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China will gradually sell its planned 1.55 trillion yuan (3.6 billion) in special domestic bonds to finance its overseas investment agency, a senior central bank official was quoted on Monday as saying. The country's stock market has been hit by the bond issue plan, approved by China's parliament on Friday, as investors feared such a move would suck funds from the market. "The plan will be carried out gradually according to its monetary policy," Yi Gang, assistant governor of the People's Bank of China, told the Shanghai Securities News. Yi reiterated the Finance Ministry's view that the bond issue would have only a neutral impact on the domestic economy, the newspaper said. The Finance Ministry indicated on its Web site on Friday that it would issue the bonds directly to the central bank in exchange for part of the .2 trillion in foreign currency reserves under the central bank's control. No specific timetable was given for the sale of the bonds, but the increase in this year's debt ceiling suggests they will all be issued this year.

SHENYANG, March 6 (Xinhua) -- A total of nine descendants of the Chinese painter Qi Baishi have made agreements with one of 19 publishers and received books worth 100,000 yuan (14,051 U.S. dollars) as compensation over copyright infringement, a local court said on Thursday.     The Chinese Drama Publishing House contacted Qi's descendants and decided to give them books worth 200,000 yuan with a 50 percent discount as compensation after the court handed down the petition paper on Feb. 26, according to Shenyang Municipal Intermediate People's Court on Thursday.     Qi's offspring will have 90 percent copyright of the pirated book "Wu Changshuo and Qi Baishi's Seal Cutting" during the next 49 years and the publishing house has the remaining ten percent, according to their agreement.     Qi's descendants sued 24 publishers for 10 million yuan (1.3 million U.S. dollars) in damages for copyright infringement in December 2007. The court accepted 19 of them.     The claims were made against publishers based in Shanghai, Chongqing and other places, according to documents from the court.     Qi Bingyi, the painter's grandson said all the art works of his grandfather should enjoy the protection of copyright for 50 years after his death in 1957, but the publishers printed, published and sold the copies of the works without permission and also failed to pay contribution fees.     The largest damages claim ranged from 100,000 yuan to more than three million yuan.     The evidence that the plaintiffs collected included more than 100 items, including books, gold coins, paintings and seals.     The court began hearing four of the suits on Feb. 25 and a decision is yet to be handed down.

The first national-level association of Taiwan-funded enterprises held its inaugural ceremony in Beijing yesterday - a move which experts say will help boost cross-Straits economic integration and peace. "Taiwan business people are all over the mainland now," said Chang Han-wen, the newly-elected chairman of the Association of Taiwanese-invested Enterprises on the Mainland. According to conservative estimates, there are at least 1 million Taiwan business people on the mainland. The national-level association, comprising heads of Taiwan enterprise associations and representatives of Taiwan enterprises on the mainland, aims to serve the island's enterprises, protect their legal rights, boost relations with the ministries in Beijing and strengthen communication with mainland firms. Chen Yunlin, head of the Taiwan Affairs Office of the State Council, said the island has chalked up a huge trade surplus with the mainland and its trade with the mainland has become an indispensable driving force of Taiwan's economy. "The mainland market provides huge potential for the expansion and industrial upgrading of Taiwan enterprises," he said. Xu Shiquan, vice-chairman of the National Society of Taiwan Studies, said that the establishment of the association coincides with the mushrooming of Taiwan-funded enterprises on the mainland. "Besides their number and scale, more and more Taiwan enterprises are keen to upgrade their industrial structure into the hi-tech sector," he said. "Though they usually forge local associations, faster expansion and a larger scale require a higher level of coordination," he said. Feng Bangyan, director of the Institute of Taiwan Economy at Jinan University in Guangzhou, said the association, which brings together many business heavyweights, would definitely pressure Taiwan authorities to grant more freedom for economic growth. "The secessionists forces on the island can't hinder the ever-increasing economic bonds linking the two sides across the Straits," he said.

National guidelines on economically affordable housing were released on Friday night along with new State measures on housing for low-income families, which come into effect on Saturday.Economically affordable houses ought to be around 60 sq m per unit, said the guidelines jointly released by the Ministry of Construction, the National Development and Reform Commission, and five other ministries.It said eligible purchasers will "have limited property rights", and that the apartments can only be directly sold after five years.Moreover, the document limited fundraising for cooperative housing units to independent mining corporations on the outskirts of cities and enterprises with a significant number of employees with housing problems, while stressing that they must do so with their own properties.Eligible applicants of the Measure on Low-rent Housing Security, meanwhile, are no longer limited to city households with the lowest income, but will also include all lower-income urban families with housing issues.Government subsidies, the usual means of securing housing for these social groups, are to be gathered from rental fees on low-rent housing, credit risk reserves, housing provident funds, social donations and security funds. Local governments must also spend 10 per-cent of the local land-use fees on developing low-rent housing, said the measure, released by nine ministries on Monday.Because situations vary across the 656 cities that had adopted the mechanism as of October, the measure allows special funds to be allocated to central and western regions that find it financially difficult to support the construction of low-rent homes.Additionally, the construction area of these apartments, limited to 50 sq m per unit, should be granted preferential status on a stand-alone basis in land supply schemes and annual land-use applications.Months earlier, the central government urged local governments to reserve at least 70 percent of the land designated for residential construction for units under 90 sq m. But since the housing security system is expected to cover all low-income Chinese families by 2010, implementation of the new measure and relevant policies has a long way to go.Figures from the Ministry of Construction show that nearly 10 million households still live in a housing space, per capita, of less than 10 sq m. Up to the end of 2006, only 268,000 families, or 6.7 percent of all households living on a minimum allowance, and 2.7 percent of all low-income households in China, had benefited from low-rent housing policies.Despite a record 7.04 billion yuan (.52 million) of central government investment in low-income housing so far this year, 50 billion yuan is needed every year for the next five years to continue to broaden coverage, the People's Daily reported.To address the housing problems of urban low-income families, for example, Shanghai is to pour in a total of 2 billion yuan in providing 500,000 sq m of low-rent apartments by the end of this year, Shanghai's Jiefang Daily reported on Friday.The money will come from the 8.3 billion yuan coffers of the Shanghai public housing reserve fund.Cong Chen, a staffer at the Department of Policy and Regulation of Shanghai Provident Fund Management Center, confirmed the information.The project, launched last month, has already secured 150,000 sq m of land in Jiading, Baoshan and several other districts in Shanghai, 70 percent of which are completed flats.These flats are said to be lo-cated in areas with comparatively mature transportation and living facilities, such as metro stations and bus stops, for the convenience of low-income tenants, the Jiefang Daily said.

KUNMING -- Fourteen people were killed and six others were injured after a bus veered off a road and plunged into a ravine in southwest China's Yunnan Province, a local government official confirmed on Thursday.The bus with 20 passengers on board veered off a highway in Maguan County of Wenshan Autonomous Prefecture of Zhuang and Miao Nationalities at 3:30 p.m. Wednesday, said Liu Qingfu, deputy head of the publicity department of Wenshan prefecture.Fourteen people died at the scene. The injured have been rushed to a nearby hospital and are reportedly out of danger.The cause of the accident is still being investigated.