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BEIJING, Dec. 23 (Xinhua) -- Chinese Foreign Minister Yang Jiechi Thursday said BRIC has accepted South Africa as a full member of the group, which currently includes Brazil, Russia, India and China.Yang, during a phone conversation with his South African counterpart Maite Nkoana-Mashabane, said Chinese President Hu Jintao would issue an invitation letter to South African President Jacob Zuma, inviting him to attend the third BRIC leaders' meeting to be held in Beijing next year.Yang said that China, as the current rotating chair of BRIC, believes South Africa's accession will promote the development of BRIC and enhance the cooperation of emerging market economies.On behalf of the South African government and President Zuma, Nkoana-Mashabane said, "I would like to express our sincere appreciation towards President Hu's invitation."South Africa is ready to step up communication and coordination with China and other BRIC members for mutually-beneficial cooperation, the minister added.Later in the day, Chinese Assistant Foreign Minister Wu Hailong forwarded to Bheki Langa, South African Ambassador to China, the letter by President Hu.

BEIJING, Jan. 4 (Xinhua) -- Chinese Vice Premier Hui Liangyu Tuesday urged greater efforts be made to improve the country's earthquake emergency response system and promote earthquake safety knowledge among the public.Efforts should be made to improve emergency plans regarding quake responses and related regulations and laws, and boost the capacity building concerning quake rescue and relief in China, said Hui, while addressing a meeting on earthquake safety and disaster reduction here.He urged government agencies and local authorities to plan the work of quake safety and disaster reduction for the coming five years in a scientific manner."The work of quake safety and disaster reduction concerns the safety of people's lives and property, as well as a country's economic development and social stability," Hui said.Chinese Vice Premier Hui Liangyu (C) speaks at a meeting on earthquake safety and disaster reduction in Beijing, capital of China, Jan. 4, 2011.He noted that China, with its quick and efficient rescue and relief efforts, had successfully stood the test of a 7.1-magnitude quake and a huge landslide that hit its northwest regions in 2010.Further, Hui demanded reconstruction work in those disaster-hit zones to be carried on in a down-to-earth manner and urged arrangements be made to ensure people living in those areas have a warm and safe winter and New Year.

BEIJING, Dec. 27 (Xinhua) -- Chinese stocks weakened Monday after the nation's central bank hiked rates on Saturday and amid speculation further monetary policy tightening to combat inflation is in the offing.The benchmark Shanghai Composite Index fell 1.9 percent, or 53.76 points, to finish at 2,781.4, following the central bank's decision to raise the benchmark one-year lending and deposit interests rate by 0.25 percentage points, its second rate hike in just over two months.The Shenzhen Component Index fell 2.02 percent, or 253.66 points, to end at 12,303.19 points.Combined turnover increased to 224.44 billion yuan (33.85 billion U.S. dollars) from 185.28 billion yuan the previous trading day.An investor watches a screen at a stock trading hall in Shanghai, Dec. 27, 2010. China's stock market dropped Monday. The benchmark Shanghai Composite Index lost 1.90 percent, closed at 2,781.40. The Shenzhen Component Index dropped 2.02 percent, closed at 12,303.19.Losers outnumbered gainers 834 to 76 in Shanghai and 1,125 to 89 in Shenzhen.China's consumer price index (CPI), a main gauge of inflation, rose to a 28-month high of 5.1 percent year on year in November.Besides hiking rates, China's central bank has increased banks' reserve requirement ratio six times this year, taking it to 19 percent for some banks.Shares of property developers dropped. China Vanke, the nation's largest real estate developer, lost 2.89 percent to 8.75 yuan. China Everbright Bank fell 3.7 percent to 3.91 yuan. PetroChina, China's biggest oil producer, declined 2.28 percent to 11.16 yuan.Coal producer shares gained 1.74 percent amid gains in international crude oil prices.China Shenhua Energy Co., China's biggest coal producer, climbed 0.02 percent to 25.05 yuan.

BEIJING, Nov. 30 (Xinhua) -- Chinese Vice President Xi Jinping Tuesday told the country's Communist Party members to stick to the Party's principles and, with "a true heart," seek benefits for the people.Xi, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks while meeting with Wen Jianming, a grassroots Party official known for his diligent work.Wen, born in 1963, is a Party secretary at Chengnan town in southwest China's Sichuan Province. He has been working in eight villages and towns and was praised by local residents for developing effective methods to boost local development.Further, after contracting cancer and undergoing 19 surgeries, Wen has remained at work."Party members across the country, especially Party leaders and cadres, should learn from Wen's unswerving belief, loyalty to the Party and his passion for working at the grassroots levels," said Xi.

BEIJING, Nov. 27 (Xinhua) -- Two years of monetary easing policies helped China's economy emerge from the global financial crisis. Now, facing a runaway inflow of hot money, fast loan growth, and escalating inflation, China could become serious about tightening regulations to achieve a "soft landing".Analysts recently said China could see more interest rate hikes in the final month of 2010 in a bid to soak up excessive liquidity and prevent a potential overheating of the economy.Further, the People's Bank of China (PBOC) Deputy Governor Hu Xiaolian said on Oct. 24 that using multiple monetary policy tools to improve liquidity management and guide the money and credit growth back to normal would be the main task for the central bank in the remainder of this year.According to data released by the central bank Friday, in October those funds outstanding for foreign exchange (FOFE) hit 525.1 billion yuan (78.37 billion U.S. dollars), the second highest monthly record in history.That is to say, PBOC issued 519 billion yuan of Renminbi in October to purchase the same amount of fresh inflow of foreign exchanges, which usually enter the nation in the form of trade surplus, foreign direct investment and short-term international speculative funds."The huge inflow of hot money is an important reason behind the sharp rise in FOFE," said Zhang Ming, a researcher with the China Academy of Social Sciences (CASS).He noted, as the European debt crisis ceased, that speculative funds have returned to the emerging markets, notably after the U.S. Federal Reserve announced the second round of its quantitative easing policy."As the massive inflow of foreign exchange increases the domestic monetary base, it has become a major impetus of a broad money supply, which could exacerbate inflation," said Liu Yuhui, also a researcher with CASS.Hefty foreign exchange inflow usually goes together with soaring inflation. China's FOFE hit a record 525.1 billion yuan in April 2008. In the same month, China's Consumer Price Index (CPI), a main gauge of inflation, was up by 8.5 percent, which was unprecedented.Also, this October, the CPI rose by 4.4 percent, the highest amount in 25 months.Boosted by a massive trade surplus, the domestic monetary situation began easing in late 2008, as China's broad money supply exceeded 70 trillion yuan, surpassing the United States to become the world's largest.Li Daokui, a member of the monetary policy committee with the PBOC, said hefty money supplies posed huge risks to the nation' s banking system and, more imminently, would exacerbate the current inflation."The interest rate increase last month sent a signal that more such increases will come in the future," he said.

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