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BEIJING, Dec. 10 (Xinhuanet) -- Provincial level officials and ministers will be held more fiscally responsible under an expanded auditing system, the country's top auditor said on Thursday."The regulation will be significant in supervising officials' power use and corruption prevention," Liu Jiayi, head of the National Audit Office, was quoted as saying in an interview posted on the office's website.Under the regulation, released by the general offices of the Communist Party of China (CPC) Central Committee and the State Council, leaders of public institutions and State-owned enterprises will also be audited.China introduced the first such regulation in 1999, but it only included measures to audit financial records of county-level and below Party and government officials.The audit target was extended to provincial governors and ministers in 2000 on a trial basis and to heads of provincial government departments in 2005.Chinese auditors have uncovered more than 68.4 billion yuan (.2 billion) in illegal use of funds during nationwide audits of some 410,000 Party and government officials and bosses of State-owned enterprises since 1998, according to Liu.During the audit of provincial governors and ministers, their implementation of economic policies, handling of income and expenses, key fund management and project construction will be examined."They have power and control many resources, and how they fulfill their economic accountability will impact local economic and social development," he said.More importantly, the audit can be carried out frequently, so illegal activities can be cleared up before they spread, he said.Liu also said the audit will be made during an official's tenure to solve any problems that exist.Results of the audit will be recorded in an official's file and it will be an important factor in performance assessments, promotions or removal, and rewards or punishments.The audit group will consist of officials from local discipline inspection commissions and sectors including audit, supervision, organization, human resources and State asset supervision and management."It's a big step in cracking down on corruption. And the regulation will deter officials who want to abuse their power," said Liu Xutao, a professor at the Beijing-based Chinese Academy of Governance.

BEIJING, Dec. 18 (Xinhua) -- China's official Xinhua News Agency on Saturday formally launched its financial information exchange, an information sharing platform in the financial and cultural sectors to promote development of the nation's capital market.Approved by the People's Bank of China, or the central bank, it is the world's first financial information exchange.It is funded by and registered with the China Finance Corporation (CFC), owned by Xinhua.Located in the Lize business district in the southwest of downtown Beijing, the exchange has the world's largest LCD panel groups at 7,593 inches, which show real-time information in the finance and cultural industries.Member users can also get the latest information on technology transfers and business consultations.The exchange would improve Xinhua's presence and influence in the global financial information sector and enhance China's soft power in the international capital markets, said Xinhua president Li Congjun at the inauguration ceremony."It aims to be a fair, just, professional and highly efficient intermediary service platform in the financial information and cultural sectors to promote information sharing among the cultural sector, industries and the capital markets," he said."The ultimate goal is to become the world's most influential financial information and cultural industry service center."

BEIJING, Jan. 10 (Xinhua) -- China's top legislator, Wu Bangguo, met with his Maldivian counterpart Abdulla Shahid in Beijing Monday and called for closer relations between the two nations and the two parliaments.Wu, chairman of the Standing Committee of the National People's Congress (NPC), China's top legislature, said the growth of bilateral relations in recent years had yielded substantial benefits for the two peoples.Wu said China valued ties with the Maldives and was willing to maintain friendly exchanges and cooperation at all levels in an effort to expand political mutual trust and economic and trade cooperation in fields such as fisheries, tourism, and infrastructure construction.China would encourage Chinese companies to further participate in the Maldives' national construction and more Chinese tourists to visit the country, Wu said.Wu voiced his hope for stronger coordination between the two nations on international issues in order to build a relationship that would be a model for relations between big and small nations.Wu suggested the two legislatures promote dialogue and exchanges of views among members on successful experiences of national construction so as to inject new vitality to the development of bilateral relations.Shahid, speaker of the Maldivian People's Majlis, said the Maldivian people treasured the friendship of the Chinese people, and the rapid growth of the Chinese economy offered inspiration to developing countries, including the Maldives.Shahid pledged the Maldivian parliament would continue to play a constructive role in promoting bilateral relations.Shahid is leading a Maldivian parliamentary delegation to China at the invitation of Wu. The delegation arrived in China on Jan. 8. It is Shahid's first visit to China as the country's chief legislator.

ST. PETERSBURG, Russia, Nov. 23 (Xinhua) -- Chinese Premier Wen Jiabao and his Russian counterpart, Vladimir Putin, agreed Tuesday to shore up reciprocal and practical cooperation to further consolidate bilateral relations.Following the 15th regular meeting between the Chinese and Russian heads of government, Wen told a press conference that the latest gathering reinforced the political mutual trust between the two sides and significantly pushed forward bilateral cooperation.The two premiers reached important consensus on bilateral ties and important global affairs, and were confident that the positive results of the meeting would help inject new energy into the comprehensive development of the China-Russia strategic partnership of coordination, Wen said.Chinese Premier Wen Jiabao (L) and his Russian counterpart Vladimir Putin attend a news conference after the 15th regular meeting between the Chinese and Russian prime ministers, in St. Petersburg, Russia, Nov. 23, 2010.China's modernization poses no harm to the interests of any other country, Wen said, adding that stronger China-Russia collaboration will not only benefit the two countries, but also contribute to regional peace and stability.The two sides have maintained close coordination on such multilateral platforms as the UN and the Group of 20 major economies, and their cooperation is all-around, Wen said.China is ready to take part in Russia's efforts to build infrastructure and establish special economic zones, and is delighted to invite more Russian youths to learn the Chinese language or study in China, he added.Noting that the latest international financial crisis has left a far-reaching fallout, the Chinese premier said that both Beijing and Moscow are now facing a variety of challenges, and that both sides have the responsibility to defend their interests.