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BEIJING, May 6 (Xinhua) -- China's central bank said Wednesday the economy is doing "better than expected" in the first quarter, and pledged to maintain "ample" liquidity in the financial system for economic recovery.     China would stick to its moderately easy monetary policy and ensure "ample" liquidity at banks, the People's Bank of China (PBoC) said in its quarterly monetary policy report posted on its website.     The country has pumped 4.58 trillion yuan (670 billion U.S. dollars) of new loans into the economy in the first quarter to stimulate growth.     The figure is already nearing 5 trillion yuan of new loans targeted for the whole year. In March alone, new loans increased by a record 1.89 trillion yuan.     The country's financial institutions and enterprises would digest the huge amount of new loans in the following months, the report said.     Industry insiders have said credit extended by China's banks in April may have dropped to above 600 billion yuan after staying at above 1 trillion yuan for three straight months.     The central bank said new lending from commercial banks focused on government-backed projects. It encourages more bank loans to be channeled to small and medium-sized enterprises as they play an important role in the national economy and in increasing employment.     The central bank said in the first-quarter monetary policy report it would continue to instruct financial institutions to extend new loans, despite the earlier surge.     The pick-up in bank lending is conducive to stabilize the financial market and boosting market confidence, PBoC said. Meanwhile, the bank urged lenders to improve credit quality to avoid a possible rebound in bad loans.     There have been "positive changes" in the economy in the first quarter, the bank said, echoing remarks made by Premier Wen Jiabao last month.     The quarter-on-quarter growth is improving, compared to the fourth quarter of last year, it said, without giving specific figures.     China's economy expanded 6.1 percent in the first quarter, the lowest pace in 10 years and down from 9 percent in the fourth quarter last year.     The central bank also said foundations for the recovery are not solid, as uncertainties in external economies still exist and private investment is yet to become active with new lending concentrated on government projects.     In listing uncertainties ahead, the bank said the country still has to battle against the financial crisis that is unfolding and a collapse in external demand that is hurting exports.     The country is also under great pressure to create enough jobs and from a slower growth in residents' income, which would suppress future consumption, it said.     The bank also warned overcapacity and insufficient demand may drive prices lower in the country with the world economy in a downturn.     But it also said continued falls in prices may become less likely along with the world recovery, a turnaround in the national economy and fast credit growth.     "Prices of primary products and assets may rebound quickly once investor confidence is restored, as the global credit is relatively loose thanks to injection of liquidity and stimulus packages across the world," the bank said.     The central bank also said it was concerned that the extraordinary monetary policy adopted by other major economies would result in inflation risks.     It referred to the quantitative easing policy adopted by the U.S., Japan, Britain and Switzerland to pump cash into their economies.     The quantitative easing policy meant increasing currency supply through purchasing mid- and long-term treasury bonds after central banks cut interests rates to near zero.     The extraordinary monetary policy harbored huge risks for international financial markets and the global economy, said the central bank.     It would increase the risk of global inflation, said the central bank, suggesting it would create new assets bubbles and inflation if central banks of major economies failed to mop up thehuge liquidity when the global economy recovered.     "A policy mistake made by some major central banks would put the whole world in risk of inflation," it said.     The quantitative easing policy would also make exchange rates of major currencies more volatile, according to the report.     The central bank cited the U.S. move to purchase treasury bond in March as an example, saying although the dollar had appreciated against other major currencies, it fell after the purchase.     PBoC said the policy would leave the bond markets subject to fluctuations.     It said massive purchase of mid- and long-term treasury bonds may keep yield at a low level. But in the long run, as the financial markets returned to stability and the economy recovered, inflation expectations would grow, interest rates would rise, and bond prices would adjust sharply, according to the report.

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BEIJING, May 26 (Xinhua) -- China's central government has allocated 270 billion yuan (about 39.7 billion U.S. dollars) for infrastructure investment so far this year, a National Development and Reform Commission (NDRC) official told legislators Tuesday.     That amount is part of a planned total of 367.6 billion yuan in the 2009 central budget.     Adding another 30 billion yuan from last year's budget meant that the country had already allocated 300 billion yuan to infrastructure investment since the fourth quarter of last year, NDRC vice director Mu Hong told legislators.     The NDRC is China's top economic planning body.     Mu made his comments during a session on major public investment projects held by the Standing Committee of the National People's Congress, the top legislature.     The money is also part of the 4-trillion-yuan, two-year stimulus plan announced late last year as the economic downturn deepened.

TAIYUAN, May 26 (Xinhua) -- Chinese companies should continue to improve their competence to ensure economic growth amid the global downturn, Vice President Xi Jinping has urged.     Xi made the remarks during an inspection tour to north China's Shanxi Province, an old industrial base that is also resource-rich, from Sunday to Tuesday.     To sharpen their competitive edge is companies' key mission to ensure national economic growth, said Xi . Chinese Vice President Xi Jinping, also member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau and a member of the Secretariat of the CPC Central Committee, visits an industrial area to learn about employment situation in Taiyuan, during an inspection tour in north China's Shanxi Province, on May 26, 2009    Xi urged companies to use new technology to conserve energy. He also stressed work safety, saying people's lives are the most precious of all.     He called on companies to create more jobs for the disabled and broaden their employment "to the utmost."

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BEIJING, July 19 (Xinhua) -- Scholars and officials from other countries have strongly denounced the July 5 riot in Urumqi, capital of China's Xinjiang Uygur Autonomous Region, and expressed their

WASHINGTON, April 22 (Xinhua) -- The International Monetary Fund on Wednesday warned that the global economy was in "a severe recession" and the world output is projected to decline 1.3 percent this year, the deepest global recession since the Great Depression in 1930s.     "The global economy is in a severe recession inflicted by a massive financial crisis and acute loss of confidence," said the IMF in its latest World Economic Outlook report. "All corners of the globe are being affected."   EPICENTER OF CRISIS     According to the report, the world economy is projected to decline by 1.3 percent in 2009 as a whole and to recover only gradually in 2010, growing by 1.9 percent.     "Achieving this turnaround will depend on stepping up efforts to heal the financial sector, while continuing to support demand with monetary and fiscal easing," said the IMF.     The advanced economies experienced an unprecedented 7.5 percent decline in real GDP during the fourth quarter of 2008, and output is estimated to have continued to fall almost as fast during the first quarter of 2009, according to the report.     Although the U.S. economy may have suffered most from intensified financial strains and the continued fall in the housing sector, western Europe and advanced Asia have been hit hard by the collapse in global trade, as well as by rising financial problems of their own and housing corrections in some national markets.     Emerging economies are suffering badly and contracted 4 percent in the fourth quarter in the aggregate.     The United States, at the center of an intensifying global financial storm, will contract by 2.8 percent this year, said the IMF, adding that "the biggest financial crisis since the Great Depression has pushed the United States into a severe recession."     Meanwhile, the euro zone economy will shrink by 4.2 percent this year and fall a further 0.4 percent in 2010, the IMF said, criticizing the bloc for weak public policy responses and coordination.     In Japan, the IMF expects 2009 output to fall 6.2 percent, far worse than its January forecast for a 2.6 percent decline.     China is expected to slow to about 6.5 percent this year, half the 13 percent growth rate recorded pre-crisis in 2007 but still a strong performance given the global context, according to the IMF.     UNCERTAIN OUTLOOK     The IMF warned the financial crisis remains acute. "The financial market stabilization will take longer than previously envisaged, even with strong efforts by policymakers," it said.     Thus, financial strains in the mature markets are projected to remain heavy until well into 2010, and overall credit to the private sector in the advanced economies is expected to decline in both 2009 and 2010.     Meanwhile, emerging and developing economies are expected to face greatly curtailed access to external financing in both years.     In a semi-annual report Global Financial Stability Report (GFSR), which was released on Monday, the IMF said write-down on U.S.-originated assets to be suffered by all holders will be 2.7 trillion dollars, "largely as a result of the worsening base-case scenario for economic growth."     Total expected write-downs on global exposures are estimated at about 4 trillion dollars, of which two-thirds will fall on banks and the remainder on insurance companies, pension funds, hedge funds, and other intermediaries.     In the latest World Economic Outlook report, the IMF warned that the current outlook is exceptionally uncertain, with risks weighed to the downside.     The crisis has hurt international trade, with volume expected to plunge 11 percent this year before eking out 0.6 percent growth in 2010.     Consumer prices in developed countries were under pressure and would fall 0.2 percent in 2009.     "Even once the crisis is over, there will be a difficult transition period, with output growth appreciably below rates seen in the recent past," said the IMF.     BOLD POLICY     The IMF called for its members to take new bold policy stimulus to jump-start their economies.     "This difficult and uncertain outlook argues for forceful action on both the financial and macroeconomic policy fronts," said the IMF.     Past episodes of financial crisis have shown that delays in tackling the underlying problem mean an even more protracted economic downturn and even greater costs, both in terms of taxpayer money and economic activity.     "Policymakers must be mindful of the cross-border ramifications of policy choices," said the IMF. "Initiatives that support trade and financial partners will help support global demand, with shared benefits."     In advanced economies, scope for easing monetary policy further should be used aggressively to counter deflation risks.     Although policy rates are already near the zero floor in many countries, whatever policy room remains should be used quickly, according to the IMF.     Emerging economies also need to ease monetary conditions to respond to the deteriorating outlook.     However, in many of those economies, the task of central banks is further complicated by the need to sustain external stability in the face of highly fragile financing flows, the IMF warned.     The 185-member organization also warned against the rising protectionism.     "Greater international cooperation is needed to avoid exacerbating cross-border strains," said the IMF. "Coordination and collaboration is particularly important with respect to financial policies to avoid adverse international spillovers from national actions."     "A slide toward trade and financial protectionism would be hugely damaging to all, a clear warning from the experience of 1930s beggar-thy-neighbor policies," it warned.

BEIJING, June 10 (Xinhua) -- China is ready to end a de facto suspension of initial public offerings (IPOs) on the Shanghai and Shenzhen stock exchanges, after the securities regulator unveiled Wednesday the final guidelines for new IPOs.     The China Securities Regulatory Commission (CSRC) said the guidelines would take effect Thursday.     An unidentified CSRC spokesman said the commission will give approvals to applying firms any time after the guidelines become effective.     The commission announced draft guidelines on May 22 to solicit public opinions till June 5. The new guidelines aim to improve the price discovery function of the stock market, and help retail investors subscribe to newly issued stocks.     The draft said the quotation system for new issues should be revised so that issue prices faithfully reflect market demand, and lead underwriters should take steps to avoid "unreasonably" high prices.     Under the new rules, stock subscribers need to use either the online or off-line subscription system, but not both, to purchase new stocks. Institutional investors used to enjoy the privilege of subscribing through both systems, while retail investors could use only the off-line system.     Three revisions were made to the draft to follow public advices that the commission deemed reasonable.     The final version said a single investor is refined to use one account only to purchase new stocks, as some institutional investors have multiple accounts. The revision is aimed to help more smaller investors get access to new stocks.     In addition, the commission said it would consider to increase the number of tradable stocks in response to suggestions the lock-down of too many stocks would do no good to curb speculation.     However, the spokesperson said shares lock-down of large shareholders would remain in place, as it is aimed to prevent frequent changes in managerial staff that could jeopardize a firm's operation and create risks and the practice is followed on many overseas markets.     The commission also added the content about improving the "clawback" and the offering suspension mechanisms upon requests of the public. The "clawback" mechanism is used in the event that the deal is subscribed by 100 times or more.     The CSRC effectively suspended all new stock issues last September, as it halted approvals. Since then the stock market has plunged more than 50 percent from its peak 6124.04 in October 2007,compared to Wednesday's closing.     The CSRC spokesman anticipated that the first few new IPOs may not be satisfactory (in boosting the market), but he believed that the goals of the new guidelines could be achieved over time, which would play a positive role in boosting the market in the long run.     A total of 32 firms are on the waiting list to launch their IPOs on the A-share market, expecting to issue a combined more than 14 billion shares.     China State Construction Engineering Corp. is expected to issue12 billion shares.

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BEIJING, May 3 (Xinhua) -- Premier Wen Jiabao on Sunday encouraged young Chinese students to dedicate their lives to the people and bind their own destinies with that of the nation.     Wen made the call at a symposium with some 100 students of the prestigious Tsinghua University, who have chosen to work in China's less-developed western regions or at the grassroots level after graduation.     Wen's Tsinghua tour marked his annual visit to university campuses since 2003 ahead of the Chinese Youth Day, which falls on Monday this year. Chinese Premier Wen Jiabao (2nd R) shakes hands with students of Tsinghua University, in Beijing, capital of China, May 3, 2009. Wen attended a symposium on Sunday with student representatives from Tsinghua University, who have chosen to work in the vast western regions or at the grassroots level after graduation    In more than one hour's time, Wen listened to the students' stories and gave his advices on their future development, encouraging them to "be resolute-minded, hard working and down-to-earth to achieve your goals."     Sui Shaochun, a mechanics students, said he had landed a job in an aeroplane manufacturing company in southwestern Sichuan Province and was ready to devote himself to the country's project of building its own big planes. Chinese Premier Wen Jiabao (2nd L) receives a paint gift from a student of Tsinghua University, in Beijing, capital of China, May 3, 2009. Wen attended a symposium on Sunday with student representatives from Tsinghua University, who have chosen to work in the vast western regions or at the grassroots level after graduation.Wen said the future of a young person and that of the nation were interdependent, and "the young should bind their own destinies with that of the country."     Another graduate-to-be Cheng Li told Wen she would work in Wenchuan of Sichuan, the epicenter of last year's devastating May 12 earthquake, believing the reconstruction work would be "more meaningful than anything else."     Wen said the post-quake reconstruction requires a large number of professionals and he encouraged Cheng to play her role. "The love and devotion to the people is the most lofty part of human morals," said he.     Wen praised Zou Shenglan and Yan Weilong after learning they had volunteered to work in Tibetan villages.     He told them to be prepared for the hardship in rural areas. "I believe after being tempered at the grassroots level in Tibet, you'll become more mature," he said. "And when you look back at that part of experience in the future, you'll have no regret."     "I want you all to be well-educated people with moral integrity and work ability, and be of use to the people," Wen said before concluding the discussion, followed by having lunch with the students at their dinning hall. Chinese Premier Wen Jiabao (C) inspects the CNGI project in Tsinghua University, in Beijing, capital of China, May 3, 2009. Wen attended a symposium on Sunday with student representatives from Tsinghua University, who have chosen to work in the vast western regions or at the grassroots level after graduation

WASHINGTON, June 10 (Xinhua) -- China's National People's Congress (NPC) and the U.S. House of Representatives have wrapped up their 10th meeting under a parliamentary exchange mechanism in Washington after having an in-depth exchange of views on bilateral ties, inter-parliamentary exchanges, global financial crisis, climate change and international and regional issues of mutual concern.     The meeting, held here on Tuesday, was co-chaired by Chairman Li Zhaoxing of the NPC Foreign Affairs Committee and Representative Joseph Crowley, chairman of the counterpart exchange mechanism in the House.     During the meeting, the Chinese side said that with growing common interests and greater opportunities of cooperation, China and the U.S. should further increase mutual trust and cooperation from strategic and long-term perspectives, respect and take care of each other's core interests, handle differences and sensitive issues with prudence, and ensure a healthy, stable growth of bilateral relationship.     The U.S. side reaffirmed the importance it has attached to the U.S.-China relationship and said that the House of Representatives will work to help the two countries tackle issues such as global financial crisis, climate change and energy safety through further exchanges and dialogues with NPC.     Both delegations agreed that the existing parliamentary exchange mechanism has become the most direct and effective platform for communications between the two sides and has played a positive role in deepening mutual understanding, building consensus and promoting cooperation.     The two sides also discussed the necessity for the two countries to strengthen coordination in macro economic and financial policies and how to cooperate in dealing with the climate change issue.     The Chinese side extended an invitation to the U.S. side on a visit to China in fall this year for the 11th meeting under the parliamentary exchange mechanism.

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BEIJING, July 4 (Xinhua) -- Former Chinese Vice Premier Zeng Peiyan on Saturday called for the whole world to work together to seek reforms in financial supervision, boost economic restructuring and build a green economy.     The present financial crisis has revealed deep-rooted structural imbalance within the traditional economy and developing pattern, and the world should focus on solving such issues in the post-crisis era, he told Xinhua during an exclusive interview at the Global Think Tank Summit.     The international community should jointly improve the global financial supervision system with generally-accepted regulatory standards to monitor and intervene on possible systematic risks as early as possible, Zeng said.     The international currency system should be reformed into a steady, foreseeable and diversified one, and it is necessary to set supervision on the financial stability of nations of major reserve currencies, he told Xinhua.     It would take a long time to carry out the global economic restructuring and solve the imbalances between consumption and savings, he said, adding that such a move needs efforts from both developed countries and developing ones.     Zeng called on developed countries to help developing countries by improving their external environment for economic development, as developing countries have already become the biggest victims of the present crisis.     Zeng also called for more international cooperation in building a green economy, as developing countries need technical and financial support from developed countries to avoid wasting resources and destroying the environment while seeking economic revival.     The summit, which concluded on Saturday, is organized by the China Center for International Economic Exchanges (CCIEE), a non-governmental research and consulting organization created this March, with Zeng as its director.     The three-day summit had attracted over 900 scholars, experts and business leaders from all over the world, including former President of the European Commission Romano Prodi and former Secretary of State of the United States Henry Kissinger

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