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KHARTOUM, Jan. 28 (Xinhua) -- The Arab League (AL) and the Chinese National Energy Administration on Thursday signed a memorandum of understanding (MoU) on China-Arab energy cooperation mechanism.The two sides singed the MoU at the end of the 2nd conference of the China-Arab Energy Cooperation of the China-Arab Cooperation Forum in Khartoum Thursday.Delegates to the conference had discussed the energy issue including nuclear and renewable energy, stressing the importance to develop all sorts of energy to meet the needs.China and the AL reached consensus to conduct cooperation in the energy sector, and the two sides would strengthen cooperation in the fields of petroleum, natural gas, electrical power, renewable energy and nuclear energy for peaceful purposes.In the meantime, the two sides have agreed to hold the 3rd China-Arab Conference on Energy Cooperation in China in 2012.Representatives of the Arab States' energy ministries, the AL, the Organization of Arab Petroleum Exporting Countries (OAPEC), the Arab Atomic Energy Commission, the Chinese National Energy Administration and some Chinese companies took part in the three- day conference.

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SHANGHAI, Feb. 20 (Xinhua) -- Two Chinese educational institutions blamed for cyber attacks on Google and other firms said Saturday the allegations are unfounded.The New York Times reported Thursday the cyber attacks on Google and other American firms have been traced to Shanghai Jiaotong University (SJTU) and Lanxiang Vocational School (Lanxiang) in east China's Shandong Province, which the report alleged has ties to the Chinese military."We were shocked and indignant to hear these baseless allegations which may harm the university's reputation," said a SJTU spokesperson.The spokesperson said the allegation linking the attacks with SJTU students or teachers does not hold water."The report of the New York Times was based simply on an IP address. Given the highly developed network technology today, such a report is neither objective nor balanced," the spokesperson said.SJTU will fully cooperate with investigators if Google seeks judicial remedies, the spokesperson said.Li Zixiang, party chief at Lanxiang, another alleged source of the attacks, said, "Investigation in the staff found no trace that the attacks originated from our school."Lanxiang students are still on their winter vacation, Li added.He said Lanxiang has no relations with the military, adding that school authorities do not have military backing.He also dismissed the report's suggestion of involvement of a "specific computer science class" taught by a Ukrainian professor."There is no Ukrainian teacher in the school and we have never employed any foreign staff," Li confirmed."The report was unfounded. Please show the evidence," he said.Lanxiang, founded in 1984, has about 20,000 students learning vocational skills such as cooking, auto repair and hairdressing.The computer science class offers basic courses about Photoshop, 3D drawing and Word -- not software engineering."It was not until 2006 that our graduates began to join the army. So far, 38 students have been recruited by the military for their talent in auto repair, cooking and electric welding," said Zhou Hui, director of the school's general office, who stressed it is natural for citizens to join the army at a proper age.Google said on Jan. 12 it might pull out of the Chinese market, citing disagreement with government policies and unidentified attacks targeting Google's services in China.

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MOSCOW, March 24 (Xinhua) -- The Chinese government will firmly adhere to the policy of developing a strategic partnership of cooperation with Russia, said visiting Chinese Vice President Xi Jinping here on Wednesday.Meeting with Russian President Dmitry Medvedev on Wednesday, Xi said China is ready to continuously enhance mutual political trust and advance pragmatic cooperation with Russia, safeguard the collective interest of both countries, and help promote world peace and stability.Last year witnessed the celebration of the 60th anniversary of diplomatic ties between China and Russia, as well as the hosting of the "Year of Russian language" in China, which brought about new breakthroughs in the Sino-Russian strategic partnership of cooperation, Xi noted. Visiting Chinese Vice President Xi Jinping (R) shakes hands with Russian President Dmitry Medvedev during their meeting in Moscow, Russia, March 24, 2010Despite some impact on bilateral trade by the global economic crisis, the quality of bilateral economic cooperation has improved, with trade structure optimized and significant progress achieved in energy sector cooperation, he added."The close interaction and coordination in international and regional affairs between the two countries, the proper handling of common challenges in the complex international situation, and the efficient collaboration on major global and regional issues have safeguarded our collective interest and played an important role in promoting world peace and development," said Xi.After 60 years of development, the relationship between China and Russia now stands at a new historical starting point, said the Chinese leader.This year the two countries will have frequent high-level exchanges, with their leaders holding a series of bilateral and multilateral talks on several important occasions, he said.He expressed belief that such frequent interactions will definitely help further enhance mutual political trust and consolidate the strategic partnership of cooperation.Medvedev, for his part, thanked his Chinese counterpart Hu Jintao for inviting some 1,000 Russian youngsters to Chinese summer camps this year.Russia was satisfied with the current development of the Russia- China strategic partnership of cooperation, said Medvedev, who also spoke highly of Xi's visit to the frontier regions of Russia and presence at the opening ceremony of the "Year of Chinese Language" in Russia.Xi's visit has demonstrated China's political will to strengthen regional cooperation and cultural exchange with Russia, and will sure help promote the development of bilateral relations, said the Russian leader.Russia hopes to expand cooperation with China under new circumstances, and the two countries should enhance coordination in global and regional affairs, jointly promoting diplomatic solutions to hotspot issues, said Medvedev.Xi, who arrived in Belarus later on Wednesday, is on a 12-day, four-nation tour that will also take him to Finland and Sweden.

  

BEIJING, Feb. 21 (Xinhua) -- With Chinese banks' record new lending in 2009 igniting fears about asset bubbles and bad loan, the banking regulator's latest rules aim to bring financial risk under control.The new directives order banks to focus on loan quality control, rather than quantity restriction, and aim to make loans flow to the real economy -- rather than the property and stock markets, which are susceptible to asset bubble formation.Analysts say the directives are a smart way to handle the policy dilemma the central bank faced: with inflationary pressures growing after increased money supply, how can monetary policy be tightened without hurting the fragile economic recovery?The China Banking Regulatory Commission (CBRC) issued new regulations on Saturday evening telling banks to set lending quotas after "prudent calculation" of borrowers' "actual demand".It also reiterated working capital should not finance fixed-asset investment and equity stakes. The new rules also ask lenders to give funds directly to the end user declared by the borrower, instead of directly giving it to the debtor, in an effort to ensure loans are used for their declared purpose.Execution of the directives will help banks exit the "credit stimulus spree", as they pay more attention to risk control. The directives are crucial for the banks' sustainable expansion, said Yu Xiaoyi, analyst with Guangfa Securities.Loose oversight and easy monetary policy have led to many banks developing the bad habit of being excited about loan extension but indifferent to the tracking of loan use, which can result in credit appropriation, an unnamed insider told Xinhua.That allowed many Chinese enterprises to borrow much more than they needed in order to speculate with various types of investment, even though they had ample funds on hand for their routine business operations.In support of the government's 4-trillion yuan stimulus package, Chinese banks lent an unprecedented 9.6 trillion yuan in 2009, nearly half of 2009 gross domestic product.Researchers said that large amounts of the borrowed funds went into property and stock market speculation, further pushing up soaring house prices and further inflating asset bubbles.According to official data released by CBRC, some regions reported two to three percent of funds were misappropriated.Wang Kejin, an official with the Supervision Rules and Regulation Department of CBRC, told Xinhua "the current working capital and individual loans exceeded real market demand,"The inadequate monitoring of loan use demands improvement, otherwise creditors will suffer losses and systemic risks will build, the CBRC said in a statement on its website."Our purpose was to prevent it happening," the statement said.Ba Shusong, a researcher with the Development Research Center of the State Council, China's cabinet, said the new rules will further strengthen credit risk controls and put a "brake" on lending and keep the financial system in good health,Guo Tianyong, a professor with the Central University of Finance and Economics, said the new directive will prevent systemic risk after the rapid expansion in credit.Although the CBRC and the nation's central bank have repeatedly warned banks to maintain an even pace in lending growth and to avoid big fluctuations, new yuan loans hit a massive 1.39 trillion yuan in January, as banks scrambled to lend before an expected tightening in credit later in the year.CBRC chairman Liu Mingkang said on Jan. 27 the Chinese government is aiming to restrict credit supply to 7.5 trillion yuan (about 1.1 trillion U.S.dollars) in 2010.Analysts expect short-term loans to fall significantly on account of tougher lending requirements that prevent businesses using new loans to repay old credit, a phenomena rampant when bill financing with 180-day maturity comprised nearly half of new loans in the first quarter of 2009.To soak up the excess liquidity on the heels of lending spree, China has raised the deposit reserve requirement ratio (RRR) twice this year, after holding it steady for over a year, to handle the "comparatively loose liquidity" while keeping the "moderately easy" monetary policy unchanged.Jing Ulrich, Chairman of China Equities and Commodities at JP Morgan Chase, estimated China's new lending would fall 17 percent this year as the government takes steps to prevent inflation."While lending support for real economic activity is expected to continue, banks are likely to be more vigilant on shorter term credit facilities, given the regulator's anxiety over asset bubbles and capital adequacy ratios," she said.

  

BEIJING, March 14 (Xinhua) -- Chinese Premier Wen Jiabao said here Sunday a stable exchange rate of the Renminbi(RMB), or yuan, will facilitate the recovery of the world economy in the mid of the global financial crisis.He made the remarks at a press conference after the closing of the annual parliament session.Wen said since China began its currency reform to unpeg the yuan against the U.S. dollar in July 2005, the yuan has appreciated 21 percent against the U.S. dollar, or 16 percent in real terms. Chinese Premier Wen Jiabao smiles during a press conference after the closing meeting of the Third Session of the 11th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 14, 2010"We did not depreciate the RMB from July 2008 to February 2009 when the global economy was in extreme trouble, but it appreciated in real terms by 14.5 percent," Wen told hundreds of domestic and foreign journalists.Wen said during this period, China's exports fell by 16 percent but imports only dropped 11 percent and its trade surplus decreased 102 billion U.S. dollars.

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