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BRUSSELS, Oct. 6 (Xinhua) -- Chinese Premier Wen Jiabao on Wednesday urged European political and business leaders not to join the "chorus" on pressuring China on the appreciation of the Renminbi, or RMB.China's trade surplus was explained by the specific structures of the economies involved in international trade instead of the exchange rate of the RMB, Wen said at the Sixth China-EU Business Summit here."The (past) appreciations of the RMB did not lead to any changes in the trend (of China recording trade surplus)," Wen said, referring to the fact that China continued to record trade surpluses after it initiated an exchange rate reform in 1994 although the RMB has appreciated by an accumulated 55 percent since then. Chinese Premier Wen Jiabao addresses the 6th China-European Union Business Summit in Brussels, capital of Belgium, Oct. 6, 2010.China also continued to record trade surpluses against the United States after it initiated a second exchange rate reform in 2005 to allow the RMB to appreciate 22 percent against the U.S. dollar since then, Wen said."The trade issue should not be politicized. It is an issue of the (trade) structure," the premier said.Chinese enterprises were still mostly at the lower end of the global industry chain. China has a surplus in commodity trade but deficits in the trade of services. It has surpluses against the United States and the European Union but deficits against South Korea, Japan and the Association of Southeast Asian Nations (ASEAN), Wen said.
HANGZHOU, Sept. 24 (Xinhua) -- He Hongwei, a college graduate living in central eastern China's Zhejiang Province, five years ago fussed over landing a decent job amid red-hot competition in the world' s most crowded job market.He then began selling novelty toys on the Internet. Five years on, he has grown into a billionaire and today is busy seeking employees to work in his own factory."I never thought I would make my fortune on the Internet, starting from scratch," the 35-year-old He said.Several years ago, e-shopping was only a "shelter" for many young Chinese who turned to the Internet marketplace to make their living after failing to find decent jobs offline. Most of them earned only paper-thin profits, as e-commerce in China then was still in its infancy.He's story, however, reflected a trend that e-business in China was no longer merely a way of survival, but has become an incubator for the newly-rich who had not expected they could make their fortunes online.According to a report released by Alibaba.com earlier this month, China's largest Nasdaq-listed e-commerce company, some 77 million Chinese individuals and businesses have opened E-shops as of the end of this June.Further, the number of e-shoppers has reached 142 million, or one-third of the nation's total online population.Retail sales at e-shops more than tripled between 2007 and 2009, much faster than the 18 percent growth of retail sales in general during the same period. In the first half of this year, retail sales of e-businesses more than doubled to 211.8 billion yuan (31.6 billion U.S. dollars).Booming sales helped entrepreneurs with e-business start-ups live decent lives, as more than 1 million e-shops at Taobao.com, China's largest online marketplace, earn profits of at least 2,000 yuan a month.As their businesses grow larger, more shops reported profits of over 10 million yuan a year. Sheng Zhenzhong, senior analyst with the research center of Taobao.com, declined to disclose how many such shops were listed on Taobao, but said the number is steadily rising.INTEGRITYAs an old Chinese saying goes, free traders are not bad, which means businessmen should cheat to stay competitive.The old tenet used to work in the early 1980s' when the market economy was initially practiced in China and many businessmen profited from selling shoddy goods.But that could hardly be the case in today's online market, as integrity has become the most important traits for the Internet's commercial success in China.Shi Hongwei is a wholesaler of stockings at Taobao.com. He sells more than 2,000 pairs of socks everyday. For Shi, a young e-shop owner, this is quite a big deal. But, what he cares about most is the rating feedback from his customers.

BEIJING, Oct. 27 (Xinhua) -- Chinese Vice Premier Hui Liangyu met with Bahamas Prime Minister Hubert Ingraham in Beijing Wednesday, vowing joint efforts with the island country to boost cooperation.Hui hailed the rapid progress of bilateral ties, citing frequent high-level exchanges, enhanced substantial cooperation and cultural exchanges, and close coordination in global and multilateral areas."Enhanced China-Bahamas relations meet the fundamental interests of both countries and peoples," he said.Ingraham, on his second visit to China, said he had made the correct choice in setting up diplomatic ties with China 13 years ago and sticking to the one-China policy.Chinese Vice Premier Hui Liangyu (R) meets with Bahamian Prime Minister Hubert Ingraham in Beijing, capital of China, Oct. 27, 2010.He spoke highly of China's great achievements, and appreciated China's support for his country on issues of major concern such as the Bahamas' entry into the World Trade Organization.Ingraham hoped to cement cooperation with China, in particular in tourism.Hui said China remained a developing country though it had made remarkable progress in economic and social development.China would stick to a scientific development path and reform and opening-up, he added.Ingraham will travel to Shanghai for the World Expo, which will conclude on Oct. 31.
ROME, Sept. 5 (Xinhua) -- China and Italy are working on a plan to expand their bilateral economic cooperation as the 40th anniversary of the establishment of the China-Italy diplomatic ties is just round the corner, said Chinese Ambassador to Italy Ding Wei on Saturday.The Chinese government is happy to see an enhanced and deepened economic ties between the two countries, said Ding while meeting with Adriano Luci, chairman of the industry association in Italy's northeastern city of Udine.He said Udine enjoyed a well-developed industrial capacity and saw ever-closer ties among Chinese and Italian firms.Ding hoped the association could encourage its member companies to champion the cooperation between Chinese enterprises and their Italian counterparts so as to materialize common development.Luci briefed Ding on Udine's industrial development, its companies' investment in China as well as their participation in the on-going Shanghai World Expo.He said he is willing to see the Italian and Chinese companies having more exchanges and further expanded areas of cooperation.According to Invitalia, the Italian official agency for promoting overseas investment and enterprise development, investment from Chinese companies in Italy has surged since 2000 and mainly goes to three main sectors, namely the automotive industry, logistics and machinery.Bilateral trade volume between China and Italy in the first half of 2010 registered a 36.3 percent rise compared to that of the same period last year, reaching some 20 million U.S. dollars.
NEW YORK, Sept. 22 (Xinhua) -- China on Wednesday urged all parties to seize "new opportunities" to find a diplomatic solution to the Iranian nuclear issue.Chinese Foreign Minister Yang Jiechi made the remarks in a meeting on Iran with his counterparts from the United States, Russia, Britain, France and Germany in New York."At present, there are new opportunities in advancing the diplomatic solution to the Iranian nuclear issue," Yang said."All parties should use the positive elements in the current circumstances to further enhance diplomatic efforts so as to push the Iranian nuclear issue back to the track of dialogue."Yang said that China will continue to play a "constructive role " in the international community's effort to find "a comprehensive, lasting and fair" solution to the Iranian nuclear issue.A statement issued after the foreign ministers' meeting called for an "early negotiated solution" to the Iranian nuclear issue.The foreign ministers are "ready to engage with Iran," the statement said.The six-nation ministerial meeting on Iran was held on the sidelines of a UN high-level meeting on the Millennium Development Goals (MDGs).
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