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BEIJING, Nov. 3 (Xinhua) -- Senior Communist Party of China (CPC) official Zhou Yongkang on Tuesday concluded a visit to India that helped promote development of mutual trust and bilateral cooperation between the two Asian nations.Zhou, member of the Standing Committee of the Political Bureau of the CPC Central Committee and also secretary of the Commission for Political and Legal Affairs of the CPC Central Committee, met Monday with Indian Prime Minister Manmohan Singh in New Delhi, India's capital.During the meeting, Zhou said strengthening political mutual trust with India was the key to deeper cooperation with the country and that the leaders of the two countries should often exchange views in great depth and with great frankness on major issues of mutual concern.Zhou said China and India had a combined population of 2.5 billion and there existed a great space for developing cooperation in the economy and trade, and people-to-people and cultural exchanges.He said both China and India faced the heavy task of developing their own economy, improving people's living standards and safeguarding social stability.Zhou said, while China was making its 12th five-year plan for socioeconomic development in the 2011-2015 period and India making its 11th five-year plan, China wished to increase political trust with India, expand cooperation of mutual benefit, and deepen the strategic cooperative partnership with India.Prime Minister Singh said the friendly relations between India and China played an extremely important role in promoting peace, stability and development in Asia and even in the whole world.Zhou also met on Monday with ruling Indian National Congress party President Sonia Gandhi and party General Secretary Rahul Gandhi.During the meeting, Zhou said the development of China and India provided opportunities rather than posed challenges to each other.Both China and India believed the world was big enough to accommodate the common development of China and India, Zhou said, adding the Chinese side was happy for every achievement that India made in its development.As for the China-India trade, which is expected to reach 60 billion U.S. dollars this year, Zhou said there was still great potential for the two big emerging powers to tap.He hoped both sides could deepen the strategic cooperative partnership further, strengthen practical cooperation in various fields, and increase personnel exchanges at different levels.Sonia Gandhi said India had always paid great attention to China's development and welcomed the improvement in the living standard of the Chinese people.She said India's and China's development had speeded up the recovery of the world economy in the face of the international financial crisis and she hoped both sides could strengthen coordination and cooperation further and tackle various global issues in a better way and maintain the favorable momentum of development.Zhou also met with Indian Minister of External Affairs S. M. Krishna,the president of the Bharatiya Janata Party (Indian People's Party) Nitin Gadkari and leaders of three left-wing parties on Monday.During a seminar on China-India ties on Monday, Zhou asked for joint efforts to promote China-India relations."It is an inevitable trend of history to consolidate and develop the peace and friendship between China and India," Zhou said."We should extract nutrition and wisdom from history to persist in maintaining peace, friendship and mutually beneficial cooperation, and to be good neighbors, good friends and good partners forever," he said.He made a five-point proposal on the further development of China-India relations, including promoting political mutual trust, expanding cooperation in economics and trade, boosting friendly exchanges, strengthening international cooperation, and promoting friendly consultation.Before wrapping up his three-day visit, Zhou on Tuesday visited India's IT bellwether Infosys Technologies in Bangalore, known as the Silicon Valley of India.
BEIJING, Oct. 23 (Xinhua) -- One of China's top banking regulators has called upon the nation's commercial lenders to improve their balance sheets and reduce excessive reliance on lending for profits.Wang Zhaoxing, deputy chairman of the China Banking Regulatory Commission(CBRC), said banks should not seek excessive profits from a rapid increase in loans and a widening gap between lending and deposit rates, which is unsustainable.Chinese banks went on a lending spree in 2009 in response to the urging of the government as part of the 4-trillion-yuan (601 billion U.S. dollars) stimulus package to ward off the effects of the global financial crisis.Also, nearly 9.6 trillion yuan in new loans last year fuelled fears of banks distributing bad loans.Many banks continue to depend upon issuing credit to government-backed projects to secure profits, Wang said at an industry meeting Thursday. However, those projects often lack adequate risk management.Further, Wang urged lenders to improve balance sheets and the quality of assets, as well as the ability to manage risk aversion.Chinese banking and financial institutions reported net profits of 668.4 billion yuan last year, of which a lion's share came from the gap between deposit and lending rates, investment proceeds and fees, according to the report on China's banking industry issued by the CBRC in July.The report noted that the average capital adequacy ratio stood at 11.4 percent at the end of last year, above the international safety line, while the non-performing loan (NPL) ratio fell to 1.58 percent, down 0.84 percentage points from the level at the beginning of 2009.Despite the improved data, CBRC chairman Liu Mingkang has repeated warnings that an NPL rebound could bring with it risks from lending to local government financing platforms and the property sector which has accumulated asset bubbles.At the meeting, Wang said the CBRC would enhance oversight to assure unscrupulous and unhealthy financial institutions are phased out of the market.Also, China will gradually move towards a market-driven interest rate mechanism, which would ultimately squeeze bank profits.
BEIJING, Oct. 13 (Xinhua) -- Chinese Vice Premier Wang Qishan Wednesday held phone talks with U.S. Commerce Secretary Gary Faye Locke and Trade Representative Ron Kirk to discuss expansion of China-U.S trade cooperation.Wang and Locke, who is also co-chair of the China-U.S Joint Commission on Commerce and Trade (JCCT), agreed to enhance the exchange of opinions between two countries and expansion of bilateral cooperation, to ensure the upcoming 21st JCCT would be able to make positive achievements, and contribute to promoting sound and stable development of the China-U.S relationship.The JCCT was established in 1983 as a platform for the two countries to promote trade relations and address issues of mutual concern. The 20th JCCT was held in east China's Hangzhou City on Oct. 28-29, 2009.
BEIJING, Oct. 23 (Xinhua) -- Chinese Premier Wen Jiabao expressed his hope for a continuously improving Beijing Film Academy in a handwritten congratulatory letter to the leading Chinese film school, dubbed the "cradle of China's filmmakers", as it celebrated its 60th founding anniversary on Saturday.State Councilor Liu Yandong also sent a congratulatory letter to the school, urging it to significantly improve the artists' originality and the integrity of the school's students.The Beijing Film Academy is the only school on the Chinese mainland that specializes in the study of cinematography. Its long list of prominent graduates includes many of the country's most important directors and popular movie celebrities.Among these directors are Zhang Yimou, winner of the top award at the Venice Film Festival and Chen Kaige, the only Chinese mainland director ever to win the top prize at Festival de Cannes.
BRUSSELS, Oct. 5 (Xinhua) -- Chinese Premier Wen Jiabao urged Tuesday the European Union (EU) to objectively and fairly treat the RMB exchange rate issue as that would benefit the EU, China, and the world economy.Wen made the remarks while meeting the Euro Group troika, including Euro Group President and Luxembourg Prime Minister Jean-Claude Juncker, European Central Bank President Jean-Claude Trichet and EU Economic and Monetary Affairs Commissioner Olli Rehn.The meeting took place on the sidelines of the two-day eighth Asia-Europe Meeting (ASEM) Summit in Brussels as China is under external pressure to appreciate its currency.Wen said China would further reform its formation mechanism of the yuan exchange rate to increase the currency's flexibility.China's central bank has announced on June 19 a series of steps of reforms. The Chinese currency has so far strengthened by about 2 percent against the U.S. dollar.China would also continue to expand import from the EU and strive to balance the trade, said Wen, adding that China was committed to transforming its economic development pattern, restructuring the economy and increasing domestic demands.Wen called on both sides to develop healthy ties from a strategic perspective as the EU has become China's largest trading partner while China stands as the EU's important exporting market.As the world economy was gradually recovering with uncertainties still hovering high, China and the EU should work together to combat the international financial crisis, Wen added.The Euro Group leaders appreciated China's support for the euro and the euro zone, saying the EU and China were good partners and enjoy extensive common interests.They also said the EU rejected both trade protectionism and currency war, and agreed differences and problems should be solved by dialogues.In a speech to the Greek parliament on Monday, Premier Wen said China supported a stable euro and would not reduce its euro-bond holdings.The three Euro Group leaders also held talks with China's Finance Minister Xie Xuren and central bank governor Zhou Xiaochuan here on Monday. Wen said the talks were "detailed and friendly".