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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. 

LAS VEGAS -- Three men enslaved more than 20 members of a Chinese acrobatic team, feeding them little, paying them next to nothing to perform and confiscating their passports and visas, US authorities said. A woman who worked as an interpreter for China Star Acrobats escaped late last month and contacted authorities, the FBI said. She told police she and 20 teammates -- including five teens ages 14 to 17 -- were being held against their will. Social workers interviewed 14 of them Friday, according to a criminal complaint. "They literally hugged the investigators when they arrived," said FBI spokesman David Staretz. You Zhi Li, 38, Yang Shen, 21, and Jun Hu, 43, were arrested this week on slavery charges. A preliminary hearing was scheduled for July 13. The acrobats said Li promised them 0 (euro220) to ,600 (euro1,174) a month to perform with the China Star Acrobats, a team that traveled and performed at schools across the United States. "It's a cultural program," said Anthony Wright, Li's court-appointed defense attorney. "Chinese folks get to come over here and learn about America." Prosecutors said the acrobats were forced to stay in Li's home, where up to six lived in each bedroom. Most had been brought to Las Vegas months ago. The acrobats told authorities they were fed minimal amounts of instant noodles, rice and vegetables twice a day. They said they sometimes had to perform twice a day, were awakened early and did not get to sleep until very late. According to the complaint, Li confiscated visas and passports and told them their phone calls home would be monitored. One girl who performed as a contortionist told authorities she was being paid (euro36) a month, while a boy who said he had been traveling with the troupe for two years said he received 0 (euro73) per month. The acrobats are now being provided shelter, food and medical attention, said Terri Miller, director of the Anti-Trafficking League Against Slavery, a task force formed last year in the Las Vegas Valley.

CHONGQING -- A bus fire that killed 27 people in southwest China's Chongqing Municipality on Tuesday had been an arson attack, local police said on Wednesday.Xiao Yonghua, a former employee of the company that operates the ill-fated Yutong bus, hid gasoline in his baggage before he got on the bus that left Wansheng district for downtown Chongqing at around 5:00 pm on Tuesday, said Wang Yunsheng, deputy head of the municipal public security bureau.In less than 20 minutes, the bus carrying 38 people caught fire. The driver pulled over, and the panic-stricken passengers tried to flee. But the flames started in the front of the bus and blocked the exit.Twenty-seven were killed in the accident, including 17 men and 10 women, and the remaining 11 people were injured.One passenger, Zhang Dazhong, said he had to jump out of the window to survive but was injured on the head.Xiao, 50, was sitting with his wife, 38-year-old Zhang Xiaoya, in the first row on the left side of the bus, right behind the driver, said Wang.Both died in the fire.Lab work has confirmed the presence of gasoline traces on their seats.Until September 20, Xiao was deputy manager of the Wansheng branch of the Guanzhong Public Transport Company that owned the bus.He was suspended from his post because of family disputes, and was unhappy with the punishment, the company said.The Ministry of Public Security sent experts to join the investigation in Chongqing.Hospital sources said the 11 injured are out of danger.By 5:00 pm Wednesday, 26 of the dead have been identified by their families.

BEIJING, March 21 (Xinhua)-- Personal computer giant Dell Inc. said Thursday that it will raise parts purchases from China by 27.8 percent this year, increasing its presence in the booming market.     Dell is to buy 23 billion U.S. dollars worth of computer components and other equipment from Chinese suppliers this year, compared with 18 billion U.S. dollars in 2007, said Michael Dell, chief executive officer of the PC giant, at a press conference.     However, Dell's Beijing representative office denied reports that the company was planning to buy 29 billion U.S. dollars of computer parts from China in 2009.     To secure a bigger share of the Chinese market, Dell broke with its Internet sales model and sealed a deal in September to sell PCs through the country's top electronics retailer, GOME Electrical Appliances.     Dell saw its PC shipments in China up 54 percent year-on-year in 2007.     The company plans to expand its retail outlets from 45 cities in 2007 to 1,200 by the end of the year.     China, where Dell ranks third in terms of market share, is one of the company's fastest growing markets, said Michael Dell.     Dell has two factories in Xiamen, a coastal city in southeastern Fujian Province, a design center in Shanghai and a customer contact center in Dalian, a northeast coastal city, with more than 6,000 employees in China.     Meanwhile, Dell estimates it will contribute more than 50 billion U.S. dollars to China's gross domestic product (GDP) this year, and provide about 2 million jobs.     Dell also said it would donate 1.7 million yuan (239,436 U.S. dollars) to build six education centers in China to teach computer skills to migrant workers' children.

Five needy college students in Central China's Hubei Province are being denied further financial aid because they never expressed their thanks to the benefactors who helped them pay their bills last year.The beneficiaries, in Xiangfan, were said to have been indifferent to their sponsors because they never called, wrote or even thanked them for the financial support they had received, local media reported.Sina.com asked more than 200,000 people what they thought of the subject Wednesday, and more than 83 percent of respondents said they thought it was right to cut off the financial aid to the students. Roughly 9 percent said they did not agree and the rest said no comment.Under the aid program, organized by the Xiangfan Federation of Trade Unions and Xiangfan Women Entrepreneurs Association last August, 19 businesswomen offered financial support to 22 needy college students.Each benefactor promised to give 1,000-3,000 yuan (0-400) every year to each student for the next four years.The federation sent letters to the students and their families before they enrolled in college, suggesting they occasionally write letters to their sponsors to brief them on their studies. However, two-thirds of the students failed to do so.Some of the businesswomen refused to sponsor the students this year because they said "some students were cold-blooded"."The situation is embarrassing. Most of the students have a strong sense of pride. They lack a proper and optimistic attitude toward others and society. Maybe, some of them took the sponsorships for granted because they thought they were good students and deserved the support. That's why they didn't think to say 'thank you'."Zhou Ping, deputy chairperson of Xiangfan Federation of Trade Unions"We cannot refrain from eating for fear of choking on the food. It will not help these disadvantaged students to cut off their support. If they have faults, they should get help correcting them. Financial aid and other kinds of charity should focus on helping escape their difficulties, both spiritually and materially. "Zhou Xiaozheng, a professor of Renmin University of China in Beijing"Financial resources are limited, and many students are waiting to share them, so there is no room for ungrateful citizens who might have no will to repay society. There are many examples of impoverished students who spend their financial aid on luxury products, which discourages others from offering them donations."Li Chengpeng, a media commentator"I support cutting off the aid. The benefactors do not feel the value of their good deed and the beneficiaries do not feel grateful for the help. If the relationship is to be maintained, it might be harmful to both sides."Zhu Jun, a lawyer