China Chairman Hu: China confident of hosting good Olympic Games

President Hu Jintao said in Sanya on Thursday that China was confident and capable of hosting a good Olympic Games.

He made the remarks in his meeting with Sri Lankan President Mahinda Rajapakse in the southern island province.

The Beijing Olympic Games meets the aspiration of the Chinese people for the past 100 years and is also the common expectation of people worldwide, he said.

With support from people around the world, China was confident to and capable of phasing out all interference and host a successful Olympic Games.

Any attempt to undermine the August Games was doomed to fail, Rajapakse said, adding Sri Lanka wholeheartedly wished the Beijing Olympiad success.

Sri Lanka firmly adhered to the one-China policy and resolutely supported the policy of the Chinese government on the Taiwan and Tibet issues, he said.

Hu recalled his meeting with Rajapakse in February last year, in which the two leaders reached a broad consensus on facilitating Sino-Sri Lanka ties.

"Over the past year, much of the consensus has been seriously implemented," Hu said, adding the activities commemorating the 50th anniversary of China-Sri Lanka diplomatic ties and the Year of China-Sri Lanka Friendship had achieved great success.

Appraising the rapid bilateral trade growth, Hu said the large-scale cooperative programs in energy, ports and other fields had moved ahead smoothly and the two countries' cultural and sport exchanges were quite fruitful. China was satisfied with the status quo of China-Sri Lanka relations, he added.

Both countries were at a crucial stage of economic development, Hu said, adding to cement bilateral trade cooperation meets the fundamental interests of the two peoples and helps the economic and social development.

"We are ready to join hands with Sri Lanka to step up mutual-beneficial cooperation in various areas in a bid to benefit our peoples."

Rajapakse expressed appreciation for China's support for his country's economic and social development, stressing Sri Lanka was willing to further expand the win-win cooperation with China.

Hearing about Sri Lanka's domestic situation from Rajapakse, Hu said China hoped to see the country achieve peace, stability and prosperity at an early date.

Concerning the 15th summit of the South Asian Association for Regional Cooperation (SAARC) to be held in Sri Lanka later this year, Hu said China would send a high-profile delegation. He believed the summit would achieve full success and expected Sri Lanka to play an important role in cementing the China-SAARC cooperation.

Rajapakse voiced his support for China's role in international and regional organizations.

He was here to attend the annual meeting of the Boao Forum for Asia, scheduled to open on Saturday in Boao, Hainan Province.

One USD trades less than 7 yuan

The strengthening of China's currency, yuan, has made an epoch mark on Thursday, as the yuan against the US dollar exchange rate officially broke the 7:1 threshold.

The People's Bank of China, the central bank, set the medium parity trading rate of the yuan against the greenback at 6.9920:1, the first time the rate surpassed the 7:1 benchmark, since China's central government phased out its old exchange regime in July 2005.

The ever-rising value of the yuan against the dollar is a reflection of the world monetary markets, analysts said. Since the beginning of the year, the value of both euro and Japanese yen has gained 8.5 per cent against the US dollar on the New York market, as the US Federal Reserve reduced major interest rates several times to prevent the world's largest economy from slipping into a recession.

Chinese economists say another reason for the growing gain of the yuan against the dollar is Chinese central bankers are seriously worried about the domestic inflation, which rose to an 11-year-high of 8.7 per cent in February. China's statistics authorities are expected to announce the inflation number for March next week. Many estimated it to hover above 7 per cent.

China abolished a fixed yuan exchange rate pegging the US dollar in July 2005.

Since then, the yuan's value has been determined by the market performance of a basket of major foreign currencies, including the dollar, the euro, the Japanese yen and Korean won.

The recent quickening appreciation of the yuan seemingly underscores the Chinese government's determination to rein in domestic prices rises, which has triggered rising complaints from the public. Some said that Beijing has resorted to two-pronged approaches to fight inflation: rapid yuan revaluation and rein-in of liquidity on the money market.

US Secretary of Treasury, Henry Paulson, told chinadaily.com.cn in an interview last week in Beijing that the Bush administration has taken notice of the rapid rise of the yuan value, a step that has helped facilitate US exports to China, one of the world's major growing consumption markets.

And, quite a few Chinese economists and policy-makers believe that a stronger yuan will also help reduce China's massive trade surplus, and mop up excessive liquidity on the market.

Others say that the latest acceleration in the rise of the yuan might be the beginning of the country's efforts to narrow the trade imbalance while better meeting domestic consumption with more imports. However, others have cautioned that too precipitous rise of the yuan could pose a grave challenge to China’s exports and does not bode well for the job market.

The yuan has gained 4.5 per cent against the greenback since the beginning of 2008. The yuan advanced 7 percent against the greenback in 2007, twice as fast as in 2006.

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China Job Offer - Shanghai Accountant

Accountant (Luwan District)

Posted on: Thursday, 27 March, 2008
Updated On: Thursday, 27 March, 2008
Expires On: Monday, 26 May, 2008
Reply to: awang@categoryof1interiors.com

Job Description
Category of 1 Interiors, a foreign invested leading interior design & décor services provider and home furnishings retail store in Shanghai, is looking for an Accountant that is energized, self-motivated, and prepared to work in a fast-paced and growing retail environment.
Requirements
-Strong time management and organizational skills
-Strong MS Office and ERP computer skills.
-Effective interpersonal communication skills
-Analytical & problem solving skills
-Bachelor’s Degree in Finance and Accounting
-Speak and write English
-More than 2 years experience in accounting in manufacturing or service operations
Primary Responsibilities
-Assist with the creation of interior design/décor client project cost estimates
-Maintain the Legers in computer system and detailed supporting schedules in Excel
-Perform inventory control, participate in inventory cycle count and follow up on variances
-Prepare inventory turns report monthly
-Control warehouse transactions in computer system; review all warehouse transactions for errors.
-Prepare policies and procedures to safeguard and track company assets, company interests, ensure compliance with internal controls.
-Ensure compliance with accounting, taxation and customs law and regulatory requirements.
-Accounting for all AP related invoices, vendor charge-backs, received but not invoiced, purchase price variance, monthly vendor account reconciliation. Three-way match and generate AP transaction in system. -Monitor and improve supplier payment terms
-Retail selling price computation, prepare and maintain all audit trails and working papers.
-Play active role in implementing Microsoft Axapta ERP computer system
-Participate in overhead and general expense analysis, budgetary control. Enforce budgets and investigate variances between budget and actual results, make recommendations for improvements.
-Perform tax accounting and tax filing per regulation and ensure full compliance. Perform local government fees and reporting. Perform Statistic Report for government.
-Prepare for business license and tax annual inspections and renewals.
-Prepare for Company income tax annual inspection and reporting. Prepare monthly VAT declaration.
-Maintain daily cash and bank detailed ledger. Manage petty cash per expense reimbursement per Company policy.
-Set up internal control by writing and enforcing standard operating procedures (SOP’s), ensure SOPs are understood and followed by all relevant functional departments.
-Maintain the Accounting Policy of the company and the Chart of Accounts and Units. Ensure adherence to the Company’s accounting policies, compliance with PRC accounting standards and tax requirements.
-Handle all inquiries from government and regular filing and submissions to government.
-Perform regular audit of the physical inventory, fixed assets and petty cash.
-Liaise with external auditors and ensure no irregularities or improper payments or non-compliance issues.
-Scrutinize purchasing department pricing and delivery and correct chargeback to vendors; ensure accurate Accounts Payable.

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HongKong Langham Place Hotel Position: