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BEIJING, Nov. 15 (Xinhua) -- Chen Jian, Chinese vice Commerce Minister said here on Saturday that the country would provide better development conditions for foreign multinational corporations (MNCs).     "China would ramp up efforts to create better legal protection, policy support, market environment and growth opportunities for them," Chen said at the 2nd International CEO Roundtable of Chinese and Foreign MNCs.     He said global investors' confidence would not recover in a short period of time amid the financial turmoil and predicted the combined foreign direct investment (FDI) globally could possibly decrease by 10 to 30 percent.     Figures revealed that FDI in China expanded by 35.06 percent in the first 10 months year on year to 81.1 billion U.S. dollars.     However, FDI in China stood at 6.72 billion U.S. dollars last month, down by 2.02 percent year on year. This was the first time that China saw negative FDI growth this year.     Chen added that although the current financial turmoil would brought some challenges to Chinese economy, China still boasts the potential of stable and relatively fast economic growth

BEIJING, Dec. 14 (Xinhua) -- Chinese media selected the 10 most popular phrases from the past three decades to mark the official 30th anniversary of China's reform and opening up, which falls on this month.     When China began to reform and open-up 30 years ago, people began experiencing, seeing and doing new things. In fact things were so new, they needed to create new words to describe what was happening.     In order of popularity, starting with number one:     "Go in for business"     In the 1980s when China was starting to transition from a planned economy to a market economy, it had a two-track pricing system (official and market prices) for industrial raw materials, including steel, non-ferrous metals, timber and coal.     Seeing business opportunities within the pricing system, many people, especially government employees and those from state-run factories or institutes, quit their jobs to open their own businesses.     "Going for business" was often used to refer to the phenomena of people breaking away from the constraints of a planned system to embrace the market economy. 　　"Be laid off and get re-employed"     To adapt to the market economy and improve competitiveness of state-owned enterprises (SOEs) in the 1990s, China began restructuring.     "Encouraging mergers, standardizing bankruptcy, laying off and reassigning redundant workers, streamlining for higher efficiency" was a guideline in the SOEs reforms.     No official statistics show how many workers were laid off during that period, but experts estimate the number could be tens of millions.     To avoid social unrest and help most of those workers find new jobs, the Chinese central government offered occupational trainings, small loans and preferential tax policies.     "Migrant worker"     China's reform and opening-up drive started in rural areas in 1978 with collectively-owned farmland contracted to individual families. This freed about 100 million peasants from farm work.     However, most of these people were tied to the countryside by a residence-based rationing system for virtually everything, including food. About 63 million of these former farmers were given jobs in village-run enterprises that mushroomed in those days.     A policy change in 1984 allowed them to find jobs in cities but the massive migration of rural laborers didn't start until after China decided to move to a market economy in 1992.     The rapid inflow of investors created many construction, factory and mining jobs, most of which urban dwellers consider too tiring or dirty.     The number of migrants grew from 60 million in 1992 to 120 million in 2003 and 210 million this year, according to central government figures.     The work of the migrant population has generated 21 percent of China's gross domestic product in the past 30 years, the Chinese Academy of Social Sciences has found. But migrant workers face various problems, including delayed pay schedules, no or low work-place injury compensation, lack of health care and little schooling for their children.     "It doesn't matter if a cat is black or white, so long as it catches mice."     This sentence was used by late leader Deng Xiaoping, chief architect of China's reform and opening-up, on different occasions to clear up doubts as to whether the economic reform was capitalist or socialist.     The sentence helped stop ideological arguments at the early stage of reform and encouraged generations of Chinese to pursue their dreams in the market economy. 　　"Surfing the Internet"     The Internet was introduced in China more than 10 years ago. It quickly gained popularity and impacted society.     While online music, instant communication services, video streaming and online games greatly entertained millions of Chinese, the Internet also became a powerful news medium where information was disclosed, shared and publicized quickly.     Through June, China had 221 million netizens, according to the Data Center of China Internet (DCCI). The netizen population, which had already surpassed that of the United States to become the world's largest, would increase to 263 million by the end of this year, DCCI forecasted.     E-commerce transactions amounted to 2 trillion yuan (about 300 billion U.S. dollars) in 2007 and 25 percent of netizens had bought something online after "surfing the Internet" as of June this year. 　　"Reform and opening-up"     In 1978, a group of villagers from Xiaogang village in eastern Anhui Province decided to adopt a household contract responsibility system, which entrusted the management and production of public owned farmland to individual households through long-term contracts.     Later the system, described by then Chinese leader Deng Xiaoping as "a great invention of Chinese farmers", was widely adopted across the country and triggered economic reform.     Over the past 30 years, the country witnessed significant changes in comprehensive national strength, people's living standards and international influence thanks to the reform and opening-up policy.     China's share of the world's combined gross output rose to 6 percent at the end of 2007, compared with just 1.8 percent in 1978when its reform and opening-up began, according to the National Bureau of Statistics (NBS).     Fast economic growth over the past 30 years lifted China's GDP ranking in the world from 10th in 1978 to fourth after the United States, Japan and Germany     According to the NBS, China's per capita income jumped to 2,360U.S. dollars in 2007 from 190 U.S. dollars in 1978.     "Beijing Olympic Games"     Many believe that without opening-up, it would be impossible for China to host the 2008 Beijing Olympics.     The Games, commended by International Olympic Committee (IOC) President Jacques Rogge as "truly exceptional", were seen by the world as China's come-of-age show on the international stage.     China grabbed a total of 100 medals at the Beijing Games -- a coincidence as the country dreamt for 100 years to be the Olympic host -- and overtook the United States to top the gold medal count with 51.     As the most watched Games in history, with an estimated 4.5 billion TV and Internet viewers, the Beijing Olympics attracted the most participants, who were from a record 204 countries and regions.     "Speculate in stocks"     In 1990, China opened its first stock exchange in Shanghai, the country's industrial and financial center. In 1991, it set up its second bourse in Shenzhen, the country's first special economic zone.     China witnessed waves of stock crazes over the years and fluctuations in the stock market touch the nerves of millions of Chinese.     In 2007, the country saw a bull stock market, with the key benchmark Shanghai Composite Index soaring from 2,728 points in January to 5,261 points, or 92.85 percent, on December 28.     In fact, the market has been on a bullish run for 29 months from June 6, 2005 to November 2007, longer than the general bullish market cycle of 17 to 24 months.     But it has dipped since last November.     "Chinese characteristics"     The phrase became well-known as an answer by late leader Deng to the question of how China could improve its productivity and people's lives with its less-developed economy.     Deng's answer was "to build socialism with Chinese characteristics". It means China has its own way of development rather than copying other countries' experiences.     The phrase is frequently quoted by the Chinese and used in China's official documents.     "Rise abruptly"     The phrase, or "Xiong Qi" in Chinese meaning "Go! Go!", is a dialect of southwest China's Sichuan Province. It was originally used by football fans to inspire teams in the 1990s.     The phrase soon became popular among the Chinese public and was used widely outside the sports field to encourage people to keep up their spirits.     After the May 12 earthquake in Sichuan, Chinese used the phrase to show their care and support to the quake-affected areas and people.     The 10 phrases were selected by 15 Chinese media, including the Beijing Evening News, the Shanghai Evening Post, the Tianjin-based Jin Wan Bao, the Guangzhou-based Yangcheng Evening News and the Shanxi Evening News.     Newspapers, which are based in 15 provinces and municipalities, started soliciting catch phrases from the public in October, according to the Beijing Evening News.     The list, voted on by readers and netizens, was publicized in Shanghai on Saturday.

    BEIJING, Jan. 13, 2009 (Xinhua) -- Hu Jintao, general secretary of the Communist Party of China (CPC) Central Committee, on Tuesday urged the Party's anti-corruption body to "firmly correct official wrongdoings" that harm public interests.     Addressing a plenary session of the CPC Central Commission for Discipline Inspection (CCDI), the ruling Party's internal anti-corruption body, Hu said Party officials should maintain their political integrity and lead the people to overcome difficulties amid hardships. Hu Jintao, general secretary of the Communist Party of China (CPC) Central Committee, addresses the third plenary session of the 17th CPC Central Commission for Discipline Inspection in Beijing, capital of China, Jan. 13, 2009.     The CPC committees, governments and the Party's discipline organs at all levels had maintained a rigorous crackdown on all forms of corruption since the Party's 17th National Congress in 2007, said Hu, also Chinese president.     He called on the Party's discipline organs to focus on power abuse, bribery and misconduct, pledging that no corrupt officials would be allowed to escape punishment.     "We should be fully aware that the fight against corruption needs long-term, complicated and tough efforts," said Hu.     "In the anti-corruption efforts, we should also pay attention to both punishment and prevention and achieve effects to earn trust from the people and provide solid assurance for reform, development and stability," he said.          ATTACH IMPORTANCE TO PARTY MEMBER'S INTEGRITY     Hu said that in the face of complicated and changing international situations and domestic reforms, the integrity of officials at all levels was vital to keep steady economic growth and social harmony.     Officials' integrity and honesty would determine their behavior at work and off duty, Hu said. Officials should consciously adhere to socialist core value judgments as well as the Party's basic theories and policies.     Self-discipline and supervision must be relied on to cultivate clean and dedicated model leaders and the discipline organs should conduct unremitting education on virtue and morality, Hu said.     To realize the objectives, he urged the CCDI to carry out more education and supervision of Party officials, and ensure against abuse of authority.     Supervision and inspection should also be promoted and implemented in major decision making and deployment in accordance with the scientific outlook on development, Hu said.     The disciplinary organs should also push harder on investigations to corruption cases and deal with corruption problems in most high-risk departments or governmental affairs, he added.     Hu emphasized six aspects in the Party's anti-corruption work for immediate concentration:     -- Party officials should always ask the people for political advices, basic needs and suggestions for resolving social problems, and try harder to take practical measures to tackle public difficulties.     -- Officials should make more efforts to learn Party theories and policies and increase their capabilities to deal with complex situations by applying theory to practice.     -- Officials should always remember their duties and responsibilities endowed by the Party and people, and fulfill their assignment with more devotion.     -- Officials should hold a correct concept of political achievements by respecting and seeking truth in their work.     -- Officials should always prioritize people's interests and refrain from seeking personal gains or furthering their own interests.     -- Officials should maintain the Party's solidity and unity, and strictly abide by Party rules and regulations. They also should increase economic awareness to frugally conduct all undertakings.     Hu urged Party committees at all levels to regard strengthening education on integrity and honesty for officials as an important task in managing the Party by strict rules.     He also encouraged the Party's self-discipline organs to bravely fight all forms of corruption and illegalities, calling on Party committees to support anti-graft work.     Statistics from the commission showed that 4,960 officials above county head level were punished nationwide during the year ending last November.     The session was presided over by He Guoqiang, head of the CCDI. At present were other senior CPC officials Wu Bangguo, Wen Jiabao, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang and Zhou Yongkang.

WASHINGTON, Nov. 16 (Xinhua) -- Chinese President Hu Jintao and Australian Prime Minister Kevin Rudd on Sunday pledged joint efforts to expand bilateral cooperation at their meeting here.     The two leaders met on the sidelines of the Group of 20 (G20) summit on financial markets and the world economy.     Hu said China and Australia are witnessing healthy and rapid development of bilateral ties, with ever deepening mutual understanding and trust. Marked achievements have been secured in the mutually beneficial cooperation in trade, energy, environmental protection, technology, education, culture, law enforcement and tourism, he said. Chinese President Hu Jintao (R) shakes hands with Australian Prime Minister Kevin Rudd during their meeting in Washington Nov. 16, 2008Bilateral trade is growing rapidly and negotiations on a free trade agreement are making steady progress, the Chinese president said.     Hu said both sides are maintaining coordination on major global issues like climate change and the current financial crisis, and have seen increasing consensus and cooperation.     He pointed out that China and Australia face unprecedented opportunities for deepening all-round bilateral cooperation in the face of many global challenges to the international community.     China is ready to work with Australia to keep high-level contacts, enhance exchanges and dialogue and deepen mutual trust and cooperation on the basis of mutual respect, equality and mutual benefit, Hu said.     Rudd said Australia hopes to elevate bilateral relations to the level of a strategic partnership.     Australia is willing to open its doors to Chinese investment in the energy and raw material sectors and expects China to provide more opportunities for Australian products and services to enter the Chinese market, he said.     Australia hopes to enhance high-level political dialogue with China in international organizations and international affairs, and strengthen bilateral and multilateral consultations and cooperation, Rudd said.     The Chinese president described the G20 summit in Washington asa success and urged all sides involved to make joint efforts to implement the agreements reached at the meeting.     He also called for strong measures to stop the financial crisis from spreading further and to restore confidence and market stability.     All sides involved should adjust their macroeconomic policy and make full use of monetary and fiscal measures to promote growth and avoid a global recession, he said.     There is a need to steadily push forward reforms of the international financial system to make it conducive to the stability of financial markets and economic growth, he said.     China has adopted a series of measures to promote growth and boost domestic demand, Hu said, adding that these measures, while promoting China's economic growth, will also help stabilize the world economy.     Hu also said the measures will provide new opportunities for Australian businesses and called on both sides to seize the opportunities to promote bilateral trade and economic ties.     Rudd praised China's contributions to the positive outcome of the G20 summit and said China's recently-announced economic stimulus package is good news for both the Chinese and the world economy.     He said China's policies during the Asian financial crisis in 1997 contributed to the economic recovery and growth of the region, and Australia sees favorably China's similar actions this time.     Rudd expressed confidence that the current difficulties in the world economy will be overcome, and he said Australia hopes both sides will strengthen cooperation to jointly contribute to global economic growth.     The United States is the first leg of President Hu's five-nation tour, which will also take him to Costa Rica, Cuba, Peru and Greece.     During his stay in Peru, he will attend the Economic Leaders' Informal Meeting of the Asia-Pacific Economic Cooperation (APEC) forum in Lima. 

BEIJING, Oct. 29 (Xinhua) -- China's central bank, the People's Bank of China (PBOC), announced on Wednesday it would cut benchmark interest rates by 0.27 percent to spur economic growth as of Oct. 30.     The benchmark one-year deposit rate would drop to 3.60 percent from 3.87 percent, while the benchmark one-year lending rate would fall from 6.93 percent to 6.66 percent.     This is the second such move in less than one month, highlighted the government's rising concern over the slowing economy and slumping capital market.     The previous was on Oct. 8, when the PBOC announced to cut deposit and lending rates was lowered by 0.27 percentage points and decided to cut the reserve-requirement ratio by 0.5 percentage points from Oct. 15.     "It reflects that the government is worried about a cooling down economy and other domestic problems, amid a deepening U.S.-originated world credit crisis, " said Tang Min, China Development Research Foundation deputy secretary.     China's gross domestic product (GDP) grew to 20.16 trillion yuan (2.96 trillion U.S. dollars) in the first three quarters of this year, up 9.9 percent from the same period of last year.     The growth rate was 2.3 percentage points lower than the same period of last year, and half a percentage point lower than the first half.     "This was also a timely response to the rate cuts by other central banks worldwide and part of a coordinated effort to stem the global financial crisis, " said Tang.     The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability, experts say.     Tang added, the easing in inflation has given room for the authorities to loosen monetary policy. Inflation is no longer a threat with the declining commodities prices.     China's consumer price index (CPI), the main gauge of inflation, rose 4.6 percent in September over the same period last year, off from the 12-year high of 8.7 percent in February.     "A lower interest rate will help domestic enterprises to cut business costs, and boost economic development. This is in line with the country's expectation," Tang noted.     Zhuang Jian, senior economist with Asia Development Bank echoed with Tang, saying a relaxed credit and financing environment is a key factor to enlarging domestic demand and boost consumption.     "Maintaining a fast and sound economic development is the government's top priority currently," Zhuang added.     However, Zhuang noted, monetary policy alone was not enough to boost domestic economy in the long term. Other fiscal policies were also very important.     Guo Tianyong, director of banking research center with Central University of Finance and Economics said, this move was also contribute to rebuilding people's confidence over the poorly-performing domestic stock market and real estate market.     China's stock market dropped more than 66 percent from its peak last October, while real estate prices continue to fall in recent months.     Last week, China announced an array of policies, including tax exemption and mortgage deposits reduction, to boost the falling real estate sector amid the global economic slowdown.     The interest rates on a mortgage for first time home buyers was cut by 0.27 percentage points as of Oct. 27. The floor for interest rates would be lowered to 70 percent of the central bank's benchmark rate, the central bank said.