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BEIJING, Dec. 29 (Xinhua) -- China's gross domestic product (GDP) is predicted to grow by around 9.5 percent in 2011, 0.5 percentage points lower compared to the growth rate expected for this year, said a report issued Wednesday by the Bank of China (BOC).The report by the BOC, China's third largest lender, was based on the bank's projections of weak overseas demand, tighter monetary policy, and the government's planned economic restructuring for 2011, the first year of China's 12th five-year plan.The Chinese government announced in early December that it will switch its monetary policy stance from relatively loose to prudent next year to tackle rising inflation and keep economic growth at a sustainable pace.The report also said government policies this year to curb soaring property prices in some major cities, and the country's efforts to improve energy efficiency had slowed the economy with the GDP dropping to 9.6 percent in the third quarter, down from the second quarter's 10.3 percent and 11.9 percent in the first quarter.The report also forecast inflation to rise 4 percent in 2011, compared to the 3.3-percent rise expected for 2010. It said that in the second half of the year, the producer price index (PPI) for China's industrial products had kept rising along with the consumer price index (CPI), adding more inflationary pressure for the future.The Chinese government set a 3-percent target for inflation this year, but looks unachieveable after the index rose 3.2 percent during the first 11 months. Pushed up mainly by rising food prices, the index soared 5.1 percent in November to a 28-month high.The report also predicted new lending next year would be 7 trillion yuan (1.06 trillion U.S. dollars), just slightly down from the 7.5 trillion yuan target set by the government for 2010.Growth rates of retail sales of consumer goods and industrial value-added output would see a slight drop from year 2010, while imports would likely grow by 18 percent, 3 percentage points higher than exports.As inflation triggers wider public concerns, expectations for more hikes in interest rates are strengthening. The report forecast the People's Bank of China, the central bank, would likely hike rates for up to three times next year, mostly during the first half of the year.The central bank on Sunday raised the benchmark one-year lending and deposit rates by 25 basis points for the second time in just over two months. It had also set higher commercial lenders' reserve requirement ratio six times this year in a move to tighten liquidity amid climbing inflation.
WASHINGTON, Jan. 13 (Xinhua) -- The United States and China must seize the "great opportunity" of cooperation to solve the common challenges facing the world today, said U.S. Commerce Secretary Gary Locke on Thursday."We can be certain that it will be a better future if the Chinese and American governments pursue cooperation over confrontation in the economic sphere," Locke said at a luncheon hosted by the U.S.-China Business Council in Washington.

BEIJING, Dec.25 (Xinhua) -- Chinese vice premier Li Keqiang said that China's tax officials should continue to promote reform in the tax system and improve services to contribute to the country's economic development and social harmony.Li made the remarks in a written instruction to a recently-held national conference on taxation, which coordinated next year's working plans for the tax administration system.Li called on tax officials to further enact structural tax reductions, promote tax reforms, strengthen tax collections and management and improve services for taxpayers.Chinese tax officials should work to allow taxation to play a more important role in the transformation of economic development patterns, adjust income distribution and improve people's livelihoods, Li said.
BEIJING, Dec. 13 (Xinhua) -- A top Chinese political advisor on Monday called it an "important political task" to help non-communist party members learn and practice the country's socialist core value system.Jia Qinglin, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), made the remarks Monday at a meeting on promoting the socialist core value system.The concept of "socialist core value system" was publicized for the first time at the Sixth Plenum of the 16th Communist Party of China (CPC) Central Committee in 2006, at which time the CPC highlighted the importance of creating a " harmonious socialist society."Jia Qinglin (1st R), chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), shakes hands with Yang Jia, a member of Jiu San Society, also the vice chairperson of the United Nations Committee on the Rights of Persons with Disabilities attending a meeting on promoting the socialist core value system in Beijing, capital of China, Dec. 13, 2010. The Party explained that the value system should consist of Marxism, socialism with Chinese characteristics, patriotism, the spirit of reform and innovation and the socialist sense of honor and disgrace.Jia called upon various Party committees to focus on promoting the steady and healthy development of multi-party cooperation, and help solve problems for members of non-communist parties.
ST. PETERSBURG, Russia, Nov. 22 (Xinhua) -- China and Russia are willing to further advance cooperation on the humanities sector, said senior Chinese and Russian officials here Monday.At the 11th session of the China-Russia commission on cooperation on humanities, Chinese State Councilor Liu Yandong hailed the significant part cultural exchanges and cooperation has played to consolidate the social basis of China-Russia relations.The China-Russia commission on cooperation on humanities has made considerable achievements since its foundation ten years ago, said Liu, who laid a particular emphasis on the successful staging of reciprocal national years and language years in the two countries in recent years.Such events have injected new momentum into the comprehensive deepening of Sino-Russian strategic partnership of cooperation, she said.Chinese State Councilor Liu Yandong (2nd R) visits St. Petersburg State University in St. Petersburg of Russia, Nov. 22, 2010. Next year marks the 10th anniversary since the signing of Sino- Russian Good-Neighborly Treaty of Friendship and Cooperation, said Liu.Guided by the principle of China-Russia peace and friendship for generations that was established by the treaty, China is willing to continuously expand cultural cooperation with Russia, enhance traditional friendship between their two peoples, and promote the sustainable, stable and health development of bilateral strategic partnership of cooperation, said Liu.Russian Deputy Prime Minister Alexander Zhukov, who co-chaired the session with Liu, said the fruitful cultural cooperation between Russia and China is of vital importance to promote bilateral friendship and all-round deepening of bilateral ties.Russia is willing to closely collaborate with China in this regard to further cooperate on humanities, he said.The session meanwhile summarized major progress made over the past 10 years, during which both sides reached broad consensus on expanding cooperation on education, culture, health, sports, tourism, media, film, dossier, youth, among other sectors.After the session the two sides announced the setting up of a new subcommission on youth cooperation. Liu and Zhukov also attended a signing ceremony that witnessed the seal of several agreements on bilateral cultural, tourism and broadcasting cooperation.Also on Monday, Liu visited St. Petersburg State University and Repin Academy of Fine Arts, where she encouraged teachers and students to actively engage in bolstering cultural exchanges between China and Russia.Liu arrived in St. Petersburg on Nov. 20, kicking off her visit to Russia.
来源:资阳报