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China Foreign Affairs University (CFAU), the cradle of diplomats, set up a new school on Friday - the College of Diplomacy and International Relations - with former foreign minister Li Zhaoxing as the dean. Meeting students at a ceremony marking his appointment, Li highlighted the key criteria for a diplomat.Li Zhaoxing (Right), former foreign minister, receives a certificate naming him the dean of the College of Diplomacy and International Relations at China Foreign Affairs University on Friday from Wu Jianmin, university president. [Xinhua] "The most important is love for your country. This is my deepest feeling during my career at the foreign ministry," said Li."I hope graduates from this college can better serve our country, our people and contribute to peace and development around the world," he added.Li, a diplomat for nearly 40 years, retired this spring. He was appointed foreign minister in 2003, and was Chinese ambassador to the United States from 1998 to 2001.Some students said they like Li's animated style and are excited to have him as the dean."He is very friendly," said Wang Lei, a third-year student majoring in diplomacy.CFAU President Wu Jianmin said the establishment of the school reflects "a golden era" for China's diplomacy."China's diplomacy has entered a golden era, and it is in this context that the college has been set up," said Wu, who was formerly ambassador to France."Never have we seen such a big stage for us, never have people expected so much of us, and never has the world looked at China with such a high hope," he added.CFAU, established in 1955, is affiliated to the Foreign Ministry, and specializes in training international affairs experts and diplomats.

SHENZHEN: Companies in the Pearl River Delta area, the country's manufacturing powerhouse, are raising wages to attract migrant workers amid fears of a worsening labor shortage, a survey has shown.The survey was conducted by the service center of Guangzhou human resources markets, which looked at 252 companies with at least 200 employees each.The poll found out that the average monthly salary offered to new staff was up 13 percent from last year at 1,160 yuan (2).The survey also showed that nearly 70 percent of the companies said they will hire new employees this year, up 20 percent from the same period of last year.Still, the number of job-hunters has decreased and are said to be more picky, the Guangzhou Daily reported.The first job fair in Guangzhou after the Spring Festival break on Friday reportedly offered about 7,000 vacancies, but attracted only 4,000 job-seekers.Figures from the Guangzhou labor authority showed that sectors such as the textile, toy-making, construction, catering, electronics and service industries were top of the list for workers.It was particularly difficult for the textile and toy-making industries to hire workers since such companies could offer an average monthly salary of just 960 yuan, far below what is available across the board, the labor authority said.The situation was said to be similar in other cities in the Pearl River Delta region, such as Shenzhen and Dongguan, which has seen industrial restructuring and experienced the impact of the new labor law, researchers said.However, research by the Asian Footwear Association showed that close to 1,000 shoemaking factories closed or moved out of the Pearl River Delta region last year, with 25 percent setting up in Southeast Asian countries, 50 percent in other mainland cities and about 25 percent adopting a wait-and-see approach."The industrial repositioning of the Pearl River Delta region has forced some of the companies in the region, especially those with less competitive edge in the market, to close or move out," Ding Li, a researcher with Guangdong Academy of Social Sciences, said."The flow of migrant labor has been a clear indication of that."The appreciation of the yuan, raw material price hikes and adjustment of export policies have also seen many private firms and companies funded by businesses from Hong Kong, Macao and Taiwan slowing down demand for migrant workers, the Guangdong labor authority said.

BEIJING -- The Industrial and Commercial Bank of China (ICBC) has planned to open a subsidiary in the United States, as part of its going-global strategy which also involves Russia, Indonesia and the Middle East, Board Chairman Jiang Jianqing said here on Wednesday."Preparations have been going on smoothly. We hope to receive approval from American authorities as early as possible," said Jiang, a delegate to the ongoing 17th National Congress of the Communist Party of China, at a news briefing.Jiang said that next month the ICBC would open a branch in Russia and take over the Bank Halim in Indonesia. Applications to set up new branches in Dubai and Doha have been approved by the banking authorities of China, paving the way for its march into the emerging Middle East market.In its latest overseas expansion, the ICBC clinched an agreement with Seng Heng Bank Limited on August 29 to acquire a stake of nearly 80 percent of the bank in Macao for 4.683 billion patacas (US5 million), according to the bank's website.Jiang said that the ICBC would "cautiously" advance its going- global strategy. "Only when the price, opportunity and place are right will we make a move."The bank has established more than 100 branches so far in 13 countries and regions, mainly through greenfield investment, merger and acquisition. But overseas business only contributed three percent of its total assets and four percent of its profits. The ICBC hopes to raise the proportion to 10 percent in the future, Jiang said.Domestically, the ICBC has more than 16,800 outlets.With a total asset of over US0 billion, the ICBC has been named as the second largest bank of Asia and the most profitable bank with a net profit of over US billion, according to a listing of HK Asia Week of "Top 300 Asia Bank".Apart from expanding its global presence, the bank has been engaged in financial innovations at home. In September, China's banking regulator approved the bank to set up a leading company with a registered capital of 2 billion yuan (US5.96 million), the largest of its kind in the Binhai New Area of Tianjin, which will help improve the bank's performance by shifting its profits from interest income to intermediary services.Jiang said the bank's non-performing ratio would be hopefully kept under three percent this year, much lower than the industry's average of eight percent. Bad loan ratio in term of real estate property stood at 1.4 percent in the first half. 

BEIJING -- The Chinese government on Sunday promulgated a revised decree to strike the activities of driving up prices through hoarding or cheating.The revision was made on the basis of regulations passed in 1999 and amended in February 2006 by the State Council.The new decree, effective as of Sunday, raises the maximum fine to 1 million yuan(US,000), which almost triples the sum in the old regulations, for those who manipulate market prices and ignore the prices advised by the government under emergencies.Commercial associations which deliberately spread rumors on price information can be fined at a maximum of 500,000 yuan. Those who severely violate the decree may have their legal certificates revoked.The State Council and local governments can set profit ratios or price ceilings for key items of goods and services when prices rise too sharp, according to the decree.

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.