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BEIJING, May 6 (Xinhua) -- China's central bank said Wednesday the economy is doing "better than expected" in the first quarter, and pledged to maintain "ample" liquidity in the financial system for economic recovery.     China would stick to its moderately easy monetary policy and ensure "ample" liquidity at banks, the People's Bank of China (PBoC) said in its quarterly monetary policy report posted on its website.     The country has pumped 4.58 trillion yuan (670 billion U.S. dollars) of new loans into the economy in the first quarter to stimulate growth.     The figure is already nearing 5 trillion yuan of new loans targeted for the whole year. In March alone, new loans increased by a record 1.89 trillion yuan.     The country's financial institutions and enterprises would digest the huge amount of new loans in the following months, the report said.     Industry insiders have said credit extended by China's banks in April may have dropped to above 600 billion yuan after staying at above 1 trillion yuan for three straight months.     The central bank said new lending from commercial banks focused on government-backed projects. It encourages more bank loans to be channeled to small and medium-sized enterprises as they play an important role in the national economy and in increasing employment.     The central bank said in the first-quarter monetary policy report it would continue to instruct financial institutions to extend new loans, despite the earlier surge.     The pick-up in bank lending is conducive to stabilize the financial market and boosting market confidence, PBoC said. Meanwhile, the bank urged lenders to improve credit quality to avoid a possible rebound in bad loans.     There have been "positive changes" in the economy in the first quarter, the bank said, echoing remarks made by Premier Wen Jiabao last month.     The quarter-on-quarter growth is improving, compared to the fourth quarter of last year, it said, without giving specific figures.     China's economy expanded 6.1 percent in the first quarter, the lowest pace in 10 years and down from 9 percent in the fourth quarter last year.     The central bank also said foundations for the recovery are not solid, as uncertainties in external economies still exist and private investment is yet to become active with new lending concentrated on government projects.     In listing uncertainties ahead, the bank said the country still has to battle against the financial crisis that is unfolding and a collapse in external demand that is hurting exports.     The country is also under great pressure to create enough jobs and from a slower growth in residents' income, which would suppress future consumption, it said.     The bank also warned overcapacity and insufficient demand may drive prices lower in the country with the world economy in a downturn.     But it also said continued falls in prices may become less likely along with the world recovery, a turnaround in the national economy and fast credit growth.     "Prices of primary products and assets may rebound quickly once investor confidence is restored, as the global credit is relatively loose thanks to injection of liquidity and stimulus packages across the world," the bank said.     The central bank also said it was concerned that the extraordinary monetary policy adopted by other major economies would result in inflation risks.     It referred to the quantitative easing policy adopted by the U.S., Japan, Britain and Switzerland to pump cash into their economies.     The quantitative easing policy meant increasing currency supply through purchasing mid- and long-term treasury bonds after central banks cut interests rates to near zero.     The extraordinary monetary policy harbored huge risks for international financial markets and the global economy, said the central bank.     It would increase the risk of global inflation, said the central bank, suggesting it would create new assets bubbles and inflation if central banks of major economies failed to mop up thehuge liquidity when the global economy recovered.     "A policy mistake made by some major central banks would put the whole world in risk of inflation," it said.     The quantitative easing policy would also make exchange rates of major currencies more volatile, according to the report.     The central bank cited the U.S. move to purchase treasury bond in March as an example, saying although the dollar had appreciated against other major currencies, it fell after the purchase.     PBoC said the policy would leave the bond markets subject to fluctuations.     It said massive purchase of mid- and long-term treasury bonds may keep yield at a low level. But in the long run, as the financial markets returned to stability and the economy recovered, inflation expectations would grow, interest rates would rise, and bond prices would adjust sharply, according to the report.

BEIJING, June 12 (Xinhua) -- The Prime Minister of the Republic of Korea (ROK) Han Seung Soo described Friday the rapid growth of bilateral ties with China as "unprecedented".     "We have witnessed over five million ROK and Chinese people visit each other's country and the two-way trade volume expand 26 times bigger during the 17 years since ROK and China forged a diplomatic relationship", Han said. Han made the remarks in an interview with Xinhua on the sideline of a spring conference of the Institute of International Finance in Beijing.     He said being neighbors, cultural similarity and friendship between the two peoples offered a solid foundation for the two nations to foster ties.     China and the ROK agreed to upgrade their "comprehensive and cooperative partnership" to "strategic cooperative partnership" in May, 2008 during the ROK president Lee Myung-bak's first visit to China. Prime Minister of the Republic of Korea (ROK) Han Seung-soo (R) receives interview by a journalist from Xinhua News Agency in Beijing, capital of China, June 12, 2009.     "We can see profound changes take place in almost all the fields of bilateral cooperation since then, especially in trade and economy, culture, education and youth exchange," Han said.     He also recalled President Lee's visit last May to Dujiangyan, a city in Sichuan Province severely damaged by an 8.0-magnitude quake.     "The ROK people were so concerned and feel deep sympathy about those who lost theirs lives or families in the disaster," Han said.     He told Xinhua that the schoolboy Wei Yuehao who was held in the arms by President Lee during his visit to the quake zone was invited last month to the Cheong Wa DAE, the ROK presidential office "as a commemoration".     Han said the ROK was severely hit by the financial turmoil and the ROK government, in a bid for the economic recovery, has come up with policies to stimulate domestic demand, step up financial investment and expand employment opportunity, which had worked.     Han said China was the biggest trade partner and exporting market to the ROK, and he expressed his appreciation for the measures that China adopted to curb the effects of the financial crisis, noting that it would be a "win-win" solution if the two nations could work together to tackle the crisis.     The prime minister also called on the Democratic People's Republic of Korea (DPRK) to abandon its nuclear test scheme and return to the six-party talks to address the nuclear issue on the Korean peninsula at an early date.     On May 25, the DPRK announced it has "successfully conducted one more underground nuclear test," which Pyongyang said has demonstrated its "defensive nuclear deterrent." After the test, it also fired some short-range missiles.     "The status of a non-nuclear peninsula is not only a must for the peace and stability on the peninsula, but also for that of East Asia and the world," Han said, expressing his hope that China, which chairs the six-party talks, could continue to play its positive and constructive role.     Launched in 2003, the six-party talks grouped China, DPRK, ROK, the United States, Russia and Japan. The talks have been stalled since the top negotiators last met in Beijing last December.

SHANGHAI, June 28 (Xinhua) -- Top Chinese political advisor Jia Qinglin on Sunday mourned the death of Dong Yinchu, honorary chairman of the China Zhi Gong Party central committee, who died of illness on Tuesday at the age of 95.     Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), attended Dong's funeral in Shanghai with Yu Zhengsheng, Communist Party chief of the city, and expressed condolences to Dong's family. Jia Qinglin (1st R), chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), shakes hands with a relative of Dong Yinchu during Dong's funeral in Shanghai, east China, June 28, 2009    Dong was a well-known leader of patriotic overseas Chinese and served as chairman of the ninth and tenth central committees of the Zhi Gong Party, a non-communist party in China.     "The close friend of the Communist Party of China" was also a vice chairman of the eighth National Committee of the CPPCC.     President Hu Jintao, former president Jiang Zemin, and other leaders including Wu Bangguo, Wen Jiabao, Li Changchun, Xi Jinping,Li Keqiang, He Guoqiang and Zhou Yongkang also sent condolences to Dong's family.

BEIJING, July 13 (Xinhua) -- China's Ministry of Finance announced Monday that the country's fiscal revenue in June rose 19.6 percent year on year to 686.75 billion yuan (100.5 billion U.S. dollars).     However, in the first half of this year, fiscal revenue fell 2.4 percent to 3.398 trillion yuan, said the ministry in a statement on its website.     The growth rate last month was 14.8 percentage points higher than the growth rate in May. Fiscal revenue fell 9.9 percent in the first four months this year from a year earlier to 2.05 trillion yuan due to shrinking business profits hit by the global economic slowdown and active fiscal policies including tax cuts to buoy domestic economic growth.     The ministry attributed the revenue rise in June to the stabilization of overall economic performance, growing business profits and the increase in the cigarette tax.     The government announced on June 20 the tax on cigarette cartons costing 70 yuan or more would rise to 56 percent from 45 percent, and the tax on cigarette cartons costing less than 70 yuan would rise from 30 to 36 percent.     Sales tax revenues rose 63.1 percent year on year in June, with business tax revenues edging up 6.4 percent, but the ministry did not specify the figures.     In June, China's fiscal expenditure increased 21.5 percent to 640.56 billion yuan from a year earlier. From January to June, the figure stood at 2.89 trillion yuan, up 26.3 percent from the same period last year.     The government unveiled a 4-trillion-yuan stimulus package in November last year to be spent over the next two years to shore up the world's third largest economy, with 1.18 trillion yuan from the central government.     Fiscal revenue includes taxes as well as administrative fees and other government income, such as fines and income from state-owned assets.

BEIJING, June 8 (Xinhua) -- A senior Communist Party of China (CPC) official on Monday asked the border public security force to rely on the people to safeguard national security and social stability in the country's border areas.     Zhou Yongkang, member of the Standing Committee of the Political Bureau of the CPC Central Committee, made the remarks when he met with model individuals and groups of the border public security force. Zhou Yongkang, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, also the secretary of the CPC Central Political and Legislative Affairs Committee, meets with model individuals and groups of the border public security force in Beijing, capital of China, on June 8, 2009He asked the force to organize and mobilize people of different ethnic groups to participate in border defense to "form prevention and control network", which incorporated the strengths of both the public and the police.     The border public security force should make special efforts in the "prevention of and crackdown on the sabotage activities by separatists, terrorists and extremists forces, illegal border-crossing smuggling, drug and human trafficking," he said.     Most of China's border areas are economically under-developed or inhabited by ethnic minority people, said Zhou, who is also the secretary of the CPC Central Political and Legislative Affairs Committee.     The border public security force must innovate and actively serve the local people, get to know their difficulties, timely handle public security cases, and dissolve their disputes, he said.     The border public security force, listed as a component of the People's Armed Police Force (PAPF), is an armed law-enforcement body deployed by the state in border and coastal areas and at ports.     Since 2007, it has arrested 4,400 illegal border crossers, seized 3,806 kg of drugs, seized smuggled goods worth 620 million yuan (about 90.7 million U.S. dollars), cracked 19,205 criminal cases and handled 60,063 violations of public security, according to a white paper on national defense released earlier this year.