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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.
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.
BEIJING -- China will strengthen anti-money laundering checks and monitoring at the securities and insurance companies to safeguard financial security, Central Bank Governor Zhou Xiaochuan said Friday.China's anti-money laundering efforts were in the initial stage and needed further improvement, Zhou told the fourth trans-ministerial meeting on anti-money laundering in Beijing.The government would work to amend the Criminal Law to improve the efficiency of anti-money laundering investigations, indictments and trials, he said.The government planned to clamp down on the money laundering and money-raising activities by terrorists at the non-financial sectors, including property, lottery and law offices.The People's Bank of China (PBOC) would set up an with the Customs Offices and put in place a declaration system for unregistered marketable securities on arrivals and departures, said Zhou.China was also committed to strengthening cooperation with the overseas financial intelligence centers and improving the mechanism to prevent and crack down on the illegal transnational fund flows, he added.
BEIJING - Floods and landslides have killed at least 360 people across China this summer and destroyed more than 4 million hectares (15.4 million sq miles) of crops, Xinhua news agency said on Wednesday. Direct economic losses were 24.3 billion yuan (.21 billion), according to latest figures from the State Flood Control and Drought Relief Headquarters. "Apart from 217,000 houses wholly or partially destroyed, more than 4.28 million hectares of grain crops have been hit, with 2.03 million hectares totally destroyed," headquarters deputy director Cheng Dianlong was quoted as saying. Most of the deaths occurred after downpours across the Jialing River Valley in the southwest province of Sichuan which have resulted in floods in almost all the tributaries of Jujiang River, a branch of the Jialing, and triggered severe mountain torrents, mud-rock flows and landslides. "Ferocious floods battered 40 counties along their route, submerging the downtown areas of four counties and shattering two small dams," Xinhua said. Cheng warned the situation across the Huai River Valley was at flashpoint with all trunk rivers there reporting dangerously high water levels. China flooded dozens of evacuated villages to ease pressure from the swollen Huai in the eastern province of Anhui. More rain was forecast for the next two days along the Huai, flowing through the central province of Henan and the eastern provinces of Anhui and Jiangsu. A total of 545 people were killed by natural disasters in China in the first half of the year, according to a report released by the Ministry of Civil Affairs. Another 78 people went missing as a result of natural disasters, including floods, landslides, mudflows, gales, snowstorms and earthquakes.
Mixed feelings over buying Japanese productsHonda, Canon, Fuji, Sony, Mitsubishi, Asahi, Sumitomo, Shiseido, Square Enix and Daiichi Pharmaceutical apart from being Japanese, these brands have something else in common. They are all immensely popular in China. Chinese consumers, with a collective memory of the eight-year Japanese invasion and Japanese prime ministers' constant visits to the Yasukuni Shrine that honors war criminals, have mixed feelings toward these leading brands. To a recent poll by China Daily on its website (www.chinadaily.com.cn), which posed the question "Have you bought any products made in Japan over the past two years, and why?", 45.63 percent of the respondents said "yes", while 44.04 percent said they had not, and the rest of the 1,065 respondents made no comment. Most people, the survey reveals, buy Japanese products because of their quality, after-sales service, design and affordability. "I don't care if the product comes from Japan or is made in China, I only care about its quality," said a respondent. Some consumers believe that the history of war is a political issue, with no relevance to business. A Japanese goods buyer said: "That's the real world. You buy what's value for money. There's no way one can deny that Japanese goods are quality products," but added that if any Japanese company got involved in politics in a "negative way", its goods would fall from her grace. But a great number of people said they were in two minds when buying Japanese goods. "Frankly speaking, products made in Japan are superior to ours, so we tend to buy them. It's rational consumer behavior," a respondent said. "However, in terms of politics, the Japanese prime ministers' visits to Yasukuni infuriates all Chinese people." Most respondents who do not buy Japanese commodities share the latter view. Many of those who participated in the survey believe the two nations share many common interests such as bilateral trade and investment and the Japanese government should strengthen bilateral ties. Bilateral trade volume reached 7.36 billion in 2006, up 12.5 percent over the previous year. Japan continues to be China's third-largest trade partner. By the end of November 2006, Japanese firms had invested .45 billion in China. Japan is now the second-largest source of foreign investment in China, after the United States. From January to October 2006, Chinese enterprises invested .18 million in Japan, with total investment from China reaching 9 million. This year is the 35th anniversary of the normalization of China-Japan relations and the 70th anniversary of the "July 7 Incident" that marked the beginning of the War of Resistance against Japanese aggression.