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LIMA, Nov. 20 (Xinhua) -- Foreign and trade ministers from the 21 member economies of the Asia Pacific Economic Cooperation (APEC) forum on Thursday called for joint efforts to overcome the ongoing global financial crisis and revive the Doha Round trade negotiations. "APEC economies are committed to implementing all necessary measures to bolster the real economy and boost investment and consumption levels in the region," said a joint statement released by the ministers after a two-day Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting in the Peruvian capital. "Ensuring a rapid, coordinated and effective response to the current global financial crisis is the highest priority for APEC economies and will be the focus of attention" when APEC leaders meet on the weekend, said the statement. The APEC ministers met in Peru during the "most difficult set of economic conditions" since APEC was created in 1989, it said. Peruvian Foreign Minister Jose Garcia Belunde, who chaired the meeting, said the ministers have reaffirmed their opposition to trade and investment barriers. The ministers have agreed to continue to "strengthen consumption level in the region and expand trade activities," he said. "We've decided to continue supporting the multilateral trade system, including the World Trade Organization, and to support a conclusion to the Doha trade round," he said. Australian Trade Minister Simon Crean said the APEC ministers not only have reached an consensus to push forward the Doha talks but also agreed on the direction to conclude it. Crean called on the APEC leaders to make commitment based on the action plan adopted by the G-20 countries in Washington earlier this month, noting that nine of the APEC members participated in the Washington meeting. "Commitement at various levels" are required to deal with the financial crisis, he said. U.S. Trade Minister Susan Schwab said world leaders should learn from the Great Depression in the 1930s and prevent a "prolonged and deepening" crisis from taking place. Schwab noted that the G-20 nations had made it clear that trade barriers and protectionism will not be an option during the crisis and it is vital to conclude the Doha talks as soon as possible. The world economies should "use trade in a positive way" to avert the crisis, she said. "We will do everything we can" to push forward the Doha talks, she added. Singapore Trade and Industry Minister Lim Hng Kiang said APEC has yet to confront many challenges and the financial crisis is likely to top APEC's agenda next year when Singpore takes over as the chair. The 20th APEC Ministerial Meeting started on Wednesday to make final preparations for the APEC Leaders' Meeting this weekend.
BEIJING, Nov. 29 (Xinhua) -- Chinese President Hu Jintao warned on Saturday that the global financial turmoil will make it harder for China to maintain the pace of its economic development in the near future. China is under growing tension from its large population, limited resources and environment problems, and needs faster reform of its economic growth pattern to achieve sustainable development, said Hu when addressing members of the Political Bureau of the Communist Party of China (CPC) Central Committee. The nation should maintain a stable and relatively fast economic growth, accelerate structural readjustment for sustainable development, and stick to reform and opening up, said Hu, also general secretary of the CPC Central Committee. Efforts should be made to solve problems that concern the people's fundamental interests, in order to achieve healthy and rapid economic and social development and improve people's living, the CPC chief said. Hu also underlined the importance of efficient resource utilization and environmental protection in China's industrialization and modernization strategy, and asked for the overall development in both rural and urban areas. The nation should not only seek fast and sound economic growth, but also promote the comprehensive development of society and its people, said Hu. He also noted that with the spread of the global financial crisis, China is losing its competitive edge in the world market as international demand is reduced. International competition is fiercer than ever and protectionism has started to increase in investment and trade, said Hu. In October, China's export growth slowed to 19.2 percent from 21.5 percent in September.
BEIJING, Jan. 4 (Xinhua) -- Major Chinese lenders are expanding a preferential policy on house loan interests to cut the burden of the country's home buyers hit by the spreading financial crisis. For individuals who bought houses on mortgage lending before Oct. 27, 2008 and have not paid off the loans, their credit interest rates could be reduced to 70 percent of the benchmark rate from the previous 85 percent, customer service staff of several banks told Xinhua on Sunday. The discount will be available for Beijing, Shanghai and Qingdao clients of the China Construction Bank after their applications go through default record checks. The Bank of China branch in Shanghai is also providing the preference but the Beijing branch keeps the rate unchanged. The Industrial and Commercial Bank of China, the country's largest lender, and the Agricultural Bank of China are also making specific rules for similar rate discounts. China's central bank announced in October it would reduce the lower limit of interest rates on individual house loans to 70 percent of the benchmark credit rate from 85 percent, starting from Oct. 27 last year. The move was viewed as a stimulus to the flagging property market but it has been unclear whether house mortgage deals before that date can enjoy the favor. Under the rate discount, home buyers with a 500,000-yuan (73,500 U.S. dollars) bank loan to be paid off within 20 years can save nearly 60,000 yuan of interest, analysts estimate.
Jia Qinglin(C), chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), arrives at the airport in Phnom Penh, capital of Cambodia, on Dec. 2, 2008. Jia Qinglin arrived here Tuesday, starting an official goodwill visit as guest of Cambodian Senate President Chea Sim. PHNOM PENH, Dec. 2 (Xinhua) -- China's top political advisor Jia Qinglin arrived here Tuesday, starting an official goodwill visit as guest of Cambodian Senate President Chea Sim. In a written statement delivered upon arrival at the airport, Jia said China and Cambodia are friendly neighbors and the two peoples enjoy time-honored traditional friendship. Since the establishment of diplomatic relations, China-Cambodia friendship has grown from strength to strength, said Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC). Jia Qinglin(L), chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), arrives at the airport in Phnom Penh, capital of Cambodia, on Dec. 2, 2008. He said the two countries have carried out effective exchanges and cooperation in the political, economic and trade, cultural and other fields and maintained good coordination and cooperation in international and regional affairs. "The growth of China-Cambodia relationship not only serves the fundamental interests of the two peoples, but also peace, stability and development of the region," said Jia, who will have an in-depth exchange of views with Cambodian leaders on issues of mutual interest for the purpose of cementing friendship, deepening mutual trust, promoting cooperation and pursuing common development. He said he is confident that the visit will "be productive and contribute to the long-term stable growth of China-Cambodia good neighborly friendship and cooperation". Cambodia is the last leg of Jia's four-nation visit which has taken him to Jordan, Turkey and Laos.
BEIJING, Feb. 1 (Xinhua) -- China's Foreign Ministry has demanded that the U.S. Embassy to China facilitate travel for the families of those killed and injured in Friday's tour bus crash near the Hoover Dam in Arizona. In a statement released Sunday, the ministry confirmed that six Chinese nationals died and nine were injured, including one from Hong Kong. The Chinese Embassy in the United States and Consulate General in Los Angeles immediately dispatched a team assist U.S. authorities with treating the injured and investigating the accident. An official walks by a fatal tour bus accident that left seven Chinese tourists dead on US-93 near Dolan Springs, Arizona January 30, 2009. In collaboration with the Shanghai municipal government, the foreign ministry will send a task force to the United States to help deal with the accident, the statement said. The foreign ministry also notified the Hong Kong Special Autonomous Region government, regarding the Hong Kong residents involved in the crash.