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An investor smiles before an electronic board showing stock information at a securities firm in Xiamen, East China's Fujian Province March 20, 2007. [newsphoto]The net income of the 287 funds launched by 53 fund management firms totaled 124.8 billion yuan, while paper profits reached about 146 billion yuan, according to WIND, a provider of Chinese financial data. The profits were more than 38 times greater than the seven billion yuan earned in 2005 by all 206 funds under 46 fund management firms. The majority of profits came from the 216 stock-leaning funds, which have at least 60 percent of their investments in stocks. They reported total operating profits of 261.4 billion yuan, accounting for 96.53 percent of all fund profits. The country experienced a fund investment boom last year as investors shifted low-interest bank deposits into the bourses, which surged 130 percent last year after a four-year slump. Fifteen million people have invested in funds. The proportion of individual investors in closed-end funds rose to 74.21 percent by the end of 2006, an increase of 18.05 percentage points from the end of the first half, according to WIND. China raised 390 billion yuan in 90 new funds and registered 7.78 million new accounts in 2006. More than 300 mutual funds have sprung up in China since 1992. The funds are valued at around one trillion yuan, accounting for 19 percent of the present stock markets.

BEIJING -- China and Japan on Thursday expressed the hope that bilateral ties should move headway as they staged grand activities marking the 35th anniversary of the normalization of diplomatic ties."Chinese and Japanese politicians made strategic decision to normalize diplomatic relations 35 years ago, turning a new chapter of the Sino-Japanese ties," Chinese Premier Wen Jiabao spoke to visiting Japanese guests including former Japanese prime ministers Mori Yoshiro and Tomiichi Murayama.China-Japan relation is facing good momentum of development and opportunities, and the Chinese government will continue its friendly policy towards Japan to develop friendly neighbouring relations of cooperation, Wen said.At the grand reception with 600-odd attendance, Chinese State Councilor Tang Jiaxuan said the China-Japan ties have witnessed ups and downs during the past 35 years, and now back to normal track for development due to joint efforts by both governments and peoples."Chinese and Japanese leaders kept frequent contacts and communication in the past year, reaching important consensus on the target of peaceful co-existence, long-lasting friendship, mutual cooperation and common development, which should be cherished by both nations," Tang said."China and Japan are facing bright future and shoulder responsibilities in developing bilateral ties," Tang said.China would like to work with Japan to continuously push forward bilateral relations for long-term and stable growth based on the three political documents and keeping in mind the spirit of "taking history as a mirror and looking to the future", Tang said.Echoing Chinese leaders' remarks, Mori Yoshiro and Tomiichi Murayama said Japan-China relations enjoy great improvement and development in the past year through joint efforts of both sides, and the two countries witness sound cooperation in fields of economy, culture, sports and youth exchanges.They suggested both countries take the opportunity of the 35th anniversary to step up strategic mutual-beneficial ties, keep high-level exchanges, and facilitate cooperation in the key areas such as environmental protection and energy saving.The Japanese guests also called on to promote youth exchanges and cooperation between localities, in a bid to cement mutual understanding and friendship between the two peoples.

Beijing - China is turning the site of a prison camp run by Japanese forces during World War Two into a war museum, the Xinhua news agency said on Sunday. More than 2,000 prisoners from the United States, Britain, the Netherlands and Australia were imprisoned at the camp in Shenyang, a Manchurian city formerly known as Mukden, between November 1942 and August 1945. More than one in 10 of them died, Xinhua said. Many Chinese believe Japan has yet to apologize properly for its invasion and occupation of China in the years leading up to and during the war. The 54 million yuan (US million) museum in Shenyang will include a two-storey brick building, three bungalows and a water tower, all original camp buildings in the Dadong district, Xinhua said. Two walls in a square will be inscribed with the names of the prisoners of war. China has a museum in Nanjing commemorating the slaughter of the citizens of that city, formerly known as Nanking, by invading Japanese troops 70 years ago. Nanjing has become the focal point for Japanese ultra-nationalists who dispute the Chinese estimate that 300,000 died or even that any massacre occurred. An Allied tribunal after the war put the death toll at about 142,000 men, women and children.

The straight definitely became the minority at a cheesy bar, dimly lit in pink, in downtown Beijing Friday night, where the shooting of the Heart of Crystal, China's first ever grassroots gay film was heralded to the mostly gay 100-odd audience.The alternative tearjerker tells of the bittersweet romance between a pair of gay men, inspired by the 42-year-old Beijing-based gay illustrator Mao Zhiyong, also the director.Due out for online screening by the end of the year, the small budget movie, based on Mao's personal experience, aims to show the true-life picture of China's millions of gay men and strive for more social tolerance for the community.Like crystal, love between gay men is usually fragile, while more importantly, transparent and pure, Mao said."So we named it that way."The film tells the story of Jia Ning, a gay men in his 30s and with special blessing on art, fell at the first sight for Xiao Dong, an art student at college. The two break up over misunderstandings.As Jia Ning woke up to the truth that Xiao Dong pursues love rather than money together with him, he moved to Beijing to find Xiao Dong to resume the relationship.Without seeing the one he loved, Jia Ning is caught in chaos because one night stands and a decadent lifestyle in the local gay community.Determined to move away from that lifestyle, he tries to break into the fashion industry and finally succeeds, with fame, wealth, and confidence. And finally he meets Xiao Dong, who will go abroad with his new boyfriend shortly."It's not like the conventional gay story with heroes usually socially and economically marginalized." Mao said. "I want to infuse hope into gay life with my story that there is true love, even if not bearing fruit finally, and that through hard work, lit by ambition, life can be as wonderful as that of the straight."Hong Yiping, straight and 26, said he felt comfortable to play Jia Ning despite a short period of struggle before deciding."I have to play against Collin, a real gay, and in some explicit scenarios in the movie, at first frightened me." Hong, a second line entertainer, told China Daily.Collin, a muscular gay, who plays Xiao Dong, said he first took the role just for fun as he only worked half a day as a coach in a Beijing fitness club, but later found the role to be significant work supported by many people."A self-made and true-to-love man, Jia Ning moves me a lot, so I decided to join and do my share, as a straight, to help them with more support through their voice heard from the movie."Edward Russell, a US journalist said: "It's a huge progress and the Chinese society is more open".