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BEIJING, Dec. 6 (Xinhua) -- A well-known economist said Monday that the biggest problem in China is not inflation, but shifting its economic structure to maintain sustainable growth."The biggest challenge faced by China is economic restructuring in order to shift the economy to a more balanced way that will provide sustainable economic growth," Stephen Roach, former chairman of Morgan Stanley Asia, told Xinhua."In the post-crisis environment, the shift means to build a consumer-led economy, and that is the overriding challenge in China," said Roach, who currently serves as non-executive chairman of Morgan Stanley Asia.Residents' incomes in China remain at a low level. "People's incomes are only 42 percent of the GDP, whereas in the US the rate is 86 percent. So the government should raise the income of the citizens, especially when China wants to stimulate domestic private consumption," said Roach."Of course, that does not mean the Chinese government should ignore the risk of higher inflation," he said.Official data showed that China's October Consumer Price Index (CPI), a major gauge of inflation, rose to a 25-month high at 4.4 percent."There is a certain amount of momentum to inflation, so it's likely to be the a problem over the next 12 months. If the government acts quickly, it will be able to limit the problem, or else China could be facing this problem in 2012 as well," said Roach.Roach suggested China should take broad and comprehensive approaches in dealing with inflation, and the medium-term goal of the shifted economic structure need to be maintained."The government has to demonstrate its resolve in dealing with inflation, and property market assets. It's a challenge, but I think the government is up to the challenge," according to Roach.

UNITED NATIONS, Dec. 16 (Xinhua) -- China on Thursday voiced its support for a peaceful and comprehensive settlement of the Darfur issue, saying that efforts should be made to remove the root causes that resulted in such an issue.The statement came as Yang Tao, the counselor of the Chinese Permanent Mission to the United Nations, was taking the floor at an open Security Council meeting on Sudan."Currently, it is very important to maintain security and stability in Darfur," Yang said. "It is hoped that all parties to the Darfur conflict can solve their differences in a peaceful manner through political dialogue, and reconciliation should be achieved and violence avoided.""Achieving substantial result at an early date of the Darfur peace process and reaching a comprehensive political agreement represents a basic guarantee for the long-term peace and stability in Darfur," he said."Without a robust political process, there would be no peace and stability in Darfur, neither would there be the protection of civilians, humanitarian assistance, economic recovery and reconstruction," he said."We once again urged the armed groups which have not yet joined the Doha political process to do so immediately without any conditions," he said.As a mediator of the Darfur peace process, Doha has brokered several rounds of talks between Khartoum and rebel groups over the past years.The Chinese government has decided to make an additional donation of 500,000 U.S. dollars to the UN Trust Fund for the political process in Darfur, he said. "We will continue to work with the international community to contribute to the peace, stability and development in Sudan."

BEIJING, Dec. 10 (Xinhua) - China's priority in the public health sector will shift from prevention and control of communicable diseases to treating chronic diseases during the next five years.Li Bin, an official with the Ministry of Health, made the statement during a regular press conference at the ministry on Friday.Li said China had given priority to controlling communicable diseases during the 11th five year program (2006-2010), and the health authority will now focus on chronic diseases during the 12th five year program (2011-2015).According to statistics from the ministry, cardio-cerebral vascular disease has become the major threat to the health of the Chinese public. The incidence rate of chronic diseases in China has reached 20 percent, which meant 260 million people have been diagnosed as suffering from chronic diseases.It was also reported during the press conference that China had retrofitted toilets in 7.83 million rural households into more hygienic facilities as of the end of November this year.

BEIJING, Nov. 28 (Xinhua) -- China National Offshore Oil Company Limited (CNOOC) said Sunday Bridas Corporation, a joint-venture equally-owned by CNOOC International Limited and Argentina-based Bridas Energy Holdings (BEH), will acquire a 60 percent equity interest in Pan American Energy (PAE) from BP for approximately 7.06 billion U.S. dollars.The acquisition excludes PAE's assets in Bolivia, according to a statement on the website of CNOOC, China's largest offshore oil and gas producer.CNOOC International, a wholly owned subsidiary of the company, and BEH have agreed to contribute about 4.94 billion U.S. dollars to Bridas to finance 70 percent of the proposed acquisition. The contribution will be made in equal amounts of approximately 2.47 billion U.S. dollars by CNOOC International and BEH.The remaining 30 percent, or approximately 2.12 billion U.S. dollars, will be satisfied by third party loans to be arranged by Bridas and additional contributions from CNOOC International and BEH.Completion of the acquisition is conditional on, among others factors, all necessary government and regulatory approvals, and is expected to take place in the first half of 2011.In the first half of 2010, CNOOC International and BEH completed the formation of a half-half joint venture in Bridas.

MACAO, Nov. 13 (Xinhua) -- Chinese Premier Wen Jiabao announced Saturday that China will launch a series of measures between 2010 and 2013, which were aimed at helping boost the development of less-developed Portuguese-speaking countries.Wen announced the measures when delivering his speech at the opening ceremony of the third Ministerial Conference of the Forum for Economic and Trade Cooperation between China and Portuguese- Speaking Countries here in Macao on Saturday.Under the new measures, financial institutions from the Chinese mainland and Macao Special Administrative Region (SAR) will set up a one-billion-U.S.-dollar development fund for cooperation between China and Portuguese-speaking countries, in a bid to push forward the financial cooperation between the two sides.The Chinese government will also provide those African and Asian Portuguese-speaking countries that participated in the third Ministerial Conference of the Forum with 1.6 billion yuan (242 million U.S. dollars) worth of loans on favorable terms within a bilateral framework.The new measures will also see China provide equipments, technical personnel, etc. to the countries, supporting a bilateral agricultural cooperation with each of the African and Asian Portuguese-speaking countries that participated in the third Ministerial Conference of the Forum.Sponsored by China's Ministry of Commerce and hosted by the government of the Macao Special Administrative Region (SAR), the forum was created in Macao in 2003, with the joint participation of seven Portuguese-speaking countries, namely Angola, Brazil, Cape Verde, Guinea Bissau, Mozambique, Portugal and Timor-Leste.