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HONG KONG, Sept. 28 (Xinhua) -- The launch of Renminbi sovereign bonds in Hong Kong on Monday shows China's efforts to boost the international use of the yuan step by step, officials and analysts said.     The bond issue, worth only 6 billion yuan (878.5 million U.S. dollars), marked a key milestone in the internationalization of the RMB.     Hong Kong was chosen for, and will benefit from, the milestone bond sale thanks to its unique position as the international financial center providing desired cushion against the potential risks when the program was launched, analysts said.          BOOSTING INTERNATIONAL USE OF RMB     The bond issue in Hong Kong came earlier than expected, said Hu Yifan, an economist with CITIC Securities.     "The need for the RMB to go international and convertible has been growing along with the increasing importance and openness of the Chinese mainland economy and the risks arising from over- reliance on the United States dollar as the reserve currency," said Tse Kwok-leung, head of economic research of Bank of China ( Hong Kong) Limited.     China has been launching pilot RMB programs over the years, but the pace has obviously quickened since the onset of the global financial crisis. Pilot RMB programs launched in Hong Kong over the past 12 months also included yuan-denominated cross-border trade settlement and trade financing, yuan bonds issued by policy banks, commercial lenders and the branches of foreign banks, and currency swaps.     The sovereign bond issue would help "boost the international use of the RMB in a steady and orderly manner," the Chinese Ministry of Finance quoted Acting Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Henry Tang as saying.     The sovereign bond sale in Hong Kong serves the purpose of water testing to "see how it is received by international investors." Hong Kong has a unique strength in that it provides the desired cushion against potential risks when the pilot programs were launched, given that the mainland capital market was yet to open up, Tse said.          BOOSTING NASCENT BOND MARKET IN HONG KONG     The bond issue ahead of the Chinese National Day showed the central government's support for Hong Kong, Vice Minister of Finance Li Yong said.     It will help Hong Kong build on its strength as an international financial center by boosting the nascent bond market in Hong Kong, Tse Kwok-leung said.     "It calls for a banking system, a stock market and a bond market, all developed, to make a developed international financial center," Tse explained.     Hong Kong has been aspiring to be the leading international financial center in the Asian time zone.     Government statistics showed that the total assets of Hong Kong's banking system and the size of its stock market were both about six times its gross domestic product, compared with a bond market equivalent to 43 percent of its gross domestic product.     Bonds issued in Hong Kong in 2008 totaled 424.4 billion HK dollars (54.4 billion U.S. dollars), with 67 percent issued by the Hong Kong Foreign Exchange Fund, which was established to defend the Hong Kong dollar peg to the U.S. dollar.     The other 33 percent were accounted for by development banks from outside Hong Kong and corporate bonds issued by local players. There were no sovereign bonds.     Tse said the bond issue will also help improve the liquidity of, and diversify, the local bond market. It will also improve the operation of the RMB bond market in Hong Kong by helping find the benchmark interest rate in the local market.     Tse said the demand for sovereign bonds issued by an economy as strong as the Chinese mainland was huge, given the impact of the global financial crisis on the corporate bond market.     Vice Minister of Finance Li Yong also said he believed the bonds will be well received.     "I believe the RMB sovereign bonds will prove popular with investors looking for safe and prudent investments. I definitely think it will be successful," Li said.

WASHINGTON, Oct. 4 (Xinhua) -- Former U.S. Secretary of State Henry Kissinger has congratulated the Chinese people on their "unbelievable accomplishments" over the past 60 years, saying that China's modern transformation is an "extraordinary historic event." "If anyone had predicted to me in 1971 what China looks like in2009, I would have thought he was dreaming... but you have made a reality out of these dreams, " Kissinger said in a recent interview with Xinhua at his New York office on the 60th anniversary of the founding of the People's Republic of China, which falls on Oct. 1.     Kissinger, who helped pave the way for the normalization of U.S.-China relations in 1979, said the 30-year-old bilateral relationship has grown remarkably. Former U.S. Secretary of State Henry Kissinger receives an interview with Xinhua at his New York office, the United States, on Oct. 1, 2009. Kissinger has congratulated the Chinese people on their "unbelievable accomplishments" over the past 60 years, saying that China's modern transformation is an "extraordinary historic event."    "In all the years that I have seen the Sino-American relationship, I have never seen such warmth on both sides," he said.     Kissinger said now is time for the two countries to "rebalance" their respective roles in the relationship due to their changed national power in a global context.     "The world that originally saw the Chinese-American relationship was different from the world today," he said. "In that sense, both sides really have to rebalance the relationship."     The United States needs to take into account the growing role China is playing, while China needs to adjust itself to assume bigger responsibilities, Kissinger said.     Meanwhile, cooperation remains a key solution to the global challenges, he added.     "The United States and China should have a very close relationship," Kissinger said. "They should constantly exchange ideas, so when they go into an international forum like the G20, they have parallel positions and can work together."     Energy and environment remain two major long-term challenges the world has to face, while nations worldwide have yet to coordinate in the globalized economic system, he said.     It is "the imperative of our time" that China and the United States cooperate on these global challenges, he said.     The Group of 20, or G20, should become an inclusive platform for international political and economic affairs for "the next few decades," he noted.

CHENGDU, Oct. 16 (Xinhua) -- China's relatively poor western regions are to receive 296 billion yuan (about 43.3 billion U.S. dollars) of investment through 551 projects signed Friday with investors from both China and abroad.     Those deals were sealed at the tenth Western China International Economy and Trade Fair in Chengdu, provincial capital of southwest China's Sichuan Province.     The region has 12 provinces, autonomous regions and municipalities, with a combined population of about 370 million.     Chinese investors contributed 539 of the 551 projects, involving 288.9 billion yuan of investment. The rest 12 projects would be invested by foreign contractors, involving in around 1 billion U.S. dollars of investment.     Sectors involving local resources, equipment manufacturing, service and new and high technology were investors' favorite target areas.     According to agreements signed here, German industrial conglomerate Siemens would spend 30 million yuan in Chengdu to setup a "Global IT Operation Center", intending to provide better IT operation support for its customers.     Meanwhile, Taiwan's Foxconn Group, the world's top maker of outsourced electronics, would invest 1 billion dollars to build an industrial base in Chengdu, setting up production lines for products like LED-TV, LCD module, LED backlight module and LCD package. The new base will also develop software and sell 3C digital products as wells.

BEIJING, Aug. 8 (Xinhua) -- East China is bracing for typhoon Morakot's approach after it slammed into Taiwan Friday night.     Weather forecasters said late Saturday Morakot was likely to land on the coast from Cangnan, Zhejiang province, to Xiapu, neighboring Fujian province, between 8 a.m. and 10 a.m. Sunday. Although the typhoon this year is expected to weaken to a tropical storm before it arrives in the Chinese mainland, it was packing winds of 137 kilometers an hour at 7 a.m. Saturday and churning northwestwards at a speed of 15 to 20 kilometers an hour. The urban area of Linbian Township in Pingtung County of southeast China's Taiwan, is flooded Aug. 8, 2009, because of heavy rainfall brought by typhoon "Morakot".     It has already unleashed torrential rain in Fujian where, at five sites, water levels have been recorded at 0.02 to 0.66 meters above warning levels. A man calls for people to evacuate to avoid typhoon in Cangnan County, east China's Zhejiang Province, Aug. 8, 2009. The province has evacuated around 317,000 people to avoid the approaching Typhoon Morakot so far. The earlier tropical storm Goni has also wreaked havoc in South China Sea, leaving as many as 156 fishermen and crew members from Cambodia, Vietnam and China missing at once.     Chinese maritime authorities had rescued 146 by 6 p.m. and the remaining 10 from China were still missing.     PREPARATION IN FUJIAN     More than 480,000 people in Fujian have been evacuated and its Zherong County received more than 300 mm of precipitation on Saturday afternoon.     In Luoyuan county of Fuzhou city, Fujian's capital, people stayed at home during the weekend and roads were almost empty. Fewer sellers appeared in the county's vegetable market. Fishing boats moor at a port to avoid the approaching Typhoon Morakot in Jinjiang, southeast China's Fujian Province, Aug. 8, 2009."The fields were flooded," said Li Sailian, a vegetable seller.     "Strong winds broke the ropes tying down the horsebeans, and the crown daisies (chrysanthemum greens) were destroyed," she said.     Li brought all her available stock to the market, fearing the storm would destroy it completely.     In downtown Fuzhou, where several big trees have already been toppled by gale-force winds, people were rushing to supermarkets for necessities before the typhoon arrived.     All flights from Saturday noon onwards at the airport in Fuzhou were cancelled, leaving more than 120 passengers stranded. Airport staff were helping with refunds.     Seventeen of the 312 flights to and from the airport in coastal Xiamen city were cancelled, most of which were heading to Anhui, Guangdong and Taiwan.     In Putian City, also in Fujian, all scenic sites and ports have been closed and school classes suspended. A team of 26,222 people has been formed and equipped with flood-control materials, said Huang Dongzhou, director of the city's flood control office.     All of the city's 7,168 fishing ships have returned to harbor, Huang said.     The province's Ningde city is strengthening its defences to bear the brunt of Morakot, local meteorological authorities said.     People there are also reinforcing reservoirs with bricks and stones. Water in the city's 20 major reservoirs is only at 54 percent of their combined capacity, so officials with the flood control office said they think the rainfall will help with drought relief, as long as proper measures are taken to ensure safety.     Residents are also busy reinforcing their own houses.     Chen Kongsheng, a 61-year-old man, has attached four large rocks to the girders of his house, so that the typhoon "won't tear off his roof".     About 118,000 people in the city have been evacuated, said Chen Rongkai, Communist Party chief of the city.     Ningde has readied 103 rescue boats, 15 rafts and 8,300 life jackets to help people affected by the typhoon.     EFFORTS AND TROUBLES ELSEWHERE     In adjacent Zhejiang Province, rainfall exceeded 50 millimetres on 6.8 percent of the province's land on Friday night. The highest reading was 110 millimetres in Cangnan county bordering Fujian.     An expressway from Wenzhou of Zhejiang to Fujian was closed for 12 kilometers, while another from Hangzhou to Anhui Province was cut by landslides. Waves from approaching Typhoon Morakot hit a dike in Cangnan County, east China's Zhejiang Province, Aug. 8, 2009. Power supply to 80 villages was also cut. Nearly 500,000 residents and tourists in danger areas had been evacuated by 9 p.m. and the province has called nearly 30,000 ships back to harbor.     More than 50,000 soldiers were prepared for emergencies in Zhejiang, said the local government.     Shanghai was put on high alert and the World Expo venue is being protected around the clock. An 80-year-old man is evacuated in Cangnan County, east China's Zhejiang Province, Aug. 8, 2009. The province has evacuated around 317,000 people to avoid the approaching Typhoon Morakot so farMore than 80 foreign ships were delayed or had their voyages cancelled.     "We are unlikely to resume if the typhoon moves northwestwards," said the captain of a Japanese cargo ship, which was scheduled to sail for Japan Saturday at noon.     In addition, more than 140 flights in Shanghai had been delayed by about 10 p.m..     Anhui issued its first typhoon warning this year, and advised residents to stay indoors.     East China's Shandong province has also warned local governments to take measures beforehand to reduce losses from extreme weather.     Morakot, which means "emerald" in Thai, is the eighth storm to hit China this year. It landed in Hualien of Taiwan at 11:45 p.m. Friday, and left at least six people dead or missing. A further 12 were injured. Morakot also overturned cars and cut power supplies.     WAVE ALERT LEVEL RAISED     On Saturday afternoon, the National Marine Environmental Forecasting Center upgraded its alert level for both stormy tide and sea wave from "orange" to "red", the highest level.     The center said as a result of Typhoon Morakot, the stormy tide along the coast of Zhejiang Province and northern part of Fujian Province would be 0.5 meters to 1.8 meters high until Sunday afternoon.     The sea in southern part of the East China Sea and Taiwan Strait will be very rough, with monster waves as high as eight meters, the center warned.     Other coastal areas from Shanghai to Guangdong Province will all experience abnormally high waves, from 2.5 meters to six meters high, it said.     China adopts a four-grade warning system for stormy tide, tsunami, sea ice and sea wave, which uses four colors (red, orange, yellow and blue) to indicate different levels of emergency.

来源：资阳报