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UNITED NATIONS, Jan. 1 (Xinhua) -- China on Friday assumed the rotating presidency of the UN Security Council for the month of January.     China will perform its duty as the rotating Council president in an objective and fair way and work with other Council members to maintain international peace and security, said Zhang Yesui, China's permanent representative to the United Nations, in a recent interview.     China will do its utmost to make sure that the Security Council works in a smooth and efficient way, Zhang added.     The Security Council presidency rotates among the Council members in the English alphabetical order of their names. Each president holds office for one calendar month. China previously assumed the presidency in October 2008.     As a permanent member of the Security Council and the largest developing country in the world, China fully participates in the work of the United Nations and plays a constructive role, Zhang said.     Under the UN Charter, the Security Council has the primary responsibility for the maintenance of international peace and security in the world at large.     The Council has 15 members: five permanent members -- China, France, the Russian Federation, the United Kingdom and the United States -- and 10 non-permanent members elected by the UN General Assembly for two-year terms.     Also on Friday, Bosnia and Herzegovina, Brazil, Gabon, Lebanon and Nigeria began their two-year terms on the 15-nation Council.     The five new Security Council members were chosen after running uncontested races for the non-permanent seats, and they were duly elected by the 192-member General Assembly during a secret ballot at the United Nations Headquarters in New York in October 2009.     The five countries joined Austria, Japan, Mexico, Turkey and Uganda, whose terms on the Council end on Dec. 31, 2010.

BEIJING, Nov. 25 (Xinhua) -- A Chinese diplomat told reporters Wednesday a substantial content is more important than the title of the outcome of the forthcoming climate talks in Copenhagen, Denmark.     The key to success of the conference is to uphold the UN Framework Convention on Climate Change (UNFCCC), the Kyoto Protocol, the principle of "common but differentiated responsibilities" and the Bali Road Map, said Yu Qingtai, special representative of the Foreign Ministry for the UN climate change talks.     "No matter what the title of the conference outcome will be, we must follow the principles of the UNFCCC and the Bali Road Map," Yu said.     He said China's determination in coping with climate change has never wavered and it has never relaxed efforts in this regard though the global financial crisis has posed a severe challenge for the country's economic growth.     However, it is unfair to make developing countries shoulder the same responsibilities as rich countries on emission reduction, Yu said.     "The principle of 'common but differentiated responsibilities' is the foundation for international cooperation, and denial of the principle undermines the basis for international partnership," Yu said.     "Common but differentiated responsibilities" was set up in the UNFCCC, which was signed by more than 150 countries in 1992.     In less than two weeks, the 15th Conference of the Parties of the UNFCCC will open in Copenhagen to renew greenhouse gas emissions reduction targets set by the UNFCCC Kyoto Protocol, the first stage of which expires in 2012.

BEIJING, Oct. 26 -- Delegations from more than 84 countries and regions will participate the ITD conference Monday, and a host of international experts from governments, the private sector and academia will make presentations and lead discussions on this important topic.     The ITD is a cooperative venture formed in 2002 and comprised of the International Monetary Fund (IMF), the Organisation for Economic Cooperation and Development (OECD), the World Bank, the Inter-American Development Bank, the European Commission and the UK Department for International Development.     Its purpose is to foster dialogue on important topics in tax policy and administration and to function as a disseminator and repository of information on matters of interest in taxation around the world, through its website, www.itdweb.org.     The IMF attaches great importance to its role as a founding member of the ITD. Recent events in the world economy have made even clearer the necessity of international cooperation and sharing experience in economic matters, and this is the very purpose, which the ITD serves.     The topic of this conference is a timely and critical one. The world has been reminded recently and forcefully of the great importance of the financial sector for macroeconomic stability, growth, and development goals. The sector plays a critical intermediating function - without it credit could not exist, capital could not be channeled to useful purposes and risks could not be managed.     The conference will take place against the background of the worst financial and economic crisis to strike the world in three generations, and, while taxation was not itself the cause of the crisis, elements of the tax system are relevant to its background and resolution.     Most tax systems embody incentives for corporations, financial institutions and in some cases individuals to use debt rather than equity finance.     This is likely to have contributed to the crisis by leading to higher levels of debt than would otherwise have existed - even though there were no obvious tax changes that would explain rapid increases in debt. Tax distortions may also have encouraged the development of complex and opaque financial instruments and structures, including through extensive use of low-tax jurisdictions - which in turn contributed to the difficulty of identifying true levels of risk.     The magnitude of the fiscal challenges facing the world economy is greater than at any other time since World War II.     Estimates done by IMF staff on the fiscal adjustment necessary to bring government debt-to-GDP ratios down to 60 percent by 2030 - over 20 years hence - show a gap in the cyclically adjusted primary balances of some 8 percentage points of GDP in advanced economies to be closed between 2010 and 2020.     This cannot all be accomplished by expenditure reduction. New, or increased, sources of revenue will need to be found, on average perhaps 3 percentage points of GDP. While improvements in compliance and administration could account for some of that gap, it will be necessary to adjust tax policies to a degree not hitherto seen on a wide scale.     Although the world economy remains weak with downside risks and much hardship remain, signs of improvement are thankfully now visible.     This is an opportune juncture, therefore, to begin the work of planning countries' exits from the deteriorated fiscal positions developed in response to the crisis, and to give thought to questions raised by the performance of the financial sector in triggering the crisis.     What role can better tax policies and administration play in preventing a recurrence of this costly episode in economic history?     The financial sector has been, and must continue to be, a critical link in the development of the world's economies. The sector has played a key role in accelerating the development of the emerging markets - many of which, prior to this most recent episode, had grown able to tap the world's financial resources at an increasing rate unparalleled in history.     And for the world's most vulnerable economies, continued financial deepening will be absolutely necessary to permit them to meet their development goals. The upcoming conference will consider the role of taxation in both the industrial and developing countries with respect to these goals.     The conference will address not only the role of the financial sector as a source of revenue itself, and its broader role in the development and growth of the world economy, but also its function in assisting in administration of the tax system-through information reporting, collection of tax payments, and withholding.     This latter role will become ever more important with growing international cooperation in fighting tax evasion and avoidance.     Finally, we must not lose sight of the main function of the tax system - to raise revenue in an economically efficient, non-distortionary, and administratively feasible manner.     Even fully recognizing the existence of both market failures and policy-induced vulnerabilities, including those that contributed to this crisis, it is important to avoid accidentally introducing distortions through the tax system that may prove worse than the evils they are intended to remedy.     "Neutrality" of taxation of the financial sector in this sense is a benchmark against which deviations from this objective may be measured and judged.     One must ask whether any proposed interventions are targeted at a recognized externality or existing distortion, and, if so, whether the proposed action is the most appropriate response. And the multilateral institutions, in particular, must look to the effects which the financial sector and its taxation may have not only on the world's highly developed economies-those with the greatest depth of financial intermediation-but at the effects, direct and indirect, on the world's developing nations.     International cooperation on these matters will be critical to making improvements that will benefit all of us. This week's important event, hosted by the Chinese government and organized by the ITD, is itself a model in this regard.

SHANGHAI, Nov. 16 (Xinhua) -- Visiting U.S. President Barack Obama said here Monday the United States does not seek to contain China's rise and he welcomes China to be a "strong and prosperous and successful member of the community of nations."     Obama made the remarks during a dialogue with Chinese youths in China's economic hub Shanghai.     He said the world is fundamentally interconnected and power in the 21st century is no long a zero-sum game.     "The jobs we do, the prosperity we build, the environment we protect and the security we seek are all shared, " he said. "One country's success does not come at the expense of another."     He arrived in Shanghai late on Sunday and met city officials Monday morning before his meeting with young Chinese.     He will head to Beijing Monday afternoon.

BEIJING, Nov. 28 (Xinhua) -- Chinese President Hu Jintao has urged unswerving efforts to improve the building of the Communist Party of China (CPC) to secure the Party's role as the steel core of the country's leadership.     Hu, also general secretary of the CPC Central Committee, made the call at a group study of the members of the Political Bureau of the CPC Central Committee on Friday.     With more than 75 million members and 3.7 million grassroots organizations, the CPC shoulders a tough task of Party building and management to lead the country's 1.3 billion people in economic and social development, Hu said.     To promote a democratic and scientific decision-making mechanism for the Party and government is a crucial task for the Party, he said.     In an era of great development and major transformation, Hu stressed, the CPC is facing long-term, complex and severe tests of challenges it would encounter as a ruling party in the process of reform, opening up, and implementation of market economy.     To improve Party building is also an urgent requirement of coping with the international financial crisis and maintaining the country's economic growth, Hu said.     He urged CPC organizations at all levels to promote organizational construction, improve regulations and fight against corruption.     The Party should also establish and improve an institutional system based on the Party's Constitution and the principles of democratic centralism...and ensure the Party's unity and strengthen the Party's vigor of innovation, Hu said.

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