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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.

The second batch of quotas for qualified foreign institutional investors (QFII), a scheme for foreign players to invest in the A-share market, is likely to be about billion, an industry insider, who declined to be named, told China Daily on Friday. The source said that the second batch of QFII quotas was being discussed, and pending approval by the Chinese government, was likely to be about billion, not exceeding that of the last batch, which was billion. Hu Xiaolian, Deputy Governor of the central bank and Administrator of the State Administration of Foreign Exchange (SAFE), said earlier that related rules on the QFII scheme were being amended and the total QFII quota would certainly see an increase in 2007. However, she declined to give a specific sum. China has so far approved 52 overseas institutions as QFIIs to invest in the A-share market, of which 49 have got a combined investment quota of .995 billion from SAFE, near the upper limit of billion as stipulated previously. Industry insiders said the demand for QFII quotas was strong at present and more should be granted. "Despite the excessive liquidity in the A share market, the Chinese government should grant more quotas to QFIIs. Otherwise, they will find other ways, making it more difficult to supervise," She Minhua, an analyst with CITIC China Securities said. Meanwhile, the booming Chinese stock market is attracting more foreign financial firms to set up joint ventures in the investment sector. The Financial Times on Thursday reported that Nikko Asset Management, a QFII approved in 2003, has become the first Japanese fund firm to acquire a 20 per cent stake in a local firm, the Shenzhen-based Rongtong Fund Management Company. Nikko AM bought the stake from Shaanxi International Trust & Investment (SITI), for 3.8 yuan per share, valued at 475 million yuan, according to a statement by the Shenzhen-listed SITI.

Walking up on a dais in traditional Chinese dress to receive your baccalaureate degree. Well, that can become a reality if a Peking University design contest throws up something novel and exciting enough to replace the Western-style gown, which till now have been worn by students. The prestigious seat of higher learning, long known for its tradition of innovation, launched the academic-gown designing contest on Thursday. The criterion: the costume has to be traditionally Chinese. The top design could become a must at the university's graduation ceremony in the not-so-distant future, according to the university's Communist Youth League committee, which is in charge of students' activities. "If the gown proves a success, we could introduce it in other universities, too," committee director Han Liu said. The contestants, students and teachers both, have been asked to submit their gown and cap designs before June 8. After the preliminary eliminations, the selected costumes will be displayed at this year's graduation ceremony on July 3. "It's an innovation because students in all Chinese colleges today use the same Western-style gown," said Lu Peng, another committee official. "It's also part of our campaign to promote culture and tradition on campus." Colleges students used to wear different types of gowns at the graduation ceremony till the State Council's Academic Degrees Committee promoted a standard one, the Western-style gown, in 1994. The degrees committee, however, told China Daily on Friday that it was not compulsory for all colleges to use the same gown. Scholars and students have been asking if Chinese people should wear traditional clothes on important occasions, such as graduation ceremonies. "Why should Chinese students wear Western gowns while receiving their degrees?" Sui Yue said. Sui is a sophomore and president of Peking University's Costume and Culture Association for Communication, a students' association that's helping organize the contest. The contest is open to all traditional Chinese clothes, she said, but "hanfu", the pre-17th century traditional dress of the Han Chinese, the majority ethnic group of China, has the edge because of its popularity among students. Wide sleeves, crossed collar-bands, layered robes and a fabric belt are the striking features of the hanfu. The contest reflects the revival of traditional Chinese culture, Li Zhisheng, a professor of history at Peking University, said.

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.

BEIJING -- Chinese President Hu Jintao on Friday called for the expansion and deepening of cooperation with Japan and boosting of bilateral relations to a new level."The two sides should maintain friendly exchange at various levels, expand and deepen pragmatic cooperation, settle well bilateral disputes through dialogue and equal consultation and continue to expand the mutual benefit between the two nations in an effort to boost bilateral relations to a new level", Hu said.China's President Hu Jintao (R) meets with Ichiro Ozawa, president of the Democratic Party of Japan (DPJ), who headed a 450-member Japanese delegation of the "Great Wall" Program at the Great Hall of the People in Beijing, December 7, 2007. [Xinhua]Hu made his remarks in his meeting with Ichiro Ozawa, president of the Democratic Party of Japan (DPJ) at the Great Hall of the People in downtown Beijing.He highlighted the recent growth momentum of bilateral relations, saying that the development of bilateral relations yielding from the joint efforts from the two sides was of great value.Hu added that the next year is the 30th anniversary of the signing of the peace and friendship agreement between China and Japan, which is a highly important year for the development of the bilateral relations.Ozawa, who heads a 450-member Japanese delegation, said that Japanese people highly appreciate China's commitment to the Japan-China relations, expressing his hope to seize the opportunity to boost mutual understanding and trust between the two peoples.The booming of a strong relationship between Japan and China not only serves the two nations, but is also vital to the stability and prosperity of Asia and the world at large, Ozawa told Hu. Prior to his meeting with Hu, Ozawa also met Wang Jiarui, head of the International Department of the Communist Party of China (CPC) Central Committee.The delegation of DPJ and the 15th "Great Wall" programme comprises 47 Japanese DPJ Dietmen and representatives from various circles of Japanese society.Former Japanese Prime Minister Tsutomu Hata is also with the delegation.During their stay in Beijing, President Hu will meet with the delegation. DPJ Dietmen will also attend a meeting of a regular exchange mechanism between DPJ and CPC.Initiated in 1989, the "Great Wall" Program, a people-to-people exchange scheme, has been participated by more than 200 Japanese Dietmen and 2,000 Japanese people from various social circles through visits to China.