News & Reports 2011-12-03

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In This Edition

 

Chinese vice¹ foreign minister says China cannot use its foreign exchange reserves of 3.2 trillion U.S. dollars to rescue European countries.

 

Negotiations² on setting up the Green Climate Fund encounter a setback³ at the ongoing⁴ Durban climate conference.

 

The leaders of France and Germany are pushing for fundamental changes to the European treaty governing the currency shared by 17 nations.

 

And tourism industry leaders from Europe unveil a new web portal VisitEurope.com in Beijing, as a part of a European Travel Commission promotion⁵ "Travel Destination Europe."

 

 

Hot Issue Reports

 

China can not rescue other countries with its foreign reserves: senior diplomat⁶

A senior Chinese diplomat says China cannot use its foreign exchange reserves of 3.2 trillion U.S. dollars to rescue European countries.

 

Vice Foreign Minister Fu Ying made the remarks at a Lan-ting forum⁷ held by the Ministry⁸ of Foreign Affairs in Beijing.

 

"I say the idea that China should save Europe does not stand, as reserves are not managed that way. But China has never been absent from any international efforts to help Europe. We have always been an active participant and a healthy participant too."

 

Fu adds that since the outbreak of the European financial crisis, China has dispatched more than 30 procurement⁹ delegations¹¹ to Europe, leading to the country's growing imports from the continent.

 

Fu has also urged Europe to depoliticize Chinese investments.

 

"So we maintain that Europe should depoliticize Chinese investment. Our overseas investments will continue to increase in the future. Just as I mentioned before, the trend of Chinese foreign investments is climbing. Everyone should take on a welcoming and helping¹² attitude towards Chinese foreign investments."

 

She stresses that the way the foreign reserves are managed should be in line with the principles of "safety, liquidity¹³ and proper profitability."

 

She says China's purchases of European bonds, International Monetary¹⁴ Fund bonds and U.S. bonds are also based on those principles.

 

 

Expectations low on Durban Climate Conference

Global climate discussions have started in Durban, South Africa to find a successor to the Kyoto Protocol¹⁵. But the road to consensus¹⁶ appears to be bumpy¹⁷.

 

Shuangfeng has the story.

 

At the ongoing Durban climate talks, negotiations on setting up the Green Climate Fund have encountered a setback, after the United States rejected a proposal to raise 100-billion U.S. dollars for poor countries to develop low-carbon economies.

 

Meanwhile, the heads of 16 major non-governmental organizations have distributed a letter to Secretary of State Hillary Clinton to change the U.S. stance on climate change and not to block UN talks.

 

Developed countries like Canada and Japan are planning to withdraw from the Kyoto Protocol. Su Wei, deputy head of the Chinese delegation¹⁰ to the Durban conference and the country's chief negotiator on climate change, says the behavior and attitudes of such countries are "irresponsible."

 

"Under current circumstances, we don't have measures to force the developed countries to be legally binding¹⁸. We hope they can fulfill¹⁹ their international obligations and observe their commitment with an active and meaningful approach."

Su says China, along with Brazil, India, and the host South Africa, have issued a joint²⁰ statement representing all developing countries to safeguard their interests.

 

Apart from talks on reducing climate change, delegates have also discussed ways of adapting to a warmer world.

Xu Yinlong is an expert on climate change at the Chinese Academy of Agricultural Science.

 

"China has taken action in adapting to and slowing down climate change. But I think China needs to intensify²¹ those efforts. For example, we need to use money more effectively. At the same time, we also need to cooperate with other countries in this field."

 

Emanuele Cuccillato is a project manager for Adapting to Climate Change in China, a co-initiative of China, the UK and Switzerland. He says China has taken climate change seriously.

 

"This is the first time that adaptation is featured in Five-Year Plan, so there are clear signals that this is a growing concern. There is also a lot of research that is being done on this topic."

 

High-level negotiations are scheduled next week in Durban, but the UN has warned that a groundbreaking and comprehensive global agreement on carbon emission²² reductions will probably not be achieved this time.

 

BRICS forum opens in S. China to promote city-to-city ties

The world's five major emerging economies have sought to deepen their cooperation at a forum in Southern China's coastal²³ resort of Sanya.

 

The BRICS Friendship Cities and Local Governments Cooperation Forum aims to boost local-level cooperation among Brazil, Russia, India, China and South Africa.

 

Panel discussions will be held to talk over issues like food safety, eco-friendly urban development, financial crisis and energy strategies.

 

Li Xiao-lin is chairwoman of the Chinese People's Association for Friendship with Foreign Countries.

 

"The forum provides a good platform for cities and local governments from BRICS countries to communicate with each other and work together to meet common challenges. We will use this platform to deepen our cooperation in a wide range of sectors²⁴, including finance, technology, agriculture, and environmental protection. "

 

The decision to hold the forum was announced at the BRICS summit in April this year, when leaders of the five nations jointly²⁵ issued a declaration to seek shared prosperity.

 

Trade among BRICS nations witnessed strong growth over the past decade with an annual rate of 28 percent.

 

The five economies outperformed developed ones during the global financial crisis. Last year, their combined gross domestic product accounted for 18 percent of the global GDP.

 

 

France and Germany to push for EU treaty change

French President Nicolas Sarkozy says the leaders of France and Germany will meet next week to push for fundamental changes to the European treaty governing the currency shared by 17 nations.

 

"I will welcome Chancellor²⁶ Angela Merkel in Paris on Monday and together we will come out with Franco-German proposals to guarantee the future of Europe. If we have to rethink Europe, we have to re-establish it. It's urgent."

 

Changes in the treaty will have to be approved by all 27 EU members, 10 of whom do not use the euro currency.

 

Sarkozy says the process of reforming the treaty "will be long and difficult" but is necessary to protect Europe's place in the world

Speculation²⁷ is mounting that EU leaders will align²⁸ their spending policies more closely to bring government debt levels under control in the future.

 

Sarkozy is widely expected to seek a second mandate²⁹ during France's April and May presidential election. However, he has brushed aside the balloting³⁰, saying he must focus on the dire³¹ financial situation.

 

Merkel says Europe strives to create fiscal³² union

German Chancellor Angela Merkel says European countries are striving to create a fiscal union in fighting the eurozone debt crisis.

 

In a keynote speech to the parliament, Merkel says a fiscal union should be launched for the eurozone by seeking limited changes to the European Union treaty.

 

"We are going to Brussels with the goal, and I want to emphasize this, to bring about treaty changes, and in the spirit that we want to avoid creating a wedge between Euro countries and non-Euro countries.

 

She says the future of the euro is inseparable from European unity³³ and Germany is on the right path to creating a strong Germany within a strong Europe.

 

"The government has always made it clear that the European crisis cannot be solved in one fell swoop³⁴, overnight. There is no such solution here. There are no easy and fast solutions. The resolution of the euro crisis is a process. And this process will take years."

 

Merkel also reiterates³⁵ Germany's rejection³⁶ to euro bonds and stresses that the independence of the European Central Bank should be maintained.

 

Brazil is ready to support IMF: Finance Minister

Brazilian Finance Minister Guido Mantega has revealed that his country is willing to offer additional resources to the International Monetary Fund.

 

Mantega has made the pledge following a meeting with visiting IMF Managing Director Christine Lagarde.

 

"Brazil is willing to collaborate³⁷ with additional resources through bilateral³⁸ credit deals with the IMF. No amount has been defined."

 

For her part, Lagarde says she wants to see all the G20 countries step up to help support Europe in its time of need.

 

"It is important to keep in mind the commitment made by the G20 leaders, including Brazil, that if circumstances require, the G20 will commit the resources necessary for the IMF to play this systemic growth."

 

Lagarde has also visited Mexico this week, where central bank Governor Agustin Carstens told her that Mexico will do its part to ensure a stronger IMF.

 

More access to travel information in Europe

Tourism industry leaders from Europe have unveiled a new web portal VisitEurope.com in Beijing, which is a part of a European Travel Commission promotion called "Travel Destination Europe."

 

The website aims to provide more travel information about Europe to prospective³⁹ Chinese travelers.

 

More efforts to push employment for the disabled

The China Disabled Persons' Federation⁴⁰ says the country will ramp⁴¹ up its push for the employment of disabled people ahead of the International Day for People with Disabilities, which falls on Saturday, December 3rd.

 

Xie Hong-de, an official with the Federation, says about 20 million of China's 83 million disabled are either employed or making a living through various forms of self-employment. Since 2006, the country has set aside 5.7 billion yuan, or 800 million U.S. dollars, in a special fund to ensure career training and employment opportunities for the disabled.

Xie says China will encourage disabled people to start their own businesses.

 

"For those who are willing to start their own businesses and attend relevant training courses, the government will give them subsidies⁴². They will also enjoy preferential policies in sales tax, urban maintenance and construction tax, income tax, as well as in getting loans."

 

Government data indicate the number of disabled people running their own business has increased to 2 million from 100,000 over the past three decades.

 

Robot show

Imagine a world where robots will look after you, clean your house, and tend to your every need 24 hours a day. Well, science-fiction has become reality in the latest exhibition at London's Science Museum, bringing together 20 state-of-the-art humanoid robots from around the world.

 

AP

 

Chefs in Shanghai have teamed up to bake a record breaking Christmas cake. Apparently⁴³ a one-kilometre long cake that's 1,068 metre's has got into the Guiness Book of World Records after being made at a charity event to raise funds for children with cancer. The world's longest ever Christmas cake is a vanilla⁴⁴ flavoured log with a bitter chocolate frosting, it was created by 80 cooks from the five star Pudong Shangri-la Hotel. Its being reported that preparation took several days and the final set up involved 150 staff members working for 24 hours straight.The cake was sliced immediately and sold to the public for 2 yuan per piece. Proceeds will be used to support the medical needs of four children undergoing chemotherapy treatment in Shanghai.

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