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ZHENGZHOU, Sept. 20 (Xinhua) -- A senior official of the Communist Party of China (CPC) in charge of culture and publicity has pledged to deepen the nation's reform of its cultural sector over the next five years.More state-owned cultural institutions will be converted into enterprises as the nation builds a competition-based market for cultural products and services, Liu Yunshan, a Secretariat member of the CPC Central Committee and head of the Publicity Department of the CPC Central Committee, said Monday.Liu was speaking at a workshop on a blueprint for the country's cultural reforms and development for the "12th Five-Year Plan" (2011-2015), which was held in Luoyang in central China's Henan Province.In his speech, the official called for the mapping out of the goals and tasks of the country's cultural development in accordance with the requirements of the Scientific Outlook on Development."Cultural restructuring is fundamental for the emancipation of cultural productivity and the realization of cultural prosperity and development," he said.Other speakers at the meeting included Party officials responsible for local publicity work in the provinces of Henan, Hebei, Zhejiang, Jiangxi, Shandong, Guangdong, Yunnan, Shaanxi and Fujian, as well as the autonomous regions of Guangxi and Inner Mongolia.

BEIJING, Aug. 27 (Xinhua) -- The United States has repeatedly blocked investment from Chinese companies on national security grounds, a protectionist move that will only harm its own interests, analysts say.Eight U.S. congressmen recently asked the Obama administration to scrutinize a deal between Chinese telecom equipment giant Huawei and the American operator Sprint Nextel on national security grounds.It was not the first time Huawei's attempts to break into the U.S. market have been stymied. Earlier its buyout attempt of 3Com was summarily dismissed by the U.S. government.Citing national security concerns again, a bipartisan group of 50 lawmakers in July requested that the government investigate an investment project of China's Anshan Iron and Steel Group (Ansteel), China's fourth largest steelmaker, which plans to establish a joint rebar venture with a U.S. partner in Mississippi."It is inappropriate for some U.S. lawmakers to label regular business behavior as a move that threatens national security," Yao Jian, a spokesman for the Ministry of Commerce, recently said about Ansteel's investment plan."I hope the United States can create a better investment environment for Chinese enterprises," he said.Chinese analysts said the actions were sheer protectionism, adding that national security concerns is only a lame excuse by U.S. authorities, whose true intention is to protect the interests of domestic enterprises and industries.Moreover, standing up to China's allegedly unfair trade practices can easily earn the congressmen much needed political chips in the upcoming mid-term election in November, the analysts said.The setback that Huawei and Ansteel suffered is only the tip of the iceberg. Actually, blocking investment from Chinese companies in the name of national security has morphed into a knee-jerk reaction that could only harm America's own interests.Emcore Corporation, a U.S. fiber optics producer, announced in late June that it has abandoned a joint venture in partnership with China's Tangshan Caofeidian Investment Corporation because the Committee on Foreign Investment in the United States "has certain regulatory concerns about the transaction."

BEIJING, Oct. 13 (Xinhua) -- Chinese Vice Premier Wang Qishan Wednesday held phone talks with U.S. Commerce Secretary Gary Faye Locke and Trade Representative Ron Kirk to discuss expansion of China-U.S trade cooperation.Wang and Locke, who is also co-chair of the China-U.S Joint Commission on Commerce and Trade (JCCT), agreed to enhance the exchange of opinions between two countries and expansion of bilateral cooperation, to ensure the upcoming 21st JCCT would be able to make positive achievements, and contribute to promoting sound and stable development of the China-U.S relationship.The JCCT was established in 1983 as a platform for the two countries to promote trade relations and address issues of mutual concern. The 20th JCCT was held in east China's Hangzhou City on Oct. 28-29, 2009.

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, Aug. 29 (Xinhua) -- Shanghai Pudong Development (SPD) Bank said its first-half-year net profit rose 33.92 percent from one year earlier due largely to lending boom and increased commission fees.Net profits climbed to 9.08 billion yuan (1.34 billion U.S. dollars) in the first six months of this year, the Shanghai-based lender said in a statement filed with the Shanghai Stock Exchange late Sunday.Its growth in profits stemmed from rising operating revenues, a result of growing net interest earnings, increased fee incomes and the improved quality of assets, according to the statement.Earnings per share stood at 0.791 yuan, up 20.21 percent from one year earlier. Also, operating revenues grew 36.42 percent to 22.75 billion yuan in the first half of 2010, it said.Total assets for the commercial bank hit 1.781 trillion yuan by the end of June, up 9.77 percent from the end of 2009.