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The Bank of Communications (BoCom), China's fifth largest lender, said its net profit reached20.3 billion yuan (2.86 billion U.S. dollars) in 2007, up 65 percent from 2006.     By the end of 2007, total assets of BoCom stood at 2.1 trillion yuan, up 22.7 percent from a year earlier, according to its 2007 annual report released on Wednesday.     Net interest rate income rose 36 percent to 54.1 billion yuan and fee income from credit card sales and asset management products surged 137 percent to 7.1 billion yuan.     The Shanghai-based bank and HSBC Holdings Plc., which holds a roughly 19 percent stake in BoCom, are preparing to establish a credit card company and a pension fund company, according to the report.     BoCom, which listed on the Hong Kong stock market in 2005, returned to the mainland's A share market in April last year. Its shares rose 2.77 percent to 10.39 yuan in Shanghai on Wednesday.

CHANGSHA -- Chinese media have blasted an attempt by a Chinese city in Hunan province to set a world record for the longest string of firecrackers, labeling it "ridiculous" and a waste of money.A 20-km string of firecrackers, stretching from Dayao Town to the downtown area of Liuyang City, home to China's largest firecracker production base, went up in smoke on Friday afternoon, exploding for 68 minutes and littering the ground with red debris, as organizers sought to gain publicity for the city and its local fireworks industry.The event, organized by several firecracker plants and partly sponsored by the local government, cost more than 800,000 yuan (about US7,000), including 580,000 yuan for the firecrackers themselves and the remainder to stage the event and ensure the fire service was on standby."The production of firecrackers is one of the city's main industries. We hope the success of making the longest firecracker will increase the confidence of the producers and make our city well-known across the country," said Xu Qiangguo, head of the Liuyang Firecrackers Bureau.But the event, billed by local media as a Guinness World Record attempt, was not attended by an official Guinness World Records representative after it ignored a request from the organizers to attend.Instead, a representative from the unofficial Shanghai Great World Guinness Book of Records turned up to present them with a certificate bestowing upon the city the honour of having only "the country's longest string of firecrackers"."I can only ensure you that it's the longest firecracker in China and I dare not say it's the world's longest," said the Shanghai office's representative Wang Yizhuo."Firecrackers were traditionally used to ward off evils but burning crackers is more of a token of celebrations and festivals nowadays. I think this longest string of crackers reflect the happy and peaceful life of the people," he said.A flood of opinion pieces from newspapers around the country waded in with their assessments."Such a record is ridiculous, just like to sharpen the two ends of a tree and apply for the record of the longest toothpick," a journalist with the Jinan Times said.The Beijing Times said, "Unless the firecrackers are supposed to be part of a cinematic scene of raging war, what benefits would accrue from setting off 20 kilometers of fireworks?"The newspaper went on to bemoan the country's lack of creativity. "We are no less than a manufacturing base for the world. We may continue to set records in a similar manner, but that will not add a jot to our overall competitiveness," the article said.The Liuyang authorities also came under fire from a writer from the Guangzhou Daily, who called the event a "real burden for the local economy"."It's high time to call off applications for the professed 'longest' or 'most' records, such as 10,000 people eating hotpot and 10,000 people washing their feet together. They lack social significance as well as scientific and technical skills," he wrote."Some local governments like to spend a fortune creating a record in order to attract attention. But after the sensation only some meaningless numbers are left."But the man behind the spectacle Xu Qiangguo remained defiant and said he was considering applying for the official world record next year."I don't think it's a waste of money because we have got what we wanted: extensive media coverage and more orders," he said. "If you call that too luxurious, how about the existence of so many five-star hotels? They are even more luxurious."Several onlookers in Liuyang agreed. "The firecracker industry is the pillar industry of the city and making such a long one will promote our firecrackers' fame and maybe even make them world renowned," one said.Meanwhile the controversy surrounding the legitimacy of the Shanghai Great World Guinness Book of Records, which was established in 1992 and comes under the authority of the Shanghai branch of the Communist Party Youth League, continues.Guinness' official branch in China is Liaoning Education Press, based in the northeastern province of the same name.According to an article on the website of Liaoning Education Press, it has been the real Guinness Book of Records representative in China since Shanghai Great World Guinness and the Guinness Book of Records split in 1996.In 2003, a Hebei businessman from Beijing sued the Shanghai office after paying them a 1,800-yuan registration fee so he could set a world record for the first bungee jump from a moving aircraft, believing the organization to be affiliated to the Guinness publishers.After completing the jump from a helicopter 80 meters above ground, He later read in a Beijing newspaper that the Shanghai Guinness office was not an authorized agent of the Guinness Book of World Records and had been misleading the public. He also discovered that a German man had jumped 1,100 meters from a helicopter in 1997.

BEIJING - China imported 139,900 sedans in 2007, up 25.13 percent over the previous year, with the largest share of 46 percent, or 63,800 units, coming from Germany, China Customs figures revealed.The sedan imports worth 5.01 billion US dollars, up 25.41 percent from the previous year, took up 45 percent of China's total automobile imports which has slightly overshot the previous year's total to stand around 310,889 units.China Trading Center for Automobile Import predicted late January that tariff reduction since July 1 had given a stimulus to China's consumption of overseas made automobiles, which could reach 300,000 in 2007.China customs figures showed about 79 percent of the imports were vehicles with an engine size of or larger than 2.5 liters.Japan exported 29,700 sedans to China, the second largest total, while the United States ranked third with 18,000 units.China's sedan exports, by contrast, more than doubled year-on-year to 188,600 units in 2007.Chery, the flag-bearer of Chinese brands, saw a 132-percent surge in exports in 2007, to 119,800 units. The carmaker, which has accelerated its expansion overseas in recent years, expected to export 180,000 units this year.Chang'an Automotive Group, China's fourth largest automaker, sold more than 40,000 cars overseas last year, against 21,700 in 2006.China, the world's third largest vehicle producer, after Japan and United States, found its auto output grow 22.9 percent to 9.04 million units last year, according to figures with the National Development and Reform Commission (NDRC), the country's top economic planner.The NDRC deputy economic performance department director Zhu Hongren said, since quantity was not a problem anymore, auto producers should increase their focus on quality.In 2006, China overtook Japan to become the world's second largest car market after the United States, with sales of 7.2 million units, up 25.13 percent year-on-year.Compared with their international counterparts, China's auto makers are still small in terms of production scale and behind in technology. In addition, the country's auto boom has created growing problems, such as increasing traffic jams and pollution.

Rescuers take a rest outside a flooded coal mine in Xintai City, East China's Shandong Province, Aug. 18, 2007. One hundred and seventy-two miners were trapped in a flooded coal mine in Xintai, authoritative sources said on Saturday morning. [Xinhua]XINTAI, Shandong Province -- One hundred and seventy-two miners were trapped in a flooded coal mine in east China's Shandong province, authoritative sources said on Saturday morning.The flooding occurred at around 2:30 p.m. Friday in the coal mine of Huayuan Mining Co. Ltd (formerly known as Zhangzhuang coalmine) in Xintai City, about 150 kilometers south of Jinan, Shandong's capital.A total of 756 miners were working underground at the time of the flooding and 584 managed to escape after the accident, Xu Qinyu, general manager of the company said on Saturday morning.Downpours hit the area Friday with a precipitation of 205 millimeters, triggering flash flood and a 50-meter breach of a levee of the Wen river in the region.Floodwater from the Wen river swamped the coal mine via an old shaft. A 100-millimeter rainfall Saturday night worsened the flooding situation. The rain ended around 7 a.m. Saturday.By 8:50 a.m., the working places under the mine have been all inundated, according to the rescue headquarters.Wang Ziqi, director of the Shandong coal mine safety administration, said the trapped miners had only slim chances of survival.Most of the trapped people were from rural areas in Tai'an City and surrounding areas, said Wang Junmin, vice governor of Shandong.About 2,000 Chinese People's Liberation Army troops, armed police and miners have closed up a 30-meter section of the breached levee of the Wen river by midday Saturday.The closure of the breach is crucial to the rescue efforts and it will stop water from continuing to flow into the mine, according to rescuers.In a separate accident in Xintai, nine people were trapped in the Minggong coal mine after it flooded because of the rainstorms.Ninety-five people were working underground when the accident happened. Eight-six have been lifted alive. Rescue work is underway.Li Yizhong, director of the Administration of Work Safety and Zhao Tiechui, director of the State Administration of Coal Mine Safety, have rushed to the site to oversee rescue efforts.The work safety watchdog issued on Saturday an emergency notice urging coal mines to draw lessons from the Huayuan mine accident and immediately take preventive measures against rainstorm-triggered floods.Huayuan Mining Co. Ltd is a licensed enterprise with an annual capacity of 750,000 tons.Rescuers prepare to install the drain pipes outside the flooded coal mine in Xintai City, East China's Shandong Province, Aug. 18, 2007. One hundred and seventy-two miners were trapped in the flooded coal mine, authoritative sources said on Saturday morning. [Xinhua]Rescuers work outside the flooded coal mine in Xintai City, East China's Shandong Province, Aug. 18, 2007. One hundred and seventy-two miners were trapped in the flooded coal mine, authoritative sources said on Saturday morning. [Xinhua]

BEIJING -- American chip manufacturer Intel Corp. said here Monday that it had settled a copyright infringement dispute with China's Shenzhen Dongjin Communications Technologies Co. Ltd. after more than two years of legal battle. The two companies said in a joint statement that given their developing strategies and business operations, pursuing the lawsuit was not in the best commercial interests of each company. Intel Corp. sued Shenzhen Dongjin, a private Chinese company, in 2004 for alleged copyright infringements relating to its Inter Dialogic System Release 5.1.1 software (SR5.1.1) and demanded compensation of 7.9 million US dollars. In compensation terms it was the biggest IPR case to be heard at the Intermediate People's Court of Shenzhen, a boomtown in south China's Guangdong Province. At the request of the American multinational, the Shenzhen Intermediate People's Court seized and sealed all of the disputed products and relevant reference materials on January 20, 2005. In April 2005, Shenzhen Dongjin, through its subsidiary company in Beijing, countersued Intel for technology monopoly at the No. 1 Intermediate People's Court in Beijing. The two companies said the out-of-court settlement respected the Chinese law on IPR protection and the positive efforts made by Chinese courts. The details of the settlement were kept confidential. He Jiannan, general manager of Shenzhen Dongjin, said the settlement demonstrated the progress made by China in technology innovation, company management and IPR protection.