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. China Urges Stable International Environment For Energy Security

Chinese Finance Minister Jin Renqing (L) speaks as Zhou Xiaochuan (R), the Governor of the People's Bank of China listens to him at the opening ceremony of the 17th Session of the Sino-US Joint Economic Committee in Xianghe, in Hebei province,16 October 2005. Top US and Chinese economic leaders were to launch annual talks with Washington agitating for sweeping changes to China's heavily controlled economy and financial markets. Photo courtesy of Liu Jin and AFP.
by Staff Writers
Singapore (XNA) Sep 18, 2006
Governor of the People's Bank of China Zhou Xiaochuan Sunday called on all sides involved to strengthen negotiation to promote the resolution of international and regional disputes, and create a stable international environment to ensure energy security.

Speaking at the 14th meeting of International Monetary and Financial Committee of the Board of Governors of IMF held here Sunday, Zhou said that the global economy is expected to remain robust growth in 2007, but there are downside risks, including the high oil and raw material prices, high pressure of inflation.

Besides, he said that protectionism has emerged again in some areas and trade disputes have extended from commodity trade to the sector of service trade and investment.

Zhou called for all countries involved to take their responsibilities to facilitate an early resumption of the negotiations with stronger political will.

In his speech, he also urged developed countries to pace up their aid to low-income countries, and bring their official development aid to poor countries to 0.7 percent of their GNP, as set by the United Nations, as soon as possible.

He noted that China will continue to provide assistance to other low-income developing countries commensurate with its capacity in the framework of South-South cooperation.

Zhou also introduced China's economic situation in his speech, saying that China maintained a stable and rapid economic growth, while admitting some problems, such as unreasonable structure, and high environment and labor pressure.

To control the overheating of investment, Chinese government has adopted a series of measures on land use and credit control. The central bank has raised the benchmark interest rates and deposit reserve ratio twice on the run, said Zhou.

Source: Xinhua News Agency

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Russian Prime Minister Mikhail Fradkov said Thursday the government forecast investment in the country's power industry at $80 billion in the near term as a result of an ongoing reform in the sector. "The ongoing reform in the power sector allows us to attract $80 billion in the near term. The government is ready for co-financing in some projects," he said, adding that the government sought building new power stations and infrastructure.

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