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BEIJING, May 8 (Xinhua) -- China on Friday honored dozens of military organizations and individuals for their contribution to the nation's quake relief or scientific research work.     President and Chairman of the Central Military Commission Hu Jintao signed a decree awarding merits to 15 organizations and 28 individuals with the People's Liberation Army (PLA).     Three classes of merits were meted out in accordance with the receivers' contribution.     Ten units and individuals were cited for their relief efforts after the 8.0-magnitude earthquake struck southwestern China on May 12 last year, two for "remarkable troop building," five for "achievements in major scientific experiments," two for artist creations and the rest for achievements in scientific researches, according to the decree.     In a separate decree signed by Hu, four other soldiers and officers were awarded honorable titles as being "model examples" for their peers.     One of them, Meng Xiangbin, was given the honor posthumously as he was drowned while trying to save a suicidal woman from a river in eastern Zhejiang Province in 2007.

BEIJING, May 3 (Xinhua) -- Decoupling from the world, and the economic downturn much of it is experiencing, has proven impossible for China. But its resilience is receiving more recognition, with many leading financial institutions upgrading their 2009 growth forecasts since mid-April.     The adjustments for gross domestic product (GDP) growth, ranging from 0.5 to 2.3 percentage points, were based on signs of a turnaround in the first quarter. These indicators included stronger-than-expected real GDP growth, recovering property investment, a pick-up in power consumption and a surge in bank lending.     Merrill Lynch & Co. said it expected China's GDP to grow 7.2 percent in the second quarter and 8 percent this year, while Goldman Sachs raised its projection from 6 percent to 8.3 percent, the most optimistic forecast so far. Other forecasts include UBS, which raised its estimate by 0.5 point to 7 percent and CLSA Asia-Pacific, which lifted its outlook by 1.5 point to 7 percent.     China's policymakers can take heart from these forecasts. Every upward revision, big or small, given the global economic slowdown, might point to a better chance for the nation to achieve its 8-percent growth target. That level of growth is considered necessary to raise living standards while maintaining social stability.     But there's still the question of whether rapid growth is sustainable. Some analysts believe it isn't unless China can rebalance its economy and achieve higher efficiency, lower environmental costs and a more reasonable balance among investment, trade and consumption.     QUANTITY OR QUALITY?     In an interview with Xinhua, Stephen Roach, chairman of Morgan Stanley Asia, urged Chinese authorities to get more serious about stimulating private consumption because the global economy remains "pretty weak" and might only achieve a weak recovery.     "China has responded to the crisis the way it has always responded to global problems. That is, using proactive fiscal stimulus mainly in the infrastructure area to provide temporary support in the downturn until the global economy comes back. It worked in the 1997 Asian financial crisis and the 2000-2001 mild recession. But this is a different sort of problem," said Roach.     "Once the stimulus wears off and if there is no follow-through, the Chinese economy will weaken again. I don't think exports will recover in the weak global economy."     Domestic economists voice similar worries, saying that the speed of growth doesn't matter as much as the quality. Liu Shangxi, deputy dean of the Research Institute for Fiscal Science at the Ministry of Finance, said that the 6.1-percent year-on-year growth in the first quarter had been "fairly good" for China. But, he said, "sometimes, it's worth slowing down a bit to have the economy move more stably."     Wang Xiaoguang, an economist with the National Development and Reform Commission (NDRC), the chief planning agency. said that the government's annual growth target had become mostly symbolic.     For five years in a row, the target was 8 percent, and for five years in a row, the growth rate overshot the target. Wang said the government had faced a dilemma: a cut in the target might undermine public confidence while a rise might tempt local governments to over-invest to meet a high growth target.     The turnaround signs mostly reflected the impact of the 4-trillion-yuan (586 billion U.S. dollars) stimulus package. Meanwhile, retail sales still trailed investment in contributing to growth. Local economists warned that the economy remained unbalanced and vulnerable.     "Historical records show that adjustments in the Chinese economy would take two to three years, on average. Seven months have passed since the impact of the global financial crisis began to tell on the local economy.     "With a turnaround in sight, recovery might come earlier than expected but there are still risks of a further slowdown," Chen Dongqi, deputy chief of the Macro-Economic Research Institute under the NDRC, told a business development forum in Guangdong in late April.     BUYING CURE     It's widely accepted among economists that China should boost domestic private consumption by leading individuals to buy more and save less. The key question is: how?     "Two big programs" Roach advocates call for doubling the investment in social security immediately to 150 billion U.S. dollars and establishing a goal of raising consumption as a share of the economy from 36 percent to 50 percent within five years.     "What I think is missing here is the social safety net, social security pension and unemployment insurance. Because of the absence of the safety net, China has seen a high level of precautionary saving," he said.     Roach suggested that China develop a private pension system in particular so total employee compensation could rise in tandem with productivity. "Chinese companies need to partner with their workers and provide medical care [and] retirement investing for their workforce. Chinese workers' total pay package should have both wages and benefits," he said.     Liu agreed that the primary task in expanding consumption was to raise incomes. "Securing the legitimate interests of workers is particularly significant when the economy slumps. It would be like drinking poison to quench one's thirst if businesses sought to expand corporate earnings at the cost of workers' pay and benefits," he said.     Low labor costs and massive capacity have propped up China's prosperity over the past decades. But the proportion of wages to national income has been on a long decline since the 1990s.     Between 2002 and 2006 alone, economists estimate the figure dropped from 62.1 percent to 57.1 percent. Meanwhile, the contribution of consumption to GDP growth fell from 43.6 percent to 38.9 percent.     "A more meaningful index to judge the sustainability of China's economic growth would be the proportion of wages to national income," Liu said. "If this ratio did not rise, people would remain poor, and thus expanding consumption would be empty talk."     Chinese are far from wealthy. Only 4 percent of the workforce, and just 10 percent of the urban workforce, earn more than 2,000 yuan a month, the threshold for individual income tax.     As Chinese residents hold 2.43 trillion yuan in aggregate deposits, economists say one immediate way to boost consumption would be to stabilize spending on staple property -- including housing and automobiles -- and support tourism and cultural activities.     "People spend much of their money on housing and food. The government should encourage people to entertain themselves more," Wang said.     CHINA 'NO LOCOMOTIVE'     Although China might be the first major economy to recover from the downturn, economists disagree on when China will return to sustained high growth.     Morgan Stanley, for example, has forecast a firm recovery by mid-year, but said sustainable growth through 2010 would still hinge on what happens in other countries.     "China will be stronger. But will that strength be enough to allow others to follow in its footsteps? I don't think so," said Roach.     "Most of China's resilience comes from infrastructure building, roads, property consumption ... [this] won't have an impact on the United States and Europe. This resilience is only temporary while its stimulus is local rather than global."     Central bank governor Zhou Xiaochuan also warned in late April during World Bank-IMF meetings in Washington that the rebound in China's economy had to be consolidated. He said conditions in China would permit rapid economic development again, once macroeconomic policies such as the stimulus plan took effect.     Challenging internal and external conditions, he said, included continuously shrinking external demand, a relatively large decline in exports, overcapacity in some industries, falling government revenue and lingering employment pressure.     As China emerges from the shadow of the downturn, together with many of its Western partners, the world is closely watching the socialist market economy that it is still trying to develop.     It was interesting to see that there was much "the ideologically-constrained West" could learn from China, just as there was much China could learn from the West, said Roach.     "China has gone slow in many areas, especially in the opening up of its financial market. But China made the right choice," he said.     "Focusing on stability is a huge plus for China. But the nation must be vigilant in its financial policies, especially monetary and regulatory policies, and not allow asset bubbles and financial innovations it doesn't understand," said Roach.

RAMALLAH, June 23, (Xinhua) -- With more than 30 years of involvement in the work related to the Middle East issue, China's new special envoy to the Middle East Wu Sike said on Tuesday that he'll employ his personal experience on the region to help fulfill his mission.     Wu arrived in the West Bank city of Ramallah on Tuesday, starting the second leg of his first regional tour as China's new special envoy.     Upon his arrival, Wu told Xinhua that Chinese and Palestinian peoples have a traditional friendship, China has been long supporting the righteous Palestinian cause, with the positive sign emerged recently on the peace issue, China, along with the international community, is concerning on how to revive the peace process and push forward the process toward a final solution.     With this concern, Wu said the aim of his trip is to know the attitude and response of all sides involved in the peace process on the newly emerged situation, lay out China's stance on the issue, and exert efforts to boost the process with all sides in coordination.     Touching upon the issue of the internal Palestinian dispute between factions, mainly the rival Fatah and Hamas, Wu said Palestinian unity is crucial to solve the Middle East issue.     "Hamas is a major Palestinian faction, which enjoys strong public support," said the envoy, adding that, "it'll be important if Hamas can take an positive attitude toward the peace process and involved in it."     Wu said China is willing to see the success of the internal Palestinian dialogue, and is ready to make efforts on helping Palestinians to achieve national unity.     Wu, former Chinese ambassador to Egypt, was appointed as the special envoy in March this year to replace Sun Bigan.     He has been director of the Department of West Asian and North African Affairs of the Foreign Ministry, ambassador to Saudi Arabia and Egypt, and also the first Chinese plenipotentiary to the Arab League.     Citing his three-decade long diplomatic experiences in the region, Wu said that he witnessed both the disasters and losses caused by conflicts and the development, stability and opportunities brought by peace tracks between countries in the region.     "The contrast between the two tracks makes me convinced that military confront could not bring about the resolution of the Middle East issue, and the only way out is through peace negotiations," said the envoy.     Bearing the belief, the envoy said he will discuss both his personal experience and China's stance on the Middle East issue with all sides during his mediation, and actively involve in the peace process to fulfill his mission. 

ROME, May 21 (Xinhua) -- China's top legislator Wu Bangguo met with Italian President Giorgio Napolitano here on Thursday afternoon, and the two leaders exchanged views on how to address the current global financial crisis.     Wu, chairman of the Standing Committee of the National People's Congress (NPC), the top Chinese legislature, said China is positive about the results of the London G20 summit and appreciates the efficient efforts that Italy has made in preparation for the dialogue meeting between the leaders of G20 countries and five major developing countries (8+5 dialogue). Wu Bangguo (L), chairman of the Standing Committee of the National People's Congress of China, talks with Italian President Giorgio Napolitano in Rome, May 21, 2009.     Wu emphasized that against the background that the financial crisis continues to spread in the world, the international community should strengthen cooperation by implementing the consensus of the G20 summit, curbing the slide of economy and opposing protectionism. In the meantime, the international community should push forward reform of the international financial system and establish a new order of world economy.     Napolitano agreed with Wu's comment, saying that the global impact of financial crisis proved the increasingly close links among different economies. He said global challenges call for a globalized resolution. Italy is ready to strengthen cooperation with China and other developing countries at the 8+5 dialogue.     Napolitano stressed that Italy will join hands with China to firmly oppose trade protectionism and address the international financial crisis.     On China-EU relations, Wu said a strong Europe and a developing China share broad common interest and can contribute to world peace and development. He said China supports the integration process of the European Union, adding that the EU should play an active role in regional and international affairs.     Wu said China places great importance on developing relations with the EU. He expressed the wish to deepen practical cooperation in all fields and expand trade and investment. He said the two sides should carry out dialogues and communication on major issues on the basis of mutual respect of sovereignty and non-interference in each other's internal affairs.     Napolitano said as an important member of the EU, Italy is ready to play a constructive role in the regional bloc and help push for a healthy, stable development of EU-China relations.     Napolitano said China's development will not only benefit the Chinese people, but also contribute to peace and development of the world.     Wu said that China is still a developing country, with its per capita GDP ranking below 100th place in the world. He said China will continue to focus on development by working on economic restructuring and industry upgrading. China has adopted composite measures to address both current difficulties and long-term need so as to achieve all-round, balanced and sustainable development.     Wu is on an official goodwill visit to Italy.

HONG KONG, June 30 (Xinhua) -- The renminbi deposits with authorized institutions in Hong Kong rose 0.8 percent in May to 53. 4 billion yuan (7.8 billion U.S. dollars), representing about 2 percent of the foreign currency deposits, the Hong Kong Monetary Authority said Tuesday.     The total deposits rose 2 percent in the same month, with the HK dollar deposits rising 2.7 percent as the expansion in demand and savings deposits exceeded the contraction in time deposits.     Foreign currency deposits climbed 1.4 percent.     Seasonally-adjusted HK dollar M1, the narrowest measure of money supply in an economy, rose 9.6 percent in May and 26.8 percent from a year earlier. Unadjusted HK dollar M3, the broader measure, grew 2.5 percent in May and 8.1 percent year on year.     Hong Kong, a southern Chinese special administrative region and free trade hub, has been trying to foster the development of RMB financial market recently with a pilot scheme using yuan for cross- border trade settlement and the issuing of yuan-denominatedbonds in Hong Kong by local and foreign banks operating in the mainland.

来源：资阳报