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幼童与黄昏

BEIJING -- The Industrial and Commercial Bank of China (ICBC) has planned to open a subsidiary in the United States, as part of its going-global strategy which also involves Russia, Indonesia and the Middle East, Board Chairman Jiang Jianqing said here on Wednesday."Preparations have been going on smoothly. We hope to receive approval from American authorities as early as possible," said Jiang, a delegate to the ongoing 17th National Congress of the Communist Party of China, at a news briefing.Jiang said that next month the ICBC would open a branch in Russia and take over the Bank Halim in Indonesia. Applications to set up new branches in Dubai and Doha have been approved by the banking authorities of China, paving the way for its march into the emerging Middle East market.In its latest overseas expansion, the ICBC clinched an agreement with Seng Heng Bank Limited on August 29 to acquire a stake of nearly 80 percent of the bank in Macao for 4.683 billion patacas (US5 million), according to the bank's website.Jiang said that the ICBC would "cautiously" advance its going- global strategy. "Only when the price, opportunity and place are right will we make a move."The bank has established more than 100 branches so far in 13 countries and regions, mainly through greenfield investment, merger and acquisition. But overseas business only contributed three percent of its total assets and four percent of its profits. The ICBC hopes to raise the proportion to 10 percent in the future, Jiang said.Domestically, the ICBC has more than 16,800 outlets.With a total asset of over US0 billion, the ICBC has been named as the second largest bank of Asia and the most profitable bank with a net profit of over US billion, according to a listing of HK Asia Week of "Top 300 Asia Bank".Apart from expanding its global presence, the bank has been engaged in financial innovations at home. In September, China's banking regulator approved the bank to set up a leading company with a registered capital of 2 billion yuan (US5.96 million), the largest of its kind in the Binhai New Area of Tianjin, which will help improve the bank's performance by shifting its profits from interest income to intermediary services.Jiang said the bank's non-performing ratio would be hopefully kept under three percent this year, much lower than the industry's average of eight percent. Bad loan ratio in term of real estate property stood at 1.4 percent in the first half. 

The country's roaring stock market and soaring property prices have generated wealth for so many that the mainland now has more billionaires than any place other than the United States, according to a list released Wednesday.The list has 106 US dollar billionaires, compared with 15 last year and none in 2002, according to the popular annual The Hurun Rich List - compiled by Shanghai-based independent analyst Rupert Hoogeperf.Out of the top 10, nine own listed companies - six are real estate developers and two also derive a large percentage of their wealth from real estate, indicating that the country's economic growth is largely driven by construction and manufacturing.The total wealth of the 800 richest Chinese reached 9.3 billion, or 16 percent of the country's GDP last year. Their average wealth more than doubled in the past year to 2 million."China's richest have reaped windfalls from a sharp hike in property prices and the burgeoning stock markets," said Hoogeperf.But Beijing-based investment banker Andrew Zhang said: "The list shows up bubbles in the economy. The rich have accumulated their wealth with little technology, branding or international networks."Yang Huiyan - the 26-year-old woman who was No 1 on Forbes wealth list released this week - remains top on the Hurun list with a personal fortune reaching .5 billion, transferred from her property developer father.Her fortune comes from a 59.5 percent stake in Country Garden Holdings, a South China real estate developer founded by her father. The company's initial public offering in Hong Kong in April raised the equivalent of .9 billion and its shares closed Wednesday at HK.12 - more than double the IPO price.She is followed by 50-year-old Zhang Yin, last year's topper, who saw the value of her shares in Nine Dragon Paper triple to billion following a surge in the Hong Kong stock market.Xu Rongmao, 57, owner of Shimao Property Holdings Ltd comes in at No 3. He has seen his wealth grow to .5 billion, up .5 billion from last year.Huang Guangyu, 38, who founded Gome Electrical Appliances Holdings and owns unlisted property businesses, is fourth with billion.Guo Guangchang, whose Fosun Group has investments in property, retail, steel, pharmaceuticals and mining, rejoins the top 10 for the first time in four years after raising .5 billion from a Hong Kong listing in June.Surging share prices created much of the wealth of those on Hoogewerf's list.Nine made it due to shareholdings in Minsheng Banking Corp - the most prominent creator of super-rich of any Chinese company.Ping An Insurance (Group) Co, China's second-largest life insurer, and Western Mining Co, a zinc and lead miner, were each responsible for the wealth of seven on the list.

Chinese government said on Tuesday Vietnam had caused concern by agreeing with BP, a British oil company, to build a gas pipeline in the South China Sea. "China has indisputable sovereignty over the Nansha Islands and neighboring areas," Foreign Ministry spokesman Qin Gang said in Beijing."Vietnam's new actions infringing on China's sovereignty, sovereign power and administrative rights in the Nansha Islands (in the South China Sea) go against the important consensus reached by leaders of the two countries on this maritime issue," he emphasized. "It is not beneficial to stability in the South China Sea area. China is paying close attention, and we have already made serious representations to the Vietnamese side," the spokesman said. "With everyone's hard work, the situation in the South China Sea has been stable." Qin also said that the February13 agreement on the Democratic People's Republic of Korea (DPRK) nuclear issue may have run afoul of some difficulties, but that does not mean the Six-Party Talks have failed or will be rendered invalid."(The difficulties) are natural because the talks have never been smooth, but the fact that the situation has encountered difficulties doesn't mean that the talks don't work," Qin said at a news conference. All parties are committed to the idea that negotiations are the only way to achieve a stable, nuclear-free Korean Peninsula and the normalization of diplomatic ties, he added. The DPRK (North Korea) walked out of the Six-Party Talks last month when the transfer of million that had been frozen at Banco Delta Asia in Macao did not come through. The latest agreement between the parties gives Pyongyang 60 days to shut down its nuclear facilities in return for energy aid. That deadline falls on Saturday. The US Treasury Department has said that Macao authorities are prepared to unblock the frozen funds. The government of Macao Special Administrative Region said it was aware of the US Treasury statement and that it would work with all parties involved. "Simultaneously, it expects all parties concerned to come up with appropriate and responsible arrangements," the government said on its website. Qin said Bank of China, which had been initially prepared to accept the frozen funds on behalf of Pyongyang, still needed more time to think about it. "It is a publicly listed company and has to conform to its international obligations and laws," he said. As for the Darfur issue, Qin said that China hoped that former UN secretary-general Kofi Annan's peace plan would be implemented and that the UN troops would be employed as early as possible.

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First Deputy Prime Minister and presidential candidate Dmitry Medvedev smiles during a news conference at his election headquarters in Moscow March 3, 2008.  (Xinhua/Reuters Photo)    BEIJING, March 3  -- Chinese President Hu Jintao Monday congratulated Dmitry Medvedev on his victory in Russia's presidential election.     With the joint efforts of both sides, China and Russia have seen in-depth and all-around development in their strategic partnership of coordination, Hu said during a telephone conversation with Medvedev.     China and Russia have continued to strengthen mutual political trust and made fruitful achievements in pragmatic cooperation, he said, noting the successful national theme years held respectively in the two countries in 2006 and 2007.     The Chinese government will unswervingly boost the strategic partnership of coordination with Russia on the basis of mutual respect, trust and support, Hu said.     Hu said he is willing to make concerted efforts with Medvedev to push forward the two countries' strategic partnership of coordination.     In their telephone conversation, Hu also invited Medvedev to visit China at an early date.     For his part, Medvedev said Russia and China have continued to make headway in pragmatic cooperation in such fields as trade and economy, as well as conducting significant coordination in international affairs.     He described Russia-China ties as a key factor in current international relations, saying that to develop the strategic partnership of coordination is the only option for Russia's policy toward China.     Russia is ready to work closely with China to push their bilateral relations to a new high, said the president-elect.     Medvedev thanked Hu for his invitation, saying he is looking forward to a visit to China and a meeting with the Chinese president.     Medvedev, first deputy prime minister of Russian President Vladimir Putin's cabinet, won a landslide victory in Sunday's presidential election.

BEIJING, March 10 (Xinhua) -- The National Development and Reform Commission (NDRC), China's top economic planning agency, said on Monday the country's combined edible vegetable oil consumption stood at 23 million tons in 2007, 2 million tons more than a year earlier.     The country's total market supply last year reached 23.8 million tons, according to a statement on the NDRC website.     The NDRC said the current demand and supply of edible vegetable oil on the domestic market were balanced and could meet citizens' needs.     However, the NDRC and the State Grain Administration (SGA) called on their local branches to endeavor to maintain stable market supply as international soybean and edible oil prices had risen sharply recently.     The NDRC and the SGA ordered their local branches to accentuate the importance that the import of soybeans and edible vegetable oil would not be disrupted.     Two-thirds of edible oil materials in China, the largest global consumer, relies on imports. According to General Administration of Customs statistics, imports of edible oil and soybean reached 8.38 million tons and 30.82 million tons, respectively, last year, up 1.69 million tons and 2.58 million tons year on year.     The NDRC also asked local governments to track the inventory and price of edible oil price in real time and make efforts to maintain a sound market order.

A former top official from Beijing is facing prosecution for taking bribes from property developers, advertising companies and other businesses, a local newspaper reported Thursday.Zhou Liangluo, 46, former head of Haidian district, the city's thriving university and hi-tech hub, received bribes totaling 16 million yuan (.2 million) from 10 businesses and individuals, the Beijing Times reported.Caijing magazine said on its website last month that Zhou was apparently uncovered when authorities were investigating Liu Zhihua - the former vice-mayor of Beijing - for alleged corruption and finding out that a real estate developer Liu Jun had been bribing the two.However, there is so far no evidence proving the alleged links.Investigators last month handed Zhou's case to a city court for trial.His wife, Lu Xiaodan, also faces charges of taking more than 8 million yuan in bribes, the paper said.Beijing has enjoyed an influx of investment over recent years, partly spurred by its preparations to host the Olympics Games.Zhou's posts in Haidian, and before that in Chaoyang district, gave him a big say over lucrative projects.The report did not say when Zhou and Lu are to be tried or how they are expected to plead to the possible charges.

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The government will get tough on those involved in illegal activities and speculation to cool the country's booming property market, a leading construction official said Thursday."We are in the middle of a campaign to regulate the property market and will crack down hard on anyone engaged in illegitimate activities such as stockpiling land and bidding up prices," Qi Ji, vice-minister of construction said at a press conference."We will expose and punish unscrupulous developers and do everything we can to prevent price hikes driven by non-market factors," he said.Qi said the government will also introduce differentiated tax and credit policies to deter people from buying property for investment purposes and control the demand for large apartments.Citing Beijing as an example, Qi said one of the key factors behind the skyrocketing prices was the influx of buyers from outside the city."Figures show more than a third of the commodity houses in Beijing were bought by people from outside the city," he said.And the figure is more than 50 percent for high-end properties in central areas, he said.The situation has led to an imbalance between supply and demand in these areas and prices are soaring, Qi said.House prices in the capital showed a year-on-year increase of 11.6 percent last month, the highest this year.Qi said governments must put greater emphasis on the development of low and middle-priced housing and small to medium-sized apartments to stabilize housing prices.In an effort to help ease the housing problems of low-income families in urban areas, the State Council recently rolled out a series of policies including the establishment of a low-rent system, the construction of more affordable homes and a large-scale program to renovate shantytowns.Qi said 10 million low-income families nationwide have housing problems, most concerning a lack of living space of less than 10 sq m per person."They cannot afford houses on the open market, which is why governments must help them," he said.

A leading Chinese trade union for journalists is considering action against a bogus "official" website for the organization. The website -- www.acja.cn -- runs genuine news industry information and links, as well as the emblem of the All-China Journalists Association (ACJA), the ACJA announced in Beijing Wednesday. "The fake website claims it is the website of the ACJA and uses the emblem of ACJA on their website," Gu Yonghua, ACJA party secretary said. "Under the name of ACJA, it even runs recruitment advertisements, carries advertisements and operates other business," Gu said. The fake website uses the abbreviation of the ACJA''''s English name as its domain name, while the genuine official website of the ACJA -- www.zgjx.cn -- uses the abbreviation of the Pinyin, phonetic Chinese name. "The fake website has several unhealthy links that impair the reputation of ACJA," claimed Gu. "The website has infringed on the rights of the ACJA," Gu said, warning Internet users to avoid the bogus site. The ACJA, formerly the China Youth Journalists Association, was founded in Shanghai on Nov. 8, 1937. The association, as a national association for Chinese journalists, has 223 local association members representing750,000 Chinese journalists. The genuine website for the ACJA was just opened in February. The fake website carries the claim that it opened 10 years ago and is planning to go public. It is linked to several media websites, including The People''s Daily and the Washington Post. Search engines like Google and Baidu are also on its webpage. However, the server and operators of the website are still unknown, sources with ACJA said. The ACJA was contacting the Ministry of Information Industry and other government agencies to identify the operators and servers and would take legal action against the website if necessary, said ACJA sources.

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BEIJING -- The Jiu San Society, one of China's eight democratic parties, opened here on Saturday the ninth national congress.He Guoqiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee, met with the participants to the Jiu San Society's ninth national congress in Beijing Dec 8. [Xinhua]The congress will hear and examine a work report by the society's 11th central committee, discuss and approve a draft amendment to the Jiu San Society's Constitution, and select the 12th central committee of the society.He Guoqiang, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, met with the participants to the congress and delivered a congratulatory speech on behalf of the CPC Central Committee."In the past five years, the Jiu San Society actively advised on state affairs and performed its duty of democratic supervision," He said."The society has been an important force to build socialism with Chinese characteristics and the system of multi-party cooperation and political consultation under the CPC's leadership," he added.The CPC hopes that members of the Jiu San Society will take full advantage of their wisdom and strength to the undertaking of China's reform and development, He said.Han Qide, executive chairman of the presidium of the society's ninth national congress, gave a work report at the congress on behalf of the society's 11th central committee.Han Qigong, President of the Jiu San Society's 11th central committee, addresses the society's ninth national congress in Beijing December 8, 2007. [Xinhua]Concerning itself with China's economic and social development, the Jiu San Society has been making efforts to promote science and education and solicit opinions from general public in the past year, Han said in his report.At the end of 1944, a number of progressive scholars organized the Forum on Democracy and Science, to strive for victory in the Anti-Japanese War and political democracy, and to develop the anti-imperialist and patriotic spirit of the May 4 Movement of 1919.In commemoration of victory in the Chinese People's War of Resistance Against Japanese Aggression and in the world anti-Fascist war, on Sept. 3, 1945, it adopted the name Jiu San Society ("Jiu San" means Sept. 3 in Chinese).On May 4, 1946, the Jiu San Society was formally founded in Chongqing.Now its more than 105,000 members are mainly senior and leading intellectuals in the fields of science and technology.

SHANGHAI -- A train designed to run at a speed of 200 km per hour left east China's Shanghai for Suzhou early Wednesday morning, ushering in a high-speed era for the world's fastest growing economy. Brand new homemade high-speed trains CRH are seen at a railway station in Jinan, east China's Shandong Province, April 12, 2007. The CRH trains which could run at least 200km per hour, will serve on high speed routes between major cities after the sixth nationwide railway speedup from April 18. [Xinhua]Nationwide, 140 pairs of high-speed trains with a speed of 200 km per hour or a faster speed will begin to hit the railways on Wednesday. The number will increase to 257 by the end of this year. Numbered D460, the train left Shanghai at 5:38 a.m. and is expected to arrive in Suzhou 39 minutes later. Wednesday marks the the beginning of the sixth "speed boost" of Chinese railways, which has been hard-pressed to cope with the country's hunger for bigger transport capacity. Chinese railway officials said last year, China fulfilled a quarter of the world's total railway transport volume on railways accounting for only 6 percent of the world's total length. "The sixth speed lift will boost passenger capacity and cargo capacity by over 18 percent and over 12 percent respectively," said Hu Yadong, vice-minister of railways.