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BEIJING, July 12 (Xinhua) -- Housing prices in major Chinese cities rose 11.4 percent year on year in June, one percentage point lower than the increase in May, the National Bureau of Statistics (NBS) said Monday.This was the second consecutive month that China's property prices grew at a slower pace. Property prices in the 70 large and medium-sized cities grew 12.4 percent in May, 0.4 percentage points lower than that of April.On a monthly basis, June property prices in these cities fell 0.1 percent compared to the month before, the NBS said.New home prices rose 14.1 percent year on year in June, down one percentage point from May. Prices of second-hand homes gained 7.7 percent last month, compared with an increase of 9.2 percent in May.The Chinese government started a campaign in April to rein in soaring house prices, including tightened scrutiny of developers' financing, limited loans for third-home purchases, and higher down-payment requirements for second-home purchases.

BEIJING, July 5 (Xinhua) -- China and Britain on Monday pledged to enhance military ties.The pledge came out of the meeting between Vice Chairman of China's Central Military Commission Guo Boxiong and visiting British Chief of Defense Staff Jock Stirrup.The military relationship is an important component of China-Britain relations, and the two sides have witnessed frequent exchange of high-level visits and fruitful cooperation in many fields, Guo said.He said China's armed forces attached importance to the friendly cooperation with the British armed forces, and would work with it to enhance mutual trust and expand cooperation.Stirrup echoed Guo saying the military relationship was very important and the British side hoped to strengthen military cooperation with China.The two sides also discussed the development of China-Britain relations and international and regional issues of common concern.Highlighting the development of China-Britain relations in recent years, Guo said the bilateral relationship is at a new historic starting point. The two sides should respect each other's core concerns and properly handle disputes, so as to promote sound and stable development of the comprehensive strategic partnership.Stirrup said Britain's new government attached importance to its relationship with China.

BEIJING, Aug. 23 (Xinhua) -- The value of the gross output of China's auto industry surged 49 percent year on year to 2.086 trillion yuan (308 billion U.S. dollars) in the first half of the year, officials at the Ministry of Industry and Information Technology (MIIT) said Monday.At the same time, total export and import volume jumped 84 percent year on year to 50.66 billion U.S. dollars, according to a MIIT statement posted on its Web site.From January to July, China's auto output and sales both exceeded 10 million units. In July, China's auto output stood at 1.29 million units, up 16 percent year on year, while sales stood at 1.24 million units, up 15 percent year on year, MIIT said.Also, the Chinese government decided in June to extend an auto replacement subsidy program by six months until Dec.31 this year.Begun in June of 2009, the subsidy aims to help get highly polluting vehicles off the road while stimulating automobile consumption.Under the program, consumers who trade-in their used small-and medium-sized trucks and some mid-sized passenger vehicles for a new one are eligible to receive a subsidy of 3,000 to 6,000 yuan.By the end of May, the Chinese government had handed out 1.7 billion yuan in subsidies for 127,000 trade-in vehicles.The subsidy program has boosted domestic automobile spending by 15 billion yuan, according to officials at China's Ministry of Commerce.

BEIJING, June 21 (Xinhua) -- China's announcement that it would allow more flexibility in its yuan exchange rate meant an end to the crisis-mode policy the government took to cushion the blow from the global financial crisis, experts interviewed by Xinhua said Monday.The People's Bank of China, also known as the central bank, said Saturday that it decided to proceed even further with the reform of the Renminbi exchange rate to add flexibility to the RMB exchange rate.The decision was made in view of the recent economic situation and financial market developments at home and abroad, as well as due to the balance of payments situation in China, the central bank said. However, it ruled out a one-off revaluation of the yuan as there was no basis for large changes in its value.Experts noted it was the correct time for the exchange rate policy to return to its normal state, given the consolidated economic recovery, large decline in trade surplus and more balanced international payments.Zhao Xijun, deputy dean of the School of Finance with the Renmin University of China, said the normalization of China's exchange rate policy would intensify China's economic connection to the global economy and help promote the country's economic restructuring and adjustments of its development mode.China moved to a managed floating exchange rate regime in July 2005 which was based on market supply and demand and referencing a basket of currencies. The reform of the RMB exchange rate has made continuous progress since then, producing the anticipated results and playing a positive role.The financial crisis which broke out in the United States in 2008 shook the global financial markets and dented investment confidence. To counter fallout from the economic turmoil, nations rolled out their crisis-mode measures.Zhou Xiaochuan, governor of the central bank, said in March that the exchange rate policy China took amid the crisis was part of the government's stimulus packages, and would exit "sooner or later" along with other crisis-measures.China's economy expanded at 11.9 percent year on year in the first quarter of this year and exports surged 48.5 percent in May, government data showed.Zhao said China narrowed fluctuation of the RMB exchange rate to stabilize market sentiment and stimulate economic growth amid crisis, which was in the interests of China and contributed to the country's economic recovery.During the worst of the global crisis, exchange rates of a number of sovereign currencies to the U.S. dollar depreciated by large margins while the yuan kept stable. Against these depreciating currencies, the value of the yuan has been rising."Undoubtedly, it improved the trade environment for these countries and helped them through hard times," Zhao said, noting the policy contributed significantly to the Asian and global recovery."Narrowing the fluctuation of the yuan's value was the best exchange rate policy China could take during the crisis period, which gave export businesses a stable expectation of the yuan's value and reduced costs caused by a volatile currency," said Xiang Songzuo, Deputy Director of the Center for International Monetary Research at Renmin University of China.The central bank's move also intended to increase competitiveness of export businesses and accelerate economic restructuring.Zhao said when the RMB exchange rate regime becomes more market-oriented, China's export businesses should take more responsibilities and become more self-reliant.The central bank said Sunday that the management and adjustment of the yuan exchange rate would occur gradually, which was necessary to give export businesses time to adjust their business structures and create more jobs in the service sector.Cao Honghui, senior researcher with the Institute of Finance and Banking under the Chinese Academy of Social Sciences, said the further proceeding meant China would rely more on domestic demands for economic growth, which would push forward adjustments of the global economic structure.The central parity of the Renminbi against the U.S. dollar remained at 6.8275 Monday, unchanged from the previous trading day, according to the China foreign Exchange Trading System.

TOKYO, July 23 (Xinhua) -- New Japanese Ambassador to China Uichiro Niwa on Friday called for deepening of Sino-Japanese mutually beneficial strategic relations."In recent years the leaders of the two countries have created a conducive environment for the development of bilateral ties. I am very glad to see that," Niwa told Chinese press in Tokyo.Upon his assignment to China, the Japanese ambassador said China and Japan, as close neighbors, should deal with each other for the upcoming 1,000 or 2,000 years rather than 10 or 20 years. In the long run, both countries share a lot of common interests, and a stable, friendly relationship is the ultimate goal.The former president of Itochu Corp. said that he aimed to boost communication, strengthen economic cooperation, and build on the mutual trust between the leaders of the two countries.Niwa also said in the age of multipolarization, no one can conduct diplomacy with knowledge of China alone. So the relations with South Korea, and the United States are also important.Niwa was appointed by Prime Minister Naoto Kan in June to the key diplomatic post, making him the first ambassador to China from outside the government sector since the two countries normalized ties in 1972. He will leave for Beijing on July 31.