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MOSCOW, June 21 (Xinhua) -- China has played a role of great importance during the founding and development of G20, Russian presidential aide Arkady Dvorkovich said on Monday."Without China's participation, it would be much more difficult for the group to discuss or solve the developmental problems of world economy. Therefore, the participation of China, as well as some other emerging economies like Brazil and India, has become prominently significant," Dvorkovich commented after a news conference ahead of the upcoming G8 and G20 summit in Toronto, Canada.The presidential aide said the Chinese leaders' stance and viewpoints, proposed in the previous three G20 financial summit since November 2008, have helped stabilize the world economy as a whole.Dvorkovich noted that China's decision on further exchange rate reform was not outcome of external pressure.He said that any country, including Russia, China and the United States, could not allow their domestic policies to be ruled by external factors. The nations, however, should understand the common and mutual responsibilities in the global economic system.The delegates to the G20 summit will adjust their polices after consultations, but nobody will bend under pressure, he stressed.Dvorkovich said that several countries may voice concerns over China's exchange rate policies at the summits, but there will not be large-scale discussions over the Chinese currency.The People's Bank of China, China's central bank, announced on Saturday a decision to proceed further with the reform of the exchange rate regime to enhance the flexibility of the RMB's exchange rate.

TORONTO, Canada, June 27 (Xinhua) -- Chinese President Hu Jintao and other leaders of the Group of Twenty (G20) members gathered in Toronto on Sunday for the group's fourth summit, which will focus on ways to secure the world economic recovery and address the economic challenges and risks.At the summit, the leaders will exchange views on ways to consolidate the recovery from the global economic and financial crisis and implement commitments from previous G20 summits while laying the foundation for sustainable and balanced growth.They will discuss a wide range of issues, including the world economic situation, the European debt crisis, "the Framework for Strong, Sustainable and Balanced Growth," the reform of the international financial institutions, the global trade and the strengthening of financial regulations, said a senior Chinese official.At the Pittsburgh summit, leaders of G20 members agreed to take action to address imbalances in the global economy by launching the Framework for Strong, Sustainable and Balanced Growth. The framework committed G20 members to evaluating their national policies to ensure they are collectively consistent with more sustainable and balanced trajectories of growth.President Hu is expected to deliver a speech at the summit to explain China's propositions on the world's major economic and financial issues, such as financial reforms and balanced economic growth, said Chinese officials.The Chinese president has participated in all the previous G20 summits -- the Washington summit in November 2008, the London summit in April 2009 and the Pittsburgh summit last September.The Toronto summit is being held at a time when the world economy is recovering but economic challenges and risks remain, posing threats to healthy growth."The global economy continues to recover faster than anticipated, although at an uneven pace across countries and regions. However, the recent volatility in financial markets reminds us that significant challenges remain and underscores the importance of international cooperation," said G20 finance ministers and central bank governors in a communique when they met in Busan, the Republic of Korea, early this month to prepare for the Toronto summit.At the previous three summits, leaders of G20 members coordinated a global response to the financial and economic crisis, implemented stimulus measures to revive the world economy, and agreed on actions to strengthen financial regulation and the reform of international financial institutions. They also agreed to promote trade and resist protectionism.

BEIJING, July 11 (Xinhua) -- Growth of China's foreign exchange reserves are slowing as the total reached 2.4543 trillion U.S. dollars by the end of June, up 15.1 percent year on year, the People's Bank of China (PBOC), the central bank, announced on Sunday.Statistics from the central bank show China's foreign exchange reserves increased by 7.2 billion U.S. dollars in the second quarter, a drastic decrease compared to the last quarter in 2009, when reserves grew by 126.5 billion U.S. dollars.Reserves in the first quarter increased by 47.9 billion U.S. dollars.The PBOC also said the declining euro was the major reason behind the slowing growth in foreign exchange reserves.The exchange rate between the euro and U.S. dollar had fallen by nearly 20 percent between the end of 2009 and May this year, according to the PBOC.China's basket of foreign exchange reserves include the U.S. dollar, euro, Japanese yen and others.On a monthly basis, reserves increased by 43.4 billion U.S. dollars in April followed by a reduction of 51 billion U.S. dollars in May, while June saw reserves increase by 14.8 billion U.S. dollars.China's gold reserves stood at 33.89 million ounces at the end of June, according to PBOC figures.

BEIJING, June 13 (Xinhua) -- Experts from the Chinese mainland and Taiwan Sunday started their third round of talks in Beijing to pave the way for a long-awaited pact to boost cross-Strait economic ties.During the talks, the two sides will discuss the main content of the Economic Cooperation Framework Agreement (ECFA), and goods and services trade in the "early harvest program."The ECFA is intended to normalize mainland-Taiwan economic ties and bring the two economies closer.The first round of talks took place in January in Beijing, and the second two months later in Taipei.Fan Liqing, spokeswoman of the State Council's Taiwan Affairs Office, told a press conference Saturday that negotiations had made pronounced progress and were approaching completion.Yang Yi, another spokesman of the same organization, was reported as saying in March that the two sides should work together to complete the pact in June.Chiang Pin-kung, chairman of Taiwan's Straits Exchange Foundation (SEF), said on April 2 the SEF also hoped to see the signing of the ECFA by the end of June.

BEIJING, July 24 (Xinhua) -- The gross domestic product (GDP) in China's western regions grew by 13.5 percent year on year in 2009, much higher than the country's revised national GDP growth of 9.1 percent, according to a report issued here on Saturday.It is the eighth year in a row for these regions to score a double-digit GDP growth after the Chinese government launched a "West Development" campaign ten years ago, read the report on the economic development of China's western regions issued by the Chinese Academy of Social Sciences.It attributed the GDP growth mainly to China's policies to stimulate domestic demand and the increase in investment, despite the global financial crisis.Five provinces, regions or municipalities saw an increase of more then ten percent in the disposable income of urban citizens in 2009, as the income gap between China's western and eastern regions had begun to narrow, the report said.The average yearly per capita disposable income of urban citizens in the western regions was 12,971 yuan (about 1,918 U.S. dollars) in 2008.Noting that economic development in the western regions still heavily relied on natural resources, the report said efforts should be made to increase the regions' capacity to ensure sustainable development, while establishing a low-carbon industrial system.