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BEIJING, Feb. 25 (Xinhua) -- China defended its move to reduce its holdings of U.S. Treasury securities, saying the United States should take steps to promote confidence in U.S. dollar .Foreign Ministry spokesman Qin Gang made the comment Thursday when responding to questions on China's sale of U.S. Treasury securities last December.Qin said the issue should be viewed from two perspectives.He said on the one hand, China always followed the principle of "ensuring safety, liquidity and good value" in managing its foreign exchange reserve. And when it came to how much and when China buys the bonds, the decision should be made taking into account the market and China's need, so as to realize rational deployment of China's foreign exchange property, he said.And on the other hand, the United States should take concrete steps to beef up the international market's confidence in the U.S. dollar, Qin said.The way to view the issue was similar to doing business, he said.China trimmed its holdings of U.S. debt by 34.2 billion U.S. dollars in December 2009, leaving Japan the largest holder of U.S. Treasury securities, the U.S. Treasury Department reported on Feb. 16.As of the end of November last year, China held 789.6 billion U.S. dollars of U.S. Treasury bonds.

BEIJING, March 23 (Xinhua) -- China's year-on-year inflation rate was expected to be between 2 to 2.5 percent for the first quarter this year, the country's top economic planner said here Tuesday.The consumer price index (CPI), a main gauge of inflation, would see a "moderate increase" in the first quarter, the National Development and Reform Commission (NDRC) said in a statement on its website.China's CPI rose 2.7 percent from a year earlier in February, according to data from the National Bureau of Statistics.Food prices would begin to fall as the weather got warmer, said the statement. In February, food prices rose 6.2 percent from the previous year due to the Lunar New Year holiday and poor weather.The Lunar New Year holiday, or Spring Festival, is the most important traditional festival in China for family reunion. People usually spend a lot on food, alcohol, cigarettes and gifts during the period.The February CPI was within normal range, compared with the Spring Festival months in previous years, said Zhou Wangjun, deputy director of the Department of Prices of the NDRC.However, Zhou warned that there were still uncertainties in the price trend, including fluctuation in international commodities prices.China targets a consumer price rise of around 3 percent this year, according to a government work report delivered by Premier Wen Jiabao at the opening of the annual session of the National People's Congress earlier this month.

HONG KONG, Feb. 15 (Xinhua) -- Over 20,000 people gathered on both sides of Hong Kong's Victoria Harbor to watch a 23-minute firework show Monday evening, as the city is unwrapping various festive activities to celebrate the year of the Tiger.The show began at 8 pm local time (1200 GMT) despite heavy fog and light showers.Spectators cheered and shouted as the Arabic number "eight" appeared in the sky, followed by patterns resembling fish. Fireworks designers explained that the number eight shares the same pronunciation with the word "Fa" which means striking gold while the word "fish" sounds the same with "surplus" in Cantonese.For Hong Kong residents who tend to believe that lucky signs and lucky-sounding words do actually bring in luck, they are delighted at the show, which also include patters similar to the shape of the Chinese traditional gold ingot and red Chinese character "Ji" which means auspiciousness.The Lunar New Year firework show has become an annual event since it lit up the sky above the Victoria Harbor for the first time during the Lunar New Year in 1982.Sponsors of the event said this year's extravaganza costs more that 3 million HK dollars (about 400,000 U.S. dollars ), but they insist the expenditure worthwhile as it brings laughter and joy to Hong Kong citizens at the begining of a new year.

BEIJING, Jan. 13 (Xinhua) -- Chinese Vice President Xi Jinping Wednesday stressed the need for able Party officials at county and village levels for countryside development.     Xi, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks when meeting with the relatives of Shen Hao, former secretary of a village committee of the CPC, whom Xi described as setting up an ideal example for village officials.     During his six years as the Secretary of the Xiaogang Village Committee of the CPC in east China's Anhui Province, Shen led impoverished villagers to build roads, improve housing facilities and help increase villagers' annual income from 2,300 yuan (337 U.S. dollars) to 6,600 yuan per capita.     On Nov. 6, 2009, he died of heart attack at the age of 45.     He was posthumously honored with the title of "national outstanding CPC member" and "the people's civil servant."     Xi said Shen had left a great legacy as a modern CPC village cadre with his "loyalty and love, innovation and hard work."     He urged Party officials at county and village levels to learn from Shen and contribute to the building of the socialist new countryside

XI'AN, Feb. 6 (Xinhua) -- A high-speed railway linking central China city Zhengzhou and northwestern city Xi'an, went into operation Saturday.The 505-km Zhengzhou-Xi'an high-speed railway, the first of its kind in central and western China, cut the travel time between the two cities from former more than six hours to less than two hours, said local railway authorities Saturday.The first train left Xi'an, capital of Shaanxi Province, at 10:50 a.m. and arrived at Zhengzhou, capital of Henan Province, at 1:15 p.m., said Long Jing, head of the Xi'an Railway Bureau. With a speed of 350 kilometers per hour, the high-speed Electric Multiple Unit (EMU) train coded G2004 is about to leave Xi'an for Zhengzhou in Xi'an Railway Station, northwest China's Shaanxi Province, on Feb. 6, 2010.The train traveled at 350 kilometers per hour, said Long. A total of 14 trains would be traveling between Zhengzhou and Xi'an everyday, said Long.The first train from Zhengzhou to Xi'an departed from Zhengzhou at 11:25 a.m. and arrived at Xi'an at 2:01 p.m., said Niu Jianfeng, spokesman of the Zhengzhou Railway Bureau.The Zhengzhou-Xi'an high-speed railway, included in the country's "Mid- and long-term railway network plan", has been built since Sept. 25, 2005, with a total investment of about 35.31 billion yuan (5.17 billion U.S. dollars), said Niu. With a speed of 350 kilometers per hour, a high-speed Electric Multiple Unit (EMU) train is on test operation en route from Xi'an to Zhengzhou, in Tongguan, northwest China's Shaanxi Province, on Feb. 4, 2010."The Zhengzhou-Xi'an high-speed railway will meet the growing demand of of passenger and cargo transportation in central and western China, and help promote local development," said Wang Yongping, spokesman of the Ministry of Railways.Henan is one of the major grain producers of China and an emerging economic and industrial powerhouse. This most populous province in China is also a major tourist attraction with a great number of sites of historical and cultural interests. Shaanxi boasts rich cultural resources and is endowed with rich natural resources such as coal, petroluem, and natural gas.The country's total railway coverage will be more than 110,000 kilometers by 2012 and 120,000 kilometers by 2020, according to the "Mid- and long-term railway network plan"."By 2012, it will take less than eight hours to travel by train from Beijing to most provincial capitals in China," said Long.