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BEIJING, Sept. 12 (Xinhua) -- Justin Yifu Lin, Chief Economist and Senior Vice President of the World Bank, said here on Sunday that China's economy is doing well.Speaking at a forum with two Nobel Prize winning economists in Beijing, Lin praised China's economic policies as "visionary" while the three economists talked about the challenges ahead."We admire the Chinese economy. But GDP is not all being directed for people's happiness." Roger Myerson, a professor with the University of Chicago and a Nobel Prize winner, said.The Chinese economy needs increased labor income and welfare to continue its rapid development, Myerson added.A spate of strikes and worker suicides hit the manufacturing hub of Guangdong in south China beginning in May, as workers demanded higher pay.Lin also called for government support in encouraging Chinese companies to become industrial "first movers" . "As a first mover, you can form the pattern," he said.

BEIJING, Sept. 21 (Xinhua) -- The central parity rate of the yuan, China's currency Renminbi (RMB), jumped 113 basis points, or 0.17 percent, Tuesday to a new record high at 6.6997 per U.S. dollar, according to the data released by the China Foreign Exchange Trading System.Tuesday's yuan central parity against U.S. dollar beat the previous record of 6.7110 per U.S. dollar on Monday and extended the Chinese currency's gains to eight consecutive trading days.The yuan has picked up its strength against the U.S. dollars and seen increased volatility in the trading days since the People's Bank of China (PBOC), the central bank, announced on June 19 this year to increase exchange rate flexibility.Based on Tuesday's central parity, the Chinese currency has strengthened against the U.S. dollar by 1.87 percent from the rate of 6.8275 per U.S. dollar that was set a day before the PBOC's pledge to increase flexibility.On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate during trading each day.According to Tuesday's central parity rates, the yuan's value strengthened against all the currencies within its basket with lower rates.The PBOC released the yuan's central parity rates against a basket of currencies -- the U.S. dollar, the euro, the Japanese yen, the Hong Kong dollar, the British pound and the Malaysian Ringgit.The yuan's parity rate against the euro was set by the central bank at 8.7522 Tuesday, lower from 8.7595 Monday.The yuan's rate against 100 yen was 7.8204 Tuesday, compared with 7.8275 Monday.The Chinese currency soared 814 basis points against the British pound with the central parity rate being set at 10.42 from Monday's 10.5014.The central parity of 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 in each business day.The central parity of RMB against the other five currencies is based on the central rate of RMB against the U.S. dollar of the same business day as well as the exchange rates of the five currencies against the U.S. dollar at 9 a.m. (0100 GMT) of the same business day in the international foreign exchange market.

BEIJING, Oct.12 (Xinhua) - Auto sales in China continued to expand last month, raising the forecast for annual sales to a record 17 million units this year, the China Association of Automobile Manufacturers (CAAM) said here Tuesday.Sales of automobiles rose 16.89 percent in September from a year earlier and 24.69 percent from August to 1.56 million units, while auto production was up 16.94 percent year on year to 1.59 million units, said CAAM.In the first nine months of this year, auto production reached 13.08 million units, up 36.1 percent from a year ago.A total of 13.14 million units of domestically-made auto vehicles were sold in China in the same period, up 35.97 percent year on year.Sales for the Jan.-Sept.period are quite close to the total number of vehicles sold last year, when China overtook the United States to become the world' s largest auto maker and auto market with production and sales hitting 13.79 million and 13.64 million units respectively.China' s annual production and sales of new autos are likely to surpass 17 million units this year, CAAM predicted, matching the highest annual level ever reached in the United States.Although the expansion in the sector has brought in an industrial boom and played an important role in China' s domestic demand, it has also triggered widespread concerns over the country' s energy capacity, pollution levels and rising traffic pressures.For general citizens and city planners in China, the increasing number of traffic jams is the most obvious problem in enjoying a life behind the wheel.In Beijing, the rising number of private cars, along with heavy rainfall and a spurt in holiday travel, caused a record 140 traffic jams in a single Friday evening last month. In some parts of the city that day, people spent nearly two hours on what would normally have been a 15-minute ride.Earlier this month, figures from the Ministry of Public Security revealed that the number of automobiles on China' s roads had hit 85 million, while a total of 144 million Chinese had learnt to drive vehicles.Statistics from the Beijing Transportation Research Center (BTRC) revealed that the number of registered cars in Beijing had topped 4.5 million in September, and would possibly exceed 7 million by 2015.However, the city's road system will be over-burdened by then, as its full capacity is estimated to be 6.7 million vehicles, said Guo Jifu, director of the BTRC.In addition, experts and officials have warned that the burgeoning number of vehicles could pose threats to the country' s energy reserves, as China is still highly dependent on oil imports.China's oil dependency reached alarming levels last year with imports accounting for more than 50 percent of consumption. However, that figure rose to 55 percent by the end of August this year.Xu Changming, an official with the State Information Center, said the auto market's growth should be maintained at around 1.5 times the growth in the country's gross domestic product (GDP).This means China's auto sector growth should rise less than 13.5 percent, since GDP expanded by 9.1percent in the past year.But according to Edward Prescott, the Nobel Economics prize winner in 2004, China' s vehicle production and sales may both range as high as 40 million units by 2020, and reach 75 million in 2030.Chinese officials had also warned that an unchecked expansion of China's auto industry encouraged by local authorities could harm the wider economy, and that excess capacity must be "resolutely" stopped.Chen Bin, head of industrial coordination at the National Development and Reform Commission, the nation' s economic planning body, said last month at a forum in Tianjin that local governments had been making "blind" efforts to open new factories and expand capacity, which could hamper sustainable development of the national economy.In Beijing, auto emissions were responsible for 50 percent of the city' s gaseous pollutants in 2009, he added.He said local authorities should avoid setting unrealistic output quotas for auto makers, and should end preferential land and tax policies for them.He said the government should also strengthen supervision of industrial efficiency data to guide reasonable resource allocation.China's auto industry is not only facing the tough task of boosting domestic consumption, but is also responsible for maintaining sustainable and coordinated economic and social development, Chen said.

YANGON, Aug. 29 (Xinhua) -- The 5th Escort Task group of the Chinese People's Liberation Army (PLA)- Navy, made up of two warships -- "Guanhzhou" and "Caohu" made a friendly call at Myanmar Yangon's Thilawa Port Sunday afternoon.It was also the first time for Chinese naval warship to have called at Myanmar port.The five-day mission is aimed at promoting friendly relationships between the two armed forces of the two countries and exchange between the two navies.A grand ceremony was launched to welcome the Chinese warships amid rain, attended by Major Han Sein, Commander of Myanmar Navy Dockyard Base, Chinese Ambassador to Myanmar Ye Dabo and other embassy officials as well as representatives of Chinese companies, teachers and students based in Myanmar and local Chinese residents totaling about 200.Chinese naval soldiers and officers of destroyer Guangzhou stand in formation on board upon their arrival at Myanmar Yangon's Thilawa Port, Aug. 29, 2010. The 5th Escort Task group of the Chinese People's Liberation Army (PLA)-Navy, made up of two warships -- "Guanhzhou" and "Chaohu" made a friendly call at Myanmar Yangon's Thilawa Port Sunday afternoon.After the ceremony, the warships were open to the visitors for viewing.During the call, the Chinese PLA escort task group will launch a series of exchange with the Myanmar navy.Myanmar is the fourth country that the 5th Chinese PLA escort task group called on after completing its escort missions in gulf of Aden and the waters off Somali coast.Prior to Myanmar, the escort task group had called on Egypt, Italy and Greece.

HANOI, Oct. 29 (Xinhua) -- The cooperation among China, Japan and the Republic of Korea (ROK) is an important part of East Asian cooperation, and the correct direction of the tripartite cooperation should be firmly kept from a strategic perspective, Chinese Premier Wen Jiabao said Friday at a meeting of leaders of the three countries.The cooperation among China, Japan and the ROK, an important part of East Asian cooperation, has been developing soundly with the efforts of the three countries, Wen said when meeting with South Korean President Lee Myung-bak and Japanese Prime Minister Naoto Kan.The three countries should attach strategic importance to the cooperation among them and steer it in the right direction. Efforts should be made to constantly push forward the cooperation by promoting dialogues, boosting mutual trust and resolving differences, he said.Chinese Premier Wen Jiabao (R), Japan's Prime Minister Naoto Kan (L) and South Korea's President Lee Myung-bak pose for a group photo during their trilateral summit meeting in Hanoi, capital of Vietnam, Oct. 29, 2010.Wen proposed that the three countries push for the completion of the joint study on the China-Japan-ROK free trade area (FTA) by the government, industry and academia by 2012 as planned.He also proposed that the three countries observe the principle of pragmatism and flexibility to properly resolve the differences and conclude a tripartite investment agreement at an early date.The three sides should also boost cooperation in science and technological innovation in key sectors such as energy conservation, environment protection, new energy resources and renewable energy, he said.

来源：资阳报