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BEIJING, Nov. 2 (Xinhua) -- China's gross domestic product (GDP) growth is expected to slow to 9.4 percent in 2008 from last year's 11.4 percent as the shrinking exports will cool the world's fourth largest economy, according to a Chinese credit rating agency report on Sunday.     The fundamentals of the economy are sound, but falling export orders would take a toll on the national economy in the short term, and domestic consumption needed time to play a bigger role, said the report released by the China Chengxin International Credit Rating Co. (CCXI), a joint venture of China's first rating agency China Chengxin Credit Management Co. Ltd. and U.S.-based Moody's Corporation.     The changing external economic environment and the burst of domestic asset bubbles would exacerbate the slowing economy, said the report.     The proactive fiscal policy was key to preventing the economy from falling and there was room for further cuts in bank reserve requirement ratios and interest rates.     It predicted the economy would gain 8.6 percent in 2009, but it gave no explanation of its forecast.     China's economy grew at 9 percent in the third quarter, the slowest in five years, as the global financial crisis sapped demand for Chinese goods, and domestic industrial production waned in response to weak demand and rising raw material costs.     The government has lowered interest rates three times in the last two months, increased export rebates and cut property transaction taxes to boost domestic consumption.     The report said the world financial crisis would have limited direct impact on the domestic banking system, but it warned Chinese exporters of default risks of foreign buyers.     Insurers and securities companies would be affected as the domestic capital market was growing more connected to the international market.     In September, the Manila-based Asian Development Bank, projected China's GDP growth to fall to 10 percent this year and further ease to 9.5 percent in 2009.     The slow-down was a result of the combined effects of a reduced trade surplus, slower growth in investment, and the global economic downturn, the Asian Development Outlook 2008 Update has said.

Li Changchun (5th R, 2nd row), member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, poses for photos with artists after a concert celebrating 30 years' reform and opening-up in Beijing Dec. 10, 2008. (Xinhua Photo)    BEIJING, Dec. 10 (Xinhua) -- Li Changchun, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, watched on Wednesday night a performance that marked the 30th anniversary of the country's reform and opening-up.     The concert in Beijing featured poem recitation and chorus of songs as an ode to the achievements China has made in the past 30 years.     It was one of a series of performances organized by the China Literature and Arts Federation to commemorate the anniversary.     Liu Yunshan, member of the CPC Central Committee Political Bureau and head of the CPC Central Committee Publicity Department, and State Councilor Liu Yandong also attended the event.

BEIJING, Dec. 19 (Xinhua) -- Taxi driver Qu waited patiently in the December night chill as a gas station boy changed the price tag, which indicated China's unified fuel price cut effective early Friday morning.     The country slashed the benchmark prices for fuel from 6.37 yuan (0.93 U.S. dollar) per litre to 5.46 yuan starting Friday morning, which was earlier than the long-awaited government scheme on fuel taxation and pricing slated for Jan. 1 next year.     "The price cut of 0.91 yuan per litre means a monthly saving of900 yuan for a taxi driver," said Qu, waiting in Thursday's midnight dark for the clock to turn zero.     The government distributed the news of the price cut via all major media and short messages to cell phone users on Thursday evening.     Nevertheless, there was no queuing-up at the gas station in the early morning hour. The station boy said long queues appeared in previous price rises this year.     The National Development and Reform Commission (NDRC) made it clear Thursday that domestic fuel prices would remain unchanged on Jan. 1, 2009, when the fuel tax is expected to kick in.     This round of price cut was China's revamp of its oil pricing system to let it pegged with the global market.     "The pricing would reflect the global market supply of oil resources and let the market play a fundamental role," said Zhao Jiarong, an official with the NDRC.     "The latest cut would narrow the gap between wholesale and retail prices. Consumers would benefit from it," said Xu Kunlin, another NDRC official.     Zhou Dadi, an energy researcher, said his calculation showed the factory gate fuel price would drop by 2,000 yuan per tonne and the pre-tax retail price would be down by 1.7 yuan per liter after the price cut.     A fuel trader said there might be a hoard purchase before the fuel taxation effective on Jan. 1 next year.     Bai Chongen, an economist from Tsinghua University, said the post-tax retail price would remain unchanged next year as fuel producers would lower the factory gate price again to offset the tax.     But for fuel producers, the price cut reduced their sales profit. "It will have a short-term impact on our profit, but we expect the global prices to rise in future. This will secure the long-term profit," said Shu Zhaoxia, a researcher with Sinopec, Asia's largest refiner.     Experts said the country's first fuel price cut in almost two years would help revitalize companies and factories eking out in a slowed-down economy.     Among industry beneficiaries, the aviation sector would see an immediate effect because the benchmark prices for jet fuel was slashed by a bigger margin of more than 30 percent, or 2,400 yuan, to 5,050 yuan per tonne.     An Air China spokesman said the cut would definitely boost the aviation industry as the drop was beyond airliners' expectation.     A Guojin Securities analyst said based on the forecast 2009 jet fuel consumption of 11.47 million tonnes, the price cut would lead to a cost reduction of 27.5 billion yuan for the country's aviation industry.

ADDIS ABABA, Nov. 9 (Xinhua) -- China's top legislator Wu Bangguo said here Sunday that China's relations with Ethiopia have been developing quite rapidly in recent years and have been pushed up to a higher level.     He made the statement during talks with Speaker of Ethiopian Council of People's Representatives Teshome Toga.     "Since our countries established foreign relations with each other, especially, since their comprehensive cooperation partnership was formed in 2003, high-level exchanges between our two countries have been more frequent and bilateral trade has been shooting up," Wu said.     "Now our relations have ushered in a new era," he added.     Wu said that both China and Ethiopia are developing countries and therefore face the similar issues such as economic development. The rapid booming of both economies have provided new opportunities for deeper and wider cooperation.     "This is conducive to the welfare and the basic interests of both countries and peoples, as well as constructive to world's peace and prosperity," Wu said.     The Ethiopian speaker agreed with Wu's comments on relations of the two countries and said that Wu's Africa tour, especially, the visit to Ethiopia, is of high importance and can further boost bilateral ties.     Teshome Toga also thanked China for its unconditional support for Ethiopia, adding that the two countries can cooperate better in trade, investment and finance sectors.     He said that Ethiopia will, as it has done in the past, continue to stick to "One China" policy and Wu expressed his appreciation for his Ethiopian counterpart's firm commitment as such.     Wu is on a five-African nation tour. Ethiopia is the third leg of his two-week-long visit to Africa.

BEIJING, Jan. 7 (Xinhua) -- Chinese Vice Premier Li Keqiang urged more efficient and transparent use of government funds as the country faces rising fiscal expenditures while tackling the global financial crisis.     China should strengthen management and scrutiny of the fiscal budget and should reduce administrative expenses as the country faces relatively high fiscal pressure, Li said at a national fiscal conference on Tuesday.     The government must "firmly oppose extravagance and waste", he said.     China will have "a difficult fiscal year" in 2009 because of lower tax revenues and surging expenditures, Finance Minister Xie Xuren said on Monday.     China's 2008 fiscal revenue is expected to rise 19 percent to exceed 6 trillion yuan (about 857 billion U.S. dollars), said Xie.     That growth was slower than the 32.4-percent annual gain made in 2007.     The country's fiscal revenue increase started to slow down in the second half of 2008, said Xie. He attributed that change to economic deceleration, corporate profit decline and tax cuts made to boost growth.     China decided to carry out an "active fiscal policy" and "a moderately easy monetary policy" in 2009. It has unveiled a four trillion-yuan fiscal package to stimulate domestic demand.

来源：资阳报