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BEIJING, April 11 (Xinhua) -- China's foreign exchange reserves rose 16 percent year-on-year to 1.9537 trillion U.S. dollars by the end of March, said the People's Bank of China on Saturday. It represents an increase of 7.7 billion dollars for the first quarter, but the increase was 146.2 billion dollars lower than the same period of last year. Outstanding foreign currency loans stood at 235.2 billion U.S. dollars by the end of March, down 11.7 percent year on year. In the first quarter, foreign currency loans dropped by 8.5 billion U.S. dollars. The decline was 57.3 billion U.S. dollars heavier over the same period of last year. In March, foreign currency loans rose by 4.3 billion U.S. dollars. The increase was 6.4 billion U.S. dollars lower than the same period of last year. Meanwhile, outstanding foreign currency deposits rose 28.9 percent, or 7.5 billion U.S. dollars, to 200.3 billion U.S. dollars in the first quarter. The increase was 13 billion U.S. dollars higher over the same period of last year. In March alone, foreign currency deposits rose by 3.3 billion U.S. dollars. The increase was 1.8 billion U.S. dollars higher over the same month in 2008. Analysts said the smaller growth of foreign exchange reserves in the first quarter was related with changes in the value of non-U.S.-dollar assets and money flows under the capital account. In March alone, the foreign exchange reserves rose by 41.7 billion U.S. dollars. The increase was 6.7 billion U.S. dollars higher than the corresponding period of last year. The country's foreign exchange reserves reduced to 1.914 trillion U.S. dollars at the end of January and 1.912 trillion U.S. dollars at the end of February. "Changes of foreign exchange reserves in the first quarter were mainly driven by non-U.S.-dollar assets' volatile fluctuation," said Liu Yuhui, an economist with Chinese Academy of Social Sciences (CASS). During the first quarter, especially the first two months, non-dollar foreign currencies dropped heavily against the U.S. dollar, leaving about 40 percent of the country's non-dollar assets depreciated. Meanwhile, the country's trade surplus had reduced during the first quarter due to a weakening external demand. Exports fell 17.5 percent in January, 25.7 percent in February and 17.1 percent in March. In February, trade surplus plummeted by34.3 billion U.S. dollars to 4.8 billion. "The 7.7-billion-dollar increase in foreign exchange reserves for the first quarter showed the country's economy still depends heavily on external demand," said Mei Xinyu, an economist with the Ministry of Commerce (MOC). Yuan Gangming, a researcher with the CASS, said the smaller increase in foreign exchange reserves might also be caused by capital flight. Official statistics show during the first two months, the actually-utilized foreign direct investment dropped by 26.2 percent. A large proportion of the country's foreign exchange reserves are invested in U.S. treasuries and notes. Last month, the U.S. Federal Reserve announced a plan to buy up to 300 billion U.S. dollars in long-term treasuries. That added to worries in the value stability of the country's foreign exchange reserves. Mei said the slower growth in foreign exchange reserves could be conducive to the national economic security because less capital would be exposed to devaluation risks. "The top priority should be to keep the value of foreign exchange reserves stable," said Yuan. He suggested relevant authorities should keep a close eye on flows of foreign reserves and prevent a similar capital flight that happened after the Asian financial crisis.
MANDALAY, March 28 (Xinhua) -- Li Changchun, a senior official of the Communist Party of China (CPC), visited China-funded projects in Myanmar and other industrial and educational facilities amidst his on-going visit. Li, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, visited the Myanmar's 3G core network, which was built by China's ZTE Corporation, one of China's leading telecom equipment producers. After listening to reports from both sides, Li said that information and communication industry played an important role in modern society. "I am glad to see the results you have already achieved and hope you can enhance strategic cooperation in the telecom field." He also urged ZTE and other Chinese companies in Myanmar to transfer technologies to their partners, train local technical contingent for better serving the clients and the local society. On Friday afternoon, Li visited Hlaing Thar Yar city of industry and listened to the briefing of local officials. He also visited a plastic pipe plant and a factory of traditional Myanmar medicines. Early on Saturday, Li flew from Yangon to Mandalay, the country's second largest city, and visited Mandalay industrial training center. The center was set up with a grant of 30 million RMB (4.39million U.S. dollar) from the Chinese government. It was designed to train local technicians for automotive production and maintenance. Myanmar is the second-leg of Li's four-nation tour which will also take him to the Republic of Korea and Japan. He has already visited Australia

BEIJING, Feb. 19 (Xinhua) -- Chinese Vice Premier Zhang Dejiang Thursday urged the country's labor department to find employment for people this year. China is facing a daunting task to secure jobs for its workforce after more than 20 million migrant workers lost their jobs in the global financial crisis. To compound the problem, more than seven million college graduates will be looking for jobs this year. "We must ensure a stable employment situation this year, as employment is related to people's livelihood and the harmony and stability of the society," Zhang said at a working conference of the Ministry of Human Resources and Social Security. The country's urban unemployment rate increase 0.2 percentage points to 4.2 percent at the end of 2008, even though migrant workers are not included in that number. Zhang asked the ministry to adopt more active policies to find employment for people. Tax burdens of firms could be reduced, and preferential policies for social security coverage could be employed to help firms survive the crisis and keep jobs, Zhang said. More subsidies should be offered to organize vocational training in order to get people reemployed, and training should be made more relevant to different jobs, he added. The Vice Premier also said the government should step up building a social insurance system that covers both urban and rural residents, and continue to raise pensions for retired workers. China created new jobs for 11.13 million people last year, 11 percent more than the target of 10 million. The country also found jobs for five million laid-off workers and for 1.43 million who had difficulty in finding a job. The combined 6.43 million was again higher than the original target of five million.
CARACAS, Feb. 17 (Xinhua) -- Visiting Chinese Vice President Xi Jinping delivered a keynote speech at a seminar here Tuesday, elaborating on bilateral ties, cooperation and common development between China and Venezuela. BRIGHT FUTURE FOR BILATERAL TIES In his speech at the opening ceremony of a seminar attended by entrepreneurs from both China and Venezuela, Xi said bilateral ties have seen comprehensive and fast growth since the establishment of diplomatic ties 35 years ago, particularly after the two countries built their strategic partnership for common development in 2001. Chinese Vice President Xi Jinping makes a speech at a business seminar in Caracas, Venezuela, Feb. 17, 2009. Xi arrived in Caracas Tuesday for an official visit to Venezuela. Both sides have enjoyed close high-level exchanges, strengthened mutual political trust and fruitful cooperation in all areas, he said. Venezuela has become China's fourth biggest oil provider and fifth largest trade partner in Latin America, with bilateral trade volume reaching a record 9.85 billion U.S. dollars in 2008 -- a year-on-year increase of 68.2 percent, said Xi. He noted that the strengthening of friendly, mutually beneficial cooperation is in keeping with the fundamental interests of both peoples. It is also conducive to the common development of the two countries as well as to relations between China and Latin America as a whole. Chinese Vice President Xi Jinping (1st L) talks with Venezuelan President Hugo Chavez (1st R) at a business seminar in Caracas, Venezuela, Feb. 17, 2009Xi said he had held "very fruitful talks" with Vice President Ramon Carrizales on Tuesday. "We both are very enthusiastic and determined to develop friendly cooperation between our two countries." To that end, Xi proposed that both China and Venezuela focus on the following four aspects: First, both nations should focus on common development and boost mutual political trust. China and Venezuela should view each other from a strategic perspective and adhere to the principles of mutual trust, mutual assistance, reciprocity and mutual benefits. Chinese Vice President Xi Jinping (L) shakes hands with Venezuelan President Hugo Chavez at a business seminar in Caracas, Venezuela, Feb. 17, 2009"We should reinforce political dialogue, broaden strategic common grounds, deepen mutual political trust, constantly enrich the contents of strategic partnership, and promote a long-term stable reciprocal cooperation in an all-around way," the Chinese vice president said. Secondly, he said the two countries should further improve their cooperative mechanism and upgrade cooperation. This mechanism, namely the Sino-Venezuelan inter-governmental commission founded eight years ago, "has played an active role in communication and collaboration, under which great progress has been made in cooperation in all areas," said Xi. He expressed hope that the commission would continue to play its guiding and coordinative role in laying the groundwork of pragmatic cooperation and opening new fields of cooperation. He also proposed setting up a council for entrepreneurs from both countries. Thirdly, Xi said China and Venezuela should boost cooperation in energy and finance. Energy cooperation is a priority and constitutes an important part of bilateral cooperation, he said, expressing hope that the two sides would make a joint effort to push forward an all-around energy partnership. Xi also said that both nations had agreed to increase their contributions to a joint fund to finance projects in either country. Finally, Xi said the two countries should explore more fields and channels for cooperation. Apart from energy cooperation, they should better tap the cooperation potential in agriculture, infrastructure and high-tech, as well as promote projects in the housing, railway, telecommunication and electric power sectors. "We deeply believe that through concerted efforts, China and Venezuela will surely have a bright future of cooperation," Xi said. BETTER COOPERATION AND COMMON DEVELOPMENT The Chinese vice president said the scope and pace of cooperation between China and Latin America has reached an "unprecedented" level since the beginning of the new century. Bilateral trade reached 143.39 billion U.S. dollars in 2008, 39.7 percent up from the previous year and 10 times that of 2000, Xi noted. Meanwhile, mutual investment has been growing with areas of cooperation being expanded, he said, adding that trade and economic cooperation has shown excellent prospects for all-around development. China, the largest developing country in the world, is ready to join hands with Latin America, one of the world's major developing regions, to push forward their cooperation and raise it to a still higher level, he said. China and Latin American nations -- whose combined population makes up a fourth of the world's total -- are all at a crucial stage of socio-economic development, he said. Under the current circumstances, while standing up to the serious challenges brought about by the global financial crisis, one should not lose sight of the new emerging opportunities for all-around cooperation between the two sides, he said. The vice president put forward a four-point proposal for strengthening all-around cooperation for common development. First, he said efforts should be made to promote mutual political trust, bearing in mind the importance of long-term development of friendly cooperation. China is ready to maintain high-level visits and contact with Latin American nations and favors increased bilateral understanding and support on issues of mutual concern, he said. Both sides should strive to improve the existing bilateral and multilateral mechanisms of political consultation and dialogue and coordinate cooperation in various fields from a strategic height and long-term perspective. In the face of the global financial crisis, China is ready to work with Latin American nations to strengthen coordination and boost confidence so as to contribute to the stable growth of the global economy, Xi said. Second, mutual cooperation should be deepened, said the Chinese vice president. China is ready to continue to expand trade and mutual investment with Latin American nations, push forward pragmatic cooperation in such key areas as energy, finance, agriculture, manufacturing, infrastructure and the high-tech industry. The Chinese government is ready to join hands with Latin American governments to further promote strategic cooperation between companies from both sides and make continued efforts to ensure greater success in hosting the China-Latin America Business Summit and the China-Caribbean Economic and Trade Cooperation Forum, he added. Third, efforts should be made to boost human and cultural exchanges, with a view to cementing the foundation of the China-Latin American friendship. China is ready to enhance exchanges with Latin American nations in the fields of culture, education, health, sports and tourism, and carry out practical cooperation in poverty alleviation, social security, environmental protection and disaster relief. Both sides should also expand exchanges between youth and women's organizations as well as media bodies and academic institutions in efforts to promote understanding and friendship between the Chinese and Latin American peoples, Xi said. Fourth, both sides should strengthen consultation and cooperation in international affairs. China is ready to strengthen coordination with Latin American nations, through participating in regional and international organizations or other multilateral mechanisms, and jointly safeguarding the legitimate rights and interests of developing nations. Both sides should work together to push for the establishment of a global economic system for sustainable development, an inclusive international financial system, a fair and equitable international trading system and a fair and efficient global development system. Both sides should urge developed countries to fulfill their commitments in terms of increasing investments and aid, reducing trade barriers, speeding up technology transfer and reducing and writing off debts, he said. China is a staunch force for maintaining world peace and the Chinese people are trustworthy friends of the Latin American people, said Xi. China and Latin America enjoy a profound traditional friendship and share broad common interests. China is ready to work with Latin American nations to write a new chapter in the efforts to establish partnership for all-around cooperation, said the vice president. Venezuelan President Hugo Chavez was present during Xi's address. Xi arrived Tuesday in Caracas for an official visit to Venezuela, the fourth leg of his six-nation tour, which will also take him to Brazil and Malta. He earlier visited Mexico, Jamaica and Colombia. In November 2008, China issued its first Policy Paper on Latin America and the Caribbean, seeking to build and develop a comprehensive and cooperative partnership featuring equality, mutual benefit and common development with the region.
BEIJING, March 18 (Xinhua) -- China's top political advisor Jia Qinglin said Wednesday the central government had great confidence in continued prosperity and stability of the Hong Kong Special Administrative Region(HKSAR). Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference, made the remarks when greeting with a delegation of social workers from Hong Kong headed by Mrs. Betty Tung, wife of the SAR's former Chief Executive Tung Chee-hwa. Mrs. Betty Tung set up the organization in 1998, mobilizing volunteers to help needy youth and women. Jia, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, welcomed the visit of the delegation and praised its contribution to the region's prosperity and stability. He said, "China has confidence and the ability in overcoming the global financial downturn, which brought us challenges and opportunities as well." The mainland will always be a strong supporter of the Hong Kong SAR.
来源:资阳报