BEIJING, Oct. 14 (Xinhua) -- China on Tuesday reaffirmed its resolve to keep its economy on track amid the global financial turmoil.

    In a meeting with visiting U.S. Senator Chuck Hagel, Vice Premier Wang Qishan said the financial crisis, triggered by the U.S. credit crunch, had exerted a grave impact on the global financial market.

Chinese Vice Premier Wang Qishan(R) shakes hands with visiting U.S. Senator Chuck Hagel in Beijing, capital of China, Oct. 14, 2008. (Xinhua Photo) Photo Gallery>>>

    "As a responsible country, China has always valued the communication and cooperation with other nations to ensure world financial and economic stability."

    Wang said China would make great efforts to keep its economy on the right track, which would be the country's greatest contribution to the world.

    China had implemented and would continue measures to ensure the stability of finance, economy and the capital market, he said, referring to a package of new policies to spur economic growth.

    The central bank cut interest rates on Sept. 15 for the first time in six years.

    The People's Bank of China, the central bank, announced the deposit and lending rates would be lowered by 0.27 percentage points and the reserve-requirement ratio would be reduced 0.5 percentage points starting Oct. 15.

    "With tools at our disposal, we are confident and capable of prevailing over the overall difficulties and challenges," Wang told Hagel.

    He added the overall bilateral relations of the two countries had moved forward and become increasingly interdependent since forging diplomatic ties in 1979.

    To promote China-U.S. ties was in the fundamental interests of the two nations, he said.

    Wang proposed the two deepen a strategic trust and take a candid and pragmatic approach in addressing differences. They should work more closely on economy, trade, investment, energy, environment and high-tech.

    He also urged the United States to observe the three joint communiques, refrain from anything harmful to bilateral ties and the stability of the Taiwan Straits, so as to ensure the sound and steady progress of bilateral constructive cooperation.

    As all nations were becoming more connected, Hagel, a Republican senator from Nebraska, said the stronger cooperation between the United States and China would help ensure world financial and economic stability.

Consultants: China economy to remain strong amid global financial turmoil

    BEIJING, Oct. 14 (Xinhua) -- China will keep reasonably robust economic growth despite the ongoing international economic recession, according to Merrill Lynch analysts here on Tuesday.

    "As part of the world economy, China certainly would be affected by the current financial crisis," said Liu Erfei, the company's managing director. "We expect the country's economy to slow down from its (current) double-digit growth to an 8 or 9 percent (annual GDP) increase, still relatively rapid." Full story

China forex reserves exceed 1.9 trillion U.S. dollars

    BEIJING, Oct. 14 (Xinhua) -- China's central bank reported on Tuesday the country's foreign exchange reserves surged to 1.9056 trillion U.S. dollars through September.

    The figure was up 32.92 percent from the same period last year, the People's Bank of China said in a report published on its website. Full story

China central bank cuts interest rate, reserve requirement to stimulate economy

    BEIJING, Oct. 8 (Xinhua) -- China's central bank on Wednesday announced cuts in both the interest rate and reserve-requirement ratio in the latest effort to boost the domestic economy amid worries over the deepening global financial crisis.

    The deposit and lending rates would be lowered by 0.27 percentage points from Thursday and the reserve-requirement ratio would be down by 0.5 percentage points from Oct. 15, the People's Bank of China (PBOC) said. Full story

China balances growth and inflation

    BEIJING, Oct.2 (Xinhua) -- Seeing fully loaded trucks drive steadily away from the warehouse, Cheng Yongchang uttered a long sigh of relief. Despite dripping with sweat from the hot weather, the general manager of a South China toy producer would frequently feel waves of chills from a "winter of foreign trade."  Full story