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BEIJING, June 23 (Xinhua) -- Chinese banks should set up an independent risk management system in line with its strategic expansion plan as part of efforts to ward off financial risks, China's banking regulator said Wednesday.The breakout of the global financial crisis highlighted the necessity of increasing management of differentiated sovereign risks, the China Banking Regulatory Commission said in a guideline published on its website.Just as Chinese banks were expanding throughout the world, the overseas risks they were facing were on the rise, the guideline noted.Sovereign risks refer to ones that banks are exposed to when overseas borrowers or debtors are unable to repay debt because of their countries' economic, political and social changes.Chinese lenders were required to differentiate risks according to the countries involved and make policies on the minimum potential loan loss provisions ranging from 0.5 percent to 50 percent, according to the guideline.The banks must meet the requirements under the guideline by June 1, 2011.

BEIJING, July 17 (Xinhua) -- Senior Chinese political advisor Wang Gang met here Saturday with Mario Sepi, president of the European Economic and Social Committee (EESC)Wang Gang, vice chairman of the National Committee of the Chinese People's Political Consultative Conference, said China and the European Union enjoyed sound development momentum of bilateral relationship.Wang, also head of the China Economic and Social Council(CESC), hailed the cooperation between the CESC and the EESC was increasingly closer.Concerning the round table meeting mechanism between the two organizations, Wang said the mechanism had become an important platform for China and the EU to carry out cooperation.Wang Gang (R), president of the China Economic and Social Council and vice chairman of the National Committee of the Chinese People's Political Consultative Conference, meets with European Economic and Social Committee Mario Sepi in Beijing, capital of China, July 17, 2010. The mechanism was established in accordance with the joint statement of the 9th China-EU summit issued in September 2006.The two officials agreed to take advantage of the mechanism to promote the development of China-EU relations.CESC is a national organization offering consulting services on economic and social researches.

TORONTO, Canada, June 27 (Xinhua) -- Chinese President Hu Jintao and other leaders of the Group of Twenty (G20) members gathered in Toronto on Sunday for the group's fourth summit, which will focus on ways to secure the world economic recovery and address the economic challenges and risks.At the summit, the leaders will exchange views on ways to consolidate the recovery from the global economic and financial crisis and implement commitments from previous G20 summits while laying the foundation for sustainable and balanced growth.They will discuss a wide range of issues, including the world economic situation, the European debt crisis, "the Framework for Strong, Sustainable and Balanced Growth," the reform of the international financial institutions, the global trade and the strengthening of financial regulations, said a senior Chinese official.At the Pittsburgh summit, leaders of G20 members agreed to take action to address imbalances in the global economy by launching the Framework for Strong, Sustainable and Balanced Growth. The framework committed G20 members to evaluating their national policies to ensure they are collectively consistent with more sustainable and balanced trajectories of growth.President Hu is expected to deliver a speech at the summit to explain China's propositions on the world's major economic and financial issues, such as financial reforms and balanced economic growth, said Chinese officials.The Chinese president has participated in all the previous G20 summits -- the Washington summit in November 2008, the London summit in April 2009 and the Pittsburgh summit last September.The Toronto summit is being held at a time when the world economy is recovering but economic challenges and risks remain, posing threats to healthy growth."The global economy continues to recover faster than anticipated, although at an uneven pace across countries and regions. However, the recent volatility in financial markets reminds us that significant challenges remain and underscores the importance of international cooperation," said G20 finance ministers and central bank governors in a communique when they met in Busan, the Republic of Korea, early this month to prepare for the Toronto summit.At the previous three summits, leaders of G20 members coordinated a global response to the financial and economic crisis, implemented stimulus measures to revive the world economy, and agreed on actions to strengthen financial regulation and the reform of international financial institutions. They also agreed to promote trade and resist protectionism.

BEIJING, July 21 (Xinhua) -- The Communist Party of China (CPC) Central Committee held its first-ever, high-level national conference on the work concerning Party history on Wednesday, prior to the 90th anniversary of its founding in July 2011.Vice President Xi Jinping called for more research and education about the history of the CPC, especially among young people.Xi, a Standing Committee member of the Political Bureau of the CPC Central Committee, made the remarks during a keynote speech delivered at the conference.He said the history of the 89-year-old Party is a "lively and vivid textbook," which should be well-studied, and research results should be used to "educate Party members, officials and the masses, especially the youth."Chinese Vice President Xi Jinping (L) speaks as He Guoqiang, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, listens during the national work conference on the history of the CPC, at the Great Hall of the People in Beijing, capital of China, July 21, 2010.He said Party history should be included in schools' curriculums and publicized via the Internet.Further, researchers should study the Party's history "in a practical and realistic manner," Xi said, adding that the Party's glory, experiences, traditions and fine work style should be publicized.He added that the CPC strongly opposes any tendency that "distorts or smears the Party's history."Xi said the Party, having experienced the tests of revolution, development and reform, "successfully united and led the Chinese people to achieve miracles under an extremely complicated circumstance.""Over the past 89 years, the CPC contributed greatly to the nation's independence, unification and the people's well-being," he said.President Hu Jintao, also general secretary of the CPC Central Committee, met with the delegates, mainly Party historians, ahead of the conference. The country has more than 17,000 Party history researchers working in more than 2,800 research institutes nationwide.

BEIJING, July 7 (Xinhua) -- Top Chinese political advisor Jia Qinglin Wednesday said emphasis must be put on improving the living standards of Tibetan farmers and herdsmen.Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference, made the remarks at a conference on deploying "pairing assistance" for Tibet.Under the "pairing assistance" model, which was initiated 15 years ago, other provinces or cities provide technological and financial support, among other things, for the development of areas where Tibetans predominantly live, namely the Tibet Autonomous Region and areas in Sichuan, Yunnan, Gansu and Qinghai provinces.Jia Qinglin (3rd R), chairman of the National Committee of the Chinese People's Political Consultative Conference, speaks at a conference on deploying "pairing assistance" for Tibet, Beijing, capital of China, July 7, 2010.Xinhua/Yao Dawei)Jia said the "pairing assistance" is a central government strategic initiative and is crucial to the leapfrog development and lasting stability in Tibet and Tibetan areas in the four provinces.Jia said major projects launched to support Tibet's development should be incorporated into the national social and economic development plan for the next decade, which is currently being compiled.He also said the fight against the separatist forces led by the ** clique should be deepened so to sustain social stability in Tibet and Tibetan ethnic areas.