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BRISBANE, Australia, April 4 (Xinhua) -- All the crew members are safe after a Chinese coal ship ran aground off the eastern coast of Australia on Saturday, said Chinese Consul-general in Brisbane Ren Gongping on Sunday.Ren told Xinhua that the 230-meter-long bulk coal carrier Shen Neng 1 ran aground about 70 km east of Great Keppel Island in Queensland State shortly after 5 p.m. on Saturday.The vessel, carrying 950 tons of heavy fuel oil and 65,000 tons of coal, is bound for China.Ren said he had phoned the captain of the carrier, Wang Jichang, who told Ren that drinking water and food are enough for the 23 crew members. The incident caused no injuries to the crew.The consul-general said the captain told him the incident is not serious and repair is underway.Ren added that he was very much concerned about the safety of the Chinese crew and he had contacted the local police immediately after learning the incident. The police had assured Ren that they would try their best to safeguard the crew in case of an emergency.Three police ships have reached the area and are ready to take the crew to safe place from the coal carrier.

BEIJING, June 1 (Xinhua) -- China has promising growth prospects and should not be blamed for world imbalances, says Danny Quah, a renowned British economist."Emergency financing that was placed in the Chinese economy to counter the downturn from the 2008 global financial crisis was the right thing...The imbalances is a global problem, not a China problem," said Quah, a professor at the London School of Economics and Political Science.China did the right thing in infusing its economy with fiscal stimulus, Quah said in a recent interview with Xinhua.He also declined to describe the ballooning real estate prices as a bubble, pointing out "the strong fundamentals" of China's economy.He said the expansion of China's housing construction will be proved useful eventually, given the fact that "China is still engaging in the task of moving hundreds of millions of people from rural areas to urban China to continue to power its manufacturing and industrial progress.""So I would not describe it as a collapse of real estate bubble, we can look forward to a rationalization of housing and real estate prices," Quah said. "The improvement and expansion of housing stock will play an important role in continuing to move the Chinese economy forward.""I think Chinese fundamentals will continue to be strong. And a little bit of high inflation, as long as it doesn't break out into some kind of runaway high inflation, is probably no bad thing," he said. "We will get it under control again as the Chinese government did previously."On allegations that China deliberately keeps its currency RMB weak to obtain unfair advantages in trade with countries like the United States, Quah said people who draw such a false conclusion are misguided."The United States is running a trade deficit not just against China. It is running a trade deficit against almost 100 other countries," he said. "China is not unique in how it is exporting more to the United States than it's importing."The U.S. government was beginning to run a large trade deficit long before China's trade surpluses started grow, he added."If you take the ratio of China's bilateral trade surplus against the U.S. as a fraction of the U.S.' overall bilateral trade deficit against all of the countries, it has remained constant over the last 15, 20 years," Quah said.

ZHENGZHOU, May 29 (Xinhua) -- Visiting Indian President Pratibha Patil on Saturday visited an ancient Buddhist temple in central China that is believed to be the starting point for Buddhism's spread from India into China.Patil toured the White Horse Temple in Luoyang City, Henan Province, accompanied by the temple's abbot Shi Yinle, and inaugurated an Indian-style Buddhist hall as a gift to China.A Han Dynasty (206 BC-220 AD) emperor ordered the construction of the temple in honor of two Indian monks and horses that carried Buddhist scriptures and Buddha statues from India to the then capital Luoyang in 67 AD.During Chinese Premier Wen Jiabao's visit to India in 2005, the two countries agreed to build the Indian-style hall in the temple to commemorate the long history of bilateral ties.The 3,450-sq-m hall was funded by the Indian government and constructed by the Chinese side, the first of its kind outside of India.Wang Zhizhen, vice chairwoman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top political advisory body, also attended the inauguration ceremony.Following the visit, Patil left Henan for the ongoing World Expo in Shanghai, the last leg of her week-long state visit to China.During her visit, the two sides agreed to boost cultural exchange and people-to-people contact.

BEIJING, April 6 (Xinhua) -- Indian Foreign Minister Somanahalli Mallaiah Krishna said here Tuesday that a strong and stable relationship between India and China has an impact on the entire world."As India and China manage their domestic priorities well, it has huge implications for global prosperity," Krishna made the remarks in his speech entitled "India and China in the 21st Century" at the China Institute of International Studies.The two countries "are raising the living standard of almost one-third of humanity," he said.In the past two decades, India and China have impacted significantly on global per-capita income, longevity and human development, said Krishna, there is much that can be gained through close cooperation.Facing challenges of urbanization, resource consumption, food and energy security, China and India can exchange best practices to benefit each other, the foreign minister said.He said "considerable scope" exists for joint projects in a huge infrastructure demand in India, covering sectors like power, roads, rail and telecommunication. On the Chinese side, the outsourcing of IT by state enterprises has only started recently. There is a potential waiting to be tapped, which would happen only by connecting Chinese users to Indian providers.As a reshaping of the global architecture is underway, evident in new groupings like the G20, BRIC, BASIC and the East Asia Summit, Krishna said as developing societies, India-China convergence is manifest on issues like climate change and global trade rules."We have to accept that there will be outstanding issues between the two countries even as our relationship forges ahead. The true test of our maturity is how well we handle our problems," said Krishna.A number of dialogues and forums already exist between India and China where both sides discuss bilateral, regional and global political issues, including boundary question, trade matters and water management."Regular meetings lead to better communication, more understanding and confidence," said Krishna, encouraging an "intensive and sustained engagement" between the two systems.As to media speculation that India and China have a "competitive" relationship, Krishna said it is up to the two countries to disprove such scenarios by "concrete examples of cooperation".As this year celebrates the 60th anniversary of China-India diplomatic ties, Krishna told a reception later Tuesday that his country would take the opportunity to renew cooperation, engagement and understanding between the two peoples.

BEIJING, May 3 -- Ma Weihua, president and chief executive officer of China Merchants Bank (CMB), said he wanted to see Chinese banks elevate their level of globalization in the context of expedited overseas expansion of Chinese companies during his bank's recent road show in the United States. He said CMB would pursue this process ambitiously but cautiously.The bank is soon to relocate its night-shift foreign exchange trading team to its New York branch, which was established in 2008, and will move on to security trading as well in the future, according to Ma during a group interview. The branch is also working on consolidating its dollar settlement business."What I'm concerned about right now is to first have my New York branch familiarized with the US market, customers and rules as soon as possible so I can expand the business steadily," Ma told the audience at a recent speech at New York University's Leonard N. Stern School of Business. "We won't consider faster expansion until we have secured our position here."Because of policy restrictions, CMB and other Chinese banks are only able to provide very limited services overseas for now. Retail banking, which CMB is best at, is still being constrained in its New York branch, its first branch in the West. But the bank is eyeing up other opportunities.The branch is attaching increasing importance to the loan business for Chinese companies during their overseas merger and acquisition activities. It just completed a big deal for a Chinese State-owned conglomerate but declined to reveal its name."The most fundamental motive to globalize our bank is to support Chinese companies' overseas growth and to provide the same quality service for foreign companies as well when they come to China," Ma said.According to Ma, over the past five years, Chinese companies' overseas direct investment saw an annual increase of 60 percent and their non-financial overseas investment grew by 68.5 percent year-on-year.In comparison, overseas assets only make up less than 4 percent of Chinese banks' total assets, while in large banks in Europe and the US, the proportion is about 40 percent, he said.

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