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BEIJING -- The Standing Committee of the National People's Congress (NPC), the top legislature, approved on Thursday the nomination of procurators of all 31 provinces, municipalities and autonomous regions in the Chinese mainland.The approval was made at the 32nd meeting of the Tenth NPC Standing Committee, upon the proposal of Jia Chunwang, procurator-general of the Supreme People's Procuratorate.At the meeting, the NPC Standing Committee examined and approved the nomination of these candidates, who had been elected at provincial legislative sessions in January.The procurators are 53.9 years of age on the average, including 22 aged under 55. And 21 of them have been elected deputies to the 11th NPC.The 11th NPC will start its first annual session in Beijing on March 5.

Soaring global oil prices have led to small refiners drastically cutting down on production - forcing Sinopec to fill the void.Since the prices of refined oil products are set by the central government, the refiners - private or local-government-owned - find it unprofitable when the price of crude is as high as is now. Crude prices reached a record .80 a barrel at the New York close on Monday."Surging international crude prices are exerting mounting pressure on the local market (by discouraging small refiners). We are already running at full capacity to ensure fuel supply," Mao Jiaxiang, vice-president of Sinopec Economics & Development Research Institute, told China Daily Tuesday.Sinopec is Asia's top refiner, feeding the bulk of fuel consumption in China. But due to capacity limitations at its plants, there is a rising gap between demand and supply.Mao pointed out that fuel shortages are mainly triggered by the production drop at medium- and small-sized refiners scattered around the country, which contribute 5 to 10 percent of the country's supply.The National Development and Reform Commission (NDRC), the top economic planner, keeps a tight lid on domestic fuel prices to fend off inflation, only allowing refiners to set prices within an 8 percent band of a government-imposed benchmark.Sinopec will have more refining capacity on stream next year, which will help ease supply pressure, Mao said.This year, it is believed Sinopec may import more oil products from abroad if necessary. The company imported 60,000 tons of gasoline in September and sold it at a lower price.Gasoline retailers raised prices by 2.92 percent in the first nine months after crude costs climbed, the NDRC said in a statement on its website on Monday.However, the NDRC said last month that energy prices will not be raised "in principle" this year after the consumer price index (CPI) hit a 10-year high of 6.5 percent in August."As global crude prices and the CPI stay at high levels, it is possible for the authorities to seek a compromise by not raising fuel prices but giving subsidies to major refiners at the end of the year," said Niu Li, an economist with the State Information Center affiliated to the NDRC.

WASHINGTON -- Financial systems in Asia appear well placed to handle the effects of the global financial market turbulence that broke out in July, said a report released by the International Monetary Fund on Friday.The report, Regional Economic Outlook: Asia and Pacific, explained that Asia was not at the epicenter of the recent turmoil, and markets and financial institutions in the region have been less affected to date than those in the United States and Europe."This reflects the relatively small direct exposure to US subprime mortgages and, more broadly, to leveraged and complex structured credit products, including by hedge funds," said the report.But it also warned that markets have begun to normalize somewhat at the time of this writing, although much uncertainty remains.The report expressed optimism about Asia's future economic performance, saying growth has been stronger than expected across much of the region, with domestic demand making an increasing contribution in a number of economies."China and India continued to lead the way, with high growth backed by strong investment, although the contribution of net exports to growth in China continues to rise," said the report."The pace of activity in the NIEs and ASEAN-5 remained solid, with strong investment in the former and strong consumption in the latter," the report added.The NIEs, or Newly Industrialized Economies, refers to Hong Kong and Taiwan of China, South Korea, Singapore. ASEAN-5 refers to Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.China is expected to increase 11.5 percent in 2007 and 10.0 percent in 2008, while India is projected to expand 8.9 percent this year and 8.4 percent next year.The Asian economies as a whole will grow robustly at 8.0 percent this year and moderately to a still-brisk 6.9 percent next year, said the report.

BEIJING, Mar. 1 -- Mrs Zhang is very much looking forward to the opening of Beijing's new Line 10 metro route.    On Friday, the 72-year-old was buffeted and bashed as she tried to get on a bus at Guomao, where she had been visiting her son at his office.     She wanted to get to Shuangjing, she said, but the crowds were so big and boisterous, she kept getting pushed to the back of the queue.     However, she knows that when the new Line 10 opens, her journey will be a lot less stressful.     "I really wish I could take the subway. It's faster and less painful," she said, doing her best to avoid the crowds and passing buses.     Scheduled to open in June, Line 10 will provide a high-speed link for commuters - and their elderly relatives - between Bagou in the west and Jinsong in the south.     On Friday afternoon, Zhou Zhengyu, deputy director of the Beijing municipal committee of communications, joined a group of journalists to try out the new route.     The 15.5-billion-yuan (2.18 billion U.S. dollars), 25-km line, along with two other routes linking the airport and the Olympic Green, will open in June, once testing has been completed - just in time for the millions of Olympic visitors, he said.     "But we won't slow down our construction plans once the Games have finished," Zhou told China Daily inside one of the line's new carriages.     "In fact, we will accelerate our development plans to provide an even better service for the people of Beijing."     Since the opening of Line 5 in October, the number of passengers using the subway has risen by more than a third, he said.     By 2015, Beijing's metro will stretch more than 561 km and feature 420 stations, Zhou said.     The existing network spans 155 km and has 93 stations, with the cost to develop each additional kilometer averaging out at about 500 million yuan, Liu Hongtao, a senior official with the Beijing railway transportation construction corporation, said.     He told China Daily the massive infrastructure project was already progressing well.     "Three lines are close to completion, one is under construction, and ground has been broken at six others," he said.     "The total cost of all the extra lines will be something like 200 billion yuan by 2015," he said.     "The government's usual annual budget for public transport is about 1 billion yuan," Zhou, who will be in charge of public transport in Beijing for the next five years, said.     Wang Hailong, who has worked as a taxi driver in the capital for the past five years is not worried about the metro taking away his business.     "The new subway does us little harm," he said. "And it will certainly ease the pain of millions of people who now travel by bus."

China Railway Construction Corp. (CRCC), the country's leading rail builder, may raise as much as 22.25 billion yuan (3.1 billion U.S. dollars) in its initial public offering (IPO) in Shanghai.     In a statement to the Shanghai Stock Exchange late Sunday, the state-owned company said it has cut the number of A shares it is offering to 2.45 billion from 2.8 billion after reconsidering its capital demand.     The 2.45 billion shares represent 23.44 percent of CRCC's outstanding capital. The firm had built nearly 34,000 kilometers of rails by the end of 2006, more than half of all the rail links built nationwide since 1949.     On Feb. 14, CRCC was given green light by the China Securities Regulatory Commission to issue no more than 2.8 billion A shares on the Shanghai Stock Exchange.     The IPO price range was set between 8 to 9.08 yuan and it translated into 26.92 to 30.56 earnings multiples after the domestic share sale, according to the statement.     The company would start to receive from institutional investors orders for its 612.5 million shares, or 25 percent of the offering, on Feb. 25 and 26. The retail investors would be able to subscribe for the remaining shares on Feb. 26, the statement noted.     CRCC also planned to sell no more than 1.71 billion H shares in Hong Kong.     The company established its name by building the Qinghai-Tibet railroad, Shanghai maglev rail line and the Beijing-Kowloon railway. It also took the largest share in the bidding for the construction of the express railway linking Beijing and Shanghai.     Its total assets amounted to 155 billion yuan (21.7 billion U.S. dollars) by the end of November 2007, with net profit reaching 2.8 billion yuan (391.8 million U.S. dollars).