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WASHINGTON, April 24 (Xinhua) -- China's central bank chief on Friday called for the International Monetary Fund (IMF) to accelerate its process to shift its quota to emerging market and developing countries."The quota structure is the core issue in Fund governance. The severe underrepresentation of emerging market and developing countries in the IMF seriously affects the Fund's legitimacy and effectiveness, and must be promptly corrected," said Zhou Xiaochuan, governor of People's Bank of China at the IMF and its sister institution -- the World Bank's spring meeting in Washington.The Group of 20 (G20) Pittsburgh Summit in September had called for a shift of at least 5 percentage points, and protection of the voting rights of the poorest countries before January 2011.But so far the quota adjustment process is slow. The previous quota reform, which was already approved by the IMFC -- the IMF's steering committee -- in 2008, has not been completed until now.Zhou said that the IMF is a quota-based institution, and quotas should be its primary resource.He emphasized that quota adjustment and reform is not a zero- sum game. "A Fund with a more reasonable governance structure will be better able to protect global economic and financial stability which will benefit all member countries. We urge the Fund to accelerate its work, and complete quota reviews on schedule in accordance with the G20 Pittsburgh Summit and IMFC objectives," Zhou said.According to the IMF's latest World Economic Outlook report, growth speeds of developing countries are much faster than the advanced economies, meaning their weight in the global economy is increasing dramatically.However, quota of the developing countries in the IMF is underrepresented."We expect the review to leave no member's quota share severely misaligned," Zhou said.

VIENNA, May 19 (Xinhua) -- Chinese Minister of Commerce Chen Deming stressed Wednesday that, especially under the current“financial crisis, the exchange rate stability is the most important, which is not only a national responsibility, but also a responsibility for the world economic recovery."At a press conference jointly held with Reinhold Mittelehner, the Austrian Minister of Economic Affairs, and Christoph Leitl, president of the Austrian Chamber of Commerce, Chen said China will continue to maintain the stability of the Chinese yuan exchange rate to ensure economic stability.He believed that the exchange rate has an impact on national trade, but it is not the decisive factor. National trade would be more affected by such other factors as economic structure, resource allocation, as well as the stage of technology and development.He also stressed that the exchange rate is a sovereign issue of each country, which should be set by each country according to its own situation.The Chinese trade and investment promotion mission with over 80 Chinese enterprises, which is led by Chen, participated in the economic forum held by the Austrian Chamber of Commerce, discussing with about 100 major Austrian enterprises and signing a series of economic cooperation agreements.

BEIJING, April 1 (Xinhua) -- Two Chinese vaccine makers Thursday confirmed they have shut down operations after their rabies vaccines were found to be substandard.The State Food and Drug Administration (SFDA) announced in December that a total of 215,800 units of rabies vaccines made by Jiangsu Ealong Biotech Co. and Hebei Bioforwell Co. from July to October 2008 had quality problems.The agency had ordered the two companies to halt production and sales.The confirmation came after media reports saying Ealong Biotech had resumed production and seven executives had been detained. Reports said the company had mixed an additive with the vaccine to reduce costs, leaving as many as 1 million people affected nationwide.Some local newspapers even reported that deaths or illness were likely caused by the faulty vaccines.Yan Jiangying, the SFDA spokesman, said the SFDA was yet to release investigation results as the probe was still underway.But Yan said people needed several injections to build up immunity as the 180,000 units of vaccines made by Ealong Biotech were not as effective as required by the drug watchdog.Liu Wu, general manager of Ealong Biotech, said the faulty vaccines may not provide protection against rabies as they were not up to national standards.But Liu said "We have not received any reports on adverse reactions in people receiving rabies vaccine shots."Liu also denied there were 1 million people affected, saying each person should receive five injections, or one unit, rather than receive one injection of each unit.The company had not produced or sold even one dose of rabies vaccine since Nov. 30, Liu told Xinhua.It also halted production of the A/H1N1 flu vaccine in February when the quality permit expired, he said.Liu also denied that seven company executives had been arrested and that they had put an additive in the vaccines.Ealong Biotech is the nation's fourth-largest rabies vaccine maker with a market share of 11 percent. It took orders from the Chinese government for 6.3 million doses of A/H1N1 flu vaccines in 2009, ranking third nationwide.Wang Kejing, deputy director of the food and drug administration in Sanhe city, where Hebei Bioforwell Co. is located, said the company had not sold even one dose of vaccine since April last year.Hebei Bioforwell Co., which only produced rabies vaccines, had been shut down for rectification. It said earlier that all the faulty rabies vaccines had been used, but they had received no reports of adverse reactions.In the northern Shanxi province, almost 100 children had died or fell ill after taking shots of vaccines for encephalitis, hepatitis B and rabies, the Beijing-based China Economic Times reported on March 17.The Ministry of Health has launched an investigation into the case after media exposure.

WASHINGTON, April 12 (Xinhua) -- Chinese President Hu Jintao and his U.S. counterpart, Barack Obama, met here Monday to discuss bilateral relations, the Iranian nuclear issue and other matters of common concern.The two presidents exchanged views on bilateral relations and major global and regional issues of common interests, and reached important agreement, Ma Zhaoxu, spokesman of the Chinese delegation, said.Both sides believed that a good China-U.S. relationship serves the common interests of the two countries and contributes to world peace, stability and prosperity, Ma said.Chinese President Hu Jintao (L) meets with U.S. President Barack Obama in Washington April 12, 2010. President Hu Jintao arrived in Washington on Monday to attend the Nuclear Security Summit slated for April 12-13.During the meeting, Hu said China and the United States should properly solve their economic and trade rifts through consultations on an equal footing and jointly uphold the larger interests of China-U.S. economic cooperation and trade.He also said the sound and stable development of China-U.S. economic and trade ties is good for China, for the United States and for the world economic development.On the Iranian nuclear issue, Hu said China hopes various parties will continue to step up diplomatic efforts and actively seek effective ways to resolve it through dialogue and negotiations.China and the United States have the same overall goal on the Iranian nuclear issue, he said.

BEIJING, May 8 (Xinhua) -- To achieve equitable development globally, China adheres to a principle of "common but differentiated responsibility" on climate change, a senior official said here Saturday.Xie Zhenhua, vice minister of the National Development and Reform Commission (NDRC), made the remarks at the International Cooperative Conference on Green Economy and Climate Change.Xie's comments came a day after Chinese Premier Wen Jiabao said that according to the principle of "common but differentiated responsibility," the international community should further clarify the mandatory reduction targets for developed countries and mitigation actions for developing nations."Developed countries discharged a great amount of greenhouse gases during their industrialization in the previous two centuries. That is the main cause of global warming," said Xie, one of China's leading negotiators for climate change talks. "That's why they should take most of the responsibility to reduce carbon emissions."Developed countries have already overused the earth's atmosphere for emissions, occupying what should be emission quotas for developing countries who are developing to meet their citizens' basic needs, he said."Developing countries are now beginning to industrialize. It is unfair to limit their development," Xie added.Xie said developed countries should transfer environmentally friendly technologies to developing nations and increase their aid to poor nations.Although a challenging task, China was likely to lower its energy consumption per unit of gross domestic product (GDP) by 20 percent at the end of this year compared with the 2005 level, he said.China would work to play a constructive role to promote a successful Cancun conference and further enhance dialogue and cooperation with the international community in terms of tackling climate change and promoting sustainable development of the world, he said.Five months after the Copenhagen talks and seven months before the Cancun conference, Saturday's conference was recognized as a platform to promote the materialization of pledges in the Copenhagen accord and urge for a fruitful Cancun conference.With a theme of "Low carbon, New energy and Sustainable development," the conference was organized by the China Center for International Economic Exchanges. The conference has invited top leaders, environment officials and entrepreneurs from both China and countries including Brazil, India, Mexico and South Africa.

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