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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.
Construction workers toil on the roof of a new building being erected in Beijing April 1, 2007. [Reuters]Stronger-than-expected economic figures have prompted a number of international economic research institutions to revise upwards their forecasts for China's gross domestic product (GDP) growth. Almost all the major economic indexes in the first two months of this year have exceeded those for the same period last year. "The country's GDP growth in the first quarter will be faster than in the equivalent period last year and also that of the previous quarter," Chen Dongqi, deputy director of the Institute of Economic Research of the National Development and Reform Commission, said. The State Information Center has adjusted its GDP growth forecast for the first quarter from 10.2 percent to about 11 percent. Despite the government last year adopting a number of tightening measures, economic growth has shown clear signs of rebounding in the past quarter. Statistics show that urban fixed-asset investment picked up moderately to 23.4 percent year-on-year in January-February, and from about 20 percent in the fourth quarter of last year, reversing the trend of a gradual slowdown since last July. Meanwhile, the trade surplus registered a massive leap of 230 percent, and retail sales were up 14.7 percent on the first two months of last year. "Industrial growth is a key driving force behind overall economic growth, and power generation is also a useful indicator," Chen said. According to the National Bureau of Statistics, China's industrial output rose 18.5 percent year-on-year while industrial profits soared 43.8 percent in the first two months. Growth in power generation also accelerated to 16.6 percent year-on-year from less than 14 percent in the same period last year. Despite expectations the government will introduce another round of tightening measures soon, global investment bank, Lehman Brothers, still revised up its forecast for the Chinese economy. According to a recent report by the firm, the first quarter growth forecast has been raised from 9.8 percent to 10.1 percent, and the annual growth rate from 9.6 percent to 9.8 percent. "In the light of the stronger-than-expected figures in the first two months of this year and the likely policy responses, we have lifted our full-year growth projections for this year to 10 percent from 9.1 percent, based mainly on stronger growth in credit, investment and exports," Qu Hongbin, the chief China economist with HSBC, said. Domestic banks extended new loans of 982 billion yuan (7 billion) in the first two months of this year compared with 716 billion yuan ( billion) in the same period of 2006. The government forecast early last month that the country's GDP is to grow by about 8 percent this year. The country has just witnessed four consecutive years of double-digit growth, including 10.7 percent GDP growth last year, the fastest in a decade. The latest official forecast reflects the authorities' determination to shift the focus of economic growth from quantity to quality.

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.
Policemen guard the sea wall at the Yuhuankanmen Port in Yuhuan, east China's Zhejiang Province, August 18, 2007.The Southeast China provinces are girding for the imminent Typhoon Sepat with cancellation of flights, evacuations of ships, boats and more than half a million people.[Xinhua] FUZHOU -- Typhoon Sepat packing winds of 119 km per hour landed in east China's Fujian Province at 2:00 am Sunday, said the Fujian provincial meteorological station. Before the landfall in Chongwu town, Hui'an county of Fujian, Sepat landed in Hualien, the central-eastern part of Taiwan around 5:40 am Saturday, with sustained winds of 180 kilometers per hour.Power cut for thousands of households and downpours were reported in many parts of the island.Sepat also brought downpours to Hui'an with 50-80 mm of precipitation in hours, according to the local meteorological station.Some buildings in Hui'an were damaged, roofs lifted while billboards and trees were toppled down, an official with the Hui'an office of flood control.The official said the typhoon was expected to cause more damages in the county.It rained heavily in the Fujian cities of Ningde, Fuzhou, Zhangzhou and Quanzhou early Sunday morning, according to the Fujian provincial meteorological station.Sepat was moving northwest and was expected to arrive in Jiangxi Province on Sunday afternoon, said an expert with the Fujian meteorological station.More than 900,000 people in the southern Guangdong Province and the eastern provinces of Fujian and Zhejiang have been relocated to safety before the arrival of Sepat.A car wades ahead in the flood water as typhoon Sepat lands with heavy winds and downpours in Cangnan county of the coastal city of Wenzhou, east China's Zhejiang Province on August 18, 2007. [Xinhua] The provincial meteorological station has issued the highest-level warnings for Sepat.More than 540,000 people in Fujian have been relocated to safe places by 7:00 pm Saturday, according to government officials.All entries of expressways in Fuzhou, capital of Fujian, were closed, while 109 domestic and international flights at the Fuzhou airport were cancelled on Saturday. Xiamen and Jinjiang cities also cancelled outbound flights.The Ministry of Civil Affairs have sent 3,000 tents to evacuated people in Fujian.Downpours have been forecast to hit the coastal areas of Fujian and neighboring Zhejiang Province starting from Saturday night.Passenger liners shuttling from Fujian to Taiwan have been suspended since Friday afternoon and it is undecided when services will resume.In Zhejiang Province, nearly 300,000 people had been evacuated to safety and 27,704 vessels back to harbor by 6:00 pm Saturday.Rain with precipitations of up to 87 millimeters hit Wenzhou, Pingyang, Taishun between Friday afternoon and Saturday.Three large reservoirs in Wenzhou discharged 17.5 million cubic meters of water in advance to leave room for more rainwater.In Guangdong, around 70,000 fishing farm workers on the sea, fishermen and residents in low-lying areas have been evacuated to safe areas.
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.
来源:资阳报