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BEIJING, July 28 -- China expressed its hope that the U.S. government will be able to cut its budget deficit in order to prevent inflation that could jeopardize the value of China's dollar-denominated assets, as the two countries wrapped up the first of two days of high-level talks here.     "We sincerely hope the U.S. fiscal deficit would be reduced, year after year," Zhu Guangyao, assistant minister of finance, told reporters after the conclusion of the first day of talks, which have been dubbed the U.S.-China Strategic and Economic Dialogue.     "The Chinese government is responsible and first and foremost our responsibility is [for] the Chinese people, so of course we are concerned about the security of the Chinese [dollar] assets," Zhu said.     China holds a total of more than 800 billion U.S. dollars in U.S. treasury debt, making it America's largest foreign creditor.     As a result of recent American efforts to counter the financial crisis and stimulate the economy, U.S. government spending has soared, and is projected to reach 1.84 trillion U.S. dollars this year. That is more than four times the previous high.     Many investors and economists fear this deficit spending will lead to inflation, as the increase in the supply of dollars drives down their value, thereby also reducing the value all dollar-denominated assets, including U.S. Treasury bonds. As a result, some investors have started to buy shorter-term bonds, which they hope will not be impacted by any longer-term inflation driven by increased government spending.     U.S. Secretary of Treasury Timothy Geithner assured the Chinese delegation in his opening remark on Monday that U.S. has taken steps to overhaul its financial system, enhance regulation, and control the deficit.     "We are committed to taking measures to maintain greater savings and to reducing the federal deficit to a sustainable level by 2013," he said. However, Geithner did not reveal how, specifically, the United States planned to achieve its deficit-cutting goals during the dialogue.    Both American and Chinese officials, however, agreed that the economy has begun to slowly stabilize.     "We have agreed that green shoots have emerged in the international economy and financial markets," said Zhu. However, the economic foundation is far from being sound, and the current situation remains severe, Zhu warned.     China's economy has shown solid signs of recovery, with its GDP growth picking up to 7.1 percent in the first half of this year after dipping to as low as 6.1 percent in the first quarter. The country's retail sales growth was 15 percent in the first half of this year, the highest since 1985, according to Ministry of Finance figures.     The two-day talks, which are co-chaired on the Chinese side by Vice Premier Wang Qishan and State Councilor Dai Bingguo, and the U.S. Secretary of State Hillary Rodham Clinton and Secretary of Treasury Timothy Geithner on the U.S. side, covered a wide array of issues, including the global economy, climate change and clean energy as well as regional security issues.     At the opening ceremony on Monday, U.S. President Barack Obama emphasized his hope for closer cooperation between the two countries.     "I believe that we are poised to make steady progress on some of the most important issues of our times," he said. "The relationship between the United States and China will shape the 21st century."

BEIJING, Aug. 23 (Xinhua) -- China's insurance capital investments hit 2.45 trillion yuan (358 billion U.S. dollars) in the first seven months of this year, according to the country's insurance regulator.     In July alone, the investments from insurance funds stood at 120.4 billion yuan, China Insurance Regulatory Commission (CIRC) said in a report on its website.     Of the total insurance investment value, about 332 billion yuan, or 9.8 percent, went to the stock markets by the end of the second quarter of this year.     During the same period, mutual funds investments suck 228.45 billion yuan, or 6.8 percent from the insurance capital.     A booming equities market and an optimistic attitude towards the country's stock markets had led to an increasing investments, said the CIRC.     Comparatively, in the first seven months, bank deposit of China's insurance capital decreased to 1.03 trillion yuan, 15.23 billion yuan less than in the first six months.     The CIRC's statistics also reflected a slowdown increasing rate in premium income in the first seven months. Premium income was 678.64 billion yuan, representing a small increase of 80 billion yuan than the June figure.

NEW YORK, Sept. 21 (Xinhua) -- Chinese President Hu Jintao arrived here Monday for a UN climate change summit and other UN meetings. He will also attend a financial summit of the Group of 20 (G20) in Pittsburgh scheduled for Sept. 24-25.     President Hu will attend a UN climate change summit in New York on Tuesday, address the general debate of the 64th Session of the UN General Assembly Wednesday, and participate in a Security Council summit on nuclear non-proliferation and disarmament on Thursday, said Chinese Foreign Ministry officials.     In a note to heads of state and government regarding the summit, UN Secretary-General Ban Ki-moon said "the objective of the Summit on Climate Change, which I am convening on Sept. 22, is to mobilize the political will and vision needed to reach an ambitious agreed outcome based on science at the UN climate change talks in Copenhagen." Chinese President Hu Jintao (Front, R) is greeted upon his arrival at New York, the United States, on Sept. 21, 2009. Hu Jintao arrived here Monday for a UN climate change summit and other UN meetings. He will also attend a financial summit of the Group of 20 (G20) in Pittsburgh scheduled for Sept. 24-25"I hope that cooperation between and among developed and developing countries can be strengthened, and that the political impetus for a successful deal in Copenhagen will be made manifestly clear to all participants," he said.     Tuesday's summit is convening just 10 weeks before world leaders gather in Copenhagen in December to negotiate and try to seal a treaty on climate change after the first phase of the Kyoto Protocol expires in 2012.     "At the meeting, President Hu will call for stronger international efforts on climate change and introduce new measures that China is taking," China's Vice Foreign Minister He Yafei told a press briefing last week.     "The president will fully elaborate on China's stance and proposals on climate change and what China is doing about it," He said. Chinese President Hu Jintao (Front, 2nd R) shakes hands with a Chinese diplomat in the United States upon his arrival at New York, the United States, on Sept. 21, 2009. Hu Jintao arrived here Monday for a UN climate change summit and other UN meetings. He will also attend a financial summit of the Group of 20 (G20) in Pittsburgh scheduled for Sept. 24-25The vice minister expressed the hope that "the summit would send a positive signal," emphasizing joint efforts to make the Copenhagen conference a success.     During the general debate of the UN General Assembly Wednesday, Hu is expected to elaborate on China's stand on major global and regional issues.     In his speech, President Hu will outline China's ideas about how to safeguard world peace, boost common development, promote mutual benefit and seek harmonious co-existence, said Chinese Foreign Ministry officials.     On Thursday, President Hu will attend a special session of the UN Security Council on nuclear non-proliferation and disarmament, which is proposed and chaired by U.S. President Barack Obama     "The session will focus on nuclear non-proliferation and nuclear disarmament broadly, and not on any particular countries," U.S. Ambassador to the UN Susan Rice said on Sept. 2.     Chinese diplomats said that President Hu will elaborate on China's ideas of realizing common security through a win-win approach to mutual benefits.     Hu will put forward China's propositions on nuclear non-proliferation and disarmament, peaceful use of nuclear power, nuclear security and other issues concerning the international community, they said.     Following the UN meetings, President Hu will fly to Pittsburgh for the G20 summit.     At the summit, Hu and leaders of other G20 members will review the progress made since the Washington and London summits and discuss further actions to assure a sound and sustainable recovery from the global financial and economic crisis.     "The Pittsburgh summit is an important opportunity to continue the hard work that we have done in confronting the global economic crisis, and renewing prosperity for our people," Obama said on Sept. 8.     "Together, we will review the progress we have made, assess what more needs to be done, and discuss what we can do together to lay the groundwork for balanced and sustainable economic growth," he added.     The Pittsburgh summit is the third since the ones in Washington last November and in London in April this year.     The G20 was formally established in 1999 to bring together major industrialized and developing economies to discuss key issues in the global economy.     The G20 consists of China, Argentina, Australia, Brazil, Canada, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain, the United States, and the European Union.     China expects the summit to achieve positive results in macroeconomic policy coordination, reform of international financial organization, development and measures against protectionism, said Chinese Vice Foreign Minister He.

BEIJING, Sept. 16 (Xinhua) -- China's State Council, or the Cabinet, issued a new regulation Wednesday targeting prevention and remedies for marine pollution caused by ships.     The regulation, which includes nine sections and 78 rules, said transportation departments under the Cabinet should compile emergency plans to deal with pollution caused by ships or related activities.     Once the plans are completed and have been approved by the Cabinet, coastal governments above city level should map out emergency plans based on one proved by the State Council.     China's transport departments and governments above city level have also been asked to establish emergency mechanisms and plans to prevent and deal with marine pollution.     Marine management institutions should cooperate with other departments to improve monitoring and supervision over the activity of ships and pollution caused by them     Professional teams to deal with emergencies, specialized equipment and facilities should be organized, according to the regulation.     Anyone who is responsible for marine pollution should make efforts to eliminate the pollution hazard and make compensation.     The regulation will take effect on March 1, 2010.     Official statistics say 733 ship pollution accidents occurred between 1998 to 2008 in sea areas in China's jurisdiction, which led to huge economic and environmental losses. The regulations will apply to every type of shipping, except military.