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China's Labour and Social Security Minister Tian Chengping urged the country to accelerate legislation over social insurance on Saturday.Addressing a national social security forum in Beijing, he said the country's social security work still lacks laws or high-level laws to go by.Gao Fengtao, deputy director of the legislative office of the State Council, said at the forum that the social insurance law is being drafted and will be submitted to the National People's Congress (NPC) for deliberation as soon as possible.A senior NPC official said earlier the NPC Standing Committee will deliberate the draft of social insurance law this year, noting a sound social insurance law is important to ensuing social stability.

Investors monitor the movement of stock prices at a brokerage firm in Guangzhou, South China's Guangdong Province May 9, 2007. [newsphoto]China's main stock index hit a fresh all-time high after breaking a key barrier of 4,000 points due to the soaring blue chip stocks as investors shrugged off official warnings of a possible market bubble amid soaring corporate profits. The benchmark Shanghai Composite Index, the most widely watched indicator of the mainland's stock market, gained 1.60 percent to end at 4,013.08 points, breaching the psychologically important mark of 4,000 for the first time. That marks a gain of 50 percent so far this year on top of a 130 percent rally in 2006. Blue chip stocks showed strong performances. China Unicom, the nation's second largest wireless operator, jumped its daily limit of 10 percent to close at 6.35 yuan per share. Bank of China rose 7.77 percent to 6.10 yuan, while Industrial and Commercial Bank of China was up 5.47 percent to 5.78 yuan. The surge came after the Shanghai Composite Index was pushed to a new high in the previous session as new investor cash flooded in after the week-long May Day market recess and China's yuan broke the barrier of 7.70 against the US dollar. The consistent hitting of new highs since January was partly driven by the wave of money brought in by new investors. Some 4.787 million new A-share trading accounts were opened in April, more than the combined number of the previous two years, statistics from China Securities Depository and Clearing Corporation. The figures for the new accounts are considered a rough indicator for the number of new individual investors entering the market. Analysts said the market may undergo drastic fluctation after the index breaks the 4,000 point mark, as worries about stock overvaluations build up. The stocks in the Shanghai and Shenzhen markets are trading at more than 40 times  earnings per share on average, much higher than developed markets overseas. The growing bubble in the country's stock market is a concern, said central bank governor Zhou Xiaochuan last week, adding he would closely monitor asset prices, the consumer price index and producer price index. Zhou's remarks added to speculation there could be an interest rate hike as early as next month. Xie Guozhong, former chief China economist for Morgan Stanley, suggested regulators should come up with certain policies to put the brakes on the surging stock market for the good of long-term economic development and social stability. "China's equity market is starting to show signs of getting out of control," said Zuo Xiaolei, chief economist of China Galaxy Securities in China Securities Journal on Wednesday The market rose even after the interest rate was hiked in March, and the bank reserve ratio was raised in April, said Zuo. "The neglect of policy and blindly pushing up the equity market fosters a big market risk," he claimed.

Chinese officials said water quality was improving in the country's third-largest lake, choked by a polluted slick of algae, but experts warned that tap water in the area was still not safe, state media reported on Saturday. Taihu Lake, in the southern province of Jiangsu, has been struck by a foul-smelling canopy of algae that left tap water undrinkable for more than 2.3 million residents of nearby Wuxi and prompted a run on bottled water at local supermarkets. Residents said the government was telling them it was safe to drink boiled water, but complained that it still had an unappealing green film on top. Environment experts said it was unlikely to be fit to drink. "Although quality of the water supply has improved significantly on Friday and now it is safe for washing hands or clothes, it still takes some time to become drinkable," the Zhang Xiaojian, an environment specialist at Tsinghua University in Beijing said. Algae blooms can develop in water that is rich in nutrients, often because of run-off from heavy fertiliser use, industrial waste and untreated sewage. Officials have invoked emergency measures, diverting the Yangtze river and seeding clouds to provoke rainfall, to try to flush out the algae. Heavy rainfall is also expected in the area in the next few days. Residents of Wuxi said the algae, which they said smelt like rotten meat, was driving a roaring trade at McDonald's and KFC fast-food outlets in the city. "Here they fry food," said a company manager named Zhao as he queued at KFC. "I can't eat dumplings or noodles because they would be cooked in water and it's too expensive to use bottled water."

Online computer games and their related services topped the complaint list of Chinese consumers last year, followed by telecom services and mobile phones respectively, the China Electronic Chamber of Commerce (CECC) said here on Saturday.     The website www.315ts.net, which falls under the CECC, received 55,817 complaints in 2007, up 23.2 percent year on year. In total,24,634 cases were related to online products and included online sales fraud, website ID information theft and online games complaints.     The chamber said complaints about refrigerators surged 114.37 percent year on year to 761 cases, the highest annual growth rate among grievances of all electronic product items.     More than 60 companies, including LG, TCL, Haier, Fuji and Canon, were rated as outstanding enterprises in dealing with customer complaints, according to the body.     The CECC also named and shamed 40 companies that did a poor job in handling customer complaints last year. These included industry and retail sales giants such as Philips, Carrefour, Shinco and Hitachi.

Beijing has fined more than 50 people for spitting in the past week's holiday, a report said on Monday, as Beijing steps up a campaign to "civilize" the city before the 2008 Olympics. Officials also handed out more than 10,000 bags to tourists to try to keep them from littering as inspection teams fanned out across the city's tourist sites during the week-long Labor Day holiday, when hundreds of millions take to the roads. "The Olympics are coming, and we don't want to get disgraced," Xinhua news agency quoted travel guide Huang Xiaohui as saying. Guides had been instructed to remind tourists not to spit, litter or jump queues, and lead an "etiquette discussion" at the end of the tour, the report said, citing a circular issued by the China National Tourism Administration. China also has an official etiquette watchdog, the Spiritual Civilization Steering Committee of the Chinese Communist Party, which aims to curb uncivilized behavior. Chinese officials have expressed concern about rudeness and public spitting habits and launched campaigns to cultivate courtesy and civility, keen to ensure nothing mars Beijing's image during the Olympic Games. Among the initiatives, the 11th day of every month is now "voluntarily wait in line" day, designed to stamp out pushing and shoving in favor of orderly queues.