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Directory Of Year 2006, Issue 12
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Snapshot

Year:2006 Issue:12

Column: ECONOMY

Author:

Release Date:2006-12-01

Page: 4,5

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The 6th Plenary Session of the 16th Central Committee of the Communist Party of China was held on October 8-11. Those present included state leaders Hu Jintao, Wu Bangguo, Wen Jiabao, Jia Qjnglin, Zeng Qinghong, Huang Ju, Wu Guanzheng, Li Changchun, and Luo Gan.
by Li Xueren/Xinhua

The 6th Plenary Session of the 16th Central Committee of the Communist Party of China was held on October 8-11. Those present included state leaders Hu Jintao, Wu Bangguo, Wen Jiabao, Jia Qjnglin, Zeng Qinghong, Huang Ju, Wu Guanzheng, Li Changchun, and Luo Gan. by Li Xueren/Xinhua

Key Words

Striving for Harmony

On October 8 China officially adopted the Resolution on Major Issues Regarding the Building of a Harmonious Socialist Society. Ambitious multiple goals are to promote public welfare, establish a fair and just society and achieve sustainable development of the economy and society as a whole. This goes beyond what China has already achieved, enabling 1.3 billion citizens to meet their basic needs of life while maintaining an expanding economy.

Sino-African Cooperation

On the occasion of the 50th anniversary of diplomatic relations between China and Egypt, the first African country to inaugurate such a tie with China, the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) and its third Ministerial Conference were held on November 3-5. This was the highest-level and the largest-scale meeting between Chinese and African leaders since the forum was jointly established by China and African countries in 2000. During the summit, a high-level dialogue and exchange of ideas was carried out between leaders and business people, and the 2nd China-Africa Entrepreneur Conference also took place.

Focusing on the theme of friendship, peace, cooperation and development, Chinese and African leaders reviewed developments and achievements resulting from ongoing China-Africa cooperation. Their aim was to ensure the development of a strategic partnership, blueprint the two sides' pragmatic cooperation for the future, and exchange views on important international affairs. China's representatives proposed concepts and initiatives intended to strengthen Sino-African relations, and offered specific suggestions on how to encourage greater development in African nations.


New construction in Shaoyang City, Hunan Province.
IC

New construction in Shaoyang City, Hunan Province. IC

Sound

Combating Terror with Rationai Sanctions

The first meeting of the Global Initiative to Combat Nuclear Terrorism opened in the Moroccan capital of Rabat on October 30. The director of the Department of Arms Control of the Ministry of Foreign Affairs of China stated that the international community should move to more effectively put in place measures to prevent and combat nuclear terrorism. China resists terrorism in all forms and manifestations and representatives suggested that prudence should be exercised in the imposition of economic and financial sanctions. If imposed, such sanctions should strictly conform to international law and regulations of the nation concerned to prevent normal financial activities from being hindered, and the scope of sanctions should not be broadened indiscriminately.

Macro Controls for Sustainable Expansion

During a recent press conference held by the State Council Information Office, the spokesman of the National Bureau of Statistics revealed that the GDP of China in the first three quarters of this year was 14.15 trillion yuan, a year-on-year increase of 10.7 percent, and in September investment in urban areas expanded by 23.6 percent.

The spokesman also reported that commencing this year, the Chinese government began to implement a series of macro control policies to cool down the nation's hyper-fast economic growth. The growth of partial economic indexes slowed since the third quarter, and a more optimal situation was realized.

Numbers

Ranked Third

The World Investment Report 2006 issued by the United Nations Conference on Trade and Development reveals that China absorbed foreign capital of $72.4 billion in 2005, ranking third after Great Britain and the US. The pace of expansion is on a par with 2004, with $61 billion foreign direct investment.

The report also put a spotlight on China's multinational corporations. By the end of June 2006, more than 9,900 overseas Chinese enterprises were established in 170 nations around the world.

Third Largest Trade Partner of Africa

Trade between China and African nations is expected to exceed $50 billion in 2006, a Ministry of Commerce official recently revealed. Sino-Africa trade has been steadily gaining momentum in recent years, and China has surpassed Great Britain to become the third largest trading partner with Africa, after France and the US. Today China maintains commercial relationship with more than 50 countries and regions on the African continent. In 2005, China and African bilateral trade totalled $39.74 billion, 10 times that of 1995, and up 35 percent from just a year earlier.

22.5 Percent

Beijing Summit on Facilitating Project Contracting and International Engineering Contracting announced that the average annual growth rate of China's construction industry averaged 22.5 percent from 2001 to 2005. In 2005, national construction industry turnover exceeded 3,455 billion yuan, an increase of 19.1 percent over the same period of the prior year. Final payment upon the full completion projects reached about 2,207 billion yuan, up 8.9 percent from the same period of the previous year.

An ever-increasing number of overseas construction projects are being launched, and the total volume of new contracts now stands at about $40 billion in just the nine months from January to September of 2006.

Policy Express

Anti-Money Laundering Law

The 24th Meeting of the Standing Committee of the 10th National People's Congress (NPC) made formal the Anti-Money Laundering Law. The law entitles agencies of administrative departments which are legally required to fight against money laundering to have the right of supervision as well as inspection. New measures are intended to enable departments to fully perform their duties. The law offers a legal basis for checking the resource and flow of suspicious money, taking proper measures to prevent transactions of questionable funds, and stopping suspect funds from flowing out of the country.


The Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) and its third Ministerial Conference were held on November 3-5.
IC

The Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) and its third Ministerial Conference were held on November 3-5. IC

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