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HAICHENG, Liaoning: The death toll has risen to 10 following the collapse on Sunday of a dam at an iron mine in Liaoning Province, after rescuers retrieved four more bodies Monday.Rescuers search the missing after the collapse of a dam at an iron mine in Shiqiaozi village of Haicheng, Northeast China's Liaoning Province November 26, 2007. Ten, including a child, has been confirmed dead and another three are still missing. [Xinhua]Zhang Xingdong, vice-mayor of Haicheng and head of the rescue team, said the bodies, including one of a child, were buried deep in silt.He said about 750 people, including soldiers, armed police, local officials and villagers, were continuing to search for three people still missing after the dam collapsed in the village of Shiqiaozi in the city's Ganquan township.More than 30 dredgers have also been employed to help clear the silt, he said."To ensure the safety of rescuers, we have sent experts to closely monitor four other iron tailings dams nearby to guard against possible further accidents," Zhang said.The four dams have a registered capacity of about 1 million cu m of waste ore each.The power supply has yet to be turned back on in Xiangyang, which is one of two low-lying villages hit by a large volume of mud-like debris after the collapse, he said.The debris smothered homes, suffocating and crushing those inside, he said.A further 17 people were injured in the accident and are now in hospital. One is in a critical condition, while three others were also seriously hurt.Doctors have said they are expected to pull through, however.The local government has set up its rescue headquarters at the primary school in Xiangyang village. It has also provided candles, quilts, clothes and food to villagers made homeless.Some were housed overnight in a local school, while others stayed with relatives.Xiangyang, which has a population of about 980, was the worst-hit by the debris, with 33 houses destroyed.The collapse also affected the village of Caijia, which is home to some 500 people. No casualties have been reported there, but there have been reports of severe damage to houses, vehicles and grain fields.The 100-m-long by more than 10-m-high dam was situated on a hillside. A crack more than 10 m long appeared in it and a river of waste ore and mud some 80 m wide spilled down across cropland.With a capacity of 150,000 cu m, the dam, which belongs to the Dingyang Mining Co Ltd, an iron ore producer, was designed to contain waste ore. However, over recent years, a large quantity of water had built up inside it, Zhang said.The mining company is a subsidiary of the privately run Xiyang Corporation, a magnesium refractory products and fertilizer producer based in Liaoning.Xinhua
China, with a record .2 trillion of foreign-exchange reserves, will keep the "bulk" of its US dollar holdings because the currency is one of safest investment options, a People's Bank of China assistant governor said. The dollar remains "important" because trade and foreign direct investment is conducted mostly in the currency, Yi Gang told delegates at a meeting that was closed to the media at the World Economic Forum in Singapore. Asian central banks will continue to hold most of their reserves in dollars, he said. "Safety, return and liquidity are the three most important elements that people should consider when they talk about reserves," Yi said in a recording of the discussion that was obtained by Bloomberg News. "As far as we're concerned, the serious reduction of the dollar reserve is a small probability," he said, adding that any adjustments to its dollar holdings will be "incremental." China's gross domestic product expanded 11.1 percent in the first quarter, making it the world's fastest-growing major economy, led by sustained demand for its exports to the US and other trading partners. Diversification of the nation's foreign-exchange reserves will be gradual and won't hurt the dollar or financial markets, Market News International said last month, citing Ding Zhijie, one of five advisers to the reserves agency's committee. 'Gradual Process' China's trade surplus, which the Asian Development Bank estimated will climb by 45 percent to a record 7 billion next year, has sparked calls for further gains in China's yuan. Some US lawmakers have said that the yuan was undervalued by 40 percent to make China's exports cheap and pledged trade sanctions as punishment. The central bank expects the yuan exchange rate will gradually move toward a "market-oriented direction," Yi told reporters after the meeting Monday. The currency has risen about 8.6 percent since the dollar link was abandoned in July 2005. "The central bank of China has the responsibility to keep the exchange rate at more or less a stable level," Yi said. "The mechanism is more toward a market-oriented direction."

Chief judge Xiao Yang has pledged to keep up the fight against judicial corruption after the nation's court system rooted out 292 judges last year because of unethical deeds. Greater efforts would be made this year to build a "clean court system", Xiao, president of the Supreme People's Court (SPC), said in an interview with China Daily. "We must never relax our vigilance on corruption," he said, after he reported to the National People's Congress in early March that, last year, 292 judges were subjected to power abuse investigations, with 109 of them prosecuted. The number of judges charged with corruption was 378 in 2005 and 461 in 2004. However, Xiao, who has been SFC president since 1998, said he had ongoing fears about the "grave situation" of judicial corruption. The 69-year-old chief judge said he "lost sleep" because he was so deeply disturbed by reports of corruption, especially those involving court officials. Corruption involving judges, though in small number, damaged the image of the country's court system and undermined the credibility of the justice system. "We will continue to be serious in handling the official corruption cases," he said. In 2006, two high-level group corruption cases were reported by the Chinese court system. The first involved three top judges from Fuyang Intermediate People's Court in East China's Anhui Province, who were arrested for taking bribes since 2005. Two of the former judges were sentenced to 9 and 10 years respectively, with the other one still on trial. The second case involved five senior judges from Shenzhen's Intermediate People's Court in South China. Three of them were sentenced to jail terms ranging from 3.5 to 11 years, with the other two still on trial. Corrupt judges have disrupted the working of the court system and sometimes resulted in wrong verdicts, Xiao said. A "firewall" against corruption will be consolidated, he said, with the apex court on its way to make four important sets of rules on fee charges, court discipline, judge discipline, and court supervision. The first two sets of rules will be implemented this year, with the other two released for public comment. Of the new rules to be released, he said, court officials are barred from using their influence to seek price discounts in any transactions, to occupy properties under other people's ownership, to collect or to spend money through gambling, to have personal investment managers, or to seek benefits for their family members. Also, beginning last year, the court introduced an "anti-corruption deposit" system. If a 22-year-old court staff member deposits 500 yuan () every year and does not do anything illegal, he will get 300,000 yuan (,600) upon retirement - including his premium and reward.
Almost 85 percent of Chinese people share just 100 surnames, with Wang, which literally means "king", being the most popular, the Xinhua news agency said on Tuesday. There are 93 million Wangs in China, followed closely by 92 million people with the family name Li and 88 million called Zhang, Xinhua said, citing newly-announced calculations by the Ministry of Public Security. Another seven common names -- including Chen, Zhou and Lin -- have at last 20 million members each, it added. Chinese family names can be traced back thousands of years and people generally feel a closeness to those with the same surname. But there are also some family names which are only used by a very few people, such as Guo, meaning to "cross over", and Mu, which means "mother".
The central bank raised the reserve requirement ratio for banks by 0.5 percentage point yesterday to mop up excess liquidity resulting from a soaring trade surplus and increased money supply. After the increase, which will take effect on April 16, the ratio will be 10.5 percent for big bankers and 11 percent for smaller lenders. It is the third time this year the People's Bank of China has raised the ratio after similar rises in January and February. The bank reserve requirement refers to deposits banks are required to set aside as a reserve, which reduces their lending ability. "The move is directly aimed at mopping up excess liquidity," Zhao Xijun, finance professor at Renmin University of China, told China Daily, adding the ultimate objective is to maintain stable growth of the economy. In recent months, the trade surplus has expanded rapidly and money supply remained at a high. In the first two months, China's trade surplus amounted to .61 billion, a stunning jump of 230 percent over the same period last year. In February, M1, or cash in circulation and deposits, increased 21 percent year on year, a record high for the past 37 months, indicating increased liquidity pressure. Meanwhile, banks have accumulated 11.1 trillion yuan (.44 trillion) of idle funds that can be used for lending. In January and February, domestic banks extended new loans of 982 billion yuan (7 billion), about 260 billion (.6 billion) more than a year ago. As a result, urban fixed-asset investment has picked up to 23.4 percent year on year in the January-February period from about 20 percent in the fourth quarter of last year, reversing the trend of a slight slowdown since last July. On another front, the consumer price index rose to 2.7 percent, close to the warning line of 3 percent, in February. "The central bank has been closely monitoring the growth trends of the economy and is taking preemptive measures to keep it on the right track," said Zhao. Such a strategy is different from past years, when it seemed to have resorted to rather drastic measures to seek instant regulatory effect, said Zhao. The central bank raised interest rates three times in the past year; the most recent of which came into effect on March 18. Tang Min, chief economist with the Asian Development Bank in China, said yesterday that the adjustment in the reserve requirement ratio may be followed by another hike in the interest rate.
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