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GUANGZHOU, Nov. 13 (Xinhua) -- Chinese Vice President Xi Jinping attended the opening ceremony of the 2009 UCLG World Council Meeting & Guangzhou International Sister Cities Conference, which gathered more than 1,000 representatives from about 210 cities and local organizations of more than 60 nations.     Founded in May 2004, the United Cities and Local Governments (UCLG) is the largest local government organization in the world. The mayor of Guangzhou is the current co-president of UCLG. Xi said the UCLG has become an important platform for multilateral exchanges and cooperation as well as a bridge of friendship for global cities. He believed that the UCLG would be able to integrate wisdom and strength of urban planning and management from different nations, and play a positive role in promoting peace and development of the world. Chinese Vice President Xi Jinping (L) speaks at the opening ceremony of the 2009 United Cities and Local Governments (UCLG) World Council Meeting & Guangzhou International Sister Cities Conference held in Guangzhou, south China's Guangdong Province, Nov. 13, 2009    Xi pointed that the world economy is at a critical stage, recovering from the recession due to the global financial crisis. The theme of this meeting, "Cities: Approach to Global Financial Crisis", is a topic just in time.     He raised three suggestions to cities and local governments around the world on how to jointly overcome the difficulties of the global financial crisis.     He called on the UCLG members to deepen pragmatic cooperation in the areas such as economy, trade, science and technology, in order to boost the recovery of the world economy and achieve mutual benefits and win-win results.     He also suggested the UCLG members adhere to the policy of open market and fight against the trade and investment protectionism with concrete actions.     Furthermore, he pointed out that the world cities and local governments should encourage innovation to promote new growth points and a new round of restructuring of global industries.     In the speech, Xi also introduced the achievements of social and economic development made in the past 60 years since the founding of the New China and especially since the opening up and reform policy was carried out 30 years ago.     During the past 30 years, the industrialization and urbanization process of China has dramatically accelerated, he said. The urbanization rate was only 17.9 percent in 1978, and the figure jumped to 45.7 percent in 2008, a growth of one percentage point per year.     Xi also explained the policies that China has taken to respond to the global financial crisis. He said although the world economy had showed some positive changes, the full recovery would still have a long way to go.     China would do its best to stabilize its own economic development, while playing an active role in international cooperation in order to promote the recovery of world economy, he noted.     He reiterated that China would continue to support the developing countries with a responsible attitude and fulfill its commitments of providing foreign assistance so as to push forward the realization of UN Millennium Development Goals.     Beijing Municipal government and the Chinese People's Association for Friendship with Foreign Countries (CPAFFC) jointly held the World Council Meeting of UCLG in June, 2005. This year's UCLG World Council Meeting was co-hosted by CPAFFC and the Guangzhou Municipal government.

BEIJING, Nov. 17 (Xinhua) -- Chinese President Hu Jintao will visit the United States next year at the invitation of President Barack Obama, a joint statement said Tuesday.     Obama extended the invitation at a formal meeting with Hu in Beijing's Great Hall of the People, and Hu accepted it with pleasure, said the China-U.S. Joint Statement issued after the meeting.     

BEIJING, Oct. 26 -- Delegations from more than 84 countries and regions will participate the ITD conference Monday, and a host of international experts from governments, the private sector and academia will make presentations and lead discussions on this important topic.     The ITD is a cooperative venture formed in 2002 and comprised of the International Monetary Fund (IMF), the Organisation for Economic Cooperation and Development (OECD), the World Bank, the Inter-American Development Bank, the European Commission and the UK Department for International Development.     Its purpose is to foster dialogue on important topics in tax policy and administration and to function as a disseminator and repository of information on matters of interest in taxation around the world, through its website, www.itdweb.org.     The IMF attaches great importance to its role as a founding member of the ITD. Recent events in the world economy have made even clearer the necessity of international cooperation and sharing experience in economic matters, and this is the very purpose, which the ITD serves.     The topic of this conference is a timely and critical one. The world has been reminded recently and forcefully of the great importance of the financial sector for macroeconomic stability, growth, and development goals. The sector plays a critical intermediating function - without it credit could not exist, capital could not be channeled to useful purposes and risks could not be managed.     The conference will take place against the background of the worst financial and economic crisis to strike the world in three generations, and, while taxation was not itself the cause of the crisis, elements of the tax system are relevant to its background and resolution.     Most tax systems embody incentives for corporations, financial institutions and in some cases individuals to use debt rather than equity finance.     This is likely to have contributed to the crisis by leading to higher levels of debt than would otherwise have existed - even though there were no obvious tax changes that would explain rapid increases in debt. Tax distortions may also have encouraged the development of complex and opaque financial instruments and structures, including through extensive use of low-tax jurisdictions - which in turn contributed to the difficulty of identifying true levels of risk.     The magnitude of the fiscal challenges facing the world economy is greater than at any other time since World War II.     Estimates done by IMF staff on the fiscal adjustment necessary to bring government debt-to-GDP ratios down to 60 percent by 2030 - over 20 years hence - show a gap in the cyclically adjusted primary balances of some 8 percentage points of GDP in advanced economies to be closed between 2010 and 2020.     This cannot all be accomplished by expenditure reduction. New, or increased, sources of revenue will need to be found, on average perhaps 3 percentage points of GDP. While improvements in compliance and administration could account for some of that gap, it will be necessary to adjust tax policies to a degree not hitherto seen on a wide scale.     Although the world economy remains weak with downside risks and much hardship remain, signs of improvement are thankfully now visible.     This is an opportune juncture, therefore, to begin the work of planning countries' exits from the deteriorated fiscal positions developed in response to the crisis, and to give thought to questions raised by the performance of the financial sector in triggering the crisis.     What role can better tax policies and administration play in preventing a recurrence of this costly episode in economic history?     The financial sector has been, and must continue to be, a critical link in the development of the world's economies. The sector has played a key role in accelerating the development of the emerging markets - many of which, prior to this most recent episode, had grown able to tap the world's financial resources at an increasing rate unparalleled in history.     And for the world's most vulnerable economies, continued financial deepening will be absolutely necessary to permit them to meet their development goals. The upcoming conference will consider the role of taxation in both the industrial and developing countries with respect to these goals.     The conference will address not only the role of the financial sector as a source of revenue itself, and its broader role in the development and growth of the world economy, but also its function in assisting in administration of the tax system-through information reporting, collection of tax payments, and withholding.     This latter role will become ever more important with growing international cooperation in fighting tax evasion and avoidance.     Finally, we must not lose sight of the main function of the tax system - to raise revenue in an economically efficient, non-distortionary, and administratively feasible manner.     Even fully recognizing the existence of both market failures and policy-induced vulnerabilities, including those that contributed to this crisis, it is important to avoid accidentally introducing distortions through the tax system that may prove worse than the evils they are intended to remedy.     "Neutrality" of taxation of the financial sector in this sense is a benchmark against which deviations from this objective may be measured and judged.     One must ask whether any proposed interventions are targeted at a recognized externality or existing distortion, and, if so, whether the proposed action is the most appropriate response. And the multilateral institutions, in particular, must look to the effects which the financial sector and its taxation may have not only on the world's highly developed economies-those with the greatest depth of financial intermediation-but at the effects, direct and indirect, on the world's developing nations.     International cooperation on these matters will be critical to making improvements that will benefit all of us. This week's important event, hosted by the Chinese government and organized by the ITD, is itself a model in this regard.

BEIJING, Nov. 12 (Xinhua) -- China would not let the yuan gain against the U.S. dollar in the short term, experts said here Thursday when commenting on the latest quarterly report of China's central bank.     People's Bank of China (PBOC), the central bank, said Wednesday in its quarterly report of monetary policy, for the first time, that the bank would improve the mechanism of the exchange rate determination "based on international capital flows and movements in major currencies".     "The new wording showed that China would reduce speculation and strengthen risk control in the future, but it did not necessarily suggest a change in the yuan's exchange rate policy," said Tan Yaling, an expert with the China Institute for Financial Derivatives at Peking University.     "The future mechanism would reflect China's own concerns and status," she said.     China's foreign exchange reserves surged to a record 2.27 trillion U.S. dollars as of the third quarter of 2009, up 19.26 percent year on year, PBOC reported in September.     According to Yin Jianfeng, a researcher with the Chinese Academy of Social Sciences (CASS), a government think tank, it is natural for the central bank to pay more attention to increasing international capital inflows.     "Excessive liquidities are pouring into China as the country is witnessing rapid recovery while the economic condition is still weak in the western world," he said.     Zuo Xiaolei, chief economist with Galaxy Securities, said the central bank's report indicated the government had raised concerns that such inflows would put China under huge external pressure for yuan appreciation.     Zuo predicted that as the U.S. dollar depreciates further, excessive liquidity will be a global issue in future, which would in turn pull up China's foreign reserve to a new level.     China has been facing calls to let its own currency gain against the dollar since it recovered quickly from the financial crisis, especially after it reported the positive economic data of last month, however, experts had expressed different opinions.     "Sudden upward movement in the yuan would slow China's economic growth when the country's exports just showed signs of recovery, "Tan said, "All in all, the exchange rate policy should not be subjected to other countries but serve our own economy."     Also, the pace of yuan's appreciation should be determined not only by the foreign trade surplus, according to Zuo Xiaolei.     The balance of China's internal development should also be taken into consideration, including the massive stimulus package and the accumulated liabilities of local governments, she said.     China's exports slid 13.8 percent year on year to 110.76 billion U.S. dollars in October, said the National Bureau of Statistics Wednesday. The decline rate was 1.4 percentage points lower than that of September.

BEIJING, Jan. 4 (Xinhua) -- Chinese central authorities have stressed the promotion of honesty and uprightness among the public, especially government officials, in enhancing clean governance and anti-corruption drive.     It is imperative to foster and carry forward the merit of honesty and uprightness, and officials should have the awareness of using power justly and pursue clean-fingered work style, according to suggestions on clean governance put forward by six central government departments.     The six departments also urged to strengthen education on the public about the value of honesty and cleanness combining social morality, professional ethics, family virtues and personal moral character.     It is stressed that anti-corruption should be a subject that is reflected in literature works, films and TV dramas, as well as newspapers and magazines, books, and electronic products.     The suggestions were jointly issued by the Communist Party of China (CPC) Central Commission for Discipline Inspection, the Ministry of Supervision, Publicity Department of the CPC Central Committee, the Ministry of Culture, State Administration of Radio, Film and Television and the General Administration of Press and Publication.