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An investor smiles before an electronic board showing stock information at a securities firm in Xiamen, East China's Fujian Province March 20, 2007. [newsphoto]The net income of the 287 funds launched by 53 fund management firms totaled 124.8 billion yuan, while paper profits reached about 146 billion yuan, according to WIND, a provider of Chinese financial data. The profits were more than 38 times greater than the seven billion yuan earned in 2005 by all 206 funds under 46 fund management firms. The majority of profits came from the 216 stock-leaning funds, which have at least 60 percent of their investments in stocks. They reported total operating profits of 261.4 billion yuan, accounting for 96.53 percent of all fund profits. The country experienced a fund investment boom last year as investors shifted low-interest bank deposits into the bourses, which surged 130 percent last year after a four-year slump. Fifteen million people have invested in funds. The proportion of individual investors in closed-end funds rose to 74.21 percent by the end of 2006, an increase of 18.05 percentage points from the end of the first half, according to WIND. China raised 390 billion yuan in 90 new funds and registered 7.78 million new accounts in 2006. More than 300 mutual funds have sprung up in China since 1992. The funds are valued at around one trillion yuan, accounting for 19 percent of the present stock markets.
A court has upheld the life imprisonment sentence handed down to the former secretary of Shanghai's sacked Party chief Chen Liangyu, Caijing magazine said on its website on Friday.The Jilin Provincial High People's Court rejected the appeal of 43-year-old Qin Yu despite his insistence he deserved a lesser sentence.Qin argued that as well as freely confessing his involvement in the 3.7 billion yuan (2 million) social security fund embezzlement scandal, he provided a lot of information to aid the investigation, which toppled his boss Chen Liangyu.The high court, however, was unconvinced, and on Thursday upheld the life sentence verdict reached by the Changchun Intermediate People' Court on September 25 this year, the report said.Before becoming Chen's secretary in 1995, Qin worked as a university professor.He was made head of the Baoshan district government shortly before the investigation into the social security fund scandal officially began in July 2006.At his first trial, Qin was found guilty of taking bribes totaling 6.8 million yuan from Zhang Rongkun, the former chairman of the Feidian Investment Company.Zhang was the first person to be arrested in the scandal, which was exposed more than a year ago.It later brought down several high-ranking officials including the former Shanghai Party chief, Chen.He is the highest-ranking Party official to be axed in more than a decade.Zhang's case is still pending.Meanwhile, in an unrelated case, on Thursday, Wang Chengming, the former chairman of Shanghai Electric Group Co and former president of Shanghai SVA (Group) Co Ltd, was given the death penalty with a reprieve for his involvement in collective embezzlement and taking bribes.While he was president of Shanghai SVA, Wang and two other senior business executives, Yan Jinbao and Lu Tianming, pocketed more than 300 million yuan from illegal land transfer deals in Shanghai, a statement by the Changchun Intermediate People's Court said.Yan was sentenced to life imprisonment and Lu was given 15 years, the Caijing website said.Xinhua contributed to the story

SHANGHAI: A revised rule that forces shipping companies to shoulder the cost of cleaning up pollution from maritime accidents, such as oil spills, in China's waters, is likely to take effect next year, if not sooner, a senior official with China Maritime Safety Administration (MSA) said Wednesday.If the revised regulation is approved by the State Council, companies such as Sinopec, PetroChina and the China National Offshore Oil Corp (CNOOC) will be required to contribute to a special compensation and clean-up fund, Liu Gongcheng, executive director of China MSA, said.Liu told a press conference prior to the 2007 Shanghai International Maritime Forum, which kicked off Wednesday, the fund will boost the country's emergency response capabilities to maritime pollution disasters.The official declined to say how big the fund could be.The rules also include a scheme asking all ships using its seawaters to purchase insurance.Liu said the mechanism, already in the pipeline for two years, is one of China MSA's measures to handle possible oil spill pollution, as the ocean environment faces greater pressure with increased shipping traffic, including oil cargo ships to and from China's coast.Figures showed more than 90 percent of China's oil imports - 145 million tons last year - is transported by sea. Some 163,000 tankers of all sizes sailed into and out of China's ports last year, an average of 446 every day."The size of oil tankers is also getting bigger, up to 300,000 tons, which has added to the risk," Liu said. "If only 1 percent of the oil is spilled, we will be confronted with a catastrophe."Oil spills can wreak havoc on sea life, fishing and tourism. They cost millions of yuan to clean up and even more in compensation and damages, he said.The oil spill from the tanker Prestige, which sank off Spain in November 2002, leaked 77,000 tons of oil that caused several billion dollars worth of damage.In the past year, there have been several oil spills in domestic seawaters that involved 500 to 600 tons of oil, but didn't cause serious pollution due to emergency response, Liu said.Losses caused by ships using international waters can be covered by insurance in accordance with international conventions.However China urgently needs a mechanism to cover the costs many small- and medium-sized ship owners cannot afford."It is not fair to let the clean-up companies shoulder the cost, so the compensation fund can be especially useful in that situation," he said.The administration is continuing to invest in facilities and enhance China's emergency response capabilities.
Wuhan -- China's first bank-invested trust company is officially set up in Wuhan, capital of central China's Hubei Province, on Sunday.The new trust company is held by the Bank of Communications (BOCOM), China's fifth largest lender, and Hubei provincial finance department, which control 85 percent and 15 percent of the total shares respectively.The BOCOM invested 1.2 billion yuan (about US0m) to buy the shares of the Hubei international trust and investment company, the first commercial bank investment in a trust company approved by the China Banking Regulatory Commission.Jin Dajian, chairman of the new company named "jiaoyin-guoxin", or BOCOM-International Trust, said the company would focus on "professional wealth management".Jin called the establishment of the new trust company "a breakthrough for China's trust industry", given that the country's law on commercial banks, effective since 1995, did not allow commercial banks to make trust investment.The regulation was not lifted until the end of last year, when the China Banking Regulatory Commission encouraged financial institutions, including commercial banks, to acquire trust companies.The BOCOM, a large state-owned commercial bank, was established in 1908, and the Hubei international trust investment company was founded as a non-banking financial institution under Hubei provincial government in 1981.
Blogging, a form of citizen journalism, has caught on so much in China that even some government officials are getting into it.The highest-ranking official or former official to write a blog is Zhao Qizheng, former director of the State Council Information Office, now president of the Journalism School of Renmin University in Beijing.He launched the blog "Zhao Qizheng and his books" (http://blog.sina.com.cn/zhaoqizheng) on August 3 and uploaded several chapters of his latest work In the One World - 101 Tips on How to Communicate with Foreigners. One of them, about the importance of smiling, has been read by nearly 40,000 netizens since it was posted a week ago.In a letter of August 14, Zhao thanked netizens for reading and commenting on his blog and apologized that he could not respond to each comment or question because he could only surf the Internet for limited time every day, and that he was a slow typist.Some netizens have used his blog to speak directly with the former top news official.One of them, called "Peach", a journalism student complained of a perceived lack of jobs in the industry and asked for his advice.The direct interaction between bloggers is one of the most appealing elements about this form of communication.Arguably the most popular blog run by an official is that of Liao Xinbo, deputy director of the provincial health bureau of South China's Guangdong Province.Liao calls himself "Doctor Brother Bozi" and his blog (http://blog.sina.com.cn/liaoxinbo) has been read more than 650,000 times since it was launched last April. At present it ranks the sixth most popular blog in Guangdong.The health official is known for being outspoken. On Monday, he posted an article by an anonymous doctor which blamed China's apparent failure on medical reform over the last 30 years on the lack of fair pay for doctors."If the situation continues, the next medical reform is doomed to fail again," the post warned.Liao also argued in his blog that health services were not a commodity that should be "bought" by patients, a key point that health providers need to serve the public, instead of trying to rake in money.Netizens who agreed with Liao proposed the official lobby his allies at the provincial people's congress - the legislative body - to draft a law especially for medical contracts.Netizens even went as far as drafting their own medical contract law, which Liao posted on August 24 commenting: "I have never studied laws and cannot give any comments. I wish my friends who are interested to give their ideas".Dozens of lawyers responded.According to one of them, legal tangles in the medical sector were difficult to settle because there were already too many laws, but not one powerful or specific enough to tackle problems with malpractice disputes.The netizen proposed that it was with some urgency that a law was drafted that covered the entire sector, instead of one that specifically dealt with contracts.Whether or not the fact the netizens' law proposals were right or wrong, their interaction with this sort of blogging demonstrates how ordinary people can debate the merits of such proposals.Liao's blog, with its inspiring discussions, provides a prime example of a form of "direct democracy".There are no figures available as to how many officials have blogs in China.However, in Suqian, a mid-sized city in East China's Jiangsu Province, 81 middle and high-ranking officials in the municipal government have opened blogs on the government website (http://blog.suqian.gov.cn/).Their Communist Party secretary, Zhang Xinshi, took the lead."Zhang hopes that those who are in charge at the different government organs can also have blogs so that they can express their ideas, attract people's discussions and build an efficient channel of communication between officials and ordinary citizens," said a Suqian Daily report about a working conference this April.Zhang has updated his blog almost every day and written long articles on weekends about a wide range of topics from global climate change to professional education.An article on "civilized behavior" prompted the local Suqian Daily to open a column about the topic, and more than 100,000 pupils and high school students distributed pamphlets on civilized behavior in the streets of his city.Almost each of Zhang's online articles was read more than 400 times, but there have been few posted responses from the public.When a comment was made, it often turned out to be a pledge of a subordinate to implement the Party secretary's ideas, not public feedback.A report in the People's Daily last month said officials in Suqian had published more than 1,700 articles on their blogs and these articles were read by more than 760,000 netizens."It is a good thing that officials opened blogs and strengthen their communication with the ordinary citizens," Xie Chuntao, professor at the Party School of the Central Committee of the Communist Party of China in Beijing, said.As part of China's e-governance construction, 12,000 government websites have been built in the past decade, according a report by Xinhua News Agency last December.More than 96 percent of the central government organs, 90 percent of provincial governments, 96 percent of municipal governments and 77 percent of county governments have their own websites."By further exploring the communication possibilities of blogs, officials may better win the citizens' trust if there is successful communication between the two sides," said Mao Shoulong, political science professor at Renmin University of China in a commentary in the People's Daily last year.But he also feared that some officials may have their opinion influenced by the "small club in cyberspace"."Actually, if we want the government to get nearer to the ordinary citizens, we can make more efforts on improving our democratic system instead of using the highly personalized blogs," he said."At the current stage, we can improve the government websites that widely exist, and make them work better in publicizing policies and communicating with netizens. This is a more constructive choice."
来源:资阳报