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A shop assistant checks hundred yuan bank notes at a shop in Xiangfan, central China's Hubei province in this file photo. [Reuters]A senior U.S. Treasury official warned Congress on Thursday that a legislative drive to force China into letting its currency rise in value more quickly could backfire and do damage to the U.S. economy. Deputy Assistant Treasury Secretary Mark Sobel warned a House of Representative trade subcommittee that U.S. lawmakers risked creating a perception abroad that the United States is becoming "an isolationist nation" that does deserve foreign investment. "If the United States adopts currency legislation that is perceived abroad as unilateralist, investors' confidence in the openness of our economy could be dampened, diminishing capital inflows into the United States and potentially putting upward pressure on interest rates and prices," Sobel said. However, Ways and Means Trade Subcommittee Chairman Sander Levin, a Michigan Democrat, objected to the administration's description of congressional proposals as protectionist, and other lawmakers testifying on Thursday argued China's "unfair" trade practices required a strong U.S. legislative response. Two Senate committees have already approved legislation that aims to equip Treasury with new tools to pressure China into letting its yuan currency rise faster in value, which U.S. manufacturers say is necessary to eliminate an unfair price advantage for Chinese-made goods. Rep. Tim Ryan, an Ohio Democrat, said Congress should pass an even stronger bill -- such as one he has crafted with Rep. Duncan Hunter, a California Republican -- that would allow U.S. companies to seek countervailing duties against China's undervalued exchange rate. "Passage of a weak bill will only lead to many more years of inaction by the administration, loss of jobs and loss of critical U.S. manufacturing capability. We need legislation that will lead to action," Ryan said. A Republican committee member, Rep. Thomas Reynolds of New York, said there was bipartisan support for taking a tougher line with China than Treasury has followed so far. "Be ready for the fact that there's a boiling point in the Congress coming from the people of America saying we need to do better than what's happened so far," Reynolds said. After the hearing, Levin told reporters that House leaders would decide when Congress returns in September the best way to proceed with China currency and trade legislation. "I think we will look at all options," including the Ryan-Hunter bill, Levin said. He expressed confidence that Congress could craft legislation that presses China on the currency issue without violating World Trade Organization rules. But Treasury Secretary Henry Paulson has made clear that he does not want the additional legislative tools and that he prefers to seek a faster pace of economic reform in China through discussion, especially in a "strategic economic dialogue" that he initiated with Beijing last December. Sobel's appearance before the House subcommittee was a bid by Treasury to wave off more legislation in Congress, where anger at China has been mounting and has helped fuel the bid to force Beijing into faster currency appreciation. "We appreciate the frustrations of Congress with the slow pace of Chinese reform. Indeed, we strongly share those frustrations," Sobel said. "Yet we continue to believe that direct, robust engagement with China is the best means of achieving progress." Paulson has just returned on Wednesday night from his fourth trip to China since taking over Treasury just over a year ago. Again he was unable to persuade Chinese officials to offer any commitment to speed up currency reforms. Paulson told reporters in Beijing that Chinese officials whom he met, including President Hu Jintao, intended to move ahead with economic reforms including on currency but that the country's economic stability was critically important. The failure to get firm Chinese promises on currency has fed into a sense in Congress that China does not play fair on trade rules. Sobel said Paulson had "conveyed a strong message about the need for far more vigorous action by China to correct the undervaluation of renminbi (RMB), take immediate action to lift the RMB's value and achieve far greater currency flexibility." China's yuan is also known as the renminbi. David Spooner, the Commerce Department's assistant secretary for import administration, echoed some of Sobel's worry that Congress's actions could rebound against the United States because they might violate global trade rules. "I must make clear that the Department of Commerce is deeply concerned that the other legislative proposals that have been advanced to date raise serious concerns under international trade rules," Spooner said, adding that could trigger a global cycle of protectionist legislation. Similarly, the U.S. Trade Representative's deputy general counsel, Daniel Brinza, warned that Congress needed to beware approving legislative proposals that did not comply with rules set by the World Trade Organization. Doing so would undermine U.S. credibility when it tries to persuade others to abide by WTO rulings, Brinza said.

SHANGHAI: This city will soon complete its goal of creating a full-time job for at least one member of every out-of-work family, officials said.Shi Juemin, a vice-director of the Shanghai municipal labor and social security bureau, said the city is on target to offer jobs to people who are of legal working age and are able to work."Members of more than 7,100 jobless families in Shanghai have found employment, and the remaining 30 families are on a waiting list," Shi said during an interview on the bureau's online chatting program. "And they will soon have jobs."Shi did not give a deadline.The city's government has launched several job-creation drives since 1997.Neighborhoods have set up their own unemployment databases and offer job ideas to people according to their individual needs. The unemployed will either be given work according to their qualifications or will receive job training.The government has set up training centers, organized job fairs and guided the unemployed into newly created public sector posts such as crossing guards, sanitation workers and parking lot or community security guards.According to a labor bureau report released earlier this year, Shanghai's government had "bought" - or created and paid for - 240,000 jobs by the end of last year.Hiring people as nurses or home care providers for the aged will have the additional benefit of helping the government deal with the city's rapidly aging population.By the end of last year, the city's unemployment rate was 4.4 percent.And a new law that is in the pipeline is expected to improve employment services. The law will assign responsibility for creating employment and forbid discrimination against women and people with diseases."Companies will have to clearly state the salary when hiring people," Shi said.And employers will have to be very careful with their recruitment advertisements. Cheats will be fined.

The Board of Airport Authority Hong Kong awarded a franchise to building a new cargo terminal at Hong Kong International Airport (HKIA) to a subsidiary of Cathay Pacific Airways Limited here Tuesday.     According to the contract, Cathay Pacific Services Limited, a subsidiary of the parent airways, will design, construct and operate the 10-hectare new cargo terminal during the non-exclusive,20-year franchise.     The new terminal and recently completed enhancements to the cargo apron, taxiways and aircraft stands will equip HKIA to meet future demand for cargo services and to maintain its position as the region's premier air cargo hub.     "The new cargo terminal will reinforce the competitiveness of HKIA as a regional and international air cargo hub." Airport Authority Chief Executive Officer Stanley Hui said, adding "it will provide additional choices for airlines, shippers and freight forwarders.     "I believe it will bring substantial economic benefits, in the form of new jobs and business opportunities, to Hong Kong," he said.     Scheduled to open in the second half of 2011, the new terminal will have an annual capacity of about 2.6 million tons and increase the airport's total general and express cargo handling capacity to 7.4 million tons per annum.     According to Cathay Pacific Services, construction of the new terminal will create over 400 jobs. When it starts operation, the facility will employ more than 1,700 people.     The decision to build a new cargo terminal was made after the Airport Authority held extensive consultations with Hong Kong's air cargo and logistics industry.     In December 2006, the Airport Authority called for pre- qualification proposals, which was followed by invitation for submission of business plans. The Airport Authority assessed the business plans and decided to award the franchise to Cathay Pacific Services as a result of an open and competitive tender process.     The Airport Authority also invited the Independent Commission Against Corruption as an independent advisor to oversee the process.     Driven by the rapid expansion of the Chinese mainland's economy and robust global trade, cargo throughput at HKIA rose 4.5 percent in 2007, to 3.74 million tons. The air cargo industry handled over1.9 trillion HK dollars (243.6 billion US dollars) worth of goods in 2007, accounting 35 percent of Hong Kong's total external trade.     HKIA has remained the world's busiest international cargo airport for the 11th consecutive year.

BEIJING -- The Jiu San Society, one of China's eight democratic parties, opened here on Saturday the ninth national congress.He Guoqiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee, met with the participants to the Jiu San Society's ninth national congress in Beijing Dec 8. [Xinhua]The congress will hear and examine a work report by the society's 11th central committee, discuss and approve a draft amendment to the Jiu San Society's Constitution, and select the 12th central committee of the society.He Guoqiang, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, met with the participants to the congress and delivered a congratulatory speech on behalf of the CPC Central Committee."In the past five years, the Jiu San Society actively advised on state affairs and performed its duty of democratic supervision," He said."The society has been an important force to build socialism with Chinese characteristics and the system of multi-party cooperation and political consultation under the CPC's leadership," he added.The CPC hopes that members of the Jiu San Society will take full advantage of their wisdom and strength to the undertaking of China's reform and development, He said.Han Qide, executive chairman of the presidium of the society's ninth national congress, gave a work report at the congress on behalf of the society's 11th central committee.Han Qigong, President of the Jiu San Society's 11th central committee, addresses the society's ninth national congress in Beijing December 8, 2007. [Xinhua]Concerning itself with China's economic and social development, the Jiu San Society has been making efforts to promote science and education and solicit opinions from general public in the past year, Han said in his report.At the end of 1944, a number of progressive scholars organized the Forum on Democracy and Science, to strive for victory in the Anti-Japanese War and political democracy, and to develop the anti-imperialist and patriotic spirit of the May 4 Movement of 1919.In commemoration of victory in the Chinese People's War of Resistance Against Japanese Aggression and in the world anti-Fascist war, on Sept. 3, 1945, it adopted the name Jiu San Society ("Jiu San" means Sept. 3 in Chinese).On May 4, 1946, the Jiu San Society was formally founded in Chongqing.Now its more than 105,000 members are mainly senior and leading intellectuals in the fields of science and technology.

China's disciplinary watchdog posthumously stripped a former senior political adviser of his membership in the Communist Party of China for leading a "dissolute lifestyle and serious violations of Party discipline." Song Pingshun, former chairman of the Tianjin Municipal Committee of the Chinese People's Political Consultative Conference, an advisory body to the parliament in the northern port city of Tianjin, was discovered dead on June 3. A police investigation determined he had committed suicide. The CPC Central Commission for Discipline Inspection decided to take the rare step of posthumous expulsion after finding that Song had "abused his public power to seek benefits for his mistress, seriously violating CPC discipline." "Song, morally degenerate, kept a mistress and helped her obtain money through illegal means," the discipline watchdog said. Song, 61, a native of northern China's Hebei Province, became the top political adviser in Tianjin, a booming municipality directly under the central government, in March 2006. He had also served as vice mayor, police chief and secretary of the Tianjin CPC Political Science and Law Commission, which is in charge of the city's police and legal sectors. The CPC expelled 21,120 members last year for breaking its rules, mainly for taking bribes. Corruption remains a serious problem in China, the Political Bureau of the CPC Central Committee earlier warned Party members. More than 1,000 Chinese officials above the county level were punished for corruption during the first five months of this year, up 2.4 percent from the same period last year. More than 64 percent of the total involved "serious cases" in which officials took more than 50,000 yuan (US,600) in bribes or embezzled more than 100,000 yuan in public funds.