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SHANGHAI, Oct. 31 (Xinhua) -- Chinese Premier Wen Jiabao declared the closure of the World Expo 2010 at the Expo Culture Center in Shanghai Sunday night.A ceremony was held here to celebrate the end of the Expo, which International Exhibitions Bureau (BIE) President Jean-Pierre Lafon called an "astounding success."The first of its kind staged in a developing country, the event attracted 246 participating countries and international organizations and 73 million visitors. Both figures are records in the history of expos, the first of which was held in London in 1851.On an area of 5.28 square kilometers, the Expo Site has become a global village where people can not only see rare cultural treasures from around the world -- the bronze chariot and horse sculpture from China's Warring States period, the statue of Athena from Greece and French impressionist masterpieces, for example -- but also get a taste of the diversity of the world's cultures through more than 20,000 cultural events.The gala is eyed in China as another event of national splendor after the 2008 Beijing Olympic Games showcased China's status as an economic and political power to the world. 

BEIJING, Sept. 10 (Xinhua) -- Chinese equities closed higher on Friday with the key Shanghai stock index up 0.26 percent, boosted by robust performance of the medical sector.A superbug which is spreading globally spurred investors to switch to drugmakers. And reports of deaths from hard tick bites in central China's Henan Province added to the investment tendency.The medical sector rose by 4 percent as a whole on Friday, with several medical shares, including Lukang Pharma, Neptunus, Chase Sun and Meheco, increased by the daily upper limit of 10 percent.The property sector was unsettled over concerns of further property market tightening measures as China's National Bureau of Statistics (NBS) said property prices in 70 major cities rose 9.3 percent in August.China Vanke Co., the country's largest listed developer, fell 1.45 percent than the previous close to stand at 8.16 yuan (1.2 U.S. dollars) on Friday.The benchmark Shanghai Composite Index climbed 6.86 points, or 0.26 percent to closed at 2,663.21. The Shenzhen Component Index rose 65.64 points, or 0.57 percent, to end at 11,530.99.Combined turnover stood at 257.19 billion yuan (38.03 billion U.S. dollars) from 297.99 billion yuan on the previous trading day.Gainers outnumbered losers by 506 to 344 in Shanghai and by 634 to 390 in Shenzhen.

BEIJING, Oct. 15 (Xinhua) -- The value of yuan, China's currency Renminbi, strengthened for a third consecutive day against U.S. dollar Friday as the central parity rate of the yuan was set at 6.6497 per U.S. dollar, according to the data released by the China Foreign Exchange Trading System.Friday's central parity rate beat the previous record of 6.6582 on Oct. 14.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 Friday's central parity, the Chinese currency has strengthened against the U.S. dollar by about 2.65 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.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 9.3259 Friday, higher from 9.3491 on Oct. 14, the previous trading day.The yuan's rate against 100 yen was 8.1531 Friday, compared with 8.1611on Thursday.The yuan's rate against the British pound was 10.6305, compared with 10.6192 on the previous trading day.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. 28 (Xinhua) -- The Chinese government on Thursday issued the full text of Premier Wen Jiabao's explanation on a proposal that will play a crucial role in shaping the country's development over the next five years.The Communist Party of China (CPC) Central Committee's Proposal on Formulating the Twelfth Five-year Program (2011-2015) on National Economic and Social Development was adopted at the Fifth Plenum of the 17th CPC Central Committee that ended Oct. 18.Wen's explanation focused on five parts, including China's social and economic development over the past five years, the guiding principle and goals for development in next five years, major tasks in economic development, major tasks in improving social undertakings and people's livelihoods, and major tasks in deepening reform and opening-up.Wen made the explanation on Oct. 15 when the CPC Central Committee session began.The proposal stipulated scientific development as the theme of the 12th Five-year Program, said Wen, noting this is also the first time for a five-year program to include scientific development as its theme.The Scientific Outlook on Development shall be implemented in all sectors of reform and opening-up and the modernization drive, he said.According to Wen, the State Council will make the draft of the 12th Five-year Program based on the proposal. The draft will be submitted to the National People's Congress session next March for deliberation and approval.

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.