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VANVOUVER, Aug. 31 (Xinhua) -- Top Chinese legislator Wu Bangguo stopped over in Vancouver on Monday morning prior to his official visits to Cuba, Bahamas and the United States. Wu Bangguo (R), chairman of the National People's Congress, the legislature of China, meets with Canadian International Trade Minister Stockwell Day in Vancouver, Canada, Aug. 31, 2009. Wu, chairman of the National People's Congress (NPC), the legislature of China, is expected to meet with Canadian International Trade Minister Stockwell Day and Canada's British Columbia Premier Gordon Campbell during his stay.     Wu will leave for Havana, capital of Cuba, on Tuesday.

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.

WASHINGTON, July 28 (Xinhua) -- The first round of the China-U.S. Strategic and Economic Dialogue was concluded on Tuesday as four government representatives from both countries hailed its results in their closing statements here. Chinese Vice Premier Wang Qishan delivers the closing statement of the first round of the China-U.S. Strategic and Economic Dialogue in Washington D.C., capital of the United States, July 28, 2009. The first round of the China-U.S. Strategic and Economic Dialogue was concluded on Tuesday.Chinese Vice Premier Wang Qishan and State Councilor Dai Bingguo joined their U.S. counterparts, Secretary of State Hillary Rodham Clinton and Secretary of Treasury Timothy Geithner, in a ceremony at the Eisenhower Executive Office Building, briefing reporters on the results of the "Economic Track" and "Strategic Track" of dialogue, which is the first of its kind between the world's biggest developing country and biggest developed country.     Chinese State Councilor Dai Bingguo delivers a speech during a welcoming reception held by United States friendly groups at Ritz Carlton Hotel in Washington D.C., capital of the United States, July 28, 2009. Dai Bingguo was in Washington to attend the first round of the China-U.S. Strategic and Economic DialogueThe dialogue was "unprecedented" in the history of the U.S.-China relations, and has laid foundation for the bilateral comprehensive relations in the 21st century meeting some biggest challenges, said Clinton, who co-chaired the Strategic Track with Dai. U.S. Secretary of State Hillary Rodham Clinton delivers the closing statement of the first round of the China-U.S. Strategic and Economic Dialogue in Washington D.C., capital of the United States, July 28, 2009. The first round of the China-U.S. Strategic and Economic Dialogue was concluded on Tuesday.For his part, Dai told reporters that the dialogue was successful and fruitful, in which both sides have discussed many issues in a transparent and candid way.     On the Economic Track, Wang said that both sides have discussed many strategic economic issues, and agreed to strengthen cooperation in building on the financial system to ensure the financial stability, among others.     "The success of the Economic Dialogue has left fresh impetus to the development of the positive, cooperative and comprehensive China-U.S. relationship for the 21st century," Wang said.     During the two-day dialogue, officials from China and the U.S. held face-to-face plenary session addressing the challenges and opportunities that both countries face on a wide range of bilateral, regional and global areas of immediate and long-term strategic and economic interests.     "Recognizing that cooperation between China and the United States will remain vital not only to the well being of our two nations but also the health of the global economy, we agreed to undertake policies to bring about sustainable, balanced global growth once economic recovery is firmly in place," said Geithner. U.S. Secretary of Treasury Timothy Geithner (Front) delivers the closing statement of the first round of the China-U.S. Strategic and Economic Dialogue in Washington D.C., capital of the United States, July 28, 2009. The first round of the China-U.S. Strategic and Economic Dialogue was concluded on TuesdayThe dialogue mechanism was upgraded from former Strategic Dialogue and biennial Strategic Economic Dialogue, which were initiated by the two heads of state in 2005 and 2006, respectively.     On April 1, 2009, Chinese President Hu Jintao and his U.S. counterpart Barack Obama agreed to establish the mechanism of China-U.S. Strategic and Economic Dialogue during their first meeting in London on the sidelines of the G20 financial summit.

BEIJING, Aug. 4 (Xinhua) -- China's Supreme People's Court issued a new regulation Tuesday to encourage parties involved in conflicts to mediate for resolution.     The regulation is in response to a rapid increase in lawsuits during the past two years.     It clarifies transitional procedures for parties to cease actions in the people's courts and turn instead to industrial or community mediation.     The move is an attempt to bring social organizations into play at an action's early stage to ease public discontent and prevent aggravation of resentment and tension. It is in accord with the new objective of a harmonious society outlined by the Communist Party of China and the government.     According to the court's statistics, lawsuits for criminal, civil affairs and administrative issues submitted to courts around the country in 2007 increased by 7 percent from 2006 to 5,550,062 cases. The courts handled 6,288,831 lawsuits in 2008, 13.31 percent up from 2007.     "Entering a transitional period of development, Chinese society is encountering an increasing number of new contradictions and problems it has never before experienced," said court spokesman Sun Jungong Tuesday.     "Mediation bodies need to be strengthened to make a bigger contribution to the resolution of disputes," he said.     The regulation means agreements achieved in arbitration or mediation by administrative bodies, mercantile organizations and industrial groups will have the same force in law as those judged by the people's courts.     "The courts at all levels should guide mediation and arbitration methods in a scientific, fair and rational way as well as act as supervisors and executors of agreements," said Jiang Huiling, vice director of the SPC's judicial reform office.

BEIJING, Aug. 1 (Xinhua) -- Several hundred former generals, famous military artists, and soldiers gathered at the foot of the Great Wall Saturday to celebrate the 82nd anniversary of the founding of the Chinese People's Liberation Army (PLA), which falls on August 1.     At the ceremony organized by the China Great Wall Society (CGWS), veterans recited a poem telling their love and wishes for the country and the people.     Lieutenant General Shao Huaze, vice chairman of the CGWS, said the peom was written based on the wishes collected from the veterans.     The CGWS also held an exhibition of more than 500 calligraphy and painting works by former generals.