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Chinese Vice President Xi Jinping (2nd L) addressed a meeting at which a group of heads of agencies of the Communist Party of China Central Committee and the central government discussed how to implement the Scientific Outlook on Development, in Beijing, capital of China, Dec. 12, 2008    BEIJING, Dec. 12 (Xinhua) -- Chinese Vice President Xi Jinping on Friday urged Communist Party of China (CPC) cadres to combine the spirit of "scientific development" with the nation's endeavors to deal with current economic problems.     Xi addressed a meeting in Beijing, at which a group of heads of agencies of the CPC Central Committee and the central government discussed how to implement the Scientific Outlook on Development.     Xi said the ongoing campaign to educate Party cadres on the Scientific Outlook on Development should focus on how to maintain a steady economic growth, despite global economic woes, through more scientific and efficient work.     He said this was desirable because the ultimate goal of the campaign was that China achieve sustainable, broad-based development under the leadership of the CPC.     The Scientific Outlook on Development represents important guiding principles for China's economic and social development. It was initiated by the CPC in 2003 and written into the CPC's constitution during the 17th National Congress of the Party in 2007.     The principles emphasize a people-first approach, while requiring comprehensive and sustainable development with a dual emphasis on speed and quality.     In September, the CPC launched an 18-month educational campaign, asking all Party cadres and officials to study the principles while applying them in their own work.     Xi Jinping said the annual Central Economic Work Conference, which concluded on Wednesday, had made a full plan on maintaining stable and healthy growth next year through domestic demand expansion and economic restructuring.     He said central government organs, often as key policy makers, should check whether shortcomings in their own work had hindered the implementation of the key policies.     "At present the top task for us is to identify and solve those shortcomings that could have negative impacts on economic growth, vital interest of the people and social stability," he said.

 BEIJING, Jan. 4 (Xinhua) -- Major Chinese lenders are expanding a preferential policy on house loan interests to cut the burden of the country's home buyers hit by the spreading financial crisis.     For individuals who bought houses on mortgage lending before Oct. 27, 2008 and have not paid off the loans, their credit interest rates could be reduced to 70 percent of the benchmark rate from the previous 85 percent, customer service staff of several banks told Xinhua on Sunday.     The discount will be available for Beijing, Shanghai and Qingdao clients of the China Construction Bank after their applications go through default record checks.     The Bank of China branch in Shanghai is also providing the preference but the Beijing branch keeps the rate unchanged.     The Industrial and Commercial Bank of China, the country's largest lender, and the Agricultural Bank of China are also making specific rules for similar rate discounts.     China's central bank announced in October it would reduce the lower limit of interest rates on individual house loans to 70 percent of the benchmark credit rate from 85 percent, starting from Oct. 27 last year.     The move was viewed as a stimulus to the flagging property market but it has been unclear whether house mortgage deals before that date can enjoy the favor.     Under the rate discount, home buyers with a 500,000-yuan (73,500 U.S. dollars) bank loan to be paid off within 20 years can save nearly 60,000 yuan of interest, analysts estimate.

BEIJING, Oct. 29 (Xinhua) -- China's central bank, the People's Bank of China (PBOC), announced on Wednesday it would cut benchmark interest rates by 0.27 percent to spur economic growth as of Oct. 30.     The benchmark one-year deposit rate would drop to 3.60 percent from 3.87 percent, while the benchmark one-year lending rate would fall from 6.93 percent to 6.66 percent.     This is the second such move in less than one month, highlighted the government's rising concern over the slowing economy and slumping capital market.     The previous was on Oct. 8, when the PBOC announced to cut deposit and lending rates was lowered by 0.27 percentage points and decided to cut the reserve-requirement ratio by 0.5 percentage points from Oct. 15.     "It reflects that the government is worried about a cooling down economy and other domestic problems, amid a deepening U.S.-originated world credit crisis, " said Tang Min, China Development Research Foundation deputy secretary.     China's gross domestic product (GDP) grew to 20.16 trillion yuan (2.96 trillion U.S. dollars) in the first three quarters of this year, up 9.9 percent from the same period of last year.     The growth rate was 2.3 percentage points lower than the same period of last year, and half a percentage point lower than the first half.     "This was also a timely response to the rate cuts by other central banks worldwide and part of a coordinated effort to stem the global financial crisis, " said Tang.     The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability, experts say.     Tang added, the easing in inflation has given room for the authorities to loosen monetary policy. Inflation is no longer a threat with the declining commodities prices.     China's consumer price index (CPI), the main gauge of inflation, rose 4.6 percent in September over the same period last year, off from the 12-year high of 8.7 percent in February.     "A lower interest rate will help domestic enterprises to cut business costs, and boost economic development. This is in line with the country's expectation," Tang noted.     Zhuang Jian, senior economist with Asia Development Bank echoed with Tang, saying a relaxed credit and financing environment is a key factor to enlarging domestic demand and boost consumption.     "Maintaining a fast and sound economic development is the government's top priority currently," Zhuang added.     However, Zhuang noted, monetary policy alone was not enough to boost domestic economy in the long term. Other fiscal policies were also very important.     Guo Tianyong, director of banking research center with Central University of Finance and Economics said, this move was also contribute to rebuilding people's confidence over the poorly-performing domestic stock market and real estate market.     China's stock market dropped more than 66 percent from its peak last October, while real estate prices continue to fall in recent months.     Last week, China announced an array of policies, including tax exemption and mortgage deposits reduction, to boost the falling real estate sector amid the global economic slowdown.     The interest rates on a mortgage for first time home buyers was cut by 0.27 percentage points as of Oct. 27. The floor for interest rates would be lowered to 70 percent of the central bank's benchmark rate, the central bank said.

 CAIRO, Dec. 24 (Xinhua) -- At the invitation of Egyptian Prime Minister Ahmed Mahmoud Mohamed Nazef, Chinese Vice Premier Li Keqiang arrived here on Wednesday afternoon for an official visit to Egypt.     "I believe my visit will promote the China-Egypt strategic partnership of cooperation to a higher level," Li said in a written speech upon arrival at the airport.     He noted that China attaches great importance to developing relations with Egypt and is ready to make joint efforts with the Egyptian side to consolidate the traditional friendship, deepen the strategic partnership of cooperation and enhance coordination in international and regional issues with Egypt. Visiting Chinese Vice-Premier Li Keqiang is greeted by Chinese people on his arrival at an airport in Cairo, capital of Egypt, Dec. 24, 2008.    During his four-day visit, Li is expected to meet Egyptian President Hosni Mubarak and hold talks with Nazef on bilateral relations with the Arab world and Africa, and regional, international issues.     Egypt is the second leg of Li's first overseas trip since he took office as vice premier in March. The trip has brought him to Indonesia and will bring him to Kuwait.     Among his entourages are senior foreign affairs, development, commercial and banking officials.

BEIJING, Jan. 1 (Xinhua) -- Chinese President Hu Jintao and his U.S. counterpart George W. Bush exchanged congratulatory messages Thursday to mark the 30th anniversary of the establishment of diplomatic relations between their two countries. Chinese President Hu Jintao(R) meets with U.S. President George W. Bush in Lima, capital of Peru, Nov. 21, 2008.    The establishment of diplomatic relations between China and the United States 30 years ago "is a milestone that marked a new chapter in the history of our relations and had a significant and profound impact on the international situation and the world's landscape," Hu said in his congratulatory message.     "For 30 years, thanks to the concerted efforts of generations of Chinese and American leaders and people of vision from all walks of life, we have made historic achievements in growing these relations," the Chinese president said.     "Our two countries have fruitful exchanges and cooperation in a wide range of areas. Our two peoples are increasing mutual understanding and friendship day by day. The strategic significance and global implications of China-U.S. relations have become all the more evident," Hu said.     "These facts have proven that the establishment and development of normal state-to-state relations between China and the United States serves the fundamental interests of our two peoples and go along with the trend of the times. They have not only delivered enormous benefits to our two peoples, but have also greatly contributed to peace, stability and development of Asia and the world at large," Hu said.     The world is now undergoing complex and profound changes, Hu said, adding under the new circumstances and in the face of new opportunities and challenges, China stands ready to work with the United States to build on past achievements, sum up and draw on experience in the development of China-U.S. relations, follow the principles of the three Sino-U.S. joint communiques, and remain committed to the development of a constructive and cooperative relationship.     China is willing to further strengthen dialogue and exchanges with the United States on the basis of mutual respect, equality, mutual benefit and win-win cooperation, enhance mutual trust and cooperation, and continuously expand the basis for cooperation and common interests between the two countries so as "to promote sound, stable and in-depth growth of our constructive and cooperative relationship", Hu said.     In his congratulatory message, President Bush said the decision by the two governments to open formal ties 30 years ago "transcended profound differences in our nations' histories, cultures, and political systems and bridged a seemingly impossible divide."     "The peoples of the United States and China have come to know each other well over the last 30 years. Together, we have built bridges between our two nations in every conceivable field – from commerce and trade to education, science, sports, and the arts," Bush said.     "Over the last eight years, the relationship between our two governments has become more constructive and cooperative, and we have made progress in addressing global challenges such as terrorism, pandemic disease, and the proliferation of nuclear weapons. We have worked as global leaders to promote open markets as the best way to foster economic dynamism and development," he said.     He hoped that over the coming 30 years "our governments will build on this foundation of goodwill and work constructively together to advance the causes of peace, stability, and development."     Bush expressed his confidence that working with common purpose and determination, China and the United States can successfully address global challenges to ensure that "our children inherit a truly better and safer world."

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