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BEIJING, May 15 -- China is planning to raise the proportion of profits it collects from major State-owned enterprises (SOEs) in a move to balance income distribution, but analysts said the move should be bolder and the collected profits used to improve public well-being.The Ministry of Finance said on Tuesday that it might raise the ratio of profits of SOEs to be submitted to the State coffers.According to existing rules, monopoly enterprises under the administration of the central government in sectors like tobacco, oil, petrochemicals, power, telecommunications and coal mining should submit 10 percent of their post-tax profits, while the ratio for those in the iron and steel, transportation, electronics and trade sectors should be 5 percent.Financial corporations and companies in sectors like railways, transportation, education, culture, science and technology and agriculture are not included in the profit submission framework.The Ministry of Finance did not reveal by how much the ratio would be raised."It should be raised properly, and even if it were raised by 10 percentage points, it doesn't matter too much for those central enterprises, given their high profit level," said Zhang Wenkui, researcher with the State Council's Development Research Center.Central enterprises have been criticized by the public for having taken advantage of their monopoly or market predominance to make excessive profits. Some of them have further fueled public anger as they bid to purchase land at high prices, which is believed to have pushed up home prices.The central government collected profits of 14 billion yuan ( billion), 44.4 billion yuan and 98.9 billion yuan respectively in 2007, 2008 and last year from SOEs. In 2009 alone, however, the enterprises made profits totaling 965.6 billion yuan.

BEIJING, May 3 -- Ma Weihua, president and chief executive officer of China Merchants Bank (CMB), said he wanted to see Chinese banks elevate their level of globalization in the context of expedited overseas expansion of Chinese companies during his bank's recent road show in the United States. He said CMB would pursue this process ambitiously but cautiously.The bank is soon to relocate its night-shift foreign exchange trading team to its New York branch, which was established in 2008, and will move on to security trading as well in the future, according to Ma during a group interview. The branch is also working on consolidating its dollar settlement business."What I'm concerned about right now is to first have my New York branch familiarized with the US market, customers and rules as soon as possible so I can expand the business steadily," Ma told the audience at a recent speech at New York University's Leonard N. Stern School of Business. "We won't consider faster expansion until we have secured our position here."Because of policy restrictions, CMB and other Chinese banks are only able to provide very limited services overseas for now. Retail banking, which CMB is best at, is still being constrained in its New York branch, its first branch in the West. But the bank is eyeing up other opportunities.The branch is attaching increasing importance to the loan business for Chinese companies during their overseas merger and acquisition activities. It just completed a big deal for a Chinese State-owned conglomerate but declined to reveal its name."The most fundamental motive to globalize our bank is to support Chinese companies' overseas growth and to provide the same quality service for foreign companies as well when they come to China," Ma said.According to Ma, over the past five years, Chinese companies' overseas direct investment saw an annual increase of 60 percent and their non-financial overseas investment grew by 68.5 percent year-on-year.In comparison, overseas assets only make up less than 4 percent of Chinese banks' total assets, while in large banks in Europe and the US, the proportion is about 40 percent, he said.

BEIJING, May 24 (Xinhua) -- A senior official of the Communist Party of China (CPC) here on Monday called for China and Europe to further promote common development.Li Changchun, member of the Standing Committee of the Political Bureau of the CPC Central Committee, made the remarks at the opening ceremony of the first-ever China-Europe High-Level Political Party Forum in Beijing.China and Europe's common interests have increased to an unprecedented level in a new era of great development, change and adjustment, Li said, putting forth a four-point proposal to further strengthen China-Europe party to party dialogue and to seek common development. Li Changchun (1st L), a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, addresses the China-Europe High-Level Political Parties Forum in Beijing, China, May 24, 2010. The forum was opened here on Monday. Li said, China and Europe should carry out in-depth exchanges on global challenges and major international issues to build a harmonious world of lasting peace and common prosperity.Li also called on both sides to discuss openly about issues and challenges concerning the similarities in their state governance and communicate actively on political party building.He said he believed that the forum could help deepen mutual understanding and trust between the CPC and European political parties and promote China-Europe comprehensive and strategic cooperation.Li also talked at the opening ceremony about China's program for tackling financial crisis.The China-Europe High-Level Political Party Forum is scheduled for May 24-25 with the theme "Global Challenges and China-European Cooperation." Chinese officials from the International Department of the CPC Central Committee, Foreign Ministry, Ministry of Commerce, the National Development and Reform Committee as well as over 50 leaders and senior officials from various European political parties attended the opening ceremony.

BEIJING, April 14 (Xinhua) -- The Chinese government has allocated 200 million yuan (29.3 million U.S. dollars) from the central fiscal for disaster relief in quake-hit Qinghai Province, the Ministry of Finance said late Wednesday.The fund was to support relief efforts including evacuation, resettlement, medical treatment and epidemic prevention.A 7.1-magnitude quake hit the Tibetan Autonomous Prefecture of Yushu in Qinghai early Wednesday morning, leaving at least 400 people dead and 10,000 others injured.

BEIJING, May 6 (Xinhua) -- Malta President George Abela missed the spectacular opening ceremony of the World Expo in Shanghai because of a leg injury, but he felt something that he said he would remember forever during the special Chinese tour.In the morning of April 30, twelve hours before the opening ceremony of the World Expo, Abela's leg was hurt in an accident. The head of the Mediterranean state was rushed to the city's best Ruijin Hospital."I will not meet with President Hu Jintao on a wheelchair," said Malta President George Abela lying on a hospital bed in Shanghai, striving to stand up, but failed.Absent from the opening session held beside the Huangpu River that evening, Abela, who was supposed to be there, watched in his ward the live TV show of those magnificent dancing, singing and splendid fireworks."I'm not there, but I can feel as the Chinese do," Abela was quoted by a Chinese diplomat as saying.President Hu, upon his knowledge of the accident, immediately instructed senior officials of the Chinese Foreign Ministry to visit Abela in hospital.On May 1, Hu met with six foreign leaders who came to the Chinese economic hub for the first World Expo in a developing country. He repeatedly asked about Abela's situation during the short breaks.Finishing all the meetings, Hu rushed to Abela's ward, and the two presidents' hands held tight."I know that today you are very busy and your coming impressed me very much," Abela said, noting such a meeting indicated the friendship and mutual respect between China and Malta."I was sorry to hear you got hurt yesterday," Hu told Abela, asking his counterpart to be relieved and pledged the best medicare."You sent a letter of condolence to us after the earthquake in Yushu of Qinghai Province, and you came here for the Expo after such a long journey.Now I would like to express my sincere appreciation to you," Hu said.As the Malta delegation failed to find a charter plane to take home their president, Hu decided to send a special plane for the task."I will remember forever the friendship with Chinese, as well as President Hu and his wife," Abela told senior officials of the Chinese Foreign Ministry and the Shanghai government at the Hongqiao Airport before leaving.The plane took off at 8:55 a.m., May 3 and landed on 4 p.m. local time at the Malta International Airport, where Abela, accompanied by a Chinese medical group, was received by his colleagues and Chinese ambassador Zhang Keyuan."I, on behalf of all the Malta people, invite all the friendly Chinese people to visit my country," Abela, still on a hospital bed, told the medical group who were backing China.