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DAVOS, Switzerland, Jan. 28 (Xinhua) -- China and Switzerland formally launched bilateral talks on a free trade agreement Friday.Speaking at the opening ceremony, Chinese Commerce Minister Cheng Deming said the agreement talks between China and Switzerland have attracted huge attention and interest from the countries' leadership and business communities.Cheng expected a successful conclusion of the FTA negotiations. Cheng said a free trade agreement would enhance mutual trust between the two sides and promote economic development and closer ties between China and Switzerland.Swiss Federal Councilor Johann Schneider-Ammann expressed similar aspirations for the agreement as did his Chinese counterpart."The free trade agreement would further enhance trade and investment relations on a mutually beneficial basis, but also create many new opportunities for close exchange and cooperation," Schneider-Ammann said.China and Switzerland have seen fast-growing bilateral trade and investments for decade. In the past 10 years, China's exports to Switzerland have grown by 18 percent while Switzerland registered an even stronger 25 percent surge in exports to China.Currently, China is the largest trading partner of Switzerland in Asia, while Switzerland ranks ninth among China's trading partners in Europe.The Chinese commerce minister is leading a delegation at Davos to attend the World Economic Forum, which started Wednesday.
BEIJING, March 28 (Xinhuanet) -- Google Inc. is working with MasterCard Inc. and Citigroup Inc to develop a technology that could make mobile payments, according to media reports Monday.The new technology named "Nexus S Android" is embedded in Android mobile devices and allows customers to make purchases by waving their smartphones in front of a small reader at the checkout counter.Credit-card reader producer VeriFone Systems Inc, also involved in the new payment service, is developing contact-less devices that could allow people to pay with a wave or tap of credit card or a tap of smartphone.To use the service, holders of Citigroup-issued debit and credit cards must activate a mobile-payment application developed for one current model of Android phones. More models will be coming as the technology advances.Besides mobile payment, consumers would also be able to get targeted ads or discount offers, manage credit-card accounts and track spending through an application on their smartphones.Due to the deliberate design of the technology, customers have no need to worry about the security of their payment information. Nick Holland, a mobile-transactions analyst at Yankee Group, said the new technology is more sophisticated than credit cards with a magnetic stripe.With the coming service, Google is aiming to boost its advertising business by offering retailers more data about their customers and help them target ads and discount offers to mobile-device users near their stores.An insider told that Google was not expected to get a cut of the transaction fees.The service is expected to be released this year. Once released, it will broaden the uses of smartphones for everyday activities—from chatting to emailing to shopping.

NAIROBI, Jan. 28 (Xinhua) -- Although exact details surrounding the situation are not known at this time, there are indications that the fishing vessel TAI JUAN 227 from China's Taiwan has been released from pirate control, the EU anti piracy mission said on Friday.The vessel, which had a crew of 28 at the time of the attack, was pirated on May 6, 2010 while operating 700 Nm North East of Seychelles.EU Naval Force spokesman Paddy O'Kennedy said in a statement that although direct contact with the crew has not been possible, the vessel's owners apparently received a call from the master stating that they had been released but that they did not know why.According to the EU naval force, the crew were provided with fresh food and water by a U.S. warship after the release. The vessel is currently heading away from Somalia.The naval spokesman also said that there is confusion surrounding the details of the release as, until three days ago, the FV TAI YUAN 227 was suspected as being used as a pirate mothership.The Gulf of Aden, a body of water between Somalia and Yemen, is the main sea route between Europe and Asia.Tankers carrying Middle East oil through the Suez Canal must pass first through the Gulf of Aden. Pirate gangs operating along Somalia's coastline have become increasingly audacious over the past two years, hijacking dozens of merchant ships and their crews to earn ransoms that can top 1 million U.S. dollars per ship.So far the fledgling Somali government has not dared go after the pirate strongholds, since pirate leaders have more power than the beleaguered government.
WASHINGTON, Feb. 4 (Xinhua) -- Major trading partners of the United States, including China, did not manipulate their currencies to gain an unfair advantage in international trade in 2010, according to a report released by the U.S Treasury Department on Friday."Based on the resumption of exchange rate flexibility last June and the acceleration of the pace of real bilateral appreciation over the past few months," China's behavior did not qualify under the official definition of manipulation, the Treasury said in its long-delayed semiannual report to the Congress on International Economic and Exchange Rate Policies.With respect to exchange rate policies, ten economies were reviewed in this report, accounting for nearly three-fourths of U. S. trade. Many of the economies have fully flexible exchange rates. A few have more tightly managed exchanges rates, with varying degrees of management."No major trading partners of the United States" met the standards identified by the Congress as currency manipulator, concluded the report.Since the June 19, 2010 announcement by China's central bank of greater exchange rate flexibility, its currency, also known as renminbi (RMB) has appreciated 3.7 percent against the dollar, or about 6 percent annualized. The renminbi has appreciated 26 percent in total against the dollar since 2005.The Treasury said that because inflation in China is significantly higher than it is in the U.S., the RMB has been appreciating more rapidly against the dollar on a real, inflation- adjusted basis, at a rate which if sustained would amount to more than 10 percent per year.The U.S. accuses Beijing of keeping its currency undervalued, flooding the country with cheap exports and costing U.S. jobs. But many economists believe that the appreciation of RMB will help little to the U.S. employment."Treasury today again made the right call on China's currency policy in its latest exchange rate report," John Frisbie, President of the U.S.-China Business Council (USCBC) said in a statement after the U.S. Treasury Department'report."While USCBC believes that China should allow its exchange rate to better reflect market forces, designating China as a ' manipulator' would achieve nothing. USCBC continues to support the Obama administration's approach of combined multilateral and bilateral engagement with China as the most effective way to make progress on the exchange rate issue."
CHICAGO, Jan. 21 (Xinhua) -- Chinese President Hu Jintao left Chicago for home on Friday after concluding a four-day state visit to the United States, during which Hu and his U.S. counterpart Barack Obama agreed to build a China-U.S. cooperative partnership based on mutual respect and mutual benefit.President Hu, who began his visit on Tuesday, had extensive and in-depth discussions with Obama at the White House on Wednesday on major bilateral, regional and world issues.The two sides reached "important agreement on China-U.S. relations and major international and regional issues of shared interest," the Chinese president said when he and Obama met the press following their discussions."We both agree to further push forward the positive, cooperative and comprehensive China-U.S. relationship," Hu said, adding that both sides also pledged to forge "a China-U.S. cooperative partnership based on mutual respect and mutual benefit" for the benefit of the two countries and beyond.The Chinese president said he and Obama also discussed some disagreements in the economic and trade area, with both sides pledging "to continue to appropriately resolve these according to the principle of mutual respect and consultation on an equal footing."Also on Wednesday, Hu attended a state dinner and a welcome ceremony hosted by Obama.Hu told the Americans on several occasions in Washington that the purpose of his visit to the United States was "to increase mutual trust, enhance friendship, deepen cooperation and advance the positive, cooperative and comprehensive China-U.S. relationship for the 21st century."During Hu's visit, the two countries issued the "China-U.S. Joint Statement," which says "China and the United States committed to work together to build a cooperative partnership based on mutual respect and mutual benefit in order to promote the common interests of both countries and to address the 21st century's opportunities and challenges.""China and the United States are actively cooperating on a wide range of security, economic, social, energy, and environmental issues which require deeper bilateral engagement and coordination," the statement said.On Thursday, Hu called upon the U.S. Congress to continue helping the two countries boost their relations.Pursuing a healthy and steady development of China-U.S. ties is China's established policy and strategic choice, Hu stressed when meeting House Speaker John Boehner and Senate Majority Leader Harry Reid.Also on Thursday in Washington, Hu delivered an important speech at the welcome luncheon hosted by friendly organizations in the United States.To advance the sustained, sound and steady development of China-U.S. relations serves the fundamental interests of peoples of China and the United States, he said.
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