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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.

CAIRO, Sept. 26 (Xinhua) -- Chinese and Egyptian industry officials vowed closer bilateral economic ties on Sunday with the signing of an industrial cooperation agreement.Egyptian Minister of Trade and Industry Rachid Mohamed Rachid met with Chinese Minister of Industry and Information Technology Li Yizhong. Both talked about the expansion and improvement of bilateral trade and economic cooperation.Rachid told reporters that he hoped the new agreement would pave the way for more cooperation in different industry sectors including manufacturing of cars components, textiles, petrochemicals, electronics and technology."This agreement includes the process of sharing technology and increasing investment in the industrial sector and training of workers as well as helping Egyptian companies promote their products in the Chinese markets," said the Egyptian minister.The agreement also included the formation of an Egyptian- Chinese task force that takes the responsibility of sharing information and experiments in the industrial sectors and encouraging Egyptian and Chinese firms to establish joint ventures in different areas of cooperation, according to Rachid.Rachid said that Egypt wanted to benefit from the successful Chinese experience in the industrial sector.Egyptian Prime Minister Ahmed Nazif also met with the Chinese minister. The prime minister said Egypt shows great interest in boosting cooperation with China.The bilateral trade between Egypt and China increased from 3 billion U.S. dollars in 2006 to 6.24 billion dollars in 2008, according to Chinese Ambassador to Egypt Wu Chunhua.By the end of last year, Chinese investment in Egypt exceeded 500 million U.S. dollars. Chinese auto companies such as Chery Automobile and Brilliance Automobile have had assembly lines here in Egypt.Rachid expected that the Egyptian-Chinese cooperation would witness a great milestone in all sectors, particularly the trade and industry relations thanks to exchanges in the economic and political levels.

BEIJING, Nov. 1 (Xinhua) -- China has enacted 10 measures to prohibit better than average primary schools and junior high schools from charging "enrollment fees," or selling enrollment quotas, according to a statement posted on the website of the Ministry of Education on Monday.The statement reads, due to the difference in quality among schools, and a shortfall of excellent schools as compared to actual demand, the problem of "enrollment fees" has been reported, particularly in big cities.This is a particular problem in China, where parents pay to secure seats for their children in key schools if their children do not score high enough on entrance exams.The measures include forbidding schools from selling extra enrollment quotas in whatever names or methods, obliging schools to publicly disclose enrollment information, improving sub-quality schools, supporting private schools to enrich superior education resources, carrying out supervision and others regulations.

GUIYANG, Sept. 1 (Xinhua) -- China Wednesday called for the European Union to have a balanced, objective, comprehensive understanding of the world's largest developing country during an upgraded strategic dialogue held in the underdeveloped province of Guizhou.State Councilor Dai Bingguo told the EU side that despite rapid economic growth, China has no possibility to be arrogant, nor is it pretending to be a richer or poorer country than it actually is, with unfathomable strategic intentions, according to Vice Foreign Minister Fu Ying."China expects the EU to treat itself as an equal," Dai was quoted by Fu as telling EU High Representative for Foreign Affairs and Security Policy Catherine Ashton.The meeting was the fifth strategic dialogue between the two sides and the first since it was upgraded from vice foreign-minister level to its current level.China had made remarkable achievements since its reform and opening up to the outside, but it is still a developing country, Dai said.China has a clear understanding of its position in the international arena and its current level of development, Dai said, adding it will focus on economic development in the long run.China has not been, nor is, nor will be in the pursuit of hegemony, but adheres to the path of peaceful development, Dai said.China needs a peaceful international environment for development and its development will promote global peace and development, he said.Ashton echoed Dai, saying that the European Union should have a comprehensive understanding of China.The EU's view of China's development was one topic of the one-day closed-door meeting."It is one major aim of this strategic dialogue to enhance mutual understanding between China and the European Union. Both sides have a strong will to better understand each other and promote political mutual trust, so as to promote bilateral cooperation," said Chinese Vice Foreign Minister Fu Ying in an interview with Xinhua.The two sides also discussed the international situation and the development of the China-EU relationship.On the international situation, China urged all countries to join hands to cope with global challenges.On China-EU relations, China said it supports EU integration. The two sides should strengthen political dialogue, enhance strategic mutual trust, expand cooperation, properly handle sensitive issues and have more people-to-people exchanges, so as to promote a strategic partnership of cooperation.

BEIJING, Oct. 27 (Xinhua) -- A signed article published in Wednesday's People's Daily said China's political reform must be conducted in a step-by-step manner under a socialist system and the leadership of the Communist Party of China (CPC).The article, written by Zheng Qingyuan, said China's political reform should be conducted in accordance with the development of the country's economic, historical and cultural background.The article was carried by the CPC Central Committee's official newspaper after the Party concluded a key policy-setting meeting that stressed the need for political reform."Great impetus will be given to economic restructuring, while vigorous yet steady efforts should be made to promote political restructuring," the communique, issued by the fifth plenary session of the 17th CPC Central Committee, said.The article starts with noting that the kind of political system a country chooses "depends on the will of the overwhelming majority of the country's people and its particular national condition, as well as its historical and cultural background."It cited late leader Deng Xiaoping's remarks about the three key indicators to assess a country's political system: whether its political situation is stable; whether the system can enhance unity among its citizens and improve their lives; and whether the country's productivity can be sustainably developed.The article said that since 1979, the CPC has announced a comprehensive reform policy which included consistent political reform over the past three decades, and added that China had achieved some experience in political reform now.It also stressed that China's political reform should not blindly adopt western-style practices such as having multiple parties which hold office in rotation and separating administrative, legislative and judicial powers.