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BEIJING, Oct. 4 (Xinhua) -- The ongoing global financial turbulence will have a limited impact on China's banks and financial system in the short run, according to officials and experts. "We feel China's financial system and its banks are, to the chaos developed in the U.S. and other parts of the world, relatively shielded from those problems," said senior economist Louis Kuijs at the World Bank Beijing Office. He told Xinhua one reason was that Chinese banks were less involved in the highly sophisticated financial transactions and products. "They were lucky not to be so-called developed, because this (financial crisis) is very much a developed market crisis." Farmers harvest rice in 850 farm in Northeast China's Heilongjiang Province on Sept. 26, 2008. A few Chinese lenders were subject to losses from investing in foreign assets involved in the Wall Street crisis, but the scope and scale were small and the banks had been prepared for possible risks, Liu Fushou, deputy director of the Banking Supervision Department I of the China Banking Regulatory Commission, told China Central Television (CCTV). Chinese banks had only invested 3.7 percent of their total wealth in overseas assets that were prone to international tumult, CCTV reported. The ratio of provisions to possible losses had exceeded 110 percent at large, state owned listed lenders, 120 percent at joint stock commercial banks and 200 percent at foreign banks. Kuijs noted most of the banks resided in China where capital control made it more difficult to move money in and out. Besides, the country's large foreign reserves prevented the financial system from a lack of liquidity, which was troubling the strained international markets. "At times like this, one cannot rule out anything," he said. "But still we believe the economic development and economic fundamentals in China are such that it's not easy to foresee a significant direct impact on the financial system." However, he expected an impact on China's banks coming via the country's real economy, as exports, investment and plans of companies would be affected by the troubled world economy and in turn increase pressure on bad loans. Wang Xiaoguang, a Beijing-based macro-economist, said the growing risks on global markets would render a negative effect on China in the short term but provided an opportunity for the country to fuel its growth more on domestic demand than on external needs. He urged while China, the world's fastest expanding economy, should be more cautious of fully opening up its capital account, the government should continue its market reforms on the domestic financial industry without being intimidated. Chinese banks had strengthened the management of their investments in overseas liquid assets and taken a more prudent strategy in foreign currency-denominated investment products since the U.S.-born financial crisis broke out, CCTV reported.
ISLAMABAD, April 26 (Xinhua) -- Pakistani President Pervez Musharraf and Prime Minister Yousuf Raza Gillani met respectively with visiting Chinese Foreign Minister Yang Jiechi on Saturday and reiterated their resolve to improve bilateral ties to a new level. They said Pakistan will always stand with China on the Taiwan and Tibet issues and Beijing Olympics will be a great success. Pakistani President Pervez Musharraf (L) meets visiting Chinese Foreign Minister Yang Jiechi in Rawalpindi, Pakistan, April 26, 2008.Musharraf, at a meeting with Yang in the city of Rawalpindi close to Islamabad, appreciated China's consistent assistance and help, saying Pakistan would continue to carry out cooperation with China in such fields as trade, energy, communication, education and culture. The smooth holding of the Beijing Olympic torch relay in Islamabad showcased the deep-rooted friendship between the two neighboring countries, said Musharraf Gillani, while meeting with Yang, said Pakistan and China enjoy "all-weather and time-tested" relations and the new Pakistani government will strive to push bilateral relations forward on the basis of mutually-beneficiary cooperation. Gillani welcomed Chinese firms to invest in Pakistan, saying to develop relationship with China will be the priority of the Pakistani government. Pakistani Prime Minister Yousaf Raza Gilani (R) meets visiting Chinese Foreign Minister Yang Jiechi (L) in Islamabad, capital of Pakistan, April 26, 2008. Yang described China-Pakistan relations as good neighbors, friends, partners and brothers, saying the two countries have seen sound cooperation on politics, trade, mega projects, military, security, culture as well as regional and international issues. China thanks Pakistan for its firm support on the Taiwan and Tibet issues, and will support Pakistan's efforts to safeguard national stability and development, Yang said. Yang said the Chinese government attaches great importance to relations with Pakistan and will deepen bilateral strategic cooperation and lift China-Pakistan strategic partnership to a new height. Yang also expressed appreciation for Pakistan's successful holding of the Beijing Olympic torch relay, which he said is a testimony to sincere friendship between the two countries. Yang arrived in Islamabad o Friday afternoon for a two-day visit to Pakistan, the first visit by the Chinese foreign minister since the new Pakistani government took office last month. Yang is also the first senior Chinese official visiting Pakistan after Musharraf paid a state visit to China from April 10 to 15. Pakistani President Pervez Musharraf (L) meets visiting Chinese Foreign Minister Yang Jiechi (R) in Rawalpindi, Pakistan, April 26, 2008.Yang held talks with his Pakistani counterpart Shah Mahmood Qureshi after his arrival, and they discussed possibilities to expand cooperation between the two countries. At a news briefing following the talks, Yang announced that China will provide Pakistan 70 million RMB (around one million U.S. dollars as technical and economic assistance and 500,000 RMB (around 71,429 U.S. dollars) for equipment for Pakistan foreign ministry. During the 24-hour visit, Yang also met with Pakistan's National Assembly Speaker Fehmida Mirza, Senate Chairman Muhammad Miam Soomro, Nawaz Sharif, leader of Pakistan Muslim League-Nawaz (PML-N), and Pakistan Muslim League-Quaid (PML-Q) chief Chaudhry Shujaat Hussain.
DUSHANBE, July 26 (Xinhua) -- Tajik President Emomali Rakhmon and Prime Minister Akil Akilov on Saturday pledged to develop all-round cooperation with China while meeting separately with Chinese Foreign Minister Yang Jiechi. In his meeting with Rakhmon, Yang expressed his gratitude for Tajikistan's aid and support for China's earthquake relief. Tajik President Emomali Rakhmon (R) meets with Chinese Foreign Minister Yang Jiechi in Dushanbe, capital of Tajikistan, July 26, 2008. Yang attended the foreign ministers' meeting of the Shanghai Cooperation Organization (SCO) in Dushanbe on Friday. Noting that Sino-Tajik relations have been developing rapidly and soundly in recent years, Yang said the political mutual trust is deepening and the two countries have supported each other on such major issues as national sovereignty, territorial integrity and security. Pragmatic bilateral cooperation in all fields has yielded fruitful results, he added. During Rakhmon's visit to China last year, China and Tajikistan signed a treaty on good-neighborly friendship and cooperation, which would guide the future development of bilateral ties, the Chinese foreign minister said. China would like to work with Tajikistan to enhance cooperation and communication and contribute to maintaining regional stability and boosting common development, he said. Rakhmon said Tajikistan highly evaluates relations with China and appreciates China's support to his country's economic and social development. Tajikistan would continue to develop cooperation with China in all fields so as to elevate bilateral relations to a new high, he said. Tajik Prime Minister Akil Akilov (L Front) meets with Chinese Foreign Minister Yang Jiechi in Dushanbe, capital of Tajikistan, July 26, 2008Both sides also exchanged views on regional situations and the development of the Shanghai Cooperation Organization (SCO). While meeting with Akilov, Yang discussed with him ways to further strengthen bilateral cooperation. Yang said both sides should try to ensure the smooth implementation of major joint projects and explore other ways of cooperation that are compatible with market principles and conducive to economic growth of both countries. He also expressed the hope that Tajikistan will further improve its investment environment and create more favorable conditions for cooperation. Akilov said Tajikistan expects to expand cooperation with China in such areas as power generation, transportation, mining and human resources and develop stronger economic links between the two countries' border regions. Akilov pledged his government's efforts to support and facilitate Chinese investment in the central Asian nation.
BEIJING, June 23 (Xinhua) -- President Hu Jintao on Monday hailed the country's remarkable science and technology achievements since the launch of its 1978 Reform and Opening-up Drive, but he also admitted that there is "still a large gap" with the world's most advanced. Among developing countries, China had now taken the lead regarding the general level of science and technological development, said Hu, also general secretary of the Communist Party of China (CPC) Central Committee. He attributed the achievements to the full support of the Party, the nation and the hard work by Chinese scientists and technicians. Hu made the remarks at Monday's inaugural ceremony for both the 14th Congress of the Chinese Academy of Sciences and the Ninth Congress of the Chinese Academy of Engineering Science. Chinese President Hu Jintao makes a speech at the joint inaugural ceremony of both of the 14th Congress of the Chinese Academy of Sciences (CAS) and the Ninth Congress of the Chinese Academy of Engineering (CAE) at the Great Hall of the People in Beijing, capital of China, June 23, 2008. He began his speech by giving a brief summary of the country's strenuous anti-earthquake efforts after a powerful 8.0-quake struck Wenchuan County in the southwestern Sichuan Province on May 12. Members of the two academies had made full use of their collective wisdom and power to play an important role in the quake relief, he said. In his speech, Hu mentioned two major historic events -- the National Science Congress in March 1978, and the Third Plenary Session of the 11th CPC Central Committee in December that same year. The science conference has been called a "Spring" for the country's science circles following the end of the Cultural Revolution (1966-1976). The latter ushered in the Reform and Opening-up Drive in the country. Hu recalled it was Deng Xiaoping who talked about major issues regarding the political status. At the meeting, the late leader proposed that science and technology were a productive force, intellectuals were part of the working class, and the key of the country's modernization drive lay with the modernization of science and technology. He reiterated science and technology were the No.1 productive force; human resources were the No. 1 resource; and it was a must to persistently increase the capabilities in independent innovation; it was a must to adhere to the political advantage of socialism, which enabled the government to gather powers to do big things; it was a must that science and technology served economic and social development as well as the people; and it was a must to display the scientific spirit.
BEIJING, May 13 (Xinhua) -- The death toll from a major earthquake in southwest China's Sichuan Province has climbed to 9,219, the Ministry of Civil Affairs said here Tuesday morning. The 7.8-magnitude quake has killed 9,219 people in eight affected provinces and municipality of Sichuan, Gansu, Shaanxi, Yunnan, Shanxi, Guizhou, Hubei and Chongqing, the ministry said in a release issued at 7 a.m.. Rescuers work in Dujiangyan city of southwest China's Sichuan Province, on May 13, 2008. A major eathquake measuring 7.8 on Richter scale jolted Wenchuan County of Sichuan Province at 2:28 p.m. on Monday.Of the killed, 8,993 were in Sichuan, 132 in Gansu, 85 in Shaanxi, eight in Chongqing and one in Yunnan, the ministry said. The quake jolted Wenchuan County of Sichuan at 2:28 p.m. Monday, which also leveled some 500,000 rooms in the affected areas. To cope with the catastrophe, the State Disaster Relief Commission and the Civil Affairs Ministry immediately initiated a "Level II emergency response plan" on Monday afternoon, and upgraded it to level I in the evening, the ministry said. According to China's regulations, natural disasters in the country are classified into four categories based on their severity. The Level I emergency plan covers the most serious class of natural disasters. A disaster relief work group of the State Council, China's Cabinet, rushed to the quake-hit county of Wenchuan on Monday evening to coordinate the rescue and relief work. Meanwhile, the ministry said strong winds and hailstorms lashed Hubei, Hebei and Jiangsu provinces from Sunday evening to early Monday morning, affecting more than 630,000 people. In central China's Hubei Province, the hailstorms attacked 10 counties, affecting 515,000 people, collapsing 85 rooms of 33 households and damaging another 4,761 rooms as of 11 a.m. Monday. The direct economic loss was estimated at 385 million yuan (55 million U.S. dollars). Hailstorms also lashed three counties of north China's Hebei Province on Sunday, affecting 92,100 locals and resulting in a direct economic loss of 7.65 million yuan. In east China's Jiangsu Province, 24,000 people also suffered from strong winds and hails Sunday evening. Four rooms were leveled and 60 others damaged with a direct economic loss of 1.46 million yuan. People try to find their property among the debris of collapsed buildings in Dujiangyan, in southwest China's Sichuan Province, on May 12, 2008