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BEIJING, Feb. 21 (Xinhua) -- The Chinese government's insight and the adjustment of the economic pattern were the two major factors helping China ride out the global economic downturn, scholars said here Sunday.Zhuang Fuling, professor of Renmin University, said the Chinese government made a correct analysis of China's economic situation and took quick and resolute action.At the end of 2007, the central government called for vigilance against possible scenarios of various sorts. Moreover, in the Central Economic Work Conference held in December 2008, China drew up guidelines to cope with the global economic downturn through domestic consumption expansion, development pattern transformation, key sectors reforms, and continued effort to open up and improve people's livelihood.Ye Duchu, professor of Party School of the Central Committee of the Communist Party of China (CPC), attributed the success to China's systemic advantages."We could employ the country's fullest strength to reduce or offset the negative implications of the crisis," Ye said.The National Bureau of Statistics revealed on Jan. 21 that China maintained a GDP growth rate of 8.7 percent in 2009 despite the global recession.The global financial crisis, by nature a challenge to China's development mode, prompted the country to quicken its drive to transform its economic pattern in a bid to realize sustainable development for the future, scholars say.Lu Zhongyuan, deputy director of Development Research Center under the State Council, said China should seize the opportunity to optimize the economic structure and promote the system and technological innovation.Jin Bei, president of Institute of Economy under Chinese Academy of Social Sciences, considered the crisis a good chance for competitive enterprises to carry out strategic adjustment.On Feb. 3, Chinese President Hu Jintao called for the whole nation's efforts to accelerate the adjustment of China's economic development pattern to promote sound and fast economic and social development.Wu Zongxin, counselor of Counselors' Office of the State Council, highlighted the building of the CPC in pulling through the global economic downturn."China's good performance during crisis is attributed to its staunch and capable leadership," said Wu.The Fourth Plenary Session of the 17th CPC Central Committee urged all Party members to be prepared for dangers in times of peace and push forward Party building work to ensure the Party's "backbone" position in people's minds when coping with various domestic and overseas challenges.Zhuang said the rapid and sustained economic growth called for strengthening and improving the Party building under the new circumstances.The cadres of the Party at county levels have been trained at the Party School of the CPC Central Committee since 2008 in a bid to better cope with the global financial crisis."This is an endeavor rarely seen in the world, thus guaranteeing China's effective response in fight against the crisis," said Ye.

BRUSSELS, March 22 (Xinhua) -- China welcomes the latest document issued by the European Union (EU) on climate change, but insists that the EU should raise its emission cut target to 30 percent by 2020, a visiting Chinese official said on Monday.Su Wei,chief negotiator of China for climate change talks in Copenhagen, told a press briefing here that China welcomed the communication the EU issued in earlier March,which elaborated the bloc's standpoints on climate change for the first time following the Copenhagen talks in December."China welcomed in general the EU's latest positions," which among others reaffirmed the principle of "common but differentiated responsibilities" undertaken by developing and developed countries in dealing with climate change, the Chinese official said.In the communication issued on March 9, the EU expresses its willingness to continue to play a leading role in fighting against climate change and reaffirms its commitment to reduce its greenhouse gases emissions by 20 percent by 2020 and to increase this reduction to 30 percent if "the conditions are right."However, Su told reporters that EU should and could raise its emission cut target to 30 percent by 2020 on the basis of 1990 if the bloc wanted to play a leading role in dealing with climate change.The move would put more pressure on the United States to put forward ambitious goals, the chief negotiator said.Su said he was visiting the EU headquarters with a Chinese delegation led by Xie Zhenhua, vice minister of the National Development and Reform Commission, to exchange views with his EU counterparts on climate change.China and the EU shared many common goals and interests, the two sides should work together to boost international negotiations on climate change, he said.World leaders are scheduled to meet later this year in the Mexican resort town of Cancun for another go at inking a legally- binding global accord on emission reductions after 2012.Su said that China hoped the meeting in Cancun can achieve positive and meaningful results and make further progress on the basis of the Copenhagen talks.

SHANGHAI, Feb. 9 (Xinhua) -- Chinese bankcard holders' consumer confidence in January was up year on year, according to an index issued jointly by China Unionpay and Xinhua News Agency on Tuesday.The Bankcard Consumer Confidence Index (BCCI) stood at 86.81 in January, 2.44 points higher from the same period last year, and stayed at basically the same level as December 2009, said the index report.The increasing consumer confidence mainly stemmed from China's steadily improving macroeconomic conditions, the report said.China's economy resumed a double-digital growth in the fourth quarter last year, pushing the annual figure beyond the government target of 8 percent at 8.7 percent.The index also resulted from an increase of 9.1 million urban jobs and a higher-than-8-percent income rise for urban and rural residents in 2009, according to the report.The report also attributed the rising confidence to people's growing demand during the New Year and the approaching Spring Festival, the Chinese lunar new year, which falls on Feb. 14 this year.The report said China Unionpay would release the BCCI index on a monthly basis starting 2010.

BEIJING, Jan. 13 (Xinhua) -- The decision of the People's Bank of China (PBOC), the central bank, to increase the deposit reserve requirement ratio has drawn worldwide attention and fluctuations in global markets.     The PBOC decided on Tuesday to raise the deposit reserve requirement ratio by 0.5 percentage points as of Jan. 18, which analysts translated as a move to manage inflationary expectations and avoid a recurrence of the lending boom.     This was the first time that the PBOC adjusted the ratio of deposit that lenders are required to set aside since the end of 2008 and the first increase for the ratio since June 2008.     The PBOC cut the bank reserve requirement ratio four times in the second half of 2008 to stimulate growth as the global financial crisis started to weigh on the economy.     The adjustment of the reserve requirement ratio, without changing benchmark interest rates, indicated the central bank was targeting inflationary expectations instead of inflation, said Zhao Qingming, a senior researcher at the China Construction Bank.     Ma Jun, chief economist with Deutsche Bank (Great China), said that the rise in the reserve requirement ratio has ended the expansionary monetary policy and started a tightening cycle.     Global markets took a hit after the Chinese attempt to cool the world's fastest-growing major economy.     Chinese equities saw their sharpest dip in seven weeks on Wednesday after the central bank asked lenders to set aside more reserves as record bank lending last year ignited fears of inflation and asset bubbles.     The benchmark Shanghai Composite Index went down 3.09 percent, or 101.31points, to close at 3,172.66 points.     The Shenzhen Component Index lost 2.73 percent, or 364.69 points, to close at 13,016.56 points.     Hong Kong stocks shed 578.04 points, or 2.59 percent, to close at 21,748.60 on Wednesday.     The Hong Kong market was also dragged by overnight losses on the United States markets. The benchmark Hang Seng Index opened down 1.42 percent and widened its losses to 2.24 percent by lunch break, and further to 2.59 percent by market close.     South Korea's financial markets on Tuesday reacted as the Chinese central bank raised the deposit reserve requirement ratio, with the stock markets and foreign exchange rate plunging from the last close.     The benchmark Korea Composite Stock Price Index (KOSPI) and the Korean Securities Dealers Automated Quotations (KOSDAQ) jointly marked a plunge of 27.23 points and 3.65 points, respectively, from the last close.     The report from China also affected the foreign exchange market, with the local currency also sliding against the U.S. dollar by 1.9 won.     The New Zealand share market also fell on Wednesday after the Chinese move.     The share market closed 0.43 percent lower with the benchmark NZSX-50 down 14.1 points at 3,276.2.     Canadian stocks fell for the second day, weighed down by a metal and mining sector that was hit by the Chinese central bank's decision to cool economic growth.     The S&P/TSX Composite Index declined 126.94 points, or 1.06 percent, to 11,820.18 on Tuesday. Earlier the index shed 173 points to 11, 774, the lowest level this year.     U.S. stocks retreated Tuesday, with S&P falling for the first time in 2010, as disappointing Alcoa fourth-quarter results and rising U.S. trade deficit cooled optimism for a strong earnings season and a sustainable economic recovery.     Crude tumbled the most in five weeks on concerns that demand from China, the world's second-largest oil consumer, will wane as the government moves to curb lending.     Benchmark crude for February delivery fell 1.73 dollars to settle at 80.79 dollars a barrel on the New York Mercantile Exchange. It's the first time this year a barrel has closed below 81 dollars a barrel.     Meanwhile, analysts widely hold that the Chinese central bank's decision is to cast only a short-term, instead of mid-term, stroke on the domestic stock market, as the impact would largely be psychological.     Zhuang Jian, a senior economist with the Asian Development Bank, said the adjustment did not indicate a shift in the moderately easy monetary policy, but was an effort to control the pace of lending.     Through the reserve requirement ratio increase, the central bank intended to call for balanced lending at commercial banks, which would support economic growth while avoiding higher inflationary expectations, Zhuang said.

BEIJING, Feb. 12 (Xinhua) -- Most of the melamine-tainted milk products recently resurfacing in China have been recalled and destroyed, and none has been put into market or exported, the nation's food safety office said Friday."Due to early discovery and timely check, as of now, most of the tainted milk products have been recalled and destroyed, and none has entered the market or been exported," said the National Food Safety Rectification Office in a statement.Media reports said melamine-tainted dairy products have resurfaced in several Chinese provinces. Explaining why such cases could happen, the office said some producing and processing companies didn't fulfil the responsibilities for food safety and some violators hid tainted milk products or fabricated test reports to dodge inspections.The office urged related departments at all levels to thoroughly investigate the new cases and severely punish violators.In 2008, milk laced with melamine led to the deaths of six babies and sickened 300,000 others who had been fed with baby formula made from tainted milk. Melamine is an industrial compound which can give a false positive on protein tests and cause kidney stones.Melamine-contaminated milk products killed at least six children in 2008 and sickened 300,000In the recently reported melamine-tainted milk cases, some of the tainted milk products were apparently made of old batches of tainted milk powder slated for destruction but hoarded away instead by dairy firms and later repackaged