Extracts.

DPRK Says Bush's Accusation 'Little Short of Declaring A War'.
 
The Democratic People's Republic of Korea (DPRK) Thursday slammed U.S.
President George W.Bush's accusation that the DPRK is part of "axis of
evil," saying it is "little short of declaring a war" against the DPRK.

The Democratic People's Republic of Korea  (DPRK) Thursday slammed U.S.
President George W.Bush's accusation that the DPRK is part of "axis of
evil," saying it is "little short of declaring a war" against the DPRK.

"This is, in fact, little short of declaring a war against the DPRK," said
the Foreign Ministry in a statement. "We cannot but take a serious view of
the dangerous remarks made by Bush from the outset of the year."

In the statement broadcast by the official news agency KCNA, Pyongyang
denounced Bush's State of the Union address delivered Tuesday for
groundlessly pulling up the DPRK over the development of weapons of mass
destruction and labeling it as one of "countries threatening the U.S. and
world peace" and "axis of evil."

Bush's remarks explicitly seek an ulterior political aim, the statement
noted. 

Since Bush came to power, U.S. friction with other countries has become
frequent and international relations have become more turbulent than ever
before, the statement said.

The statement attributed the current recession in the U.S., the terrorist
attacks on New York and Washington and the scandals plaguing the Bush
administration to the "unilateral and self-opinionated foreign policy,
political immaturity and moral leprosy" of the Bush administration.

It is unprecedented in the history of modern DPRK-U.S. relations that a U.S.
president in his policy speech made "undisguised" threatening remarks
against the DPRK, an independent and sovereign state, said the statement.

Bush's view clearly shows what a real aim the U.S. sought when it proposed
to resume talks with the DPRK recently and why the Bush administration ruled
out seeking a negotiated settlement of the nuclear and missile issues
created during the previous administration, said the statement.

The statement said the U.S. intention to stifle the DPRK by force of arms
makes the DPRK realize it is a far-sighted policy to equip itself with
powerful offensive and defensive means.

The DPRK is watching the moves of the U.S., which has pushed the situation
to the brink of war after throwing away even the mask of "dialogue" and
"negotiations," added the statement.

****

The Chinese FM Spokesman: China Disagrees with Bush Statements on 'Axis of
Evil'.
 
China Thursday expresses disagreement with the comments by US President
George W. Bush in his State of the Union speech which defined Iraq, Iran and
Democratic People's Republic of Korea (DPRK) as the "axis of evil".

China Thursday expresses disagreement with the comments by US President
George W. Bush in his State of the Union speech which defined Iraq, Iran and
Democratic People's Republic of Korea (DPRK) as the "axis of evil". (In
Detail) 

"The Chinese side is not in favor of using such terms in international
relations," foreign ministry spokesman Kong Quan said.

"We always advocate... the principle of equality of all countries when
dealing in state-to-state relations, otherwise it can only undermine the
atmosphere for seeking resolution and harm the maintenance of world peace
and stability," he said.
 
Kong also welcomed another part of Bush's speech which focused on
strengthening China-US cooperation.
 
"We believe that the exchanges of cooperation between our two countries is
in the interest of the two countries as well as for world peace and
stability," said Kong.

In his address to Congress Tuesday, Bush singled out Iran, Iraq and DPRK as
forming an "axis of evil", bluntly warning that they could soon become
targets in the US-led war on terrorism.


****


EU, Chinese Trade Chiefs Meet on Cooperation.

European Union (EU) Trade Commissioner Pascal Lamy and Chinese Minister of
Foreign Trade and Economic Cooperation Shi Guangsheng discussed the
promotion of bilateral trade relations here on Thursday morning at the 17th
session of the EU-China Joint Committee.


European Union (EU) Trade Commissioner Pascal Lamy and Chinese Minister of
Foreign Trade and Economic Cooperation Shi Guangsheng discussed the
promotion of bilateral trade relations here on Thursday morning at the 17th
session of the EU-China Joint Committee.
The meeting followed the successful and productive Fourth EU-China Summit,
which was held in Brussels last September, when an agreement was reached on
expanding EU-China dialogue on a wide range of issues of mutual interest.
The Joint Committee meeting serves EU-China relations in three aspects:
economy and trade, bilateral agreements and dialogues between the European
Commission and the Chinese government agencies, and the EU-China cooperation
program. 
The first Joint Committee meeting since China's accession to the World Trade
Organization (WTO) beginning Thursday will tackle all outstanding bilateral
trade issues. 
Lamy and Shi talked about how to support China's efforts to comply with its
WTO commitments. As the Doha Development Agenda was launched, their
discussion also focused on how best to cooperate in the context of the new
round, said the European Commission, the EU's executive body.




Jiang Zemin's Proposal on Reunification Marked in Beijing.
 
A forum was held Thursday to commemorate the 7th anniversary of the
introduction of the Eight-Point Proposals on Peaceful Reunification of the
Motherland, put forward by President Jiang Zemin.


A forum was held Thursday to commemorate the 7th anniversary of the
introduction of the Eight-Point Proposals on Peaceful Reunification of the
Motherland, put forward by President Jiang Zemin.
The forum was held by the Ministry of Foreign Trade and Economic Cooperation
(MOFTEC), the Ministry of Communications, theMinistry of Information
Industry, the General Administration of Civil Aviation of China, and the
State Post Bureau. 
Participants in the forum spoke highly of the historic and practical
significance of the eight-point proposal, holding that the proposals are
bound to affect Cross-Straits relations in the 21st century and benefit the
great cause of peaceful reunification.
They said they will continue to carry out the basic principle of "peaceful
reunification, and one country, two systems" and the eight-point proposition
for an early reunification of the motherland.
An Min, vice minister of MOFTEC presided over the forum and said that in the
past seven years, with joint-efforts by business people on both sides of the
straits, remarkable progress has been made in Cross-Straits economic and
trade cooperation. 
He said that his ministry will push forward Cross-Straits economic
cooperation, encourage Taiwan people to invest in the mainland and take part
in other economic activities, protect theirrights and promote Cross-Straits
economic cooperation together with Taiwan businessmen.
He also called for Taiwan authorities to cancel all absurd limits on
Cross-Straits economic cooperation.
Hong Shanxiang, vice minister of communications noted that withthe guidance
of the "eight-point proposition", his ministry had made great efforts to
push forward direct links in transportation.
Bao Peide, vice director of the General Administration of CivilAviation said
that they had held over 100 seminars with Taiwan aviation experts on direct
flights in the past seven years.
Tan Xiaowei, vice director of the State Post Bureau said that post
departments on the mainland has tried hard to maintain directpostal links.
He called for Taiwan authorities to open direct postal links to the
mainland. 
All forum participants called for earlier realization of three direct links
in trade, transportation and postal services across the Taiwan Straits.


****

Trade Ties With EU Positive:Shi Guangsheng.
 
Chinese foreign trade minister Shi Guangsheng said on Thursday in Brussels
that trade and economic relations between China and the European Union (EU)
have developed smoothly with good prospects and there are potentials for
more EU-China cooperation in the future.

Chinese foreign trade minister Shi Guangsheng said on Thursday in Brussels
that trade and economic relations between China and the European Union (EU)
have developed smoothly with good prospects and there are potentials for
more EU-China cooperation in the future.
In 2001, EU-China bilateral trade totaled 77.6 billion U.S. dollars in value
despite negative situation in the world economy, the Chinese minister told a
joint press conference after meeting with EU Trade Commissioner Pascal Lamy
at a regular meeting of the EU-China Joint Committee on trade and economy.

EU investment increasing
 European investment in China increased by 4 billion U.S. dollars in 2001 to
reach 30 billion U.S. dollars in total investment by EU countries, Shi said,
adding that further EU investment will promote bilateral trade ties.
Shi told reporters that he and Lamy discussed at the meeting a range of
bilateral trade issues of common concern and both sides were trying to find
better solutions to settling trade disputes in the future.
"The meeting was constructive and will be conducive for both sides to
pushing forward bilateral trade development," he said.

More dialogue needed
 Talking about their meeting, Lamy said the two sides reached consensus on
many trade issues, including customs procedures and competition.
And both sides believe the EU-China trade relations need more dialogue, Lamy
said, adding that his meeting with the Chinese trade minister was positive.
At the EU headquarters in Brussels, European Commission President Romano
Prodi met with Shi Thursday afternoon and they talked about bilateral
relations between the 15-nation bloc and China.
Shi, who is leading a Chinese delegation of trade officials and experts,
arrived here Tuesday for meetings between EU and Chinese trade officials.

Backgrounder: EU, Chinese trade chiefs meet on cooperation
European Union (EU) Trade Commissioner Pascal Lamy and Chinese Minister of
Foreign Trade and Economic Cooperation Shi Guangsheng discussed the
promotion of bilateral trade relations here on Thursday morning at the 17th
session of the EU-China Joint Committee.
The meeting followed the successful and productive Fourth EU-China Summit,
which was held in Brussels last September, when an agreement was reached on
expanding EU-China dialogue on a wide range of issues of mutual interest.
The Joint Committee meeting serves EU-China relations in three aspects:
economy and trade, bilateral agreements and dialogues between the European
Commission and the Chinese government agencies, and the EU-China cooperation
program. 
The first Joint Committee meeting since China's accession to the World Trade
Organization (WTO) beginning Thursday will tackle all outstanding bilateral
trade issues. 
Lamy and Shi talked about how to support China's efforts to comply with its
WTO commitments. As the Doha Development Agenda was launched, their
discussion also focused on how best to cooperate in the context of the new
round, said the European Commission, the EU's executive body.


****

China, Zambia Sign Construction Agreement.

China and Zambia Wednesday signed an 8.4 million U.S. dollar agreement for
the interior decorations of the Zambian government official complex.

China and Zambia Wednesday signed an 8.4 million U.S. dollar agreement for
the interior decorations of the Zambian government official complex.
Shanghai Construction Group delegation leader Tang Jun endorsed his
signature on behalf of the Chinese side, and Permanent Secretary of the
Zambian Works and Supply Ministry Gerald Nyirenda signed on behalf of the
Zambian government 
Speaking before the signing ceremony in Lusaka, Zambian Minister of Works
and Supply Ludwig Sondashi said that the agreement will go a long way in
alleviating the persistent problem of office accommodation, that the Zambian
government has been facing for years.
Sondashi commended China for the assistance, saying the agreement is a
reflection of the friendly relationship existing between the two countries.
He observed that China has assisted Zambia not only in facilitating
construction projects, but also in other key sectors such as health.
Sondashi noted that despite the fundamental economic and political
transformation that Zambia has experienced, China remains committed to
supporting Zambia to improve her infrastructure.
And Economic and Commercial Counselor at the Chinese Embassy Yu Shuqing
described the accord as a significant contribution that will go down in the
annals of Sino-Zambian relations.
He expressed optimism that the Shanghai Construction Group would do a
commendable job, as it is one of the biggest constructors in the world.
He also believed that the group, with the cooperation of the Zambian
government would complete the construction work on time, in view of the
expertise exhibited by the technicians.
The decoration work at the complex, which comprises six buildings including
the Lusaka Museum, would be completed in 14 months.
Tang Jun, who is also deputy Chief Economist of the group, said that his
company will provide "first grade quality and first grade progress to make
the complex a new first grade project in Zambia".

****


Analysis: Experts Cast Doubt on US Recovery.

Two major foreign banks in Hong Kong on Thursday cast doubt over the U.S.
economic recovery forecast for the middle of this year, as economics experts
here said it could take years before a recovery will be seen.

Two major foreign banks in Hong Kong   on Thursday cast doubt over the U.S.
economic recovery forecast for the middle of this year, as economics experts
here said it could take years before a recovery will be seen.

The Standard Chartered Bank said the September 11 attack in New York has
dragged down the U.S. economy, where it is still not sure whether it has
reached the bottom and whether a recovery will be accurately seen in June as
forecast by the U.S. Federal Reserve.

Speaking at a symposium on the U.S. economy, Peter Wong, head for the bank's
consumer banking of Hong Kong, China and Philippines, said, "I don't know
whether or when the recovery of the U.S. economy will happen. If there was
any improvement at all, I wonder if it can sustain."

"We still can't confirm that the economy is picking up soon," Wong said,
adding that there still seems to be room for another round of interest rate
cut by the U.S. Federal Reserve.

The Citibank also said it is worried that the unemployment situation in the
United States   is expected to worsen in the time to come due to continuous
leaning of companies as evidenced in their continuous reduction in
recruitment and capital investment.

T.C. Chan, Citibank's country corporate officer, said at the symposium that
the U.S. unemployment rate is forecast to rise from 5.8 percent to about 6.5
percent. 

Richard Wong, head of the Faculty of Business and Economics of the
University of Hong Kong, said that based on past experiences, recovery in
the wake of the bursting of the bubble economy is not expected to be as fast
as the United States has predicted, adding that it could take up to years
for recovery to take place.

"After the high-tech bubble has burst in the United States, the cycle of
recovery is not expected to be fast because for many enterprises, their
balance sheets do need to be re-established. But this time, such enterprises
are quite badly in debt," Wong said. "I don't think we would see a V-shaped
rebound, it would rather be more like a U-shape," he warned.

Wong also pointed out that many of the 12 reports compiled by the U.S.
Federal Reserve on different parts of the country have shown that there are
more bad news than good news in them, adding that some reports have shown
signs of a continuous downtrend.

The Economist magazine also said in the latest issue that despite the Wall
Streets economists are eagerly revising up their growth forecasts, the surge
in household and corporate debts still looms dangerously large.

Like a bird that has stuffed itself with too many worms, America's
debt-laden economy will find it hard to get fully airborne, it said.







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