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BEIJING, March 10 (Xinhua) - A senior Chinese lawmaker said on Wednesday that legislation requiring public officials to declare their personal assets is under consideration and seen as a move to prevent corruption and improve government transparency."We are researching the issue, since the legislation requires mature consideration of all conditions," said Li Fei, deputy director of the Legislative Affairs Committee of the National People' s Congress (NPC) Standing Committee.Li noted that the legislation should be assisted by the establishment of the personal credit system, which details individuals' financial information even if assets are not declared.Premier Wen Jiabao said on March 5 that high priority should be given to fighting corruption and encouraging integrity among public officials.Leading cadres at all levels, especially high-ranking ones, must resolutely implement the central leadership's regulations on reporting their personal financial situations and property, including incomes, housing and investments, as well as the jobs held by their spouses and children, Wen said.
BEIJING, March 12 (Xinhua) -- China's central bank said Friday a stronger yuan offers no help for solving the Sino-U.S. trade imbalance problem, and China opposes politicizing yuan's appreciation.Su Ning, vice governor of the People's Bank of China, made the comments a day after U.S. President Barack Obama told the U.S. Export-Import Bank's annual conference that a more market-oriented exchange rate of yuan will make an essential contribution to global rebalancing efforts."We do not think a country should rely others to solve its own problems," Su, a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, said on the sidelines of the top political advisory body's annual session.The U.S. Department of Commerce said on March 11 that the U.S. trade deficit with China increased to 18.3 billion U.S. dollars in January from 18.14 billion U.S. dollars in December. The increase renewed the U.S. call for a stronger yuan as it claimed the current exchange rate gives Chinese goods unfair price advantages.Su said although yuan has gained more than 20 percent since it depegged the U.S. dollars in June 2005, China's trade surplus tripled from 100 billion U.S. dollars in 2004 to nearly 300 billion U.S. dollars in 2008.In addition, he argued, a weaker U.S. dollar does not help cut the U.S. deficit. As the U.S. dollar depreciated by 3 percent annually in average between 2002 and 2008, its deficit soared from 500 billion U.S. dollars to 900 billion U.S. dollars, Su said.Tan Yaling, a financial researcher with Peking University, said as nations have different roles in international trade and differ in resources, what they produce, consume and want can be very different."It is unfair that the United States, on the one hand, consumes cheap Chinese goods, while on the other hand, it blames the low prices for causing their domestic job losses," she said.The Obama administration's continuous calls for a stronger yuan is actually aimed at diverting attentions from its domestic woes, experts said.To grapple with high unemployment rate and uncertain recovery prospects, Obama has to do something on job promotion to secure victory in the mid-term election in November this year, said Chen Zhiwu, a financial professor with Yale University.To curb soaring unemployment and boost growth, Obama has announced a special task force on a mission of doubling the U.S. exports in five years, as he said the U.S. can not "stand on the sidelines," as other countries are busy negotiating trade deals.Cheng Enfu, a deputy to the National People' s Congress (NPC), China' s top legislature, said the consistent pressure from the United States is simply because of its pursuit of national interests."Over-fast appreciation of yuan does no good to the global economic recovery which is still fragile and uncertain," he said.Zhu Yuchen, also an NPC deputy, said as China plays a leading role in global economic recovery, any drastic policy change will not only impair China's economy, but also the global recovery, which is not a responsible way.President Obama's remarks also came a month ahead of a semiannual Treasury Department report that could label China as a currency manipulator.Premier Wen Jiabao said in the government work report delivered to the NPC on March 5 that China will keep the yuan "basically stable" at an "appropriate and balanced" level.HEFTY SURPLUS, BUT SLIM PROFITSAlthough China has accumulated massive trade surplus over the past decades, that does not indicate the same profits, as more than half of China's exporters are foreign invested, lawmakers said.Figures released by the Ministry of Commerce showed 55.2 percent of China's foreign trade was completed by foreign-invested businesses last year. And 56 percent of the exports were done by foreign companies in China.Cheng Enfu said China only pockets paper-thin profits from the very end of the manufacturing chain, or processing and assembling work. However, the United States earn handsome profits from designing and distribution.According to a study by researchers of the University of California, of the 299 U.S. dollars retail value of a 30-gigabyte video iPod in the United States, 163 U.S. dollars is captured by American companies and workers, and 132 U.S. dollars go to parts makers in other Asian countries, while the final assembly, done in China, cost only about 4 U.S. dollars a unit."Even though Chinese workers contribute only about 1 percent of the value of the iPod, the export of a finished iPod to the United States directly contributes about 150 U.S. dollars to our bilateral trade deficit with the Chinese," Hal R. Varian, a professor of the University of California at Berkeley, wrote on the New York Times on June 28, 2007.Cheng Enfu noted it needs to upgrade exports product mix to fundamentally reverse China's disadvantages. That is, to export more profitable self-innovative products, rather than labor-intensive processing goods.

BEIJING, March 14 (Xinhua) -- The amendment to the Electoral Law adopted by the National People's Congress (NPC), China's parliament, marked an important step to improve the people's congress system and advance socialist democracy, the People's Daily said in an editorial to be published Monday.The NPC concluded its annual session here Sunday after adopting an amendment to the Electoral Law, which grants equal representation in legislative bodies to rural and urban people.The amendment could better demonstrate equality among people, regions and ethnic groups, and promote social harmony, the editorial said.The editorial also spoke highly of the NPC session as an important meeting in the crucial era for China to deal with the global financial crisis, maintain steady and relatively fast economic development, and accelerate transformation of the economic growth mode.The NPC endorsed the government work report delivered by Premier Wen Jiabao, which highlights scientific development, transformation of the economic growth mode, innovation and improvement of people's livelihood, the editorial said.The editorial hailed the achievements of the NPC Standing Committee in 2009 and called for the NPC to make intensified efforts in legislation and supervision work and keep in closer contact with the people in 2010, the last year for the implementation of the country's 11th five-year plan (2006-2010).
BEIJING, March 6 (Xinhua) -- A 17 percent year-on-year increase in China's broad money supply, and a target of 7.5 trillion yuan (1.1 billion U.S. dollars) for this year, indicated a relatively easy monetary policy, said Su Ning, deputy governor of the People's Bank of China, the country's central bank.Speaking on the sidelines of the ongoing annual session of the top legislature, the National People's Congress (NPC), Su said the 17 percent increase in the nation's broad money supply was larger than the combined increase of targeted GDP and CPI growth, which suggested an "easy" monetary policy."If M2 (the broad measure of money supply) growth is 2 to 3 percentage points higher than the combined growth of GDP and CPI, the monetary policy could be seen as easy," said Su.Chinese Premier Wen Jiabao said Friday, in the government work report submitted to the NPC, that China targeted an approximate 3 percent rise in consumer prices and 8 percent GDP growth this year.Su further believed the 17 percent increase in the broad money supply would be able to support the ongoing economic recovery throughout the country.China's financial institutions lent a record 9.6 trillion yuan in new yuan-denominated loans last year, almost double that of the previous year, to spur the economy amid the global downturn, but it was accompanied by soaring property prices and rising expectations of possible inflation.Su said the 7.5 trillion yuan in new lending this year should speed up completion of projects under construction, rather than support new projects.
BEIJING, Jan. 24 (Xinhua) -- One of China's two leading State-owned shipbuilders, China Shipbuilding Industry Corporation (CSIC), said Sunday that its profit in 2009 jumped 18.5 percent to 7.39 billion yuan (1.1 billion U.S. dollars).The Beijing-based conglomerate, which consists nearly 50 industrial subsidiaries and about 30 R&D institutes in northern China, also said its operating income rose 17 percent in 2009 to 120.9 billion yuan.General manager Li Changyin said the CSIC had overcome the impact of the global financial crisis, which crippled the global sea-based trade and brought down ship orders.Li said technological innovations had enabled the CSIC to build 180,000-dwt bulkers, 320,000-dwt oil tankers, 13,000-TEU containers as well as new types of drilling platform which can be used in water depths up to 400 feet (120 meters).According to Li, CSIC had also been actively engaged in non-ship businesses including manufacturing of wind power and nuclear power equipment, accounting for 40 percent of the CSIC's business volume.Li said the CSIC profit target for 2010 was 8 billion yuan. The operating income was expected to surpass 140 billion yuan and the CSIC output in 2010 was likely to break 10 million dwt (deadweight tonnage), he added.The CSIC, which has more than 140,000 manpower, launched an initial public share offer at the Shanghai Stock Exchange in December 2009 and raised some 6.4 billion yuan.The CSIC's main shipbuilding and industrial enterprises are based in cities of Dalian, Qingdao, Tianjin, Shanhaiguan and Wuchang.The other major shipbuilding conglomerate in China -- the China State Shipbuilding Corporation (CSSC) is based in Shanghai, whose turf is mainly in eastern and southern China.
来源:资阳报