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OMAHA, The United States, May 1 (Xinhua) -- U.S. billionaire Warren Buffett said on Saturday that China is an amazing economy and the Chinese people will be living better lives in 20 years than today.When responding to a question from a Chinese student who is currently studying at Kansas City, Buffett said China is a country with great potential."China is an amazing economy, there's no question about that, and China's excising this kind of potential," Buffett said at the annual shareholders' meeting of Berkshire Hathaway.Buffett, CEO of Berkshire Hathaway, also emphasized that countries around the world do learn from each other.China may learn a few things from U.S. in its own development, but "they don't take everything we have," he said, adding that at the same time, countries like India and China are also helping improve U.S.The billionaire said he was full of hopes for emerging economies like India and China. "People in India and China will be living better lives in 20 years than today."

HELSINKI, March 26 (Xinhua) -- Visiting Chinese Vice-President Xi Jinping on Friday held talks here with Finnish President Tarja Halonen on efforts to further cooperative relations.Xi conveyed greetings from Chinese President Hu Jintao to the Finnish president and said his visit aimed to boost bilateral ties to a new high on the basis of achievements made since diplomatic relations were established 60 years ago.Xi said Finland was one of the first Western countries that established diplomatic ties with the People's Republic of China, adding that the development of the relations was won by the hard work of several generations of leaders from both sides.  Chinese Vice President Xi Jinping (R) holds talks with Finnish President Tarja Halonen in Helsinki, Finland, March 26, 2010He said bilateral ties have weathered various tests and enjoy stable development because the two sides stick to principles including equality, mutual benefit, mutual respect and non-interference in each other's internal affairs, and respect each other's core interests and major concerns.

BEIJING, April 5  --The People's Bank of China says the country will be more open to foreign capital this year even though the prospect of a strong economic recovery is still unclear.Although the impending withdrawals of various countries' economic stimulus packages may also complicate the efforts to end the global economic crisis, the Chinese government has decided to increase the penetration of foreign capital into the country's financial industry in an appropriate way.An editorial in the "Global Times" quotes some western officials who said if China opened its market to western financial institutions the way it opened its market to five-star hotels, the potential risks would be huge for the country itself and the world at large.The editorial warns the doors to free trade should not swing open too quickly and that market openness should be managed at the right pace, as China has done during the past three decades. But it also notes that the stakes are higher in the country's financial industry. It argues that if China is fully open to foreign capital, the capital operation pattern common in developed economies such as the United States and several European nations will not suit its existing financial system on such short notice. As a result, chaos would erupt sooner or later in the financial sector.The editorial concludes that China should gradually liberalize its financial industry, because a sudden torrent of foreign capital would be undesirable. It calls for a prudent approach to financial liberalization that would yield a productive outcome as evidenced over the past three decades of gradual financial reform whereby more market competition has been encouraged and distressed loans have been effectively curbed. Such a policy has shielded China from being hit as severely by the current financial crisis and enabled it to rebound quicker than other advanced nations.

BEIJING, April 17 (Xinhua) -- China is disappointed the European Union (EU) has decided to launch an anti-subsidy investigation into imported Chinese coated paper, Ministry of Commerce (MOC) spokesman Yao Jian said Saturday."China will closely follow this issue and reserves its right to take necessary measures in accordance with WTO rules," Yao said.He said the coated paper probe is the EU's first anti-subsidy investigation into Chinese products.The EU launched an anti-dumping investigation on Chinese coated paper two months ago, he said.Increased trade protectionism is a major threat to the world economy recovery, Yao said."To create a win-win situation, China and the EU should settle trade disputes cooperatively," he added.MOC data shows the EU initiated seven anti-dumping investigations against China in 2009.The EU is China's largest trade partner, with bilateral trade volume exceeding 360 billion U.S. dollars last year.

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.

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