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BEIJING, Dec. 9 (Xinhua) -- The Chinese government reiterated Wednesday that to spur "sustainable and fast consumer spending" will be a priority next year, as the world's third-largest economy seeks to break from dependence on export and government pump-priming to drive post-crisis growth. The government will continue to raise the earnings of the middle and low income groups to boost consumer spending, said a senior official with the nation's top economic planning body. The government will step up research on optimization the income distribution mechanism to improve residents' purchasing power, Zhang Ping, minister in charge of the National Development and Reform Commission (NDRC), made the remarks at a national meeting charting the ministry's work in 2010. The rare official stance on improving income distribution echoed the unanimous call from experts and the general public to bridge the yawning wealth gap between the rich and poor, which underlined the government's resolution to address the simmering social conflicts and the urgency to rebalance economic growth. Zhang said the government will exert more efforts to sort out problems that have close bearing on public interests and ensure that all public members share the fruits of the development and reform, so as to safeguard social harmony and stability. In concrete, the government will raise the pensions for enterprise retirees and improve treatment for those who enjoy special care. Local education, cultural and health-care facilities will also receive greater subsidy for expansion. To revive the economic growth which lapsed to a decade low amid the global financial crisis, Chinese government unveiled a 4-trillion-yuan stimulus package, which was led by government investment, to counter falling exports, the driving force of the Chinese economy before the crisis took a toll. As a result, as the GDP growth accelerated to 8.9 percent in the third quarter, investment contributed 7.3 percentage points while consumption devoted 4 percentage points. "As the Chinese authorities have recognized that the rapid pace of recovery has exacerbated some of the economy structural imbalances, the authorities will focus on rebalancing growth, primarily by supporting consumption and private investment, with many consumer incentives to be carried out in 2010," said Jing Ulrich, managing director and chairman of China Equities and Commodities of J.P. Morgan. Also on Wednesday, the State Council, or cabinet, decided to renew the preferential policies introduced early this year to boost car and home appliance sales. "While investment growth should be managed at a reasonable pace, consumer spending should maintain sustainable and relatively fast expansion," Zhang said. As investment binge and runaway bank lending prompted fears for asset bubble, Zhang said the government will step up efforts to curb speculative property transaction, and provide more affordable housing to middle and low income families.
BEIJING, Nov. 17 (Xinhua) -- China and the United States issued a joint statement Tuesday after President Hu Jintao and President Barack Obama held in-depth, productive and candid discussions on China-US relations and other issues of mutual interest. President Hu to visit U.S. next yearU.S. supports one-China policy, welcomes peaceful development of cross-Straits tiesChina, U.S. to raise cooperation level in science, innovation: joint statementChina, U.S. to further collaborate in health, disease control: joint statementChina, U.S. hope Six Party Talks to resume at early dateChina, U.S. sign joint statement, to enhance security in outer space China, U.S. agree to hold new round of human rights dialogueChina, U.S. vow deeper co-op on counter-terrorismChina, U.S. agree transition to green, low-carbon economy essentialChina, U.S. agree on economic rebalance, pursuit of forward-looking monetary policesChina, U.S. to advance military relations: joint statementChina, U.S. to exchange more studentsChina, U.S. call on Iran to "engage constructively" with P5+1China, U.S. underline commitment to realization of nuke-free world China, U.S. welcome efforts for peace in South AsiaChina, U.S. to work for successful outcome at Copenhagen summit
BEIJING, Nov. 25 (Xinhua) -- China's Ministry of Commerce (MOC) Wednesday voiced strong opposition against the United States' imposition of anti-subsidy tariffs on Chinese oil well pipes, saying the move was "discriminatory." The United States made a decision Tuesday to impose duties ranging from 10.36 percent to 15.78 percent on Chinese oil well pipes for alleged unfair subsidies. "China is strongly opposed to the U.S. move of continuing with its discriminatory measures and arbitrarily raising the anti-subsidy duty rates," said Yao Jian, spokesman of the MOC. Yao reiterated that the United States should live up to its promise made at the G20 Summit and the consensus reached earlier by leaders of the two countries to fight trade protectionism. Earlier this month, the U.S. Commerce Department also slapped preliminary anti-dumping tariffs on the pipe up to 99 percent based on the allegation that "Chinese producers/exporters have sold OCTG (oil country tubular goods) in the United States at prices ranging from zero to 99.14 percent less than normal value." Customs data showed that pipes involved were worth 3.2 billion U.S. dollars in 2008, taking up 46 percent of the total amount of Chinese steel products exported to the United States (6.9 billion dollars). More than 90 companies were affected, including major steel companies like Baosteel, Tianjin Pipe and Ansteel.
BEIJING, Nov. 17 (Xinhua) -- Chinese President Hu Jintao hosted a red-carpet welcome ceremony for visiting U.S. President Barack Obama on Tuesday morning at the Great Hall of the People. This is Obama' s first state visit to China since he assumed presidency in January. Chinese President Hu Jintao holds a welcome ceremony for visiting U.S. President Barack Obama at the Great Hall of the People in Beijing on Nov. 17, 2009.Chinese President Hu Jintao holds a welcome ceremony for visiting U.S. President Barack Obama at the Great Hall of the People in Beijing on Nov. 17, 2009