Tu Youyou receives Nobel Prize from the Swedish King

By Xuefei Chen Axelsson

STOCKHOLM, Dec. 11(Greenpost)–Chinese scientist Tu Youyou has received her Nobel Prize Diploma from the hands of the Swedish King Carl XVI Gustaf in Stockholm Concert Hall.



Professor Hans Forssberg explained the great achievement made by Tu Youyou.

“During the 1960s and 70s, Tu Youyou took part in a major Chinese project to develop anti-malarial drugs. When Tu studied ancient literature, she found that the plant Artemisia annua or sweet wormwood, recurred in various recipes against fever.”



She tested an extract from the plant on infected mice. Some of the malaria parasites died, but the effect varied.


So Tu returned to the Literature, and in a 1700-year-old book she found a method for obtaining the extract without heating up the plant. The resulting extract was extremely potent and killed all the parasites.


The active component was identified and given the name Artemisinin.


It turned out that Artemisinin attacks the malaria in a unique way.

The discovery of Artemisinin has led to development of a new drug that has saved the lives of millions of people,halving the mortality rate of malaria during the past 15 years.


“Your discoveries represent a paradigm shift in medicine, which has not only provided revolutionary therapies for patients suffering from devastating parasitic diseases, but also promoted well-being and prosperity for individuals an society. The global impact of your discoveries and the resulting benefit to mankind are immeasurable. ”

249995832_8Tu Youyou was the first Chinese women scientist who won the Nobel Prize in Medicine.


From Nobelprize.org.

She also participated in the Nobel dinner with her husband Li Tingzhao, daughter and grand daughter.


China Voice: SDR entry only a new starting point for RMB globalization

BEIJING, Dec. 2 (Greenpost) — The renminbi’s inclusion into the IMF reserve currency basket known as “Special Drawing Rights” does not mean the internationalization of the Chinese currency is a fait accompli. On the contrary, it only marks a new starting point for the yuan to become a popular global asset.

Amid the joy and excitement following the decision of the International Monetary Fund (IMF) to include the RMB in its SDR basket on Tuesday, some people have said entry itself proves the internationalization of the RMB is complete and is now a globally recognized reserve currency.
Much as we hope these people are right, giving the RMB prized reserve asset status does not mean the world’s central banks will immediately make a beeline to invest in the Chinese currency.
Though the RMB has met all the criteria from the IMF to merit a place in its basket, thanks to the Chinese government’s relentless push for its wider use on the global stage, further effort to liberalize the country’s financial market is necessary. Only a commitment to deeper financial reforms will convince the world that holding the RMB is the right choice.
The RMB became the world’s No. 2 currency for global trade finance in 2013. It overtook the Japanese Yen to become the fourth most-used world payment currency in August, only after the U.S. dollar, the euro and the sterling, according to the global transaction services organization SWIFT.
To meet the IMF’s “freely usable” criterion, Chinese authorities undertook a series of reforms in recent months, such as improving its foreign exchange rate system, opening up its interbank bond and forex markets, and improving data transparency by subscribing to the IMF’s Special Data Dissemination Standard (SDDS).
These efforts, often times painful, have paved way for the RMB’s SDR entry. However, it would be naive and potentially troublesome to believe that a currency joining the SDR basket will promise consistent popularity.
Take the yen as an example. Despite its SDR entry, the yen’s share in international reserves has been going down over the past three decades as its prolonged economic recession tarnished the currency’s attraction.
As we celebrate Tuesday’s SDR entry, a milestone for the RMB’s global march, we must take a moment and be clear-eyed about the challenges and responsibilities ahead. Thankfully, China is prepared.
Following the IMF decision, China’s central bank vowed to speed financial reforms and opening up to make positive contributions to global economic growth, financial stability and economic governance.
With China’s commitment to liberalizing interest rates, forex rates, and its capital account, a more liquid, transparent and investor-friendly market can be expected, which will further advance RMB internationalization.  End

Source Xinhua

“All-weather friends” China, Zimbabwe agree to boost practical cooperation for common development

HARARE, Dec. 1 (Greenpost) — China and Zimbabwe agreed Tuesday to translate their time-honored friendship into stronger impetus for bilateral practical cooperation so as to achieve common development and prosperity.

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The consensus came as Chinese President Xi Jinping, who is here for a state visit to the African country, and his Zimbabwean counterpart, Robert Mugabe, held talks in the State House and jointly charted the course for the future development of bilateral ties.

China and Zimbabwe, with their traditional friendship both having a long history and growing ever stronger now, are “real all-weather friends,” said Xi, adding that they should not only be good friends on politics but also be good partners on development.

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Noting that the two countries have supported each other and carried out sincere cooperation during their respective development, Xi stressed that China will never forget its old friends.

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“My visit is aimed at consolidating the China-Zimbabwe traditional friendship, deepening practical cooperation and lifting bilateral relations to a higher level, so as to bring more benefits to our two peoples,” said the Chinese president.
Reaffirming Beijing’s commitment to the principles of sincerity, real results, affinity and good faith as well as a right balance between upholding principles and pursuing shared benefits in its Africa policy, Xi said China will continue its joint efforts with Zimbabwe to turn the two countries into good partners, good friends and good brothers that treat each other as equals, support each other and pursue win-win cooperation and common development.

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China will, as always, support Zimbabwe in safeguarding its interests in sovereignty, security and development, and playing a bigger role in international and regional affairs, he added.
The Chinese president suggested that the two sides maintain high-level contact, strengthen inter-party, parliamentary and sub-national exchanges, and promote their cooperation in various fields in an all-round way.
China stands ready to shift bilateral economic and trade cooperation towards manufacturing, investment and management and encourages more Chinese enterprises to invest in Zimbabwe, he added.

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   The two countries, he said, should prioritize cooperation in building modern agricultural and mining industrial chains and manufacturing hubs, constructing and managing power, communication and transportation infrastructure, and innovating upon financing channels. 

They also need to boost people-to-people exchanges in such areas as education, culture, health, tourism, youth and media, so as to gain more public support for the China-Zimbabwe friendship, Xi added.
He also reiterated Beijing’s readiness to strengthen coordination and collaboration with Harare on the 2030 Agenda for Sustainable Development and other major issues as well as in international institutions, so as to safeguard the legitimate rights of developing countries and advance the democratization of international relations.

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As regards the broader China-Africa ties, Xi said China is willing to join hands with African countries to support each other and advance together along the path of development.

Noting that he and African leaders will gather in Johannesburg for a summit of the Forum on China-Africa Cooperation (FOCAC), Xi said he looks forward to working with African friends to strategize the development of China-African ties, open up new prospects for China-Africa friendship and cooperation, and set a new milestone in the history of China-Africa interaction.
Mugabe, for his part, extended a warm welcome to the Chinese president, and expressed deep appreciation for China’s sincerity in dealing with Zimbabwe and other African countries as well as profound gratitude for China’s long-running valuable support for his country in various fields.
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Calling China an “all-weather” friend of Zimbabwe, Mugabe said his country hopes to learn from China’s experience in socioeconomic development, receive more assistance from China and expand bilateral cooperation in such fields as agriculture, industry and infrastructure.
After their talks, the two presidents witnessed the signing of a bilateral economic and technological cooperation agreement and a series of other deals covering such fields as infrastructure construction, production capacity, investment and financing, as well as wild life protection.
Xi flew to Harare from Paris, where he delivered a speech at the opening ceremony of a highly anticipated UN climate change conference. His ongoing three-nation trip will also take him to South Africa for a state visit and the Johannesburg summit of FOCAC.  Enditem

Photo/Xinhua. Text Xinhua

China Focus: BRICS media leaders gather in Beijing for cooperation

BEIJING, Dec. 1 (Greenpost) — Leaders of 25 media organizations from BRICS countries met to seek cooperation at the first BRICS Media Summit that opened here Tuesday morning.

The summit, with the theme of “Innovation, Development, Cooperation and Trust”, was proposed by Xinhua and jointly organized by Brazil Communication Company, Russia Today International Information Agency, The Hindu Group and South Africa’s Independent Media.
Liu Qibao, head of the Publicity Department of the Communist Party of China Central Committee, said at the summit that the Chinese government is willing to strengthen coordination and collaboration with the four countries and inject new life into the BRICS mechanism.
“Today’s summit marks a new stage in media exchange and cooperation within the BRICS framework,” said Liu.
The media of BRICS countries should promote peaceful development, cooperation and win-win, according to him.
Better coordination is needed in fighting terrorism, eliminating poverty and hunger, and addressing climate change, he told the meeting.
“Voices for justice and rationality should be amplified and the voices of emerging and developing countries should be strengthened, so as to make governance fairer and more reasonable,” said Liu.
He also called on BRICS media organizations to pay good attention to the fast development of emerging media, and strive for innovation to take initiatives in media development.
“We would like to share our experience with as well as learn from each other to better cope with change in the media industry,” said Liu.
“We sincerely extend our welcome to more media organizations from other BRICS countries to come to China to communicate and cooperate with us, and establish resident offices,” said Liu.
The country will strive to provide better services for them, he added.
In his keynote speech, Xinhua President Cai Mingzhao urged journalists to be better recorders of the times and drivers of reforms in a world which is undergoing unprecedented changes in the post-Cold War era.
BRICS media should promulgate the voices for peace and development, promote the common development of the five-member bloc, and safeguard the common interest of emerging markets and developing countries, he said.
Cai urged BRICS media to deepen concrete cooperation and seek development through innovation. He asked media organizations to join together, voice common wills and enhance BRICS countries’ say in the international community.
“It is advisable for BRICS media to carry out exchanges, learn from each other, become partners and lay a solid foundation for BRICS cooperation among the public,” he said.
BRICS media must seek development through innovation, speed up restructuring and become partners in promoting media’s integrated development, according to him.
Calling the decision to host BRICS Media Summit “of historical significance,” Chinese Vice Foreign Minister Zhang Yesui said media cooperation not noly adds new vitality into the BRICS cooperation, but helps enhance understanding among the bloc’s population of over 3 billion.
According to Zhang, BRICS accounted for 21.9 percent of the world economy in 2014, up from 16.2 percent in 2009.
“The ratio is expected to reach 25.77 percent in 2020. BRICS countries have become a powerful driver for global economic recovery.”
He urged further media cooperation against the backdrop of a broad economic slowdown in developing countries, and pledged continued support from his ministry.
N. Ram, chairman and publisher of The Hindu Group, said the summit is a significant development in BRICS media cooperation.
“Bringing together our strengths, resources, especially people resources, and spirit of solidarity and cooperation can yield multiplier effects, or dividends in various fields,” said Ram.
One day before the summit, co-organizers held a presidium meeting and nodded six initiatives on practical media cooperation among BRICS countries.
They promised to set up a liaison office for BRICS Media Summit, establish BRICS Media Foundation, set up BRICS Media Journalism Awards, hold a joint photo exhibition, train journalists, and build a coordination mechanism for joint coverage of the G20 Summit in 2016.  Enditem

Source  Xinhua

Xinhua Insight: Recycle tech leads charge on green investments

   BEIJING, Nov. 28 (Xinhua) — Open an app, locate the nearest recycling machine, throw the bottles inside and get an instant reward on your metro card.

This is how more than 18 million plastic bottles were recycled in Beijing in the past few years using 2,200 reverse vending machines (RVM) offered by Incom recycle.

Backed by one of the world’s largest asset managers, Franklin Templeton Investments, and recently partnered with Norwegian recycling firm Tomra, Incom is one of many Chinese firms in the green industry that are attracting global investors’ attention.

As China heads toward a green economy, the country’s green sector including waste recycling, sewage disposal, energy conservation are growing at a rapid pace and are hungry for investment — from both home and abroad.

According to official estimation, China will need at least 2 trillion yuan (313 billion U.S. dollars) every year to fund its green sector, 85 percent of which needs to come from capital other than fiscal fund.

The waste recycling market alone is huge and hardly tapped: an estimated 500 billion beverage containers need to be recycled every year, making China the single biggest market for global recycling companies seeking expansion.

The development of the green industry in China is still at the preliminary level, said Haakon Volldal, vice president of Tomra, the world’s biggest RVM maker that just established two joint ventures with Incom in China this month.

“In this five-year period, China can take big steps towards having a professional green industry,” Volldal said.


The biggest obstacle for green companies to get the funding they need is always their own profitability.

Traditionally, green companies operate much more like non-profits with low returns or even live solely on government support, deterring typical investors looking for high returns.

But companies like Incom are changing the traditional mindset by incorporating Internet technology into its business model to prove one fact: green companies can make money, too.

For the first time since its founding in 2008, Incom recycle has turned a profit this year through selling equipment and advertising for beverage brands on the machines, according to the company’s general manager Chang Tao.

Future income streams may also be generated from data on consumption patterns collected by its machines — do people in Beijing actually drink Coca-Cola more than Pepsi? Which flavor sports drinks do males in Chongqing prefer?

Besides making profits through advertisement and big data, Incom also launched “the Uber for recycling.” Their new service allows people to make an appointment on their phone and the nearest collector will come retrieve used books, magazines, electronic devices, or plastic bottles.

“To some extent, the returns on green projects are not as high compared with other programs, but the cash flows are relatively stable and the market risk is actually lower,” said Lan Hong, vice director of the ecological research center of the central bank at a conference.

According to the interim report of Industrial and Commercial Bank of China (ICBC), the country’s biggest lender, only 0.05 percent of its loans to the environmental protection and water conservation industry went bad in the first half of this year, while the average bad loan rate of the bank reached 1.4 percent.

Safe cash flows prompted the bank to invest more in the green industry. By the end of September, loans outstanding in ecological protection, clean energy use, and energy conservation amounted to nearly 700 billion yuan, accounting for more than 10 percent of total loans from the bank.


In addition to stable returns, a much more favorable policy environment also makes bets on the green industry more attractive to investors.

China’s 13th Five-Year Plan, which outlines development strategies for the country from 2016 to 2020, is expected to put green growth at the center of the agenda.

To realize the commitment, a “green financial system” is to be established, with a mechanism to lower the lending cost of green companies through “green loans,” “green bonds” and even a “green bank” designed specifically to offer low-cost funding, according to Ma Jun, central bank economist and also the head of a Green Finance Committee launched this year to address funding issues for the industry.

Officials are already setting rules on the bond market, which will give companies an alternative to finance longer-term green projects as most banks are restricted with short-term loans.

“The policies we’re trying to push make no difference to domestic and foreign capital. Foreign firms can also take advantage of the green bond market,” Ma said.

The upcoming climate change conference in Paris, which Chinese President Xi Jinping will attend, may further highlight the role of China in the world’s effort on environmental protection and bring green companies in China into the sight of global investors.

“Foreign capital and firms are even more optimistic about the development of the green economy in China than domestic ones,” said Chang Tao, general manager of Incom, “the market in China is so enormous that they can’t afford to miss out.”  Enditem

China, Thailand ink intergovernmental document on railway project

BANGKOK, Dec. 3 (Greenpost) — China and Thailand signed an intergovernmental framework document on railway cooperation here on Thursday, which serves as an important basis for future efforts to push forward the railway project.

The foundational document for the bilateral cooperation in constructing an 867-kilometer medium-speed railway line in Thailand was signed by Thai Transport Minister Arkhom Termpittayapaisith and deputy head of China’s National Development and Reform Commission Wang Xiaotao.
The signing ceremony was held at the ninth meeting of the Joint Committee on Railway Cooperation between the Thailand and China.
According to the document, the railway project, a dual-track line which uses 1.435-meter standard gauge with trains operating at top speeds of 160-180 kph, will be implemented in the form of EPC (engineering, procurement, construction), according to Chinese negotiators.
A joint venture will be set up in charge of part of the investment and railway operation, the statement said, adding the Chinese side will support Thailand in terms of technology licensing and transfer, human resources training, and financing.
A foundation stone laying ceremony for the railway project will be held later this month. Both sides are striving to speed up the process so that construction could start in May next year.
The railway project will significantly enhance connectivity between Thailand and China and boost economic growth in Thailand, especially in its northeastern part, according to the statement.
As an important part of the trans-Asian railway network, the project will potentially reinforce Thailand’s position as a transport hub in the region and inject vitality into the economic development in the southwestern part of China.
In addition to the railway document, a contract was signed by the China National Cereals, Oils and Foodstuffs Corporation and the Foreign Trade Department of the Commerce Ministry of Thailand, under which the Chinese enterprise will purchase 1 million tons of newly-harvested rice from Thailand.
China’s Sinochem and the Rubber Authority of Thailand also inked a purchase agreement, under which Thailand will sell 200,000 tons of natural rubber to the Chinese company.
The purchases will help propel the growth of the two countries’ economic and trade ties while further promoting Thailand’s rubber products in China and other major markets, the statement said.  Enditem

Source Xinhua

China to try out ecological damage compensation

BEIJING, Dec. 3 (Greenpost) — The State Council, China’s cabinet, on Thursday publicized a plan for a pilot ecological damage compensation system that will eventually go national.

The Chinese government will pilot the trial in several selected provinces and municipalities from 2015 to 2017, and popularize it throughout the whole country in 2018, according to the plan.
The plan said China will strive to establish a comprehensive damage compensation system by 2020 with high efficiency, to protect and improve the nation’s eco-system.
The trial provinces are not yet finalized.
The plan shall mainly deal with cases of significant impact or environmental damage cases occurred in areas where development is banned or restricted by national or provincial governments.  Enditem

Source   Xinhua


Three Chinese companies enter list of world’s 50 most innovative companies

NEW YORK, Dec. 2 (Greenpost) — Chinese companies clinched three spots in the Boston Consulting Group’s 10th annual global survey of the 50 most innovative companies released on Wednesday.

The group published a ranking of 50 most innovative companies in the world based on the survey of 1,500 executives. Apple, Google, and Tesla Motors are top three on the list.
Chinese online media company Tencent is at 12, and Huawei and Lenovo are at 45 and 50, respectively. This is an increase from a decade ago, when there were no Chinese companies on the list, the report’s co-author Andrew Taylor said.
A global group is comprised of the list: 29 companies from the United States, 11 from Europe, and 10 from Asia. Emerging markets also make their presence felt: there are three companies from China and one from India.
Innovation gained an increasing importance in corporate success. In the annual global survey, 79 percent of respondents ranked innovation as either the top-most priority or a top-three priority at their company, the highest percentage since the question was asked in 2005.
Meanwhile, science and technology continue to be seen as increasingly important underpinnings of innovation, enabling four attributes that many executives identify as critical: an emphasis on speed, well-run R&D processes, the use of technological platforms, and the systematic exploration of adjacent markets.
Given the strong impact of technological developments such as mobile technology and social media in the last decade, one might expect technology companies to have shoved aside their more traditional counterparts.
“Yet we still see plenty of traditional companies on the list. They, too, have used technological advances to their own innovative ends. Five of the top ten companies in 2015 are non-tech. On the larger list of the 50 most innovative companies, 38 (76 percent) are non-tech companies,” the report said.  Enditem


Source Xinhua 

China to continue to push forward financial reforms after RMB’s SDR inclusion: senior official

WASHINGTON, Dec. 1 (Greenpost) — China will continue to push forward financial reforms after the International Monetary Fund (IMF) decided to include the Chinese currency, the RMB or Chinese yuan, into its Special Drawing Rights (SDR) basket of currencies, a senior Chinese official said here Tuesday.

The IMF executive board on Monday approved the inclusion of the RMB into its SDR basket as a fifth currency, along with the U.S. dollar, the euro, the Japanese yen and the British pound, marking a milestone in the RMB’s global march.
“(The) Chinese yuan joining the SDR does not mean (the) end of reform of the financial sector in China,” Chinese Vice Finance Minister Zhu Guangyao said at the Washington-D.C.-based Peterson Institute for International Economics (PIIE).
“(Chinese) President Xi (Jinping) said to the whole nation (that) reform is an ongoing process … We must continue reforms,” Zhu said after delivering a speech on China’s 13th Five-Year Plan, the country’s development blueprint for the next five years (2016-2020).
Zhu said it is in China’s interest to continue pushing forward reforms and the government has been following the financial reform agenda laid out at the Third Plenary Session of the 18th Communist Party of China Central Committee in late 2013. “That’s our guidance. We follow that exactly.”
Zhu said the IMF board’s decision to include the RMB in its SDR basket of currencies really reflects “global consensus” on the RMB’s eligibility of joining the currency basket, and it will make the SDR “more representative and attractive,” benefiting both China and the world.
Nicholas Lardy, a senior fellow at the PIIE and a leading expert on China’s economy, also described the decision as “a win-win for the global economy,” dismissing the speculative view of competition between the RMB and the U.S. dollar.
Lardy said the RMB-denominated assets now account for roughly 1 percent of global reserves held by central banks and the transition to more holdings of RMB-denominated assets will be very gradual.
“It should not be thought of in competitive terms, you know, the Chinese are gaining their share at the expense of the U.S., I think that’s a misreading,” he said.
PIIE President Adam Posen echoed Lardy’s view, saying that “there have been long periods in modern economic history when you have more than one so-called reserve currency.”
“Having a more balanced basket, not just in the SDR but in world portfolios” will help reduce the burden of global imbalances, he said. “I think that’s something the U.S. and China both want.”
Zhu also said the 13th Five-Year Plan is very important for China to complete the building of a moderately prosperous society and overcome the so-called “middle income trap,” as the country is making efforts to restructure the economy and shift to an innovation-driven mode.
He said that the average annual growth rate must be at least 6.5 percent during the next five years for China to double the 2010 GDP and the per capita income of both urban and rural residents by 2020.
Zhu said the main purpose of his trip to Washington this week was to discuss the agenda of the 2016 Group of Twenty (G20) summit with U.S. officials as China formally took over the presidency of the G20 on Tuesday.
Chinese President Xi Jinping and his U.S. counterpart, Barack Obama, gave instructions to working teams of both sides to strengthen coordination in the G20 during their bilateral meeting in Paris one day ago, he said, noting that the two countries displayed “really good policy coordination” in the past ten G20 summits.  Enditem

Source Xinhua

China eyes high-level talents to boost innovation

BEIJING, Nov. 30 (Greenpost) — China is eying high-level talents to accelerate its national strategy of mass entrepreneurship and innovation.
In a meeting with representatives of Chinese postdoctoral researchers on Monday, Premier Li Keqiang encouraged them to concentrate on innovative studies to make technological breakthroughs and focus on market demand to actively transform research achievements into productivity.
Li said Chinese researchers should also strengthen international exchanges and cooperation and participate in global competition.
His words came in as China celebrated the 30th anniversary of its postdoctoral system, which has covered all disciplines and major fields of economic and social development.
“Postdoctoral researchers have made their own contribution in economic and social development, scientific research and industrial upgrade,” Li said.
He urged more efforts to build a better postdoctoral system that values talents and facilitates innovation.    Enditem

Source Xinhua

China has confidence, resolve to fulfill climate commitments: Xi

PARIS, Nov. 30 (Greenpost) — Chinese President Xi Jinping said here Monday that his country has confidence and resolve to fulfill its climate change commitments.

Xi made the remarks when delivering a speech at the opening ceremony of a United Nations climate change conference, officially called the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change.

As a developing country, China has taken bold actions to reduce carbon emissions while setting ambitious climate goals.

In his speech, Xi reiterated China’s pledge made in June to cut its carbon emissions per unit of GDP by 60-65 percent from 2005 levels by 2030, and increase non-fossil fuel sources in primary energy consumption to about 20 percent and peak its carbon emissions by the same date.

These pledges represent a big step further from the world’s second largest economy’s previous emission control targets.

“This requires strenuous efforts but we have confidence and resolve to fulfill our commitments,” Xi said.

China has been actively engaged in the global campaign on climate change, now topping the world in terms of energy conservation, and utilization of new and renewable energies, Xi said.

China’s Five-Year Plan from 2016 to 2020, aiming at a more sustainable and balanced way of development, seeks to promote clean industrial production, low-carbon development and energy conservation to ensure sustainable growth in the next five years.

On the basis of technological and institutional innovation, China will adopt new policy measures to improve industrial mix, build low-carbon system, develop green building and low-carbon transportation and establish a nationwide carbon-emission trading market, the president said.

To act on climate change is not only driven by China’s domestic needs for sustainable development in ensuring its economic, energy and food security, but also driven by its sense of responsibility to fully engage in global governance and to forge a community of shared destiny for humankind, according to an action plan China submitted to the Secretariat of the UN Framework Convention on climate change late June.

The highly-anticipated Paris climate conference, opened by leaders from over 150 countries, aims to yield a new international agreement to reduce greenhouse gases beyond 2020 when the 1997 Kyoto Protocol expires.

Such an accord is seen as crucial for keeping the rise in global temperatures within 2 degrees Celsius above pre-industrial times, a goal scientists say should be met to avoid risky changes in the climate.  Enditem

 Source Xinhua 


Morgan Stanley CEO optimistic about China’s economy

BEIJING, Nov. 29 (Greenpost) — The head of Morgan Stanley maintained his positive outlook on the Chinese economy despite a continued slowdown amid lackluster domestic demand and rising external uncertainties.

James P. Gorman, chairman and CEO of the leading global investment bank, said during a lecture in Peking University that the growth rate is down but the increase is still enormous and China’s contribution to global economy remains the highest of any countries in the world.
The economy expanded at 6.9 percent year on year in the first three quarters of 2015, down from 7 percent in the first half and marking the lowest reading since the second quarter of 2009.
The lingering slowdown has triggered market worries about the economic outlook.
However, Gorman dismissed the concerns. “The market gets obsessed by percentages. Is China growing at six, seven, eight or ten percent?” He pointed out the economic transition is more significant than growth pace.
A pioneer in exploring the Chinese market, the global leading investment bank still regards China as a major impetus for its international business.
It celebrated its 20th anniversary in China in 2014 with more than 1,000 local employees, and held its first China Summit in Beijing in May, which brought together more than 1,100 global investors looking for new opportunities in the country.
A latest Morgan Stanley report said China’s reforms and opening up policies, especially those in tertiary sector, will generate more business opportunities in health care, Internet and technologies.
The bank maintained its annual GDP growth forecast for the full year at 7 percent and expects mild improvement in the next several months thanks to pro-growth measures including fiscal and monetary easing.  Enditem

Source Xinhua

Editor Xuefei Chen Axelsson