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LONDON -- China is set to make 2008 the year it asserts its status as a global colossus by flexing economic muscles on international markets and exhibiting its cultural richness, The Independent newspaper said on Tuesday."The world's most populous nation will mark the next 12 months with a coming-of-age party that will confirm its transformation in three decades from one of the poorest countries of the 20th century into the globe's third-largest economy, its hungriest consumer and the engine room of economic growth," the daily said in an article.It said that China enjoys unprecedented levels of domestic consumption and showcases itself to a watching world with a glittering 20 billion pound ( billion) Olympic Games.China's trade surplus with the rest of the world will widen from 130 billion pounds (0 billion) in 2007 to 145 billion pounds (0 billion) this year, the paper said.The paper said China is set to grow in the next year by something like 10 percent and contribute more to world economic growth than the United States in 2008.The paper also expressed worries about the challenges China faces in social and economic life like the rich-poor gap and inflation.Culturally, China will remind the world of its rich legacy of music, dance and visual arts with a new wave of Chinese creativity in Britain, it said.The Chinese New Year on February 7 will herald the beginning of the largest-ever festival of China's culture in Britain with an accent on contemporary artists in fields from video art to neon signs.

BEIJING - The number of commercial bribe cases dealt with by Chinese courts rose to 4,406 in the first seven months, an increase of 8.2 percent over the same period of last year, according to the Supreme People's Court (SPC) on Saturday.Xiong Xuanguo, vice-president of the SPC, said the number of cases featuring corporate wrong-doings rose 37.3 percent and cases relating to individual employees of companies jumped by 52.1 percent.Of the 3,748 commercial bribery cases that have been closed this year, 94.1 percent involved civil servants, Xiong said.A total of 31,119 commercial bribery cases were dealt with in China in the past two years before August 2007, with 7.079 billion yuan (US2.51 million) involved, said Li Yufu, deputy director of the leading group on anti-commercial bribery under the Central Committee of the Communist Party of China.

A shop assistant checks hundred yuan bank notes at a shop in Xiangfan, central China's Hubei province in this file photo. [Reuters]A senior U.S. Treasury official warned Congress on Thursday that a legislative drive to force China into letting its currency rise in value more quickly could backfire and do damage to the U.S. economy. Deputy Assistant Treasury Secretary Mark Sobel warned a House of Representative trade subcommittee that U.S. lawmakers risked creating a perception abroad that the United States is becoming "an isolationist nation" that does deserve foreign investment. "If the United States adopts currency legislation that is perceived abroad as unilateralist, investors' confidence in the openness of our economy could be dampened, diminishing capital inflows into the United States and potentially putting upward pressure on interest rates and prices," Sobel said. However, Ways and Means Trade Subcommittee Chairman Sander Levin, a Michigan Democrat, objected to the administration's description of congressional proposals as protectionist, and other lawmakers testifying on Thursday argued China's "unfair" trade practices required a strong U.S. legislative response. Two Senate committees have already approved legislation that aims to equip Treasury with new tools to pressure China into letting its yuan currency rise faster in value, which U.S. manufacturers say is necessary to eliminate an unfair price advantage for Chinese-made goods. Rep. Tim Ryan, an Ohio Democrat, said Congress should pass an even stronger bill -- such as one he has crafted with Rep. Duncan Hunter, a California Republican -- that would allow U.S. companies to seek countervailing duties against China's undervalued exchange rate. "Passage of a weak bill will only lead to many more years of inaction by the administration, loss of jobs and loss of critical U.S. manufacturing capability. We need legislation that will lead to action," Ryan said. A Republican committee member, Rep. Thomas Reynolds of New York, said there was bipartisan support for taking a tougher line with China than Treasury has followed so far. "Be ready for the fact that there's a boiling point in the Congress coming from the people of America saying we need to do better than what's happened so far," Reynolds said. After the hearing, Levin told reporters that House leaders would decide when Congress returns in September the best way to proceed with China currency and trade legislation. "I think we will look at all options," including the Ryan-Hunter bill, Levin said. He expressed confidence that Congress could craft legislation that presses China on the currency issue without violating World Trade Organization rules. But Treasury Secretary Henry Paulson has made clear that he does not want the additional legislative tools and that he prefers to seek a faster pace of economic reform in China through discussion, especially in a "strategic economic dialogue" that he initiated with Beijing last December. Sobel's appearance before the House subcommittee was a bid by Treasury to wave off more legislation in Congress, where anger at China has been mounting and has helped fuel the bid to force Beijing into faster currency appreciation. "We appreciate the frustrations of Congress with the slow pace of Chinese reform. Indeed, we strongly share those frustrations," Sobel said. "Yet we continue to believe that direct, robust engagement with China is the best means of achieving progress." Paulson has just returned on Wednesday night from his fourth trip to China since taking over Treasury just over a year ago. Again he was unable to persuade Chinese officials to offer any commitment to speed up currency reforms. Paulson told reporters in Beijing that Chinese officials whom he met, including President Hu Jintao, intended to move ahead with economic reforms including on currency but that the country's economic stability was critically important. The failure to get firm Chinese promises on currency has fed into a sense in Congress that China does not play fair on trade rules. Sobel said Paulson had "conveyed a strong message about the need for far more vigorous action by China to correct the undervaluation of renminbi (RMB), take immediate action to lift the RMB's value and achieve far greater currency flexibility." China's yuan is also known as the renminbi. David Spooner, the Commerce Department's assistant secretary for import administration, echoed some of Sobel's worry that Congress's actions could rebound against the United States because they might violate global trade rules. "I must make clear that the Department of Commerce is deeply concerned that the other legislative proposals that have been advanced to date raise serious concerns under international trade rules," Spooner said, adding that could trigger a global cycle of protectionist legislation. Similarly, the U.S. Trade Representative's deputy general counsel, Daniel Brinza, warned that Congress needed to beware approving legislative proposals that did not comply with rules set by the World Trade Organization. Doing so would undermine U.S. credibility when it tries to persuade others to abide by WTO rulings, Brinza said.

Farmers from Taiwan looking to establish a business on the mainland can now benefit from a range of preferential policies, an official with the State Administration for Industry and Commerce said Wednesday.Pan Haimin said those who want to set up in one of the cross-Straits agricultural cooperation experimental zones or business incubator parks for farmers, can now apply direct to the appropriate county or city administration for industry and commerce.Speaking at a press conference held by the Taiwan Affairs Office of the State Council, he said compared to the general policy on registering Taiwan companies, the system for farmers is extremely simple."Local administrations will approve qualified applicants without them having to get approval from overseas fund administrations on the mainland," Pan said."Also, the new policies have no minimum registered capital requirements," he said.Other Taiwan-based companies seeking to open on the mainland must first get approval from the overseas fund administrations and there are requirements for minimum registered capital, he said.According to the policies, which will go into effect on Saturday, farmers can engage in planting, aquatic breeding, animal and poultry farming, agricultural product processing, export and import of agricultural products, and exchanges and promotion of agricultural technology.Currently, 11 provinces have established cross-Straits agricultural cooperation experimental zones and four provinces and municipalities have set up business incubator parks for Taiwan farmers.Pan said the local administrations of commerce and industry will offer free consultations on the new policies and people can also log on to the website of the state administration www.saic.gov.cn for more information.Also at yesterday's press conference, Fan Liqing, spokeswoman for the Taiwan Affairs Office of the State Council, urged the Japanese government to deal with the release of German Mark bonds held by Taiwan residents more quickly and with greater effort.Fan said the Japanese government is responsible for paying back the bonds that were issued in the 1920s.In 1923, many Taiwan residents were forced by the then Japanese colonial government on the island to buy the bonds, which promised to pay back the principal sums with interest in 50 years' time, Fan said.She said representatives of the Chinese Foreign Ministry met recently with officials from the Japanese Ministry of Foreign Affairs and insisted Japan pay back the bonds.Xinhua

LONDON, March 13 (Xinhua) -- The Center for Creative Business in London hosted on Thursday Creative Exchange with China, exploring the possibilities of business ventures between the two countries in the creative industry.     The conference, which is aimed to help creative businesses from both China and Britain to get to know each other before exploring the business potentials of the rising industry, has attracted some 200 creative entrepreneurs, creative business managers and executives, policy makers, practitioners academics and researchers.     In his keynote speech delivered at the conference, Michael Bichard, rector of the University of the Arts London, said within the next two years, Britain's creative industries sector is expected to overtake the financial sector as the country's most significant economy. At the same time, China will move ahead of Germany as the world's third largest economy.     "If we remain isolated, we would not be able to achieve our creative goals of building global brands. To make collaborations effective, it takes much deeper look into the respective industries instead of superficial ones," he said.     Bichard, who is also chair of Design Council UK, hopes that Design Council would cooperate with China not only academically, but across the business to develop tomorrow's creative industry.     However, Bichard noted that creative exchange is not just about money, it's about understanding. The Olympics is a strong link between Beijing and London. Bichard urged for enforcing the bond, saying "two countries together can achieve great things."     Professor Xiong Chengyu, director of National Research Centre of Cultural Industry at China's prestigious Tsinghua University, clarified the conceptual difference of cultural industry in China and creative industry in Britain.     "It has only been 5-6 years since we began to talk about the cultural industries in China. In the past in China, we regarded culture as a kind of spiritual course which is focused on social benefit rather than economic benefit. The Chinese government realized how important it is to the national economy and has already carried out a number of policies to help and promote development," he said.     Wang Yongzhang, director general of cultural industries at China's Ministry of Culture, elaborated on China's policy improvement on the cultural industry over the years to serve as a backgrounder to the audience.     Representatives from British and Chinese creative companies also shared information about their experience in China during panel sessions.     The afternoon session dwelled on three topics with participants discussing Investing in China, Investing in UK and Managing Creativity in China.     The one-day conference sponsored by the Center for Creative Business, University of the Arts London and London Business School, is part of China Now, a six-month celebration of Chinese cultural and history across Britain.