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BEIJING, Aug. 24 (Xinhua) -- China's top legislature, the National People's Congress (NPC), has proposed a reform in income distribution be launched as soon as possible, aiming to increase residents' income and narrow the gap in wealth.Officials of the Financial and Economic Affairs Committee of the NPC said they have completed a research report on distribution of national income and made the proposals to be included in the 12th Five-Year Plan (2011-2015).The research report proposes increasing the proportion of residents' income in national revenue and the proportion of labor rewards in the primary distribution of national income. It suggests that the reforms should seek to enlarge the middle class until it becomes the largest sector in society. The report also offers proposals on taxation and social security.The legislature did not release further details on the proposed reforms in income distribution.The NPC, for the first time in history, completed 15 research reports on 14 major subjects from March to July to provide proposals for the formulation of the critical development plans for the next five years, after top legislator Wu Bangguo called for the research at the annual legislative session.According to a World Bank report, the Gini Coefficient for China, a main gauge of c disparity surged to 0.47 in 2009, exceeding the "security line" of 0.4, pointing to the unequal distribution of income which could arouse social unrest.This figure was 0.21 to 0.27 three decades ago. ' In the primary distribution of national income, the proportion that goes to wages and salaries, the major source for China's mid- and low-income families, has been declining, according to Yi Xianrong, a researcher at the Chinese Academy of Social Sciences.The proportion of the total income that Chinese citizens receive from the distribution of national income fell sharply to 57.9 percent in 2007, compared with 68 percent 20 years ago, according to the People's Bank of China.

BEIJING, Aug. 15 (Xinhua) -- The Agricultural Bank of China (ABC), one of China's "big four" state-owned commercial banks, won the title for the world's largest initial public offering (IPO) after selling another 3.34 billion shares at its IPO price of 2.68 yuan per share.The ABC said in a statement at the Shanghai Stock Exchange Sunday that it raised an additional 8.94 billion yuan (1.31 billion U.S. dollars) after fully exercising the over-allotment option of its Shanghai share offering. The bank has now raised 22.1 billion U.S. dollars.The previous record was set by the Industrial and Commercial Bank of China, which raised a record 21.9 billion U.S. dollars in its IPO in 2006.ABC shares rose 0.37 percent to 2.69 yuan on the Shanghai bourse Friday.The ABC is the last of the "big four" state-owned commercial lenders to go public. The other three banks -- the Industrial and Commercial Bank of China, China Construction Bank and Bank of China, are listed on both Shanghai and Hong Kong bourses.The over-allotment, or so-called greenshoe option, allows the sale of additional shares to the public if demand is high.

BEIJING, July 24 (Xinhua) -- Chinese telecom equipment giant Huawei Technologies said Motorola's charges of stealing confidential information about its cellular network equipment is groundless, the China Daily reported Saturday.Motorola on Wednesday said one of its former staff engineers, who now works with a Huawei reseller called Lemko, had provided information about a new transceiver and other Motorola technology to Ren Zhengfei, the founder of Huawei Technologies, the newspaper said."The complaint is groundless and utterly without merit. Huawei has no relationship with Lemoko, other than a reseller agreement," Huawei wrote in an e-mail to the newspaper, adding that it will defend themselves against these baseless allegations.The Chinese telecom equipment company had been planning to tap into the United States market via acquisitions.It is believed Huawei is interested in deals including a 1.2-billion-U.S. dollar Nokia Siemens Networks (NSN) purchase of the wireless network assets from Motorola, and Ericssons's 1.13-billion-U.S. dollar takeover of Nortel Networks' mobile unit, according to the newspaper.Wang Yuquan, senior consultant with research firm Frost&Sullivan China, told the newspaper that though Huawei has not been successful in its efforts in the U.S. market so far, it may gain some of the customers impacted by the NSN takeover.

MELBOURNE, Australia, June 19 (Xinhua) -- Visiting Chinese Vice President Xi Jinping met with John Brumby, Premier of Victoria state later Saturday.Xi Jinping, who is visiting Australia at the invitation of Prime Minister Kevin Rudd, said his visit aims to enhance mutual trust and friendship, promote extensive exchanges and cooperation and he is to meet Australian leaders and friends of different sectors during the visit.Xi said exchanges and cooperation at state and province level are important to bilateral relations. In recent years, friendly cooperation between Victoria state and China has achieved positive results, especially in trade and education sectors.(Xinhua/Liu Weibing) (ypf)" hspace="0" src="/d/file/p/2010/06/e99cfd599976853f5e524c867d176e88.jpg" border="0" />Chinese Vice President Xi Jinping (R) meets with Australia's Victorian Premier John Brumby in Melbourne, Australia, June 19, 2010. Xi arrived at Melbourne on Saturday afternoon, starting his official visit to Australia, the last leg of his four-nation visitsXi said the Chinese government and relevant provinces and cities in China attach great importance to further exchange and cooperation with the state of Victoria.He said joint efforts can be made in technological cooperation, especially the high technology sector, research and manufacturing of clean energy automobiles. The two sides can make the most of their high level of complementary properties of trade and investment relations and at the same time deepen cooperation in agriculture.People-to-people relations are also important, Xi said, adding that the two sides need to further encourage education and travel by having more university-level exchanges, training, visiting scholar programs, technological and educational cooperation.Xi said this year's Shanghai World Expo, the year of Australian culture in Beijing as well as next year's China year in Australia are providing opportunities for more people-to-people exchanges and links. He said with joint efforts, friendly cooperation between Victoria and China will provide genuine benefits to the peoples.Premier Brumby gave Vice President Xi a warm welcome for making Melbourne the first leg of his visit to Australia. Brumby said, given cooperation in extensive areas, relations between Australia and China enjoy a strong trend. The existing cooperation in energy, resources, mineral, culture, education and travel has been very fruitful.

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