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BEIJING, Dec. 3 (Xinhua) -- During the 11th Five-Year Plan period (2006-2010), China spent 3.26 trillion yuan on social security, an annual increase of 17.6 percent, the Ministry of Finance (MOF) told Xinhua Friday.Wang Jun, vice minister of the MOF, said in the 2006-2010 period, the social security expenditure from the central government stood at 1.4 trillion yuan (210.19 billion U.S. dollars), which was 2.1 times the expenditure in the previous five years.As the improvement of civil welfare is a crucial component of the harmonious society China is pursuing, financial authorities at all levels should continue to raise investments in social security when making the 2011 fiscal budget and plans for the 12th Five-Year Plan starting from 2011, Wang said.

SINGAPORE, Nov. 14 (Xinhua) -- Visiting Chinese Vice President Xi Jinping met here on Sunday with Singapore Minister Mentor Lee Kuan Yew, vowing to elevating bilateral ties into a higher level.During the meeting, Xi spoke highly of Lee Kuan Yew's contribution to the development of the relations between China and Singapore.Xi said Singapore has actively participated in and supported China's drive of reform and opening up and its modernization construction, and China has learned from Singapore's experience in various aspects.Xi noted that the Suzhou Industrial Park, initiated by Lee Kuan Yew, has become a successful model for joint cooperation of mutual benefits, it has also embodies China's determination and eagerness to learn.Chinese Vice President Xi Jinping (L front) meets with Minister Mentor of Singapore Lee Kuan Yew in Singapore, Nov. 14, 2010.Looking ahead, Xi said the Chinese side attaches great importance to its cooperation with Singapore, hoping to smoothly implement cooperation projects.The Chinese side is willing to join hands with the Singapore side to lift the political trust, cooperation and communication between the two sides into a higher level, Xi said.The vice president also told Lee that China is still a developing country despite that it has scored marked social and economic development.He said China will continue to adhere to its good-neighborly foreign policy, seek substantial cooperation with its neighboring countries and dedicate to forging a peaceful, steady and cooperative environment in the region.Lee, on his part, spoke highly of China's remarkable achievements and the good momentum of the Singapore-China relations.Lee, who has visited China for many times, said it is of vital importance for the two sides to maintain close cooperation and learn from each other.

BEIJING, Jan. 14 (Xinhuanet) --The country's GDP growth rate will slow to 8.7 percent this year from 10 percent in 2010, and a key challenge in 2011 will be to ensure that anti-inflationary measures do not "significantly" reduce growth, the World Bank said on Thursday.The bank estimates that global GDP, which expanded by 3.9 percent in 2010, will slow to 3.3 percent in 2011, before reaching 3.6 percent in 2012. Developing countries will continue to outstrip growth in developed countries, it said.Amid credit-tightening measures to combat inflation and surging property prices, China's growth is expected to ease to 8.4 percent in 2012, the bank said.Despite the slowdown, China will spearhead Asia's economic expansion. According to the bank's forecast, the overall growth rate for developing Asian economies will ease to 8 percent from last year's 9.3 percent as governments rein in credit to cool inflationary pressures."For China, a big concern is how to ensure a soft landing of the economy without significantly reducing growth when the government takes measures to curb inflation," said Hans Timmer, director of development prospects at the World Bank.The consumer price index (CPI), a main gauge of inflation, accelerated to a 28-month high of 5.1 percent in November from a year earlier and most economists predict that it will be in the region of 4 to 4.5 percent this year.In a bid to combat inflation, the central bank hiked interest rates by 25 basis points twice in the last quarter of 2010.Ardo Hansson, lead economist of the World Bank's Beijing Office, said the country needs more flexibility in its foreign exchange policy to fight inflation.China's central bank set the yuan's mid-point beyond 6.60 against the US dollar for the first time on Thursday, breaching an important barrier just days before President Hu Jintao's visit to the United States next week.The People's Bank of China set the mid-point, from which the currency can rise or fall 0.5 percent on a given day, for daily trading against the dollar at 6.5997, the first time it had broken through 6.60.The yuan has risen around 3.6 percent since June when authorities dropped a peg with the US dollar that had been set to support the economy during the global financial crisis.Some US politicians have been pressing China to allow the currency to rise at a faster pace to help narrow a trade gap.US Treasury Secretary Timothy Geithner repeated his call on Wednesday for a faster appreciation of the yuan and added that such a move could lead to an easing of restrictions on US technology exports to China, with both civilian and military use."The recent quickened pace of yuan appreciation could be considered as a gesture by the Chinese government before Hu's visit to the US," said Dong Xian'an, chief macroeconomic analyst with Industrial Securities.According to Dong, the yuan will appreciate by 5 to 6.6 percent this year, "a moderate pace".Wang Tao, chief China economist at UBS Securities, said they expected the currency to grow by 5 percent in 2011.The yuan can now be increasingly used in cross-border transactions, in a bid to reduce dependence on the US dollar after Premier Wen Jiabao said in March that he was "worried" about holdings of dollar-denominated assets.The central bank is allowing banks and enterprises in areas that carry yuan-settled trade to use yuan-denominated investment overseas directly, it said in a statement on its website on Thursday, describing the initiative as a pilot program.According to data from HSBC, the average monthly volume of yuan-settled trade surged from 0.6 billion yuan ( million) in 2009 to 68 billion yuan between June and November 2010. And one-third of China's cross-border trade may be settled in yuan by 2016, as the government pushes for the internationalization of the currency.

BEIJING, Dec. 10 (Xinhua) -- China Friday protested two Japanese local assembly members' landing on an isle of the Diaoyu Islands, saying the move seriously infringed China's territorial sovereignty."The Diaoyu Islands and its adjacent islets have been an integral part of the Chinese territory since ancient times," Foreign Ministry spokeswoman Jiang Yu reiterated Friday night.According to reports, two members of the municipal assembly of Ishigaki, Okinawa Prefecture, landed on an islet of the Diaoyu Islands and stayed there for a while Friday morning.Jiang said China has lodged a solemn representation and voiced strong opposition to the Japanese side.

BEIJING, Dec. 9 (Xinhua) -- China's top economic planner said Thursday that prices for agricultural produce and materials continued to fall from Nov. 29 to Dec. 5, with some varieties seeing big drops. Food prices monitored in 36 major cities fell 0.2 percent from the previous week, said the National Development and Reform Commission (NDRC). Vegetable prices fell the most, with wholesale prices dropping for the fourth consecutive week and 16 out of 18 staple vegetables falling in price from early November, it said. Radish prices went down 32 percent, Chinese cabbage 28.6 percent, and rape 27.3 percent. Prices of lettuces, cucumbers, celery, cabbages and eggplants all dropped by more than 20 percent. Meanwhile, vegetable prices in 18 of the 36 cities were down by more than 15 percent on a monthly basis, said the NDRC. Prices in Lanzhou, capital of northwest China's Gansu Province, went down 35.8 percent, those in Xiamen, southeast China's Fujian Province, fell 31.9 percent, while in Haikou City, capital of Hainan Province in south China, prices dropped 27.2 percent. Also, prices in eight cities, including Shenyang, Shenzhen and Ningbo, were all down by more than 20 percent. Prices of production materials fell for a third consecutive week, according to the NDRC. Compared with the previous week, prices of major production materials fell 0.4 percent, up 0.3 percentage points. Urea prices moved down 1.5 percent week on week, while natural gas prices dropped 1.3 percent week on week. Prices of aluminum fell 0.8 percent, and those of rubber were down by 0.2 percent. Official figures showed that the country's grain output rose 2.9 percent year on year in 2010 to 546.41 million tonnes, marking the seventh consecutive year of growth for China's grain output. Food prices account for about a third of the weight of China's consumer price index (CPI), a major gauge of inflation, and the falling prices in farm produce and production materials are expected to ease some inflationary pressure. China's CPI rose to a 25-month high of 4.4 percent year on year in October and the hike was largely attributed to a 10.1 percent surge in food prices. The National Bureau of Statistics (NBS) said it would release the November CPI figures on Saturday. Enditem

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