attach great importance to relations with the Arab world, and wish to promote further developments of such relations in the future," Wu said.Wu said China and the Arab world have a long history of friendly relationship. Since the founding of the China-Arab Cooperation Forum, the two sides have seen considerable progress made in the fields of political, economical and cultural exchanges as well as energy and environmental cooperation, and more than 10 mechanisms on exchange and cooperation have been established."China-Arab Cooperation Forum has become a successful brand," said Wu.Wu said before coming to Libya, he participated in a reception in Beijing together with Arab diplomats to celebrate the 65th anniversary of the establishment of the Arab League. These ambassadors and representatives highly appreciated the relationship between China and the Arab countries.Wu also said he would brief the Arab League headquarters and Arab foreign ministers on China's preparatory work for the foreign ministers meeting under the mechanism of the China-Arab Cooperation Forum to be held in May and convey the invitation of Chinese Foreign Minister Yang Jiechi.Asked about the Palestinian issue, Wu said "As a friend of the Arab world and the Palestinian people, China is very concerned about the Palestinian-Israeli conflict and has made unremitting efforts to push the issue solved through political negotiations."To achieve a comprehensive settlement of the Middle East issue and establish an independent Palestinian state are China's consistent position, he added."There are some new developments of this issue, and China has been in contact with concerned parties to promote the peace process," he said.The annual Arab summit opened here earlier in the day. The two- day gathering will focus on a package of issues facing the Arab leaders, including rescuing East Jerusalem from Israeli violation, the reconciliation of the Arab world and the Iranian nuclear issue.
WASHINGTON, April 22 (Xinhua) -- The U.S.-China Human Rights Dialogue will take place on May 13-14 in Washington, announced U.S. State Department on Thursday.The U.S. delegation will be led by Assistant Secretary for Democracy, Human Rights and Labor Michael Posner. The Chinese delegation will be headed by the Ministry of Foreign Affairs Director General for International Organizations Chen Xu.The human rights dialogue, which was scheduled by the end of February, had been delayed due to tensions between Washington and Beijing over U.S. arms sale to Taiwan and U.S. President Barack Obama's meeting with the ** Lama early this year.Chinese President Hu Jintao shakes hands with visiting U.S. President Barack Obama after they meet the press at the Great Hall of the People in Beijing on Nov. 17, 2009.According to the joint statement issued by the two countries during President Obama's visit to China last November, China and the United States underlined that each country and its people have the right to choose their own path, and agreed to hold the next round of human rights dialogue in Washington by the end of February 2010.
BEIJING, April 5 --The People's Bank of China says the country will be more open to foreign capital this year even though the prospect of a strong economic recovery is still unclear.Although the impending withdrawals of various countries' economic stimulus packages may also complicate the efforts to end the global economic crisis, the Chinese government has decided to increase the penetration of foreign capital into the country's financial industry in an appropriate way.An editorial in the "Global Times" quotes some western officials who said if China opened its market to western financial institutions the way it opened its market to five-star hotels, the potential risks would be huge for the country itself and the world at large.The editorial warns the doors to free trade should not swing open too quickly and that market openness should be managed at the right pace, as China has done during the past three decades. But it also notes that the stakes are higher in the country's financial industry. It argues that if China is fully open to foreign capital, the capital operation pattern common in developed economies such as the United States and several European nations will not suit its existing financial system on such short notice. As a result, chaos would erupt sooner or later in the financial sector.The editorial concludes that China should gradually liberalize its financial industry, because a sudden torrent of foreign capital would be undesirable. It calls for a prudent approach to financial liberalization that would yield a productive outcome as evidenced over the past three decades of gradual financial reform whereby more market competition has been encouraged and distressed loans have been effectively curbed. Such a policy has shielded China from being hit as severely by the current financial crisis and enabled it to rebound quicker than other advanced nations.
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