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RIGA, Aug. 11 (Xinhua) -- Latvian Railway signed an agreement Thursday with Czech, Canadian companies to make eco-locomotives.


The deal was signed between Latvian national rail company Latvijas Dzelzcels (Latvian Railway) and Czech enterprise CZ LOKO, Canada's Ballard Power Systems to work out a technological solution for a hydrogen powered locomotive on the basis of the Czech-made CME3 shunting locomotive.


The locomotive will be overhauled to reduce its noise and vibration levels, as well as get rid of engine emissions.


""Today, hydrogen powered locomotives are no longer a scientific experiment or a futuristic dream. They are reality, a combination of modern-day technology and knowledge,"" said Latvian Railway CEO Edvins Berzins.


""The transition to hydrogen as the source of energy marks the beginning of a new technology era in the transport sector, characterized by an efficient use of energy and reduced pollution,"" said Berzins.


""We have already implemented two rolling stock modernization projects in cooperation with CZ LOKO. We have practically rebuilt our CME3M shunting locomotives and also a 2M62UM cab unit diesel locomotive,"" the head of the Latvian rail company said.


LDz Ritosa Sastava Serviss, a subsidiary of Latvijas Dzelzcels in charge of rolling stock maintenance, will be involved in the project to carry out the rebuilding work, CZ LOKO will provide the necessary parts and documentation, and Ballard Power Systems will supply the hydrogen fuel cells.


The Latvian Academy of Sciences will also be providing technical support.


Similar green transport projects have already been implemented in China, Britain, the United States, Denmark, Japan, Germany, India and South Africa. Enditem

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by Xinhua Writer Jiang Xufeng


BEIJING Jabari Parker Bucks Jersey , March 12 (Xinhua) -- When Chinese central bank governor Zhou Xiaochuan speaks, the market listens.


As China walks the economic tightrope of balancing steady growth, facilitating restructuring and combating deflation risks, Zhou said there may be room for flexibility despite consistent championing of a prudent monetary policy.


POLICY LEEWAY


Speaking at a press conference on the sidelines of the National People's Congress (NPC) annual session, Zhou said there would be some room for flexible adjustments of the prudent monetary policy.


His remarks were largely in line with the language used in the widely-scrutinized government report delivered by Premier Li Keqiang to lawmakers at the opening of the parliamentary session.


"The M2 money supply is forecast to grow by around 12 percent in 2015, but the actual supply may be slightly higher than this projection depending on the needs of economic development," noted the report.


M2, a broad measure of money supply that covers cash in circulation and all deposits, first found its way to the annual report in 2010.


This is the first time that the government has used the wording:"slightly higher than this projection depending on the needs of economic development" since the M2.


Zhou stressed that China is sticking to its prudent monetary policy despite the use of a string of new monetary policy tools unfamiliar to the public, adding that compared with the large size of Chinese economy, the scale of those policy tools is not big.


With slowing growth pace, the economy has entered a "new normal" era, however, this does not mean the economy is troubled by a particular problem nor that the monetary policy will shift gears, he said.


China's gross domestic product (GDP) expanded 7.4 percent last year, its lowest level since 1990. The annual economic growth target for 2015 was set at around 7 percent, half a percentage point lower than last year.


The press conference follows the release of economic data for January and February, which was far from optimistic.


Industrial output in the world's second largest economy grew 6.8 percent year on year in January-February, down 1.1 percentage points compared to December. Retail sales expanded 10.7 percent in the first two months from a year earlier, also down from 11.9 percent registered for December.


DEFLATION RISK


The protracted economic weakness comes amid subdued price levels, which provided leeway for policy makers to further ease monetary policies, if needed. Central bankers usually follow the inflation and other key economic data to trigger policy easing or tightening moves.


When asked about the implications of China's inflationary change for monetary policy setting, Zhou said "enough attention should be given to inflationary pressure change and a long-term view should be taken."


China's consumer price index (CPI) edged up 1.4 percent year on year in February. The reading quickened from the 0.8 percent gain in January, the lowest level in more than five years, but was lower than the inflation increase target of around 3 percent set for this year.


The CPI is the most important gauge of inflation pressure and the central bank "is closely following" CPI and producer price index (PPI) changes, said central bank vice governor Yi Gang.


Analysts believe this level of inflation is unlikely to be sustained, heightening looming deflationary risk.


The deflation risk is a challenge facing the global economy.


"The People's Bank of China (PBOC) is managing the liquidity when pursuing a prudent monetary policy," said Yi, adding that the combination of a proactive fiscal policy and prudent monetary policy is a good choice.


Some major economies have been stuck in deflation, which will lead to a spiral of ever weaker consumption and growth momentum. Quantitative easing has been adopted by some central banks like the European Central Bank (ECB), and successive interest rate cuts were rolled out in countries such as Australia, Denmark and Canada to tackle deflation and anemic economic growth.
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