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BEIJING, Dec. 2 (Xinhua) -- China cannot use its 3.2 trillion U.S. dollars in foreign exchange reserves to rescue other countries, a senior diplomat said on Friday."The argument that China should rescue Europe does not stand, as reserves are not managed that way," Vice Foreign Minister Fu Ying said at the Lanting forum, a gathering of Chinese officials, scholars and social groups held by the Ministry of Foreign Affairs to discuss international issues and foreign policy."China is not absent from international efforts to rescue Europe; it has been a positive and healthy participant," Fu said.Since the outbreak of the European financial crisis, China has dispatched more than 30 procurement delegations to Europe, helping to boost imports from the continent, Fu said.Fu added that there are many misunderstandings about the use of China's foreign reserves. "Foreign reserves are not domestic income or money that can be disposed of by the premier or finance minister," she said."Foreign reserves are akin to savings, and their liquidity should be ensured," Fu said."Foreign reserves are not revenue and cannot be relocated randomly. Under this circumstance, China should take the prospect of yields into consideration if it invests its foreign reserves," said Tian Dewen, an analyst at the Institute of European Studies at the Chinese Academy of Social Sciences.However, the outlook for the economic situation in the eurozone is currently uncertain, Tian said.Fu said China learned a lesson about the importance of foreign reserves during the Asian financial crisis of the late 1990s. ' "Reserves cannot be used domestically to alleviate poverty or taken abroad for development support," she said.She said that the way in which foreign reserves are managed should be in line with the principles of "safety, liquidity and proper profitability.""China's purchases of European bonds, International Monetary Fund bonds and U.S. bonds are also based on those principles," Fu said.Fu also said that China has no intention to gain profit by leveraging financial instruments."China will make efforts to overcome the crisis with Europe and the international community in the future," Fu said."As for the current turbulence in European markets, an authoritative voice is necessary in restoring market confidence. However, voices are diversified in Europe due to its political framework," said Chen Xin, an analyst at the Institute of European Studies at the Chinese Academy of Social Sciences.Fu also reviewed achievements made in trade and investment cooperation between the two sides."It is normal for Europe to strengthen its economic cooperation with China in the process of conquering its difficulties, although it is not proper to add negative political implications," Fu said.She urged Europe not to politicize China's foreign investments."Successful investment should be reciprocal. We hope our economic activities are not interpreted from a political prospective and are not imbued with political interests. We should follow market economy principles," Fu saidFu also took time to single out media reports about the crisis that she believes have been overtly political."Many European countries have shown their understanding and support for us, but there have also been some negative reports," Fu said."We should treat each other with a moderate and impartial mentality. That will make bilateral relations easier to handle," Fu said.She cited an investment bid by a Chinese company in Iceland that was turned down by the country's government.Zhongkun, a private Chinese real estate company founded in 1995, planned to buy 300 square km of land in Iceland to build a high-end resort with a total investment of 200 million U.S. dollars.However, Iceland's Interior Ministry rejected the bid, citing the size of the area of land involved and the fact that there is no precedent in Iceland for foreign countries to purchase large tracts of land.
BEIJING, Oct. 10 (Xinhuanet) -- China's small businesses turned to be the first to ring the alarm as the country is walking a fine line between fighting inflation and maintaining growth.Some entrepreneurs have disappeared and others have jumped off buildings almost every week since April in Wenzhou City, an entrepreneurial capital in eastern China's Zhejiang province, Xinhua reported.The sudden disappearance of the business owners has revealed a surprisingly gloomy picture for the small and medium-sized enterprises (SMEs) in China.RUNAWAY BOSSESAccording to a Xinhua investigation, at least 80 cash-strapped businesspeople in Wenzhou have skipped town or declared bankruptcy to invalidate more than 10 billion yuan (1.6 billion U.S. dollars) in debt.Just last month, two local entrepreneurs in Wenzhou killed themselves by jumping off the buildings and another broke his leg in a similar suicide attempt.The tragedies in Wenzhou are extreme cases of private SMEs struggling to survive a liquidity crunch amid the country's macro control policies set to curb inflation and cool down the over-heated property market.In Wenzhou, one-fifth of the 360,000 small and mid-sized businesses have stopped operating due to cash shortages, according to the city's council for small and medium-sized enterprises.Of the 855 companies surveyed by the Wenzhou Economic and Information Commission, more than 76 percent said they are almost out of money and are struggling to continue production.But many cash-strapped firms are unable to borrow money from banks, and some have turned to China's underground lending market to pool money from individuals and firms.The steep rates of the informal loans pushed some businesses to the brink of collapse.

WASHINGTON, Nov. 21 (Xinhua) -- The use of acupuncture for children is common and acupuncture is generally safe for children when performed by "appropriately trained practitioners," Canadian researchers reported Monday in online journal Pediatrics.Researchers at the University of Alberta looked at data from 37 studies of needle acupuncture, spanning 60 years, on children from birth to age 17, and assessed the association between needle acupuncture and various levels of adverse events in children. They found that of 279 adverse events identified, 253 were mild, one was moderate and 25 were serious.Serious side effects included bleeding, infections, and heart and lung problems. One child may have contracted HIV. But the researchers said the serious side effects were related to substandard conditions from the care provider, rather than acupuncture's technique itself. They concluded that in trained hands, pediatric acupuncture is safe.Acupuncture has been around for thousands of years, and traditional Chinese theory suggests needle placement helps balance the body's energy flow, called "qi". Acupuncture is sometimes used to treat headaches, migraines, back and joint pains, cramps, and chemotherapy-induced nausea. Estimates show 150,000 U.S. children undergo acupuncture each year.
WASHINGTON, Nov. 29 (Xinhua) -- China and the United States on Tuesday held high-level talks on enhancing cooperation on anti- monopoly and anti-trust enforcement, with an aim to strengthen the bilateral economic and trade relations.This was the first time that the two sides held such meeting since they signed in last July a memorandum of understanding (MOU) on anti-monopoly and anti-trust enforcement cooperation by related enforcement agencies from the two countries.Gao Hucheng, China's International Trade Representative and Vice Minister of the Ministry of Commerce, led the Chinese delegation to the talks with the U.S. delegation headed by Jon Leibowitz, chairman of the U.S. Federal Trade Commission, and Sharis Pozen, acting Assistant Attorney General of the Department of Justice in charge of anti-trust affairs.The two sides briefed each other on the latest developments on the anti-monopoly and anti-trust policies and their enforcement in own country, while discussing ways to further strengthen anti- monopoly and anti-trust enforcement in related industries, during a time of economic downturn.They also reached an agreement on the guidelines of cooperation on pursuing anti-monopoly and anti-trust enforcement in individual cases, such as mergers of corporations, after reviewing the bilateral exchanges and cooperation in this field.It was agreed that the China-U.S. economic and trade relations are the cornerstone of the overall bilateral relationship, and the enforcement of anti-monopoly and anti-trust laws can help secure the smooth development of their economies, to the benefits of both countries and peoples.Such talks are conducive to enhancing mutual understanding of each other's practices in formulating and enforcing anti-monopoly and anti-trust policies, through sharing experiences and increased cooperation, the two sides agreed.In July, three Chinese anti-monopoly law enforcement agencies, the National Development and Reform Commission, Ministry of Commerce and State Administration for Industry and Commerce, signed the MOU on cooperation in anti-monopoly and anti-trust enforcement, with the U.S. Department of Justice and Federal Trade Commission.The document is a long-term framework between China's anti- monopoly enforcement agencies and their U.S. counterparts, designed to promote better enforcement of competition laws and regulations of the two countries. Under the MOU, the two sides will hold high-level consultations, exchange of information on law enforcement and policies, as well as cooperation on specific cases, mainly for mergers.
来源:资阳报