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NEW YORK, April 26 (Xinhua) -- Jean-Claude Trichet, the president of the European Central Bank, called in New York on Monday for strengthening global governance amid the economic recovery process.The crisis showed that gaps in the system of global governance, in terms of both efficiency and legitimacy, have to be filled, Trichet said in a keynote speech at the Council on Foreign Relations in New York.Global governance in the financial sphere has fared during the crisis, he pointed out. "One dimension of international cooperation that I consider to have worked particularly well during the financial crisis has been that among central banks, both bilaterally and channeled through the various Basel-based committees.""But as much as some aspects of global governance appear to have passed the severe test of the global crisis, we should remember the significant shortcomings that may have contributed to creating the conditions for the crisis to happen in the first place," he added."One is the lack of coordination in financial regulation that was pervasive before the crisis and which encouraged financial institutions to engage in a large degree of regulatory arbitrage. This was the unavoidable result of the fact that while financial players were becoming increasingly global, and despite the remarkable efforts of the Basel Committee in respect of the banking sector, financial regulation remained largely national, with only relatively weak coordination at the international level, " said the president.

CANBERRA, May 13 (Xinhua) -- Australian Prime Minister Kevin Rudd met with visiting General Guo Boxiong, vice-chairman of China 's Central Military Commission, later on Thursday.In the meeting, Rudd praised China's reforms and opening up which massively upheaved its economy and the society, and said the achievements are unparalleled in the world.Rudd said the Australian government places importance in Sino- Australian relations. In recent years, there has been a very good political climate given the strengthened economic cooperation and closer exchanges between the peoples. He said today more and more people from China travel to and study in Australia which effectively promoted the understanding and friendship between the peoples.Rudd said Australia hopes to further strengthen dialogue and exchanges, enhance mutual understanding and trust to establish a " sworn friend" (zheng you) relations with China. He also hopes to see the defense and military relations between the two countries will further develop, adding that Australia is very optimistic in future Australia-China relations.Guo said although China and Australia are far apart, the two peoples have friendly relations. In recent years, such bilateral relations were maintained in a sound trend in general as there have been frequent diplomatic visits, and economic and trade cooperation continue to expand. Particularly, although both have gone through the financial crisis, the two countries' volume of trade is actually rising, instead of falling.He said continual development of Sino-Australian friendly relations and cooperation help increasing mutual understanding and trust, expand consensus and cooperation, which not only accords to the interests of the two peoples but also benefits to safeguard the peace and stability in the Asia-Pacific region.He said China places great importance in developing relations with the Australian military and is willing to make joint efforts with Australia to carry out multi-level, broad areas of pragmatic communication and cooperation that will enhance the military relations to a higher level.Guo arrived on Tuesday in Australia for an official visit. Since arrival, he held talks with Australian Defense Minister John Faulkner and met with Australian Foreign Minister Stephen Smith. He also visited related Australian Army forces and the Australian Defense College.

BEIJING, May 15 -- China is planning to raise the proportion of profits it collects from major State-owned enterprises (SOEs) in a move to balance income distribution, but analysts said the move should be bolder and the collected profits used to improve public well-being.The Ministry of Finance said on Tuesday that it might raise the ratio of profits of SOEs to be submitted to the State coffers.According to existing rules, monopoly enterprises under the administration of the central government in sectors like tobacco, oil, petrochemicals, power, telecommunications and coal mining should submit 10 percent of their post-tax profits, while the ratio for those in the iron and steel, transportation, electronics and trade sectors should be 5 percent.Financial corporations and companies in sectors like railways, transportation, education, culture, science and technology and agriculture are not included in the profit submission framework.The Ministry of Finance did not reveal by how much the ratio would be raised."It should be raised properly, and even if it were raised by 10 percentage points, it doesn't matter too much for those central enterprises, given their high profit level," said Zhang Wenkui, researcher with the State Council's Development Research Center.Central enterprises have been criticized by the public for having taken advantage of their monopoly or market predominance to make excessive profits. Some of them have further fueled public anger as they bid to purchase land at high prices, which is believed to have pushed up home prices.The central government collected profits of 14 billion yuan ( billion), 44.4 billion yuan and 98.9 billion yuan respectively in 2007, 2008 and last year from SOEs. In 2009 alone, however, the enterprises made profits totaling 965.6 billion yuan.

BEIJING, April. 15 (Xinhua) -- China's consumer price index (CPI), a main gauge of inflation, rose 2.4 percent year on year in March, the National Bureau of Statistics (NBS) announced here Thursday.The figure was 0.7 percentage points lower than the previous month, and for the first quarter, it was up 2.2 percent.The producer price index (PPI), a major measure of inflation at the wholesale level, rose 5.9 percent in March from a year earlier.China's PPI went up 5.2 percent year on year in the first quarter, said NBS.