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WASHINGTON, July 29 (Xinhua) -- The cooperation between the United States and China has never been so important as it is now, and the just-concluded U.S.-China Strategic and Economic Dialogue (S&ED) has provided a platform to reinforce common interests, a senior U.S. official has said in an exclusive interview with Xinhua. "We have broadened the dialogue ... and the S&ED is a new approach towards the U.S.-and-China relations," David Loevinger, Treasury executive secretary and senior coordinator for China Affairs and the U.S.-China Strategic and Economic Dialogue, told Xinhua on Tuesday night. "There was a common understanding that U.S.-China cooperation and engagement on economic issues have never been so important because of the challenges that we face in the global economy and global financial market right now," said Loevinger. He said he was struck by the fact that both sides have so much in common in the discussion. "The U.S. and China have a very similar outlook on the global economy and adopted very similar policy response," said Loevinger, once a Treasury Department's Financial Attache in China. "Both U.S. and China act very quickly and aggressively on global economic crisis." "The monetary and fiscal stimulus in both countries was among the most aggressive and most far-reaching of any major economy," he also noted. However, during the dialogue, China also expressed its concern over the security of its heavy investment. So far, China has invested more than 1.5 trillion dollars in the United States government-issued securities. "We are deeply concerned about the security of our financial assets in the United States," Zhu Guangyao, China's assistant finance minister, told Xinhua. Wang Qishan, Chinese vice premier and co-chair of the S&ED, also urged the United States to protect China's assets during the dialogue. Loevinger indicated that the United States understands China's concern and explained to the Chinese side the U.S. monetary and fiscal policies during the two-day dialogue, which ended on Tuesday. "(Federal Reserve) Chairman Bernanke talked about the Federal Reserve's approach to U.S. monetary policy," Loevinger said, referring to an op-ed Bernanke published last week in the Wall Street Journal, in which he talked about tightening monetary policy to prevent the emergence of an inflation once economic recovery is assured. "Bernanke discussed many of these issues with China," he added.
ROME, Sept. 13 (Xinhua) -- China and EU agreed here Sunday to continue their dialogue in order to strengthen the important cooperation with each other. Hua Jianmin, vice chairman of the Standing Committee of the National People's Congress (NPC), or China's legislature, met with President of the European Parliament Jerzy Buzek in Rome, before attending a summit for parliament speakers of the Group of Eight (G8) and emerging economies on behalf of top Chinese legislator Wu Bangguo. Hua Jianmin (2nd R), vice chairman of the Standing Committee of China's National People's Congress, meets with President of European Parliament Jerzy Buzek in Rome, capital of Italy, Sept. 13, 2009.During the meeting, Hua said that as two major international forces, China and the EU to deepen mutual cooperation conforms to the fundamental interests of both sides. The NPC is willing to continue making dialogues with the European Parliament in order to strengthen the bilateral cooperation. Hua believed that the two sides should continue enhancing Sino-EU comprehensive strategic partnership in order to have a better communication and cooperation in the international financial crisis, climate change and other aspects. Hua Jianmin (L), vice chairman of the Standing Committee of China's National People's Congress, meets with Italian Chamber of Deputies President Gianfranco Fini in Rome, capital of Italy, Sept. 12, 2009.Busek said that the relation with China is very important for the EU, and the European Parliament wants to engage in frank dialogue with the NPC to promote Sino-EU cooperation in all fields. On Saturday in Rome Hua also met with Speaker of Chamber of Deputies of the Italian Parliament, Gianfranco Fini and Speaker of the National Assembly of the Republic of South Africa, Hon Max Vuyisile Sisulu. Hua Jianmin (1st R), vice chairman of the Standing Committee of China's National People's Congress, meets with Speaker of the National Assembly of South Africa Max Sisulu in Rome, capital of Italy, Sept. 12, 2009

BEIJING, July 23 (Xinhua) -- The Chinese government has made clear Thursday that it will continue its proactive fiscal policy in the second half of this year to maintain its economic growth as government leaders reiterated the stance, for there are still uncertainties ahead. Finance Minister Xie Xuren told local financial bureaus at a conference in Beijing on Thursday that the proactive policies, which included increased investment from the government, tax cuts and subsidies to low- income families, had taken effect in stimulating the recovery of the national economy. The Chinese economy expanded 7.9 percent from a year ago in the second quarter of this year, driven by a surge of fixed-asset investment backed by government fiscal policies. Finance Minister Xie Xuren was seen in this file photo taken on March 6, 2008 The economic growth rate accelerated from the 6.1 percent in the first quarter of this year and the 6.8 percent in the fourth quarter of last year. To weather the global economic recession, the Chinese government unveiled a four-trillion-yuan stimulus package in November to revive the world's third largest economy, which was slowed by tumbling exports. The central government promised a 1.18trillion yuan investment. By the end of June, 591.5 billion yuan (86.6 billion U.S. dollars) out of the total investment from the central government had been allocated, which boosted a 33.5 percent jump of fixed-asset investment in the first half of this year. It was the highest level in the last five years. The ministry's decision came as Chinese leaders vowed to continue the current policies. Chinese President Hu Jintao said Thursday that China should adhere to its proactive fiscal policy and moderately easy monetary policy to ensure a stable economic growth as the recovery is not yet solid. Premier Wen Jiabao has reiterated that the economy is in a crucial phase and rebounding. He pledged to maintain the current macroeconomic policies and fully implement its four-trillion yuan stimulus package. Xie said the government will implement the fiscal policy "at full swing" in the second half of this year and speed up allocation of investment from government, which, Xie hoped, would stimulate private investment. Yang Zhiyong, researcher of the Institute of Finance and Trade Economics at the Chinese Academy of Social Sciences, a government think tank, said that currently the proactive fiscal policy had a limited impact on pushing up private investment. It is hard for private investment to enter monopolistic sectors, he added. Li Yining, an economist from the Peking University, said consumption should be spurred to fuel the growth momentum in the future as the current economic recovery was advanced mainly by investment. He suggested the proactive policy be further carried out to stimulate consumption and private investment in the following period. Xie said in the second half the ministry will continue its policy of tax cuts to increase investment from enterprises and consumption. The ministry also pledged to increase spending on people's livelihood. Investment in agriculture, social security, medical care, education, science and environmental protection climbed 33.9percent from a year earlier to 1.48 trillion yuan, according the ministry. Analysts said the macroeconomic polices should also aim to adjust economic structure for the long term and to create new growth points. Jia Kang, president of the Institute of Fiscal Science, Ministry of Finance, said the government resolves to step up adjustment of economic structure as the economy is back on track for recovery. Xie said the fiscal policy in the second will support innovation and energy conservation and emission reduction to sustain the economic growth. On July 21, the ministry started a pilot program to subsidize 50 percent of investment for solar power projects, a move to boost the solar industry as a new growth point for the country's economy. Xie also urged to strengthen supervision over fiscal management and improve information transparency in the second half as fiscal expenditure in the second half faced great pressure. Wen Jiabao also described the country's fiscal situation as "severe." The ministry said the country's fiscal revenue in the first six months fell 2.4 percent from a year ago to about 3.4 trillion yuan, while its fiscal expenditure rose 26.3 percent to 2.89 trillion yuan.
BEIJING, Sept. 24 (Xinhua) -- The Eight Conference of the Board of Directors of the Chinese Council for the Promotion of Peaceful National Reunification (CCPPNR) came to an end Thursday, re-electing senior leader Jia Qinglin the council's chairman. Jia is a member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau, and chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC). He attended the closing session and congratulated its success on behalf of the CPC Central Committee, saying facts indicate that the council has become a major link between the mainland and overseas Chinese, and a bridge between Chinese compatriots living on the two sides of the Taiwan Strait. He highlighted the role of the CPC in the great changes of New China in the past 60 years, stressing, "the Chinese nation will definitely play an even more splendid movement in the process of its great rejuvenation." Jia Qinglin (L F), chairman of the National Committee of the Chinese People's Political Consultative Conference, meets with directors of the Chinese Council for the Promotion of Peaceful National Reunification (CCPPNR) in Beijing, capital of China, Sept. 24, 2009. Jia stressed that it is a common aspiration of the whole Chinese to promote a peaceful development of the cross-strait relations and finally achieve a complete unification of the nation. "Practice shows that Chinese living on the sides of the strait have the abilities and wisdom to hold the future of the cross-strait relations in their own hands," the top political advisor said. He urged the two sides to join hands in promoting a peaceful development of the cross-strait relations and opening up a beautiful future for the great rejuvenation of the Chinese nation. In his speech, Jia called for further studying and implementing the six-point instruction on cross-strait ties made by President Hu Jintao last December, when he spoke in memory of the 30th anniversary of the Letter to Taiwan Compatriots by the Standing Committee of the National People's Congress.
SHANGHAI, Aug. 28 (Xinhua) -- Baosteel Group, China's largest steel maker, said Friday it has agreed to pay 285.6 million Australian dollars (240.7 million U.S. dollars) for a 15-percent stake in Australian miner Aquila Resources. Baosteel will buy up to 43.95 million shares in Aquila at 6.5 Australian dollars a share. The deal, which will make Baosteel the second-biggest shareholder in Aquila, is still to get approval from Australian and Chinese regulators. The company executives valued the growth potential of Aquila's assets in the deal that is another major step in its overseas expansion, said a statement on Baosteel's website. Baosteel established a joint venture with iron ore giant Rio Tinto in 2001 and Companhia Vale do Rio Doce (CVRD) in 2002 to secure iron ore imports. In a press release, Aquila said the deal was "an important transaction in Baosteel's strategy to secure long-term supply of critical steel raw materials." The strategic cooperation will "fast-track the development of Aquila's key steel raw materials projects including iron ore, coal, and manganese," said the statement. Baosteel would possibly make further direct investment into a number of its projects and help it get low-cost financing from China for most of its major projects, including the strategic West Pilbara Iron Ore Project, said the Aquila statement. It added that the state-owned Chinese steel mill had agreed not to hold more than 19.99 percent of Aquila before August 2010. Shares in Aquila surged 9.16 percent, or 60 Australian cents, to 7.15 Australian dollars Friday.
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