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BEIJING, Aug. 5 (Xinhua) -- China vowed to deepen its financial system reform and promote more efficient financial intermediation in support of domestic demand, according to a fact sheet released here on Wednesday. To meet the commitment, China would promote interest rate liberalization and consumer finance, said the economic track joint fact sheet of the first U.S.-China Strategic and Economic Dialogue (S&ED).     It said China would accelerate the allocation of QFII quotas to billion and continue to allow foreign-invested banks incorporated in China that meet relevant prudential requirements to enjoy the same rights as domestic banks with regard to underwriting bonds in the inter-bank market.     China would gradually increase the number of qualified joint-venture securities companies that can participate in A-share brokerage, proprietary trading and investment advisory services subject to the condition of meeting relevant laws and regulations.     The country would also support qualified overseas companies to list on Chinese stock exchanges through issuing shares or depository receipts and continuously support qualified Chinese companies to be listed abroad, including in the United States, said the fact sheet.     From the U.S. side, the country would pursue comprehensive reform of financial regulation and supervision to create a more stable financial system and to help prevent and contain potential future crises.     Regulation and supervision would be strengthened to ensure that all financial firms that pose a significant risk to the financial system will be well regulated, major financial markets will be strong enough to withstand system-wide stress and the failure of large institutions, and the government has the tools it needs to respond rapidly and effectively when problems arise, the fact sheet said.     The United States pledged to continue to have strong oversight of the Government Sponsored Enterprises (GSEs). Through Congressional action, the country remained committed to ensuring that the GSEs were able to meet their financial obligations, it said.     The country was committed to undertaking a process of exploring the future of the GSEs, including through seeking public input, and the U.S. government resolved to report to Congress and the public by S&ED II.     In the joint fact sheet, China and the United States pledged continued close communication and coordination to promote financial stability and would work together to expedite the financial sector reform, to improve financial regulation and supervision, and to promote greater financial market transparency, so as to make their financial sectors more robust.     "We recognize the importance of ensuring sound regulation in our own countries and globally," said the fact sheet.     The two countries were undertaking IMF Financial System Assessment Programs (FSAPs) and would complete them in a timely manner,it said.     Both countries would continue to promote convergence towards a single set of high quality global accounting standards and would continue discussions on financial reporting matters.     "The United States and China welcome continued dialogue between the bilateral competent authorities on the oversight of accounting firms providing audit services for public companies in the two countries based on mutual respect for sovereignty and laws," it said.     The two countries would also conduct technical exchanges on the development of private pensions, and would share experiences and strengthen cooperation with regard to improvement of insurance regulation.     The first S&ED was held in Washington, D.C from July 27 to 28. The mechanism was jointly launched by Chinese President Hu Jintao and US President Obama during their meeting in April in London as a way to show elevation of the importance of China-U.S. cooperation under the new historical circumstances.  

GUANGZHOU, Oct. 18 (Xinhua) -- Continuous severe drought over the past months has stunted rice crop, threatened reserviors and left hundreds of thousands of people short of drinking water in southern Chinese provinces.     In the southern Guangdong Province, where the precipitation in the first 10 months this year has reported a 14 percent drop compared with the average level of the past years, more than 55,000 hectares of cropland are affected and 50,000 people are facing difficulties in getting drinking water because of the drought.     Water level in Guangdong's reservoirs continued to drop. According to Guangdong Provincial Flooding and Drought Relief Headquarters, the water conservancy in Guangdong's 32 key reservoirs has reported a year-on-year decrease of 2.34 billion cubic meters.     The drought is continuing to take a toll on agricultural production in the province.     "I have never seen such a severe drought in my life," said a 73-year-old farmer in Zhoutian Township, Shaoguan City. "A great deal of crops have been damaged."     There have also been concerns of further crop damage as drought harms crop's ability to weather the winter.     In Nan'ao Island in Shantou City, home to more than 70,000 people, drought has brought inconveniences to local residents' daily bath and laundry.     The drought has left more than 70,000 people in Zhangzhou City in the southeastern Fujian Province short of drinking water.     Local hydraulic experts attribute the water shortage to the lingering drought as well as the water conservancy facilities' construction which lagged far behind the industrialization and urbanization.     In the central Hunan Province, low water level in Dongting Lake, China's second largest fresh water lake, has forced local fishermen into idle.     "October used to be a 'golden season' for fishing in the lake," said Gong Jianmin, a local fisherman. "But now we cannot go out to fish since the low water period has come early this year because of the drought."     In the eastern Jiangxi Province, the average precipitation since Sep.1 has seen a year-on-year 66-percent drop. Most cities and counties in Jiangxi have reported drought.

WASHINGTON, July 28 (Xinhua) -- The first round of the China-U.S. Strategic and Economic Dialogue was concluded on Tuesday as four government representatives from both countries hailed its results in their closing statements here. Chinese Vice Premier Wang Qishan delivers the closing statement of the first round of the China-U.S. Strategic and Economic Dialogue in Washington D.C., capital of the United States, July 28, 2009. The first round of the China-U.S. Strategic and Economic Dialogue was concluded on Tuesday.Chinese Vice Premier Wang Qishan and State Councilor Dai Bingguo joined their U.S. counterparts, Secretary of State Hillary Rodham Clinton and Secretary of Treasury Timothy Geithner, in a ceremony at the Eisenhower Executive Office Building, briefing reporters on the results of the "Economic Track" and "Strategic Track" of dialogue, which is the first of its kind between the world's biggest developing country and biggest developed country.     Chinese State Councilor Dai Bingguo delivers a speech during a welcoming reception held by United States friendly groups at Ritz Carlton Hotel in Washington D.C., capital of the United States, July 28, 2009. Dai Bingguo was in Washington to attend the first round of the China-U.S. Strategic and Economic DialogueThe dialogue was "unprecedented" in the history of the U.S.-China relations, and has laid foundation for the bilateral comprehensive relations in the 21st century meeting some biggest challenges, said Clinton, who co-chaired the Strategic Track with Dai. U.S. Secretary of State Hillary Rodham Clinton delivers the closing statement of the first round of the China-U.S. Strategic and Economic Dialogue in Washington D.C., capital of the United States, July 28, 2009. The first round of the China-U.S. Strategic and Economic Dialogue was concluded on Tuesday.For his part, Dai told reporters that the dialogue was successful and fruitful, in which both sides have discussed many issues in a transparent and candid way.     On the Economic Track, Wang said that both sides have discussed many strategic economic issues, and agreed to strengthen cooperation in building on the financial system to ensure the financial stability, among others.     "The success of the Economic Dialogue has left fresh impetus to the development of the positive, cooperative and comprehensive China-U.S. relationship for the 21st century," Wang said.     During the two-day dialogue, officials from China and the U.S. held face-to-face plenary session addressing the challenges and opportunities that both countries face on a wide range of bilateral, regional and global areas of immediate and long-term strategic and economic interests.     "Recognizing that cooperation between China and the United States will remain vital not only to the well being of our two nations but also the health of the global economy, we agreed to undertake policies to bring about sustainable, balanced global growth once economic recovery is firmly in place," said Geithner. U.S. Secretary of Treasury Timothy Geithner (Front) delivers the closing statement of the first round of the China-U.S. Strategic and Economic Dialogue in Washington D.C., capital of the United States, July 28, 2009. The first round of the China-U.S. Strategic and Economic Dialogue was concluded on TuesdayThe dialogue mechanism was upgraded from former Strategic Dialogue and biennial Strategic Economic Dialogue, which were initiated by the two heads of state in 2005 and 2006, respectively.     On April 1, 2009, Chinese President Hu Jintao and his U.S. counterpart Barack Obama agreed to establish the mechanism of China-U.S. Strategic and Economic Dialogue during their first meeting in London on the sidelines of the G20 financial summit.

ANCHORAGE, Sept. 12 (Xinhua) -- Top Chinese legislator Wu Bangguo on Saturday met with Alaska Governor Sean Parnell here before winding up his week-long official goodwill visit to the United States.     Wu, chairman of the Standing Committee of China's National People's Congress, said he was glad to have Alaska as the final stop in his visit to the United States.     Apart from meeting with U.S. government and parliament officials, Wu said he also conducted comprehensive contacts with people from all walks of life in the U.S. during his stay.     The major topics included how to strengthen the Sino-U.S. cooperation, how to join hands to face challenges and how to realize common development of the two countries, Wu said. Wu Bangguo (1st R), chairman of the Standing Committee of China's National People's Congress, meets with Governor of Alaska Sean Parnell, in Anchorage, Alaska of the United States, on Sept. 12, 2009. Wu noted that, Alaska, a state with rich natural resources and a closest U.S. state to China, enjoys incomparable advantages in cooperation with regions of China.     He wished that the Alaska state will further encourage its entrepreneurs to take the opportunities and expand new cooperation scopes in economy and trade with China, and boost exchanges and cooperation in the fields such as renewable energy, climate change, science and technology, and education.     During the meeting, Parnell said he was pleased that Chairman Wu and the delegation chose to stop over in Alaska during their visit to the United States.     China is an important market for Alaska, Parnell said. He and Wu had a good conversation on topics ranging across renewable energy, environmental conservation, natural resources development, Alaska seafood and tourism opportunities, he added.     At the invitation of U.S. Speaker of the House of Representatives Nancy Pelosi, Wu started to visit the U.S. on Sept. 6. His trip to the United States was the first official visit to America by a top Chinese legislator in the past two decades.     Wu met with U.S. President Barack Obama, Vice President Joe Biden and Secretary of State Hillary Clinton during the stay.     Before visiting the Unites States, Wu has visited Cuba and the Bahamas.

BEIJING, Aug. 29 (Xinhua) -- China's limits on the use of plastic bags cut crude oil consumption by 3 million tonnes per year, according to the National Development and Reform Commission (NDRC).     Since June 1, 2008, all Chinese retailers, including supermarkets, department stores and groceries, no longer provided free plastic shopping bags. In addition, China banned ultra-thin plastic bags, or those thinner than 0.025 mm.     China is trying to cut the use of plastic bags in a bid to reduce energy consumption and polluting emissions.     The plastic bag limits could save about 2.4 million to 3.0 million tonnes of crude oil every year and cut 7.6 million to 9.6 million tonnes of carbon dioxide emissions every year, the NDRC said.     The NDRC said it would further implement the regulations and inspect execution of the ban nationwide.     Retailers who did not list shopping bags on the receipts or continued to provide free plastic shopping bags would be fined from 5,000 yuan (732.06 U.S. dollars) to 10,000 yuan, according to the State Administration for Industry and Commerce.