Hu Proposes Way out

Global economies should adopt adequate stimulus measures and fight protectionism in a coordinated effort to lift the world out of recession, said Chinese President Hu Jintao in an interview with Xinhua News Agency before the start of the G20 Summit in London on April 1.

ON THE RAILS The Hefei-Wuhan passenger railway begins operating on April 1. Construction of the 356-km railway started in September 2005 and was completed in October 2008. The new line, along with the Hefei-Nanjing railway that opened last year, will provide the shortest link between central China and the east coastal region (LI JIAN)

Hu said he attached considerable significance to the summit in plotting a path to global economic recovery and rebuilding the rapidly deteriorating confidence.

Hu said stabilizing the shaky global financial system and resuming growth has become a daunting challenge for the international community. He highlighted a series of recuperative measures based on the following four points:

First, stabilize the global financial markets so that they can make contributions to the real economy, and boost the confidence of the people and enterprises.

Second, each country should put in place stimulus measures in line with their realities. It is also necessary to coordinate global economic policies to achieve the common goal of spurring growth and employment, and improving people's lives.

Third, efforts should be made to discourage protectionism in trade and investment that could strangle already withering global economies and emerging markets in particular.

Fourth, countries should push through adequate reforms for the international financial system to fend off a resurgence of the crisis.

With a handful of stimulus measures taking effect, China has the capacity and confidence to get its domestic economy back on the fast track and is willing to work with other countries to help the world economy recover, Hu said.

Maritime Pact Extended

China signed a protocol on March 31 with the EU to include Bulgaria and Romania into the China-EU maritime transport agreement.

The agreement, reached in 2002, has been a major framework under which China and the EU have implemented maritime transport cooperation. With the latest protocol, the agreement now covers all 27 EU member countries.

The agreement has contributed to China-EU bilateral trade that currently relies on waterways to transport 90 percent of its freight, said Li Shenglin, China's Minister of Transport, at the signing ceremony.

Grain Check

The government started a nationwide overhaul of its grain stocks on April 1, the first one since 2001, according to a report in China Daily.

The overhaul will last until the end of June and involve more than 100,000 personnel from a variety of departments.

This move was reportedly intended to get a clear account of the country's grain stocks amid fears that the severe drought earlier this year could pose a threat to the country's grain supplies.

Auto Acquisition

Geely Automobile Holding Ltd., a major private carmaker based in east coastal Zhejiang Province, recently announced a takeover of the world's second largest auto transmission producer, Drivetrain Systems International Pty Ltd. of Australia, according to a report by Xinhua News Agency. Details of the deal remain unclear.

This move is part of Geely's long-term strategy to make overseas acquisitions, said Li Shufu, Geely's Chairman, during the deal's signing ceremony.

Geely will further invest in research and development to maintain the competitive edge of the Australian auto transmission supplier, said Wang Ziliang, Vice Chairman of Geely.

Before the acquisition was announced, Drivetrain Systems International had teetered on the brink of bankruptcy after being hit by the global financial crisis, the report said.