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BEIJING, Oct. 17 (Xinhua) - Deeper reforms, especially systematical ones, will be carried out and extended to more key areas in China during the next five years to provide further momentum for the country's future development after it comes out of the economic crisis, economists and observers have said.The ongoing Fifth Plenary Session of the 17th Communist Party of China (CPC) Central Committee is discussing the 12th Five-Year Plan (2011-2015), or the nation's development plan for the next five years, and "reform" is set to be one key topic at the meeting.At a meeting of the CPC Central Committee's Political Bureau two weeks ago, it was agreed that the coming years will be a crucial stage to deepen the reform and opening-up process while accelerating the transformation of the nation's economic development pattern.The reform and opening up in China, which started more than 30 years ago, had helped the country to achieve rapid economic development in the past decade, and it is widely expected to enter a new stage and touch upon issues that are hard to penetrate, especially systematical ones, in the next five years.Peng Sen, deputy director with the National Development and Reform Commission, the nation's top economic planner, said the systematic and mechanism restraints are the main crux that had frustrated the progress of China's economic development pattern transformation."Without major breakthrough in the system it would be difficult to achieve a fundamental change in the way of economic development," he told Xinhua.Chi Fulin, head of the Hainan-based China Institute for Reform and Development, told Xinhua that the 12th Five-Year Plan is likely to focus on systematic reforms in economic, political and social fields.While further improving the market economy system, China should speed up forming a public service system and a public service-oriented government, which would lay the foundation for boosting domestic demand and sustainable development, Chi said.Wang Tao, an economist with UBS Securities, praised the Chinese government for efficient moves in the face of the global crisis, since a powerful government is able to position all of its economic resources.

SHANGHAI, Oct. 1 (Xinhua) -- Wu Bangguo, chairman of the National People's Congress Standing Committee, on Friday delivered a speech at the ceremony for the China National Pavilion Day at the Shanghai World Expo.The following is the translated version of the full text of his speech:Address by Chairman Wu BangguoOf the Standing Committee of the National People's CongressAt the Ceremony for the National Day of ChinaOf Expo 2010 Shanghai ChinaShanghai, 1 October 2010Your Excellencies Heads of State and Speakers of Parliament,Distinguished Guests,Ladies and Gentlemen,Friends,On this joyous day of grand celebration for the 61st anniversary of the People's Republic of China, we gather here to mark the China National Pavilion Day of Expo 2010 Shanghai. It adds to happiness of the anniversary of the People's Republic, and it brings the Expo 2010 Shanghai event to a new height. At the outset, I wish to extend, on behalf of the Chinese government and people, warm welcome and sincere thanks to all distinguished guests attending the China National Pavilion Day events.Expo 2010 Shanghai is the first such global event hosted by a developing country in the history of the world expo. In the past five months, participants from 246 countries and international organizations have gathered by the Huangpu River to attend the Expo. The Expo site has hosted over 100 foreign leaders and nearly 60 million Chinese and foreign visitors. Together with the over two million dedicated volunteers from home and abroad, they have made "Better City, Better Life" a living reality. In the less than six square kilometer Expo Park, pavilions of diverse styles bearing distinct features of different countries stand alongside each other, hosting creative exhibitions and various cultural performances, not to mention the unique Urban Best Practices Area and the inspiring forum dialogues. Together, they form a vivid picture of the diverse world and the harmonious co-existence of different cultures and civilizations. We have every reason to believe that, with concerted efforts of all sides, Expo 2010 Shanghai will surely be a successful, splendid and unforgettable event. Let me take this opportunity to express sincere gratitude to the governments and peoples of other countries, to the International Exhibitions Bureau and relevant international organizations, to all participants for their great support for the Expo and to all friends who have contributed their share to the Expo.Ladies and Gentlemen,Friends,Standing proudly in the Expo Park, the splendid and magnificent China Pavilion, the "Oriental Crown", is a showcase of "Chinese Wisdom in Urban Development". It is living proof of the effort by the Chinese people in pursuit of a better life. It gives expression to the long-lasting belief in harmony as rooted in the Chinese culture and to the vision of a brighter future of China through scientific development.The Chinese nation has a long history and a splendid culture. For over 5,000 years, generation after generation of the Chinese people of different ethnic groups have lived on this vast land. They have formed a fine character of diligence, courage and self-reliance. They are open-minded and inclusive. They dare to innovate and explore new ways of development. The contribution they have made to the progress of human civilization is significant and indelible.Over the past 60 years or more since the founding of the People's Republic of China, the Communist Party of China has led the Chinese people of all ethnic groups in an earth-shaking and pioneering endeavor and succeeded in bringing about three historic shifts: the shift from a semi-colonial and semi-feudal society to a new society of national independence, where people are the masters of their own country; the shift from a new democratic revolution to a socialist revolution and development; and the shift from a highly centralized planned economy to a robust socialist market economy and from a closed or semi-closed state to one of all-round opening up. These are indeed epoch-making changes of the Chinese nation. In the past 30 years since the beginning of reform and opening-up, China's economy has maintained rapid growth rarely seen in the world. Our social programs have made progress. Our comprehensive national strength has increased significantly. Our people, on the whole, are leading a life of moderate prosperity, with the outlook of rural and urban areas steadily improving. We enjoy unity and amity among all our ethnic groups, harmony and stability in our society and continued rise in our international standing. China, once an ancient land, is taking on new vigor and vitality.Looking ahead, we will build a moderately prosperous society at a higher level by 2020 to benefit our over one billion people, and will realize modernization by the middle of this century. This is the grand vision and abiding goal of the Chinese people from generation to generation.The Chinese people, once plagued by poverty and hunger, long all the more for a life of prosperity and peace. This had made development a common pursuit of the Chinese people.China has given top priority to development ever since it started reform and opening-up. This has resulted in higher and higher living standards of the people and rendered the belief that development is of overwhelming importance popular and unchangeable.The Chinese nation is a peace-loving nation. Having suffered from numerous atrocities and wars in modern history, we know all too well the value of peace. And we are keener in the understanding that to uphold world peace is our international obligation and serves our development need at home.China is the largest developing country in the world, and China's development is based on a large population, a weak economic foundation and a late start in development. China remains and will continue to be in the primary stage of socialism for a fairly long period of time. We are consciously aware that there will be problems and challenges on the way ahead. Yet, we are fully confident about our future, because we have embarked on a road of socialism with Chinese characteristics, and have formulated a system of theories on socialism with Chinese characteristics. As long as we follow this road unswervingly, thoroughly implement the Scientific Outlook on Development, continue to free our minds, remain committed to reform and opening-up and promote scientific development and social harmony, we will certainly make China a socialist modern country that is prosperous, democratic, harmonious and culturally advanced.Ladies and Gentlemen,Friends,Though Expo 2010 Shanghai will be concluded in one month's time, the spirit of progress, innovation, harmony and common prosperity advocated by the Expo will long endure. Ours is a time when people around the world are calling for peace, development and cooperation. Let us join hands to enhance exchanges and mutual learning, deepen contacts and coordination, rise up to challenges, and work together to build a harmonious world of enduring peace and common prosperity!Thank you.

BEIJING, Sept. 21 (Xinhua) -- The central parity rate of the yuan, China's currency Renminbi (RMB), jumped 113 basis points, or 0.17 percent, Tuesday to a new record high at 6.6997 per U.S. dollar, according to the data released by the China Foreign Exchange Trading System.Tuesday's yuan central parity against U.S. dollar beat the previous record of 6.7110 per U.S. dollar on Monday and extended the Chinese currency's gains to eight consecutive trading days.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 Tuesday's central parity, the Chinese currency has strengthened against the U.S. dollar by 1.87 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.According to Tuesday's central parity rates, the yuan's value strengthened against all the currencies within its basket with lower rates.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 8.7522 Tuesday, lower from 8.7595 Monday.The yuan's rate against 100 yen was 7.8204 Tuesday, compared with 7.8275 Monday.The Chinese currency soared 814 basis points against the British pound with the central parity rate being set at 10.42 from Monday's 10.5014.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.

ATHENS, Oct. 3 (Xinhua) -- Chinese Premier Wen Jiabao on Sunday pledged to support a stable euro and strengthen cooperation with the European Union (EU)."China will not reduce its euro-bond holdings and China supports a stable euro," Wen said during a speech at the Greek parliament.China and the EU have signed a string of important trade investment contracts to help Europe overcome its financial difficulties, said Wen who arrived in Athens on Saturday on a three-day official visit.Since the outbreak of the global financial crisis, Chinese leaders have visited Europe several times and had frequent meetings with EU leaders, noted the Chinese premier.That, he said, shows Beijing attaches great importance to China-EU relations and "wants to join you in a concerted effort to tide over difficulties."After some European countries suffered sovereign debt crisis earlier this year, Wen said, his government announced many times that Beijing firmly supports the measures adopted by the EU and the International Monetary Fund."China is sincere in enhancing cooperation with Europe and we are confident about the prospects of our cooperation," Wen said.Thanks to joint efforts, China-EU trade has already exceeded the pre-crisis level, he said."China is committed to advancing China-EU relations. This is not an expediency, but a long-term strategic policy," Wen said.

HEFEI, Sept. 4 (Xinhua) -- China's top 500 enterprises reported smaller revenue gaps with their U.S. counterparts, while outperforming their worldwide competitors in profitability amid the nation's rapid economic recovery, an industrial ranking report showed Saturday.China's top 500 enterprises chalked up 4.05 trillion U.S. dollars in operating revenues last year, equivalent to about 18 percent of the operating revenue total created by the world's top 500 companies in the same year, and the ratio was 2.62 percentage points lower than the figure recorded for the year earlier, according to a report released Saturday in Hefei, capital of east China's Anhui Province, by the China Enterprise Confederation (CEC) and China Enterprise Directors Association.The average profit margin of China's top 500 enterprises was 5.44 percent in 2009, compared with 4.16 percent for the world's top 500 companies.Further, the net profits of the Chinese heavyweights grew by more than 20 percent last year, faster than the 17 percent for the world's top 500. It was the second consecutive year that Chinese enterprises outshone theirforeign counterparts in annual profits.Miao Rong, researcher with CEC, said despite the progress, China's top 500 enterprises obviously suffered from the impact of the global financial crisis as they reported slower growth in new employment and business revenues.However, unlike the world's top 500 companies, most of which are service and high tech giants, a lion's share of China's top 500 businesses are traditional industrial enterprises in the fields of energy development, telecommunications and power generation, Miao noted."It is a tough job, in the short-term, to make Chinese corporations catch up with their foreign counterparts in terms of 'soft power' , such as the capability of resource integration, management expertise, brand building and intellectual property protection," he added.Sinopec, Asia's leading refinery, topped the top 500 revenue list for the fifth consecutive year with 1.39 trillion yuan (about 204.41 billion U.S. dollars) in 2009. It was followed by the State Grid and PetroChina.Also, private businesses were growing rapidly as five companies reported operating revenues exceeding 100 billion yuan. Huawei Technology Co Ltd, a telecommunication equipment producer, recently leaped into the world's top 500 enterprises club.