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China is moving in the direction of raising its caps on foreign ownership in banks but has no timetable for doing so, Liu Mingkang, head of the China Banking Regulatory Commission, said on Thursday. "It takes time, but it's the orientation -- we are moving forward," Liu told reporters after meeting with U.S. lawmakers on Capitol Hill. Asked whether he knew when the caps, currently set at 25 percent, would be lifted, Liu replied: "There is no timetable." U.S. Treasury Secretary Henry Paulson has been pushing hard in an effort to get China to raise the caps and improve the access U.S. firms have to China's financial sector. China's central bank governor, Zhou Xiaochuan, also said China needed to further assess the economic situation before deciding on more monetary tightening measures. "We already have some tightening policies, so we are not hurrying to make any further -- it takes time to look at the feedback," Zhou said. Liu and Zhou were part of a top-level Chinese delegation in Washington for two days of talks with Bush administration officials hosted by Paulson, as well as meetings with legislators upset over the huge U.S. trade deficit with China.

BEIJING - China's quality control watchdog has rejected a Hong Kong media report which alleged the mainland had exported hairy crabs containing carcinogens to Taiwan, confirming that the mainland had not exported any hairy crabs to Taiwan so far this year."The mainland's quarantine authorities have not approved the exports as the two sides are still in talks about quarantine standards," said a spokesman with the General Administration of Quality Supervision, Inspection and Quarantine (GAQSIQ ).Hairy crabs, mainly bred in East China's Jiangsu Province, have become a popular autumn delicacy in the mainland and have sold well in Taiwan, Hong Kong, Singapore, Japan and the United States.But in August the Taiwan authorities published new standards requiring the crabs to contain no detectable drug residues, despite an agreement met with the mainland in July."The new standards are too picky and have no scientific grounds, nor do they comply with the WTO rules," said the GAQSIQ spokesman."We have noticed that a group in Taiwan is trying to discredit mainland food products. Such politically driven acts will harm normal trade across the Taiwan Strait," said Li Weiyi, spokesman for the Taiwan Affairs Office of the State Council earlier this week.Official figures show more than 99 percent of the Chinese foods exported to the United States, the European Union and Japan were up to standard in the first half of the year.China's number one hairy crab exporter, Wuzhong District of Suzhou City, Jiangsu Province, sold 1,800 tons of hairy crabs abroad over the last two years.

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.

Joseph Li Shan was ordained on Friday as the new Catholic bishop of Beijing, filling the vacancy left by the late Bishop Michael Fu Tieshan who passed away in April.Father Li Shan, the new Catholic bishop of Beijing, walks out of the Southern Catholic Church following the appointment ceremony in Beijing, September 21, 2007. [Reuters]Li, 42, was appointed to the influential post at a ceremony in the city's 400-year-old Cathedral of the Immaculate Conception at Xuanwumen, Xicheng District in Beijing.The ceremony began with a procession of seminarians, nuns, priests and bishops, including ordaining prelate John Fang Xingyao from Linyi Diocese in East China's Shandong Province, and bishops from other major dioceses in China, who were serving as coordinating prelates.During the ceremony, Li took a traditional oath of service to the church, which has 50,000 followers in Beijing.He also promised to "lead all the priests, seminarians and nuns of this diocese in adhering to the nation's Constitution and maintaining national unification and social stability".Representatives from the Chinese Catholic Patriotic Association and the Bishops' Conference of the Chinese Catholic Church, as well as more than 70 priests and more than 1,000 worshippers attended the ceremony.Proceedings were broadcast to those outside via loudspeaker and closed-circuit television.Overseas media reported earlier that Vatican Secretary of State Cardinal Tarcisio Bertone described Father Li as a "good and qualified" candidate after his election by the Beijing diocese in July."We welcome the attitude of the Vatican. It signals progress in our relationship," Liu Bainian, vice-president of the Chinese Catholic Patriotic Association, said.Li was elected bishop-designate by an overwhelming majority over three competitors by priests and nuns of the Beijing diocese and representatives of Church followers on July 16, after his predecessor Michael Fu Tieshan passed away on April 20.Born in 1965, Li, who used to be a priest at Beijing's St Joseph's Church in the capital's Wangfujing commercial area, graduated from the Chinese Catholic Academy of Theology and Philosophy.He was ordained as a priest by Bishop Fu 1989.You Suzhen, a 75-year-old Catholic, said the new bishop was well liked in the diocese, and had rich experience as an administrator, academic and parish priest."I am confident he will be a good successor to Bishop Fu," You said."I'm sure he'll do a great job in uniting and leading us," Sun Xiang'en, a Beijing priest who helped train Li as a seminarian, said.Li was the second bishop ordained this year, after 40-year-old Paul Xiao Zejiang was ordained as coadjutor - the designated successor to the current Bishop Anicetus Wang Chongyi - in Guizhou Diocese earlier this month.Liu said the Catholic body has so far received six applications to fill vacant bishoprics in Guizhou, Guangzhou, Yichang, Beijing, Ningxia and Hohhot. The Chinese mainland has 5 million Catholics under 97 dioceses.

China Railway Construction Corp. (CRCC), the country's leading rail builder, may raise as much as 22.25 billion yuan (3.1 billion U.S. dollars) in its initial public offering (IPO) in Shanghai.     In a statement to the Shanghai Stock Exchange late Sunday, the state-owned company said it has cut the number of A shares it is offering to 2.45 billion from 2.8 billion after reconsidering its capital demand.     The 2.45 billion shares represent 23.44 percent of CRCC's outstanding capital. The firm had built nearly 34,000 kilometers of rails by the end of 2006, more than half of all the rail links built nationwide since 1949.     On Feb. 14, CRCC was given green light by the China Securities Regulatory Commission to issue no more than 2.8 billion A shares on the Shanghai Stock Exchange.     The IPO price range was set between 8 to 9.08 yuan and it translated into 26.92 to 30.56 earnings multiples after the domestic share sale, according to the statement.     The company would start to receive from institutional investors orders for its 612.5 million shares, or 25 percent of the offering, on Feb. 25 and 26. The retail investors would be able to subscribe for the remaining shares on Feb. 26, the statement noted.     CRCC also planned to sell no more than 1.71 billion H shares in Hong Kong.     The company established its name by building the Qinghai-Tibet railroad, Shanghai maglev rail line and the Beijing-Kowloon railway. It also took the largest share in the bidding for the construction of the express railway linking Beijing and Shanghai.     Its total assets amounted to 155 billion yuan (21.7 billion U.S. dollars) by the end of November 2007, with net profit reaching 2.8 billion yuan (391.8 million U.S. dollars).