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BEIJING, Dec. 29 (Xinhua) -- China's gross domestic product (GDP) is predicted to grow by around 9.5 percent in 2011, 0.5 percentage points lower compared to the growth rate expected for this year, said a report issued Wednesday by the Bank of China (BOC).The report by the BOC, China's third largest lender, was based on the bank's projections of weak overseas demand, tighter monetary policy, and the government's planned economic restructuring for 2011, the first year of China's 12th five-year plan.The Chinese government announced in early December that it will switch its monetary policy stance from relatively loose to prudent next year to tackle rising inflation and keep economic growth at a sustainable pace.The report also said government policies this year to curb soaring property prices in some major cities, and the country's efforts to improve energy efficiency had slowed the economy with the GDP dropping to 9.6 percent in the third quarter, down from the second quarter's 10.3 percent and 11.9 percent in the first quarter.The report also forecast inflation to rise 4 percent in 2011, compared to the 3.3-percent rise expected for 2010. It said that in the second half of the year, the producer price index (PPI) for China's industrial products had kept rising along with the consumer price index (CPI), adding more inflationary pressure for the future.The Chinese government set a 3-percent target for inflation this year, but looks unachieveable after the index rose 3.2 percent during the first 11 months. Pushed up mainly by rising food prices, the index soared 5.1 percent in November to a 28-month high.The report also predicted new lending next year would be 7 trillion yuan (1.06 trillion U.S. dollars), just slightly down from the 7.5 trillion yuan target set by the government for 2010.Growth rates of retail sales of consumer goods and industrial value-added output would see a slight drop from year 2010, while imports would likely grow by 18 percent, 3 percentage points higher than exports.As inflation triggers wider public concerns, expectations for more hikes in interest rates are strengthening. The report forecast the People's Bank of China, the central bank, would likely hike rates for up to three times next year, mostly during the first half of the year.The central bank on Sunday raised the benchmark one-year lending and deposit rates by 25 basis points for the second time in just over two months. It had also set higher commercial lenders' reserve requirement ratio six times this year in a move to tighten liquidity amid climbing inflation.
ST. PETERSBURG, Russia, Nov. 23 (Xinhua) -- Chinese Premier Wen Jiabao and his Russian counterpart, Vladimir Putin, agreed Tuesday to shore up reciprocal and practical cooperation to further consolidate bilateral relations.Following the 15th regular meeting between the Chinese and Russian heads of government, Wen told a press conference that the latest gathering reinforced the political mutual trust between the two sides and significantly pushed forward bilateral cooperation.The two premiers reached important consensus on bilateral ties and important global affairs, and were confident that the positive results of the meeting would help inject new energy into the comprehensive development of the China-Russia strategic partnership of coordination, Wen said.Chinese Premier Wen Jiabao (L) and his Russian counterpart Vladimir Putin attend a news conference after the 15th regular meeting between the Chinese and Russian prime ministers, in St. Petersburg, Russia, Nov. 23, 2010.China's modernization poses no harm to the interests of any other country, Wen said, adding that stronger China-Russia collaboration will not only benefit the two countries, but also contribute to regional peace and stability.The two sides have maintained close coordination on such multilateral platforms as the UN and the Group of 20 major economies, and their cooperation is all-around, Wen said.China is ready to take part in Russia's efforts to build infrastructure and establish special economic zones, and is delighted to invite more Russian youths to learn the Chinese language or study in China, he added.Noting that the latest international financial crisis has left a far-reaching fallout, the Chinese premier said that both Beijing and Moscow are now facing a variety of challenges, and that both sides have the responsibility to defend their interests.
BEIJING, Jan. 10 (Xinhua) -- Chinese President Hu Jintao vowed Monday that the Communist Party of China (CPC) and the Chinese government will wage the fight against corruption with greater determination and more forceful measures as the situation remains "grave".Addressing a plenary session of the CPC Central Commission for Discipline Inspection (CCDI), the Party's anti-graft body, Hu said all work should be done with the fundamental interests of the majority of the people as the core concern.Hu, also General Secretary of the CPC Central Committee, said problems that seriously violated the public interest and sparked the most public complaints should be addressed to ensure social justice.He said efforts were needed to strengthen ties between the Party and the people and to enable the people to play a more active role in fighting corruption.Hu pledged to "combat graft strictly and punish corrupt officials severely" so as to win trust from the people.Hu admitted that prominent problems remained in the fight against corruption and efforts to build a clean government, and warned of a "grave situation and arduous tasks."He called for enhanced supervision and monitoring of the implementation of major central government and Party policies and measures and the promotion of a corruption-free work style among officials.He called for reinforced efforts to build a system to prevent and punish corruption."More efforts should be made to investigate graft in key industries and key posts," he said, stressing the supervision of procedures concerning the promotion of local officials to prevent abuse of power or other corrupt conduct.Figures from the CCDI show 146,517 officials across China were punished for disciplinary violations last year, including 5,098 leaders at the county head level or above and 804 officials who were referred for prosecution.Discipline inspection bodies received almost 1.43 million petitions and tip-offs last year and recovered 8.97 billion yuan (1.35 billion U.S. dollars) in economic losses for the state."All comrades in the Party must serve the people with all their hearts and use their power to seek benefits for them. Only by doing so can our work earn the most comprehensive and solid foundation among the people and stand the tests of storms and risks," Hu said.Hu said people-oriented education was needed to guide officials to "willingly stand beside the people, be emotionally close to the people and reply on the people in carrying out their duties."Hu called for the building of a scientific, democratic and lawful decision-making system that would take the people's benefits and ideas fully into account.Hu called for unsparing efforts to promote an efficient and legal work style and solve obvious problems concerning people's lives in order to ensure their economic, political, cultural and social rights.While urging grassroots officials to expand their knowledge and expertise through intensified education, Hu encouraged their superiors to fully understand the difficulties of grassroots work and to take good care of grassroots officials.Hu called on officials from discipline inspection departments at all levels to set an example and to initiate the people-oriented spirit in their work and fulfil their responsibilities to a higher standard.He called for improvements in the anti-corruption system in accordance with an amended anti-corruption regulation released last month.One of the latest CPC moves to battle corruption, the amended regulation adds articles detailing punishments for corrupt officials and sets out penalties for corrupt Party officials who have left their posts or retired.Along with 118 CCDI members, senior Chinese leaders, including Wu Bangguo, Wen Jiabao, Jia Qinglin, Li Changchun, Xi Jinping and Zhou Yongkang, attended the meeting, which was presided over by He Guoqiang, head of the CPC's anti-graft agency.
PORT LOUIS, Jan. 8 (Xinhua) -- China has signed an economic and trade cooperation accord with Mauritius worth about 9 million U.S. dollars, including 6 million dollars grant and 3 million dollars interest-free loan.The accord was signed on Friday and the signing ceremony was attended by visiting Chinese Vice Premier Hui Liangyu and Mauritius Vice Prime Minister and Minister of Finance and Economic Development Pravind Kumar Jugnauth.According to the accord, the grant and loan will fund projects agreed on by the two governments in the future.Hui and Jugnauth also agreed on boosting cooperation in science and culture and implementing the programs of the accord signed by the two sides.Visiting Chinese Vice Premier Hui Liangyu (Central L) meets with Mauritius Vice Prime Minister and Minister of Finance and Economic Development Pravind Kumar Jugnauth (Central R) in Port Louis, Mauritius, Jan. 7, 2011.Hui also met Mauritius Prime Minister Navinchandra Ramgoolam in the capital of Port Louis on Friday when he started a three-day official visit to Mauritius.During the meeting, Hui commended the bilateral cooperation since the two countries established diplomatic ties in 1972 and the promising trend to further strengthen the ties in cultural exchange, education and tourism.He thanked the Mauritius government for its support on issues concerning the core interests of China.Hui noted that the two countries should keep pushing for extensive cooperation and high level exchange of visits, continue to building political trust between the two governments and implement the measures in the framework of China-Africa Cooperation Forum.Ramgoolam also spoke highly of the fruitful cooperation between the two countries and thanked China for the assistance in improving the country's infrastructure including a new international airport which is under construction.Hui held talks with Mauritius opposition leader Paul Berenger on Saturday afternoon before he wraps up his visit to Mauritius, the first leg of his five-African country tour which will also take him to Zambia, the Democratic Republic of Congo, Cameroon and Senegal.
BRUSSELS, Jan. 11 (Xinhua) -- Chinese and EU leaders on Tuesday signed a first joint declaration on strengthening dialogue and cooperation on youth issues as the 2011 EU-China Year of Youth kicked off here.Androulla Vassiliou, EU Commissioner for Education, Culture, Multilingualism and Youth, said at the opening ceremony that the year would open up new horizons for young people from Europe and China by enabling them to share experiences and learn from each other."I hope that such exchanges will inspire concrete ideas for cooperation and establish long-lasting partnerships," Vassiliou said.The opening ceremony was the first of a series of exchange activities to be held throughout the year in Europe and China. The EU-China Year of Youth was jointly initiated by Chinese Premier Wen Jiabao and European Commission President Jose Manuel Barroso at the 12th EU-China summit held in 2009."The Year will provide an interactive platform for European and Chinese young people to enhance mutual understanding and friendship through creativity, tolerance and openness. We hope they can open a new page of people-to-people contacts between Europe and China," said Wang Xiao, President of the All-China Youth Federation.Wang led a delegation of 100 Chinese young people who arrived in Brussels earlier this week to meet with their 100 European counterparts for the first time.The 200 young representatives from the EU and China also exchanged ideas on a variety of issues including volunteering, mobility, culture and creativity prior to the opening ceremony. Those from China will also visit the European Parliament, the College of Europe and EU's Court of Justice later this week.The yearlong program, co-hosted by the European Commission and the All-China Youth Federation, aims to promote intercultural dialogue and strengthen mutual understanding and friendship between European and Chinese youth, as well as encourage young people to care about and support the development of EU-China relations.The EU-China Year of Youth also coincides with the European Year of Volunteering and the 10th anniversary of the International Year of Volunteering, thus voluntary activities involving young Europeans and Chinese will be encouraged throughout the Year.With Chinese Vice Premier Li Keqiang wrapping up his three- nation Europe tour on Wednesday, the Sino-EU relation has had a good start this year in terms of political mutual trust and economic cooperation, while the kick-off of the EU-China Year of Youth is expected to break new ground in all-round exchanges among young people."The EU and China are now more than just trading partners, but also strategic partners. We should work together for a future of prosperity," said Ambassador Song Zhe, Head of the Mission of China to the European Union.