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A vice-governor of China's central bank, Xiang Junbo, is expected to take the helm at the Agricultural Bank of China (ABC) to steer it through its shareholding reform in order to secure a market listing.It is not clear what post the People's Bank of China's Xiang will take but Caijing magazine, a leading financial publication, reported that the 50-year-old would be appointed as the governor and the chairman of the board upon the accomplishment of the shareholding reform.Analysts say the new appointment will not lead to immediate moves such as inviting strategic investors or financial restructuring as the bank is widely known to be the worst hit by massive lending to the rural sector, with a non-performing loan rate of 23.43 percent at the end of 2006, far higher than those of the other three state commercial banks, which have all been listed in Hong Kong and domestic A share markets.Before being promoted to the post of vice-governor of the People's Bank of China in July 2004, Xiang spent eight years with the National Audit Office. His background will be constructive to strengthening the risk control of the ABC, analysts say.China initiated the reform of the "big four" banks after the first national financial work conference in 1997. The China Construction Bank took the lead in market listing in October 2005, followed by the Bank of China last year.The Industrial and Commercial Bank of China, the country's biggest lender, staged a dual debut in both Hong Kong and Shanghai bourses on Oct. 27.All three have followed the steps of government capital injections, dealing with non-performing loans, establishing shareholding companies, introducing strategic investors and seeking opportunities for listing. Up to US billion would be needed to clear the bank's non-performing loans before it could meet overseas listing standards, analysts have said. Su Ning, vice governor of the People's Bank of China, replaced Xiang as the chief of the Shanghai Head Office of the PBOC, a central bank statement said on Monday.

Huang Ju, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and Vice-Premier of the State Council, died of illness at 02:03 a.m. June 2 in Beijing at the age of 69. An obituary issued by the central authorities called Huang "an excellent member of the CPC, a long-tested and faithful Communist fighter and an outstanding leader of the Party and the state." File photo of Huang Ju. Huang Ju, member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and Vice-Premier of the State Council, died of illness at 02:03 a.m. June 2 in Beijing at the age of 69.[Xinhua/File Photo]The obituary was issued by the CPC Central Committee, the Standing Committee of the National People's Congress, the State Council and the National Committee of the Chinese People's Political Consultative Conference. Huang Ju, born in September, 1938, native of Jiashan, Zhejiang Province, joined the CPC in March, 1966 and graduated from the Electrical Engineering Department of Qinghua University. From 1995 to 2002, he served as member of the CPC Central Committee's Political Bureau and secretary of the CPC Shanghai Municipal Committee. In November 2002, he was elected member of the Standing Committee of the Political Bureau of the CPC Central Committee at the first plenary session of the 16th CPC National Congress. Huang was approved as vice-premier of the State Council, at the 7th plenary meeting of the First Session of the 10th National People's Congress in March, 2003. From 1963 to 1982, Huang worked in the Shanghai Artificial-Board Machinery Factory, Shanghai Zhonghua Metallurgical Factory and Shanghai Petrochemical General Machine-Building Company. In this period, he was promoted from a technician to engineer and vice manager. He served as deputy director of the Shanghai No. 1 Bureau of Mechanical and Electrical Industry between 1982 and 1983. From 1983 to 1984, he served as member of the Standing Committee of the CPC Shanghai Municipal Committee and secretary of the Municipal Industrial Work Party Committee. From 1984 to 1985, he served as Standing Committee member of the CPC Shanghai Municipal Committee and concurrently as secretary-general of the CPC Shanghai Municipal Committee. Between 1985 and 1986 he was deputy secretary of the CPC Shanghai Municipal Committee. From 1986 to 1991, he served concurrently as vice mayor of Shanghai, and he served as mayor of Shanghai concurrently from 1991 to 1994. Between 1994 and 1995 he served as member of the Political Bureau of the CPC Central Committee, secretary of the CPC Shanghai Municipal Committee and Shanghai mayor.

China will cooperate more with the European Union (EU) to develop safety and security criteria for products, a leading official from the top product quality supervision authority said Wednesday.To increase joint efforts to establish a product safety control system, the two sides have agreed to establish a joint information platform for industrial products, Wei Chuanzhong, vice-minister of General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ), said."We will assess what it will take to set up a database for the platform by the end of this year," Wei said."The information platform will help solve problems arising from bilateral trade, providing a more effective way to push forward win-win trade development," Wei said.Wei made the remarks after the sixth annual meeting of the Negotiating Mechanism on Sino-EU Industrial Product and WTO/TBT (World Trade Organization/technical bar-riers to trade), which took place in Beijing Wednesday.Under the negotiating mechanism, which was launched early in 2002, China and the EU have set up 10 working groups covering trade issues in several industrial sectors, such as textiles, medical devices, electrical and mechanical devices, chemicals and cosmetics.He said a four-month product-safety inspection campaign launched by the AQSIQ is currently underway nationwide.Prior to yesterday's meeting, the EU also signed the first agreement for cooperation on pharmaceuticals and related products with the Chinese State Food and Drug Administration, according to the delegation of the European Commission to China."We will not impose any discriminative supervision regulations on Chinese products exported to the EU market. Instead, we are willing to offer technological support to Chinese enterprises to ensure an effective control over product safety," Heinz Zourek, director general for Enterprise and Industry of the European Commission, said.

SHENZHEN: Efforts to explain and publicize the new Labor Contract Law have thwarted many attempts to dodge the provisions included in it, but violations still occur, an official of a worker's union said Wednesday."We have been keeping an eye out for any abnormal redundancies and it appears the situation is improving," Xie Liangmin, sub-chief of the legal affairs department of the All China Federation of Trade Unions, said during a visit to this southern city.However, a company in Guangdong Province was recently found to have fired a group of contract workers and then rehired them through a manpower services company, Xie said."All attempts by companies to evade their responsibility to take care of their employees will be punished after the detailed regulations of the Labor Contract Law are issued," he said.The federation is working closely with the authorities to draw up detailed regulations, the release of which is likely to be postponed until the first quarter of next year, Xie said.Although the federation has publicly criticized two companies - IT equipment manufacturer Huawei Technology and retail giant Wal-Mart - for attempting to dodge some parts of the law before it takes effect on January 1, no punishments have been handed down.Dong Ping, an official with the Ministry of Labor and Social Security, called on companies to come to terms with the legislation."The law provides an opportunity for companies to develop harmonious and stable working relationships with their employees within a more competitive environment. A successful company always respects its employees and abides by the law," Dong told a forum on promoting the new law.Terry Guo, CEO of Foxconn Technology, a leading IT manufacturer with operations in Shenzhen, said it would give its full support to the Labor Contract Law."The new law will prod companies into becoming more efficient and upgrading their technology. It should help them accelerate their strategic repositioning and restructuring," Guo said.He said Foxconn will work to improve the quality of its staff, save energy and encourage innovation to offset expected rises in its operational costs.The company has also revised its human resources policy and internal regulations to bring them in line with the Labor Contract Law.

China's trade in goods will surpass .1 trillion in 2007, a 20 percent year-on-year increase, the Ministry of Commerce said in a report Thursday. Trade will increase in a fast yet stable manner as China optimizes economic structure, improves efficiency and lowers energy consumption, said the report, which is based on a review of China's foreign trade in 2006 and the first quarter of 2007. China's total import and export volume amounted to .76 trillion in 2006, up 23.8 percent year-on-year. China remains the third-largest country in the world by trade volume, according to the report released by the China Academy of International Trade and Economic Cooperation, a research body under the Ministry of Commerce. The domestic and foreign trade environment and the macro-control policy have contributed to the rapid increase, the report said. The trade surplus continued to grow, reaching 7.5 billion in 2006, according to the report. Exports of machinery and electronic products and hi-tech products increased 28.8 percent and 29 percent respectively in 2006. Imports of primary products reached 7.1 billion, up 26.7 percent, while imports of machinery and electronic products increased faster than the previous year, up 22.1 percent. General trade - imports and exports of goods by enterprises in China with import-export rights - increased at a rate of 26 percent, 5.1 percentage points higher than last year, while the increase of processing trade slowed. Exports of privately owned enterprises surpassed State-owned enterprises for the first time, up 43.6 percent. The trade volume of private enterprises was up by 36.3 percent, while the trade volume of foreign-invested enterprises increased by 23.3 percent, faster than State-owned enterprises. Trade with foreign invested enterprises took in 58.9 percent of the total trade. Trade with the European Union, United States and Japan continued to grow, as did trade with emerging markets, including India, Brazil, and South Africa. Trade volume in the first quarter of 2007 reached to 7.7 billion, up 23.2 percent, while the trade surplus nearly doubled to .4 billion from the same time last year. Trade in goods increased by 27.4 percent from January to April, faster than processing trade. Gov't to raise export taxesChina will raise export taxes by 5 to 10 percent on a range of products, including steel, aiming to slow the country's export boom and ease the country's trade surplus, government sources said yesterday. Beijing also plans to further reduce tax rebates on some exports, including some basic materials and textiles. It would remove import taxes on coal and reduce import taxes on other raw materials, according to officials from three government bodies - the National Development and Reform Commission, the Ministry of Commerce, and the State Administration of Taxation. "The plan has already been established basically," said a source in Beijing, noting that the changes could go into effect as early as June 1. China's exports of steel products hit a record 7.16 tons in April, as mills and traders raced to beat a change in export policy that took effect on April 15. China removed export rebates on most types of steel products while reducing the rebate on more value-added products to 5 percent. A proposal to raise the export taxes on steel billet and other semi-finished products to 20 percent has been discussed since early May, but has not yet been approved by the central government, a source said.

来源：资阳报