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ZURICH, Switzerland, Jan. 25 (Xinhua) -- Chinese Vice Premier Li Keqiang arrived here on Monday, kicking off his formal visit to Switzerland. He will also attend this year's World Economic Forum (WEF) annual meeting in Davos.During the past 60 years, Li said in a written statement upon arrival, the bilateral relations between China and Switzerland have enjoyed tremendous progress, with frequent top-level official exchanges, fruitful cooperation in trade and economy, deepened exchanges in various fields and smooth communication and coordination in dealing with international and regional issues.Chinese Vice Premier Li Keqiang delivers a speech during a dinner party held by the Economiesuisse, the Swiss Business Federation, at Zurich, Switzerland on Jan. 25, 2010. Li Keqiang arrived here on Monday for a four-day official visit to Switzerland, during which he will also attend this year's World Economic Forum (WEF) annual meeting in DavosSwitzerland recognized the People's Republic of China in 1950, becoming one of the earliest countries in western Europe to do so and to establish diplomatic ties with the new China, Li noted.The development of bilateral ties enjoys great potential and has a broad prospect, he added.Chinese Vice Premier Li Keqiang (L) shakes hands with Gerold Buehrer, president of Economiesuisse during a dinner party held by the Economiesuisse, the Swiss Business Federation, at Zurich on Jan. 25, 2010. Li Keqiang arrived here on Monday for a four-day official visit to Switzerland, during which he will also attend this year's World Economic Forum (WEF) annual meeting in DavosDuring the visit, Li is scheduled to hold talks with Swiss President Doris Leuthard and WEF President Klaus Shwab, and will have a dialogue with leading figures in the business circle.The Chinese vice premier believed that his visit will help further mutual political trust, enhance the traditional friendship, elevate bilateral trade and economic cooperation to a higher level, and continue to push the ties forward.Prior to the trip, Chinese Vice Foreign Minister He Yafei briefed the media that Li will exchange opinions with the Swiss authorities on bilateral relations, sum up the successful experiences of the development of bilateral ties for the past 60 years and discuss new ways on furthering the ties in order to inject new impetus into bilateral cooperation in various fields.In his planned address at the WEF annual meeting, Li will mainly brief participants about China's domestic economic situation, the Chinese government's policy, the achievement made through China's efforts to deal with the economy and society.Li will also elaborate China's stand on some global issues such as global governance and the world's joint response to climate change, and call for an all-round, sustained and balanced growth of the world's economy. Chinese Vice Premier Li Keqiang (L) and Gerold Buehrer, president of Economiesuisse step into the room during a dinner party held by the Economiesuisse, the Swiss Business Federation, at Zurich on Jan. 25, 2010. Li Keqiang arrived here on Monday for a four-day official visit to Switzerland, during which he will also attend this year's World Economic Forum (WEF) annual meeting in Davos

BEIJING, Feb. 3 (Xinhua) -- Chinese economists are again concerned about the value of the country's dollar-denominated assets after the U.S. government's budget plan unveiled Monday forecast a record deficit for 2010.The economists are worried that, if the Congress approved the budget plan, the U.S. federal government will issue more bonds and print more money to finance the deficit, which may prompt dollar depreciation. Dollar depreciation erodes the value of China's holdings of dollar-denominated assets.The same fears took hold almost one year ago when the U.S. government said it would issue up to 2.56 trillion U.S. dollars of treasury bond debt to stimulate the economy to get through the recession.This time the budget deficit is larger. The Obama administration on Monday proposed a budget of 3.83 trillion U.S. dollars for fiscal year 2011 with a forecast deficit of 1.56 trillion U.S. dollars in 2010.The planned fiscal deficit is 10.6 percent of gross domestic product (GDP) - up from a 9.9 percent share in 2009 - the largest deficit as measured against GDP since the second world war.He Maochun, director of the Center for Economic Diplomacy Studies at Tsinghua University, said the deficit would be financed by those holding U.S. dollar-denominated assets with the main channel to transfer the risks caused by the deficit being the issuance of U.S. treasury bonds.The U.S. is already in enormous debt, with Treasury data showing public debt topping 12 trillion U.S. dollars in November last year, the highest ever.To pay for the deficit, the U.S. federal government will borrow 392 billion dollars in the January to March quarter of 2010, according to a Treasury Department statement released Monday. It will then issue 268 billion U.S. dollars of treasury bonds in the second quarter.Experts said the record deficit suggests the federal reserve will continue to flood more money into the market. The massive issuance of treasury bonds, the large fiscal deficit and the printing of the dollar will prompt further declines in the value of dollar, they said.In 2009, the greenback depreciated against major currencies by 8.5 percent, according to China's State Administration of Foreign Exchange (SAFE).China is the biggest foreign holder of the U.S. government debt. As of the end of November last year, China held 789.6 billion U.S. dollars of U.S. treasury bonds. Moreover, more than 60 percent of China's 2.399 trillion U.S. dollar stockpile of foreign exchange reserves - the world's largest - is in dollars.Cao Honghui, director of the Financial Market Research Office of the Chinese Academy of Social Sciences (CASS), a government think tank, said the massive U.S. deficit spending and near-zero interest rates would erode the value of U.S. bonds.The U.S. government should not transfer the problems of enormous debt to other nations or regions that are creditors like China, he added.The SAFE said in a statement in December 2009 that China would diversify its foreign exchange reserve holdings - both currencies and securities - to reduce risk.Liu Yuhui, an economist with the CASS, said late last month China may scale back its purchases of U.S. debt on concern the dollar will decline.China trimmed its holdings of U.S. government debt by 9.3 billion U.S. dollars in November last year - the biggest cut in five months - taking them down to 789.6 billion U.S. dollars.Ding Zhijie, associate dean at the finance school at the University of International Business and Economics, said China had been securing its investment value by using its foreign exchange reserves for imports and acquisition in 2009."More reserves should be used for investment in materials and resources, which can reduce the risk," he said, adding that he expects the purchasing spree to continue this year.The deficit is expected to ease slightly to 1.3 trillion U.S. dollars in 2011, but that still represents 8.3 percent of 2011 GDP.But Ding said it is necessary for the U.S. to keep its powerful fiscal stimulus policy in place, as the economic recovery is fragile and remains uncertain.The U.S. economy shrank 2.4 percent in 2009, but the U.S. government is projecting GDP growth of 2.7 percent in 2010 and an unemployment rate average of 10 percent.Zuo Xiaolei, chief economist at China Galaxy Securities, said the U.S. had no choice but to rely on massive government spending to ensure the economic recovery.The budget deficit will pump money into the economy and generate jobs, which in turn will generate greater tax revenue that can help pay off the debt, Zuo said."But there is still a risk the policy will fail and that debt will grow beyond the government's ability to pay," in which case the entire global recovery will be threatened.

BEIJING, March 6 (Xinhua) -- Foreign scholars and journalists were generally positive in reviewing the government's strategies and outlined the challenges ahead as Chinese Premier Wen Jiabao's government work report delivered Friday caught wide attention across the world.Hong Pingfan, chief of the global economic monitoring center of the UN Department of Economic and Social Affairs, said the year 2009 saw the world mired in the first global economic recession since World War II.It was against this background that China launched a massive fiscal stimulus package as part of its strenuous efforts to tackle the crisis, successfully achieving 8 percent growth for the year, he said."China has not only realized its own economic growth, but also boosted the confidence of other countries to deal with the financial crisis, giving an impetus to the world economic recovery," he added.Marcio Pochmann, director of Brazil's Institute of Applied Economic Research, said China's achievements were closely related to the government's role."Countries that were more able to cope with the crisis and emerge from it were those with an organized government and with public policies adequate to the moment of crisis," he said.The Chinese government responded quickly, adopting favorable macro-economic policies and asking major state-owned banks to inject capital into the domestic market, he said.Japanese research fellow Takashi Sekiyama, from the Tokyo Foundation Policy Research Division, said China's home appliance subsidy programs in rural areas and tax cuts on small cars encouraged consumption.China's stimulus policies contributed to the swift expansion of investment, he said, adding the Chinese economy's vigorous growth had greatly helped the world economy.Belgian-Chinese Chamber of Commerce Chairman Bernard Dewit said it was far-sighted for the Chinese government to announce the acceleration of the transformation of the economic growth pattern. In the long run, China couldn't develop its economy continuously only by exporting low-end products such as T-shirts, he said, adding China had to produce more high-end products with high added value.BBC Chinese Director Li Wen said the Chinese government had to change local officials' views on how to evaluate their achievements in their posts in order to transform the economic growth pattern.The current situation where officials' achievements were mainly linked to GDP and fiscal revenue should be changed so that local officials would not only pursue rapid economic increase, he said.

BEIJING, Feb. 21 (Xinhua) -- China's tourism revenue rose 26.9 percent to 64.62 billion yuan (9.46 billion U.S. dollars) during the Spring Festival, the National Tourism Administration (NTA) said Sunday.China received 125 million tourists during the holiday period from Feb. 13 to 19, up 14.8 percent from the same period last year, a statement on the NTA website said.Of the tourism revenue, 4.6 billion yuan came from airlines while 2.83 billion yuan from railways. The tourists spent 26.51 billion yuan in China's 39 key tourism cities and 30.68 billion yuan in other areas.Among the tourists, 29.92 million stayed overnight and 95.13 million stayed for less than one day.

BEIJING, March 14 (Xinhua) -- Premier Wen Jiabao said Sunday that keeping the RMB exchange rate basically stable had played an important role in facilitating the recovery of the global economy from the worst financial crisis in decades.When the global economy was worst hit between July 2008 and February 2009, the real effective exchange rate of the RMB has risen by 14.5 percent, Wen told a press conference after the annual parliament session.  Chinese Premier Wen Jiabao smiles during a press conference after the closing meeting of the Third Session of the 11th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 14, 2010.