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RAMALLAH, Oct. 14 (Xinhua) -- Visiting Chinese Middle East envoy Wu Sike on Thursday met with Palestinian President Mahmoud Abbas in Ramallah, discussing the bilateral relations and the current status of Israeli-Palestinian peace talks.Referring to the Palestinian issue as the core of the Middle East issue, Wu said that China firmly supports the Palestinian people's efforts for their national rights.China urges Israel and the Palestinians, based on the relative U.N. resolutions, the principle of "Land for Peace," the Arab Peace Initiative and the "Road Map for Peace" plan, to solve their disputes through negotiations, and to establish a Palestinian state with independent and full sovereignty, thus realizing the peaceful coexistence of the two sides, the envoy added.China's Middle East Special Envoy Wu Sike (L) meets with Palestinian President Mahmoud Abbas in the West Bank city of Ramallah, on Oct. 14, 2010.Wu said that China, deeply concerned about the ongoing stalemate in the Israeli-Palestinian peace talks, supports the current direct talks and understands the Palestinians' position on the Jewish settlement issue, and urged the parties to push forward the peace process with constructive measures.Israel and the Palestinians resumed direct negotiations early September. However, the talks were halted when Israeli settlers restarted building in the West Bank after Sept. 26, when Israel's 10-month settlement construction moratorium ended. The Palestinian National Authority has made clear that it will enter the parley only if Israeli government extends the freeze.Regarding the Palestinian internal reconciliation, the envoy said that China supports the reconciliation process, urging the Palestinian fractions to resolve their differences through dialogue and negotiation.During the meeting, Abbas speaks highly of the active role that China has played in promoting the Middle East peace process, and China's long-term support and assistance to the Palestinians.The Palestinian side is willing to, with the support of relative parties and international community, make efforts to solve the difficulties facing the peace talks and push the negotiations to move in a positive direction.Wu also met with Palestinian Foreign Minister Riyad al-Malki and Chief Negotiator Saeb Erekat on Thursday, after holding talks with Israeli officials one day earlier.

BEIJING, Oct. 11 (Xinhua) -- The value of yuan, China's currency Renminbi, hit new high against U.S. dollar Monday as the central parity rate of the yuan was set at 6.6732 per U.S. dollar, according to the data released by the China Foreign Exchange Trading System.Monday's central parity rate beat the previous record of 6.6830 on Oct. 8.The yuan has picked up its strength against the U.S. dollars and seen increased volatility in the trading days since the People's Bank of China (PBOC), the central bank, announced on June 19 this year to increase exchange rate flexibility.Based on Monday's central parity, the Chinese currency has strengthened against the U.S. dollar by about 2.26 percent from the rate of 6.8275 per U.S. dollar that was set a day before the PBOC's pledge to increase flexibility.On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate during trading each day.China would continue reform of the formation mechanism of its currency exchange rate to improve its flexibility, but will do so in a gradual way, Zhou Xiaochuan, Governor of the People's Bank of China, China's central bank, said in Washington on Sunday.

BEIJING, Nov. 5 (Xinhua) -- The quota shift, or the voting power redistribution of the International Monetary Fund (IMF), is just the start of IMF reform, a senior Chinese foreign affairs official said here Friday."G-20 leaders have pleged that progress should be made in terms of IMF quota reform prior to the Seoul summit, and now we will honor the commitment," said Chinese Vice Foreign Minister Cui Tiankai at a news briefing on China's outlook for the G20 summit in Seoul next week.At a G-20 finance ministers' meeting held last month, participants agreed to shift six percent of the IMF quota to emerging or under-represented countries such as China, India and Brazil, from developed economies."This is obvious progress," Cui commented on the proposal forged at the minister-level meeting, adding that the Chinese side hoped the IMF's board would agree on the quota transfer."China is one of the under-represented countries and it's rational and sensible to give China more quota," said the vice foreign minister.China would not try to maximize its own interests, but seek an all-win situation with other emerging economies and other IMF members, Cui added.Cui said the quota shift was far from the end of the IMF reform and he looked forward to more changes to the financial institution."This is not the end, not even the beginning of the end, but the end of the beginning," Cui said.Many countries have said that the way to calculate the quota itself needs to be reformed, as well as the IMF governance structure.

SHANGHAI, Oct. 23 (Xinhua) -- An official of one of China's top government think tanks called on Saturday for the readjustment of the nation's breakneck expansion of the auto industry as an explosion of new cars on China's roads aggravates problems with pollution and congestion.Liu Shijin, deputy director of the Development Research Center of the State Council, told a forum that the government should shift its guidance to automakers from mere pursuit of output capacity to environment-friendly and energy-saving targets.Also, auto manufacturers should strengthen their safety and quality control standards, he said.Sales of domestically-manufactured autos rose 36 percent year on year to reach 13.14 million units in the months through September, as lower-priced automobiles have become more affordable for better-off Chinese people, according to data released by the China Association of Automobile Manufacturers (CAAM) on Oct. 12.In fact, annual sales and production could exceed 17 million, CAAM said.Although the expansion has brought an industrial boom to the country and boosted domestic demand, it has also triggered widespread concerns over the country's energy capacity, pollution levels and notorious traffic jams.In Beijing, the increasing number of private cars, along with heavy rainfall and a spurt in holiday travel, caused a record 140 traffic jams on a single Friday evening last month. In some parts of the city on that day people spent nearly two hours on what would normally have been a 15-minute commute.Further, Liu said increasing social problems arising from the country's industrial boom has made its future development unsustainable, which is a test for the government.He also suggested government allow market forces to play a larger role in allocating resources, and also permit uncompetitive producers to be phased out.

XINING, Oct. 16 (Xinhua) -- Ten people died while 34 others were injured after a passenger bus plunged over a bridge in a mountainous region in northwest China's Qinghai province on Saturday, local police said.The accident occurred in Dulan county, Mongolian-Tibetan-Kazak Autonomous Prefecture of Haixi, at 4: 59 a.m. Saturday, police said. At least two children were among the dead.The injured are being treated in a major hospital in the nearby Golmud city, police and hospital sources said. Three of them remain in critical conditions.An initial probe said the driver's misjudgment was to blame.