The current financial turmoil in the United States is the main concern of the world's chief executive officers and investors gathering on Friday for sessions before the annual meeting of the New Champions 2008, organized by the World Economic Forum.
Three speakers at the session, all heads of the world's major accounting firms, agreed that they did not foresee a global recession following the current financial crisis.
"We are currently at a very difficult spot," Samuel Dipiazza, chief executive officer of Pricewaterhouse Coopers, told reporters," but global economic recession is not likely, even though there is a world economy slowdown, because some emerging markets will keep driving the growth."
The discussion took place amid a global credit crunch which originated in the U.S. starting with the collapse of Lehman Brothers Holdings Inc., Merrill Lynch & Co. and Bear Stearns, and the crisis is still spreading to plague other large financial institutions. The world's stock markets recently tumbled as a result.
"Individual industries in individual markets are going through a contraction, but as for the economy overall, it's not happening," said Deloitte Touche Tohmatsu Chief Executive Officer James Quigley. Both Dipiazza and Ernst & Young LLP Chief Executive Officer James Turley said they are optimistic about future actions to be taken by the U.S. government.
The Bush administration proposed a 700-billion-U.S.-dollar government rescue plan to buy distressed assets from troubled lenders, but a top-level White House meeting failed to reach consensus on the plan on Thursday.
Turley also believed the world's central banks would help ensure the credit would be available.
Dipiazza said it would have to wait for two or three weeks before reaching a conclusion and see how the U.S. government would deal with the crisis.
Quigley echoed Dipiazza's comments and said, "The global economic recession will not occur, especially in emerging markets in Asia-Pacific areas, such as China, where it is keeping building up infrastructure, and developing consumer-based economy that is not so much relying on export." While financial upheavals were in the past usually reaction to changes in the real economy, this time there are rising concerns over the impact of the financial crisis over the real economy, or the other way around.
"The situation is more challenging than we thought a few months ago," the PWC CEO acknowledged.
Fred Zuliu Hu, chairman of Greater China, Goldman Sachs ,said at a different session on Friday the global credit turmoil would not have a major impact on China's financial sector due to limited exposure of Chinese lenders to the risks.
The New Champions 2008, the second such annual meeting organized by the World Economic Forum and also dubbed as "Summer Davos", is to be held here from Sept. 27 through 28. Chinese Premier Wen Jiabao is expected to address the meeting on Saturday.
Source:Xinhua
Friday, September 26, 2008
CEO: Airbus hopes to join in China's large plane project
Airbus hopes to join in China's large plane project, said Thomas Enders, chief executive officer of the world's leading aircraft manufacturer, in Tianjin on Friday.
"I hope so," said Enders, who is in this north China port city for the Sept. 27-28 Summer Davos forum, in response to a Xinhua question on whether Airbus will join in the Chinese project that aims to develop and market homemade large passenger aircraft.
Airbus doesn't see the Chinese project as a threat and is not afraid of possible competition, the CEO added.
"Competition is always a good thing, it makes us nimble and innovative," he told the press.
The Chinese market is expected to be as important as the U.S. and European markets in the next 20 or 30 years, and one of Airbus' future strategies is to enhance cooperation with China, said Enders.
China set up its first ever jumbo passenger aircraft company in Shanghai in May, as a major step in its large jet program. The newly-established company, named Commercial Aircraft Corporation of China Ltd. , is expected to give the country the capacity of building aircraft with a take-off weight of more than 100 tons, or planes with more than 150 seats.
Jin Zhuanglong, the company's general manager, told Xinhua earlier that "it is too early to set a timetable or make development strategy," adding that the CACC will pose no threat to jet-making giants like Boeing and Airbus.
According to Jin, China welcomes cooperation from foreign companies in the development of the new aircraft. However, the goals of the CACC for the first few years will be establishing an operating system and training talents.
The Shanghai Aircraft Manufacturing Factory and the First Aircraft Institute of AVIC I, which participated in the development and manufacture of the country's first homegrown regional jet ARJ21-700, have joined the CACC, whose establishment was approved in February 2007 by the State Council, China's Cabinet.
Source:Xinhua
"I hope so," said Enders, who is in this north China port city for the Sept. 27-28 Summer Davos forum, in response to a Xinhua question on whether Airbus will join in the Chinese project that aims to develop and market homemade large passenger aircraft.
Airbus doesn't see the Chinese project as a threat and is not afraid of possible competition, the CEO added.
"Competition is always a good thing, it makes us nimble and innovative," he told the press.
The Chinese market is expected to be as important as the U.S. and European markets in the next 20 or 30 years, and one of Airbus' future strategies is to enhance cooperation with China, said Enders.
China set up its first ever jumbo passenger aircraft company in Shanghai in May, as a major step in its large jet program. The newly-established company, named Commercial Aircraft Corporation of China Ltd. , is expected to give the country the capacity of building aircraft with a take-off weight of more than 100 tons, or planes with more than 150 seats.
Jin Zhuanglong, the company's general manager, told Xinhua earlier that "it is too early to set a timetable or make development strategy," adding that the CACC will pose no threat to jet-making giants like Boeing and Airbus.
According to Jin, China welcomes cooperation from foreign companies in the development of the new aircraft. However, the goals of the CACC for the first few years will be establishing an operating system and training talents.
The Shanghai Aircraft Manufacturing Factory and the First Aircraft Institute of AVIC I, which participated in the development and manufacture of the country's first homegrown regional jet ARJ21-700, have joined the CACC, whose establishment was approved in February 2007 by the State Council, China's Cabinet.
Source:Xinhua
Chinese Premier back home after attending UN meetings
Chinese Premier Wen Jiabao returned to Beijing Friday after attending the UN high-level meeting on the Millennium Development Goals and the general debate of the 63rd session of the UN General Assembly.
During his stay in New York, Wen also met with UN Secretary-General Ban Ki-moon and foreign leaders, broadly engaged with the U.S. people from many walks of life.
Wen also met with representatives from Chinese missions overseas, overseas Chinese, Chinese students and Chinese-funded institutions, as well as local media.
Source:Xinhua
During his stay in New York, Wen also met with UN Secretary-General Ban Ki-moon and foreign leaders, broadly engaged with the U.S. people from many walks of life.
Wen also met with representatives from Chinese missions overseas, overseas Chinese, Chinese students and Chinese-funded institutions, as well as local media.
Source:Xinhua
Mauritian President presents at Chinese National Day celebration
Mauritian President Anerood Jugnauth, Prime Minister Navinchandra Ramgoolam and other senior government officials joined the Chinese community in the Indian Ocean island country to celebrate the 59th anniversary of the founding of the People's Republic of China.
At the grand reception held by Chinese Ambassador to the Indian Ocean island country, Gao Yuchen, the president highly appreciated the great achievement made in China in the last 59 years especially in the last 30 years since China implemented its open-door policy.
Reports reaching here said that Jugnauth also expressed his satisfaction with the development of mutual-trust and fruitful relationship between Mauritius and China in the last 36 years since the two countries established diplomatic relations in 1972.
Arvin Boolell, Minister of Foreign Affairs, Regional Integration and International Trade who also presented at the reception, reiterated Mauritius' one-China policy and its support of unification of mainland China and Taiwan.
The reception was held just few hours after the third manned spacecraft, Shenzhou-7, was successfully launched in northwest China, with three astronauts on board to attempt the country's first-ever space walk.
The Mauritian officials and representatives of the overseas Chinese presented at the reception applauded the launch of the spacecraft, saying that it was a demonstration of one of achievements made in the last 30 years of open-day policy and economic reform.
The successful launch of Shenzhou-7 would definitely boost China's international image, one of the Chinese community leaders said at the reception, attended by over 600 guests.
Source:Xinhua
At the grand reception held by Chinese Ambassador to the Indian Ocean island country, Gao Yuchen, the president highly appreciated the great achievement made in China in the last 59 years especially in the last 30 years since China implemented its open-door policy.
Reports reaching here said that Jugnauth also expressed his satisfaction with the development of mutual-trust and fruitful relationship between Mauritius and China in the last 36 years since the two countries established diplomatic relations in 1972.
Arvin Boolell, Minister of Foreign Affairs, Regional Integration and International Trade who also presented at the reception, reiterated Mauritius' one-China policy and its support of unification of mainland China and Taiwan.
The reception was held just few hours after the third manned spacecraft, Shenzhou-7, was successfully launched in northwest China, with three astronauts on board to attempt the country's first-ever space walk.
The Mauritian officials and representatives of the overseas Chinese presented at the reception applauded the launch of the spacecraft, saying that it was a demonstration of one of achievements made in the last 30 years of open-day policy and economic reform.
The successful launch of Shenzhou-7 would definitely boost China's international image, one of the Chinese community leaders said at the reception, attended by over 600 guests.
Source:Xinhua
Survey shows 60% respondents have travel intentions during National Holidays
National Holiday Tourism Work Leading Group Office carried out an on-line survey of travel intentions during the National Holidays, 60% respondents plan to travel, according to the China National Tourism Administration website.
Survey results show that 57.33 percent of the respondents plan to travel in China, of which: 32.88% of the respondents are interested in the city and urban leisure tourism, 24.45 percent of the respondents are interested in cross-regional domestic tourism; 2.97 percent of the respondents plan to travel abroad; and 23.99 percent of the respondents intend to visit relatives and friends.
The survey also shows that during this long holiday, the number of outbound tourists is not big; the most popular destinations are Hong Kong and Macao; among domestic tours, Beijing becomes the hottest destination with an absolute advantage, followed by Zhejiang, Yunnan, Shandong, Jiangsu, and Guangdong. Public transport is still the mainstream of travel, short-term tourists favor traveling by car.
By People's Daily Online
Survey results show that 57.33 percent of the respondents plan to travel in China, of which: 32.88% of the respondents are interested in the city and urban leisure tourism, 24.45 percent of the respondents are interested in cross-regional domestic tourism; 2.97 percent of the respondents plan to travel abroad; and 23.99 percent of the respondents intend to visit relatives and friends.
The survey also shows that during this long holiday, the number of outbound tourists is not big; the most popular destinations are Hong Kong and Macao; among domestic tours, Beijing becomes the hottest destination with an absolute advantage, followed by Zhejiang, Yunnan, Shandong, Jiangsu, and Guangdong. Public transport is still the mainstream of travel, short-term tourists favor traveling by car.
By People's Daily Online
Heavy accident up by 18.9 percent in first 8 months
There are 277, 910 cases of accidents across China which killed 54, 677 people in the first eight month, down by 20.1 per cent and 14.9 per cent respectively than the same period of last year, according to news from China's State Administration of Work Safety on September 24, 2008.
However, the number of heavy accidents which killed 10 people or more is 63, the number of death amounted to 1,034 people, up by 18.9 per cent and 14.1 per cent respectively.
By People's Daily Online
However, the number of heavy accidents which killed 10 people or more is 63, the number of death amounted to 1,034 people, up by 18.9 per cent and 14.1 per cent respectively.
By People's Daily Online
Full text of Chinese Premier Wen Jiabao's speech at U.N. High-Level Meeting on MDGs
The following is the full text of the speech by Chinese Premier Wen Jiabao at the U. N. High-Level Meeting on the Millennium Development Goals on Sept. 25, 2008:
Mr. President,Mr. Secretary-General,Ladies and gentlemen:
Eight years ago today, the United Nations solemnly adopted the Millennium Declaration, offering new hopes to the people living in poverty around the world.
China is the most populous country in the world. Since 1978, we in China have accelerated development mainly with our own efforts and through reform and opening-up. As a result, China has brought down the number of people in absolute poverty from 250 million to 15 million in less than 30 years. China has made free nine-year compulsory education universal in the country and particularly in the rural areas. We have put in place a new type of cooperative medical care system mainly financed by the government for 800 million farmers. We have set up the system of village and community self-governance for rural and urban residents and introduced government transparency, democratic oversight and direct election at the community level.
In the final analysis, all that we do in China now serves but one purpose -- to eradicate poverty and build on this basis to achieve modernization with prosperity, democracy, advanced culture and harmony.
China is a responsible, large developing country. Though not rich, it has honored its commitments to the Millennium Declaration and done what it can to help some least developed countries. By the end of June 2008, China had cancelled a total of 24.7 billion billion yuan of debts for 49 heavily indebted poor countries and least developed countries in Asia and Africa and provided 206.5 billion yuan in various forms of assistance, of which 90.8 billion yuan is free aid. China has provided zero-tariff treatment to the goods of 42 least developed countries. The number of covered tariff items ranges from 736 to 1,115, accounting for 98 percent of the export volume of least developed countries to China. China has trained 15,000 African professionals, sent medical teams and provided free anti-malaria medicine to Africa. China will continue to do so and will dispatch up to 100 senior agricultural experts to Africa and build 30 hospitals and 100 rural schools for Africa. To enhance Africa's capacity for independent development, China decided at the end of 2007 to provide 2.377 billion yuan of free aid and 700 million yuan of interest-free loans to Africa.
Statistics released by the World Bank last year showed that over the past 25 years, China accounted for 67 percent of the achievements in global poverty reduction. The vision set out in the U.N. Millennium Declaration is being gradually turned into reality in the vast country of China. This is also the most important international responsibility that the Chinese today should fulfill.
Nonetheless, we have to recognize that about one billion people in the world still live below the poverty line and hundreds of millions suffer from hunger. China is also under pressure in terms of population, resources and the environment, and it faces such challenges as uneven development between urban and rural areas and between different regions, imbalance between economic and social development and a large low-income group.
To attain the goals of the Millennium Declaration globally remains a long and uphill journey and the difficulties cannot be underestimated.
Ladies and Gentlemen:
Counting from today, we have only seven years to go before the end of 2015 to reach the goals in the Millennium Declaration of halving the proportion of people living on less than a dollar a day and the proportion of people who suffer from hunger, and no more than 12 years before the end of 2020 to significantly improve the lives of at least 100 million slum dwellers. The task is indeed an arduous one. I hope that, we, leaders present today, will join hands to shoulder greater responsibilities as statesmen and pay closer attention to and show more compassion for the poor regions and people in the world.
To this end, I wish to suggest the following:
-- It is important for governments to give top priority to development. Underdeveloped countries should make poverty eradication through development a central task, and developed countries should provide enabling conditions for the development of underdeveloped countries. Development is, first and foremost, economic development and educational, cultural and social development should also be high on the agenda.
-- It is important to give encouragement and support to all countries in taking development paths suited to their national conditions and exploring development models conducive to their national development and poverty eradiation efforts. Respect for the right of people of all countries to independently choose development paths and models should serve as a basis and precondition for democracy.
-- It is important to resolve regional conflicts and ethnic strife through peaceful means rather than by force. We should promote democracy in international relations and encourage all countries to have consultations on an equal footing, seek common ground while reserving differences, pursue win-win outcomes and live in harmony with each other.
-- It is important to step up international assistance. Developed countries in particular should assume the responsibility of helping underdeveloped countries. Assistance should be provided selflessly, with no conditions attached. It is particularly important to increase assistance for least developed countries and regions, with the focus on addressing hunger, medical care and schooling for children. I wish to propose that donor countries double their donations to the World Food Program in the next five years and that the international community do more to cancel or reduce debts owed by least developed countries and give zero-tariff treatment to their exports.
-- It is important to improve the working mechanisms for the development goals in the Millennium Declaration. It is necessary to coordinate the efforts of international organizations to jointly overcome the difficulties facing developing countries, including the immediate challenges of soaring oil and food prices, make plans, raise finance for assistance and implement the plans in real earnest.
To facilitate the attainment of the MDGs, China stands ready to take the following actions:
1. In the coming five years, China will double the number of agricultural technology demonstration centers we build for developing countries to 30, increase the number of agricultural experts and technicians we send overseas by 1,000 to double the original figure, and provide agricultural training opportunities in China for 3,000 people from developing countries.
2. China will contribute 30 million U.S. dollars to the U.N. Food and Agriculture Organization to establish a trust fund for projects and activities designed to help developing countries enhance agricultural productivity.
3. China will increase exports and aid to countries facing food shortages.
4. In the coming five years, China will give 10,000 more scholarships to developing countries and offer training programs exclusively for 1,500 principals and teachers from African countries. China will ensure that the 30 hospitals it builds for African countries are properly staffed and equipped and train 1,000 doctors, nurses and managers for the recipient countries.
5. China will cancel the outstanding interest-free loans extended to least developed countries that mature before the end of 2008 and give zero-tariff treatment to 95 percent of products from the relevant least developed countries.
6. In the coming five years, China will develop 100 small-scale clean energy projects for developing countries, including small hydropower, solar power and bio-gas projects.
Ladies and Gentlemen:
Four fifths of the world's population live in developing countries while only one fifth in developed countries. Everyone has the equal right to survival. But if developing countries remain in poverty, this will show that today's world is neither fair nor harmonious. Such a world will inevitably be an unstable one.
If we have those poor mothers and their hungry babies crying for food on our mind, then there is no difference that we cannot put aside and no obstacle that we cannot surmount. As long as governments have a strong sense of responsibility and mission, as long as people of all countries bring out the best of human sympathy and compassion, and as long as we unite to overcome difficulties, no matter where we come from and who we are, we will attain the MDGs.
I look forward to the day when the poor people no longer suffer from hunger and are all able to lead a frugal but comfortable life through their own hard work. I look forward to the day when all children can go to school and everyone enjoys proper medical care. I look forward to the day when we all live in a democratic and free society in which everyone has the opportunity and right to pursue happiness. I look forward to the day when on one is discriminated against for his or her skin color, race or belief and the family of mankind lives in greater harmony.
I believe that this is not just a day that I look forward to, but a day that everyone present here today looks forward to. Let us work towards the goals of the Millennium Declaration, so that the day will come, and will come early.
Source: Xinhua
Mr. President,Mr. Secretary-General,Ladies and gentlemen:
Eight years ago today, the United Nations solemnly adopted the Millennium Declaration, offering new hopes to the people living in poverty around the world.
China is the most populous country in the world. Since 1978, we in China have accelerated development mainly with our own efforts and through reform and opening-up. As a result, China has brought down the number of people in absolute poverty from 250 million to 15 million in less than 30 years. China has made free nine-year compulsory education universal in the country and particularly in the rural areas. We have put in place a new type of cooperative medical care system mainly financed by the government for 800 million farmers. We have set up the system of village and community self-governance for rural and urban residents and introduced government transparency, democratic oversight and direct election at the community level.
In the final analysis, all that we do in China now serves but one purpose -- to eradicate poverty and build on this basis to achieve modernization with prosperity, democracy, advanced culture and harmony.
China is a responsible, large developing country. Though not rich, it has honored its commitments to the Millennium Declaration and done what it can to help some least developed countries. By the end of June 2008, China had cancelled a total of 24.7 billion billion yuan of debts for 49 heavily indebted poor countries and least developed countries in Asia and Africa and provided 206.5 billion yuan in various forms of assistance, of which 90.8 billion yuan is free aid. China has provided zero-tariff treatment to the goods of 42 least developed countries. The number of covered tariff items ranges from 736 to 1,115, accounting for 98 percent of the export volume of least developed countries to China. China has trained 15,000 African professionals, sent medical teams and provided free anti-malaria medicine to Africa. China will continue to do so and will dispatch up to 100 senior agricultural experts to Africa and build 30 hospitals and 100 rural schools for Africa. To enhance Africa's capacity for independent development, China decided at the end of 2007 to provide 2.377 billion yuan of free aid and 700 million yuan of interest-free loans to Africa.
Statistics released by the World Bank last year showed that over the past 25 years, China accounted for 67 percent of the achievements in global poverty reduction. The vision set out in the U.N. Millennium Declaration is being gradually turned into reality in the vast country of China. This is also the most important international responsibility that the Chinese today should fulfill.
Nonetheless, we have to recognize that about one billion people in the world still live below the poverty line and hundreds of millions suffer from hunger. China is also under pressure in terms of population, resources and the environment, and it faces such challenges as uneven development between urban and rural areas and between different regions, imbalance between economic and social development and a large low-income group.
To attain the goals of the Millennium Declaration globally remains a long and uphill journey and the difficulties cannot be underestimated.
Ladies and Gentlemen:
Counting from today, we have only seven years to go before the end of 2015 to reach the goals in the Millennium Declaration of halving the proportion of people living on less than a dollar a day and the proportion of people who suffer from hunger, and no more than 12 years before the end of 2020 to significantly improve the lives of at least 100 million slum dwellers. The task is indeed an arduous one. I hope that, we, leaders present today, will join hands to shoulder greater responsibilities as statesmen and pay closer attention to and show more compassion for the poor regions and people in the world.
To this end, I wish to suggest the following:
-- It is important for governments to give top priority to development. Underdeveloped countries should make poverty eradication through development a central task, and developed countries should provide enabling conditions for the development of underdeveloped countries. Development is, first and foremost, economic development and educational, cultural and social development should also be high on the agenda.
-- It is important to give encouragement and support to all countries in taking development paths suited to their national conditions and exploring development models conducive to their national development and poverty eradiation efforts. Respect for the right of people of all countries to independently choose development paths and models should serve as a basis and precondition for democracy.
-- It is important to resolve regional conflicts and ethnic strife through peaceful means rather than by force. We should promote democracy in international relations and encourage all countries to have consultations on an equal footing, seek common ground while reserving differences, pursue win-win outcomes and live in harmony with each other.
-- It is important to step up international assistance. Developed countries in particular should assume the responsibility of helping underdeveloped countries. Assistance should be provided selflessly, with no conditions attached. It is particularly important to increase assistance for least developed countries and regions, with the focus on addressing hunger, medical care and schooling for children. I wish to propose that donor countries double their donations to the World Food Program in the next five years and that the international community do more to cancel or reduce debts owed by least developed countries and give zero-tariff treatment to their exports.
-- It is important to improve the working mechanisms for the development goals in the Millennium Declaration. It is necessary to coordinate the efforts of international organizations to jointly overcome the difficulties facing developing countries, including the immediate challenges of soaring oil and food prices, make plans, raise finance for assistance and implement the plans in real earnest.
To facilitate the attainment of the MDGs, China stands ready to take the following actions:
1. In the coming five years, China will double the number of agricultural technology demonstration centers we build for developing countries to 30, increase the number of agricultural experts and technicians we send overseas by 1,000 to double the original figure, and provide agricultural training opportunities in China for 3,000 people from developing countries.
2. China will contribute 30 million U.S. dollars to the U.N. Food and Agriculture Organization to establish a trust fund for projects and activities designed to help developing countries enhance agricultural productivity.
3. China will increase exports and aid to countries facing food shortages.
4. In the coming five years, China will give 10,000 more scholarships to developing countries and offer training programs exclusively for 1,500 principals and teachers from African countries. China will ensure that the 30 hospitals it builds for African countries are properly staffed and equipped and train 1,000 doctors, nurses and managers for the recipient countries.
5. China will cancel the outstanding interest-free loans extended to least developed countries that mature before the end of 2008 and give zero-tariff treatment to 95 percent of products from the relevant least developed countries.
6. In the coming five years, China will develop 100 small-scale clean energy projects for developing countries, including small hydropower, solar power and bio-gas projects.
Ladies and Gentlemen:
Four fifths of the world's population live in developing countries while only one fifth in developed countries. Everyone has the equal right to survival. But if developing countries remain in poverty, this will show that today's world is neither fair nor harmonious. Such a world will inevitably be an unstable one.
If we have those poor mothers and their hungry babies crying for food on our mind, then there is no difference that we cannot put aside and no obstacle that we cannot surmount. As long as governments have a strong sense of responsibility and mission, as long as people of all countries bring out the best of human sympathy and compassion, and as long as we unite to overcome difficulties, no matter where we come from and who we are, we will attain the MDGs.
I look forward to the day when the poor people no longer suffer from hunger and are all able to lead a frugal but comfortable life through their own hard work. I look forward to the day when all children can go to school and everyone enjoys proper medical care. I look forward to the day when we all live in a democratic and free society in which everyone has the opportunity and right to pursue happiness. I look forward to the day when on one is discriminated against for his or her skin color, race or belief and the family of mankind lives in greater harmony.
I believe that this is not just a day that I look forward to, but a day that everyone present here today looks forward to. Let us work towards the goals of the Millennium Declaration, so that the day will come, and will come early.
Source: Xinhua
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