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BEIJING, Oct. 11 (Xinhua) -- The value of yuan, China's currency Renminbi, hit new high against U.S. dollar Monday as the central parity rate of the yuan was set at 6.6732 per U.S. dollar, according to the data released by the China Foreign Exchange Trading System.Monday's central parity rate beat the previous record of 6.6830 on Oct. 8.The yuan has picked up its strength against the U.S. dollars and seen increased volatility in the trading days since the People's Bank of China (PBOC), the central bank, announced on June 19 this year to increase exchange rate flexibility.Based on Monday's central parity, the Chinese currency has strengthened against the U.S. dollar by about 2.26 percent from the rate of 6.8275 per U.S. dollar that was set a day before the PBOC's pledge to increase flexibility.On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate during trading each day.China would continue reform of the formation mechanism of its currency exchange rate to improve its flexibility, but will do so in a gradual way, Zhou Xiaochuan, Governor of the People's Bank of China, China's central bank, said in Washington on Sunday.

BEIJING, Oct. 28 (Xinhua) -- China's top legislature on Thursday ended its bimonthly session, adopting a series of bills including the long-awaited social insurance law that had been reviewed by lawmakers four times in almost three years.The law that aims to prevent the improper use of social security funds was first submitted to the legislature in December, 2007, following a scandal in Shanghai involving 3.7 billion yuan (502.3 million U.S. dollars) of social security funds.The law is to take effect on July 1, 2011.In a proposal made by the Communist Party of China (CPC) Central Committee on formulating the country's 12th Five-Year Program (2011-2015) on National Economic and Social Development issued Wednesday, the social security system is set to be improved.The National People's Congress (NPC) Standing Committee also voted to adopt the law on law application to civil relationships involving foreign interests, and the revised Organic Law of Villagers' Committees, regarding rural people having greater powers to remove villagers' committee members and to convene meetings to decide village affairs.Also adopted at the close of this legislative session were the amendments to the Law on Deputies to the NPC and Local People's Congresses at Various Levels, which further specify the rights and duties of lawmakers.Lawmakers also adopted a decision to appoint Vice President Xi Jinping as vice-chairman of the Central Military Commission (CMC) of the People's Republic of China.Born in 1953, Xi was appointed by the CPC Central Committee on Oct. 18 as vice-chairman of the CMC of the party.Xi has served in a number of positions related to the armed forces and military reserve affairs during his previous tenures at national and local levels.The top legislature also expelled Li Qihong, former deputy secretary of Zhongshan Municipal Committee of the Communist Party of China in southern Guangdong Province and former mayor of Zhongshan City, from the top legislature on suspicion of "seriously violating disciplines" concerning economic activities.

XINING, Sept. 29 (Xinhua) -- Northwest China' s Qinghai on Wednesday became the first province to establish a regulation that holds local governments and state-owned enterprises responsible in coping with climate change.Called Qinghai' s Regulations of Coping with Climate Change, issued by the provincial government Wednesday and scheduled to take effect on Oct. 1, the regulations will cover the Qinghai-Tibet Plateau, which has one of the most fragile ecological systems in the world.Energy savings, emissions reductions, water resource conservation and other works related to climate change will be considered when evaluating senior officials of governments and state-owned enterprises administered by Qinghai, the new regulation stipulates."The regulation is a landmark in China' s creation of a legal framework in curbing climate change as it stresses and specifies local government' s responsibility on climate change," said Wang Zhiqiang, head of the policy and law department of the China Meteorological Administration.Governments administrated by Qinghai should build policies in line with the regulation and support green development, said Li Xiaoyu, deputy head of Qinghai' s legislative office."If officials fail to meet their duties in combating climate change, they are subject to punishments stipulated by the regulation," Li added."The regulation, based on China' s laws, regulations and policies, provides a basis for law enforcement and government agencies to implement climate change policies and punish offenders," Wang said."Qinghai' s temperature has been on the rise, reaching record highs this summer, and the trend is still going up," said Wang Shen, deputy head of Qinghai' s Meteorological Bureau.Statistics show Qinghai' s temperature has been rising by 0.35 centigrade every ten years, compared to the world average of 0.13 centigrade.Some mountain ice caps and frozen soil atop the Qinghai-Tibet Plateau are melting, triggering floods, expanding deserts and degrading the ecology.Qinghai is the source of the Yangtze River and the Yellow River, China' s two major rivers. The Mekong, an international river that runs through southern Asia, also begins in the province. Its ecology has attracted extensive concern from home and abroad.China' s state council issued a plan to cope with climate change in 2007.

BEIJING, Oct. 26 (Xinhua) -- Chinese Vice Premier Wang Qishan met Chairman of the Presidential Committee for the G20 Summit of the Republic of Korea (ROK) II SaKong Tuesday in Beijing. They exchanged views on preparations for the fifth G20 Summit in Seoul next month and agreed to continue to enhance communication and cooperation so as to achieve positive results at the summit.The fifth G20 Summit, an international forum on economic cooperation among the world's 20 major economies, will be held on Nov. 11 and 12. Chinese Vice Premier Wang Qishan (R) meets with Chairman of the Presidential Committee for the G20 Summit of the Republic of Korea (ROK) Il SaKong in Beijing, capital of China, Oct. 26, 2010.Previous G20 summits were held in Washington, London, Pittsburgh and Toronto.The G20 members -- Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, the ROK, Russia, Saudi Arabia, South Africa, Turkey, the United States and the European Union -- account for 90 percent of global output, 80 percent of global trade and two-thirds of the world's population. 

BEIJING, Oct. 15 (Xinhua) -- The 17th Central Committee of the Communist Party of China (CPC) opened its fifth plenary session in Beijing Friday to discuss the nation's next five-year development plan.The four-day meeting will review proposals for the country's 12th five-year program (2011-2015) on national economic and social development.The period would be critical for building a moderately prosperous society, the Political Bureau of the CPC Central Committee announced last month.It would be a time of difficult issues for deepening the reform and opening-up process while accelerating the transformation of the nation's economic development pattern, said the announcement.China has pledged to build a "xiaokang" -- moderately prosperous -- society in the first two decades of the 21st century."The next five-year program will be vital for dealing with difficulties to realize the objective by 2020," said Prof. Hu Angang, a prominent expert on China's national situation in Beijing."The new program will basically be in accordance with the principles of Scientific Outlook on Development," Hu said.Despite of high GDP growth for years, China still faces huge challenges in development, ranging from unbalanced economic growth pattern, widening gap between urban and rural areas and between different regions, to environmental problems as well as international trade protectionism."China's export-driven economic growth is unsustainable," said Justin Yifu Lin, World Bank Chief Economist and Senior Vice President."Transformation of the country's economic growth pattern should still be a major issue for the next five years, 15 years and even a longer period of time."The CPC Central Committee Political Bureau said in a last month's statement that transformation of the economic growth pattern should be based on improving people's livelihoods.President Hu Jintao has pledged to adopt "Inclusive Growth," a concept created and advocated by Asian Development Bank in 2007, for resolving social problems as a result of economic development.According to Hu, inclusive growth means to spread the benefits of economic globalization and development among all countries, regions and people and to realize balanced economic and social progress through sustainable development.World Bank President Robert Zoellick said developing countries will play a more important role in balancing and stabilizing the world economy, and China's effort will be of great significance for restructuring the world economy after global downturn.A draft version of the proposals for the 12th five-year program has been offered to some delegates of the CPC's 17th National Congress and organizations outside the Party.The document was further revised based on their suggestions.Sources with the CPC said the proposals, accumulated from throughout the Party and other organizations, would become a guideline document for China's continued reform and opening-up process as well as socialist modernization.

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