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BEIJING, Jan. 17 (Xinhua) -- The United States needs to face up to its own imbalances rather than engage in more China bashing over trade, said world-renowned economist Stephen Roach.     "The West, especially the United States, needs to take a long hard look in the mirror and face up to its own imbalances. Hypocrisy is not a recipe for global statesmanship," wrote Roach in Singapore's leading financial daily Business Times this week.     As U.S. congress and the White House look toward the mid-term elections of 2010, Washington could well up the ante on China bashing -- moving from a rhetorical assault to widespread trade sanctions, predicted Roach, chairman of Morgan Stanley Asia.     He noted that the United States has already imposed trade sanctions on Chinese exports of tyres, coated paper product and steel piping and grating in recent month.     Roach argued that the expected salvo from Washington was apparently built on hypocrisy as the United States itself should also be held accountable for the global economic imbalances.     Meaningful progress on global rebalancing could not occur without progress by both China and the United States and that China has a more optimistic prospect of achieving rebalancing, he said.     "There is good reason to believe that China ... is about to take dramatic steps in rebalancing its domestic economy in a fashion that would provide a sustained and meaningful reduction in its current account surplus."     China viewed the recent crisis and recession as an unmistakable wake-up call, which left the country with little choice other than to shift the sources of its GDP growth from external to internal markets, he said.     However, it was hard to be sanguine about the outlook for America's saving and current account imbalance.     "The United States, with its massive shortfall in domestic saving, has come to rely heavily on surplus saving from abroad to fund economic growth. And it must run massive current account deficits in order to attract that capital," he said.     All nations need to be accountable for the role they need to play in driving a long overdue global rebalancing, said Roach. "It would be the height of folly to try and force China into a counter-productive approach, especially since it appears to be taking its own rebalancing agenda very seriously."

BEIJING, March 12 (Xinhua) -- China's central bank said Friday a stronger yuan offers no help for solving the Sino-U.S. trade imbalance problem, and China opposes politicizing yuan's appreciation.Su Ning, vice governor of the People's Bank of China, made the comments a day after U.S. President Barack Obama told the U.S. Export-Import Bank's annual conference that a more market-oriented exchange rate of yuan will make an essential contribution to global rebalancing efforts."We do not think a country should rely others to solve its own problems," Su, a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, said on the sidelines of the top political advisory body's annual session.The U.S. Department of Commerce said on March 11 that the U.S. trade deficit with China increased to 18.3 billion U.S. dollars in January from 18.14 billion U.S. dollars in December. The increase renewed the U.S. call for a stronger yuan as it claimed the current exchange rate gives Chinese goods unfair price advantages.Su said although yuan has gained more than 20 percent since it depegged the U.S. dollars in June 2005, China's trade surplus tripled from 100 billion U.S. dollars in 2004 to nearly 300 billion U.S. dollars in 2008.In addition, he argued, a weaker U.S. dollar does not help cut the U.S. deficit. As the U.S. dollar depreciated by 3 percent annually in average between 2002 and 2008, its deficit soared from 500 billion U.S. dollars to 900 billion U.S. dollars, Su said.Tan Yaling, a financial researcher with Peking University, said as nations have different roles in international trade and differ in resources, what they produce, consume and want can be very different."It is unfair that the United States, on the one hand, consumes cheap Chinese goods, while on the other hand, it blames the low prices for causing their domestic job losses," she said.The Obama administration's continuous calls for a stronger yuan is actually aimed at diverting attentions from its domestic woes, experts said.To grapple with high unemployment rate and uncertain recovery prospects, Obama has to do something on job promotion to secure victory in the mid-term election in November this year, said Chen Zhiwu, a financial professor with Yale University.To curb soaring unemployment and boost growth, Obama has announced a special task force on a mission of doubling the U.S. exports in five years, as he said the U.S. can not "stand on the sidelines," as other countries are busy negotiating trade deals.Cheng Enfu, a deputy to the National People' s Congress (NPC), China' s top legislature, said the consistent pressure from the United States is simply because of its pursuit of national interests."Over-fast appreciation of yuan does no good to the global economic recovery which is still fragile and uncertain," he said.Zhu Yuchen, also an NPC deputy, said as China plays a leading role in global economic recovery, any drastic policy change will not only impair China's economy, but also the global recovery, which is not a responsible way.President Obama's remarks also came a month ahead of a semiannual Treasury Department report that could label China as a currency manipulator.Premier Wen Jiabao said in the government work report delivered to the NPC on March 5 that China will keep the yuan "basically stable" at an "appropriate and balanced" level.HEFTY SURPLUS, BUT SLIM PROFITSAlthough China has accumulated massive trade surplus over the past decades, that does not indicate the same profits, as more than half of China's exporters are foreign invested, lawmakers said.Figures released by the Ministry of Commerce showed 55.2 percent of China's foreign trade was completed by foreign-invested businesses last year. And 56 percent of the exports were done by foreign companies in China.Cheng Enfu said China only pockets paper-thin profits from the very end of the manufacturing chain, or processing and assembling work. However, the United States earn handsome profits from designing and distribution.According to a study by researchers of the University of California, of the 299 U.S. dollars retail value of a 30-gigabyte video iPod in the United States, 163 U.S. dollars is captured by American companies and workers, and 132 U.S. dollars go to parts makers in other Asian countries, while the final assembly, done in China, cost only about 4 U.S. dollars a unit."Even though Chinese workers contribute only about 1 percent of the value of the iPod, the export of a finished iPod to the United States directly contributes about 150 U.S. dollars to our bilateral trade deficit with the Chinese," Hal R. Varian, a professor of the University of California at Berkeley, wrote on the New York Times on June 28, 2007.Cheng Enfu noted it needs to upgrade exports product mix to fundamentally reverse China's disadvantages. That is, to export more profitable self-innovative products, rather than labor-intensive processing goods.

STOCKHOLM, March 22 (Xinhua) -- China has made huge contributions in realizing the United Nations Millennium Development Goals (MDG) in access to safe drinking water, said Joakim Harlin, Senior Water Resources Advisor at the United Nations Development Program based in Stockholm on Monday."According to a joint monitoring report issued by the World Health Organization and the United Nations Children's Fund last week, 89 percent of the population of 1.3 billion has access to drinking-water from improved sources, up from 67 percent in 1990, This is a huge contribution to MDG," Harlin said in an interview with Xinhua after a seminar on MDG to mark the World Water Day.Johan Kuylenstierna, Chief Technical Advisor for UN-Water, also commented on China's efforts in addressing the mounting water problems from access to safe drinking water to prevention of water pollution."China is an interesting country because you are facing so many problems, but you are also seriously addressing many of them," Kuylenstierna told Xinhua, adding that when a problem is clearly identified, you take action on trying to mitigate it and address it."China can learn a lot from other countries, but I think we can learn a lot from China too in dealing with various environmental problems," Kuylenstierna said.He also said statistics from 2009 showed that China is the biggest country in investing in renewable energy just in one year, and it has passed the United States."Water quality problem is a major global issue, access to clean water for achieving the MDG. If the water is not clean, it is not useful. This is a global problem. We release about two million tons of waste everyday into our waters," said he.2.2 million children die every year from drinking bad water. Five or six million people in total that is because of the poor quality of water. People die every year from diseases that could actually prevented, according to the UN's statistics.

BEIJING, Jan. 24 (Xinhua) -- China's central bank asked the nation's lenders to increase loans for rural development as farmers and rural business still had limited access to financing.Banks should issue more microloans to farmers to foster rural industries and urbanization, Liu Shiyu, deputy governor of the People's Bank of China, said at a meeting on rural financing service on Sunday."More efforts should be made to encourage financial institutions to offer rural financing services and participate in rural financial market," he said.Rural credit cooperatives should speed up corporate restructuring and play a leading role in rural financial market, Liu said.He also urged efforts to establish more village banks, microcredit companies and new types of financial institutions.Poor access to fund, as one of the reasons, has long kept China's rural development left behind the urban modernization.The situation has not been significantly improved despite repeated calls by government, as banks are relunctant to lend for lack of collaterals.By the end of September 2009, rural loans increased 29.1 percent year on year to 8.8 trillion yuan (1.29 trillion U.S. dollars), 8.3 percentage points higher than a year earlier

BEIJING, Feb. 7 (Xinhua) -- Chinese Premier Wen Jiabao said Sunday that China-Japan ties are at a crucial stage, urging the two countries to enhance mutual trust and step up dialogue and cooperation in all spheres."In the first decade of this century, China and Japan have taken an important step towards the goal of a strategic and mutually beneficial relationship after undergoing twists and turns," said Wen in his congratulatory letter to a meeting on China-Japan friendship.The first meeting of the fifth 21st Century Committee for China-Japan Friendship, an advisory body for the two governments, opened in Beijing on Sunday to discuss various dimensions of China-Japan relations and provide policy suggestions to the two governments.The committee, with Tang Jiaxuan, a former state councilor, and Taizo Nishimuro, Tokyo Stock Exchange (TSE) president, as chairs of the two sides, is holding a three-day meeting."At the crucial stage of bilateral relations, I hope the members from both sides will work closely and come up with valuable suggestions to contribute to the long-term friendship and common prosperity," Wen said.The relations between China and Japan, two important neighboring countries in Asia, have seen stable development since Japanese Prime Minister Yukio Hatoyama took office last September.Wen said the cooperation between China and Japan will "not only benefit both countries and Asia at large, but also exert positive and profound impact on world political and economic structure" in the face of complex international situation and many grave challenges.Hatoyama in his congratulatory letter also urged the two countries to beef up understanding and cooperation to build comprehensively their strategic and reciprocal relations.In his keynote speech at the meeting, Tang Jiaxuan made four proposals on advancing bilateral ties.Tang proposed that the two countries continue to foster strategic mutual trust, work on the economic relations by highlighting cooperation in environmental protection, low-carbon economy and high-tech, boost cultural exchanges and enhance coordination in international and regional affairs.He said China-Japan relations still face some problems and challenges that can't be neglected, noting that their political mutual-trust needs to be promoted, their national feelings towards each other need to be improved and some sensitive issues need to be properly handled.Taizo Nishimuro also made proposals including enhancing political mutual trust, promoting trade liberalization, encouraging cultural exchanges and promoting Asian regional cooperation and world peace.

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