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GUANGZHOU, July 20 (Xinhua) -- Chinese Premier Wen Jiabao has said unswerving confidence and arduous work are needed to achieve the goals of a steady and relatively fast economic development and control of soaring consumer prices in the country.     Wen visited Guangdong Province - the country's reform and opening-up forerunner, on Saturday and Sunday, for research on current domestic economic situation. Chinese Premier Wen Jiabao (2nd L) looks at a specimen of a shoe during his visit in a company in Dongguan, south China’s Guangdong Province, July 19, 2008. Wen Jiabao paid an inspection tour to Guangdong on Saturday to investigate and research the province's economic situation.The premier visited steel, shoes, digital machinery and high-tech enterprises in Guangzhou, Dongguan and Shenzhen to know their production, sales and products development.     More efforts should be made in the research and development and improvement of technological levels to create home-made brands and increase competitiveness, he said.     Just as with the whole nation, Guangdong has a good social and economic situation, but also faces many new difficulties and problems, Wen said. Some exports-oriented small and medium-sized enterprises in the Pearl River Delta area have felt the increasing impact of the world's economic growth slowdown and shrinking foreign demands, he noted.     The fundamental way to deal with the challenges is to deepen reform and opening up and promote development in a scientific way, said the premier.     During the visit, Wen talked with staff and managers of enterprises and urged them to attach importance to innovation.     The key to the development of a country, a nationality and an enterprise is innovation, Wen said. Only continuous innovations can enable the Chinese nation stand up in the world and enterprises become leaders of their industries, he said.     Guangdong has made great achievements in economic and social development in the past 30 years, realized a historic jump and contributed a lot to the country's reform and opening up and modernization construction, Wen said. The province should continue to take the lead in the country's reform and opening up, he added.

BEIJING, April 27 (Xinhua) -- China should still be alert to the credit crisis starting in the United States more than one year ago that has afflicted the Chinese financial sector and export, Ou Minggang, deputy editor-in-chief of Chinese Banker magazine, said on Saturday.     Ou told Xinhua during an interview that domestic banks and other financial institutions bear the brunt of the widespread U.S. subprime mortgage crisis, as those agencies' asset value and book earnings would dip to some extent.     "Currently the impact on domestic financial institutions is still limited," he said.     The Industrial and Commercial Bank of China, the country's largest lender, said at the end of last month its 2007 net profit rose 64.9 percent year-on-year to 82.3 billion yuan (11.7 billion U.S. dollars).     The Bank of China posted a 31.3 percent net profit rise in 2007 after booking 1.3 billion U.S. dollars as an impairment allowance for its 4.99 billion U.S. dollars in investment in securities linked to U.S. subprime mortgages by the end of last year.     However, the International Monetary Fund (IMF) said on April 8 that the recent financial turbulence triggered by the collapse of the U.S. subprime mortgage market could cost the global financial system to the tune of 945 billion U.S. dollars.     "The global financial system has undoubtedly come under increasing strains since October 2007, and risks to financial stability remain elevated," the IMF warned in its latest Global Financial Stability Report.     Ou said, "The crisis also made Chinese financial supervision regulators face up to the challenges of balancing financial innovation and risks, which requires them to push forward the reforms in the country's financial system in a more cautious manner."     Experts warned that financial risks know no national boundaries and some foreign capital has fled from the Chinese financial market as many banking titans including Citigroup and Merrill Lynch were in deep water in credit crisis.     China's benchmark Shanghai Composite Index, which covers both A and B shares, shrank nearly half from the peak of 6124.04 points of Oct. 16 last year to 3094.67 points on April 18.     The overnight announcement of a cut in share trading taxes drove Chinese stocks 9.29 percent higher in soaring turnover on Thursday, with the key Shanghai Composite Index up 304 points to 3,583.03, the largest gain since Oct. 23, 2001.     Chinese regulators announced curbs on the sale of non-tradable shares that come out of lock-up periods on April 20, another move to bolster the falling market.     However, market observers held that the credit crisis and the U.S. economic slowdown are still casting gloom over Chinese investors' confidence.     Experts said the crisis was spreading beyond the financial sector. Consumption confidence in the United States is dampened as the credit crisis unfolded, with Chinese exports also hurt.     From January to March, China's total exports rose 21 percent to206 billion U.S. dollars, 6.4 percentage points lower than a year earlier. The exports to the U.S. grew 5.4 percent to 53 billion yuan, 15 percentage points lower than the same period of last year, according to customs statistics.     In the trade hub of southern Guangdong Province, the growth of exports to the United States dwindled to 4.8 percent in the first quarter of this year from 15.5 percent in the same period of 2007,said Wu Gongquan, vice director-general with the province's department of foreign trade and economic cooperation.     Zhang Yansheng, director of the International Economic Research Institute under the National Development and Reform Commission, said China needs to shift its economic driving force from relying on exports to domestic consumption, technology upgrading and management innovation.     Ou added that the country should increase financial transfer payments to help low-income families to consume more and boost the consumption in the vast rural areas.     Experts suggested that Chinese exporters should upgrade their products mix and open new markets besides their traditional key markets in the United States and Europe.

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SEOUL, Aug. 25 (Xinhua) -- China and the Republic of Korea (ROK) issued a joint communique here Monday, vowing to cement bilateral relations.     The two countries pledged to broaden and enhance cooperation, and intensify coordination on regional and international issues so as to achieve long-term common development while contributing to world peace and prosperity, according to the joint communique issued during President Hu Jintao's state visit to the ROK.     The two sides agreed to promote the strategic cooperative partnership between the two countries in a comprehensive way.     The two heads of state expressed their satisfaction over the development of bilateral ties in various fields including politics, economy and culture since China and the ROK established diplomatic relations in 1992. Chinese President Hu Jintao (3rd L), accompanied by President of the Republic of Korea (ROK) Lee Myung-bak (1st L), reviews the honor guard during the welcoming ceremony held by Lee Myung-bak at the presidential palace in Seoul, capital of the Republic of Korea, Aug. 25, 2008. Hu Jintao arrived in Seoul on Monday for a two-day state visit to ROK    China-ROK ties are of great importance for both countries, and the development of relations has not only benefited China and the ROK, but also contributed to peace and development in Asia and the whole world, said the communique.     The two sides agreed to intensify political trust and support each other's peaceful development, as well as expand and deepen communication between the governments, parliaments and political parties of the two countries.     They also committed themselves to strengthening high-level contact and increasing dialogue on defense.     The two sides also decided to explore new areas of cooperation based on the principles of mutual benefit and complementarity.     China and the ROK will promote cultural exchanges, enhance mutual understanding and friendship between the two peoples, and intensify cooperation and coordination on regional and international issues. Chinese President Hu Jintao (L Rear) and President of the Republic of Korea (ROK) Lee Myung-bak (R Rear) hold a joint press conference after their meeting at the presidential palace in Seoul, capital of the Republic of Korea, Aug. 25, 2008. Hu Jintao arrived in Seoul on Monday for a two-day state visit to ROKOn the Taiwan issue, the ROK reiterated its adherence to the one-China policy.     The ROK pledged to further develop ties with the Democratic People's Republic of Korea (DPRK) through reconciliation and cooperation, while the Chinese side reaffirmed its support for the reconciliation process between the ROK and the DPRK and their final peaceful reunification.     China and the ROK will maintain frequent exchange of high-level visits and contacts, the communique said.     Diplomatic bodies of the two countries will hold advanced strategic dialogues this year, as the start-up of a strategic dialogue mechanism of exchanging views on important issues concerning bilateral common interests.     Besides, foreign ministries of the two countries will establish a mechanism of coordination in a bid to further exchanges on foreign policy and international situation, the communique said.     Experts from the two countries will launch joint research on promoting all-round bilateral exchanges and cooperation, and hand in their reports to the two governments.     In addition, senior officials from the defense bodies of the two countries will also increase contact and strengthen exchanges and cooperation on multiple levels.     On economic and trade cooperation, the two countries vow to intensify cooperation in trade and investment, inspection and quarantine, trade relief and intellectual property rights, in an effort to bring forward the target of annual bilateral trade worth200 billion U.S. dollars to 2010.     Meanwhile, the two countries will facilitate the adjustment and supplementation of the Medium and Long Term Development Vision for China-ROK Economic and Trade Cooperation.     The two nations are willing to work together to further expand bilateral economic and trade cooperation, the communique said.     In addition, cooperation in fields such as environment, information and communication, logistics and energy will also be pushed forward. Chinese President Hu Jintao (2nd L), accompanied by President of the Republic of Korea (ROK) Lee Myung-bak (1st L), is welcomed by Korean children upon his arrival at the presidential palace in Seoul, capital of the Republic of Korea, Aug. 25, 2008. Hu Jintao arrived in Seoul on Monday for a two-day state visit to ROKGovernment bodies of the two countries will spare no efforts to establish a favorable investment environment to aid mutual economic development.     On the principle of mutual benefits, China and the ROK will accelerate studies on the possibility of a free trade zone in order to quickly implement the same.     In order to successfully host the 2010 Shanghai World Expo and the 2012 Yeosu World Expo, the two countries also inked a series of agreements on cooperation and sharing of experience in this regard.     On cultural exchanges, the two countries will study measures on providing convenient services to visa applicants as part of efforts to expand people-to-people communication.     To further people-related exchanges, the two nations have designated 2010 as Visit China Year and 2012 as Visit Korea Year.     On regional and international affairs, the two countries will reinforce communication and cooperation in the framework of the six-party talks, and implement the second phase action of the talks in constructive efforts.     Both sides will maintain coordination and cooperation in mechanisms like ASEAN and China, Japan and South Korea, the East Asia Summit, ASEAN Regional Forum and Asia-Pacific Economic Cooperation.     Diplomatic bodies of the two countries will also set up a mechanism of coordination on UN affairs to enhance understanding and cooperation in this aspect, the communique noted.     President Hu Jintao arrived in Seoul earlier Monday for a two-day state visit, only months after his ROK counterpart Lee Myung-bak's official visit to China in May.     This is President Hu's second state visit to the ROK. He last visited the country in November 2005.

Wu Bangguo (R), chairman of the Standing Committee of China's National People's Congress, visits a pasture during his investigation of local stockbreeding and eco-agriculture at Mengzhai Village of Qinglong County, southwest China's Guizhou Province, May 7, 2008. Wu made an inspection tour in Guizhou on May 6-9.     GUIYANG, May 9 (Xinhua) -- China's top legislator Wu Bangguo made a visit to southwest China's Guizhou Province, during which he praised the snow-hit province's reconstruction progress, talked to farmers in the fields and gave directions on local development.     During his visit from May 6 to 9, Wu, Chairman of the Standing Committee of the National People's Congress (NPC), China's top legislature, urged both the government leaders in Guizhou and local people to work hard and promote sound and rapid economic and social development.     Wu went to field ridges, vegetable greenhouses, coal mines and power plants, spent his time chatting with farmers and workers.     Wu expressed his concerns over the disaster-hit areas, and asked relevant departments to see to the living conditions of those affected by the winter snow and harvest of the crops.     He said transportation is one of the major issues that stagnate the development of the province and priority should be given to the development of transportation network.     During his trip to Mengzhai village, 200 kilometers away from provincial capital Guiyang, Wu inspected local environmental-friendly projects.     Wu said efforts should be made to increase farmers' income.     He also stressed the importance of training more talents and bringing in more enterprises to enhance the vitality of local economy.     To promote education and environmental-friendly projects is conducive to long-term sustainable development for Guizhou, said Wu.

BEIJING, July 17 (Xinhua) -- China's State Flood Control and Drought Relief Headquarters said Thursday night it had launched a level-three flood control emergency response mechanism to cope with Typhoon Kalmaegi.     Tropical storm Kalmaegi escalated to typhoon level on Thursday and was expected to be reinforced and land the coast areas in east China's Zhejiang and Fujian provinces on Friday, according to the headquarters. Workers speed up the construction work as the typhoon Kalmaegi approaches Taizhou, east China's Zhejiang Province, July 17, 2008. The storm is expected to hit the coast of Zhejiang province on Friday, according to Zhejiang Provincial Meteorological Observatory. Chen Lei, deputy commander-in-chief of the headquarters, ordered local governments to start their emergency mechanism and make full preparations for the typhoon's landfall.     Meteorological, water resources, and transportation, and other related departments should closely monitor the situation and inform the public on time, said Chen.     Kalmaegi, the seventh tropical storm this year, is also expected to affect Shanghai on Friday and Saturday.     Under its influence, force 8-10 winds is predicted to blow on the sea off Zhejiang. Heavy storms are likely to hit the coast cities in Zhejiang, the provincial meteorological authority said Thursday.     It is also expected to bring heavy rain to Quanzhou, Xiamen and Zhangzhou in Fujian in the next two days.     The heavy rain would continue in Fujian until this weekend, according to the weather services.     Flood-control, offshore fishery and marine authorities in Fujian, Zhejiang and Shanghai have sent out warnings for early preparations against the storm. Ships and boats are advised to return to ports.

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BEIJING, Oct. 9 (Xinhua) -- President Hu Jintao on Thursday urged the Chinese army to carry forward the courageous spirit it had shown in the earthquake relief work earlier this year to better serve the people.     Hu, also the Communist Party of China (CPC) Central Committee general secretary and Central Military Commission chairman, made the remark here while meeting soldiers and officers who were recognized for their outstanding contributions to the disaster relief work.     On Wednesday, China held a ceremony to honor outstanding organizations and individuals for their contributions to the rescue and relief work after a catastrophic earthquake hit the southwestern Sichuan and some neighboring provinces on May 12, leaving more than 87,000 dead or missing.     The People's Liberation Army (PLA) troops and armed police were among the first to provide rescue and relief following the quake. In total, 146,000 troops, armed police, reservists and police were mobilized for the rescue and relief. Chinese President Hu Jintao (1st. Front) meets with officers at a ceremony to honor outstanding organizations and individuals for their contributions to the May 12 earthquake rescue and relief work at the Great Hall of the People in Beijing, capital of China, on Oct. 8, 2008.    Hu spoke highly of the army's key role in the arduous work. He said the PLA should draw from the experience to strengthen its capabilities against various threats to the nation's security.     Guo Boxiong, CPC Central Military Commission vice chairman, described the army's involvement in the relief as "a large-scale, non-war military action," which tested and tempered the PLA's security-safeguarding abilities.     He said strong and unified leadership, high morale and well-planned logistic support in the army were vital to the success of the quake relief.

Wu Bangguo (R), chairman of the Standing Committee of China's National People's Congress, visits a pasture during his investigation of local stockbreeding and eco-agriculture at Mengzhai Village of Qinglong County, southwest China's Guizhou Province, May 7, 2008. Wu made an inspection tour in Guizhou on May 6-9.     GUIYANG, May 9 (Xinhua) -- China's top legislator Wu Bangguo made a visit to southwest China's Guizhou Province, during which he praised the snow-hit province's reconstruction progress, talked to farmers in the fields and gave directions on local development.     During his visit from May 6 to 9, Wu, Chairman of the Standing Committee of the National People's Congress (NPC), China's top legislature, urged both the government leaders in Guizhou and local people to work hard and promote sound and rapid economic and social development.     Wu went to field ridges, vegetable greenhouses, coal mines and power plants, spent his time chatting with farmers and workers.     Wu expressed his concerns over the disaster-hit areas, and asked relevant departments to see to the living conditions of those affected by the winter snow and harvest of the crops.     He said transportation is one of the major issues that stagnate the development of the province and priority should be given to the development of transportation network.     During his trip to Mengzhai village, 200 kilometers away from provincial capital Guiyang, Wu inspected local environmental-friendly projects.     Wu said efforts should be made to increase farmers' income.     He also stressed the importance of training more talents and bringing in more enterprises to enhance the vitality of local economy.     To promote education and environmental-friendly projects is conducive to long-term sustainable development for Guizhou, said Wu.

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BEIJING, June 7 (Xinhua) -- China's central bank on Saturday ordered lenders to set aside more money as reserve, the fifth such move this year. It was the latest effort to enhance liquidity management in the banking sector.     The reserve-requirement ratio would be raised by 0.5 percentage points on June 15, and another 0.5 percentage points on June 25, the People's Bank of China (PBOC) said on its website.     This will bring the ratio to a record high of 17.5 percent.     The PBOC also said that corporate financial institutions in the worst quake-hit areas including Chengdu and Mianyang, would postpone carrying out the regulation. But it didn't say how long the delayed period would be.     "The rise, a further materialization of the tight monetary policy, is aimed at strengthening liquidity management in the banking system," the statement said.     "The government adopted differential monetary policies to support reconstruction in the quake-hit areas," said Peng Xingyun, a senior expert with the Chinese Academy of Social Sciences (CASS).     Zhou Xiaochuan, the central bank governor said earlier that the PBOC was to take flexible monetary policy to aid after-quake reconstruction.     The 8.0-magnitude earthquake centered on Sichuan's Wenchuan County has so far caused 206.53 billion yuan of economic losses to the industrial and mining enterprises in the quake regions.     The PBOC had raised the ratio four times previously this year. The latest was on May 12 when it lifted the ratio to a new high of16.5 percent.     Yin Jianfeng, director of the Institute of Finance and Banking with the CASS, said the move would help the country reduce inflationary pressure and to control excessive investment.     "But the move will not be as effective as the government expected because inflation nationwide mainly resulted from surging production material and food prices," he said. "A simple monetary policy will not help."     The consumer price index (CPI), the main inflation gauge, was up 8.5 percent in April from a year earlier. This was nearly equal to February's 8.7-percent rise, the most since May 1996.     Some market experts said that after-quake restoration and reconstruction would beef up fixed assets investment, and add more inflation pressure to the nation's sizzling economy.     Soaring demand for cement, steel, copper, zinc, and a luminium were expected to push up the prices of basic building materials, according to the experts.     Zuo Xiaolei, Galaxy Securities chief economist, said huge foreign exchange reserves and economy unrest in neighbouring countries had posed great pressure to China's economy. This had forced the government to adjust its economic policy before it could reach a balance.     "A great deal of hot money swarmed into China's capital market, and the PBOC aims to hedging excessive monetary liquidity," said Wu Xiaoqiu, head of the Financial and Securities Research Institute of the China Renmin University.     Wu said the government was likely to carry out more monetary policies to curb inflation and liquidity in the near future.     China adopted the tight monetary policy late last year to prevent the economy from overheating. It was also to guard against a shift from structural price rises to evident inflation. The country adhered to the policy despite a global slowdown hit by the international credit crunch.     The country's economic growth slowed in the first quarter but still reported double-digit growth. It expanded 10.6 percent, compared with 11.7 percent in the same period a year ago.

BEIJING, Sept. 24 (Xinhua) -- China and Venezuela on Wednesday inked a series of agreements on wide-ranging fields, a sign of bilateral efforts to advance their strategic partnership to a new high.     The agreements came out of the summit talks in the Great Hall of the People as Beijing rolled out the red carpet for Venezuelan President Hugo Chavez.     The 12 new cooperative deals covered trade, oil, finance, education, justice, telecommunications, infrastructure, sports and cultural relics. Chinese President Hu Jintao(R) meets with visiting Venezuelan President Hugo Chavez at the Great Hall of the People in Beijing, capital of China, on Sept. 24, 2008.    Chinese President Hu Jintao gave an honor guard reception to Chavez, who was on his fifth visit to China since taking office as Venezuelan president.     In their hour-long talks, Hu first thanked the Venezuelan government and people for providing relief to China following an 8.0-magnitude earthquake that devastated the southwestern China on May 12.     In response, Chavez said the Venezuelan people were sympathetic with the victims in the quake. He wished the Chinese government and people a speedy recovery from the disaster.     On the Beijing Olympics and Paralympics, Hu said China appreciated Venezuela's generous support while Chavez said the successes of hosting the two games would go down in history.     Stressing both China and Venezuela stayed at an important stage, Hu said the two countries shared the goal of stepping up substantive cooperation and seeking common prosperity.     To advance the bilateral strategic partnership, Hu proposed the two countries keep the high-level visits, enhance dialogues between the governments, legislatures and ruling parties, and exchange views on issues of common concern.     On the economic front, Hu said China would like to deepen "all-phase and integrated" oil cooperation with Venezuela, encourage businesses to invest in Venezuela and establish a trade zone.     China will also participate in building Venezuela's infrastructures, including railway system, telecommunications network, social housing and hydro-power.     Hu also called on the two countries to work more closely in education, culture, science and technology, justice, sports, journalism and poverty eradication.     Sharing Hu's view on bilateral ties, Chavez said bilateral trade had progressed smoothly, citing remarkable progress in oil, agriculture, science and infrastructure.     Chave said Venezuela would like to work closely with China on stronger political ties, increased dialogues and more substantive cooperation in energy, finance, agriculture and machinery.     On international issues, Hu and Chavez agreed to step up communication and consultation in multi-lateral organizations and on global issues, so as to safeguard the reasonable rights of developing countries.     Earlier Wednesday, top Chinese legislator Wu Banguo also met with Chavez. Wu said China's National People's Congress, the country's top legislature, would like to maintain its friendly exchanges and cooperation with the Venezuelan legislature, boosting the overall bilateral ties.     Chavez will conclude his three-day state visit to China on Thursday.

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