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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.

YUSHU, Qinghai, April 25 (Xinhua) -- The death toll from a 7.1-magnitude earthquake in northwest China's Qinghai Province on April 24 has climbed to 2,203, the rescue headquarters said late Saturday.As of 5 p.m. Saturday, 73 people were still missing, the headquarters said.Civil affairs authorities in Qinghai also said Saturday they would raise the monthly allowance for orphaned children, widowed elderly and disabled people in the wake of the quake.Ma Danzhu, head of the disaster relief division under the provincial department of civil affairs, said the monthly allowance would be raised to 1,000 yuan (146 U.S. dollars) per person, from 600 yuan as normal standard, for three months.Families of the dead, including locals and migrant workers, also will receive 8,000 yuan in subsidies for each death, according to a policy announced earlier.

BEIJING, April 10 (Xinhua)-- China's trade balance turned red in March with the country's first monthly trade deficit in six years, the General Administration of Customs (GAC) said Saturday.China exports were valued at 112.11 billion U.S. dollars in March, up 24.3 percent year on year, while the imports surged 66 percent to 119.35 billion U.S. dollars, resulting in a deficit of 7.24 billion U.S. dollars.The deficit was China's first since it posted a 2.26 billion deficit in April 2004, according to a report released by the GAC.China's total foreign trade rose 42.8 percent year on year to 231.46 billion U.S. dollars in March, according to Customs statistics.In the first quarter, foreign trade rose 44.1 percent to 617.85 billion U.S. dollars, with a surplus of 14.49 billion U.S. dollars though it was down 76.7 percent from the same period of last year.The country's trade surplus hit 23.7 billion U.S. dollars in February.Li Jian, a research fellow with the Research Institute under the Ministry of Commerce, said China's trade surplus had been falling since the start of the year."The deficit in March was just an extension of this trend," Li said.He said China did not purposefully pursue a trade surplus and had adopted a policy of encouraging imports and achieving a trade balance over the years.As the economy improved, any shift in people's expectations towards macro economic policies on liquidity and investment would influence importers' decisions and imported commodity prices, he said."Externally, we need to prudently monitor the world economy to avoid risk of a double-dip recession," he said. "Domestically, we need to focus on economic restructuring and transformation of economic growth pattern based on the stable growth of foreign trade."The GAC attributed the March deficit to shrinking exports of labor-intensive products, surging imports and rising commodity prices."The deficit in March is neither a recession, nor can it be sustained," the GAC said in its report, adding the deficit was small and China had maintained a "basic balance" between imports and exports.

BEIJING, May 10 (Xinhua) -- Chinese Defense Minister Liang Guanglie met here Monday with a delegation of relatives of martyrs who died fighting the War to Resist U.S. Aggression and Aid Korea (1950-1953)."Our Party, government and people always remember the heroic martyrs who sacrificed their life to safeguard regional peace and national dignity," said Liang, also a State Councilor.Liang said the country was forever grateful for the fearless members of the Chinese People's Volunteer Army to win a peaceful development environment for the state.Chinese Defense Minister Liang Guanglie (front row, center) poses for a photo with a delegation of relatives of martyrs who died fighting the War to Resist U.S. Aggression and Aid Korea (1950-1953), in Beijing, capital of China, on May 10, 2010.The martyrs of the Chinese People's Volunteer Army had been honored as heroes of the Democratic People's Republic of Korea (DPRK).The delegation of relatives of 10 martyrs had just concluded a six-day visit to the DPRK. During the trip, they paid tribute to the Chinese volunteer soldiers who died and were buried there.The delegation included Liu Songlin, widow of Mao Anying, who was the son of late Chairman Mao Zedong, and family members of Huang Jiguang and Qiu Shaoyun, who were famous war heros.This year marks the 60th anniversary of the Chinese People's Volunteer Army's entering the DPRK to fight the War to Resist U.S. Aggression and Aid Korea.

BEIJING, June 1 (Xinhua) -- Chinese President Hu Jintao on Monday encouraged children to be ambitious and pursue an all-round development while touring a museum in Beijing along with children from home and abroad ahead of the International Children's Day."You will be the driving force of the country's development in the future... You should be always ready to contribute your wisdom and strength to the building of a prosperous, democratic, civilized and harmonious modern socialist country," Hu told Young Pioneers who accompanied him at the China Science and Technology Museum.All the representatives of the sixth national congress of the Chinese Young Pioneers, the country's largest children's organization, took part in the tour with the President, as well as other children from home and abroad.Chinese President Hu Jintao joins the children and delegates to the 6th National Congress of Chinese Young Pioneers to visit China Science and Technology Museum in Beijing, May 31, 2010. Hu expressed holiday greetings to children of all ethnic groups and wished the once-every-five-year congress a complete success, which was scheduled to be held on Tuesday and Wednesday.The Young Pioneers, whose 130 million members are mainly primary and secondary school students aged between 7 to 14, constitute the majority of Chinese children."Children from home and abroad should strengthen exchanges, learn from each other and make progress together, so as to build the world in a better way in the future," Hu said.Wearing a red scarf presented by a Young Pioneer, Hu visited several exhibits about science and technology, during which he talked with children around him from time to time.The museum presented a special exhibition during the Children's Day, which falls on Tuesday, to educate children in science and amuse them with science-themed displays and interactive programs.While visiting the exhibit about safety education, Hu urged the whole society to pay high attention to children's safety and ensure children grow up in a safe environment.Li Changchun, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, Vice President Xi Jinping and Vice Premier Li Keqiang also visited the exhibition on Monday, among other senior leaders.

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