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BEIJING, Jan. 27 (Xinhua) -- China's foreign exchange watchdog said Thursday that the surplus of Chinese banks' foreign exchange purchases to sales in client transactions increased 51 percent through 2010 to stand at 397.7 billion U.S. dollars at year-end.China' s institutional and individual clients sold 1.33 trillion U.S. dollars in foreign exchange to banks in 2010 while purchasing 932.7 billion U.S. dollars, said the State Administration of Foreign Exchange (SAFE) in an online statement.In 2009, the annual surplus fell 42 percent to 263.5 billion U.S. dollars, according to SAFE's data released in March 2010.The statement noted the figures did not include banks' own forex transactions and interbank transactions.The forex surplus in December 2010 totaled 51.5 billion U.S. dollars, as clients sold 146.2 billion U.S. dollars of foreign exchange, up 13 percent from November, while purchasing 94.7 billion U.S. dollars, up 12 percent, it said.Chinese banks received 1.89 trillion U.S. dollars for their clients in overseas business in 2010 and paid 1.59 trillion U.S. dollars to overseas business, it added.The SAFE only began releasing monthly and quarterly data on bank foreign exchange transactions in 2010.

BEIJING, May 5 (Xinhua) -- A Chinese official has vowed to take every possible measure to ensure food safety in the country, saying the government has decided to launch national overhauls this year on sectors including milk products, cooking oil, health foods, meat and alcohol.Zhang Yong, director of the executive office of the food safety commission under the State Council, or Cabinet, said in an interview with Xinhua that the food and drinks in these five sectors are consumed in enormous quantities each day and they will do great harm and have an extensive social impact if a problem arises.Through special campaigns to overhaul these five sectors and by solving the most prominent problems, the government aims to accumulate experiences and create administrative systems in a bid to prevent food safety incidents and raise the overall level of food safety, Zhang said.The central government initiated a prolonged and stringent fight against the illegal use of additives in food last month, detailing measures to intensify supervision, upgrade safety limits, and increase penalties for violators.Vice Premier Li Keqiang warned of the great harm from illegal additives in food at a high-profile national meeting last month, promising a "firm attitude, iron-hand measures and more efforts" in dealing with the problem.Zhang Yong admitted "China is in a period when food safety incidents are likely to arise" since the country's food industry is on a fast track for development and a large number of food producers and catering operators are running their businesses in a small-scale or scattered way."It makes it more difficult for the government departments to conduct supervision on food quality and safety," Zhang said."We will take every possible measure to consolidate the feeble foundation to ensure food safety and curb food safety incidents as soon as possible," he said.According to Zhang, the government will also make efforts to improve supervision and emergency handling capabilities, raise the credibility and personnel quality of the involved enterprises, and severely punish violators.The Chinese government made the moves after a series of food safety scandals emerged despite the authorities' efforts to revamp the country's food industry. They included steamed buns dyed with unidentified chemicals, the use of "lean meat powder", also known as clenbuterol, a kind of fat-burning drug, as well as the use of illegal cooking oil known as "gutter oil."

NEW YORK, March 9 (Xinhua) -- The U.S. stocks dropped on Wednesday, the two-year anniversary of the beginning of a bull market, as concerns of oil prices and Middle East unrest continued to weigh on investors' minds.U.S. crude oil price dipped on Wednesday as crude inventories rose more than expected, though Brent crude rose on fears caused by continued violence in Libya.Meanwhile, Rex Tillerson, the CEO of energy giant Exxon Mobil Corp., said on Wednesday that he didn't think the recent jump in oil prices was hurting the U.S. economy just yet, but it's getting close.The market was worrying that the surging oil prices would hurt global economic recovery. Adding to those concerns, the Portuguese government's two-year cost of borrowing hit the highest level since it joined the eurozone in a bond auction on Wednesday.Wednesday marked the two-year anniversary of the beginning of a bull market. On March 9, 2009, the Dow Jones Industrial Average closed at 6,547 and the Standard & Poor's 500 Index closed at 677. The Dow is back above 12,000 now and the S&P 500 index has almost doubled.Meanwhile, the wholesale report was slightly positive, but still failed to boost the market. According to the U.S. Commerce Department, the wholesale inventories climbed 1.1 percent in January. Sales at the wholesale level rose 3.4 percent, the largest gain since November 2009.Economists expected that as businesses kept expanding, demands for products would continue to grow. And larger sales may also encourage businesses to keep restocking their shelves and boost factory production.According to the report, a 10.6-percent rise in demand for petroleum helped lift sales, reflecting higher oil and gas prices.While some investors were concerned that surging oil prices might have a negative impact on economy, some others believed the boost in sales and inventories in January hinted that the economy could withstand the impact.The Dow Jones industrial average lost 1.29 points, or 0.01 percent, to 12,213.09. The Standard & Poor's 500 Index was down 1. 80 points, or 0.14 percent, to 1,320.02. The Nasdaq declined 14.05 points, or 0.51 percent, to 2,751.72.

CAPE TOWN, April 30 (Xinhua) -- The World Economic Forum on Africa, scheduled on May 2-4 in Cape Town, South Africa, will see participants exchange views on how the continent can turn to the next chapter of development.The meeting, expected to gather a record 900 participants from over 60 countries, will be held under the theme "From Vision to Action, Africa's Next Chapter," organizers said."We chose this theme because we feel it is very relevant for the events that are taking place on this continent, and the opportunity for growth and investment that the international and African communities are seeing," said Katherine Tweedie, head of Africa for the World Economic Forum.Seven of the fastest growing economies in the world in the next five years will be in sub-Saharan Africa, Tweedie noted, saying that a lot of discussion will be devoted to explore drivers behind this growth.Africa's economic growth in recent years have impressed the world. Though being the most underdeveloped continent, Africa have been more resilient than expected during the global economic crisis.The International Monetary Fund (IMF) have predicted that the continent's growth in 2011 will reach 5.3 percent.Under one of the three thematic pillars, "Shaping Africa's Role in the New Reality," the meeting will explore how Africa can take on a leadership role in the new reality and guard against newly emerging global and regional risks. Participants will look at how Africa can strengthen its representation and negotiation capacity on global platforms such as COP 17 and the G20.Meanwhile, the meeting will look into Africa's industrial diversification, which is widely considered as an effective way to increase competitiveness. Discussions under the thematic pillar of "Fostering Africa's News Champions of Growth" will focus on what innovative and entrepreneurial lessons drive Africa's fastest- growing companies, and how can Africa's emerging economies build capacity in science, technology and innovation to move up the value chain.Another topic expected to attract much attention is Africa's inclusive development. In recent years, African decision makers have been looking for ways to attain inclusive development by translating economic growth into better lives for the people.Marcus Courage, managing director of consulting group Africapractice, said ahead of the meeting that Africa must start measuring its economic growth in terms of job creation and progress of value addition of what it produces, rather than the gross domestic product (GDP), if it has to move from vision to action."One of the challenges is that we measure economic success in therms of GDP. That is not fair reflection of action," he told Xinhua.Under the thematic pillar of "Building Partnership for Inclusive Development," participants will debate on how can inclusive growth be put at the heart of a sustainable development agenda for Africa, and how can government of African countries work together with the business sector to distribute more equitably the benefits from the wealth in natural resources, among others.Regarding the highlight of this year's meeting, Tweedie said there will be a strong focus on green growth and the environment agenda, working closely with the South African government, given that South Africa will be hosting the COP 17 meetings in December.The meeting will also have very strong representation from Francophone west Africa for the first time. As a result a good part of the discussions will be focusing on issues taking place in this part of Africa, she added.Although South Africa has hosted the World Economic Forum on Africa for a number of times, this year the host is attracting particular attention.South Africa has joined the BRICS group of countries which also include Brazil, Russia, India and China, becoming the only African member in the grouping. It is also the only country from Africa in G20. In November this year, South African city of Durban will host the 17th Conference of the Parties (COP 17) to the UN Framework Convention on Climate Change.How can the country speak for Africa in the international arena, and what role can it play in facilitating closer cooperation between developing countries is also expected to draw in-depth discussions at the meeting.Meanwhile, participants are also expected to exchange views on issues including Africa's agriculture development, infrastructure construction, China-Africa cooperation, impact of political situation in North African and the Middle East on Africa's economic development, among others.

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