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BEIJING, Oct. 9 (Xinhua) -- China's securities regulator on Thursday said publicly-traded companies must pay dividends in cash rather than stock over three years before submitting their refinancing applications.     The move could help to encourage long-term investment and reduce market volatility, the China Securities Regulatory Commission (CSRC) said.     The benchmark Shanghai Composite Index has plunged 66 percent from its record high last October.     In a new regulation stipulating cash dividend payment by listed companies, the CSRC said: "The listed firms, if applying for refinancing, must pay dividends in cash totaling no less than 30 percent of its distributed profits over the past three years."     The regulation went into effect on Thursday.     In the draft version released in August, companies were allowed to pay dividends either in cash or stock.     The listed firms were also ordered to reveal their cash dividend policies and previous cash dividend data to investors in their annual reports to improve transparency.     "The listed company should give reasons why it failed to pay a cash dividend if it is able to and where the money goes," according to the rule.     Cash dividends could offer stable investment returns and prompt large institutional investors to reduce speculation on the secondary market, the regulator said.     A couple of huge refinancing plans earlier this year triggered a market plunge on concerns over stake dilution and liquidity stress.     In a separate regulation on share buy-back, also effective on Thursday, the CSRC said it allowed a cash dividend payment when the controlling shareholders bought stocks on the secondary market.     Such action was banned in the draft version released in late September to solicit public opinion.     Share buy-back through bidding at stock exchanges also no longer needs regulatory approval.     The CSRC added it would continue to revise the rules on stock buy-back and also give consideration to repurchase through agreement or tender offer.

BEIJING, May 28 -- China's economy can maintain a steady growth above 8 percent for a relatively long period because of a stable society, a vast market and ample capital, said Cheng Siwei, an economist and former vice chairman of the Standing Committee of the National People's Congress.    "China's economy can stay in the fast developing track if we work hard and pay enough attention to existing problems," Cheng said at a three-day forum with the theme of "Economic globalization and the choice of Asia: transition, growth and welfare" Wednesday in Shanghai.     "Social stability is crucial to economic development while China has a market of 1.3 billion people, which creates a huge consumption power," said Cheng. "Meanwhile, China's foreign reserves have reached US.68 trillion, and it has built up an ample capital pool."     China also beefed up its efforts to improve education and expand its coverage, which paved the way for sustainable economic development, he said, but added that there were problems China could not afford to ignore. File photo of Cheng Siwei    One of them was the yawning gap between the rich and the poor. The income of urban residents has tripled that of rural households while the purchasing power in cities was four times larger than that in rural areas.     China faced increasing pressure to protect the environment and in securing raw materials and resources for its economy. It also lacks a large pool of senior professionals in finance and management.     "For example, we buy a lot of the United States treasury bonds. It means appointing them (US bond managers) to manage our assets and we only gained a little bit of interest," said Cheng. "We are trying to work on such problems."     Cheng estimated China's per capita GDP can reach US,000 by 2010, US,000 by 2020 and US,000 by 2049, given its economic expansion and a stronger yuan.

CHENGDU, May 26 (Xinhua) -- China's top legislator Wu Bangguo arrived in Chengdu, capital of quake-hit Sichuan province Monday, where he visited a hospital and a distribution center of relief materials.     Wu, chairman of the Standing Committee of the National People's Congress, immediately went to the General Hospital of the Chengdu Military Command Area upon his arrival. China's top legislator Wu Bangguo visits Li Kecheng, a 55-year-old survivor who was saved after being buried in the rubble for 108 hours, in a hospital in Chengdu on May 26, 2008The hospital has received more than 3,000 injured people since May 12, when a 8.0-magnitude earthquake jolted southwest China and killed more than 60,000 people.     Two pupils from Beichuan county, one of the worst hit areas, Hua Meihua and Ji Lei, told Wu that they have received good treatment in the hospital and have been recovering.     "You are brave and good kids. You will recover soon. When you return to school, you must study hard," said Wu, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee,.     Wu also chatted with 81-year-old veteran Sun Menglin in the same ward. China's top legislator Wu Bangguo visits Yuan Yi, a girl of 20 who was saved after being buried in the rubble for 104 hours, in a hospital in Chengdu on May 26, 2008."I have never cried when I fought in the war as a soldier, I but wept this time. I was moved by the unity among people," said Sun whose left leg was seriously injured in the quake.     The hospital is also treating several survivors buried under the rubble for more than 100 hours.     Wu shook hands with four of them at the side of their beds. "You have created miracles of life. People across the country are thinking of you and hoping you to recover as early as possible. Let's believe no difficulty will stop us once we join hands," he said.     Wu thanked doctors and nurses at the hospital for working day and night to save lives.     He then went to the Chengdu Railway Station, which has become an important distribution center of relief materials from home and abroad.     Wu talked with volunteers working at the station. "Coming from every corner of the country, you are an important force in the quake relief efforts. I hope relief materials could be delivered to thousands of needy people through your hard work."

Asahi Breweries Ltd., Japan's largest beer producer, is targeting the Chinese milk products market with an all-around manner with its new milk factory being under construction in China's Shandong Province, company officials told Xinhua Saturday.     A milk company, which has been building the factory, was established in Laiyang city, Shandong Province, in April. It's the first time for a large-scale Japanese corporation to enter the Chinese integrated milk business in the fields of both production and sales.     The company is owned 90 percent by Asahi. Business of the new company will involve the entire process from raising cows to marketing, while products will be sold to major cities such as Beijing, Shanghai and Qingdao under Asahi's proprietary label, according to Asahi Breweries officials.     Price of the Asahi milk products will be about 50 percent to 100 percent higher than average local milk, and sales in the first year will be targeted at 1 ton per day, they said. (Www.hxen.com)    The products will be launched onto the market prior to Aug. 8, the opening day of the Beijing Olympics, they added.

BEIJING, July 23 (Xinhua) -- Chinese President Hu Jintao on Wednesday paid a morale-boosting visit to domestic athletes busy training for the upcoming Olympic Games, saying he was looking forward to their good performances.     With 16 days to go until the Games opening ceremony, Hu, accompanied by Vice President Xi Jinping, went to the stadiums of the Training Bureau of the General Administration of Sport in southern Beijing in the morning. He watched training programs of athletes in gymnastics artistic, synchronized swimming, table tennis, weightlifting, basketball and volleyball. Chinese President Hu Jintao talks with one of the gymnasts at the gymnastics stadium on Wedneday. He paid a morale-boosting visit to domestic athletes busy training for the upcoming Olympic Games, saying he was looking forward to their good performances."Your moves are clear-cut and very elegant. I wish you success at the Games," he told 16-year-old He Kexin after she performed a set of routines with perfect technique on the uneven bars at the gymnastics stadium. The teenager won two World Cup titles earlier this year.     Hu expressed his hope that the gymnasts and coaches would train hard with high efficiency to improve their competition skills.     "Keep a cool state of mind and achieve outstanding results at the Games," he told them.     The training bureau boasts 15 stadiums where athletic teams in 11 events from 14 countries were training for the Games.     At the basketball stadium, the president was attracted by the swift moves by the players of the men's national basketball team. He voiced concerns for star player Yao Ming who suffered a foot injury in February.     "The whole nation is very concerned about your foot. How is it going now?" Hu asked the star center with the Houston Rockets.     "It's okay," Yao replied. The NBA star played his second match after coming back from injury on Saturday in the eastern city of Hangzhou, scoring 16 points and seven rebounds in 20 minutes against Angola.     Hu told Yao he needed to be more careful in future training and matches.     He expressed high hopes for the men's national basketball team, which also includes NBA stars Wang Zhizhi and Yi Jianlian.     "We Chinese people pay lots of attention to basketball and expect your superb performance in matches. I hope you can show your best at the Games," Hu told them.     At the swimming stadium, Hu watched the performance of synchronized swimmers and extended gratitude to head coach Masayo Imura from Japan.     "We are here today to give a boost to your spirits," Hu told the swimmers. "We are happy to learn that you have improved rapidly under the guidance of head coach Masayo Imura. I propose that we give a big applause to her to express our sincere thanks."     The 58-year-old coach, dubbed the "godmother" of Japanese synchronized swimming, started coaching her country's synchronized swim team in 1978. She helped her swimmers to eight Olympic medals over the past 30 years.     Imura started coaching in China after the 2006 Doha Asian Games in which China dethroned long-time Asian champion Japan in both the duet and team competitions.     Last month, she reiterated her hopes for medals at the Beijing Olympics, saying Chinese swimmers would help present a modern and dynamic China with their performance.     Hu praised Imura for her coaching and role in promoting sports exchanges and friendship between China and Japan.     "I believe that China's synchronized swimming team will give an outstanding performance at the Games under the guidance of Ms. Masayo Imura."     Imura pledged she would do her utmost to lead China's team to achieve good results.     At the table tennis stadium, Hu urged on the players from a sport that China has dominated, winning 16 Olympic gold medals over the years. On the team are such top players as Wang Nan and Zhang Yining.     "I hope you can have more exchanges with athletes from other countries and regions to work together for boosting the development of table tennis in the world," he said.     "I'm looking forward to your good news."     Hu also visited the weightlifting athletes and women's volleyball players.     Athens Games weightlifting gold medal winner Chen Yanqing told the president "Just watch me at the Games!" While Feng Kun, captain of the national women's volleyball team, told Hu: "We will repay the motherland and the people with the best results."     Chinese athletes have qualified to compete in all 262 events within the 28 Olympic sports, marking the first time that the country's athletes are represented across the board at an Olympics. The Chinese national delegation at the Beijing Games will also be the largest in the country's Olympic history.     At the training venues on Wednesday, Hu also visited the athletes' dining hall and rehabilitation center, urging the cooks to continue to prepare delicious meals and the doctors to provide thoughtful services.     He also voiced strong support for anti-doping.     "Anti-doping is a precondition for hosting a successful Games," he said after signing his name on a scroll for anti-doping. "As the host nation, China is obliged to set a good example in this regard."     "We must ensure the Chinese delegation attend the Games cleanly and make positive contributions to safeguard the purity of the Olympics."     Apart from boosting morale of the country's athletes, the president had shown concerns for the preparatory work at Olympic venues.     During a visit to the eastern city of Qingdao on Sunday, the venue of the Olympic sailing event, Hu highly praised the use of renewable energy and environment-friendly material in the buildings of the Qingdao Olympic Sailing Center. He urged the center staff to make greater efforts for the preparations.     Starting in mid-June, the coast of Qingdao was coated with a vast algae coming from the Yellow Sea. A bright green covering of algae smothered beaches and extended out several hundred meters. It once covered 32 percent of the sailing venue at the peak of the outbreak.     Hu expressed satisfaction with the efforts Qingdao had made to clean the seawater and make it qualified for the sailing event, and urged local authorities to continue to keep alert.     He also encouraged Chinese athletes to achieve good results and voiced sincere welcome for foreign athletes.     "The Chinese people are showing their warm welcome to athletes from all over the world. We will do our best to provide good service for you," he told some foreign athletes who were training at the center.

来源：资阳报