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BEIJING, March 13 (Xinhua) -- The National People's Congress (NPC), China's top legislature, on Friday expressed strong indignation and opposition to a European Parliament resolution on Tibet.     "We are strongly indignant with and opposed to the act that intervenes in China's internal affairs, damages China-Europe relations and hurts the Chinese people's feelings," the NPC Foreign Affairs Committee said in a statement.     Regardless of China's repeated stern representation, the European Parliament, stirred up by a few of its members, insisted on approving a resolution on Tibet, which distorts the facts and again encourages the ** Lama's separatist practice, in an attempt to internationalize the Tibet-related issues," said the statement.     Tibet is an inalienable part of the Chinese territory and Tibetan affairs are purely China's domestic affairs, the statement said, adding that any foreign government and organization does not have the right to intervene in China's internal affairs.     The Tibet Autonomous Region has achieved economic development, national unity and social harmony and people there have been living and working in peace since the democratic reforms 50 years ago, the statement said.     Over the past few years, the Chinese central government has carried out a number of contacts and dialogues with patience and sincerity with the ** Lama's representatives.     However, as the ** Lama has not stopped his separatist activities, no substantial progress was made through the dialogues.     ** Lama's Memorandum on Genuine Autonomy for the Tibetan People, under the veil of claiming autonomy, actually seeks political independence for Tibet and runs against China's Constitution. It will be inevitably opposed by all the Chinese people, the statement said.     The ** Lama claimed that rather than seeking for "Tibet independence ", he only asked for "high degree of autonomy" and "genuine autonomy" and insisted on "nonviolence".     However, ** Lama's so-called "genuine autonomy" aimed to restore his reign in Tibet that integrating religion and state, and establish a supposed "greater Tibet area" which covers nearly a quarter of China's territory. The so-called "greater Tibet area" does not exist in history, nor does it have an actual ground     The claim also asked the Chinese central government to withdraw armies and all the non-Tibetans from the "greater Tibet area". The essence of these claims is advocating "Tibet independence " or meant for "gradual or covert Tibet independence," the statement said.     The ** Lama claimed that he insisted on "nonviolence", but the violent riots in Lhasa staged by the ** Lama's followers on March 14 last year proved that they have never stopped violent activities.     The allegations of the ** Lama were only disguise for his separatist stance and violent criminal activities. They were also packaging to defraud the international society of sympathy and support, the statement said.     "Our disputes with the ** Lama is neither the ethnic issue, nor religious issue, or human rights, but a major principled issue concerning China's sovereignty and territorial integrity, " it said.     The Chinese central government's policy toward the ** Lama is consistent and clear cut, the statement said, adding the door is always open for contacts and talks with him.     The key for positive progresses of contacts and talks rest with whether the ** Lama would give up his wrong stance and separatist behaviors, reexamine his political opinions and make aright choice beneficial to the country, the people, the history and himself.     The statement also said, it is in line with the common interest of China and the Europe to enhance mutual beneficial cooperation on an equal footing.     "A handful European parliament members, who hold prejudice against China, have very readily and repeatedly proposed groundless resolutions on Tibet-related issues," it said.     These resolutions deliberately slandered against China's image, sent wrong signals to the ** Lama's supporters and boost arrogance of the pro-Tibet campaigners.     These European parliament members should be warned sternly to get a clear understanding of the situation and respect the facts. Any conspiracies to interfere in China's internal affairs are doomed to fail, it said.     The NPC values relations with the European parliament and requests the European parliament to proceed from the overall interest of China-EU relations, discard ideological prejudice, adopt a fair and objective stance and do more things that conducive to the healthy development of China-EU comprehensive strategic partnership, said the statement.     Also on Friday, Chinese Foreign Ministry spokesman Ma Zhaoxu urged the European Parliament to confirm to the public opinions, immediately stop interfering in China's internal affairs using the Tibet-related issue and work with China to maintain the overall situation of China-EU relations.

BEIJING, April 13 (Xinhua) -- China's Ministry of Finance (MOF) said Monday that fiscal revenue fell 0.3 percent from a year earlier to 440.22 billion yuan (64.43 billion U.S. dollars) in March.     First-quarter fiscal revenue fell 8.3 percent to 1.46 trillion yuan, the ministry said on its website, while tax revenue shrank 10.3 percent to 1.3 trillion yuan.     Fiscal revenue includes taxes as well as administrative fees and other government income, such as fines and income from government-owned assets.     Business profits shrank as economic growth slowed, the MOF said, and tax cuts intended to spur the economy and the financial markets reduced government revenues. First-quarter business income tax revenue fell 16.7 percent.     China halved the purchase tax on cars with engine displacements of less than 1.6 liters on Jan. 20, and revenue from that tax was down 7.6 percent in the first quarter.     To shore up the stock market, the government cut the share trading stamp tax from 0.3 percent to 0.1 percent last April and scrapped the stamp tax on stock purchases in September. And even though the benchmark Shanghai Composite Index is up more than 35 percent so far this year, the tax cuts on share transactions meant a decline of 86.2 percent in revenue from that category in the first quarter.     Actual revenue amounts in each category were not released.     Customs tariff revenue fell 23.9 percent during the first quarter, the MOF said, without giving further details.     Central government fiscal revenue fell 17.7 percent in the first quarter to 721.3 billion yuan, while local government fiscal revenue rose 3 percent to 742.9 billion yuan.     First-quarter fiscal expenditures surged 34.8 percent to 1.28 trillion yuan, as both the central and local governments adopted a proactive fiscal stance to boost the economy and domestic demand.     China unveiled a 4-trillion-yuan stimulus package in November to be spent over in next two years, with 1.18 trillion yuan from the central government.     Fiscal revenue exceeded 6.13 trillion yuan in 2008, up 19.5 percent.

BEIJING, March 26 (Xinhua) -- China's central bank governor has spoken highly of the government's rapid responses to the current global financial crisis, featuring decisively adopting a proactive fiscal policy and an adaptively easing monetary policy, and launching a bundle of timely, targeted and temporary policies and measures.     The prompt, decisive and effective policy measures adopted by the Chinese government demonstrates "its superior system advantage when it comes to making vital policy decisions," says Zhou Xiaochuan, president of the People's Bank of China (PBC), in an article entitled "Changing Pro-cyclicality for Financial and Economic Stability."     It is Zhou's third article published on the central bank's official website (WWW.PBC.GOV.CN) this week to discuss the issue of the current global financial crisis. His first and second articles, published on Monday and Tuesday, are entitled "Reform the International Monetary System" and "On Savings Ratio," respectively.     In the third article, the 61-year old central bank governor tries to find out the root causes for the current financial crisis, including but not limited to lessons on monetary policy, financial sector regulations, accounting rules.     The top Chinese banker says he wants to stimulate debate and discussions on some of the pro-cyclical features in the system, possible remedial measures, and how monetary and fiscal authorities can play their professional roles at times of severe market distress.     "Financial crises normally originate in the accumulation of bubbles and their subsequent bursts. Usually, economists pay a lot of attentions to pro-cyclicality on the macro level.     However, on the micro level, there are quite a number of notable pro-cyclical features embedded in the market structure today, which should be addressed as we deal with the current crisis and reform the financial system," he says.     Zhou suggests that in the current market structure, more counter-cyclical mechanisms or negative feedback loops on micro-level should be put in place to sustain a more stable financial system.     In the article, he notes that rating problems and herding phenomenon arise from outsourcing.     The global financial system relies heavily on the external credit ratings for investment decisions and risk management, giving rise to a prominent feature of pro-cyclicality, according to the central bank governor.     "Economic upswings produce euphoria and downturns generate pessimism," he says, "Many market players adopting ratings from the three agencies and using them as the yardstick for operations and internal performance assessments clearly result in a massive "herd behavior" at the institutional level."     Zhou points out that some market players seem to have forgotten that the ratings are no more than indicators of default probabilities based on past experiences but were never meant to be guarantees for the future, he says. "Once problems take place, as we have seen during the current crisis, fingers are pointed to the rating agencies," he says.     He suggests that financial institutions should try to rely more on internal rating in assessing risks.     He calls for giving full play to the professional role of authorities in maintaining overall financial stability and establishing a counter-cyclical mechanism for capital requirement     "To stabilize markets under severe stress, finance ministries and central banks need to act fast and apply extraordinary measures," he says, "Untimely or delayed response falls behind the curve and would make the outcome less than desired even if the response is correct and strong."     In modern Western societies, a prolonged political process for mandates to finance ministries or central banks often miss the best timing for action, Zhou says, adding, "We have observed such cases during the current crisis."     He suggests that governments and legislatures may consider giving pre-authorized mandates to ministries of finance and central banks to use extraordinary means to contain systemic risk under well-defined stress scenarios, in order to allow them to act boldly and expeditiously without having to go through a lengthy or even painful approval process.     "Such systematic pre-authorized mandates would put the specialized expertise of finance ministries and central banks to the best use when markets need it the most," he stresses.     The central bank governor attributes China's current success in easing the impacts of the crisis to the country's financial sector reform and ongoing macroeconomic stimulus measures     In 2003, fully aware of the systemic vulnerabilities of China's banking industry, the Chinese government made a courageous and strategic decision to restructure the four state-owned commercial banks, says Zhou, who took over as the PBC governor in late 2002.     In the article, Zhou gives a look back on the reforms of the country's major banks and security industry.     But he warns, "We should bear in mind that despite the notable achievements in banking reform, the major banks have not gone through a full business cycle and still have much to improve. An economic slowdown will be the ultimate stress test for the robustness of the banks' strengths."     According to the bank governor, irrespective of China's sound financial sector, the Chinese economy, especially the export sector, has felt the impact brought by the slowdown of the global economy.     He praises the Chinese government for its plans to stimulate domestic demand and promote stable and relatively rapid economic growth, including the extra investment of 4 trillion yuan (685 billion U.S. dollars) in over two years, the ten measures to revitalize the industrial sectors, and other bolster measures to increase money supply, promote employment, reform taxes and medical and healthcare system.     "Having taken the above-mentioned measures, China expect to maintain stable economic growth by boosting domestic demand and reducing dependence on external demand, thus serving as a stabilizing force in global economy," Zhou says.     In overall, the macroeconomic measures have produced preliminary result and some leading indicators are pointing to recovery of economic growth, indicating that rapid decline in growth has been curbed, he concludes.

LONDON, Feb. 12 (Xinhua) -- China's mining giant Aluminium Corporation of China (Chinalco) announced here on Thursday it will inject 19.5 billion U.S. dollars in cash into Rio Tinto.     The cash injection is regarded as "firepower" for Rio Tinto, against the global economic downturn, Tom Albanese, chief executive of Rio Tinto, said. Xiao Yaqing, president of Chinalco, said following the signing of an agreement on investment that the investment is a show of confidence in both China and the world, adding that "the strategic partnership with Rio Tinto will prove to be valuable and successful." Xiao Yaqing (L), general manager of Aluminum Corp. of China (Chinalco), shakes hands with Rio Tinto Group chairman Paul Skinner at the signing ceremony in London, Britain, Feb. 12, 2009. Chinalco announced Thursday it would invest 19.5 billion U.S. dollars in mining giant Rio Tinto Group, bailing out the latter while securing for the state-owned Chinese company access to more resources    As the leading Chinese diversified resources company, Chinalco's investment puts more emphasis on potential future values than on short-term returns, Xiao said.     The transaction will forge a pioneering strategic partnership through the creation of joint ventures in aluminium, copper, and iron ore as well as the issue of convertible bonds to Chinalco, which would, if converted, allow Chinalco to increase its existing shareholding in Rio Tinto to about 18 percent.     The transaction is still to be approved by shareholders of Rio Tinto, governments and other regulators.     Albanese said the transaction will position Rio Tinto to lead the resources industry into the next decade and beyond by ensuring the continuity of its strategy.     The new partnership with the Chinese company "will benefit from Chinalco's strong relationships within China, which Rio Tinto believes will continue to be the main driver of growth in commodity markets over the longer term," Albanese said.     He said the Chinalco relationship will also help Rio Tinto to seek project funding from Chinese financial institutions.

BEIJING, March 16 (Xinhua) -- China's Ministry of Railways (MOR) signed a deal with state-owned vehicle producer CNR Corporation Limited (CNR) here Monday to purchase 100 high-speed CRH trains for 39.2 billion yuan (about 5.74 billion U.S. dollars).     CRH, an abbreviation for China Railway High-speed, refers to trains with speeds above 200 km per hour. With a designed speed of 350km/h, the new CRH trains will travel between Beijing and Shanghai in 2011, when the construction of the 1318-km, high-speed railway between the capital city and the country's financial hub is expected to complete.     "The contract does not include any foreign parties, as Chinese companies possess core technologies for the high-speed trains and have complete intellectual rights over the 350km/h CRH type," said Zhang Shuguang, director of the transport department under the MOR.     The MOR had introduced railway technologies from Japan, France, Germany and Canada in the development and production of the 200km/h CRH trains already in operation at present.     According to the agreement between the ministry and CNR, all 100 trains will be self-developed and manufactured under the CNR group. Tangshan Railway Vehicle Co. and Changchun Railway Vehicle Co., two CNR subsidiaries, will be in charge of the production of 60 sets and 40 sets, respectively.     Zhang said China would see "large purchases" of CRH trains in the coming years upon the completion of more passenger railway lines across the country.     The MOR has planned to spend 500 billion yuan to buy trains over the next four years.     "The purchases will provide strong support for related industries," Zhang said.     The manufacturing of a CRH train requires nearly 100,000 parts from a wide range of industries such as mechanics, metallurgy, electrics, chemical, and materials.     "We will buy more CRH trains this year as a move to help stimulate domestic demand," said Zhang without giving further details on the purchasing plan.