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VIENNA, May 15 (Xinhua) -- Chinese top legislator Wu Bangguo and Austrian President Heinz Fischer met here Friday afternoon, agreeing to further expand cooperation on bilateral and international issues in face of the global financial storm.     Wu arrived in Vienna Friday morning for an official goodwill visit to Austria. He is the first Chairman of the Standing Committee of China's National People's Congress (NPC) who visited Austria in the past 15 years. Wu Bangguo (L), chairman of the Standing Committee of the National People's Congress, China's top legislature, meets with Austrian President Heinz Fischer in Vienna on May 15, 2009. Wu Bangguo arrived in Vienna on May 15 for a four-day official goodwill visit to Austria. During his meeting with Fischer, Wu emphasizes that China places great importance on further developing relations with Austria. He said China is ready to expand friendly contact between the governments, parliaments and political parties of the two countries on a basis of mutual respect, equality and mutual benefits.     Wu said the two countries should enhance mutual understanding and trust so as to deepen cooperation in various fields and carry out closer coordination and communication on international affairs.     Fischer appreciates the responsible stance and measures that China has taken in addressing international financial crisis. He said the financial crisis has caused great impact on every country in the world and required joint effort of all countries in addressing it.     Wu briefed Fischer about China's policy measures to address the financial crisis and maintain stable, fast economic growth.     Both sides agreed that despite differences on such issues as Tibet, they should join efforts to bring in a new era of bilateral relations.     Fischer reiterated that Austria will as always stick to the one-China policy, which is a consensus of all political parties in Austria. This stance will never change under any circumstances.     Wu appreciated Fischer's statement and reiterated China's principled stance on the Tibet issue.     On China-EU relations, Wu said both sides should firmly support each other's development by joining hands to address global challenges, including financial crisis and climate changes. He said the two sides should join efforts to curb trade and investment protectionism and maintain rapid growth of trade and economic cooperation.     Wu hopes Austria will play a constructive role in advancing China-EU relations.     Fischer expressed the belief that Wu's visit to Austria will help enhance friendship and advance cooperation in all fields between the two countries. 

RAMALLAH, June 23, (Xinhua) -- With more than 30 years of involvement in the work related to the Middle East issue, China's new special envoy to the Middle East Wu Sike said on Tuesday that he'll employ his personal experience on the region to help fulfill his mission.     Wu arrived in the West Bank city of Ramallah on Tuesday, starting the second leg of his first regional tour as China's new special envoy.     Upon his arrival, Wu told Xinhua that Chinese and Palestinian peoples have a traditional friendship, China has been long supporting the righteous Palestinian cause, with the positive sign emerged recently on the peace issue, China, along with the international community, is concerning on how to revive the peace process and push forward the process toward a final solution.     With this concern, Wu said the aim of his trip is to know the attitude and response of all sides involved in the peace process on the newly emerged situation, lay out China's stance on the issue, and exert efforts to boost the process with all sides in coordination.     Touching upon the issue of the internal Palestinian dispute between factions, mainly the rival Fatah and Hamas, Wu said Palestinian unity is crucial to solve the Middle East issue.     "Hamas is a major Palestinian faction, which enjoys strong public support," said the envoy, adding that, "it'll be important if Hamas can take an positive attitude toward the peace process and involved in it."     Wu said China is willing to see the success of the internal Palestinian dialogue, and is ready to make efforts on helping Palestinians to achieve national unity.     Wu, former Chinese ambassador to Egypt, was appointed as the special envoy in March this year to replace Sun Bigan.     He has been director of the Department of West Asian and North African Affairs of the Foreign Ministry, ambassador to Saudi Arabia and Egypt, and also the first Chinese plenipotentiary to the Arab League.     Citing his three-decade long diplomatic experiences in the region, Wu said that he witnessed both the disasters and losses caused by conflicts and the development, stability and opportunities brought by peace tracks between countries in the region.     "The contrast between the two tracks makes me convinced that military confront could not bring about the resolution of the Middle East issue, and the only way out is through peace negotiations," said the envoy.     Bearing the belief, the envoy said he will discuss both his personal experience and China's stance on the Middle East issue with all sides during his mediation, and actively involve in the peace process to fulfill his mission. 

BEIJING, May 22 (Xinhua) -- The Chinese mainland will send a sports delegation to participate in the 2009 World Games to be held in Kaohsiung, a southern coastal city of Taiwan.     Liu Peng, chairman of the Chinese Olympic Committee (COC), said athletes from nine associations of the COC will compete in the games.     He made the promise during his meeting with Kaohsiung City Mayor Chen Chu in Beijing Friday.     The mainland will also send an observation delegation to the games, Liu said, adding that sports is a medium and bridge which connects people on both sides of the Taiwan Straits.     Chen Chu said her delegation hoped to learn from the successful experience of the Beijing Olympic Games.     She led a promotion team for the 2009 World Games to the mainland on Thursday. The games will be held from July 16 to 26.

BEIJING, May 3 (Xinhua) -- Decoupling from the world, and the economic downturn much of it is experiencing, has proven impossible for China. But its resilience is receiving more recognition, with many leading financial institutions upgrading their 2009 growth forecasts since mid-April.     The adjustments for gross domestic product (GDP) growth, ranging from 0.5 to 2.3 percentage points, were based on signs of a turnaround in the first quarter. These indicators included stronger-than-expected real GDP growth, recovering property investment, a pick-up in power consumption and a surge in bank lending.     Merrill Lynch & Co. said it expected China's GDP to grow 7.2 percent in the second quarter and 8 percent this year, while Goldman Sachs raised its projection from 6 percent to 8.3 percent, the most optimistic forecast so far. Other forecasts include UBS, which raised its estimate by 0.5 point to 7 percent and CLSA Asia-Pacific, which lifted its outlook by 1.5 point to 7 percent.     China's policymakers can take heart from these forecasts. Every upward revision, big or small, given the global economic slowdown, might point to a better chance for the nation to achieve its 8-percent growth target. That level of growth is considered necessary to raise living standards while maintaining social stability.     But there's still the question of whether rapid growth is sustainable. Some analysts believe it isn't unless China can rebalance its economy and achieve higher efficiency, lower environmental costs and a more reasonable balance among investment, trade and consumption.     QUANTITY OR QUALITY?     In an interview with Xinhua, Stephen Roach, chairman of Morgan Stanley Asia, urged Chinese authorities to get more serious about stimulating private consumption because the global economy remains "pretty weak" and might only achieve a weak recovery.     "China has responded to the crisis the way it has always responded to global problems. That is, using proactive fiscal stimulus mainly in the infrastructure area to provide temporary support in the downturn until the global economy comes back. It worked in the 1997 Asian financial crisis and the 2000-2001 mild recession. But this is a different sort of problem," said Roach.     "Once the stimulus wears off and if there is no follow-through, the Chinese economy will weaken again. I don't think exports will recover in the weak global economy."     Domestic economists voice similar worries, saying that the speed of growth doesn't matter as much as the quality. Liu Shangxi, deputy dean of the Research Institute for Fiscal Science at the Ministry of Finance, said that the 6.1-percent year-on-year growth in the first quarter had been "fairly good" for China. But, he said, "sometimes, it's worth slowing down a bit to have the economy move more stably."     Wang Xiaoguang, an economist with the National Development and Reform Commission (NDRC), the chief planning agency. said that the government's annual growth target had become mostly symbolic.     For five years in a row, the target was 8 percent, and for five years in a row, the growth rate overshot the target. Wang said the government had faced a dilemma: a cut in the target might undermine public confidence while a rise might tempt local governments to over-invest to meet a high growth target.     The turnaround signs mostly reflected the impact of the 4-trillion-yuan (586 billion U.S. dollars) stimulus package. Meanwhile, retail sales still trailed investment in contributing to growth. Local economists warned that the economy remained unbalanced and vulnerable.     "Historical records show that adjustments in the Chinese economy would take two to three years, on average. Seven months have passed since the impact of the global financial crisis began to tell on the local economy.     "With a turnaround in sight, recovery might come earlier than expected but there are still risks of a further slowdown," Chen Dongqi, deputy chief of the Macro-Economic Research Institute under the NDRC, told a business development forum in Guangdong in late April.     BUYING CURE     It's widely accepted among economists that China should boost domestic private consumption by leading individuals to buy more and save less. The key question is: how?     "Two big programs" Roach advocates call for doubling the investment in social security immediately to 150 billion U.S. dollars and establishing a goal of raising consumption as a share of the economy from 36 percent to 50 percent within five years.     "What I think is missing here is the social safety net, social security pension and unemployment insurance. Because of the absence of the safety net, China has seen a high level of precautionary saving," he said.     Roach suggested that China develop a private pension system in particular so total employee compensation could rise in tandem with productivity. "Chinese companies need to partner with their workers and provide medical care [and] retirement investing for their workforce. Chinese workers' total pay package should have both wages and benefits," he said.     Liu agreed that the primary task in expanding consumption was to raise incomes. "Securing the legitimate interests of workers is particularly significant when the economy slumps. It would be like drinking poison to quench one's thirst if businesses sought to expand corporate earnings at the cost of workers' pay and benefits," he said.     Low labor costs and massive capacity have propped up China's prosperity over the past decades. But the proportion of wages to national income has been on a long decline since the 1990s.     Between 2002 and 2006 alone, economists estimate the figure dropped from 62.1 percent to 57.1 percent. Meanwhile, the contribution of consumption to GDP growth fell from 43.6 percent to 38.9 percent.     "A more meaningful index to judge the sustainability of China's economic growth would be the proportion of wages to national income," Liu said. "If this ratio did not rise, people would remain poor, and thus expanding consumption would be empty talk."     Chinese are far from wealthy. Only 4 percent of the workforce, and just 10 percent of the urban workforce, earn more than 2,000 yuan a month, the threshold for individual income tax.     As Chinese residents hold 2.43 trillion yuan in aggregate deposits, economists say one immediate way to boost consumption would be to stabilize spending on staple property -- including housing and automobiles -- and support tourism and cultural activities.     "People spend much of their money on housing and food. The government should encourage people to entertain themselves more," Wang said.     CHINA 'NO LOCOMOTIVE'     Although China might be the first major economy to recover from the downturn, economists disagree on when China will return to sustained high growth.     Morgan Stanley, for example, has forecast a firm recovery by mid-year, but said sustainable growth through 2010 would still hinge on what happens in other countries.     "China will be stronger. But will that strength be enough to allow others to follow in its footsteps? I don't think so," said Roach.     "Most of China's resilience comes from infrastructure building, roads, property consumption ... [this] won't have an impact on the United States and Europe. This resilience is only temporary while its stimulus is local rather than global."     Central bank governor Zhou Xiaochuan also warned in late April during World Bank-IMF meetings in Washington that the rebound in China's economy had to be consolidated. He said conditions in China would permit rapid economic development again, once macroeconomic policies such as the stimulus plan took effect.     Challenging internal and external conditions, he said, included continuously shrinking external demand, a relatively large decline in exports, overcapacity in some industries, falling government revenue and lingering employment pressure.     As China emerges from the shadow of the downturn, together with many of its Western partners, the world is closely watching the socialist market economy that it is still trying to develop.     It was interesting to see that there was much "the ideologically-constrained West" could learn from China, just as there was much China could learn from the West, said Roach.     "China has gone slow in many areas, especially in the opening up of its financial market. But China made the right choice," he said.     "Focusing on stability is a huge plus for China. But the nation must be vigilant in its financial policies, especially monetary and regulatory policies, and not allow asset bubbles and financial innovations it doesn't understand," said Roach.

BEIJING, July 14 (Xinhua) -- Chinese equities gained 2.1 percent to hit a 13-month high Tuesday after three days of losses, boosted by financial, real estate and steel shares.     The benchmark Shanghai Composite Index closed at 3,145.16 points, up 64.6 points, or 2.1 percent. The Shenzhen Component Index closed at 12,991.06 points, up 330.51 points, or 2.61 percent.     Total turnover expanded to 280.53 billion yuan (41.07 billion U.S. dollars) from 268.78 billion yuan on the previous trading day.     Winners outnumbered losers by 795 to 67 in Shanghai and 667 to 74 in Shenzhen. This multiple exposure picture shows an investor at a stock brokerage in Haikou, capital of south China's Hainan Province, on July 14, 2009. The benchmark Shanghai Composite Index on Tuesday closed at 3,145.16 points, up 64.6 points, or 2.1 percent to hit a new 13-month high led by banking shares    "Strong investor optimism and a rebound in major markets in the United States and Europe driven by financial shares helped push up the gains in Chinese equities," said Qin Xiaojun, an analyst with Galaxy Securities.     The Dow Jones Industrial Average gained 1.4 percent Monday with Bank of America, Citigroup, and J.P. Morgan Chase, three of its banking components, posted solid gains.     Positive signals strengthened investor confidence as China posted a 19.6 percent fiscal revenue increase in June Monday.     China's central bank Monday called on financial institutions to improve financial support to stimulate the economy.     Brokerage shares performed well. Guoyuan Securities rose by the daily limit of 10 percent to close at 24.97 yuan, and Hongyuan Securities advanced 6.19 percent to 26.6 yuan.     The real estate sector posted widespread gains as the Beijing-based Vantone Real Estate Co., Ltd and Xiamen-based Chuangxing Real Estate Co., Ltd reached the daily limit of 10 percent to close at 13.83 yuan and 11.31 yuan respectively.     Anyang Iron and Steel Group Co., Ltd and Guangxi Liuzhou Iron and Steel Group Co., Ltd also rose by the daily limit to 5.48 yuan and 9.01 yuan respectively.Investors are seen at a stock brokerage in Haikou, capital of south China's Hainan Province, on July 14, 2009. The benchmark Shanghai Composite Index on Tuesday closed at 3,145.16 points, up 64.6 points, or 2.1 percent to hit a new 13-month high led by banking shares.