Chinese Premier Wen Jiabao yesterday warned other countries that pressuring China on currency policy amounts to protectionism and insisted that the renminbi was not undervalued. Mr Wen said China would continue to reform its currency system. But he pushed back strongly against international pressure on the level of the exchange rate, which is becoming a major flashpoint in relations with the US.Speaking at the end of the National People's Congress, Mr Wen added that China was still "very concerned" about the safety of its US dollar investments. "The Chinese currency is not undervalued," Mr Wen said during his annual press conference at the closing of the annual meeting of the Chinese legislature."We oppose all countries engaging in mutual finger-pointing or taking strong measures to force other nations to appreciate their currencies."Mr Wen said he understood that countries wanted to increase exports but said they should not resort to what he described as protectionism."What I don't understand is depreciating one's own currency, and attempting to pressure others to appreciate, for the purpose of increasing exports. In my view, that is protectionism," Mr Wen said.
Chinese Premier Wen Jiabao yesterday warned other countries that pressuring China on currency policy amounts to protectionism and insisted that the renminbi was not undervalued.
Mr Wen said China would continue to reform its currency system. But he pushed back strongly against international pressure on the level of the exchange rate, which is becoming a major flashpoint in relations with the US.
Speaking at the end of the National People's Congress, Mr Wen added that China was still "very concerned" about the safety of its US dollar investments.
"The Chinese currency is not undervalued," Mr Wen said during his annual press conference at the closing of the annual meeting of the Chinese legislature.
"We oppose all countries engaging in mutual finger-pointing or taking strong measures to force other nations to appreciate their currencies."
Mr Wen said he understood that countries wanted to increase exports but said they should not resort to what he described as protectionism.
"What I don't understand is depreciating one's own currency, and attempting to pressure others to appreciate, for the purpose of increasing exports. In my view, that is protectionism," Mr Wen said.
Wen Jiabao, Chinese premier, put tackling inflation at the top of the policy agenda on Sunday by linking rapid price rises with the survival of Communist party rule.Mr Wen insisted that inflation must be managed while maintaining rapid economic growth and carrying out state-led economic restructuring, a goal that he conceded would be "extremely difficult".Many Chinese officials and experts believe double-digit inflation was a leading cause of the public discontent that spilled over into student-led protests in the spring of 1989 and ended in a bloody military crackdown centered on Tiananmen Square. At the time, Mr Wen was a mid-ranking official in the central government."If there is inflation plus unfair income distribution and corruption, it will be strong enough to affect our social stability and even affect the stability of state power," Mr Wen said in his annual press conference at the close of the National People's Congress, China's rubber stamp parliament.
Wen Jiabao, Chinese premier, put tackling inflation at the top of the policy agenda on Sunday by linking rapid price rises with the survival of Communist party rule.
Mr Wen insisted that inflation must be managed while maintaining rapid economic growth and carrying out state-led economic restructuring, a goal that he conceded would be "extremely difficult".
Many Chinese officials and experts believe double-digit inflation was a leading cause of the public discontent that spilled over into student-led protests in the spring of 1989 and ended in a bloody military crackdown centered on Tiananmen Square. At the time, Mr Wen was a mid-ranking official in the central government.
"If there is inflation plus unfair income distribution and corruption, it will be strong enough to affect our social stability and even affect the stability of state power," Mr Wen said in his annual press conference at the close of the National People's Congress, China's rubber stamp parliament.
China's CNOOC has agreed to take a 50 per cent stake in Argentina's Bridas Group for $3.1bn in the latest example of Beijing's thirst for global energy assets.The deal, announced on Sunday through CNOOC's Hong Kong-listed unit, is the oil explorer's largest acquisition to date and marks its first foray into Latin America.Bridas is owned by the Bulgheroni family, which will retain a 50 per cent stake through a newly-created joint venture holding company alongside CNOOC.Bridas' prize asset is its 40 per cent stake in Pan American Energy, a joint venture with BP, which has coveted oil and gas exploration and production activities across Latin America.Pan American is Argentina's second-biggest producer of crude, behind the YPF, the Argentine unit of Spain's Repsol YPF, and was the country's largest exporter of oil in 2009.[...]Chinese companies are snapping up energy assets across the globe, with official backing, to help provide resources needed to feed the world's most rapidly growing big economy.
China's CNOOC has agreed to take a 50 per cent stake in Argentina's Bridas Group for $3.1bn in the latest example of Beijing's thirst for global energy assets.
The deal, announced on Sunday through CNOOC's Hong Kong-listed unit, is the oil explorer's largest acquisition to date and marks its first foray into Latin America.
Bridas is owned by the Bulgheroni family, which will retain a 50 per cent stake through a newly-created joint venture holding company alongside CNOOC.
Bridas' prize asset is its 40 per cent stake in Pan American Energy, a joint venture with BP, which has coveted oil and gas exploration and production activities across Latin America.
Pan American is Argentina's second-biggest producer of crude, behind the YPF, the Argentine unit of Spain's Repsol YPF, and was the country's largest exporter of oil in 2009.
[...]
Chinese companies are snapping up energy assets across the globe, with official backing, to help provide resources needed to feed the world's most rapidly growing big economy.
