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BEIJING, Oct. 15 (Xinhua) -- China's power consumption in September continued to rise with a faster increasing rate, according to China's National Energy Administration (NEA) on Thursday. Power consumption in September rose 10.24 percent from the same month last year to 322.41 billion kilowatt hours last month. The increasing rate was 2 percentage points up from that of August. Accumulative power consumption in the first nine months topped 2.66 trillion kilowatt hours, an increase of 1.4 percent over the same period last year. In the first three quarters, power consumption of the primary industry which covers agriculture, animal husbandry and fishery, added 6.35 percent from a year earlier to 72.5 billion kilowatt hours. The second industry, including mining, manufactural, building and construction sectors, consumed 1.95 trillion kilowatt hours, representing a decrease of 1.67 percent over the same period last year. Power consumption in the service sector climbed 11.26 percent year on year to 293.5 billion kilowatt hours in the first three quarters.
BEIJING, July 29 -- The securities watchdog is mulling further measures to plug the loopholes that showed up in the latest round of initial public offerings (IPO), according to Shang Fulin, chairman, China Securities Regulatory Commission (CSRC). The CSRC is generally satisfied with the results of the recent reforms, but also identified a number of areas that need to be improved. One of these areas is the lack of a provision to block institutional investors from taking advantage of the new allotment system by masquerading as personal investors in their IPO applications. "Some institutional investors were known to have circumvented the subscription limits on their accounts by making applications through personal investor accounts opened with borrowed ID cards," said Lu Junlong, analyst, China Finance Online. "Stockbrokers keen on earning commission fees usually turn a blind eye to such irregularities," he said. People watch the index screen at a stock market in Shanghai, China, July 1, 2009. The CSRC said it is planning to take steps to safeguard individual investors' interests. This has defeated, to some extent, the primary objective of the reform, of increasing the allotment of new shares to personal investors. In the past, the deluge of applications from well-financed institutional investors had largely crowded out applications from individual investors. Because of the loophole, the ratios of allocation of newly issued shares to personal investors in the past several IPOs were still deemed too low. For example, the ratio of allocation in the IPOs of Guilin Sanjin Pharmaceutical, one of the first companies to obtain a stock exchange listing after the lifting of the IPO suspension, was only 0.17 percent. The ratio of allocation in the Sichuan Expressway IPO was 0.26 percent, while it was 2.83 percent for China State Construction Engineering Corp's public float. "The ratio of allocation to subscription is at a low level, similar to the lottery system in the past," said Zhu Hongbin, an investor with over 10-year experience in the market. Considering the wide price gap between the primary and secondary markets, many institutional investors borrowed heavily from banks to subscribe for new shares. Easy credit and cheap money have given institutional investors a much greater edge over small investors in the fight for IPO allotments. "As long as the interbank seven-day repurchase rate stays below 3 to 4 percent, we can make profits by subscribing to new shares," a Shanghai-based fund manger said, who refused to be named. The investors' feverish penchant for newly listed stocks saw Sichuan Expressway Co soar 202 percent on debut. The bourse suspended trading in the scrip for two times to allow for a cooling off period on the first day. The company's issue price was 3.6 yuan, nearly 20 times the PE (price-to-earnings) ratio. After collective bidding, the opening price soared to 7.6 yuan and the shares finally closed at 10.9 yuan after touching a high of over 15 yuan. The high price was beyond the expectation of many analysts. According the reports from 23 securities firms, most analysts thought the reasonable price could be around 5 yuan. Guotai Junan Securities Co was the most optimistic, which estimated the shares could be worth around 7 yuan. The shares subsequently began to slump and closed at 9.81 yuan, with many individual investors burning their figures. According to the Shanghai Stock Exchange, individual investors were the main buyers for the new shares of Sichuan Expressway on its first trading day. Among the 74,000 accounts that bought shares on that date, about 99.9 percent was personal accounts. Institutional investors, including fund mangers, securities firms and insurance companies, did not join the speculation. According to CSRC Chairman Shang Fulin, the regulators are working on a plan to educate individual investors and also exploring effective mechanisms to protect investors' rights.

BEIJING, Sept. 21 (Xinhua) -- The Standing Committee of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top advisory body, held a meeting Monday to study and discuss the essence of the just-concluded Fourth Plenary Session of the 17th Central Committee of the Communist Party of China (CPC). Jia Qinglin, chairman of the CPPCC National Committee, presided over the meeting, at which Vice President Xi Jinping delivered a report on the topic. They are both members of the Standing Committee of the CPC Central Committee Political Bureau. In his opening speech, Jia highlighted the importance of the CPC Central Committee's session under the current situation as China is exerting efforts to cope with the impact of the international financial crisis in an effective way, maintaining a stable and relatively fast economic growth, striving for new victories in building an overall prosperous society, and opening up a new situation for the socialist cause with Chinese characteristics. Jia Qinglin (Front, L), chairman of the Chinese People's Political Consultative Conference (CPPCC) National Committee, and Chinese Vice President Xi Jinping (Front, R) attend the 7th Meeting of the Standing Committee of 11th CPPCC National Committee in Beijing, capital of China, on Sept. 21, 2009 He also spoke highly of a speech delivered at Sunday's ceremony to mark the 60th founding anniversary of the CPPCC by Hu Jintao, the state president and general secretary of the CPC Central Committee, who had praised the CPPCC for its important contribution and role in China's socialist revolution, construction and reform. While informing the senior advisors of the essence of the CPC Central Committee's session, Xi also told them how the Party has prepared for holding the session and drafting "The Decision of the CPC Central Committee on Major Issues on Strengthening and Improving Party Building Under the New Circumstances." The drafting of the document had been done by seeking opinions from people of all circles including members of the CPPCC, said Xi, noting that the CPC has been quite experienced as a ruling party for the past 60 years. Xi urged Party committees of all levels to well organize the study of the essence of the session and make substantial efforts to accomplish the work of Party building.
BEIJING, Sept. 4 (Xinhua) -- The People's Liberation Army (PLA) should study and practice the Scientific Outlook on Development in a practical way, Chinese President Hu Jintao said in an written instruction to the PLA recently. Hu, also General Secretary of the Communist Party of China (CPC) Central Committee and Chairman of the Central Military Commission (CMC), made the instruction as PLA held a meeting here from Wednesday to Friday on its third stage of in-depth study and practice of the Scientific Outlook on Development. It should be based on the grassroots situation and provide specific guidance; it should give prominence to practice and focus on solving real problems, the instruction said. It should obtain actual effects and ensure all tasks of the army be completed, the instruction said. CMC vice-chairmen Guo Boxiong and Xu Caihong and other senior military officials attended the meeting.
BEIJING, Aug. 8 (Xinhua) -- China will continue to strengthen international judicial cooperation with other countries, including the United States, a spokesperson for China's Ministry of Justice said. The unnamed spokesperson made the statement while commenting on the case of two former Bank of China (BOC) managers in southern Guangdong Province, who were convicted in a U.S. court last year of embezzlement and money laundering, the Legal Daily reported Friday. "China welcomed the verdict by the U.S. court," which sentenced Xu Chaofan and Xu Guojun, two former managers of the BOC Guangdong Kaiping Branch, and their wives, to prison terms of eight to 25 years, the spokesperson said. Xu Chaofan was sentenced to 25 years in jail and Xu Guojun to 22 years. Their wives were each sentenced to eight years in prison. All four were further sentenced to three years of supervised release and ordered to pay 482 million U.S. dollars in restitution. The four were found guilty of a racketeering conspiracy that began in 1991 and continued until October 2004. Prosecutors said the defendants laundered stolen money through Hong Kong, Canada and the U.S., including 3 million U.S. dollars deposited at several Las Vegas casinos. The case was one of the biggest of its kind since the founding of New China in 1949. It has, however, reinforced the positive development of Sino-U.S. judicial cooperation and provided experience in dealing with organized economic crime. "Fleeing suspects are doomed to be punished by law," said the spokesperson. International judicial cooperation, an effective way of fighting crime, would contribute to the crackdown on trans-national crimes, he said. Professor Huang Feng of the Beijing Normal University's Criminal Law Research Institute said Xu's sentencing in the U.S. provided "an alternative to extradition" as the two countries had not signed an extradition treaty. Fleeing suspects could still be convicted abroad, though they currently could not be repatriated, Huang said. Foreign Ministry spokesman Ma Zhaoxu said in May the two guilty couples should be repatriated or extradited to China as soon as possible.
来源:资阳报