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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.
LIMA, Nov. 19 (Xinhua) -- Visiting Chinese President Hu Jintao met his Peruvian counterpart Alan Garcia Wednesday in Lima for talks on how to deepen comprehensive cooperative partnership between China and the Latin American nation. The meeting took place soon after the Chinese leader's arrival in the Peruvian capital from Havana. In a written statement issued upon his arrival here, the Chinese president said he will exchange views with Garcia and other Peruvian leaders on ways to deepen bilateral ties. Following their talks, the two leaders will attend a signing ceremony of documents on cooperation in trade, customs, quality control and poverty reduction. Peru is one of China's major trading partners in Latin America,with two-way trade totaling 6 billion U.S. dollars in 2007, a 53 percent increase over the previous year. While in Lima, Hu will attend the Economic Leaders' Meeting of the Asia-Pacific Economic Cooperation (APEC) forum, which will focus on the world financial crisis, support for the Doha round oftrade talks, food and energy security, and regional economic integration. The Chinese president will also meet with leaders of several APEC member economies on the sidelines of the APEC meeting.

BEIJING, Oct. 25 (Xinhua) -- The two-day 7th Asia-Europe Meeting (ASEM) was concluded here Saturday with participants reaching consensus on global financial crisis and other issues. The meeting, attended by leaders and representatives from 45 Asian and European nations and organizations, realized its expected goal and was a great success, Chinese Premier Wen Jiabao said in a closing speech. As one of the most fruitful achievements, a statement of the 7th ASEM on the international financial situation was adopted at the meeting. The two-day 7th Asia-Europe Meeting (ASEM) was concluded at the Great Hall of the People in Beijing on Oct. 25, 2008. "Leaders believed that authorities of all countries should demonstrate vision and resolution and take firm, decisive and effective measures in a responsible and timely manner to rise to the challenge of the financial crisis," said the statement. The international community should continue to strengthen coordination and cooperation and take effective and available economic and financial measures in a comprehensive way to restore market confidence, stabilize global financial markets and promote global economic growth, it said. According to the document, leaders supported the convening of an international summit on Nov. 15 in the United States to address the current crisis and principles of reform of the international financial system. The summit also adopted a declaration on sustainable development. "The adoption of various cooperation proposals shows and proves again the interior impetus for strengthening dialogue at the ASEM and great potential for extending cooperation," Wen said. Amid the global financial turmoil, the ASEM has been widely regarded as an opportunity for Asian and European leaders to find a solution. French President Nicholas Sarkozy called the meeting very "helpful" for Asia and Europe to tackle the global financial crisis and build up common cause. "We had discussed nearly all of the topics concerned by the two continents including the most difficult issues," he said at a press conference at the end of the meeting. Premier Wen told the press conference the need of confidence, cooperation and responsibility to find a solution to the global financial meltdown. "We are glad to see that many countries have made their efforts and achieved some results. But it is not enough as we now see it, and more endeavors are needed," said Wen. All countries, especially developed ones, should take measures as soon as possible to stabilize the financial market and build public confidence, he said. Financial innovation could help develop the economy, but financial supervision is even more important for the security of the financial system, he added. The premier also declared that China would actively attend the Nov.15 financial summit.
TAIPEI, Jan. 2 (Xinhua) -- The United Daily News, one of the biggest newspapers in Taiwan, said in an editorial on Friday that the six proposals put forward by Hu Jintao on the cross-Straits relationship are "positive" and "explicit". The editorial said that people in Taiwan mostly hold positive opinions about the six proposals, made by General Secretary of the Communist Party of China Central Committee Hu Jintao on New Year's Eve, and see goodwill and understanding in them. It noted that in Hu's address, he shows understanding that "Taiwan consciousness" does not equal to "Taiwan independence consciousness". In addition, Hu also said the mainland is willing to discuss with Taiwan "proper and reasonable arrangements" for Taiwan's participation in activities of international organizations as long as such activity does not create a scenario of "two Chinas" or "one China and one Taiwan." Chinese President Hu Jintao addresses a ceremony commemorating the 30th anniversary of the announcement of Message to Compatriots in Taiwan, held in Beijing, capital of China, on Dec. 31, 2008. The Chinese mainland commemorated the 30th anniversary of the announcement of Message to Compatriots in Taiwan here Wednesday with a ceremony. Hu made the six proposals on promoting the peaceful development of the cross-Straits relationship in his speech to commemorate the30th anniversary of the mainland's "Message to Compatriots in Taiwan." He called for increased communication and exchange in all areas and said the mainland would actively respond to any constructive proposals that would boost the peaceful development of the cross-Straits relationship. Hu said the two sides could step up contacts and exchanges on military issues "at an appropriate time" and discuss establishing a mechanism to boost mutual trust on military security.
CHENGDU, Dec. 29 (Xinhua) -- President Hu Jintao visited quake-hit Sichuan Province over the weekend, showing concern for survivors and inspecting reconstruction work as winter set in. It was Hu's second visit after the May 12 earthquake. Hu's last visit was on May 16, when quake relief work was in a critical phase. The 8.0-magnitude quake, centered in Wenchuan County, left more than 69,000 people dead, 374,000 injured, 18,000 missing and millions homeless. Chinese President Hu Jintao visits students and teachers at Guixi Middle School in Beichuan Qiang Autonomous County, southwest China's Sichuan Province, Dec. 27, 2008. President Hu Jintao visited quake-hit Sichuan Province on Dec. 27-29, showing concern for survivors and inspecting reconstruction work. From Saturday to Monday, Hu visited reconstruction sites, factories, villages, resettlement centers, schools and clinics in battered Mianyang, Deyang, Chengdu and Aba, giving residents and those helping with rebuilding work new year's greetings. In villages and resettlement centers, Hu went into homes and even the kitchens and bedrooms of local people to see if they were warm enough and well-fed. "The most important thing is to make sure all people are housed, have clothes and quilts to resist the cold, have enough food for the winter and coming spring, and medical service and epidemic prevention are in place," he said. At Caijiagang Village, Wenchuan, Hu asked villager Ma Xizhi to be aware of safety problems in using electricity and fire and told local officials to respect farmers' will in building new homes with government subsidies. At Guixi Middle School in Beichuan County, the president encouraged the students to study hard to repay society's concern. Chinese President Hu Jintao (L Front) shakes hands with a woman as he visits residents of the Xingfu Community in Dujiangyan City, southwest China's Sichuan Province, Dec. 28, 2008. President Hu Jintao visited quake-hit Sichuan Province on Dec. 27-29, showing concern for survivors and inspecting reconstruction work. He told workers who were rebuilding the school to ensure the quality of the buildings and make them safe and solid. Hu also inspected the progress of industrial and agricultural reconstruction in the quake areas. At Dongfang Steam Turbine Works, a large state-owned enterprise, he asked about losses and the recovery of production, urging the employees to speed up the reconstruction and develop the facility into a world-class electric equipment manufacturer. Many Dongfang employees were killed in the quake. Hu told the officials to pay visits to victims' families during the upcoming festivals and help them solve problems. The central government has introduced policies to support agricultural recovery, Hu said at a herb production base in Huaxi Village, Dujiangyan. He encouraged growers to make good use of these policies and technology to recover losses from the quake. The president also expressed respect to workers at reconstruction sites. In Hanwang Township, he praised workers for their hard work and encouraged them to live up to the expectations of the quake region and get their jobs done with high quality and efficiency. Chinese President Hu Jintao (R Front) shakes hands with a woman as he visits workers and inspects production at Dongfang Steam Turbine Works in Hanwang Township of Mianzhu City, southwest China's Sichuan Province, Dec. 28, 2008. President Hu Jintao visited quake-hit Sichuan Province on Dec. 27-29, showing concern for survivors and inspecting reconstruction work. With the accelerating reconstruction work, demand for construction materials has grown. Hu visited a supply station in Dujiangyan, urging abundant supply and stable prices to serve local needs. En route to Yingxiu Township, Hu encountered dozens of military vehicles transporting reconstruction material to the quake zone, part of the Chengdu Military District's 1,000-vehicle logistics task force. Hu praised the soldiers for their contribution to the quake relief and reconstruction, asking them to overcome difficulties and finish the job. While in Sichuan, Hu also met with provincial officials, encouraging them to fully implement the central government's reconstruction policies. He told them to put people first, respect nature and seek a balance in speed and quality in rebuilding. The great quake relief spirits formed in China's fight against the tremendous disaster are very precious, he said, urging the promotion of such spirits among officials at a time of difficulty as an inspiration.
来源:资阳报