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The Bank of Communications (BoCom), China's fifth largest lender, said its net profit reached20.3 billion yuan (2.86 billion U.S. dollars) in 2007, up 65 percent from 2006. By the end of 2007, total assets of BoCom stood at 2.1 trillion yuan, up 22.7 percent from a year earlier, according to its 2007 annual report released on Wednesday. Net interest rate income rose 36 percent to 54.1 billion yuan and fee income from credit card sales and asset management products surged 137 percent to 7.1 billion yuan. The Shanghai-based bank and HSBC Holdings Plc., which holds a roughly 19 percent stake in BoCom, are preparing to establish a credit card company and a pension fund company, according to the report. BoCom, which listed on the Hong Kong stock market in 2005, returned to the mainland's A share market in April last year. Its shares rose 2.77 percent to 10.39 yuan in Shanghai on Wednesday.

WASHINGTON -- At high-level economic talks that wrap up Wednesday, China is urging frustrated US officials to be patient as the two powers work to manage a delicate trade relationship. The United States, by contrast, is pushing for quick action. The talks began Tuesday and could yield some results, including increased US airline flights to China and a lowering of barriers to sales of American energy technology products in China. Senior US officials have tamped down expectations of major breakthroughs, however, as they described the meetings as strategic discussions, not negotiating sessions. US Commerce Secretary Carlos Gutierrez said the twice-a-year talks are "all about the long-term; developing a common understanding of the future." Still, the US side made a point of noting simmering frustration. Treasury Secretary Henry Paulson said Americans are by nature impatient people; Gutierrez described the "need to make progress in all areas as soon as possible." The urgency is reflected in an increasingly restive US Congress, where lawmakers are considering a spate of bills that would impose economic sanctions on China. Many blame America's soaring trade deficits and the loss of one in six manufacturing jobs since 2000 in part on claims of Chinese currency manipulation and copyright piracy. In blunt words, Chinese Vice Premier Wu Yi cautioned the United States against making accusations. "We should not easily blame the other side for our own domestic problems," Wu said through an interpreter. "Confrontation does no good at all to problem-solving." Wu, known as a tough negotiator, said that both countries should "firmly oppose trade protectionism." She warned that any effort to "politicize" the economic relationship between the two nations would be "absolutely unacceptable." Wu and her delegation were scheduled to meet privately this week with major congressional leaders. The US delegation raised the issue of food safety highlighted by such incidents as the deaths of pets who had eaten pet food made with tainted wheat gluten imported from China. US Labor Secretary Elaine Chao, briefing reporters at the end of the first day of talks, said Agriculture Secretary Mike Johanns had made a forceful presentation to the Chinese about the concerns Americans have about food safety. In response, she said, Chinese officials sought to assure the Americans that they would fully investigate any problems discovered. Democratic Sen. Edward M. Kennedy and four other senators urged the Bush administration in a letter to get Chinese commitments to cooperate in investigations into food safety, saying that the way China currently handles the issue is unacceptable. Paulson created the talks last year as a way to get the countries' top policy makers together twice a year to work toward reduced trade tensions. The first meeting was in Beijing last December.
China has been in the media spotlight for food safety recently, but it has gone all out to ensure that its food products are safe and to restore consumer confidence home and abroad.Its efforts seem to have accelerated with the publication of the first White Paper on food safety on August 17 and the naming of Vice-Premier Wu Yi as head of a high-profile panel on product quality and safety issues. That was followed by a series of efforts by government organs to tighten food safety measures.On August 31, the country's quality watchdog officially introduced the landmark recall system for unsafe food products and toys, making producers responsible for preventing and eliminating unsafe items.Food safety became a big concern in China after a series of food contamination cases were reported from across the country. Last November, the country's food safety watchdog found seven companies supplying red-yolk eggs that contained the dangerous Sudan Red dye, which is used in the leather and fabric industries but is banned from use in food products.The same month, three people were arrested in Shanghai for adding 3-4 grams of banned steroids to each ton of pig feed to increase the proportion of lean meat. The steroids, which prevent pigs from accumulating fat, can be harmful to humans. More than 300 people fell ill after eating meat from pigs that had been fed the steroids.Also last year, carcinogenic residues were found in turbots sold in Beijing and Shanghai markets. Even international fast food giant KFC was accused of adding the carcinogenic Sudan 1 dye to its roast chicken wings.Ministry of Health figures show that in the first half of this year, China reported 134 food poisoning cases, in which 4,457 people fell ill and 96 died.Food is China's biggest industry with last year's output estimated to be 2.4 trillion yuan (5.8 billion), according to the China National Food Industry Association.Bitter stories made the rounds after people fell victim to food poisoning. In June 2006, more than 130 people contracted parasitic diseases after eating undercooked snails in a restaurant. One of them was Yang Fangfang. His family, including his parents, wife and 18-month daughter, fell ill.The Beijing Health Bureau said the infection was caused because the food was not cooked properly and because the restaurant had failed to remove eel-worms in the snails.Although Yang survived, he still complains of pain, sometimes severe, in his lower body and stomach. A gourmet before the incident, Yang now regards food as a potential threat to his life.In overseas markets, substandard exports from China since March - from pet food, drugs, toothpastes and toys to aquatic products and tires - has sparked concern over "made-in-China" products. Diethylene glycol contaminated medicine exported from China was been blamed for dozens of deaths in Panama. Deaths of some dogs and cats in North America were attributed to tainted Chinese wheat gluten.Jing Luyan, 24, who works for a Beijing-based travel agency, says she trusts the government and the media for information on food safety issues."If they say I shouldn't eat something, then I stop immediately, it's as simple as that," Jing says. Many of her colleagues and friends do the same.Pressure from home and abroad prompted the Chinese government to acknowledge that the country's food and drug safety situation was not satisfactory and that enhanced supervision was needed. At a press conference in July, China's food and drug watchdog spokeswoman Yan Jiangying said: "As a developing country, China's food and drug supervision work began late and its foundations are weak. Therefore, the food and drug safety situation is not something we can be optimistic about".The press conference was held jointly by five major ministries in charge of food safety: the Ministry of Agriculture, the Ministry of Health, the State Administration for Industry and Commerce, the General Administration of Quality Supervision, Inspection and Quarantine and the State Food and Drug Administration.It was a rare attempt by the government to seriously address the issue, and it enumerated a series of measures to be taken. But it failed to offer a convincing mechanism for coordinating work among the five ministries, leaving the murky regulation of food safety unresolved.There have been worries over China's food safety supervision because at least five ministries are in charge of food safety and coordination among them is no easy job.Vice-Minister of Health Wang Longde went on the record as saying that new laws were needed to strengthen food safety supervision and the duties of relevant government agencies had to be coordinated. The government has stepped up efforts since then to address the issue to restore confidence in Chinese food products sold at home and abroad.China's first-ever White Paper on food safety published recently sets forth a series of achievements along with planned measures to improve food quality - from setting up a national food recall system to increasing exchanges with quality officials from other countries.Wu Yi's panel, meant to address the country's problems in food safety and product quality, partly dispelled people's concerns over lax supervision of food safety owing to too many regulators. Analysts say the newly set up panel, headed by Wu Yi, will improve supervision.The government, on its part, has started a four-month nationwide campaign to improve food safety and product quality. Wu describes the campaign as a "special battle" to ensure public health and uphold the reputation of Chinese products. The campaign will target farm produce, processed food, the catering sector, drugs, pork, imported and exported goods and products closely linked to human safety and health.Luo Yunbo, dean of the food science and nutritional engineering school of China Agricultural University, says the White Paper offers authoritative information on food safety, and the latest moves reflect the government's determination to improve product quality.The paper says the percentage of food products that passed quality inspections had risen steadily in recent years, up from 77.9 last year to 85.1 percent this year. As for small food processors, believed to be a major food safety threat in China, the paper says the country will prompt small-scale producers to form larger entities to ensure better food safety.Almost 80 percent of China's food producers operate in small workshops employing fewer than 10 workers. By the end of June, the government had weeded out 5,631 unqualified small producers, forced 8,814 to stop production and asked 5,385 to improve their standard.The number of small food producers will be halved by 2010, the quality supervision administration said after the country published its first-ever five-year plan on food safety in May. Also, the government wants to weed out all uncertified producers by 2012.The government is seriously addressing overseas concerns over Chinese food products. It has shut down the factory that supplied the tainted medicine to Panama, and two firms that exported contaminated wheat and corn protein, which ended up in pet food in the United States, killing a number of dogs and cats in North America.The country's top quality watchdog has announced that all major food exports produced from September 1 have to carry labels showing they have passed inspection to help stop illegal exports and bolster consumer confidence in the quality and safety of Chinese food products.The White Paper says the acceptance rate of Chinese foodstuffs exported to the European Union (EU) was 99.8 percent in the first half of this year, followed exports to the US (99.1 percent).Japanese quarantine authorities found Chinese food exports had the highest acceptance rate, 99.42 percent, followed by the EU (99.38 percent) and then the US (98.69 percent).But food safety cannot be improved greatly overnight, and people seem to differ on what they can do as individuals to bring about lasting change.Take Jing Luyan, for instance, who is fond of tasting different types of food, especially traditional Beijing snacks. But traditional snacks are usually cooked in shabby restaurants in small alleys."I believe that the most delicious food can hardly ever be found in swanky establishments with irreproachable hygienic conditions," says Jing.She has never fallen ill after eating at street corner stalls, she says.
Executives of China's major edible oil manufacturers and guild leaders were summoned to Beijing on Monday for a closed door meeting at which the government required them to step up production to rein in the soaring market prices.An official with the National Development and Reform Commission (NDRC) who asked not to be identified said it was understandable for the edible oil processing firms to raise prices as the continuous rise in the cost of raw materials had increased their production costs.However, the public had responded strongly to the price hikes of edible oils, coming as they did with rapid rises in the prices of other goods, the official said.Edible oil makers were told to "deepen their sense of social responsibility" and "bear the overall interests of the country in mind".Incomplete statistics from various regions show prices of domestic edible oils rose by 20 percent from November last year to June as the prices of peanuts and other oil-bearing products had risen.In eastern Shandong Province, first grade peanut oil has risen by 28.6 percent from 14,000 yuan per ton in April to a record 18,000 yuan per ton. While supermarkets marked down cooking oils to boost sales, people were reportedly standing in long queues. On Oct. 26 in Shanghai, 15 shoppers were injured after people swarmed in a local supermarket to snap up edible oils on sale only five minutes after the store opened.But the latest weekly market monitoring report by the Ministry of Commerce showed the prices of cooking oils fluctuated only slightly from Oct. 22 to 28, with the prices of peanut oil edging up 0.1 percent from a week earlier, while rapeseed oil was down 0.1 percent, and soybean and blended oils were basically the same.Wang Hanzhong, director of the Oil Crop Institution of the Chinese Academy of Agricultural Sciences, attributed the price hikes to a shortfall of oil crop output as the acreage under oil crops had dwindled drastically. Major oil crop producer Hubei Province, for example, had found the acreage under rapeseed shrank from 18 million mu to 15 million mu last year. The situations in Sichuan, Anhui and Jiangsu were even worse.Soaring domestic demand that registered an annual average growth of 8.95 percent from 14.54 million tons in 2001 to 22.35 million tons in 2006, had aggravated the problem, turning China into the world's largest edible oil consumer. Domestic edible oil supply met just 40 percent of domestic demand.In a statement after the meeting, the NDRC spelled out five requests including the supply of more small-package oil to meet market demand.Oil processors were not allowed to disturb market order or stoke up fears for price hikes by hoarding raw materials, rigging raw material supply, cutting production or restricting supply.Price hikes must be kept within reasonable margins and be made when absolutely necessary, it said, adding that oil processors must enhance cost controls, improve management and absorb the costs from raw materials as much as possible.The NDRC also warned large cooking oil makers not to collude in setting prices or provide short measures or shoddy products.Under current price conditions, enterprises should transfer part of their interests to the people and cherish their public reputation, it said.Industrial associations were required to provide guidance to firms, make sure they abide by laws and regulations, admonish enterprises in cases of unfair competition, and keep market supervisors informed of the malpractice.If the price hikes exceeded the extra production costs, market supervisors would step in, it warned.Without identifying the participating cooking oil makers, the statement said that representatives from business communities had promised to maintain market order with their actions and contribute to the stabilization of market prices.China's consumer price index, a key measure of inflation, rose by 6.2 percent in September after hitting an 11-year high of 6.5 percent in August, while food prices jumped by 16.9 percent from January to September over the same period of last year, figures from the National Bureau of Statistics showed.The Ministry of Agriculture released 11 measures in late September, including rewards to major oil crop planting counties as well as total subsidies of 300 million yuan for soybean cultivation and assistance of one billion yuan for rapeseed cultivation.The import duty on soy beans was also cut from three percent to one percent. The State Grain Administration released 200,000 tons of state edible oil reserve to meet rising demand prior to the the National Day holiday that fell on October 1.
来源:资阳报