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L'AQUILA, Italy, July 9 (Xinhua) -- Chinese State Councilor Dai Bingguo on Thursday called for concerted efforts to tackle various global challenges at the leaders' meeting of the Group of Eight (G8) and five leading emerging economies (G5). Dai, who attended the summit on behalf of Chinese President Hu Jintao, delivered a speech entitled "Striving to push forward global economic recovery and enhance regulation of the world economy" to the meeting held in the quake-torn Italian city of L'Aquila, according to a press release issued by the Chinese delegation. Hu cut short his stay in Italy and skipped the G8 meeting due to the situation in China's Xinjiang Uygur Autonomous Region. He returned to Beijing Wednesday. In the speech, Dai expounded China's position on major international issues. Dai called for more international efforts to push for recovery of the world economy, saying that against the backdrop of economic globalization, the macro-economic policies adopted by one country, especially by a major economy, would exert an impact on other economies. "So when we promulgate a policy aimed at economic recovery, we should not only put into consideration our own interests, but also have to cast eyes on the interests of other countries," Dai said. The international community should strengthen communication in this regard, he said. The state councilor said the "primary task" now was to implement the results achieved at the G20 summits in Washington and London, so as to ensure the momentum and effectiveness of economic stimulus packages. He also urged the international community to abide by the principle of opening markets, opposing protectionism in various forms and safeguarding the normal and orderly movement of goods, services and personnel across borders. Dai also appealed for an accelerated process of the Doha Round talks of the World Trade Organization, said the press release. Leaders of the G8 industrialized countries and five leading emerging economies -- India, China, Mexico, Brazil and South Africa -- met on Thursday to discuss economic issues, climate change, trade and other international issues. On the current international financial crisis, the state councilor said the international community has already reached consensus on reforming the global financial system, but the key lies in the implementation of the consensus. In the short term, the reform is aimed at stabilizing the international financial market and boosting the growth of real economy, but the reform should be far-sighted, he said. In the long run, the reform should be aimed at enhancing regulation of the international financial system and safeguarding order of the global financial market, so as to avoid the recurrence of a similar crisis, he added. The state councilor stressed that representation and voting rights of developing countries should be increased in the International Monetary Fund and the World Bank. He said developing countries should participate as equal partners in the policy-making process in setting international financial standards and regulation. Dai also urged the international community to improve global financial supervision, the press release said. The state councilor appealed for maintaining the stability of major international reserve currencies, but he did not mention the U.S. dollar in his speech. He urged the international community to improve the international monetary system in a bid to make it diversified and rationalized. The state councilor also briefed the leaders on China's efforts to tackle the global financial crisis, saying the measures taken by the Chinese government have proven effective. Noting that the international financial crisis has brought considerable difficulties and challenges to China's economy, Dai said the Chinese government has adopted a series of resolute measures to tackle some thorny issues and these measures have seen initial achievements. The measures include a proactive fiscal policy and a moderately easy monetary policy, a stimulus package worth 4 trillion yuan (about 587 billion U.S. dollars) designed to expand domestic demand, and a tax-cut package of 500 billion yuan (around 73 billion U.S. dollars), Dai said. China also has striven to readjust its economic structure, accelerate infrastructure construction, seek balanced development between urban and rural areas, and improve social security system and people's life, Dai said. Thanks to these measures, China's gross domestic product (GDP) rose 6.1 percent year on year in the first quarter of this year, he added. According to a press release by the Chinese delegation, in the first five months of this year, on a yearly basis, the fixed-asset investment in urban areas jumped by 32.9 percent in China, the retail sales grew by 15 percent, and the industrial output increased by 6.3 percent. The state councilor said China would continue to cooperate with the international community to fight the international financial crisis, and would continue to make due contribution to the recovery of world economy. In his speech, Dai also called for joint efforts from the international community to tackle global challenges such as climate change, food and energy security. Dai said global challenges such as climate change, food and energy security are common problems facing the whole world, and therefore need joint efforts to cope with. On climate change, Dai said the international community should continue to insist on the core status of the UN Framework Convention on Climate Change (UNFCCC) and the Kyoto Protocol, and abide by the principle of "common but differentiated responsibility" established by the two documents. The international community should take actions in line with the "Bali Road Map" and take into account different conditions of various countries, so as to push for the success of the upcoming Copenhagen Conference on climate change scheduled for December this year. On food security, Dai called for increased investment in agriculture, enhanced market monitoring and the establishment of assistance mechanisms. On energy security, he proposed a series of measures including setting up a system of energy technology research and development, diversifying energy supply, developing new energy and renewable energy, and improving energy efficiency.
BEIJING, July 1 (Xinhua) -- The Purchasing Managers' Index (PMI) of China's manufacturing sector stood at 53.2 percent in June, the China Federation of Logistics and Purchasing (CFLP) said Wednesday. The figure was up 0.1 percentage points from May, when the index fell 0.4 percentage points from the previous month. A reading of above 50 suggests expansion, while below 50 indicates contraction. The PMI includes a package of indices that measure economic performance. The survey, conducted by the National Bureau of Statistics, covers purchasing and supply managers at more than 700 firms across China. The output index was 57.1 percent, up 0.2 percentage points from a month ago. The new order index fell to 55.5 percent from 56.2 percent in May and 56.6 percent in April. The purchasing price index climbed 4.7 percentage points to 57.8 percent, the seventh monthly increase since December.
QINGDAO, April 20 (Xinhua) -- China's senior navy officer said here Monday that the international fleet review to be held in east port city Qingdao on Thursday is aimed at promoting understanding about China's military development. Ding Yiping, deputy commander of the Chinese People's Liberation Army (PLA) Navy, told Xinhua in an exclusive interview that the review would serve as a platform for navies from other countries to increase their understanding about China and the Chinese navy. China's People's Liberation Army (PLA) kicks off a grand maritime ceremony to mark the 60th anniversary of its navy at 6 p.m. Monday off the coast of the eastern city of Qingdao,China's Shandong Province, April 20, 2009 "Suspicions about China being a 'threat' to world security are mostly because of misunderstandings and lack of understandings about China," Ding said. "The suspicions would disappear if foreign counterparts could visit the Chinese navy and know about the true situations." Ding also said the review is expected to build a platform for navies from different countries to enhance understanding about each other and for navy leaders to address matters on safeguarding global sea security. High-level delegations from 29 countries and 21 vessels from 14countries will take part in the review, according to the Defence Ministry. China would send domestic-made warships and weapons to the review, including the debut of its nuclear submarines. As the review is to start in days, Ding said the weather in Qingdao is their "prime concern" for the review. "It would definitely affect the review if bad weather appears," Ding said, "such as rain and fog." But Ding also said that according to weather forecast, the cold air which caused rain and heavy wind in Qingdao since Saturday afternoon would come to an end by Wednesday. He is confident that the weather on Thursday would be good enough for the review to go smoothly, if "no major weather accidents happen."
L'AQUILA, Italy, July 9 (Xinhua) -- Chinese State Councilor Dai Bingguo on Thursday called for concerted efforts to tackle various global challenges at the leaders' meeting of the Group of Eight (G8) and five leading emerging economies (G5). Dai, who attended the summit on behalf of Chinese President Hu Jintao, delivered a speech entitled "Striving to push forward global economic recovery and enhance regulation of the world economy" to the meeting held in the quake-torn Italian city of L'Aquila, according to a press release issued by the Chinese delegation. Hu cut short his stay in Italy and skipped the G8 meeting due to the situation in China's Xinjiang Uygur Autonomous Region. He returned to Beijing Wednesday. In the speech, Dai expounded China's position on major international issues. Dai called for more international efforts to push for recovery of the world economy, saying that against the backdrop of economic globalization, the macro-economic policies adopted by one country, especially by a major economy, would exert an impact on other economies. "So when we promulgate a policy aimed at economic recovery, we should not only put into consideration our own interests, but also have to cast eyes on the interests of other countries," Dai said. The international community should strengthen communication in this regard, he said. The state councilor said the "primary task" now was to implement the results achieved at the G20 summits in Washington and London, so as to ensure the momentum and effectiveness of economic stimulus packages. He also urged the international community to abide by the principle of opening markets, opposing protectionism in various forms and safeguarding the normal and orderly movement of goods, services and personnel across borders. Dai also appealed for an accelerated process of the Doha Round talks of the World Trade Organization, said the press release. Leaders of the G8 industrialized countries and five leading emerging economies -- India, China, Mexico, Brazil and South Africa -- met on Thursday to discuss economic issues, climate change, trade and other international issues. On the current international financial crisis, the state councilor said the international community has already reached consensus on reforming the global financial system, but the key lies in the implementation of the consensus. In the short term, the reform is aimed at stabilizing the international financial market and boosting the growth of real economy, but the reform should be far-sighted, he said. In the long run, the reform should be aimed at enhancing regulation of the international financial system and safeguarding order of the global financial market, so as to avoid the recurrence of a similar crisis, he added. The state councilor stressed that representation and voting rights of developing countries should be increased in the International Monetary Fund and the World Bank. He said developing countries should participate as equal partners in the policy-making process in setting international financial standards and regulation. Dai also urged the international community to improve global financial supervision, the press release said. The state councilor appealed for maintaining the stability of major international reserve currencies, but he did not mention the U.S. dollar in his speech. He urged the international community to improve the international monetary system in a bid to make it diversified and rationalized. The state councilor also briefed the leaders on China's efforts to tackle the global financial crisis, saying the measures taken by the Chinese government have proven effective. Noting that the international financial crisis has brought considerable difficulties and challenges to China's economy, Dai said the Chinese government has adopted a series of resolute measures to tackle some thorny issues and these measures have seen initial achievements. The measures include a proactive fiscal policy and a moderately easy monetary policy, a stimulus package worth 4 trillion yuan (about 587 billion U.S. dollars) designed to expand domestic demand, and a tax-cut package of 500 billion yuan (around 73 billion U.S. dollars), Dai said. China also has striven to readjust its economic structure, accelerate infrastructure construction, seek balanced development between urban and rural areas, and improve social security system and people's life, Dai said. Thanks to these measures, China's gross domestic product (GDP) rose 6.1 percent year on year in the first quarter of this year, he added. According to a press release by the Chinese delegation, in the first five months of this year, on a yearly basis, the fixed-asset investment in urban areas jumped by 32.9 percent in China, the retail sales grew by 15 percent, and the industrial output increased by 6.3 percent. The state councilor said China would continue to cooperate with the international community to fight the international financial crisis, and would continue to make due contribution to the recovery of world economy. In his speech, Dai also called for joint efforts from the international community to tackle global challenges such as climate change, food and energy security. Dai said global challenges such as climate change, food and energy security are common problems facing the whole world, and therefore need joint efforts to cope with. On climate change, Dai said the international community should continue to insist on the core status of the UN Framework Convention on Climate Change (UNFCCC) and the Kyoto Protocol, and abide by the principle of "common but differentiated responsibility" established by the two documents. The international community should take actions in line with the "Bali Road Map" and take into account different conditions of various countries, so as to push for the success of the upcoming Copenhagen Conference on climate change scheduled for December this year. On food security, Dai called for increased investment in agriculture, enhanced market monitoring and the establishment of assistance mechanisms. On energy security, he proposed a series of measures including setting up a system of energy technology research and development, diversifying energy supply, developing new energy and renewable energy, and improving energy efficiency.
BEIJING, May 23 (Xinhua) -- China unveiled Saturday credit rating standards for the sovereignty entity of a central government, the first sovereign credit rating standards in China, aiming broader participation in global credit rating. The standards were announced by Dagong Global Credit Rating Co., Ltd, one of the first domestic rating agencies in China. The sovereign credit rating standards would be able to evaluate the willingness and ability of a central government to repay its commercial financial debts as stipulated in contracts, said the company. The rating results could reflect the relative possibility of a central government to default as a debtor, and the rating is based on the country's overall credit value, according to Dagong. Elements of credit risks will include the country's political environment, economic power, fiscal status, foreign debt and liquidity, said the company, adding that it judges the credit of a sovereign entity on the basis of a comprehensive evaluation of its fiscal strength and foreign reserves. Compared with other rating agencies, Dagong pays more attention to the different economic stage of each country, and examines the features of its credit risks in a holistic and systematic view, according to Dagong. Jiang Yong, director of the Center for Economic Security Studies under the China Institutes of Contemporary International Relations, said the financial crisis exposed a risk of the international society relying solely on the credit rating institutions of a single country, which is the largest risk of the world economy. Luo Ping, head of the training center under China Banking Regulatory Commission, said the launch of the sovereign credit rating standards would help improve the transparency of credit rating information, and would strengthen China's position in the international financial arena.