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KHARTOUM, March 3 (Xinhua) -- Chinese Special Envoy to Darfur, Liu Guijin, on Wednesday reiterated his country's support to the ongoing efforts to find a peaceful settlement to the Darfur crisis. "China believes in the importance of finding a comprehensive and lasting peace agreement on the Darfur issue, and encouraging the conflicting parties to achieve a comprehensive peace and resolve the root-causes of conflicts in the region," Liu told reporters after his meeting with Sudanese President Omar al-Bashir.Visiting Chinese Special Envoy to Darfur Liu Guijin speaks at a press conference after meeting with Sudanese President Omar al-Bashir in Khartoum, capital of Sudan, March 3, 2010. Liu Guijin on Wednesday reiterated China's support to the ongoing efforts to find a peaceful settlement to the Darfur crisis. He expressed China's support for the peace process in Darfur, saying "China supports the normalization of Sudan-Chad relations, the framework agreement recently signed between the Sudanese government and the Justice and Equality Movement (JEM) and the negotiations between the government and all the Darfur factions."In the meantime, Liu expressed China's confidence in Sudan's ability to organize free and credible elections, saying "China has provided a financial support for the electoral process in Sudan." Sudanese President Omar al-Bashir (R) meets with Chinese Special Envoy to Darfur Liu Guijin (2nd L) as Chinese Ambassador to Sudan Li Chengwen (1st L) looks on in Khartoum, capital of Sudan, March 3, 2010. Liu Guijin on Wednesday reiterated China's support to the ongoing efforts to find a peaceful settlement to the Darfur crisis"The Chinese government has decided to send observers to monitor the elections," he added.He further expressed China's appreciation of the success of the signatories to the Comprehensive Peace Agreement (CPA), the National Congress Party (NCP) and the Sudan People's Liberation Movement (SPLM), in overcoming the issues which hampered implementation of the CPA."The two partners have managed to overcome the barriers through dialogue and concessions," he said.On Sunday, the Chinese envoy started his visit to Sudan during which he held talks with a number of Sudanese officials in Khartoum.He also visited Juba in south Sudan and held talks with the Sudanese First Vice-President and President of the government of south Sudan Salva Kiir Mayardit.

BEIJING, Jan. 23 (Xinhua) -- The Bank of China (BOC) board has agreed to sell up to 40 billion yuan (5.86 billion U.S. dollars) of bonds convertible to A shares to improve capital adequacy.The proposal will be turned into the first temporary shareholders' meeting in 2010, which will be held on March 19, for approval.Excluding issuance costs, the proceeds from the issuance of the six-year convertible bonds will be used to replenish the bank's capital base and working capital and to lift its capital adequacy ratio, according to the BOC, the third largest lender by market value in China.The BOC has been implementing positive financial policies and relatively loose monetary policies since 2009.The BOC capital adequacy ratio stood at 11.63 percent and the core capital adequacy ratio at 9.37 percent by the end of September 2009.

BEIJING, Feb. 19 (Xinhua) -- U.S. political rhetoric has recently been obsessed with the exchange rate of the renminbi. President Barack Obama has indicated on several occasions that he would take a tougher stance on this issue in order to address trade imbalances between his country and China.But does the renminbi hold the key to this issue? What are the backstage calculations behind those demands from Washington?RENMINBI A WRONG TARGETWhile addressing Democratic senators early this month, Obama said the issue of renminbi exchange rate must be addressed to ensure that American products will not be put into a huge competitive disadvantage given the fact that China is going to be one of America's biggest markets.In an interview with Businessweek on Feb. 10, Obama said he and Chinese leaders are going to have some "very serious negotiations" on the renminbi issue.Supporters of Obama include economists such as Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics. Those experts say China's huge trade surplus is a result of an undervalued renminbi. Appreciation of the Chinese currency, in their view, would re-balance China's international trade.However, the validity of such argument is questionable.The Japanese yen, for example, has been appreciated enormously against the U.S. dollar over the past 40 years. Yet Japan's trade surplus with the United States has been continuously on the increase over the same period.The case with the Japanese yen has clearly demonstrated that international payment is not necessarily entirely linked to currency exchange rates. International trade balance is rather determined by international division of labor and product competitiveness.Stephen King, chief economist of the HSBC bank, said it is unreasonable to simply attribute China's big trade surplus to an undervalued currency. China's high savings rate is a more important factor in this respect, he told Xinhua.Nobel Prize laureate Andrew Michael Spence shared King's argument."Reducing the surplus in China involves deep structural change, much as reducing the U.S. deficits does. China's high savings are embedded in the structure of the economy," Spence wrote in Jan. 21's Financial Times.Without structural change, an appreciation of the renminbi might well lead to continued high savings and slow economic growth in China, rather than to a reduction of China's trade surplus, he wrote.International Monetary Fund (IMF) chief economist Olivier Blanchard believes that renminbi appreciation is not a solution for the U.S. economy.According to an IMF model, the American GDP will grow by 1 percent when the renminbi appreciates by 20 percent and other major Asian currencies also appreciate by a similar margin, he told Xinhua."This would be good news for U.S. growth. But this is clearly not enough, by itself to sustain growth in the United States," said Blanchard.World Bank chief economist and Vice President Justin Yifu Lin also said that the appreciation of the renminbi will not solve the problem of trade imbalance between China and the United States. On the contrary, such a move might damage both economies.CHINA BASHING NOT HELPFULObama has frequently attacked China over the renminbi issue in recent months. His motives are thought-provoking.In an article titled "Obama bashes China in order to win midterm elections," Japanese weekly Choice pointed out that after one year in office, the U.S. president now faces a sharp drop in approval ratings, a double-digit unemployment ratio and the loss of Democratic "supermajority" in the Senate.Trying to win the midterm elections under such circumstances, Obama had moved toward a "China-bashing" policy since the end of last year, including imposing high tariffs on Chinese products and pressuring China on renminbi exchange rate.But the truth is China has become the largest victim of U.S. trade protectionism since the outbreak of the global financial crisis.According to statistics released by the United States International Trade Commission, there were roughly 50 trade remedy cases filed by the United States between January and November 2009, half of which targeted China.At the end of last year, Chinese Premier Wen Jiabao said in an exclusive interview with Xinhua that some foreign countries kept asking China to appreciate its currency while using various protectionist measures against China. Their real motive was to contain China's growth, he said.Wen reiterated that China will never yield to external pressures on the exchange rate issue.In essence, a country's exchange rate policy is a matter of sovereignty.During a meeting with a visiting delegation of U.S. Chamber of Commerce in May 2005, Wen made it clear that the reform of renminbi's exchange rate was a sovereign right of China, and that every country had the right to choose a foreign exchange system compatible to its own national conditions and a reasonable exchange rate level.Wen said China would obey the rules of a market economy, but would never give in under foreign pressure.Any foreign pressure or attempt to manipulate the issue via news media represented a politicization of economic issues, which was unhelpful, the premier added.George Gilder, founder of Discovery Institute, said that it is neither realistic nor helpful for the United States to raise the renminbi exchange rate issue again with China.Pieter Bottelier, former chief of the World Bank's Resident Mission in China, told Xinhua that China and the United States share broad common interests.A prosperous, stable and strong China is in the interests of the United States and vice versa, said Bottelier. The two nations need to settle their differences through various dialogue mechanisms, he added.In recent years, China has been making efforts to balance international. The renminbi has been steadily appreciated against the U.S. dollar and the euro.Between July 2005, when China began its renminbi exchange rate reform, and the end of 2009, the value of the renminbi has appreciated by 21.21 percent against the U.S. dollar and up by 2.21 percent against the euro.Under such circumstances, China has been the fastest growing export market for the United States in recent years.In 2009, U.S. exports to China amounted to 77.4 billion dollars, accounting for an increasingly larger share in the country's total exports.During the same period, U.S. trade deficits with China dropped by 16 percent year-on-year.In the Asian financial crisis of late 1990s, China won worldwide applause for keeping a stable exchange rate of the renminbi.In the ongoing global financial crisis, while the world's major currencies all lost value, China has remained committed to a responsible renminbi exchange rate policy and has made significant contributions to the recovery of the global economy.Many experts familiar to China-U.S. trade pointed out that in order to achieve trade balance, the United States should take positive and concrete steps, such as increasing hi-tech exports to China and allowing Chinese firms to acquire shares in U.S. financial and technology sectors.

BEIJING, Jan. 24 (Xinhua) -- China's regulation on the Internet industry is in line with the laws and should be free from unjustifiable interferences, a Chinese government official said here Sunday.A spokesperson with China's State Council Information Office told Xinhua in an exclusive interview, that China is regulating the Internet legally to build a more reliable, helpful information network that is beneficial to economic and social development.Such regulation, the spokesperson said, are based on laws and regulations such as the Constitution, the Law on the Protection of Minors, and the Decision on Internet Safety pass by the National People's Congress Standing Committee.Online information which incites subversion of state power, violence and terrorism or includes pornographic contents are explicitly prohibited in the laws and regulations, the spokesperson said.China has full justification to deal with these illegal and harmful online contents, the spokesperson said.This has nothing to do with the claims of "restrictions on Internet freedom", the spokesperson stressed.Different countries have different conditions and realities, thus they are regulating the Internet in different ways, the spokesperson said.China's regulation on the Internet industry is proved to be suitable for China's national conditions and in line with common practices in most countries as well, the spokesperson said.China is willing to cooperate and exchange opinions on issues about Internet development and management wit other countries, but opposes firmly to any defiance of Chinese laws, or intervening Chinese domestic affairs under the pretence of "Internet management" regardless of the truth, the spokesperson said.According to the spokesperson, as of the end of 2009, the number of netizens in China reached 384 million, and websites topped 3.68 million.China has millions of online forums and more than 200 million blogs, and every day, there are more than four million new blog entries posted online, the spokesperson said.Chinese netizens' right to express opinions within the law is well protected, and their opinions are given full consideration by the government in policy making process, the spokesperson said.

BEIJING, Feb. 8 (Xinhua) -- Chinese Vice President Xi Jinping on Monday stressed knowledge of the Scientific Outlook on Development through study of senior leaders' insights into the transformation of the economic growth mode.Xi, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made remarks during a meeting on the study and implementation of theory.Xi said various requirements for the transformation of the economic growth mode are of significance to the study and implementation of the theory and the victory in the fight against the financial crisis.Chinese Vice President Xi Jinping (C), also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, addresses a meeting on further study and implementation of the Scientific Outlook on Development in Beijing, capital of China, Feb. 8, 2010. At a seminar for provincial and ministerial level officials which ran from Feb. 3 to 7, Chinese president Hu Jintao and other senior leaders made speeches on the transformation of the country's economic development mode and its sustainable development.Hu urged the country to enhance its capacity for independent innovation, deepen reform of the system for managing science and technology, and speed up its building of a "grand" pool of innovation-oriented talented people in a bid to give scientific and technological support for the transformation.Xi called on officials to listen to public opinion during their travels during the New Year holiday, and to be on the lookout for problems and to solve them.The CPC launched the Scientific Outlook on Development study campaign in September 2008. It emphasizes the well-being of people and a comprehensive, coordinated and sustainable approach to development.The campaign, scheduled to end late this month, garnered wide participation with more than 75 million CPC members taking part.

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