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VICTORIA, Sept. 6 (Xinhua) -- President of Seychelles James Michel on Monday met with chen Zhili, vice chairwoman of the Standing Committee of National People's Congress (NPC), China's top legislature, with both sides pledging to enhance bilateral ties.Seychelles President Michel said the development of the ties between the two countries has scored great achievements and the successful visit by Chinese President Hu Jintao to Seychelles in 2007 has pushed the bilateral ties to a new high.The president thanked China for its support in the past years for the socioeconomic development of Seychelles and expressed the willingness to boost cooperation with China in all sectors.President Michel said his country will continue to stick to the one-China policy and strengthen the cooperation and coordination with China both in the international and regional affairs.For her part, Chen Zhili said China and Seychelles have enjoyed deep and traditional friendship and the two sides have exchanged frequent high-level visits, with political mutual trust deepened, cooperation in the sectors of economy, trade, culture, education, tourism expanded in the past years.Chen said the two sides have also enjoyed close cooperation in the international and regional affairs.She said 2011 will mark the 35th anniversary of the diplomatic ties between China and Seychelles and China is willing to join hands with Seychelles so as to bring the friendly cooperation between the two sides to a new level.Also on Monday, Chen Zhili met with Speaker of Seychelles' National Assembly Patrick Herminie during which she said China's NPC and Seychelles' National Assembly have enjoyed frequent exchanges and close cooperation which has played a positive role in promoting the understanding and friendship between the two peoples and enhancing the mutual cooperation in all fields of the two countries.Chen said China's NPC attaches great importance in developing friendly ties with Seychelles' National Assembly and is willing to strengthen the exchange and coordination between the two legislatures in a bid to further development the ties between the two countries.Herminie believes that the exchanges between the two legislatures will surely add new live to the ties between the two countries.

TALLINN, Sept. 22 (Xinhua) -- Li Changchun, a senior official of the Communist Party of China (CPC), opened here on Wednesday the first Confucius Institute in the Baltic region.Li, a member of the Standing Committee of the CPC Central Committee's Political Bureau, said he hopes the facility, jointly launched by Estonia's prestigious Tallinn University and China's Guangxi University with the help of the Chinese Language Council ( also known as Hanban), would serve as a regional center for spreading Chinese culture and offer quality courses for Estonians who are interested in the Chinese language and eager to understand the Chinese culture.Tallinn University is the sole university in this Baltic country that boasts a Chinese major. It has enrolled Chinese- learning students in the past two decades.Rein Raud, rector of the university, reached an agreement with China's Hanban to set up a Confucius Institute on campus during a visit to Beijing in February. Guangxi University was chosen at the time to be its Chinese partner.The Confucius Institute at Tallinn University will offer the public three-month-long courses that teach both the Chinese language and the Chinese culture.The first set of those courses has been overbooked by Estonians, as more and more people in the country become interested in the language and culture of a booming China.Li, while talking with students majoring in Chinese at Tallinn University, encouraged them to study hard and learn more about the Chinese culture."I hope you can be ambassadors of cultural exchanges between China and Estonia, proponents of bilateral economic and trade cooperation and even Sinologists," he said.He added that cultural exchanges are meaningful projects which can "sow the seeds of friendship between China and Estonia" and play an important role in the overall bilateral relationship."The steady development of state-to-state relations is based on favorable public opinions toward each other, which can be nurtured through cultural exchanges," he said.Raud said the establishment of the Confucius Institute at the university was a landmark event in Chinese language learning and the spread of the Chinese culture in Estonia.He pledged to work closely with Guangxi University to build the Confucius Institute into a center for spreading the Chinese culture in the Baltic region.Earlier in the day, Li met with a senior Estonian parliament member on bilateral relations.He also paid a visit to the Port of Tallinn and was briefed on its latest development plans. The port has been trying to build itself into a regional maritime transportation center by seeking support from Chinese partners.Li arrived in Tallinn on Tuesday for a three-day official goodwill visit. Estonia is the first leg of his four-nation tour which will also take him to Montenegro, Ireland and Iran.

BEIJING, Oct. 23 (Xinhua) -- One of China's top banking regulators has called upon the nation's commercial lenders to improve their balance sheets and reduce excessive reliance on lending for profits.Wang Zhaoxing, deputy chairman of the China Banking Regulatory Commission(CBRC), said banks should not seek excessive profits from a rapid increase in loans and a widening gap between lending and deposit rates, which is unsustainable.Chinese banks went on a lending spree in 2009 in response to the urging of the government as part of the 4-trillion-yuan (601 billion U.S. dollars) stimulus package to ward off the effects of the global financial crisis.Also, nearly 9.6 trillion yuan in new loans last year fuelled fears of banks distributing bad loans.Many banks continue to depend upon issuing credit to government-backed projects to secure profits, Wang said at an industry meeting Thursday. However, those projects often lack adequate risk management.Further, Wang urged lenders to improve balance sheets and the quality of assets, as well as the ability to manage risk aversion.Chinese banking and financial institutions reported net profits of 668.4 billion yuan last year, of which a lion's share came from the gap between deposit and lending rates, investment proceeds and fees, according to the report on China's banking industry issued by the CBRC in July.The report noted that the average capital adequacy ratio stood at 11.4 percent at the end of last year, above the international safety line, while the non-performing loan (NPL) ratio fell to 1.58 percent, down 0.84 percentage points from the level at the beginning of 2009.Despite the improved data, CBRC chairman Liu Mingkang has repeated warnings that an NPL rebound could bring with it risks from lending to local government financing platforms and the property sector which has accumulated asset bubbles.At the meeting, Wang said the CBRC would enhance oversight to assure unscrupulous and unhealthy financial institutions are phased out of the market.Also, China will gradually move towards a market-driven interest rate mechanism, which would ultimately squeeze bank profits.

PYONGYANG, Sept. 29 (Xinhua) -- The Chinese embassy in Pyongyang held a reception on Wednesday to celebrate the 61st anniversary of the founding of the People's Republic of China.Speaking at the reception, Chinese ambassador Liu Hongcai congratulated the successful conference of the ruling Workers' Party of Korea (WPK) and the re-election of Kim Jong Il as party general secretary.He said China will steadily boost the friendly and cooperative relationship between China and the Democratic People's Republic of Korea (DPRK) to a higher level.Yang Hyong Sop, vice-president of DPRK's Presidium of the Supreme People's Assembly, said in his speech that the Chinese people successfully built a Socialist state with Chinese characteristics and achieved many successes in the construction of a harmonious society under the leadership of the Communist Party of China.To steadily consolidate and develop the DPRK-China friendly and cooperative relationship is the consistent stand of the WPK and the DPRK government, he said.Yang also expressed the belief that the traditional friendship and bilateral cooperation would grow stronger in the spirit of agreements reached between top leaders of the two countries.

TIANJIN, Sept. 14 (Xinhua) -- China could meet the full-year inflation target of 3 percent if macro-control policies were effective, a senior economic planner said Tuesday at the World Economic Forum's annual Summer Davos meeting."China has paid high attention to managing inflation expectations by stepping up macro-controls this year," said Zhang Xiaoqiang, deputy director of the National Development and Reform Commission."If managed well, the full-year target of consumer price index of around 3 percent is still attainable," he said.The CPI climbed to a 22-month-high of 3.5 percent in August because of rises in food and fuel prices and a low comparison base.Food prices are likely to remain within reasonable range after macro-control and there is still room for industrial products to fall due to heated competition, Zhang said.The chance is also small for import prices of commodities to experience a dramatic rise again in the rest of the year after earlier retreating, he said.