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China Securities Regulatory Commission announced here on Friday that it has approved the initial public offering (IPO) plans of three domestic companies. They are the Sichuan-based software and equipment provider Wisesoft, nitrocellulose producer Sichuan Nitrocell Corporation, and husbandry company Shandong Minhe. It also approved the issue of three stock funds, bringing the total of newly approved funds of this kind to 18 since February. A bond fund also won approval. New funds approved since February equals half of all funds approved last year, which would injects more capital into the declining stock market. Though the market is less sensitive to new fund issue as more funds win approval, the accumulation of capital would possibly lead to positive short-term change in the market, analysts said.
GUANGZHOU: The Guangdong People's Procuratorate on Thursday called on the public to continue to help it identify and prosecute government officials found to be guilty of dereliction of duty. Figures show that of the 2,200 such cases reported by the public since 2005, 738 people in 678 cases were subsequently prosecuted. Of those, 65 were county-level officials, with five holding more senior positions. Since the beginning of 2006, the procuratorate has rewarded 23 people for providing information on such cases, Huang Liming, director of the anti-dereliction of duty division of the provincial procuratorate, said. Also on Thursday, the provincial disciplinary watchdog disclosed details of four its most serious cases. In one, two police officials in Huazhou, Guangdong, were charged with torturing to death Huang Weiqing in November 2002, who had earlier been arrested for being a grifter. A court heard how police officer Huang Weiguang, who had been drinking alcohol prior to interrogating the suspect, repeatedly beat the man about the head, chest, back and legs until he lost consciousness, in a bid to extract a confession. Huang Weiqing later died of his injuries on November 14. A second police officer, Li Hanyu, was found guilty of failing to intervene; he instead simply left the room. Almost 40 police officers from the station unanimously testified that the suspect had killed himself by hitting his head on a table while being questioned. However, the dead man's family continued to appeal to government departments for justice. The provincial procuratorate eventually set up a special team and after a two-month investigation reached its decision on the police officers involved. Huang was sentenced to life imprisonment, while Li got two years for dereliction of duty. A number of other police officers were also punished. In another case, Fu Zuoqing, the former president of the Qingyuan Intermediate People's Court, received 11 years' imprisonment for misuse of power, bribery and embezzlement.

BEIJING, March 12 (Xinhua) -- Financial operations of loan growth in China was steady in February with increasing individual deposits, the People's Bank of China reported on Wednesday. Outstanding renminbi deposits among the country's financial institutions reached 40.49 trillion yuan (5.70 trillion U.S. dollars) in February, up 17.22 percent in comparison to the same period last year. The growth was 2.10 percentage points higher than January, the central bank said in a statement. In February, the outstanding value of all renminbi loans of financial institutions hit 27.22 trillion yuan, up 15.73 percent compared with the same period last year. The growth was 1.01 percentage points lower than January, the central bank said. China's M2, the broad measure of money supply, reached 42.10 trillion yuan in February, up 17.48 percent from a year earlier. The increment was 1.46 percentage points lower than the number in January. The narrow measure of money supply, M1, rose 19.20 percent to 15.02 trillion yuan, but the increment was 1.52 percentage points lower than January.
The Bank of Communications (BoCom), China's fifth largest lender, said its net profit reached20.3 billion yuan (2.86 billion U.S. dollars) in 2007, up 65 percent from 2006. By the end of 2007, total assets of BoCom stood at 2.1 trillion yuan, up 22.7 percent from a year earlier, according to its 2007 annual report released on Wednesday. Net interest rate income rose 36 percent to 54.1 billion yuan and fee income from credit card sales and asset management products surged 137 percent to 7.1 billion yuan. The Shanghai-based bank and HSBC Holdings Plc., which holds a roughly 19 percent stake in BoCom, are preparing to establish a credit card company and a pension fund company, according to the report. BoCom, which listed on the Hong Kong stock market in 2005, returned to the mainland's A share market in April last year. Its shares rose 2.77 percent to 10.39 yuan in Shanghai on Wednesday.
BEIJING -- China will continue to spend more on education next year and spread the free nine-year compulsory education to urban children, said finance minister Xie Xuren.The government would continue to improve the funding system to guarantee free nine-year compulsory education currently enjoyed by 150 million rural children, while spreading it to their urban counterparts next year, Xie told an annual conference of the Ministry of Finance in BeijingStarting from the spring term, China would increase the funding for free textbooks used for the national compulsory courses, and the local governments would provide more money for free textbooks for local compulsory courses, he said. Local governments would also provide scholarships to cover the living costs of boarding students from poor families. The central government would provide half of the education funding for areas in Central and West China, while provincial governments in those areas would cover the rest of the costs.Local governments in East China would provide all education fees with some supplementary funding from the central government.Xie said the government would issue new standards for per capita expenditure of students in primary and middle schools, and put those standards into effect within the next two years.He said the allowance for maintenance and refurbishing of rural schools in Central and West China would also be raised with special financial support to high-altitude and cold areas.In addition, the government would continue free education for students taking courses for teaching careers at normal schools and provide scholarships for poor undergraduates and students at vocational schools.According to Xie, the first 11 months saw 557.8 billion yuan (about 74.3 billion US dollars) of fiscal expenditure used for education, up 32.7 percent compared with the same period last year.As a result of the implementation of scholarships for the poor, about four million college students and 16 million secondary vocational school students had benefited.
来源:资阳报