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BEIJING, Feb. 1 (Xinhua) -- China said on Monday protectionism of the United States has "seriously affected" their trade ties and urged it to stop abusing trade remedy measures.The Ministry of Commerce spokesman Yao Jian made the comments on the ministry's website in response to recent U.S. decisions to impose anti-dumping duties on electric blankets and wire trays from China and an anti-dumping and anti-subsidy probe into Chinese steel drill pipes."Since the outbreak of the financial crisis, the U.S. trade protectionism has been apparently on the rise, and China has become the biggest victim of U.S. abuse of trade relief measures", said Yao.Yao said a recent accusation by a senior U.S. commerce official that China has set barriers against foreign investment was "totally contrary to the facts."China is the third largest export market of the U.S., and has been the fastest growing one for years. U.S. exports to China reached 77.4 billion U.S. dollars in 2009, driving down the U.S.-China trade deficit by 16 percent, he said."Absorbing foreign investment is part of China's basic state policy of opening-up," said Yao. "China has always been making efforts to provide a more open and more optimized investment environment for domestic and foreign investors.""Some countries themselves resort to trade protectionism, but turn around and accuse others. This is not only unreasonable but also not good for its own economic recovery," he said.

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.

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BEIJING, Jan. 31 (Xinhua) -- China's large textile businesses took in 133.15 billion yuan (19.57 billion U.S. dollars) in profits in the first 11 months of last year, according to figures released by the China Textile Industry Association.The profits were up by 25.39 percent year on year, 36.40 percentage points more than that in the Jan.-Feb. period.The industry posted a total production value of 3.43 trillion yuan and 3.35 trillion yuan in sales value, each up by 9.71 percent and 9.82 percent as all major products saw production rise.The industry also witnessed a slow recovery in export. In the 11 months, garment export fell by 11.02 percent to 154.1 billion U.S. dollars, but the drop narrowed by 0.19 percentage points compared to the first 10 months.By contrast, domestic sale accounted for 79.89 percent in the total sales, up by 3.15 percent.

BEIJING, March 20 (Xinhua) -- The threat of inflation to China's economy is less worrisome compared with asset bubble, economists said Saturday at the China Development Forum 2010.China's economy is facing a new round of growth in the coming two years, but the risks of inflation and asset bubble remain, said Fan Gang, secretary general of the China Reform Foundation.Compared with inflation, tackling asset bubble is of greater importance because asset bubble, as one of the causes for this round of global financial crisis, is more dangerous, Fan said. He expected the country's economy to grow 8 to 9 percent this year in a "normal growth."Growth in China's property prices is accelerating and approaching an alarming level, said Nomura Holdings Inc. chairman Junichi Ujiie.Despite government measures to curb property prices, China's property market grew at its fastest pace in 20 months in February, with housing prices in 70 major cities rising 10.7 percent from a year ago.

BEIJING, Feb. 22 (Xinhua) -- China's National Bureau of Corruption Prevention said in a circular posted on its website Monday that it would explore ways to fight corruption in non-public commercial entities and "new social organizations" in 2010."New social organizations" refer to intermediaries, non-governmental organizations and private non-business groups. Statistics from the Ministry of Civil Affairs showed there are around 400,000 such organizations in China.Industry associations will also be monitored for corruption, according to the circular, which highlighted the bureau's work in 2010.The bureau promised that it would earnestly exchange and cooperate with the international community in the anti-corruption efforts.It said that authorities would continue working to prevent officials using public money to travel overseas and they would work on the implementation of regulations for supervising officials whose spouses and children have emigrated abroad.It also pledged to improve transparency of government affairs as well as factory and village management's dealing of local affairs.According to an survey carried out by People's Daily Online, corruption has remained one of the top three concerns of Chinese netizens since the survey was initiated in 2006.Chinese authorities' latest move in the fight against corruption took place on Saturday as the State Council issued a revised regulation on the implementation of the Audit Law, which aims at tightening supervision of areas highly prone to corruption, including the construction industry.

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BEIJING, Jan. 12 (Xinhua) -- China was flexing its muscles to fight corruption which was still an "persistent, complicated and arduous" task, said an expert as the internal anti-graft body of the Communist Party of China (CPC) convened its three-day plenary session.     President Hu Jintao told the meeting of the CPC Central Commission for Discipline Inspection (CCDI) that the Party should "fully recognize the situation of the fight against corruption," which was "persistent, complicated and arduous."     Last year, at least 15 ministerial or provincial level officials, including heads of State-owned enterprises (SOE), were investigated for corruption, nine of whom were referred for prosecution, the CCDI said.     Among them were former Supreme People's Court Vice President Huang Songyou, who was the first supreme court justice in China removed for grave violations of the law and the Party discipline.     "The graft fight and the promotion of a clean and honest work among Party cadres has a great bearing on the Party's survival," Prof. Huang Zongliang of Beijing University told Xinhua.     Huang said despite the arrests of many high-ranking officials, the graft situation did not "show any sign of relaxation," citing the 2009 corruption index of the Transparency International, a Berlin-based non-government organization.     Among the annual ranking of the world's countries and regions of 180, China ranked 72nd. Countries and regions towards the end of the list means more corrupt.     Huang said China's ranking was low and there was little progress compared with that of previous years.     ASSET REPORTING SYSTEM IN THE PIPELINE     He said to build a system of officials' asset reporting was an effective way to prevent corruption.     The communique of the last CCDI plenary session in September said officials should "report their properties and investment as well as employment of their spouse and children," and authorities should enhance management of officials who had family members living overseas.     Such requirement was in response to several cases of corrupt officials who fled the country with huge amount of public funds.     Huang said the public applauded the move to set up an officials' assets declaration system, as it signaled the Party's effort in pushing for transparency.     Currently, the program has been tested in several regions, including eastern Zhejiang and Shanghai and far western Xinjiang.     At the CCDI's plenary session Tuesday, Hu, also general secretary of the CPC Central Committee, said supervision and monitoring should be enhanced to form an effective corruption prevention system.     Vice Minister of Supervision Qu Wanxiang also pledged last week to tighten supervision on the SOEs and fight corruption among their executives.     At least 35 senior executives of China's large SOEs faced corruption charges last year, said a report by Faren Magazine, affiliated to the Legal Daily and overseen by the Ministry of Justice.     Among them was Kang Rixin, general manager of the China National Nuclear Corporation (CNNC), who has been under investigation for alleged grave violations of Party discipline since August.     Another prominent case involved Chen Tonghai, former chairman of China's state-run oil refiner Sinopec, who was found to have taken almost 200 million yuan (29.4 million U.S. dollars) in bribes and given a death sentence with a two-year reprieve in July.     Latest statistics show more than 106,000 officials in China were penalized for disciplinary violations from January to November last year.     President Hu vowed that no corrupt official would be above the law and Party discipline.

BEIJING, March 4 (Xinhua) -- The 11th Panchen Lama has made debut in China's political arena as a political advisor at the ongoing annual session of the National Committee of Chinese People's Political Consultative Conference (CPPCC) in Beijing."This is the first time for me to attend the CPPCC meeting as a new member, so I will learn from other members," he told Xinhua while joining a panel discussion of the religious circle of the CPPCC National Committee Thursday.A day earlier, he attended the opening meeting of the Third Session of the 11th CPPCC National Committee, the country's top political advisory body.During the two-hour panel discussion from 9 a.m. to 11 a.m. Thursday, he took notes from time to time when other members spoke and sometimes exchanged a few words with others around him, but he did not take the floor.During the break of the panel discussion, many other members came to chat, take photos and shake hands with him, and he kept smiling in a amicable manner."I have shouldered the mission of safeguarding national unity and ethnic solidarity since I was enthroned (in 1995). Now, such a sense of responsibility is becoming even stronger," he told Xinhua.Tenpai Nyima, a CPPCC member from Tibet's Nyingchi Prefecture, said he felt very delighted to see the appearance of the 11th Panchen Lama, although he did not speak at the panel discussion."He is an outstanding leader of Tibetan Buddhism as well as our glory and pride," he said.The 11th Panchen Lama, Bainqen Erdini Qoigyijabu, one of the two most senior living Buddhas in Tibetan Buddhism, became a CPPCC member on Feb. 28. Earlier on Feb. 3, he was elected vice president of the Buddhist Association of China."Although he is young, he is mature and diligent, and he has increasingly profound Buddhist attainments and a growing popularity in Tibetan-inhabited regions," said Padma, a CPPCC member from northwestern Qinghai Province."I believe he can carry forward the fine tradition of the 10th Panchen Lama in loving the nation, the religion and the people, and in safeguarding the national unity and ethnic solidarity," he said.The 11th Panchen Lama, with the secular name Gyaincain Norbu, was born in February 1990 in Lhari County, in northern Tibet's Nagqu Prefecture.He was approved by the central government as the reincarnation of the 10th Panchen Lama in November 1995 after a lot-drawing ceremony among three candidates in the Jokhang Temple in Lhasa.Over the past years, he has given head-touching blesses to hundreds of thousands of believers, and ardently participated in public welfare activities.After the deadly riot broke out in the Tibet's regional capital of Lhasa on March 14, 2008, he strongly condemned the violence, saying that it ran counter to Buddhist tenets.He also presided over a prayer meeting in Beijing on May 21, 2008, in which he prayed for peace in Wenchuan in southwestern Sichuan Province and neighboring areas struck by an 8-magnitude on May 12.On March 28, 2009, he unexpectedly delivered a speech in English at the opening ceremony of the Second World Buddhist Forum in Wuxi City of eastern Jiangsu Province, winning applause and appreciation.In the speech, he used Buddhist sutras to give enlightenment to believers about how to deal with various threats facing modern society -- such as environmental degradation, wealth gap, financial crisis, terrorist attacks, and taught believers to do more deeds beneficial to others."He is very bright and becoming more and more knowledgeable. I believe he is capable of further promoting Buddhism," said Shingtsa Tenzinchodrak, a living Buddha from Tibet's Shannan Prefecture, also a deputy to the National People's Congress, the country's top legislature.To Kelsang Drokar, a villager from the Tarma Village in the suburbs of Lhasa, 11th Panchen Lama's new position as a CPPCC member made him and his fellow villagers very happy."We hope he can bring more blessings and benefits to our people of Tibetan ethnic group," he said.

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BEIJING, Feb. 19 (Xinhua) -- U.S. political rhetoric has recently been obsessed with the exchange rate of the renminbi. President Barack Obama has indicated on several occasions that he would take a tougher stance on this issue in order to address trade imbalances between his country and China.But does the renminbi hold the key to this issue? What are the backstage calculations behind those demands from Washington?RENMINBI A WRONG TARGETWhile addressing Democratic senators early this month, Obama said the issue of renminbi exchange rate must be addressed to ensure that American products will not be put into a huge competitive disadvantage given the fact that China is going to be one of America's biggest markets.In an interview with Businessweek on Feb. 10, Obama said he and Chinese leaders are going to have some "very serious negotiations" on the renminbi issue.Supporters of Obama include economists such as Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics. Those experts say China's huge trade surplus is a result of an undervalued renminbi. Appreciation of the Chinese currency, in their view, would re-balance China's international trade.However, the validity of such argument is questionable.The Japanese yen, for example, has been appreciated enormously against the U.S. dollar over the past 40 years. Yet Japan's trade surplus with the United States has been continuously on the increase over the same period.The case with the Japanese yen has clearly demonstrated that international payment is not necessarily entirely linked to currency exchange rates. International trade balance is rather determined by international division of labor and product competitiveness.Stephen King, chief economist of the HSBC bank, said it is unreasonable to simply attribute China's big trade surplus to an undervalued currency. China's high savings rate is a more important factor in this respect, he told Xinhua.Nobel Prize laureate Andrew Michael Spence shared King's argument."Reducing the surplus in China involves deep structural change, much as reducing the U.S. deficits does. China's high savings are embedded in the structure of the economy," Spence wrote in Jan. 21's Financial Times.Without structural change, an appreciation of the renminbi might well lead to continued high savings and slow economic growth in China, rather than to a reduction of China's trade surplus, he wrote.International Monetary Fund (IMF) chief economist Olivier Blanchard believes that renminbi appreciation is not a solution for the U.S. economy.According to an IMF model, the American GDP will grow by 1 percent when the renminbi appreciates by 20 percent and other major Asian currencies also appreciate by a similar margin, he told Xinhua."This would be good news for U.S. growth. But this is clearly not enough, by itself to sustain growth in the United States," said Blanchard.World Bank chief economist and Vice President Justin Yifu Lin also said that the appreciation of the renminbi will not solve the problem of trade imbalance between China and the United States. On the contrary, such a move might damage both economies.CHINA BASHING NOT HELPFULObama has frequently attacked China over the renminbi issue in recent months. His motives are thought-provoking.In an article titled "Obama bashes China in order to win midterm elections," Japanese weekly Choice pointed out that after one year in office, the U.S. president now faces a sharp drop in approval ratings, a double-digit unemployment ratio and the loss of Democratic "supermajority" in the Senate.Trying to win the midterm elections under such circumstances, Obama had moved toward a "China-bashing" policy since the end of last year, including imposing high tariffs on Chinese products and pressuring China on renminbi exchange rate.But the truth is China has become the largest victim of U.S. trade protectionism since the outbreak of the global financial crisis.According to statistics released by the United States International Trade Commission, there were roughly 50 trade remedy cases filed by the United States between January and November 2009, half of which targeted China.At the end of last year, Chinese Premier Wen Jiabao said in an exclusive interview with Xinhua that some foreign countries kept asking China to appreciate its currency while using various protectionist measures against China. Their real motive was to contain China's growth, he said.Wen reiterated that China will never yield to external pressures on the exchange rate issue.In essence, a country's exchange rate policy is a matter of sovereignty.During a meeting with a visiting delegation of U.S. Chamber of Commerce in May 2005, Wen made it clear that the reform of renminbi's exchange rate was a sovereign right of China, and that every country had the right to choose a foreign exchange system compatible to its own national conditions and a reasonable exchange rate level.Wen said China would obey the rules of a market economy, but would never give in under foreign pressure.Any foreign pressure or attempt to manipulate the issue via news media represented a politicization of economic issues, which was unhelpful, the premier added.George Gilder, founder of Discovery Institute, said that it is neither realistic nor helpful for the United States to raise the renminbi exchange rate issue again with China.Pieter Bottelier, former chief of the World Bank's Resident Mission in China, told Xinhua that China and the United States share broad common interests.A prosperous, stable and strong China is in the interests of the United States and vice versa, said Bottelier. The two nations need to settle their differences through various dialogue mechanisms, he added.In recent years, China has been making efforts to balance international. The renminbi has been steadily appreciated against the U.S. dollar and the euro.Between July 2005, when China began its renminbi exchange rate reform, and the end of 2009, the value of the renminbi has appreciated by 21.21 percent against the U.S. dollar and up by 2.21 percent against the euro.Under such circumstances, China has been the fastest growing export market for the United States in recent years.In 2009, U.S. exports to China amounted to 77.4 billion dollars, accounting for an increasingly larger share in the country's total exports.During the same period, U.S. trade deficits with China dropped by 16 percent year-on-year.In the Asian financial crisis of late 1990s, China won worldwide applause for keeping a stable exchange rate of the renminbi.In the ongoing global financial crisis, while the world's major currencies all lost value, China has remained committed to a responsible renminbi exchange rate policy and has made significant contributions to the recovery of the global economy.Many experts familiar to China-U.S. trade pointed out that in order to achieve trade balance, the United States should take positive and concrete steps, such as increasing hi-tech exports to China and allowing Chinese firms to acquire shares in U.S. financial and technology sectors.

BEIJING, Feb. 28 (Xinhua) -- The 11th Panchen Lama Bainqen Erdini Qoigyijabu was among 13 people who on Sunday became new members of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top advisory body.Their memberships were approved by a meeting of the Standing Committee of the CPPCC National Committee, which closed on Sunday.The three-day meeting also appointed Qian Yunlu as secretary-general for the third session of the 11th CPPCC National Committee and 21 others as vice secretary-generals.  The 11th Panchen Lama Bainqen Erdini Qoigyijabu (front R) attends the 8th National Congress of the China Buddhism Association in Beijing, capital of China, on Feb. 1, 2010.The annual session will begin on March 3.