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BEIJING, Jan. 29 (Xinhua) -- Principled consensus was reached between China, European Union Naval Force, the North Atlantic Treaty Organization (NATO) and the Combined Maritime Forces (CMF), China's Ministry of National Defense said on Friday.The consensus, outlining the shipping escort cooperation based on "areas of responsibility" in the Internationally Recommended Transit Corridor (IRTC), was approved Thursday at the the plenary meeting of the Contact Group on Piracy off the Coast of Somalia in New York, said a statement from the ministry.Previously, China had suggested cooperation be based on "areas of responsibility" under the UN Security Council resolutions while EU, NATO and CMF proposed coordination guidelines of the IRTC.China and the three parties conducted rounds of consultations at the contact group meeting, international coordination meeting in Beijing and the Shared Awareness and Deconfliction (SHADE) system meeting in Bahrain.The final principled consensus absorbed components of "areas of responsibility" in escort missions cooperation and the coordination guidelines of IRTC, showcasing concerted effort by all parties.China always takes a positive and open attitude towards international cooperation on shipping escorts, and would like to cooperate with countries and organizations in line with UN Security Council resolutions for peace and stability in the Gulf of Aden and Somalia waters, said the statement.

BEIJING, Jan. 27 (Xinhua) -- Both output and sales values of China's machinery industry exceeded 10 trillion yuan (1.46 trillion U.S. dollars) last year, the China Machinery Industry Federation (CMIF) said here Wednesday.Output value reached 10.75 trillion yuan in 2009, up 16.07 percent from the year earlier. Sales value was 10.48 trillion yuan, up 16.11 percent,said Wang Ruixiang, the CMIF director.From January to November last year, the sector's profits reached 581.6 billion yuan, up 22.8 percent year on year.The auto sector was the "engine" that drove the overall growth of the industry last year, said Wang, adding nearly 30 percent of output value of the machinery industry was generated by automakers.Wang predicted the machinery sector would reach a 15 percent growth in output and sales values this year, with profits likely to grow 10 percent.

BEIJING, March 6 (Xinhua) -- A 17 percent year-on-year increase in China's broad money supply, and a target of 7.5 trillion yuan (1.1 billion U.S. dollars) for this year, indicated a relatively easy monetary policy, said Su Ning, deputy governor of the People's Bank of China, the country's central bank.Speaking on the sidelines of the ongoing annual session of the top legislature, the National People's Congress (NPC), Su said the 17 percent increase in the nation's broad money supply was larger than the combined increase of targeted GDP and CPI growth, which suggested an "easy" monetary policy."If M2 (the broad measure of money supply) growth is 2 to 3 percentage points higher than the combined growth of GDP and CPI, the monetary policy could be seen as easy," said Su.Chinese Premier Wen Jiabao said Friday, in the government work report submitted to the NPC, that China targeted an approximate 3 percent rise in consumer prices and 8 percent GDP growth this year.Su further believed the 17 percent increase in the broad money supply would be able to support the ongoing economic recovery throughout the country.China's financial institutions lent a record 9.6 trillion yuan in new yuan-denominated loans last year, almost double that of the previous year, to spur the economy amid the global downturn, but it was accompanied by soaring property prices and rising expectations of possible inflation.Su said the 7.5 trillion yuan in new lending this year should speed up completion of projects under construction, rather than support new projects.

LONDON, March 15 (Xinhua) -- U.S. President Barack Obama's pressure on China over its currency's exchange rate is a manifestation of hypocrisy from the West and will not work, a British economist has said."The president is playing with fire... Obama really should tread carefully. At the same time, the United States is now at risk of sparking what could be an all-out trade war," said Liam Halligan in an article carried by this week's Sunday Telegraph.Halligan, chief economist at Prosperity Capital Management, predicted that China will not yield to U.S. pressure on the issue."Beijing will eventually allow the yuan to rise, but in its own time and in order to tackle inflation and not because of U.S. pressure."Chinese inflation is now at 2.7 percent, close to the official 3-percent control target, he noted.Halligan argued that the Chinese yuan may not be under-valued as much as Western politicians have perceived.Although Chinese exports rose by 46 percent in the first two months of 2010, the rise is from a very low base -- with February 2009 being the epicenter of the U.S.-sparked sub-prime storm, he noted.He also pointed out the fact that China's trade surplus dropped by 51 percent in the same period. That means China's gain in exports were out-weighed by an import surge."This hardly suggests the yuan, as (U.S. Treasury Secretary Tim) Geithner claims, is 'way too low'," said Halligan.Geithner said in January that Obama believed China was manipulating its currency.On Obama's latest call for China to adopt a more "market-oriented exchange rate," Halligan said Washington is actually the biggest currency manipulator in the world."The reality is that America's 'weak dollar' policy -- its long-standing practice of allowing its currency to depreciate in order to lower the value of its foreign debts -- amounts to the biggest currency manipulation in human history."Halligan also noted that Washington has for years "shamefully stalled" on various rulings of the World Trade Organization that showed America to be breaching global trade rules."America needs to act smarter and get its own economic house in order. Obama has decided instead to lash out at China in a desperate attempt to placate a U.S. electorate increasingly mindful of their president's failings," said Halligan.The economist said Western politicians' blame game against emerging markets over the current global imbalances reflects their hypocrisy and lack of character."It's always easier to blame someone else for your failings... The Western world's response to this self-made 'credit crunch' has highlighted the hypocrisy of our so-called leaders, their refusal to face reality and, above all, their lack of character," he said."The implication (of statements of Western politicians) is that sub-prime, and the deepest Western recession in generations, wasn't our fault. It was entirely unrelated to widespread financial fraud, political myopia and lax regulation," Halligan scorned.

BEIJING, Jan. 31 (Xinhua) -- China's top political advisor Jia Qinglin Sunday urged Beijing to transform its economic development pattern and improve people's livelihood.Beijing should foster more enterprises in high tech industry, build Zhongguancun, dubbed as China's "silicon valley", into in an innovation hub with global influence, said Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), during his inspection in Beijing on Saturday and Sunday.Jia called on the Chinese capital to take positive steps to shape an eco-friendly and energy-saving industrial framework, growth pattern and consumption mode.In addition, the city should spend more efforts in solving problems in people's daily life, including housing, traffic, education, health care and social security, he said.Jia also met with local political advisors and representatives from all walks of life, calling on them to study major economic and social issues and contribute their talent to the scientific development and social harmony and stability.