Hello and welcome to this edition of CRI Roundup . I'm Zheng Chenguang in Beijing.

Today is Saturday January 26th, 2008. Now let's recap what's happened in the past week.

China's Gross Domestic Product (GDP) grew 11.4 per cent last year, the fifth consecutive year in which the country's GDP grew at a pace of more than 10 percent.

Sino-German ties are getting back on track as Chinese Foreign Minister Yang Jiechi and his German counterpart Frank-Walter Steinmeier hold bilateral talks in Berlin.

And Pakistani President Pervez Musharraf says Pakistan is aiming for free and peaceful parliamentary elections.

Please stay with us.

China's Gross Domestic Product (GDP) grew 11.4 per cent last year to more than 24.6 trillion yuan, or some 3.4 trillion U.S. dollars.

That's according to Xie Fuzhan, head of the National Statistics Bureau.　

"In 2007, the National Economy continued its steady growth and showed the characteristics of rapid growth, optimized structures, increased efficiency, and improved livelihoods for the people."

However, China's inflation rate rose to 4.8% last year, the highest level in more than a decade. Xie Fuzhan says the causes for the increase are complicated and the Chinese government will take all possible measures to curb inflation.

He adds that the Chinese government has pledged to stabilize prices, adjust structures and enhance a more balanced development in 2008.　

Chinese foreign minister Yang Jiechi says China is willing to join hands with the German side and turn to a new page in bilateral relations in the New Year.

He urges the German side to honor its commitments, so as to avoid an "unnecessary disturbance" in the developing bilateral ties.
Yang Jiechi also reveals that the two sides have exchanged views several times in order to resolve problems in the bilateral relations.

"The German side has made it clear that they will continue to firmly adhere to the one-China policy, recognize that Taiwan and Tibet are parts of Chinese territory, and firmly oppose Taiwan's referendum on UN membership. They will not support or encourage any attempt to seek Tibet's independence. We appreciate that very much."

Steinmeier reiterated the German government's one-China policy, urging both sides to take a forward-looking stance when handling bilateral relations.

"This meeting is a sign that our bilateral relations are back to normal, and this is mainly attributed to the mutual trust and the great importance China has been attaching to the relations."

He called on both sides to continue rebuilding mutual trust and resuming an exchange of high-level visits.

Pakistani President Pervez Musharraf has reiterated that his country is aiming for "free and fair" parliamentary elections that are slated for next month.

Musharraf made the remark during a session on Thursday at the ongoing Davos World Economic Forum Annual Meeting.

"...we must go for the elections on the 18th of February; they must be fair, free, fair and transparent, and peaceful. And we must ensure a stable government coming into Pakistan subsequently."

Speaking at the "Quest for Peace and Stability" session Musharraf also mentioned the immediate challenges facing his country under the current circumstances.

Besides the upcoming elections, he says Pakistan has the task of ensuring sustained economic growth and carrying on the fight against terrorism and extremism.

The U.N. Security Council will continue to meet to discuss the possible release of a statement aimed at helping end the deteriorating humanitarian crisis in the Gaza Strip.

The council's president for the month, Giadalla Ettalhi of Libya says, the text is "agreeable to almost all 14 of the members," except for one unidentified member that diplomats claim is the United States.

South Africa's U.N. Ambassador says the text of the statement covers the issue of rockets fired into Israeli territory, although the U.S. Ambassador says the text does not include the rocket attacks on Israeli civilians.

Adoption of a nonbinding presidential statement requires the approval of all council members.

Israel halted all border crossings at the Gaza Strip on Friday in response to rocket attacks from Hamas-ruled Gaza into southern Israel.

On Monday, Israel announced it would allow for a one-time shipment of fuel and medicine, but it has warned that Gaza residents will not be able to live in comfort as long as southern Israel is under rocket attack.

The U.S. Federal Reserve has slashed a key interest rate by the largest amount in more than 20 years in an emergency bid to head off a U.S. recession and halt a global rout of stocks.

The Federal Reserve cut the federal funds rate by three-quarter percentage points to 3.5 percent.

The surprise move was aimed at fears that trouble on financial markets from the US subprime housing crisis was spreading to the broader economy. Interest rate cuts tend to boost stocks.
　
Speaking at the US Chamber of Commerce, US Treasury Secretary Henry Paulson expressed his confidence over the U.S economy.

"I am confident that Congress and the administration share a sense of urgency and will work together to address the economy's short term needs...The US economy is resilient and diverse. It has been remarkably robust in recent years and will be so again."
President Bush has called congressional leaders to the White House to discuss an emergency rescue package that would pump about 150 billion US dollars in tax cuts and government spending into the ailing US economy.

With that, we conclude this edition of CRI Roundup. If you have any comments or suggestions, or if you want to listen to our program again, you can log on to www.crienglish.com, and click on our English website. I'm Zheng Chenguang, bye for now!