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WASHINGTON, Dec. 2 (Xinhua) -- China's rapid economic growth is good for the U.S. workers, and the U.S. government is committed to improving bilateral economic relations with China, said U.S. Commerce Secretary Gary Locke on Thursday."China has lifted almost 200 million people out of poverty (in the past two decades). And in the years ahead, hundreds of millions more Chinese will ascend into the middle class," Locke said at a U.S.-China commercial relations forum, which was held in Washington ahead of the U.S.-China Joint Commission on Commerce and Trade (JCCT) session scheduled for Dec. 14-15."The United States welcomes this growth because this is good for the people of China ... it's good for the global economy, and good for U.S. business and ultimately, U.S. workers," said Locke.He noted that as recently as 40 years ago, the commercial relationship between the United States and China barely existed. But in the recent decades, "we have seen our countries grow progressively closer."In 2009, the bilateral trade volume reached some 365 billion dollars. China was the largest supplier of U.S. goods imports in 2009 and was the third-largest market for U.S. exports, only after Canada and Mexico.Locke mentioned that as U.S. Commerce Secretary, he has visited China for four times."Each time I visit China, I'm absolutely amazed by the transformation and the progress within China," he said.Locke noted that although there are disagreements between the two sides, there are more opportunities for cooperation."In many areas, especially in emerging industries, like clean energy and biotechnology, the interests of China and the United States are tied together. And the reform as good for the U.S. will be good for China as well," he added.Locke also revealed that during the upcoming 21st session of the JCCT in Washington D.C., the two countries will seek to further "nurture and improve the most highly-scrutinized bilateral economic relationship on Earth.""This is our most important bilateral dialogue or mechanism for resolving trade and investment issues between our two countries," he stressed.The session will be co-chaired by Locke and U.S. Trade Representative Ron Kirk with Chinese Vice Premier Wang Qishan. U.S. Secretary of Agriculture Tom Vilsack will also join the dialogue.
BEIJING, Nov. 19 (Xinhua) -- China's central bank Friday ordered banks to set aside an additional 0.5 percent of their deposits from Nov. 29, the fifth such hike this year and the second increase this month.The People's Bank of China said the move was aimed at "enhancing liquidity management and moderately regulating credit supply." The increase was estimated to freeze liquidity of about 300 billion yuan (44.8 billion U.S. dollars).The reserve requirement ratio (RRR) for the four big state-owned banks -- the Industrial and Commercial Bank of China, China Construction Bank, Bank of China and Agricultural Bank of China -- will stand at 18.5 percent once the rise takes effect.Friday's move will raise the deposit reserve ratio for other large financial institutions to 18 percent and for small and medium-sized institutions to 16 percent.Analysts said the increase exceeded forecasts as it targeted over-liquidity in the banking system and looming hot money inflows caused by the United States' quantitative easing policy."The PBOC is under pressure, and it needs to do something to show its determination to tame inflation. However, it has no intention to kill growth by aggressively hiking interest rates or imposing a lending squeeze," said Lu Ting, China economist at the Bank of America-Merrill Lynch."Hiking the RRR is the natural choice of the PBOC," Lu said in an e-mailed note to clients.China's economic growth rate was likely to slow in the fourth quarter to 8.7 percent, mainly as a result of economic restructuring, the State Information Center (SIC) said Friday.The forecast was almost 1 percentage point lower than the third quarter's 9.6-percent growth rate, but the SIC expected the economy to grow by 10 percent for the full year on the back of a 10.6-percent growth rate for the first three quarters.The central bank, on Nov. 10, announced a 50-basis-point rise of the RRR for Chinese financial institutions that accept deposits from Nov. 16, as China's consumer price index (CPI), a main gauge of inflation, soared to a 25-month high of 4.4 percent year on year in October.Prices of meat have risen for the week ending Nov. 14, with prices of pork up 1.6 percent and mutton 0.5 percent. Prices of eggs also rose 0.9 percent, while rice rose 0.6 percent and flour 0.4 percent, according to a weekly report by the Ministry of Commerce.The report said prices of 18 types of vegetables were slightly lower, down by 0.8 percent compared to the previous week. However, on a year-on-year basis, the prices of 18 staple vegetables in the first 10 days this month were still significantly higher from a year earlier.The State Council, the Cabinet, Wednesday announced price control guidelines to reassure consumers facing rising inflation and urged local authorities to offer temporary subsidies to needy families.The market had been expecting an increase, but did not anticipate it would come so soon, said Tan Yaling, senior analyst at Bank of China.She said the central bank would not raise the benchmark interest rates soon after the ratio hike as higher interest rates would further expand the interest rate differences between China and other major economies, which would lead to the influx of hot money.The central bank's decision to raise the RRR, instead of interest rates, was because a higher RRR would have "a direct effect on withdrawing liquidity," said Yan Wei, chief economist with the Orient Securities.The decision was announced after Chinese stock markets edged up following a period of decline of up to 10 percent of their value, largely on concerns of tighter policies.The benchmark Shanghai Composite Index rose 0.81 percent to close at 2,888.57. The Shenzhen Component Index closed up 1.23 percent to end at 12,295.85.

BEIJING, Jan. 13 (Xinhua) -- The Chinese yuan strengthened to a record high against the U.S. dollar on Thursday to reach 6.5997 per dollar.The central parity rate of the Chinese currency, also known as the renminbi (RMB), was set 131 basis points lower than Wednesday's 6.6128, according to the China Foreign Exchange Trading System.China's central bank announced on June 2010 it would further reform the yuan exchange rate formation mechanism to improve its flexibility.On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.The central parity rate of the RMB against the U.S. dollar is based on a weighted average of enquired prices from all market makers before the opening of the market each business day.
BEIJING, Dec. 30 (Xinhua) -- China experienced the most frequent and severe weather during 2010, compared to weather in other years of the past decade, a weather official said here Thursday.Chen Zhenlin, a spokesman with the China Meteorological Administration (CMA), said the numbers of extremely high temperature days and extreme precipitation cases that China experienced in the year were rarely seen in history, as was the intensity and area effected by this weather.Extreme weather refers to rare weather phenomena that substantially differ from average conditions and which represent only five percent or less of total weather incidents.According to Chen, China experienced the longest hot spell this year since 1961, as the national average number of days of extremely hot weather climbed to 3.5 days more than the normal level, while the average extreme high temperature reached a historical high not seen since 1961 -- 2 degrees Celsius higher than normal conditions.Meanwhile, average daily precipitation at China's 97 meteorological stations was the highest ever, and the annual number of extreme precipitation cases was the largest since 1961, he said.Further, seven tropical cyclones made landfall in southern China this year.
BEIJING, Dec. 23 (Xinhua) -- China will carry out the House Sale Price Statistical Scheme in 2011, after soliciting opinions via the internet earlier this year, said Ma Jiantang, head of the National Bureau of Statistics (NBS) on Thursday.Ma made the remarks at a national statistics work conference, saying the bureau had accepted suggestions from various departments and experts and would work steadily reform the method of calculating the country's house sale prices in 2011."We'll further work with real estate departments, make full use of their network data, and check the authenticity of the data to further push forward the statistical scheme reform," Ma said.The NBS was committed to improve the scheme at the beginning of the year. It released the draft plan on September 25, which said prices, floor areas, and sales of newly-constructed houses in 35 major cities would be based upon data from local real estate departments, instead of independent research.Ma said that the bureau is working on 4 key systems, including building a database for basic surveyed units, one set of standards for surveyed enterprises, data collecting and processing software systems, and direct reporting network systems."The four systems are aimed to guarantee the authenticity, integrity and timeliness of the data," he said.By 2012, above-scale enterprises, above-norm wholesale and retail accommodations and catering businesses, construction enterprises, and real estate enterprises will be able to submit their data directly to a national data center, said the NBS.Also, about 550 cities across the country will use personal digital assistants (PDA) to collect data for the consumer price index (CPI), a major gauge of inflation, as well as farm produce prices, by the end of 2012, the NBS said.
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