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BEIJING, April 19 (Xinhua) -- The All-China Journalists Association (ACJA) on Saturday asked U.S.-based. news network CNN and its commentator Jack Cafferty to apologize for his remarks regarding China. In an interview with Chinese media including Xinhua News Agency, a senior official with the ACJA strongly condemned Cafferty for his "insulting" words in a TV show on April 9 and asked him and CNN to make a formal apology to all Chinese as soon as possible. Cafferty said in the TV show that Chinese products were "junk" and China was "basically the same bunch of goons and thugs they've been for the last 50 years" when the Olympic torch relay was going on in San Francisco. Since the Lhasa violence on March 14, some foreign media including CNN had made a number of biased reports about the incident, the official said. CNN had violated the principle of objective reporting, and "this is not what responsible media should do," he said. "And Cafferty also disregarded a journalist's professional ethics to attack a country with insulting words," the official said. Despite having an effective mechanism to deal with false reporting, CNN issued a statement on its website six days after Cafferty's remarks, which not only pleaded for him, but also spearheaded its attack on the Chinese government, he said. CNN issued a statement on Tuesday saying, "It was not Mr. Cafferty's nor CNN's intent to cause offence to the Chinese people, and CNN would apologize to anyone who has interpreted the comments in this way." But, the statement said that Cafferty was offering his "strongly held" opinion of the Chinese government, not China's people. "We hope CNN and Cafferty to realize that they have harmed the feelings of Chinese and apologize with a rational and responsible attitude," the official said. With the Olympic Games drawing near, the ACJA welcomed all foreign media to cover the event in an objective and balanced way, he said.
BEIJING, Sept.1 (Xinhua) -- China's securities watchdog on Monday required fund companies to make their information release more transparent and rolled out a draft regulation on brokers, its latest moves to boost the healthy development of the country's stock market. The information of stock-oriented funds, such as their periodic results, would be regularly publicized on the website of the China Securities Regulatory Commission, according to a standard format in the eXtensible Business Reporting Language (XBRL), starting from Jan. 1 next year, the CSRC said in a statement on Monday night. "The move was to further improve the quality of information release by fund companies," said the CSRC. The new rule was expected to help third-party agencies to appraise and supervise the management of fund companies. Previously it was difficult for a third party to collect and analyze the first-hand information of funds, which was not available to all. Meanwhile, the CSRC said a new regulation on securities brokers would prohibit them from surpassing their authority by manipulating customers' accounts or providing investment counseling. The dealers would also be forbidden to "offer or spread false, misleading information", or "tempt customers to make unnecessary deals," said the CSRC. Nor could they make agreements on sharing investment proceeds with customers, or promise gains or compensation for losses. "It was aimed at protecting the legal interests of fund investors and ward off risks caused by ill regulation of securities dealers," said the CSRC in a separate statement. The watchdog's actions were part of China's recent efforts to straighten out the stock market order and lay a sound foundation for a long-term development. The CSRC announced earlier this month it would raise the refinancing threshold for listed companies, saying the dividend they pay to shareholders in the recent three years should be no less than 30 percent of its distributed profits, compared with the previous set line of 20 percent. Refinancing plans of listed companies had led to share price declines and complaints in China as liquidity concerns loomed over the stock market. Investors also blamed their losses on insider trading and opacity of fund companies. Last week, a draft amendment to the Criminal Law was submitted to China's top legislature, stating that employees of financial institutes will face criminal prosecution for insider trading. Currently there were no relevant provisions in the Criminal Law. China's benchmark Shanghai Composite Index has shed more than 60 percent from its peak in mid October last year. In the first half, 364 funds in the country incurred a record loss of 1.08 trillion yuan (about 154 billion U.S. dollars), more than 90 percent coming from stock-oriented or hybrid funds, according to statistics from the TX Investment Consulting Co..
VENTIANE, March 30 (Xinhua) -- Chinese Premier Wen Jiabao and his Thai counterpart Samak Sundaravej met here Sunday on the sideline of the Third Summit of the countries in the Greater Mekong Subregion (GMS), and the two agreed to strengthen bilateral cooperation and jointly promote regional peace and prosperity. Wen spoke highly of the growth momentum of the bilateral relations in the recent years, noting that China is willing to join hands with Thailand to strengthen strategic coordination and push forward the comprehensive and pragmatic cooperation. Chinese Premier Wen Jiabao (2nd R) meets with Thai Prime Minister Samak Sundaravej in Vientiane, Laos, on March 30, 2008. The two agreed to strengthen bilateral cooperation and jointly promote regional peace and prosperity. He also expressed his hope that China and Thailand would expand their two-way trade and achieve the objectives of hitting a total trade value of 50 billion U.S. dollars in the year of 2010, mutual investment worth 6.5 billion dollars and encourage 4 million tourists to travel to each destination. Chinese government supports its enterprises to involve in the large projects in sectors such as the infrastructure construction and will encourage them to generate bigger contribution to step up the bilateral economic and trade cooperation, Wen told Samak. The Thai Prime Minister, who is also the country's defense minister, highlighted the traditional friendship between the two nations, saying that Thailand would make joint efforts with the Chinese side to maintain the high-level exchange and cement the friendly cooperation in various fields in a bid to consolidate the bilateral friendly relations. He also reiterated that Thailand would adhere to the one-China policy. When on the Tibet issue, Samak said the issue is China's internal affairs, voicing his belief that China would handle well the issue and successfully host the forthcoming Olympic Games in Beijing this summer. Invited as the guest of Lao Prime Minister Bouasone Bouphavanh, Wen arrived here on Saturday evening for a working visit to Laos and participating in the Third GMS Summit. The GMS, established in 1992, promotes economic and social development, irrigation and cooperation within the six Mekong countries. The first GMS Summit was held in Cambodia's Phnom Penh in 2002, and the second in southwest China's Kunming in 2005.
BEIJING, April 25 -- The key mainland stock index yesterday soared 9.29 percent, the biggest one-day jump in six years, as investor sentiment was boosted by the government lowering of stamp duty. The slashing of trading tax from 0.3 percent to 0.1 percent, effective yesterday, was widely seen as another government effort to lift the stock market from the doldrums it has been in for six months. It followed the introduction of trading rules last Sunday to mitigate the impact of an expected flood of previously non-tradable shares after the lock-in period, which could greatly depress the market. Investors look over information at a stock exchange at a stock trading hall in Beijing, April 24, 2008. Equities trading tax cut, which is widely believed as policy boost by government to stem the recent slump, sends Chinese shares 9.29 percent higher on Thursday, the biggest gain since Oct 23, 2001 The Shanghai Composite Index yesterday surged 304.7 points to close at 3583.03. In yesterday's trading, gainers outnumbered losers by 853 to 1. The Shenzhen Component index jumped 9.59 percent, or 1130.61 points to close at 12914.76. Total market capitalization swelled 9.2 percent to 22.94 trillion yuan (.3 trillion). Turnover on the two bourses more than doubled from the day before to 261 billion yuan ( billion), the highest this year. Analysts said the reduction in the stamp duty and restrictions on the sale of unlocked shares showed that the market has fallen as low as the government would like to see. "The timing of the stamp duty cut suggests that the 3000 point may be a psychological bottom line for policymakers," said Peng Cheng, an economist at Citi China. "The government had been patient in waiting until the market correction was more than 50 percent before taking action," Peng added. Xu Wei, an analyst at Sinolink Securities, estimated that the cut in stamp duty saves investors up to 102 billion yuan (.7 billion) a year. In addition, "the relatively lower A-share valuation and the more stable performance of overseas stock markets have combined to help investors regain confidence," said Rui Kun, a fund manager at China international Fund Management Co Ltd. Security companies, especially those focusing on brokerage services, will benefit from the increasingly active trading because of the stamp tax cut, analysts said. Shanghai-based Haitong Securities, Sinolink Securities and Guoyuan Securities soared to the daily limit of 10 percent. However, some market insiders said that weak fundamentals and unfavorable China economic growth data are likely to outweigh the positive impact of the government move, and the rebound may not last long. "It is doubtful that such administrative measures can have a sustained effect on shares when earnings face significant challenges in the periods ahead," said Peng at Citi China. "The cumulative effect of tightening policies and rising input costs, along with shrinking demand, could cut profits more deeply than what is currently evident," Peng added.
BEIJING, Sept.1 (Xinhua) -- China's securities watchdog on Monday required fund companies to make their information release more transparent and rolled out a draft regulation on brokers, its latest moves to boost the healthy development of the country's stock market. The information of stock-oriented funds, such as their periodic results, would be regularly publicized on the website of the China Securities Regulatory Commission, according to a standard format in the eXtensible Business Reporting Language (XBRL), starting from Jan. 1 next year, the CSRC said in a statement on Monday night. "The move was to further improve the quality of information release by fund companies," said the CSRC. The new rule was expected to help third-party agencies to appraise and supervise the management of fund companies. Previously it was difficult for a third party to collect and analyze the first-hand information of funds, which was not available to all. Meanwhile, the CSRC said a new regulation on securities brokers would prohibit them from surpassing their authority by manipulating customers' accounts or providing investment counseling. The dealers would also be forbidden to "offer or spread false, misleading information", or "tempt customers to make unnecessary deals," said the CSRC. Nor could they make agreements on sharing investment proceeds with customers, or promise gains or compensation for losses. "It was aimed at protecting the legal interests of fund investors and ward off risks caused by ill regulation of securities dealers," said the CSRC in a separate statement. The watchdog's actions were part of China's recent efforts to straighten out the stock market order and lay a sound foundation for a long-term development. The CSRC announced earlier this month it would raise the refinancing threshold for listed companies, saying the dividend they pay to shareholders in the recent three years should be no less than 30 percent of its distributed profits, compared with the previous set line of 20 percent. Refinancing plans of listed companies had led to share price declines and complaints in China as liquidity concerns loomed over the stock market. Investors also blamed their losses on insider trading and opacity of fund companies. Last week, a draft amendment to the Criminal Law was submitted to China's top legislature, stating that employees of financial institutes will face criminal prosecution for insider trading. Currently there were no relevant provisions in the Criminal Law. China's benchmark Shanghai Composite Index has shed more than 60 percent from its peak in mid October last year. In the first half, 364 funds in the country incurred a record loss of 1.08 trillion yuan (about 154 billion U.S. dollars), more than 90 percent coming from stock-oriented or hybrid funds, according to statistics from the TX Investment Consulting Co..