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NINGBO, Zhejiang, May 16 (Xinhua) -- Internet of Things (IOT) -- which refers to digital networks of physical objects -- has huge potentials but many challenges lie ahead, said scientists, entrepreneurs and government officials on Sunday.IOT has become a catchword for those at the Information and Communication Technology and Urban Development Forum held in east China's coastal Ningbo this weekend on the sidelines of the Shanghai Expo; from ministers to mayors, scientists to entrepreneurs, keynote speakers to audiences.China should accelerate the development of the IOT industry so as to create a new platform for economic growth, said Li Yizhong, Minister of Industry and Information Technology in his opening speech to the forum.The first theme forum of the Shanghai World Expo is closed in Ningbo, a coastal city of east China's Zhejiang Province, May 16, 2010. The two-day forum focusing on information and communication technologies (ICT) and urban development attracted over 600 participants including renowned scholars and entrepreneurs.Minister Li's words were echoed by Zhao Hongzhu, communist party chief of Zhejiang Province, who called for more efforts to develop such key concepts as IOT, which, in his words, "present a brilliant future for urban life."In what's called Internet of Things, networks of real-world objects are linked to the Internet and interact through web services. As more objects are embedded with sensors, giving them the ability to communicate, and networked together, the possibilities are enormous, potentially resulting in new business models, improved business processes and reduced costs and risks, according to a March 2010 report by McKinsey & Co..

BEIJING, May 2 (Xinhua) -- Chinese had donated 4.2 billion yuan (615 million U.S. dollars) in money and materials for quake-hit Yushu by Saturday, said a statement on the website of the Ministry of Civil Affairs.The donations included 3.51 billion yuan, and quake-relief materials worth 681 million yuan.The post said 604 million yuan, including 56 million yuan and materials worth 548 million yuan, had been channeled to the quake zone. Chinese armed police soldiers help local residents to excavate usable things in quake-hit Yushu County, northwest China's Qinghai Province, May 1, 2010.

GUANGZHOU, April 18 (Xinhua) -- A research report of China's foreign trade sector Sunday predicted the world's largest exporter would more than double its foreign trade volume by 2020.It also called on China to improve the quality of foreign trade sector and to lower import tariffs to promote the nation's trade balance.The report, launched by the Ministry of Commerce (MOC) Sunday at the ongoing 107th China Import and Export Fair, the country's largest trade fair held in the southern city of Guangzhou, predicted the China's foreign trade volume would hit 5.3 trillion U.S. dollars by 2020.Merchandise exports will top other countries and be 2.4 trillion U.S. dollars in 2020, 10.1 percent of the world total, while imports will reach 1.9 trillion U.S. dollars and rank second largest, accounting for 8.2 percent of the world total, according to the report, jointly compiled by researchers with think-tanks under the MOC, the Ministry of Finance, and the Chinese Academy of Social Sciences.The report was seen by analysts and officials as a "road map" which lays out a theoretical basis for the reforms in China's trade policies and mechanisms over the next decade.The transformation of the foreign trade growth pattern has become an urgent requirement for China in the post-crisis era, said Vice Minister of Commerce Zhong Shan.Weighed on by the global downturn, China's foreign trade contracted to a three-decade low in 2009, with total volume down 13.9 percent year on year to 2.2 trillion U.S. dollars.Huo Jianguo, director of the Chinese Academy of International Trade and Economic Cooperation (CAITEC) under the MOC, said the financial crisis has revealed a series of substantial problems hidden behind rosy figures, as the nation's foreign trade has been expanded in an ineffective and imbalanced way, or at the cost of environment pollution.Analysts said the downturn had prompted China to adjust its exports structure, and shift focus on high-end manufacturing, energy-saving and environment-friendly industries and developing modern service industries.Li Gang, a research fellow with the CAITEC and leading writer of the report, said the global downturn has phased out a number of backward and less competitive enterprises while offering great opportunities for innovative enterprises to improve growth structure and strengthen their anti-risk capabilities.Although China reported a a deficit of 7.24 billion U.S. dollars in March, the first time over the past six years, analysts suggested decision makers to further expand imports by lowering tariffs, as a way to ease the nation's trade imbalance.Zhang Peng, a researcher with the Chinese Academy of Social Sciences, said China should increase imports of high-tech equipments, energy and resource products, and some agriculture and consumption goods in an attempt to address the trade imbalance.The nation's trade surplus has reached 1.3 trillion U.S. dollars over the last three decades, with foreign exchange reserves hitting 2.45 trillion U.S. dollars by the end of March, according to Zhang.Propping up world's economy recovery, China's foreign trade began to grow again in the first quarter, jumping 44.1 percent to 617.85 billion U.S. dollars, according to customs data.China would consolidate its position as a big trade power and make efforts to develop into a strong trader, and it would play a more active role in international trade arena, according to Zhong Shan.

VIENNA, May 19 (Xinhua) -- Chinese Minister of Commerce Chen Deming stressed Wednesday that, especially under the current“financial crisis, the exchange rate stability is the most important, which is not only a national responsibility, but also a responsibility for the world economic recovery."At a press conference jointly held with Reinhold Mittelehner, the Austrian Minister of Economic Affairs, and Christoph Leitl, president of the Austrian Chamber of Commerce, Chen said China will continue to maintain the stability of the Chinese yuan exchange rate to ensure economic stability.He believed that the exchange rate has an impact on national trade, but it is not the decisive factor. National trade would be more affected by such other factors as economic structure, resource allocation, as well as the stage of technology and development.He also stressed that the exchange rate is a sovereign issue of each country, which should be set by each country according to its own situation.The Chinese trade and investment promotion mission with over 80 Chinese enterprises, which is led by Chen, participated in the economic forum held by the Austrian Chamber of Commerce, discussing with about 100 major Austrian enterprises and signing a series of economic cooperation agreements.

BEIJING, April 21 (Xinhua) -- Chinese President Hu Jintao on Wednesday paid a silent tribute in Beijing to the victims of the earthquake in northwest China.The other eight members of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee also joined Hu to mourn the victims.National flags flew at half-mast at government agencies in the Chinese capital on Wednesday and all public entertainment was suspended. Chinese national flag flies at half-mast to mourn for the victims of Yushu earthquake, in the Tian'anmen Square in Beijing, capital of China. April 21, 2010.At Tian'anmen Square in downtown Beijing, thousands of people watched the national flag hoisted to full height and then lowered to half-mast at about 5:33 a.m..The 7.1-magnitude quake that struck Yushu, northwest China's Qinghai Province, last week had left 2,064 dead and 175 people still missing as of Tuesday. The quake had also left 12,135 injured, of whom 1,434 were in serious condition