Monday, December 31, 2007

Learn Chinese - Guangzhou fair a boon for SMEs

?  ?

BIZCHINA / Center

Guangzhou fair a boon for SMEs

By Zhan Lisheng (China Daily)
Updated: 2007-09-19 09:44

Both domestic and overseas exhibitors landed contracts at the fourth
China International Small and Medium Enterprises Fair and China-Japan
Small and Medium Enterprises Fair, which wrapped up in Guangzhou
yesterday.

According to Lin Ying, secretary-general of the fair's organizing
committee, 220,000 professional buyers from 30 countries and regions
across the world visited the four-day event. Lin said there were 68,000
attendees from Japan alone.

A total of 24,803 projects at the fair were under negotiation and 2,860
of them made deals during the event. The total value of the contracts was
not available.

"Not only (was this) an excellent platform for SMEs at home and abroad to
seek market opportunities, but the event also played a very effective
role in helping domestic SMEs partner up with their counterparts at home
and abroad, and diversify their fund-raising channels," Lin said.

He said that exhibiting SMEs not only benefited from the centralized
purchases of global retail giants like Wal-Mart, Carrefour and Metro, and
local retailers like Gome and Grandbuy, but also from the financing
opportunities handed out by the banking institutions and fund-raising
agencies.

A total of 19 exhibiting SMEs signed agreements with banks to receive
credit worth more than 100 million yuan (US$13.3 million) during the
event.

(For more biz stories, please visit Industry Updates)

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Chinese School - 55 dead as storms continue in S. China

CHINA / National

55 dead as storms continue in S. China
(China Daily/AP)
Updated: 2006-06-08 05:45

As powerful storms continue to lash southern China the latest reports
confirm at least 55 people have been killed and a further 12 are missing.

Since the end of May southern provinces have been beset with floods and
landslides, forcing the evacuation of hundreds of thousands of people.

Houses in Nanping, Fujian Province, are submerged in flood water with
only roofs noticeable due to continous heavy rains. This picture was
taken on June 7, 2006. [Xinhua]

The brunt of the damage has been borne by Fujian, Guangdong, Guizhou,
Hunan, Jiangxi, Zhejiang and Chongqing.

"At least 378,000 people have been evacuated and relocated because of the
heavy rain," said Li Baojun, an official in charge of disaster relief
with the Ministry of Civil Affairs, in a phone interview.

Fujian Province in East China is the hardest hit, with 28 deaths reported
since the end of May, he said.

Two other provinces, Guangdong and Guizhou, have reported 11 deaths each.

The continuous rain has caused the biggest flood of the past two decades
on the Minjiang River in Fujian Province.

It has also led to a direct economic loss of 2.19 billion yuan (US$274
million) in the province, affecting more than 1.6 million people.

Storms will continue to batter the regions because of the collision of
cold and warm air currents, the Central Meteorological Office warned
yesterday.

And the Fujian Provincial Meteorological Station has issued the highest
warning possible for the coming days.

It said the storms would continue for at least two more days, with some
parts of the province receiving at least 100 millimetres of rainfall
every 24 hours.

Trains and planes were both hit by the foul weather yesterday.

Six trains on the Yingtan-Xiamen Railway between Jiangxi and Fujian
provinces were forced to stop in the morning, after the track bed
collapsed in several places due to the heavy rain.

The Nanchang Railway Bureau, which runs the route, sent several thousand
workers to the sites.

It was expected to be reopened by 8pm last night.

Page: 1 2

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Chinesepod - First stock-oriented QDII fund doubles sales limit

?  ?

BIZCHINA / Center

First stock-oriented QDII fund doubles sales limit

(Xinhua)
Updated: 2007-09-15 09:59

China's first overseas stock-oriented QDII (qualified domestic
institutional investor) fund has been given approval to increase its fund
sales limit to 30 billion yuan (US$4 billion), Friday's Shanghai
Securities Journal reported.

China Southern Fund Management Co Ltd said the State Administration of
Foreign Exchange had officially approved its application to increase the
fund sales, as subscription was near to 50 billion yuan (US$6.67 billion)
in the first day, far exceeding the scheduled limit of 15 billion yuan
(US$2 billion).

Despite the increase, subscription still exceeded the limit, meaning
subscribers would only get a proportion of the fund they subscribed to,
said sources with China Southern Fund Management.

The proportion could be around 60 percent, said Xu Xiaosong, deputy
manager of China Southern Fund Management.

He said the proportion would be officially announced next Monday, and the
remaining money would be returned to subscribers at the same time.

The yuan-denominated fund was launched on September 12 and would be
invested in markets in 48 countries and regions, from which the ten most
valuable would be carefully selected for key investment, said sources
with the firm.

The stock-oriented QDII fund had given local investors opportunities to
cash in on the mature markets in developed countries as well as
fast-growing emerging markets, according to Guosen Securities.

China would experience a QDII fund sales peak as China Asset Management
Co Ltd, Harvest Fund Management and China International Fund Management
launched QDII fund products and other fund firms received regulatory
approval to launch QDII funds, China Securities Journal said in an
earlier report.

(For more biz stories, please visit Industry Updates)

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Learn mandarin - Miss my former boss

?  ?

BIZCHINA / Biz Life

Miss my former boss

(CRI English)
Updated: 2007-09-13 16:08

Public attention on China's "Post-80 generation" has always been high
since they make up the first only-child generation in the country, as the
family planning policy was formulated in the late 1970s.

People of the "Post-80 generation" are no longer young kids now. They
have left school and found their places in different industries. How do
they feel about their work, a recent survey helps us to take a glimpse.

The survey was conducted in Beijing's central business district or CBD,
organized by a local technology company and a lifestyle website. Over
1,000 young people born in the years from 1980 to 1985 took part in the
survey. China.org reports the story.

The survey reveals that nearly 70 percent of these young workers feel
dissatisfied with their salary. They complain about the imbalance between
effort and reward at work and some hope to improve it by changing jobs
frequently.

However, most of them are disappointed about the new job too, as about 60
percent responded that they missed their former bosses. Only 10 percent
said they disliked their former bosses.

A lack of family responsibility was another problem disclosed through the
survey since only 11 percent respondents said that they used their salary
to support their families. Thirty-four percent keep their money for
themselves and the rest of them have no idea what they have used their
money for.

(For more biz stories, please visit Industry Updates)

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Sunday, December 30, 2007

Chinesepod - Investment climate in China 'attractive but complex'

?  ?

BIZCHINA / Top Biz News

Investment climate in China 'attractive but complex'

(CRI English)
Updated: 2007-09-12 11:31

?

Joerg Wuttke, President of the European Union Chamber of Commerce in
China, speaks at the press conference for the launch of its seventh
annual European Business in China Position Paper on Tuesday. [CRIENGLISH]?

"With the continued strong growth of China's economy, the business
environment remains attractive for European companies. But investment
climate is becoming more complex and challenging for foreign businesses
operating in China," Joerg Wuttke, President of the European Union
Chamber of Commerce in China (EUCCC), said this Tuesday at the press
conference for the launch of its seventh annual European Business in
China Position Paper.

Also the first such paper issued by the EU Chamber of Commerce after
China completed its five-year World Trade Organization (WTO) accession
period, the European Business in China Position Paper 2007/2008 lauds
China's great progress in further opening up its economy and markets, as
well as the significant increase of trade volume during the period.

According to statistics offered in the paper, the two-way trade between
EU and China exceeded 250 billion euros in 2006, an increase of about 22
percent over 2005.

Based on comprehensive and analytical overviews of horizontal issues, and
trade in goods and services, the 330-page and four-part bilingual
Position Paper provides an up-to-date European industry analysis of the
current business environment in China and offers more than 100
recommendations for improvements in various fields.

Meanwhile, the Paper also urges China to work on creating a more proper
framework for further market opening and integration into the global
economy.

"We strongly support China's policies of continuing its economic reform,
development of domestic markets, improved energy efficiency, having more
effective environmental protection and action to reduce social
inequality. We believe that European companies can and do contribute
positively to all these goals," Michael O'Sullivan, Secretary General of
EUCCC adds, "And so we encourage China to continue to open its markets
and provide a level playing field for domestic and foreign companies."

With transparency and intellectual property rights protection remaining
major concerns, the Paper also finds the lack of coordination between
authorities and technical barriers, such as unnecessary or overlapped
standards.

Although expressing welcome to new laws and regulations including the
Property Rights Law, Labor Contract Law and New accounting rules, EUCCC
notes that a more systematic approach is still needed to enhance the
implementation of these new legislations.

The European Business in China Position Paper has been submitted to
Chinese Vice Premier Wu Yi and will be presented to Chinese and European
governments, according to Michael O'Sullivan.

The EU Chamber of Commerce in China was founded in October 2000 by 51
European member companies as the voice of European businesses in China.
So far, the chamber has got more than 1,100 members.

(For more biz stories, please visit Industry Updates)

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Learn Chinese - Japan unfreezes delayed loans to China

CHINA / National

Japan unfreezes delayed loans to China
(Reuters)
Updated: 2006-06-06 10:15

TOKYO - Japan said on Tuesday it had decided to grant 74 billion yen
($659 million) in low-interest loans to China, more than two months after
a decision on the aid was delayed due to strained bilateral ties.

The decision on the loans for the year ended last March, made at a top
government panel on foreign aid strategy, follows signs of a potential
thaw in chilly Sino-Japanese ties.

Relations between the two countries have deteriorated since Prime
Minister Junichiro Koizumi took office in 2001 and began annual visits to
Tokyo's Yasukuni shrine, where some convicted war criminals are honoured
along with Japan's war dead.

The two countries have also feuded over territorial rights and energy
resources and have expressed mutual suspicions about each other's
military strategies in the region.

Koizumi told reporters that the decision had been made after an overall
assessment of the situation, adding that he "always attached importance"
to Sino-Japanese ties.

But Farm Minister Shoichi Nakagawa, known for taking a hard line against
Beijing, said he was perplexed by the decision.

"Why are we giving aid to China. To be honest, today's meeting was
bizarre," Nakagawa told reporters.

International bodies like the World Bank insist that despite China's
economic boom in recent years, the country still needs international
support to lift its people out of poverty.

Japan, however, has scaled back its aid to China in recent years, partly
because of concern among some lawmakers that the funds are funnelled into
military spending.

Japan decided in March 2005 to extend about 85.9 billion yen worth of
loans, bringing its total loan aid to China to more than 3 trillion since
1979, but has already decided to halt fresh loans by the time of the
Beijing Olympics in 2008.

CHINA TIES IN PM RACE

Japanese media said a meeting between Foreign Minister Taro Aso and
Chinese Foreign Minister Li Zhaoxing in Qatar last month, the first
foreign ministerial contact between the two nations in about a year, had
cleared the way for the aid decision.

Relations with China have also emerged as a focus of debate in the race
to succeed Koizumi when he steps down in September.

Chief Cabinet Minister Shinzo Abe, the frontrunner in the leadership
race, has criticised Beijing for refusing to hold leaders' summits
because of the dispute over Koizumi's visits to Yasukuni shrine. But on
Sunday Abe declined to say whether he would continue the practice if
elected prime minister.

His main rival, veteran ruling party lawmaker Yasuo Fukuda, supports a
proposal to build a new, secular war memorial where Japan's war dead can
be honoured without offending China and South Korea, where bitter
memories of Japan's aggression persist.
Chinese Commerce Minister Bo Xilai last week blamed slowing growth in
trade between China and Japan on the political tension triggered in part
by Koizumi's Yasukuni pilgrimages.

Sino-Japan trade rose just 9.9 percent last year, slower than China-EU
and China-U.S. trade, Xinhua news agency said.

Japanese business leaders have also expressed concern about the fallout
of the diplomatic feuding on economic ties.

The Japanese government decides its total aid budget before the start of
each fiscal year in April but usually does not decide on the final
breakdown until the end of the year.

Foreign Ministry officials had stressed that the delayed decision on aid
to China was not a freeze and that the flow of money had not been halted
since project loans are often disbursed over several years.

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Chinese language - Internet bar fire injured 27, all youths

CHINA / Regional

Internet bar fire injured 27, all youths
(Shanghai Daily)
Updated: 2006-06-06 06:20

An Internet cafe fire has left 27 young people injured, including five
people in serious condition, in Pingdingshan City, central China's Henan
Province, local authorities said on Monday.

The fire broke out at about 1:00 a.m. Sunday at an Internet cafe located
in Pingdingshan City of Henan Province, according to the local
administration for work safety.

A total of 27 people, all youths, were injured and sent to nearby
hospitals. Five of them are in critical condition, the administration
said.

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� Spending on services rising in big cities

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Learn Chinese online - China Mobile to mix profit, responsibility in Pakistan

?  ?

BIZCHINA / Top Biz News

China Mobile to mix profit, responsibility in Pakistan

By Liu Baijia (China Daily)
Updated: 2007-09-07 09:06

China Mobile Communications Corp, the largest mobile operator in the
world, aims to export its experience of balancing social responsibility
with business growth to Pakistan, where it has just taken full control of
Paktel.

Wang Jianzhou,?chief executive officer (CEO)?of China Mobile and chairman
and CEO of its Hong Kong-listed arm China Mobile Ltd, said social
responsibility should be a top priority for companies that aspire to
become global giants.

In the past seven years, Beijing-headquartered China Mobile has more than
tripled the number of its subscribers since its incorporation in 2000 and
has become the largest telecom company in terms of subscribers and market
capitalization.

"Global growth companies face better opportunities and more challenges,
but they also have more social responsibilities," said Wang at the
Inaugural Annual Meeting of the New Champions organized by the World
Economic Forum in Dalian.

"They should take social responsibility into account when they start
their businesses," added Wang, a mentor to the new champion companies,
together with Intel Chairman Craig Barrett and Citibank NA Chairman,
President and CEO William R Rhodes.

China Mobile has seen its subscribers from the rural regions of the
country rise by almost 40 percent in the first half.

Driven by a strong increase in customer numbers and good momentum in its
value-added services, China Mobile reported 26 percent year-on-year
growth in the first half to 37.91 billion yuan (US$5 billion).

At the end of July, it had 338 million subscribers, two-thirds of the
total mobile users in the world's most populous country.

The Chinese giant, which took over the fifth-largest Pakistani mobile
operator Paktel in March and renamed it CMPak, will follow the same
principle to strike a balance between profit and social responsibility in
Pakistan.

"We always see ourselves as a local Pakistani company and are highly
committed to the market there," said Wang.

His company has committed to invest US$800 million in two years to
upgrade and expand the networks in Pakistan.

At the end of June, there were 63.15 million mobile subscribers in
Pakistan, rising by 45 percent.

On September 2, CMPak won approval from the Pakistani government to
secure a 15,000-sq-m plot to build a campus with integrated functions of
research and development, training, and commercial use.

(For more biz stories, please visit Industry Updates)

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Saturday, December 29, 2007

Chinese Online Class - White Paper on Environmental Protection

CHINA / Official Publication

White Paper on Environmental Protection
(Xinhua)
Updated: 2006-06-05 10:27

The State Council Information Office published on Monday, June 5, 2006, a
white paper entitled Environmental Protection in China (1996-2005). The
document, composed of 10 chapters, gives a systematic introduction to the
unremitting efforts made by China in environmental protection over the
past ten years. The full text of the white paper follows:

Environmental Protection in China (1996-2005)

Foreword
I. Environmental Protection Legislation and System
II. Prevention and Control of Industrial Pollution
III. Pollution Control in Key Regions
IV. Protection of the Urban Environment
V. Protection of the Rural Environment
VI. Ecological Protection and Construction
VII. Economic Policy and Investment Concerning the Environment
VIII. Environmental Impact Assessment
IX. Environmental Science and Technology, Industry and Public
Participation
X. International Cooperation in Environmental Protection
Conclusion

Foreword

China is the most populous developing country in the world. Since the
late 1970s, China's economy has developed rapidly and continuously.
During the process, many environmental problems that have haunted
developed countries in different phases of their 100-year-long
industrialization have occurred in China all at the same time. The
conflict between environment and development is becoming ever more
prominent. Relative shortage of resources, a fragile ecological
environment and insufficient environmental capacity are becoming critical
problems hindering China's development.

The Chinese government attaches great importance to environmental
protection. It believes that environmental protection will have a direct
impact on the overall situation of China's modernization drive and its
long-term development, and considers environmental protection an
undertaking that will not only benefit the Chinese people of today but
also their children and grandchildren. Years ago, the Chinese government
established environmental protection as a basic national policy and
sustainable development as an important strategy, and has adhered to the
road of a new type of industrialization. While promoting economic growth,
it has adopted a whole array of measures to strengthen environmental
protection. Especially in recent years, the Chinese government, with the
scientific outlook on development as the guiding principle of
environmental protection, has adhered to focusing on preventive measures,
comprehensive control and overall progress with breakthroughs at some key
points, and worked hard to solve conspicuous environmental problems
threatening people's health. At the same time, it has continued its
efforts for institutional innovation, relied on scientific and
technological advances, strengthened the legal system of environmental
protection, and brought into full play the initiative of people of all
walks of life. Thanks to these efforts, although the amount of resource
consumption and pollutants is increasing greatly, the trend toward
aggravated environmental pollution and ecological destruction is slowing
down; especially, environmental pollution control in some river valleys
has seen some positive results, the environmental quality of some cities
and regions has improved, the amount of pollutant emission of industrial
products has declined, and the people's awareness of the importance of
environmental protection has enhanced.

As World Environment Day nears, in order to let people in other countries
have a better understanding about the situation of environmental
protection in China, we would like to give a systematic introduction to
the unremitting efforts made by China in environmental protection over
the past ten years.

I. Environmental Protection Legislation and System

The Constitution of the People's Republic of China (PRC) stipulates, "The
State protects and improves the environment in which people live and the
ecological environment. It prevents and controls pollution and other
public hazards." Since the PRC was founded in 1949, the National People's
Congress (NPC) and its Standing Committee have formulated nine laws on
environmental protection and 15 laws on the protection of natural
resources. Since 1996, the State has formulated or revised laws on
environmental protection, such as those on prevention and control of
water pollution, marine environment protection, prevention and control of
air pollution, prevention and control of noise pollution, prevention and
control of solid waste pollution, evaluation of environmental impact, and
prevention and control of radioactive pollution, as well as laws closely
related to environmental protection, such as those on water, clean
production, renewable energy, agriculture, grassland and animal
husbandry. The State Council has formulated or revised over 50
administrative regulations, such as the Regulations on Environmental
Protection Management of Construction Projects, Rules for the
Implementation of the Law on the Prevention and Control of Water
Pollution, Regulations on the Safety Management of Dangerous Chemicals,
Regulations on the Management of Collection and Use of Waste Discharge
Fees, Measures on the Management of Dangerous Waste Operation Licenses,
Regulations on the Protection of Wild Plants, and Regulations on the
Safety Management of Agricultural Genetically-modified Organisms. It has
promulgated documents with similar power to laws and regulations, such as
the Decision on Implementing the Idea of Taking the Scientific Outlook on
Development and Strengthening Environmental Protection, Opinions for
Quickening the Development of a Cyclical Economy, and Circular on the
Recent Work of Effectively Building a Resource-efficient Society.
Relevant departments of the State Council, local people's congresses and
local people's governments have, within the limit of their powers,
formulated and promulgated over 660 central and local rules and
regulations in order to implement the national laws and administrative
regulations on environmental protection.

China has established a system of environmental protection standards at
both the national and local levels. National-level environmental
protection standards include environmental quality standards, pollutant
discharge (control) standards, and standards for environmental samples.
Local environmental protection standards include environmental quality
and pollutant discharge standards. By the end of 2005, the State had
promulgated over 800 national environmental protection standards. The
municipalities of Beijing and Shanghai, and the provinces of Shandong and
Henan had promulgated over 30 local environmental protection standards.

China has constantly strengthened checks on the enforcement of
environmental legislation, and improved administrative law enforcement.
In recent years, the State has conducted checks on the enforcement of
laws on environmental protection, and the prevention and control of air
pollution, water pollution and solid waste pollution, so as to push
forward pollution control in key areas. China's criminal law has special
provisions on destruction of environmental resources. The State has
promulgated the Interim Regulations on the Punishment of Violations of
Environmental Protection Laws or Disciplines, and put in place a
responsibility system of administrative law enforcement in the area of
environmental protection. For three years in a row, the State has
launched special environmental protection campaigns to rectify
enterprises that have discharged pollutants in violation of the law and
to protect people's health. It has dealt with over 75,000 environmental
law violation cases, and had 16,000 enterprises closed down for having
discharged pollutants in violation of the law. More than 10,000 warnings
have been issued to environment polluters, obliging them to remedy the
problems under government supervision. The State has also conducted
special checks on the enforcement of laws regarding mining areas
eco-environmental protection and maritime environmental protection, and
has dealt with a number of law violations.

China has implemented an environmental management system, whereby
governments at all levels are responsible for the environmental quality
of the areas within their jurisdiction, the competent administrative
departments in charge of environmental protection have the power of
overall supervision and management, while other relevant departments
exercise such supervision and management functions according to the
provisions of the law. In 1998 the Chinese government changed the name of
the State Environmental Protection Bureau to the State Environmental
Protection Administration (SEPA), and elevated it to the ministerial
level. Thus, SEPA became an organization directly under the State Council
to be responsible for exercising overall supervision and management of
China's environmental protection work. The State has set up a national
inter-ministry joint conference system for environmental protection and
established representative offices for regional environmental
supervision, in an effort to strengthen coordination and cooperation
between departments and regions. The governments of all the provinces
(autonomous regions and municipalities directly under the Central
Government), cities and counties have set up organs responsible for
addressing and coordinating environmental protection issues. There are
now 3,226 environmental protection administration departments at
different levels all over China, with 167,000 people engaging in
environmental administration, monitoring, scientific research, publicity
and education. There are 3,854 environmental supervision and
environmental law enforcement organs with more than 50,000 staff members.
Environmental protection organs are also found in some government
departments for comprehensive affairs or resource administration
departments, as well as in most large and medium-sized enterprises,
responsible for their own environmental protection work. More than
300,000 people are employed by these organs.

Page: 1 2 3 4 5 6 7 8 9 10 11 12

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Learn mandarin - Bank of Beijing?to issue 1.2b shares in Shanghai

?  ?

BIZCHINA / Center

Bank of Beijing?to issue 1.2b shares in Shanghai

By Mao Lijun (China Daily)
Updated: 2007-09-04 10:19

Bank of Beijing, one of the country's biggest city commercial banks,
filed a formal prospectus with the Shanghai Stock Exchange yesterday for
its initial public offering (IPO), saying it will issue 1.2 billion
shares on September 11.

The Beijing-based bank's IPO proposal was formally approval by the China
Securities Regulatory Commission, the country's securities watchdog,
making the bank the third city lender on the mainland to launch an IPO.

The bank said in the prospectus that the equity issue will account for
19.27 percent of its enlarged stock base.

Earlier media reports said the bank is expected to raise about 13 billion
yuan (US$1.72 billion) in the IPO and the funds raised would be used to
boost its capital adequacy ratio and capabilities in risk management and
profit making.

The bank said in the prospectus it will issue shares in Hong Kong "at an
appropriate time" after its A-share listing, but the pricing and timing
is yet to be approved by its shareholders.

The lender, 19.9 percent owned by International Netherlands Group (ING),
has net assets per share of 1.96 yuan before going public.

After the IPO, the ING stake will be diluted to 16.07 percent.

The bank reported a net profit of 550 million yuan in the first quarter
this year, with assets totaling 263.98 billion yuan.

Its capital adequacy ratio stood at 13.23 percent and its non-performing
loan ratio was 3.34 percent in the first quarter this year.

"The stock issue will help the lender conduct regional expansion as it
will greatly bolster its capital," said Cheng Yicong, an analyst with
Southeast Securities.

In July, the lender was given the go-ahead to launch a branch in
Shanghai, its second branch outside Beijing. Its Tianjin branch opened in
November.

?

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Learn Chinese - China to launch nationwide checkup on food safety

?  ?

BIZCHINA / Center

China to launch nationwide checkup on food safety

(Xinhua)
Updated: 2007-09-01 16:37

China will launch a nationwide inspection on food safety in its rural
areas and urban-rural conjunctive regions, according to a notice released
by China's food and drug watchdog on Friday.

As a part of a four-month nationwide campaign to improve the quality of
goods and food safety in China, the special inspection will target "small
food companies, workshops and restaurants in rural areas," in an effort
to eradicate hidden dangers of food accidents, the notice said.

Related readings:

?Toy and food recalls introduced
?China unveils recall systems for unsafe food, toys
?China reports increase of food incidents on campus
?Food from China safe, says New Zealand

The State Food and Drug Administration (SFDA) said that by the end of
2007, the governments at township level and county levels must establish
food accident response systems.

Local governments should shoulder their responsibilities to discover,
report and handle food safety accidents timely through the systems.

Compared with citizens in the affluent urban areas, people in China's
rural areas are easier to be victims of inferior goods and unsafe food
because of lax supervision and financial difficulties.

The SFDA also asked local food and drug agencies to severely punish those
who engage in producing and marketing fake or substandard goods.

Late last month, the Chinese government started a four-month nationwide
campaign to improve the quality of goods and food safety.

The campaign will target farm produce, processed food, catering sector,
drugs, pork, imported and exported goods and products in close link to
human safety and health.

(For more biz stories, please visit Industry Updates)

Learn Chinese

Chinese Online Class - SOE heads' careers linked to green targets

?  ?

BIZCHINA / Biz Who

SOE heads' careers linked to green targets

By Fu Jing (China Daily)
Updated: 2007-08-30 09:18

Top managers of the country's leading State-owned enterprise (SOE) risk
losing promotion opportunities or even jobs if their companies fail to
meet energy-saving and pollutant-reduction targets.

An accountability system will be implemented for the managers of the 154
enterprises directly under the supervision of the central government
starting September.

The State-owned Assets Supervision and Administration Commission (SASAC)
urged all its enterprises to draw up detailed steps to help achieve the
national green goal.

Li Rongrong

"The SOEs, which are the pillars of China's economy, should not only do
well in profit-making, but also become role models in shouldering
corporate responsibility," SASAC head Li Rongrong told a news briefing
yesterday.

The accountability system sets green efforts as a decisive factor in
determining the career prospects of managers.

The central government has already implemented a similar system to tie
the careers of government and Party officials with improvements in the
local environment.

Currently, SASAC assesses the performance of the SOE managements mainly
on profit making.

Related readings:
China to act on pollution, emission
?SOE restructuring picks up momentum
?Emission cuts miss green goal
?SOE dividends should go to State coffers

The new system aims to make the leading SOEs toe the green line of the
central government, which is committed to energy conservation and
emission controls.

The government has set the goal of cutting energy consumption per unit of
GDP by 20 percent and pollutant discharge by 10 percent from 2006 to 2010.

But energy consumption fell only 1.23 percent last year, well short of
the annual target of 4 percent.

"It's not only our social responsibility to meet the green goal. In fact,
energy saving and pollutant emission reduction can help us save costs and
make more profit," Lu Youqing, vice-president of Aluminum Corporation of
China, told China Daily.

Lu said his company has combined environmental requirements with
production procedures to achieve "clean production" and low emissions.

The central enterprises - which control all the country's crude oil and
natural gas production, generate half of the electricity and account for
15 percent of coal output - have great potential in energy saving and
pollutant reduction, Li said.

He also agreed that the green model of development can help enterprises
cut costs.

The bill for coal accounts for 60 percent of the overall cost of
electricity generation for the country's five leading power plants. The
expenditure on fuel accounts for 40 percent of the total cost of the top
three airlines.

Meanwhile, more than 8,000 Chinese enterprises were penalized for
pollution offenses in the first eight months this year, Xinhua reported
yesterday, quoting Ma Kai, head of the top economic planner.

Ma, who leads the National Development and Reform Commission, told
lawmakers attending the 29th session of the Standing Committee of the
National People's Congress yesterday that the government has strengthened
supervision of enterprises on energy-efficiency and pollution.

By February, 12 projects that blatantly violated environmental protection
regulations had been permanently shut down.

(For more biz stories, please visit Industry Updates)

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Friday, December 28, 2007

Chinese School - CSRC unveils credit rating management rules

?  ?

BIZCHINA / News

CSRC unveils credit rating management rules

By Hao Zhou (chinadaily.com.cn)
Updated: 2007-08-27 15:04

The China Securities Regulatory Commission (CSRC) yesterday promulgated
the provisional measures on managing enterprise credit ratings in the
securities market. The measures will enter into force on September 1,
2007, Xinhuanet reported.

Credit rating is a crucial step in issuing corporate bonds. The measures
will lead China further toward a stable bond market and a multi-level
capital market.

Related readings:
?CSRC to launch new rules on securities credit rating
?Credit rating system for all

Bonds, assets-backed securities, and other structural financing
securities with fixed return or debt approved by CSRC, as well as those
transacted in the securities market, are supposed to receive rating
classification, with the exception of?treasury bonds.

Meanwhile, bond issuers, listed firms, unlisted public companies,
securities companies, and securities investment fund management companies
are to be rated.

According to the provisional measures, if an agency plans to apply for a
securities rating license, it must first be a legal entity in China, and
either of its paid-up capital and net assets must exceed 20 million yuan
(US$2.6 million).

Those appraisers are also required to have a comprehensive business
system, such as credit levels and distinct definitions, rating standards
and procedures, rating results publishing as well as information
confidentiality systems.

Additionally, the appraisal agencies' personnel or those whose relatives
hold more than five percent shares of an enterprise, which is going to be
rated, should be dodged during the rating period.

(For more biz stories, please visit Industry Updates)

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Learn Mandarin online - Court hears last appeal for fugitive Lai

CHINA / National

Court hears last appeal for fugitive Lai
By Zhang Liuhao (Shanghai Daily)
Updated: 2006-05-31 05:53

China's most famous fugitive - Lai Changxing - could be returned to the
country soon if a North American court turns down his final appeal today
to avoid extradition.

Lai Changxing in Vancouver, Canada, in 2001. Chinese fugitive Changxing's
deportation to China was postponed, after Canada's Federal Court
scheduled a hearing on May 31 in his last-ditch effort to remain in
Canada. [AFP]
A Canadian federal court will hear Lai's application to overturn a final
risk assessment on his extradition by immigration authorities in that
country.

The Canadian Immigration and Refugee Board concluded recently that Lai,
who is wanted on bribery and smuggling charges, would not be executed if
he is deported to China.

Lai, 53, is accused of heading a syndicate, based in coastal Xiamen in
southeast China's Fujian Province, that colluded with corrupt government
officials to operate the biggest smuggling operation uncovered in China
since 1949.

The case involved US$10 billion worth of goods ranging from cigarettes to
cooking oil.

Lai fled to Canada with his wife, Tsang Mingna, and their three children
in August 1999. For years he has been trying to gain refugee status, but
all his attempts have been turned down.

Lai was put under house arrest in Vancouver in June 2002.

Xinhua news agency reported that Lai is preparing for deportation. His
wife filed for divorce last May and petitioned to obtain Lai's property
and a child-care allowance.

The divorce was approved the following month. Tsang was granted ownership
of the apartment where the family lived, which has an estimated value of
about C$490,000 (US$445,475).

The hearing on the child-care allowance was suspended. Lai's three
children are all adults, aged 20, 22 and 24.

China has urged Canada to extradite Lai as soon as possible, a Foreign
Ministry spokesman said earlier.

According to the Ministry of Public Security, 320 suspects in economic
crimes involving 70 billion yuan (US$8.7 billion) have been repatriated
to China in the past two years.

China has signed extradition treaties with more than 30 nations, the
ministry said. But China and Canada haven't concluded an extradition pact.

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Learn Chinese online - China police granted unified certificate

CHINA / National

China police granted unified certificate
(Xinhua)
Updated: 2006-05-30 11:37

Nearly 1.6 million Chinese policemen will work with unified certificates
for the first time since the founding of the People's Republic in 1949,
aiming to facilitate easy identification and combat faking.

A new police ID card is displayed at a press conference hosted by the
Ministry of Public Security in Beijing on Tuesday, May 30, 2006. [CIIC]

Nearly 1.6 million Chinese policemen will work with unified certificates
for the first time since the founding of the People's Republic in 1949,
aiming to facilitate easy identification and combat faking.

Fan Jingyu, a senior official in charge of personnel training with the
Ministry of Public Security (MOPS) said at a press conference here
Tuesday that from January 1 next year, former certificates issued by
local public security administrations will be banned from using.

"All policemen in service should use the unified certificate granted by
the MOPS," he said.

Experts said that the introduction of the new certificate will help
ordinary people identify who is the real policeman, and ease the tension
between the public and the cops in some places.

The certificate is a billfold carrying a special card. On the face of the
billfold bares the words "China Police" in Chinese and on its back is
"CHINA POLICE" in English, according to Fan.

With a sort of special technology, the card is highly
anti-counterfeiting, and it contains full information about the holder,
including a digital color photo, name, gender, date of birth, post,
number-badge, rank, blood type and term of validity.

"We specify the blood type of relevant holders in the certificate to
ensure timely medical treatment in case of emergency," Cao explained.

The first group of cops to use the card will be from the municipalities
and provinces of Beijing, Tianjin, Shanghai, Chongqing, Guangdong and
Shaanxi, on Wednesday this week, Fan said.

He noted that before the new certificate was introduced, cops in
different Chinese provinces and regions used different certificates.

"The situation makes it difficult for the police to carry out
cross-region investigations, and it is inconvenient for common people to
identify and coordinate with the cops, " he said.

In addition, the unified certificate will help promote international
cooperation, he said, adding that illegal manufacturing, selling, holding
or using the certificate will be severely punished in accordance with
relevant laws.

Cao also noted that armed police forces will not be granted the new
certificate because they are regarded as military personnel on active
service. They hold special certificates of their own.

The introduction of unified certificate is part of the MOPS' efforts to
achieve a more standardized management of the police force.

Earlier this year, China has launched a program to upgrade police
stations nationwide to make them have the same outlook, so the public can
distinguish them from other buildings.

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Learn Chinese online - Warning bell for mortgage market

?  ?

BIZCHINA / Center

Warning bell for mortgage market

By Hu Yuanyuan (China Daily)
Updated: 2007-08-22 10:01

The US subprime crisis will have limited impact on China's mortgage
market, but it has raised the need for stricter examination of individual
credit and higher down payments, insiders said.

The US subprime issue has had almost no impact on China's mortgage
market, said Li Ling, general manager of the examination and approval
department at the Shenzhen Development Bank (Beijing branch).

"In fact, measures taken last year to address increasing risks in the
market had already seen our loans to real estate developers shrink by
almost half in the past year," Li told China Daily. "They now account for
a very small proportion of our business."

Mortgage down payments currently range from 20 to 30 percent, but in real
terms they are 10 percent or even zero given the inflated prices, Li said.

Property prices in the country's 70 large and medium cities rose by 7.5
percent year-on-year last month, the highest growth rate since 2006 and
0.4 of a percentage point higher than for June.

"Increasing down payments is a must," Li said.

The Shenzhen branches of some banks raised the down payment from 30 to 40
percent and put a stop to mortgages on pre-owned houses last week.

Shenzhen prices increased at a rate of 16.1 percent for new houses and
21.4 percent for pre-owned homes in July, leading the country's property
price growth, the National Development and Reform Commission said.

"We might see more increases in Beijing, but down payments could differ
according to the client's credit background," Li said.

According to Tao Dong, chief economist with Credit Suisse First Boston
Asia, the US subprime issue sounds a warning bell for China's mortgage
market.

"Banks should be more careful and cautious in examining the credit of
homebuyers," Tao said.

Peng Xingyun, a researcher with the Financial Research Institute of the
Chinese Academy of Social Sciences, called for stricter supervision and
risk management of the country's mortgage market.

"China's mortgage market has shown some features of the US subprime
crisis, as property prices keep rising and the interest rate goes up,"
Peng said.

(For more biz stories, please visit Industry Updates)

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Thursday, December 27, 2007

Chinese Mandarin - Father and son

?  ?

BIZCHINA / Biz Who

Father and son

By DIAO YING (China Daily)
Updated: 2007-08-20 06:51

He is a good kid, excellent at schoolwork.

That is the way Zhou Haijiang describes his own child, although his son
has barely graduated from kindergarten.

Self-disciplined, working seven days a week, Zhou said he inherited the
characteristic from his father, and that is the way he teaches his own
son.

Zhou's family is typical for a privately owned business in East China's
Zhejiang and Jiangsu provinces. The second generation is born with the
natural mission to be future leaders of their family enterprises.

Zhou was elected president of the company in 2004, in which he took
pride: elected, that is, not inherited.

But businesses in the towns where the factories are located make it a
complex issue to choose a president: over 70 percent of families in
Donggang town, where Hongdou is located, have members working in the
factory. A company often contributes to over half of tax revenue in a
town and the owner of the company is often the head of local government.

Hongdou hired a Chinese Canadian as a general manager in 1998, who worked
for a year and left. So it is a family business.

Zhou would not admit that he is himself the second generation running the
enterprise because he has been with the company since the 1980s. But his
educational background sets him apart from his father's generation. And
he is well aware of that difference.

"In making decisions, my father's generation is more bold, and they have
very strategic vision," he says. "But I tend to wait until I feel totally
confident."

They certainly have one thing in common: Both worked to ensure their
children are disciplined and well prepared for their future roles. Just
like Zhou remembers - the times when he had to stand up for the entire
night for doing something wrong.

Zhou also remembers the day when his father called the brothers together
and told them that only one of them could continue their education.

His younger brother, who "is smart too, and was a good student himself"
volunteered to quit school and Zhou went on to university.

That is why he came back after graduation, knowing and believing in the
responsibility to his family.

(China Daily 08/20/2007 page12)

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Chinese Online Class - CPI to rise at moderate rate, still under control

?  ?

BIZCHINA / Center

CPI to rise at moderate rate, still under control

(Xinhua)
Updated: 2007-08-16 14:17

A Chinese national research center said on Wednesday that the consumer
price index (CPI) is still within government control although it will
"keep rising at a moderate rate for a relatively long time".

Recent price hikes signaled moderate inflation only, in which the prices
rise steadily at a relatively low rate. Inflation was not high nor out of
control, said the State Information Center (SIC).

Related readings:

?Market responds to CPI result smoothly
?Time to restructure the CPIe
?Chief economist: CPI to rise less than 4% in 2007

SIC research into the CPI changes in the past two decades suggested that
a growth rate of five percent was the threshold for moderate inflation in
China, well above the accumulative 3.5 percent CPI growth in the first
half.

Although the threshold was exceeded by the 5.6-percent growth in July,
inflationary pressure was not severe compared with similar accelerated
price hikes in 2004, in which the CPI rose by at least five percent for
four straight months from June to September.

If accelerated CPI growth occurred, the government could still
effectively rein the prices through policies such as the suspension of
government-controlled price rises, said the SIC.

The SIC attributed the pressure for further prices hikes to future growth
in food and housing prices.

Food price increases would likely last sometime because of tight domestic
supply market and soaring international food prices, which rose 20
percent in the first four months, SIC quoted from a World Bank report in
May.

Housing prices, accounting for 13.2 percent of the CPI, had increased by
four to five percent since 2005 because of soaring demand.

Large salary increases for government workers last year, together with
the booming stock and real estate markets, boosted domestic demand, which
would drive up prices overall, the SIC said.

The SIC forecast the CPI growth at around four percent in 2007, higher
than the three-percent goal set at the beginning of the year.

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Learn Chinese - Cross-bank services available by year-end

?  ?

BIZCHINA / Center

Cross-bank services available by year-end

By Ding Qi (chinadaily.com.cn)
Updated: 2007-08-14 16:08

With one bank card, Chinese residents will hopefully be able to deposit
and withdraw money at any bank before the end of the year, the website of
Radio China quoted a central bank official as saying on Tuesday.

According to Su Ning, deputy governor of the People's Bank of China
(PBOC), the central bank issued a circular several days ago requiring
banks across the nation to use the cross-bank clearance platform of the
small-sum payment system. The goal is to perform automatic money
transfers and nationwide deposits and withdrawals at different banks.

Su expected to realize the goal by the end of this year.

"Some banks may be affected by the new measures." said Miao Mancong,
chief of the Changsha branch of the PBOC. "But in the long run,
cross-bank deposits and withdrawals will not only be more convenient for
clients, it will also benefit banks and lift the overall reputation of
China's financial institutions."

So far, cross-bank deposits and withdrawals are available in banks in
Shandong and Hunan provinces.

(For more biz stories, please visit Industry Updates)

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Learn Chinese - Consumer price inflation hits 10-year high

?  ?

BIZCHINA / Center

Consumer price inflation hits 10-year high

By Dong Zhixin (chinadaily.com.cn)
Updated: 2007-08-13 10:18

NDRC, the country's top price regulator, has ordered a crackdown on the
manipulation of food prices, after several industry associations and
firms announced plans to raise prices, including instant noodles and
Chinese fast-food chains.

Meanwhile, the Ministry of Civil Affairs raised the urban minimum living
allowance for low-income families by 15 yuan a month.

The State Information Center (SIC), a think-tank under the National
Development and Reform Commission (NDRC), agreed on the mounting price
hike pressure, but sought to play down concerns over full-scale,
significant inflation in a report on Friday, citing stable prices of
manufactured products.

Related readings:
?Time to restructure the CPI
?Economists: 4% CPI rise still healthy
?Central bank warns of inflation risks
?China to crack down on price-hiking producers, sellers

Lu Zhongyuan of Development Research Center of the State Council echoed
SIC's point. In the first six months, the core CPI, excluding food and
energy, rose a mere 0.9 percent, indicating the inflation is running at a
low level, Lu said.

The rationale behind using core CPI instead of CPI is that food and
energy prices are vulnerable to changes in weather and international
political situations and is not a good reflection of substantial change
in demand and supply.

However, the central bank suggests close attention be paid to food prices
as, unlike in developed countries, food accounts for 34 percent of
China's CPI.

The State Information Center put the CPI growth in the third quarter at
4.3 percent, up from 3.2 percent for the first half of this year, while
anticipating the growth slow down in the fourth quarter as food prices
will gradually fall due to greater supplies.

(For more biz stories, please visit Industry Updates)

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Wednesday, December 26, 2007

Learn mandarin - Tourism: Xisha Islands put on tourist map

?  ?

BIZCHINA / Biz Media Digest

Tourism: Xisha Islands put on tourist map

By Xin Dingding (China Daily)
Updated: 2007-08-10 11:08

A tourism development plan for the South China Sea was approved recently
and includes visits to the remote Xisha Islands, a Hainan Special Zone
News report said.

The report quoted a Hainan provincial tourism bureau source as saying it
planned to permit large tour companies the right to organize visits to
the islands. Tour groups will only be allowed to visit along designated
routes.

The Xisha Islands are more than 180 nautical miles away from Sanya, the
southern end of Hainan Island.

Opening the islands to tourists has been long awaited. The islands are
renowned for their tropical beauty. The Hainan provincial government
proposed to tap the islands' tourism resources back in 1994.

"The islands' scenery is even more beautiful than that of Hainan Island.
The seawater is so clear you can see fish more than 10 m under the
surface. Tropical plants are everywhere, and there are birds that you
cannot find elsewhere," Ouyang Jie, a media worker who visited the
islands last year, said.

But Ouyang said she was surprised the islands were being opened to
tourism. "The islands are short of drinking water and food, and there are
military garrisons based there."

A researcher, who participated in the preparatory study of the plan, told
China Daily the scarcity of food and water would not be a problem.

"Tourists will be traveling to the islands on board cruise ships," he
said.

The plan's delay was due to getting various parties to agree to it, the
researcher said. He asked not to be named.

The provincial tourism bureau declined to give more details about the
plan.

An official said the plan's implementation date has yet to be decided.

(For more biz stories, please visit Industry Updates)

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Learn Chinese online - Foreign investors allowed up to 25% of insurance firms

?  ?

BIZCHINA / Center

Foreign investors allowed up to 25% of insurance firms

By Shangguan Zhoudong (chinadaily.com.cn)
Updated: 2007-08-09 15:15

The combined level of foreign ownership of a domestic insurance firm must
be under 25 percent, while a single foreign investor can own no more than
20 percent, according to a draft rule published by the China Insurance
Regulatory Commission (CIRC), the Securities Times reported today.

The CIRC plans to issue additional requirements for prospective foreign
investors in the domestic insurance segment, including assets totaling at
least US$2 billion in the year prior to the investment.

Related readings:
?Licensed insurance staff declines
?Central bank moves on deposit insurance
?Life insurance lusterless after interest rate hike
?Insurers to pour $39b into overseas market

Foreign financial investors must also have an "A" rating or above for the
previous three years by an international rating company, as well as
overall profitability over those three fiscal years.

Investors will be required to use self-owned capital rather than bank
loans in making the investment, and they cannot transfer their stakes in
domestic insurers for three years, according to the draft rule.

Investors are not allowed to invest in domestic insurers by entities,
intellectual property, usufruct of land and other non-currency assets.

The alteration of an insurer's registered capital, contributors and
shareholders with more than 10 percent (10 percent included) stake,
should be reported to the CIRC for approval, according to the draft
measure.

(For more biz stories, please visit Industry Updates)

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Chinesepod - Banks praised for fighting graft

?  ?

BIZCHINA / Center

Banks praised for fighting graft

By Zhang Lu (China Daily)
Updated: 2007-08-08 08:48

Banks made more effort and achieved better results in the second quarter
in their fight against malpractice and graft, the financial watchdog said
yesterday.

The China Banking Regulatory Commission (CBRC) ordered 56,999 banking
institutions across the country to conduct self-inspections between April
10 and June 30, and later sent 3,690 inspection teams to double-check 40
percent of them.

The inspections uncovered 1,296 cases of malpractice involving 117.35
million yuan ($15.5 million) and 705 bank staff. Of those, 996 cases have
subsequently been dealt with.

Related readings:
?Bank fraud reduced on tightened control
?Regulator to bring credit growth under 15% for 2007
?10 overseas banks punished
?Bank of China irregularities revealed

The CBRC issued verbal warnings to 487 individuals, while 52 people were
fined and 136 received administrative punishments.

In addition, 156 graft cases were uncovered, involving 17.66 million yuan
and 177 bank workers.

Of those, 106 cases, involving 112 people and 13.82 million yuan, have
since been referred to the judiciary.

The regulator upped its efforts to combat graft last year as part of a
nationwide campaign by the central government.

In 2006, the banking regulator dealt with 113 graft cases, involving
26.08 million yuan and 164 people.

The inspections carried out and punishments issued in the second quarter
will further regulate banks' operations, improve market competition and
strengthen the awareness of compliance requirements among staff, the CBRC
said.

The self-inspections also helped banks to identify loopholes and
deficiencies in their management systems, which will help them to improve
internal controls in the future, it said.

The CBRC said it will boost its anti-graft campaign in the second half of
the year.

(For more biz stories, please visit Industry Updates)

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Chinese Mandarin - Transportation: China strengthens railway?operation in flood season

?  ?

BIZCHINA / Biz Media Digest

Transportation: China strengthens railway?operation in flood season

(Xinhua)
Updated: 2007-08-06 16:37

The Ministry of Railways has strengthened the supervision and
organization of railway transportation in order to guarantee stable and
safe transportation in flood season, officials said.

The ministry required the railway bureaus at all levels to strictly carry
out the measures for safe transportation, as the passenger flow peak and
flood peak both pressured on the railway transportation this summer.

Railway stations should timely inform passengers of any delay, explain
the reasons, and help passengers to refund or change tickets if they
need, the ministry said.

Attention should be paid to maintaining the order at the crowded stations
so that no one gets hurt in the hustling of the crowd, the ministry said.

The ministry also urged concerned authorities to keep a close eye on food
quality at railway stations and asked for better supervision of the
environment at the station and inside the train.

If the railway transportation is interrupted by the flood, officials of
the local railway bureau should immediately reach the site to direct the
repair work in order to minimize the damages, said the ministry.

(For more biz stories, please visit Industry Updates)

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Chinese School - Lexmark eyes local market

?  ?

BIZCHINA / Overseas Investment

Lexmark eyes local market

By Wang Lan (China Daily)
Updated: 2007-08-03 11:11

Lexmark, one of the world's largest manufacturers and suppliers of
printing and imaging solutions for offices and homes, is seeking further
cooperation with local companies to expand in China.

"Except for the business cooperation with Lenovo that began eight years
ago, we also plan to establish partnerships with many more local
companies in China in the near future," said David Chan, Lexmark's
president and general manager for the Asia-Pacific region.

In 2006, Lexmark's China sales increased 189 percent while its market
share grew 119 percent from the year before.

Lexmark said it plans to grab a 10 percent market share in China in the
next three years and its sales in China are expected to increase by 100
percent by the end of the year.

"China is playing the most important role in Lexmark's business in the
Asia-Pacific region," Chan said.

So far, with eight representative offices being built in the country and
two resolution service centers in Beijing and Shanghai, Lexmark has more
offices in China than in any other country in the Asia-Pacific region.

While consolidating ties with the world's leading companies in a variety
of industries, including providing printing services for major banks and
insurance companies and retail giants based in China, Lexmark is also
hoping to cooperate with small- and medium-sized local enterprises.

"By the end of this year, we hope to expand our penetration in China to
1,000 channel partners from 200 last year," said Chen.

According to Li Jianmin, president of Lexmark China, the company's
printing products and solution programs may provide an all-round service,
which makes the users avoid redundant investments in printing.

"In this sense, no extra cost has been created, though Lexmark applies
the most advanced technology in our products and services," Li said.

(For more biz stories, please visit Industry Updates)

Learn Chinese, Chinese School

Tuesday, December 25, 2007

Chinese Mandarin - China authorises first joint venture fund as QDII

?  ?

BIZCHINA / News

China authorises first joint venture fund as QDII

(Xinhua)
Updated: 2007-08-02 09:03

China's Harvest Fund Management Co. Ltd. (Harvest), 19.5-percent owned by
Germany's Deutsche Bank AG, has become the first joint venture fund
approved as a qualified domestic institutional investor (QDII) authorized
to invest overseas, and is set to launch its first offshore fund within a
month.

"The specific investment quota is to be decided by the authority, but we
are actively preparing, and the new fund could be ready very soon," said
Hong Qing, associate director of Harvest's marketing department.

The first Harvest QDII fund would focus on common stocks and preference
shares of companies with major operations in China listed in Hong Kong,
Singapore, and New York. The overseas adviser of Harvest was Deutsche
Asset Management, said the company.

Beijing adopted the QDII program last year to broaden investment
alternatives for local investors and encourage capital outflow.

Two Chinese fund management companies, China Southern Fund Management
Co., Ltd. and China Asset Management Co. Ltd. obtained approval last week
after the government expanded the program to include fund management
firms.

Harvest general manager Zhao Xuejun said the program expansion was "a
major reform in financial service, and a strategic movement of the
foreign exchange system reform in China".

"The QDII program allows local investors to put their money in foreign
capital markets, and will alleviate the pressure for further Chinese yuan
appreciation," said Tan Yaling, a research analyst with the Bank of China.

However, some analysts say the demand for QDII products may not be strong
due to the bullish domestic stock markets, and the profits made in
overseas markets may be offset by currency appreciation.

Zhao agreed the appreciation of Chinese yuan brought uncertainty to
overseas investment, but he said, "Diversified global investment can
dilute the risk and guard against market slump, which may hurt badly if
the fund invests heavily in a single market."

Tan said, "Foreign capital markets are more mature and better regulated,
and the long term investment returns in those markets can be quite
satisfactory."

????Last year, Shanghai-based Hua An Fund Management Co. Ltd. became
China's first fund management firm to be allowed to invest overseas as a
pilot QDII, with a quota of 500 million U.S. dollars.

Its first QDII product, launched in November, raised 197 million U.S.
dollars and yielded five percent in the following six months.

(For more biz stories, please visit Industry Updates)

Learn Chinese, Chinese Mandarin

Chinese language - Fund management firms to invest in overseas stock markets

?  ?

BIZCHINA / Center

Fund management firms to invest in overseas stock markets

(Xinhua)
Updated: 2007-07-31 11:31

The China Securities Regulatory Commission (CSRC) allows fund management
firms with net assets of more than 200 million yuan (US$26 million) and
more than two years of operational experience and securities dealers with
net assets of more than 800 million yuan and more than one year of
investment management operations to apply for QDII status.

Related readings:
?Southern Fund wins nod to invest abroad
?Banks use only 26% of QDII quota in 1st half
?Insurers to be allowed to increase overseas investment

About 20 Chinese fund management firms met the standards, said Li
Zhengqiang, a CSRC official.

By the beginning of July, the State Administration of Foreign Exchange
(SAFE) had approved a quota of US$20.5 billion: US$14.8 billion for 19
banks, US$5.2 billion for four insurance companies and US$500 million for
one fund management company.

Last year, Shanghai-based Hua An Fund Management Co Ltd became China's
first fund management firm to be allowed to invest overseas as a pilot
QDII, with a quota of US$500 million.

Its first QDII product, launched in November last year, raised US$197
million and yielded five percent during the following six months.

(For more biz stories, please visit Industry Updates)

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Learn Chinese, Chinese language

Chinese Mandarin - Lane Crawford to open wholly owned store in Beijing

?  ?

BIZCHINA / Overseas Investment

Lane Crawford to open wholly owned store in Beijing

By Jiang Jingjing (China Daily)
Updated: 2007-07-27 10:06

Fashion store Lane Crawford announced yesterday that it will open its
first wholly owned store on the mainland in October following the
termination of franchise agreements at the end of last year.

The 25,000-square-meter store in the new Seasons Place Mall in Beijing
will take an investment of HK$300 million investment and will employ more
than 300 people.

The store will feature over 600 brands, including Prada, Stella McCartney
and Givenchy. More than half of its brand portfolio will be new to the
Beijing market.

"Our plan now is to introduce several wholly owned stores in key cities
on the mainland, including Shanghai and Macao, within the next five
years," said Jennifer Woo, president of the Hong Kong-headquartered
company. She declined to reveal detailed figures.

Lane Crawford opened a new-style store in Hong Kong in 2004 with its
International Finance Center Mall flagship store, and the following year
at Pacific Place, repositioning the company from a traditional department
store to one with the largest portfolio of leading fashion brands.

In line with expansion plans, Lane Crawford's former license and
franchise operations in Shanghai, Hangzhou and Harbin, which predated the
company's current repositioning strategy, have been discontinued.

All the wholly owned stores on the mainland will be managed by Lane
Crawford teams, she said. Each store has floor space between 25,000 and
36,000 square meters.

"The Beijing store will equal to 80 percent of the revenue in a Hong Kong
store for us in the first year," Woo said.

(For more biz stories, please visit Industry Updates)

Chinese Mandarin

Chinese School - Economists warn of risks of continued yuan appreciation

?  ?

BIZCHINA / News

Economists warn of risks of continued yuan appreciation

(Xinhua)
Updated: 2007-07-25 12:53

Chinese economists have warned that the continued yuan revaluation in a
single direction may adversely affect the country's economic and
financial security, as they saw the yuan kept going higher at a faster
pace since the beginning of this year mainly due to outside pressure.

The Chinese currency, the yuan, had been rising in small steps during the
first year after the central bank dropped the peg to the U.S. dollar in
July 2005 and linked the yuan to a basket of foreign currencies.

The driving force behind the yuan appreciation then was the economic
growth itself and the progress in the financial sector, said Tan Yaling,
a research analyst with the Bank of China.

However, in 2006 and 2007, the yuan picked up in the speed of
appreciation, becoming the prey of global investors and speculators.

Meanwhile, the yuan is getting more closely related to the performance of
the U.S. dollar. The central parity price of the yuan would go up against
the weak dollar, and the pressure of appreciation would be relieved when
the dollar rebounded.

China is under great pressure to revaluate its currency as the U.S.
blamed China's currency controls for a bulging trade gap between the two
countries, saying the yuan was undervalued to give Chinese exporters an
unfair price advantage.

China's central bank announced in May to allow the yuan to fluctuate
against the U.S. dollar by 0.5 percent a day, up from the previous 0.3
percent, in a bid to make the currency more flexible.

The real value of the yuan has gone up by 4.41 percent since it was
revalued by 2.1 percent from 8.28 yuan in July 2005, according to latest
statistics from the Bank for International Settlements.

The accelerating pace of the yuan revaluation and the amounting pressure
for the yuan appreciation are independent of the country's monetary
policy, said Tan, adding that the trend might be going against the real
situation of the Chinese economy.

Many, including the U.S. Federal Reserve Chairman Ben Bernanke, said the
yuan appreciation was in the interest of China.

They have too much focused on the price of the currency and neglected the
structural problems of the country's economy and its financial sector,
Tan said.

The Chinese economy is still at the low end of market economy, compared
with the high-end developed economies to which the yuan is linked, in
terms of technologies, production efficiency, industrial development and
consumption, she said.

The country would face great risks with a strong yuan in the long run if
it failed to improve the quality of its economy to support the currency
by then, Tan warned, urging the government to be alert and take
precautions against the risks.

She was worried the stronger yuan would cut or even wipe off the profits
of China's labor-intensive manufacturing sector, while the foreign
investors would snatch fat profits on the back of low-cost labor in China
and become a dominant factor in the Chinese economy.

Ha Jimin, chief economist with China International Capital Corporation,
argued accelerating yuan appreciation may help ease trade frictions,
lower the pressure from imported inflation, and urge exporting companies
to upgrade its industrial structure.

Professor Ding Zhijie with the University of International Business and
Economics warned the persistent anticipation might lead China to the trap
of attracting more liquidity for its relatively low interest rates.

He noticed that market anticipation of yuan appreciation persisted,
though the currency kept going upward and the exchange rate formation
mechanism became more market-oriented.

Ding said the Chinese government should try not to follow Japan in the
80s, which failed to correct the appreciation anticipation and fell
victim to bubble bursts in the real estate sector and the stock market.

Both Ding and Ha said the pressure of appreciation would continue due to
the country's high growth rate and accumulating forex reserves, and
predicted the value of the Chinese currency would rise to 7.3 yuan to one
U.S. dollar at the end of the year if the dollar maintained its
performance.

Ha said it would at least take three years to ease the pressure for
further appreciation of the yuan.

The Chinese government should do more research to identify the real value
of yuan and the equilibrium price of the yuan in order to avoid risks
from the yuan appreciation in a single direction, Tan said.

Fan Gang, a member of the central bank's Monetary Policy Committee,
however, was against deliberately bringing down the anticipation of the
yuan appreciation, and said the yuan's revaluation should keep to the
mechanism of market supply and demand.

(For more biz stories, please visit Industry Updates)

Related Stories ?

� China warns IMF over renminbi rate
===========================================================================
� AmCham: Stop pressuring China to revalue renminbi
===========================================================================
� Renminbi business expansion
===========================================================================

Chinese School

Monday, December 24, 2007

Learn mandarin - CDB makes global finance foray

?  ?

BIZCHINA / Center

CDB makes global finance foray

By Zhang Ran (China Daily)
Updated: 2007-07-24 10:19

?
China Development Bank's Shanghai branch. The bank?dramatically increased
its international profile by announcing that it will buy up to 5% in
London-based Barclays. [newsphoto]

In an unprecedented sortie into the global financial market, a
State-owned bank has teamed up with an international partner to join
Europe's most heated competition in a banking takeover.

Yesterday, China Development Bank (CDB) - the largest of the three policy
banks specializing in government-sponsored domestic infrastructure
investment - dramatically increased its international profile by
announcing that it will buy up to 5 percent in London-based Barclays,
Britain's third largest lender.

Barclays is trying to close a merger with ABN Amro, Europe's eighth
largest bank in total assets.

In an official statement, CDB Governor Chen Yuan expressed "strong
support" to the Barclays management's global strategy.

And that support is mainly in cash, John Studzinski, senior managing
director of Blackstone - which is providing financial advisory services
to CDB in its Barclays deal - told China Daily.

CDB's Barclays deal is the first time that a State-backed financial
organization has become an active player in an international buyout of a
large financial service network.

According to an announcement by CDB, it will join Temasek Holdings of
Singapore to invest up to 13.4 billion euros ($18.5 billion) in Barclays
through subscription of shares. And that, in turn, will provide
additional capital for Barclays in its ongoing bid for Amsterdam-based
ABN Amro.

After enlisting the two Asian supporters, Barclays made a simultaneous
announcement revising its bid for ABN Amro, increasing the offer from an
earlier 64 billion euros ($88.4 billion) up to 67.5 billion euros ($93.3
billion).

With the share issue to CDB and Temasek Holdings, Barclays also recast
its bid for ABN Amro from an all-share offer to a cash-and-share deal,
with cash making up 37 percent of the total.

Related readings:
?1st RMB bond in HK hugely oversubscribed
?CDB to sell first-ever RMB bonds in Hong Kong
?China mulling over reform on policy financial institutions
?Barclays Capital seeks expansion in China
?Foreign Banks triple China profit growth
?ABN Amro sets up fifth branch in China

CDB will initially subscribe 2.2 billion euros ($3.04 billion) of
Barclays new ordinary shares, or a 3.1 percent stake of the private
British bank. But if its bid for ABN Amro succeeds, according to the
agreement, CDB will be able to subscribe a further 7.6 billion euros
($10.5 billion) of Barclays ordinary shares.

Sun Mingchun, vice-president and chief economist of Lehman Brothers Asia,
saw it as "a very active move" by a Chinese financial firm in seeking
overseas expansion.

"Unlike the embryonic State Investment Company's $3 billion subscription
in Blackstone's shares in May, which is merely a financial investment
aimed to balance the massive foreign exchange reserves, CDB's investment
is an active move targeted at improving the bank's management and seeking
overseas expansion," Sun said.

(For more biz stories, please visit Industry Updates)

?? ?? 1?? 2?? ??

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Learn mandarin

Chinese School - Just park and shop

?  ?

BIZCHINA / Biz Life

Just park and shop

By Du Xiaoli (chinadaily.com.cn)
Updated: 2007-07-20 17:51

A consumer surnamed Lu is satisfied with facilities and services of Xidan
shopping malls in downtown Beijing. But he also said: "I hesitate to go
shopping there due to parking problems and traffic congestion."

Many downtown shopping malls in Beijing such as Xidan and Wangfujing have
parking problems that deter customers. Parking problems in the Xidan
commercial area could hinder its development, said experts.

Sixteen large shopping malls in Beijing including Beijing Modern Plaza,
Henderson Center, and New World will reconstruct parking guide systems in
the coming three to four months, said Lu Yan, director of the Beijing
Municipal Bureau of Commerce.

Convenient parking has become a factor in competition, and is an
indivisible part of shopping mall operation because more people are
driving cars to go shopping, said experts. Desire for convenience,
comfort, and consumer-oriented services encourage the shopping malls to
build orderly, harmonious environments.

Currently many shopping malls are not able to build new parking lots, so
the existing parking lots must be used efficiently, requiring the
shopping malls to reconstruct parking guide systems, experts suggested.

There are two kinds of parking lots in shopping malls in Beijing-on the
ground and underground. The parking lots on the ground are convenient for
consumers while many underground ones have no clear guiding system, which
is inconvenient for shoppers.

"Guide systems should be highlighted in reconstruction of parking system
in large shopping malls in Beijing," said Lu Hao, vice-mayor of Beijing.
It is impossible to solve the shortage of parking space quickly.
Therefore the parking guide systems should have clear signs indicating
the number of available parking spaces, parking access directions and the
way toward shopping malls.

Many shopping malls have enhanced the utilization of their parking lots
after reconstruction. Successful reconstruction encourages others to do
the same.

Besides large shopping malls, all commercial streets in Beijing will
gradually reconstruct parking guide facilities, said Lu Yan, adding that
the commerce bureau will issue advice on standardization of
reconstructions.

(For more biz stories, please visit Industry Updates)

Chinese School

Learn Chinese - Insurers to invest in stocks

?  ?

BIZCHINA / China Insurance

Insurers to invest in stocks

(chinadaily.com.cn)
Updated: 2007-07-19 14:48

Related publication:

?
????
???

Related readings:

China allows trusts, insurers into interbank market
Shares in insurer rocket after deal

The China Insurance Regulatory Commission (CIRC) is encouraging insurance
companies to enter the stock market by permitting three insurance firms
to invest.

The three new insurance firms are Huatai Life, Bohai Property Insurance
Huanong, and Property Insurance, increasing the number of insurance
companies eligible for stock market investment to five. The original two
are Ming An Insurance and Sino Life Insurance.

Right now a few companies have begun developing portfolios, research
investment tactics, and investment simulations. They also attach great
importance to strengthening company internal management, risk management
and trade management, in a bid to boost investment ability and reduce
risks.?

...

The full text is available in the?China Insurance.

?

(For more biz stories, please visit Industry Updates)

Learn Chinese

Chinese language - IT: China Telecom, HP offer PC with broadband for $26 per month

?  ?

BIZCHINA / Biz Media Digest

IT: China Telecom, HP offer PC with broadband for $26 per month

(washingtonpost.com)
Updated: 2007-07-18 11:29

A China Telecommunications Group Corp (China Telecom) subsidiary in
Jiangsu Province and Hewlett-Packard Co (HP)?are offering customers a
desktop computer with broadband Internet access for 198 renminbi, or
US$26, per month.

The promotion offer underscores how competitive China's PC and Internet
markets have become, and the extent to which the market has become
saturated after years of breakneck growth.

For a monthly payment of 198 renminbi and a 27-month contract, China
Telecom customers in Taizhou, Jiangsu Province, get an HP Compaq DX2308
desktop PC with a 3.2GHz Intel Corp Celeron D processor, 512M bytes of
RAM, an 80G-byte hard drive and a 17-inch CRT monitor, according to
anonline advertisement (in Chinese).

The bundle includes 150 hours of broadband Internet access per month,
most likely a 512K bps (bits per second) DSL (digital subscriber line)
connection, the most common in China. For an additional 700 renminbi,
customers can upgrade to a 17-inch LCD (liquid crystal display) monitor.

A similar deal is available in other Jiangsu cities, including?Nantong.

This isn't the first time China Telecom and HP have offered a PC bundled
with broadband for 198 renminbi. Similar deals were offered in Jiangsu
Province earlier this year.

Bundles like this are not yet common in China, although several vendors
have experimented with them and seen mixed results, said Bryan Ma,
director of personal system research at IDC Asia-Pacific.

Besides the low-cost desktop, China Telecom and HP are offering a couple
of other options to Taizhou customers, including an HP Compaq NX6515
notebook with a dual-core 1.6GHz Turion 64 X2 processor, 512M bytes of
RAM, an 80G-byte hard disk, and a 14-inch screen. The notebook deal
involves a one-time payment of 6,998 renminbi, or US$923, and includes
1,660 hours of broadband Internet access during school vacation periods.

HP may be the world's biggest PC maker, but the company still lags behind
Lenovo Group Ltd. in China. During 2006, the company was the
fourth-largest PC maker in China, with a market share of 8.2 percent.

HP's market share increased to 12.5 percent during the first quarter of
2007, thanks to aggressive notebook sales, Ma said.

(For more biz stories, please visit Industry Updates)

Chinese language

Sunday, December 23, 2007

Learn Chinese - Firms licensed for financial futures brokerage

?  ?

BIZCHINA / Center

Firms licensed for financial futures brokerage

By Wang Lan (China Daily)
Updated: 2007-07-17 09:35

In a major step toward introduction of financial futures trading, the
China Securities Regulatory Commission (CSRC) has licensed the first two
commodity futures companies to operate brokerage business in financial
futures.

The two companies, Beijing Yin Jian Futures Co Ltd and Shanghai Jiu Heng
Futures Brokerage Co Ltd, are believed to have won the CSRC approval for
their well-established security record of business operation and credible
mechanism of risk management, market sources said.

Guo Zhinan, deputy manager of Shanghai Jiu Heng Futures Brokerage Co Ltd,
said the approval was an indication of his company's efforts to meet the
high standard of risk management and operational integrity demanded by
the China Financial Futures Exchange (CFFEX).

Related readings:
?China may put off launch of stock index futures
?Illegal trades decrease at futures exchange
?Rules for financial futures reflect growing concern
?China may issue 1st financial futures licenses in a month

"A stable growth potential is our competitive edge, although our current
turnover scale is not as big as some other futures companies," Guo said.

Many more commodity futures companies are expected to be licensed in the
coming months, sources said. There are around 160 commodity futures
companies in the country and many of them have applied for a license.

CFFEX hasn't specified the target date for the launch of trading in stock
index futures, the first product. But industry insiders said preparations
for the opening, including mock trading sessions to help familiarize
traders, have been on for months.

The licensing of the first two commodity companies indicates the CFFEX's
membership system is taking shape.

"Specifying the exchange's membership system is an important part of
preparing for the final launch of the index futures and the approval of
broker members is the initial step," said Li Jingyuan, an analyst with
Hai Fu Futures Co Ltd.

In addition to broker members, there are also trading clearing members
and all-round clearing members within the CFFEX membership system.

A trading clearing member is allowed to conduct clearing business for its
clients, without having to clear the transaction through the all-round
clearing members, who are qualified institutions like banks and other
futures companies.

(For more biz stories, please visit Industry Updates)

Learn Chinese

Chinesepod - Insurers allowed to double stock investment

?  ?

BIZCHINA / Center

Insurers allowed to double stock investment

(Bloomberg)
Updated: 2007-07-12 17:05

China will allow insurers to double the share of assets invested in local
equities to 10 percent, said industry executives briefed by the insurance
regulator.

The China Insurance Regulatory Commission (CIRC) has told the asset
management arms of insurance companies to prepare for buying more
domestic stocks, said the industry executives, declining to be identified
as the regulator hasn't announced the plan yet.

China Life Insurance Co, Ping An Insurance Co and rivals can seize on the
new rule to boost returns from their $321 billion of assets as premium
growth slows. Insurance companies may use some of the funds to invest in
companies traded in Hong Kong which are planning to sell yuan-denominated
shares on the mainland.

"This is aimed at increasing the profits of the insurers," said Huang
Huamin, a Beijing-based analyst at CITIC Securities Co.

The news could not be immediately confirmed with the insurance regulator
or the top insurers.

China Life's shares jumped 4.5 percent and Ping An stock rose 3.9 percent
in Shanghai yesterday.

The CSI 300 Index rose 0.7 percent yesterday, bringing gains this year to
87 percent - the second-best performance among the world's major
benchmarks.

The Hang Seng China-Affiliated Corporations Index, comprising mainland
companies incorporated and traded in Hong Kong, gained 2.6 percent. This
index has jumped 18 percent in the past month.

"Insurers mostly buy blue-chip shares, so an increase of funds may push
up prices of big companies like banks," said Yi Yangfang, who helps
manage about $5 billion at GF Fund Management Co.

(For more biz stories, please visit Industry Updates)

Chinesepod

Learn Mandarin online - IPOs set trend for listing by city banks

?  ?

BIZCHINA / News

IPOs set trend for listing by city banks

By Zhang Lu (China Daily)
Updated: 2007-07-12 07:50

The initial public offering of two lenders - Bank of Nanjing and Bank of
Ningbo - this week will spur a new round of bank listings on the domestic
stock markets.

The major players in this listing rush will be qualified city commercial
banks as most State-owned and joint-stock banks have already gone public.

Bank of Nanjing, partly owned by top French lender BNP Paribas, plans to
sell up to 700 million A shares, or 36.72 percent of its enlarged capital
after the initial public offering (IPO), for a listing on the Shanghai
stock market.

Bank of Ningbo, partly owned by Singapore's Oversea-Chinese Banking Corp,
will issue 450 million A shares, or 18 percent of its enlarged capital,
for a listing on the small and medium-sized enterprises (SME) board of
the Shenzhen stock market.

Apart from the two banks, Bank of Beijing has also completed its
application for a simultaneous IPO in Hong Kong and Shanghai.

A few other city commercial lenders with overseas strategic investors,
including those in Hangzhou, Chongqing and Shanghai, are next in line.

These lenders, the top ones among the country's 114 city commercial
banks, are comparable to their bigger counterparts regarding business
performance and asset quality.

Statistics from the China Banking Regulatory Commission shows the average
non-performing loan (NPL) ratio of city commercial banks stood at 4.8
percent at the end of 2006, against an average of 7.51 percent for big
State banks.

By the end of 2006, total assets of China's 114 city commercial banks
were 2.6 trillion yuan, or 6 percent of the country's total banking
assets of 44 trillion yuan.

Bank of Nanjing, with 58 branches in Jiangsu Province, reported gross
assets worth 57.9 billion yuan and net profits of 595 million yuan in
2006. Its NPL rate was 2.47 percent.

With 68 branches in Zhejiang Province, Bank of Ningbo had 56.6 billion
yuan in total assets, with a NPL rate of only 0.33 percent last year.

"Tens of city commercial lenders with good performance may be eligible to
list in the next year or two," said Zhang Qi, an analyst from Haitong
Securities.

Some of them are now in the process of seeking strategic partners. IPOs
of the two lenders, especially Ningbo, are a good sign for other listing
hopefuls, Zhang said.

According to him, Bank of Ningbo, the first financial share on the SME
Board, paves the way for others, whose listings will be limited to a much
smaller scale compared with State banks.

"Their listing will offer diversified options for investors," said She
Minhua, analyst from CITIC China Securities.

An obvious reason for city commercial banks' IPO enthusiasm is to boost
capital strength to meet the requirements of the New Basel Capital
Accord, a framework for standards in international banking, She said.

"It will be a trend for city commercial lenders with good assets to
establish a long-term capital-supply mechanism through public listings,"
said Li Xiaohui, an analyst with CITIC Securities.

They are also using proceeds from public offerings to expand and improve
their businesses as they move to fend off foreign competitors, which were
allowed to offer renminbi retail services in December.

These banks' operations will be further improved through enhanced
shareholding structure, corporate governance, risk control, information
disclosure and management, after public listings, She said.

"But the prime reason for their listing rush might be the need for
geographic expansion," he said.

An earlier report from Standard & Poor's said city commercial banks in
major cities are likely to be affected by the opening up of the banking
sector more than State-owned and joint-stock banks because of their lack
of geographic reach.

Last year, Bank of Beijing and Bank of Shanghai started to expand beyond
their hometowns, followed by Bank of Ningbo this year.

However, "it is not an easy task", She said, as they have always been
restricted to their home market. "Public listing will help boost their
reputation and brand image, and help their business expansion as well as
improve their performance in their home markets."

(China Daily 07/12/2007 page15)

(For more biz stories, please visit Industry Updates)

Learn Mandarin online