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WASHINGTON, Feb. 27 (Xinhua) -- China remains the largest foreign holder of U.S. Treasury securities as at the end of December, the U.S. media reported on Saturday.The report quoted the new government data as saying that China held 894.8 billion dollars in Treasury securities at the end of December, more than 755 billion dollars that had been previously estimated.But the new report also showed China trimmed its holdings of U. S. debt by 34.2 billion U.S. dollars in December.The U.S. Treasury reported on Feb. 16 that Japan surpassed China as the largest holder of U.S. Treasury securities in December. But the new estimate said Japan, now back in second place, held 765.7 billion dollars in December.Japan had been the largest holder of U.S. Treasury securities until China gained that distinction in 2008."Purchase of Treasuries by China would reflect only purchases by an entity in China from an entity based in the U.S.," Stone & McCarthy Research Associates said in a recent client note."The Data would not pick up purchases done on behalf of Chinese investors by dealers in the U.K or Hong Kong, for example, nor would it pick up purchases of Treasuries by investors in China from investors based outside of the U.S.," it added.China defended its move to reduce its holdings of U.S. Treasury securities, saying the United States should take steps to promote confidence in U.S. dollar .Last week, when responding to questions on China's sale of U.S. Treasury securities in December, China's Foreign Ministry spokesman Qin Gang said the issue should be viewed from two perspectives.He said on the one hand, China always followed the principle of "ensuring safety, liquidity and good value" in managing its foreign exchange reserve. And when it came to how much and when China buys the bonds, the decision should be made taking into account the market and China's need, so as to realize rational deployment of China's foreign exchange property, he said.And on the other hand, the United States should take concrete steps to beef up the international market's confidence in the U.S. dollar, Qin said.The way to view the issue was similar to doing business, he said.

TIANJIN, March 21 (Xinhua) -- The construction of a new express railway section between two cities near Beijing was kicked off Sunday, which, when completed, is expected to further speed up economic integration around the Chinese capital.The 158-km-long railway linking coastal Tianjin and Baoding in Hebei Province will shorten the journey between the two cities to less than an hour.The project is part of the railway network that covers Beijing, Tianjin and cities in Hebei."The network will serve as an important impetus for the integration of the cities around Beijing," said Wang Ailan, a researcher with the Tianjin Academy of Social Sciences.An express railway between Beijing and Tianjin was put into operation in August 2008, shortening the 120-km journey between the two municipalities to only 30 minutes from the previous 74 minutes at least.The intercity railway network is centered at Beijing and Tianjin, and all the cities covered by the network, including Hebei provincial capital Shijiazhuang and coastal Qinhuangdao, can reach each other within two hours' rail ride, according to the plan .With an investment of 24 billion yuan (about 3.5 billion U.S. dollars) and a designed speed of 250 km per hour, the section between Tianjin and Baoding will serve both passenger and freight trains.The railway between Tianjin and Qinhuangdao, which is under construction, boasts a designed speed of 350 km per hour and will cut the trip between the two cities to 50 minutes when completed. Currently, the fastest train journey between the two port cities is about two hours.A high-speed passenger rail between Beijing and Shijiazhuang is also under construction. By 2012, 11 cities in Hebei will be covered by high-speed rails, and by 2020, the intercity railways between Beijing, Tianjin and cities in Hebei will reach 710 kilometers.

BEIJING, March 6 (Xinhua) -- "Transformation of the economic growth pattern" has become a key word on the agenda of the annual sessions of China's parliament and top advisory body as the country aims at complete recovery from the global financial crisis and seeks sustained growth.Following are quotes from some Chinese leaders that underscore the transformation. The leaders joined deputies to the National People's Congress (NPC) Saturday to deliberate Premier Wen Jiabao's government work report.-- The bottleneck that stagnates the transformation of the economic growth pattern lies in an imperfect institutional mechanism. Reforms in key areas and sectors should be quickened to strengthen the impetus for economic growth and provide institutional guarantee for the transformation, said Vice Premier Li Keqiang in his discussion with NPC deputies from Liaoning Province.-- Deepening reform and expanding opening-up offer fundamental impetus for shaping a competitive modern industry system, said He Guoqiang, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, in his discussion with NPC deputies from central Hunan Province.-- The transformation means a profound change in the economic sector, and it is currently, and will be in a long run, a major economic task of the nation, said Zhou Yongkang, member of the Standing Committee of the Political Bureau of the CPC Central Committee, in his discussion with NPC deputies from Heilongjiang Province.-- Cultural programs and cultural industry play an important role in enlightening the nation, and their development should be taken as an important approach to the transformation, said Li Changchun, member of the Standing Committee of the Political Bureau of the CPC Central Committee, in his discussion with NPC deputies from northwestern Shaanxi Province.