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BEIJING, March 12 (Xinhua) -- China's central bank said Friday a stronger yuan offers no help for solving the Sino-U.S. trade imbalance problem, and China opposes politicizing yuan's appreciation.Su Ning, vice governor of the People's Bank of China, made the comments a day after U.S. President Barack Obama told the U.S. Export-Import Bank's annual conference that a more market-oriented exchange rate of yuan will make an essential contribution to global rebalancing efforts."We do not think a country should rely others to solve its own problems," Su, a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, said on the sidelines of the top political advisory body's annual session.The U.S. Department of Commerce said on March 11 that the U.S. trade deficit with China increased to 18.3 billion U.S. dollars in January from 18.14 billion U.S. dollars in December. The increase renewed the U.S. call for a stronger yuan as it claimed the current exchange rate gives Chinese goods unfair price advantages.Su said although yuan has gained more than 20 percent since it depegged the U.S. dollars in June 2005, China's trade surplus tripled from 100 billion U.S. dollars in 2004 to nearly 300 billion U.S. dollars in 2008.In addition, he argued, a weaker U.S. dollar does not help cut the U.S. deficit. As the U.S. dollar depreciated by 3 percent annually in average between 2002 and 2008, its deficit soared from 500 billion U.S. dollars to 900 billion U.S. dollars, Su said.Tan Yaling, a financial researcher with Peking University, said as nations have different roles in international trade and differ in resources, what they produce, consume and want can be very different."It is unfair that the United States, on the one hand, consumes cheap Chinese goods, while on the other hand, it blames the low prices for causing their domestic job losses," she said.The Obama administration's continuous calls for a stronger yuan is actually aimed at diverting attentions from its domestic woes, experts said.To grapple with high unemployment rate and uncertain recovery prospects, Obama has to do something on job promotion to secure victory in the mid-term election in November this year, said Chen Zhiwu, a financial professor with Yale University.To curb soaring unemployment and boost growth, Obama has announced a special task force on a mission of doubling the U.S. exports in five years, as he said the U.S. can not "stand on the sidelines," as other countries are busy negotiating trade deals.Cheng Enfu, a deputy to the National People' s Congress (NPC), China' s top legislature, said the consistent pressure from the United States is simply because of its pursuit of national interests."Over-fast appreciation of yuan does no good to the global economic recovery which is still fragile and uncertain," he said.Zhu Yuchen, also an NPC deputy, said as China plays a leading role in global economic recovery, any drastic policy change will not only impair China's economy, but also the global recovery, which is not a responsible way.President Obama's remarks also came a month ahead of a semiannual Treasury Department report that could label China as a currency manipulator.Premier Wen Jiabao said in the government work report delivered to the NPC on March 5 that China will keep the yuan "basically stable" at an "appropriate and balanced" level.HEFTY SURPLUS, BUT SLIM PROFITSAlthough China has accumulated massive trade surplus over the past decades, that does not indicate the same profits, as more than half of China's exporters are foreign invested, lawmakers said.Figures released by the Ministry of Commerce showed 55.2 percent of China's foreign trade was completed by foreign-invested businesses last year. And 56 percent of the exports were done by foreign companies in China.Cheng Enfu said China only pockets paper-thin profits from the very end of the manufacturing chain, or processing and assembling work. However, the United States earn handsome profits from designing and distribution.According to a study by researchers of the University of California, of the 299 U.S. dollars retail value of a 30-gigabyte video iPod in the United States, 163 U.S. dollars is captured by American companies and workers, and 132 U.S. dollars go to parts makers in other Asian countries, while the final assembly, done in China, cost only about 4 U.S. dollars a unit."Even though Chinese workers contribute only about 1 percent of the value of the iPod, the export of a finished iPod to the United States directly contributes about 150 U.S. dollars to our bilateral trade deficit with the Chinese," Hal R. Varian, a professor of the University of California at Berkeley, wrote on the New York Times on June 28, 2007.Cheng Enfu noted it needs to upgrade exports product mix to fundamentally reverse China's disadvantages. That is, to export more profitable self-innovative products, rather than labor-intensive processing goods.

BEIJING, Feb. 1 (Xinhua) -- China will put more investment, subsidies, fiscal and policy supports into rural areas this year so as to better coordinate urban and rural development, the central government said Sunday in its first policy document of the year."Working for coordinated development between urban and rural areas is the fundamental requirement of building a moderately prosperous society in an all-round way," said the document.The document, jointly issued by the Central Committee of the Communist Party of China (CPC) and the State Council, or the Cabinet, promised to improve the livelihood of rural residents, which it said is one of the main tasks in China's efforts to adjust resident income distribution system.Expanding rural demand should be the key measure in boosting domestic demand, it said, while developing modern agriculture should be considered as a major task in transforming China's economic growth pattern.It called for more efforts to maintain grain production, increase of farmers' income and good development momentum in rural areas.IMPROVING POLICY, STRENGTHENING FINANCIAL SUPPORT TO RURAL AREASThe document said that the central government would continue to improve the policy system to empower and benefit farmers. The government would also continue boosting financial input into agriculture and rural areas.The document stressed that budget expenditure should first support development of agriculture and rural areas, and fixed-asset investment first be channeled into agricultural-related infrastructure and projects in relation to rural livelihood.The Agricultural Development Bank is required to offer mid- and long-term policy-based loan services to rural infrastructure and projects related to agricultural development, which Chen Xiwen, director of the Office of the Central Rural Work Leading Group, believed as a breakthrough in China's rural financial service."It means a great amount of fund will be channeled into agricultural development, which could fill the long-time policy gaps concerning mid- and long-term policy-based loans", Chen told Xinhua in an exclusive interview Sunday.More subsidies should be channeled to increase the output of grain, potato, highland barley and peanut, as well as the purchase of agricultural machinery, the document said.The government would implement more policies for purchasing and stockpiling major agricultural products, including corn, soybean and oilseeds, to stabilize prices of major farm produce.More efforts will be made to strengthen financial services including micro-credit loans and insurance service in rural areas, according to the document.It promised that basic banking services would be available in all villages and towns in the next three years.It called for more efforts to develop township banks, loan-lending companies, and mutual funds in a bid to guide more capital flowing into the rural financial market.The central government also demanded further expansion of rural consumption market as part of the country's accelerating measures to boost consumption.MORE RESOURCES TO RURAL AREASIn a bid to narrow the development gap between the urban and rural areas, the document said the central government would roll out more favorable policies to encourage inputs from various social forces to rural areas.Enterprises which establish rural welfare foundations would enjoy tax breaks, with no more than 12 percent of their annual profits being deducted before calculation of enterprise income tax.Large and medium-sized cities, and various sectors should give an impetus to rural areas' development, providing one-to-one support and participating in industrial development and infrastructure construction in rural areas, according to the document.It also urged related departments to study favorable policies to guide more educational resources and scientific research institutions to tap into the country's vast rural regions.To ease the chronic financing shortage in the rural areas, the government required financial institutions, including the Agricultural Bank of China, Rural Credit Cooperative, and Postal Savings Bank of China, to further increase agriculture-related credit loans. The Agricultural Development Bank of China was ordered to expand the supporting fields in agriculture, and give more long-term credit support to the infrastructure construction in rural areas.URBANIZATIONMigrant workers can so far neither settle down in cities nor want to go back to the countryside, said Chen.According to Chen, 60 percent of the 150 million migrant workers were born in the 80s or 90s of last century who are referred as the "new generation of migrant workers" by the document and are not familiar with farming but dying to be part of the city life.The document listed new measures to integrate more farmers into urban life."Small and medium-sized cities and townships will be the focus of the country's urbanization plan," the document said.The country will ease the restrictions over permanent residence permits in county seats and townships so that more rural residents can move in and enjoy the same rights and public service as original urban residents, the document said.To attract more rural labors, the country will put more resources in economic growth at the county level, including preferential policies in land use, reform of government investment and taxation.The country will encourage city governments to allow migrant workers, who have stable jobs and live in the cities for a certain period of time, to join in urban housing programs.Migrant workers will also be included in the basic medical insurance and pension program in cities, the document said.RIGHTSThe government will work hard to solve the problems that harm farmers' interests, such as in land expropriation, pollution and management of village assets, the document said.An unblocked channel should be built to enable rural residents to express their requests and safeguard their rights and interests in a rational and legal way, it said.In addition, the document also pledged to promote village democracy. Efforts should be made to regulate the election procedure of village committees and heads, introduce democratic decision-making, and promote transparency in village asset management.

JAKARTA, Jan. 23 (Xinhua) -- China's State Councilor Dai Bingguo met with Surin Pitsuwan, secretary-general of the Association of South East Asian Nations (ASEAN) here on Friday.Dai highly appreciated the achievement of ASEAN in terms of ASEAN Community construction and its integration development. He said that China as a strategic partner supported the development of ASEAN and was willing to see it show more influence in international affairs.He said that the relationship between China and ASEAN had gone steadily, and the two sides had achieved plenty fruits in their cooperation. "As the China-ASEAN free trade zone went into operation on Jan. 1, the two sides saw their economic and trading cooperation entering into a comprehensive and deepening development stage, which provides more benefits to their people," said the visiting State Councilor.Dai added that the cooperation between China and ASEAN follows the development trend and people's wishes, and it would improve the peace and development of Asia-Pacific region, while the economic globalization and regional integration were being accelerated.He said China had attached great importance to its relationship with ASEAN. According to him, Chinese Premier Wen Jiabao declared a series of important initiatives on further strengthening China- ASEAN cooperation at the recent China-ASEAN summit. China is willing to join hands with ASEAN nations to fulfill these initiatives, expand and deepen communication and cooperation with them, share the opportunity, face the challenges, achieve win-win, and create a brighter future for the China-ASEAN strategic partnership, and contribute to the common development and prosperity of Asia.Dai also said that China as a member of East Asia family always proposed and supported East Asia cooperation. With a diversification, East Asia has many cooperation system existed. China advocates opening up and make each system to support and improve others with its own advantages. China welcomes countries outside East Asia to make efforts for the peace and development, with the cooperation between ASEAN and China, Japan and South Korea as a main channel and ASEAN working steadily as a guiding force.Surin said that the ASEAN-China relationship developed fast with many active, innovative and prominent achievements. According to him, China acted positively against the international financial crisis with a responsible attitude, which contributes significantly to the stability and recovery of Asia and world's economy.He added that the ASEAN nations appreciated the support and assistance from China, and was believing they could benefit from China's Development.The secretary-general said that ASEAN expected to join hands with China in the development of ASEAN-China free trade zone, enhance cooperation in more areas, realize mutual benefit and win- win, and improve the stability and prosperity in this Region. "We are confident about the future of ASEAN-China free trade zone," said Surin.

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.