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SEOUL, Nov. 11 (Xinhua) -- Chinese President Hu Jintao held bilateral talks on Thursday with the presidents of South Korea, the United States and Russia, respectively, to discuss bilateral relations as well as regional and international issues including global economic recovery.The meetings took place after Hu arrived in Seoul earlier in the day for the summit of Group of 20 (G20) major economies in Seoul.RELATIONS WITH SOUTH KOREAWelcoming President Hu, South Korean President Lee Myung-bak said he believed China would play an important role in promoting international economic cooperation within the G-20 framework.The two presidents reached a consensus on further strengthening the bilateral relations and on how to successfully hold the G-20 summit.The healthy and stable development of China's economy is very important to the development of Asia and also to the recovery of the world's economy, Lee said.The South Korean president also voiced hopes for the two countries to strengthen their exchange activities with an aim to increase mutual trust and further develop their bilateral strategic partnership.Hu said the Seoul G-20 summit is the first to be held in an Asian country and also in an emerging market economy.Hu stressed that China and South Korea are important neighbors and partners and that China is willing to work with South Korea to advance the bilateral strategic partnership into a comprehensive one.Hu said China has always supported the improvement of relations between the Democratic People's Republic of Korea and South Korea."China is willing to play a constructive role in this regard," he said.Lee expressed his appreciation for China's efforts in maintaining peace and stability on the Korean Penisula.

BEIJING, Jan. 14 (Xinhuanet) --The country's GDP growth rate will slow to 8.7 percent this year from 10 percent in 2010, and a key challenge in 2011 will be to ensure that anti-inflationary measures do not "significantly" reduce growth, the World Bank said on Thursday.The bank estimates that global GDP, which expanded by 3.9 percent in 2010, will slow to 3.3 percent in 2011, before reaching 3.6 percent in 2012. Developing countries will continue to outstrip growth in developed countries, it said.Amid credit-tightening measures to combat inflation and surging property prices, China's growth is expected to ease to 8.4 percent in 2012, the bank said.Despite the slowdown, China will spearhead Asia's economic expansion. According to the bank's forecast, the overall growth rate for developing Asian economies will ease to 8 percent from last year's 9.3 percent as governments rein in credit to cool inflationary pressures."For China, a big concern is how to ensure a soft landing of the economy without significantly reducing growth when the government takes measures to curb inflation," said Hans Timmer, director of development prospects at the World Bank.The consumer price index (CPI), a main gauge of inflation, accelerated to a 28-month high of 5.1 percent in November from a year earlier and most economists predict that it will be in the region of 4 to 4.5 percent this year.In a bid to combat inflation, the central bank hiked interest rates by 25 basis points twice in the last quarter of 2010.Ardo Hansson, lead economist of the World Bank's Beijing Office, said the country needs more flexibility in its foreign exchange policy to fight inflation.China's central bank set the yuan's mid-point beyond 6.60 against the US dollar for the first time on Thursday, breaching an important barrier just days before President Hu Jintao's visit to the United States next week.The People's Bank of China set the mid-point, from which the currency can rise or fall 0.5 percent on a given day, for daily trading against the dollar at 6.5997, the first time it had broken through 6.60.The yuan has risen around 3.6 percent since June when authorities dropped a peg with the US dollar that had been set to support the economy during the global financial crisis.Some US politicians have been pressing China to allow the currency to rise at a faster pace to help narrow a trade gap.US Treasury Secretary Timothy Geithner repeated his call on Wednesday for a faster appreciation of the yuan and added that such a move could lead to an easing of restrictions on US technology exports to China, with both civilian and military use."The recent quickened pace of yuan appreciation could be considered as a gesture by the Chinese government before Hu's visit to the US," said Dong Xian'an, chief macroeconomic analyst with Industrial Securities.According to Dong, the yuan will appreciate by 5 to 6.6 percent this year, "a moderate pace".Wang Tao, chief China economist at UBS Securities, said they expected the currency to grow by 5 percent in 2011.The yuan can now be increasingly used in cross-border transactions, in a bid to reduce dependence on the US dollar after Premier Wen Jiabao said in March that he was "worried" about holdings of dollar-denominated assets.The central bank is allowing banks and enterprises in areas that carry yuan-settled trade to use yuan-denominated investment overseas directly, it said in a statement on its website on Thursday, describing the initiative as a pilot program.According to data from HSBC, the average monthly volume of yuan-settled trade surged from 0.6 billion yuan ( million) in 2009 to 68 billion yuan between June and November 2010. And one-third of China's cross-border trade may be settled in yuan by 2016, as the government pushes for the internationalization of the currency.

BEIJING, Dec. 20 (Xinhua) -- A senior leader of the Communist Party of China (CPC) has called on judicial and public security authorities to step up efforts to resolve social conflict and embrace fairness in law enforcement.Zhou Yongkang, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, made the remarks at a three-day meeting in Beijing attended by CPC officials from local governments and leaders of judicial and public security departments. Zhou Yongkang (C, back), a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, remarks at a three-day meeting in Beijing attended by CPC officials from local governments and leaders of judicial and public security departments, in Beijing, capital of China. China is challenged by the heavy task of safeguarding national security and maintaining social harmony and stability over the next five years, he said at the meeting, which ended Monday.Efforts should be made to address issues related to people's immediate interests, like public security and social justice, he stressed.Zhou called on judicial and public security authorities to continue their fight against violent crime, terrorism and separatism in accordance with the law.

BEIJING, Dec. 22 (Xinhua) -- Chinese auditors found 142 million yuan (21 million U.S. dollars) were wrongly paid to central government departments as reimbursements of fake invoices in June this year, and now 68.31 percent of the funds, or 97.37 million yuan, had been recovered.The remaining fake invoices, valued at 45.03 million yuan, have been transferred to supervisory organs or judicial authorities for further investigation, according to a report submitted Wednesday to the 18th session of the Standing Committee of the 11th National People's Congress (NPC), running from Dec. 20 to 25.A total of 5,170 invoices were confirmed fake among the 29,363 "problematic" invoices by 56 central departments, says the report.According to the report, China's National Audit Office (NAO) had recovered 5.34 billion yuan of funds which were found embezzled in 2009, by the end of October this year.A total of 95 officials were arrested, prosecuted, or convicted in the process, and 1,103 received disciplinary punishments, says the report.

BEIJING, Dec. 31 (Xinhua) -- The Chinese government has ordered a crackdown on pirated videos of two Chinese New Year blockbusters "Let the Bullets Fly" and "If You Are the One II."The two Chinese movies are both big hits of the New Year movie season. "Let the Bullets Fly" has raked in over 400 million yuan (59.7 million U.S. dollars) in box office since its debut on Dec. 16, while "If You are the One II" has made 200 million yuan within five days since its release.The crackdown was ordered by the National Office Against Pornographic and Illegal Publications and the General Administration of Press and Publication "in order to protect and boost the development of China's film industry," a statement from the office said Friday.The statement said the crackdown is part of a half-year national campaign against infringement of intellectual property rights (IPR), which is underway.The two departments asked local market watchdogs to enhance market inspections to weed out illegal workshops producing pirated video products.

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