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WASHINGTON, April 22 (Xinhua) -- The International Monetary Fund on Wednesday warned that the global economy was in "a severe recession" and the world output is projected to decline 1.3 percent this year, the deepest global recession since the Great Depression in 1930s.     "The global economy is in a severe recession inflicted by a massive financial crisis and acute loss of confidence," said the IMF in its latest World Economic Outlook report. "All corners of the globe are being affected." 　　EPICENTER OF CRISIS     According to the report, the world economy is projected to decline by 1.3 percent in 2009 as a whole and to recover only gradually in 2010, growing by 1.9 percent.     "Achieving this turnaround will depend on stepping up efforts to heal the financial sector, while continuing to support demand with monetary and fiscal easing," said the IMF.     The advanced economies experienced an unprecedented 7.5 percent decline in real GDP during the fourth quarter of 2008, and output is estimated to have continued to fall almost as fast during the first quarter of 2009, according to the report.     Although the U.S. economy may have suffered most from intensified financial strains and the continued fall in the housing sector, western Europe and advanced Asia have been hit hard by the collapse in global trade, as well as by rising financial problems of their own and housing corrections in some national markets.     Emerging economies are suffering badly and contracted 4 percent in the fourth quarter in the aggregate.     The United States, at the center of an intensifying global financial storm, will contract by 2.8 percent this year, said the IMF, adding that "the biggest financial crisis since the Great Depression has pushed the United States into a severe recession."     Meanwhile, the euro zone economy will shrink by 4.2 percent this year and fall a further 0.4 percent in 2010, the IMF said, criticizing the bloc for weak public policy responses and coordination.     In Japan, the IMF expects 2009 output to fall 6.2 percent, far worse than its January forecast for a 2.6 percent decline.     China is expected to slow to about 6.5 percent this year, half the 13 percent growth rate recorded pre-crisis in 2007 but still a strong performance given the global context, according to the IMF.     UNCERTAIN OUTLOOK     The IMF warned the financial crisis remains acute. "The financial market stabilization will take longer than previously envisaged, even with strong efforts by policymakers," it said.     Thus, financial strains in the mature markets are projected to remain heavy until well into 2010, and overall credit to the private sector in the advanced economies is expected to decline in both 2009 and 2010.     Meanwhile, emerging and developing economies are expected to face greatly curtailed access to external financing in both years.     In a semi-annual report Global Financial Stability Report (GFSR), which was released on Monday, the IMF said write-down on U.S.-originated assets to be suffered by all holders will be 2.7 trillion dollars, "largely as a result of the worsening base-case scenario for economic growth."     Total expected write-downs on global exposures are estimated at about 4 trillion dollars, of which two-thirds will fall on banks and the remainder on insurance companies, pension funds, hedge funds, and other intermediaries.     In the latest World Economic Outlook report, the IMF warned that the current outlook is exceptionally uncertain, with risks weighed to the downside.     The crisis has hurt international trade, with volume expected to plunge 11 percent this year before eking out 0.6 percent growth in 2010.     Consumer prices in developed countries were under pressure and would fall 0.2 percent in 2009.     "Even once the crisis is over, there will be a difficult transition period, with output growth appreciably below rates seen in the recent past," said the IMF.     BOLD POLICY     The IMF called for its members to take new bold policy stimulus to jump-start their economies.     "This difficult and uncertain outlook argues for forceful action on both the financial and macroeconomic policy fronts," said the IMF.     Past episodes of financial crisis have shown that delays in tackling the underlying problem mean an even more protracted economic downturn and even greater costs, both in terms of taxpayer money and economic activity.     "Policymakers must be mindful of the cross-border ramifications of policy choices," said the IMF. "Initiatives that support trade and financial partners will help support global demand, with shared benefits."     In advanced economies, scope for easing monetary policy further should be used aggressively to counter deflation risks.     Although policy rates are already near the zero floor in many countries, whatever policy room remains should be used quickly, according to the IMF.     Emerging economies also need to ease monetary conditions to respond to the deteriorating outlook.     However, in many of those economies, the task of central banks is further complicated by the need to sustain external stability in the face of highly fragile financing flows, the IMF warned.     The 185-member organization also warned against the rising protectionism.     "Greater international cooperation is needed to avoid exacerbating cross-border strains," said the IMF. "Coordination and collaboration is particularly important with respect to financial policies to avoid adverse international spillovers from national actions."     "A slide toward trade and financial protectionism would be hugely damaging to all, a clear warning from the experience of 1930s beggar-thy-neighbor policies," it warned.

ROME, July 6 (Xinhua) -- Chinese President Hu Jintao held talks with Italian President Giorgio Napolitano on Monday, calling for a boost to ties between the two countries.     During the talks, Hu said Chinese-Italian relations have witnessed healthy and stable expansion over the past 39 years since the two countries established diplomatic relations. In 2004, the two countries agreed to establish an all-around strategic partnership, unveiling a new page for Chinese-Italian friendly cooperation, Hu said.     As next year will mark the 40th anniversary of the forging of bilateral diplomatic relations, China is willing to join hands with Italy to lift bilateral ties to a higher level, Hu said. Chinese President Hu Jintao (L) shakes hands with Italian President Giorgio Napolitano prior to their talks in Rome, capital of Italy, July 6, 2009.     According to a press release issued by the Chinese delegation, Napolitano agreed with Hu, saying cooperation between Italy and China has seen smooth expansion in a wide range of fields.     Napolitano said Italy is willing to further increase its economic cooperation and trade with China, exert every effort to host the "Chinese Culture Year" in Italy and push forward the development of bilateral ties at large.     In order to boost the ties, the Chinese president offered a five-point proposal, according to the press release.     Firstly, Hu said the two countries should increase communications, exchanges and mutual visits between high-level leaders.     Hu proposed that both sides host various events to mark the 40th anniversary of the establishment of diplomatic relations, adding that much attention should be attached to the "Chinese Culture Year" next year in Italy.     Secondly, Hu said the two sides should enhance political mutual trust and understand each other's major concerns.     The Taiwan and Tibet issues are the key concerns of the Chinese side, Hu said, urging Italy to understand China's concerns and offer support.     Hu also said he believed Italy would continue to exert its influence within the European Union to boost the EU-China ties at large.     Thirdly, Hu urged both sides to expand substantial cooperation on various fields such as trade, investment, science and technology, environment protection, medicine and tourism.     Fourthly, the Chinese president said both sides should increase people-to-people communications and cultural exchanges in order to boost their bilateral friendship.     Finally, Hu urged both sides to conduct more cooperation and communications in international organizations and on multi-national occasions.     Hu said both countries could enhance dialogue and coordination on various major international issues such as the global financial crisis, reform of the UN Security Council, climate change, environment protection and sustainable development.     Napolitano, on his part, praised China for its important role in the international arena as well as in addressing major global challenges.     He said he appreciates China's role in the G20 summit, the G8 + 5 summit and active participation in UN peacekeeping actions.     He also said the Italian side spoke highly of the measures China has taken to tackle the global financial crisis and economic downturn. He noted that China's participation is a must for the international community in its move to tackle the crisis, reform the international financial system and realize sustainable development.     On the EU-China relations, Napolitano said Italy would continue to play an active role in boosting the ties.     The president also reiterated Italy's adherence to the one-China policy.     According to the press release, Hu also briefed his Italian counterpart on the latest social and economic developments in China.     The two leaders held the talks at the Quirinal Palace, and Napolitano hosted a grand welcoming ceremony in honor of Hu prior to the talks.     Hu arrived in Rome earlier on Sunday for a state visit at the invitation of Napolitano.     Hu was also to attend the summit of the Group of Eight and major developing countries later this week in the central Italian city of L'Aquila.     This is the sixth time that the Chinese president has attended the G8 outreach session. The previous one took place in the northern Japanese resort of Toyako last July.     The G8, an informal forum of leading industrialized nations, includes Germany, France, Britain, Italy, Japan, the United States, Canada and Russia. 

L'AQUILA, Italy, July 8 (Xinhua) -- Chinese State Councilor Dai Bingguo, who was to attend outreach session of the G8 Summit on behalf of Chinese President Hu Jintao, met here on Wednesday with Jacob Zuma, president of South Africa, calling for deepening cooperation between the two countries.     During the meeting, Dai conveyed President Hu's greetings and congratulations to Zuma on his victory in the general election, according to a press release issued by the Chinese delegation. Chinese State Councilor Dai Bingguo (L) meets with President of South Africa Jacob Zuma in L'Aquila, Italy, July 8, 2009. On behalf of Chinese President Hu Jintao, Dai Bingguo will attend a dialogue meeting of the Group of Eight and the Group of Five major developing countries in the central Italian city of L'Aquila.Dai said both China and South Africa are important developing countries, and deepening the bilateral strategic partnership is not only in the basic interest of both countries and both peoples, but also helpful to the substantial cooperation between China and Africa at large.     As the global financial crisis has crippled the world economy and exerted negative impact on the people's life, Dai called for further all-around cooperation between the two countries. Chinese State Councilor Dai Bingguo (2nd L) meets with President of South Africa Jacob Zuma (2nd R) in L'Aquila, Italy, July 8, 2009. On behalf of Chinese President Hu Jintao, Dai Bingguo will attend a dialogue meeting of the Group of Eight and the Group of Five major developing countries in the central Italian city of L'Aquila.According to Chinese diplomats, the state councilor offered a four-point proposal on boost bilateral ties: to conduct more political communication and exchange, to expand trade and deepen economic cooperation, to encourage more exchange of visits, and to enhance cooperation and coordination in international organizations as well as on multinational diplomatic occasions.     Zuma, on his part, said South Africa attaches importance to its ties with China, willing to coordinate more on international issues and deepen the friendly cooperation between the two countries.     Zuma also extended his thanks for China's aid to Africa, according to the press release.     On the international issues, Zuma said the international community should enhance cooperation to jointly address the global challenges like economic recession and climate change. 

SHANGHAI, June 3 (Xinhua) -- Standard Chartered Bank (China) Limited announced Wednesday that it plans to issue 3.5 billion yuan (512 million U.S.dollars) financial bonds in China, the first foreign bank to issue Renminbi bonds in the Chinese mainland.     The announcement was made in the wake of a circular released by the State Council in April on building Shanghai into an international financial center and shipping hub.     The municipal government of Shanghai convened a working meeting late last month on preparation for the financial center goal, promising to support foreign banks to issue yuan-denominated bonds.     "As China's financial market continues to liberalize, Standard Chartered is seeing a number of opportunities for our business," said Peter Sands, Group Chief Executive of Standard Chartered Bank, during his visit to Beijing this week.     The issuance is expected to help elevate the Renminbi's status as an international reserve currency, develop local capital markets, and contribute towards Shanghai's development as a global financial center, said Sands.     Standard Chartered Group reported 26 percent income growth in 2008, or 13.97 billion U.S. dollars despite the difficult global economic environment.     In China, the bank has grown by an average annual compounded growth rate of 80 percent over the past four years.     Standard Chartered Bank is China's oldest foreign bank enjoying150 years of history. It is among the first batch of locally-incorporated foreign banks and has one of the largest foreign bank networks operating in China.

BEIJING, June 23 (Xinhua) -- State President and Communist Party of China (CPC) Central Committee General Secretary Hu Jintao urged all Chinese people Tuesday to remember and study the morals and demeandour of former state president Li Xiannian (1909-1992).     Li won respect and love from the CPC, People's Liberation Army and people for his contribution to China's independence and the Chinese people's emancipation, China's socialist revolution, construction, reform and opening-up drive, and the building of the country into a modernized socialist nation that is prosperous, powerful, democratic and civilized, Hu said at a memorial meeting to mark Li's 100th birthday. Chinese President and Communist Party of China (CPC) Central Committee General Secretary Hu Jintao speaks at a memorial meeting to mark the 100th birthday of former state president Li Xiannian (1909-1992), in Beijing, China, June 23, 2009.Hu called Li a "great proletarian revolutionary, statesman, strategist and a staunch Marxist and outstanding Party and State leader."     Other state and CPC leaders attending the memorial service included Wu Bangguo, Wen Jiabao, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang, and Zhou Yongkang. Jia presided over the gathering.     Hu spoke highly of Li's prominent role in different periods of the CPC-led Chinese revolution, including the armed revolution of the 1920s-40s, the early development of New China in the 1950s-70s,and the epochal reform and opening-up drive launched in the late 1970s.     Li was born into a poor peasant family on June 23, 1909, in Huang'an, Hubei Province, central China. He took part in the CPC-led Peasants' Movement and joined the Party in the 1920s.     In 1927, Li led a group of peasants to join in the Huangma Uprising. Later, he became a member of the CPC-led Chinese Workers' and Peasants' Red Army and played an important role in strategic battles and maneuvers of the Red Army.     During the Long March, Li supported Zhu De and other senior leaders in resolute struggle against the splittist activities of Zhang Guotao.     In China's War of Resistance Against Japanese Aggression (1937-45) and the Liberation War (1946-49) against the Kuomintang Regime, Li became a ranking officer in the CPC-led armed forces and fought a large number of major battles and established several revolutionary bases.     After 1949, the year the People's Republic of China was founded, Li served as vice premier for 26 years and played a big role in managing the economy. He was wrongly criticized and persecuted during the Cultural Revolution (1966-1976).     Starting in the late 1970s, as a core member of the second-generation of CPC leadership headed by Deng Xiaoping, Li assisted Deng in ushering in and carrying on the reform and opening-up drive.     In his final years in service, Li held top-level Party and state roles, including vice chairman of the CPC Central Committee, a Standing Committee member of the Political bureau of the CPC Central Committee, state president, and chairman of the National Committee of the Chinese People's Political Consultative Conference.

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