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BEIJING, Dec. 27 (Xinhua) -- China's anti-graft authorities announced on Monday in a statement that during the year it had found 21.5 billion yuan (3.24 billion U.S.Dollar) of public money held in unauthorized departmental coffers.The probe was led by the Central Commission for Discipline Inspection of the Communist Party of China.The probe had put government agencies, public institutions, social groups, state-owned and state holding enterprises under scrutiny, and had uncovered 45,593 cases of public money being held in unauthorized departmental coffers, involving a total of 21.5 billion yuan.A total of 2,669 officials involved in these cases have been punished, also according to the statement.
BEIJING, Jan. 18 (Xinhua) -- China will continue rare earth export and regulate export quotas according to World Trade Organization rules, said the Ministry of Commerce on Tuesday.China announced its first batch of 2011 rare earth export quotas at 14,446 tonnes at the end of 2010.The full-year quotas are under discussion and will be announced timely, said Yao Jian, a spokesman with the ministry, at a news briefing here.The country exported 35,000 tonnes of rare earth from January to November in 2010, up 14.5 percent from a year earlier. Exports to Japan, the European Union and the United States accounted for 86 percent of the total exports, said Yao.He said that it is normal that rare earth prices fluctuate with demand and supply and China acted responsibly last year to ensure basic demand for the minerals was met.China has noticed that other countries, such as the U.S. and Australia, have increased exploitation of rare earth in their own countries. "This will effectively safeguard the global supply," said Yao.With around 36 percent of the world's rare earth reserves, China supplies 90 percent of global demand.

BEIJING, Jan. 11 (Xinhua) -- A Senior Communist Party of China (CPC) leader Tuesday said government and Party officials should make more effort to deal with petitions and resolve public grievances.Zhou Yongkang, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, made the remarks at a meeting in Beijing, where officials discussed work on petitions this year.Despite a drop in petition numbers last year, China would still face a lot public petitions this year since some people still had living difficulties while there were still too many social management problems, Zhou said.Government officials and Party cadres, particularly those at city and county levels, should meet petitioners in person and handle their appeals on a one-on-one basis, he said.Greater efforts must be paid to address unresolved petitions within a time limit, and to prevent more petitions at root by avoiding risks to stability in making policies, said Zhou, who is also the secretary of the Commission for Political and Legal Affairs of the CPC Central Committee.Zhou said the government must not simply reject public petitions and should instead meet people's legitimate demands in petitions.Petitioners who disrupt public order should be handled in accordance with the law, he said.
LONDON, Jan. 12 (Xinhua) -- Chinese Vice Premier Li Keqiang met with British Business Secretary Vince Cable here on Wednesday, with both sides agreeing to further develop economic and trade ties.China and Britain are both major economies in the world, so bilateral trade has a solid foundation and broad prospects, said Li, adding that the two sides should establish a more strategic and long-term economic and trade relationship, and jointly promote economic growth.He said the two countries should further expand mutual investment, deepen cooperation in infrastructure construction, advanced manufacturing and service trade, energy development, innovative technology and other areas, and jointly develop the third-party markets.The Chinese leader welcomed British companies to continue to invest in China, and said China would also encourage more Chinese enterprises to invest and seek development in Britain.He pledged that China will continue to improve its investment environment and provide convenience for British enterprises, while also expressing the hope that Britain can do the same for Chinese investors.In his turn, Cable said the British government and business community have been committed to developing closer economic and trade ties with China, adding that the two countries have complementary advantages and therefore great potential for broader and deeper cooperation.British entrepreneurs present at the meeting briefed Li about their investment and operations in China.Li, accompanied by Cable, also visited on Wednesday the BRE Innovation Park and an exhibition of the latest research development and achievements in the field of low-carbon architecture and community.
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.
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