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Wuhan -- China's first bank-invested trust company is officially set up in Wuhan, capital of central China's Hubei Province, on Sunday.The new trust company is held by the Bank of Communications (BOCOM), China's fifth largest lender, and Hubei provincial finance department, which control 85 percent and 15 percent of the total shares respectively.The BOCOM invested 1.2 billion yuan (about US0m) to buy the shares of the Hubei international trust and investment company, the first commercial bank investment in a trust company approved by the China Banking Regulatory Commission.Jin Dajian, chairman of the new company named "jiaoyin-guoxin", or BOCOM-International Trust, said the company would focus on "professional wealth management".Jin called the establishment of the new trust company "a breakthrough for China's trust industry", given that the country's law on commercial banks, effective since 1995, did not allow commercial banks to make trust investment.The regulation was not lifted until the end of last year, when the China Banking Regulatory Commission encouraged financial institutions, including commercial banks, to acquire trust companies.The BOCOM, a large state-owned commercial bank, was established in 1908, and the Hubei international trust investment company was founded as a non-banking financial institution under Hubei provincial government in 1981.

A leading Chinese trade union for journalists is considering action against a bogus "official" website for the organization. The website -- www.acja.cn -- runs genuine news industry information and links, as well as the emblem of the All-China Journalists Association (ACJA), the ACJA announced in Beijing Wednesday. "The fake website claims it is the website of the ACJA and uses the emblem of ACJA on their website," Gu Yonghua, ACJA party secretary said. "Under the name of ACJA, it even runs recruitment advertisements, carries advertisements and operates other business," Gu said. The fake website uses the abbreviation of the ACJA''''s English name as its domain name, while the genuine official website of the ACJA -- www.zgjx.cn -- uses the abbreviation of the Pinyin, phonetic Chinese name. "The fake website has several unhealthy links that impair the reputation of ACJA," claimed Gu. "The website has infringed on the rights of the ACJA," Gu said, warning Internet users to avoid the bogus site. The ACJA, formerly the China Youth Journalists Association, was founded in Shanghai on Nov. 8, 1937. The association, as a national association for Chinese journalists, has 223 local association members representing750,000 Chinese journalists. The genuine website for the ACJA was just opened in February. The fake website carries the claim that it opened 10 years ago and is planning to go public. It is linked to several media websites, including The People''s Daily and the Washington Post. Search engines like Google and Baidu are also on its webpage. However, the server and operators of the website are still unknown, sources with ACJA said. The ACJA was contacting the Ministry of Information Industry and other government agencies to identify the operators and servers and would take legal action against the website if necessary, said ACJA sources.

Five needy college students in Central China's Hubei Province are being denied further financial aid because they never expressed their thanks to the benefactors who helped them pay their bills last year.The beneficiaries, in Xiangfan, were said to have been indifferent to their sponsors because they never called, wrote or even thanked them for the financial support they had received, local media reported.Sina.com asked more than 200,000 people what they thought of the subject Wednesday, and more than 83 percent of respondents said they thought it was right to cut off the financial aid to the students. Roughly 9 percent said they did not agree and the rest said no comment.Under the aid program, organized by the Xiangfan Federation of Trade Unions and Xiangfan Women Entrepreneurs Association last August, 19 businesswomen offered financial support to 22 needy college students.Each benefactor promised to give 1,000-3,000 yuan (0-400) every year to each student for the next four years.The federation sent letters to the students and their families before they enrolled in college, suggesting they occasionally write letters to their sponsors to brief them on their studies. However, two-thirds of the students failed to do so.Some of the businesswomen refused to sponsor the students this year because they said "some students were cold-blooded"."The situation is embarrassing. Most of the students have a strong sense of pride. They lack a proper and optimistic attitude toward others and society. Maybe, some of them took the sponsorships for granted because they thought they were good students and deserved the support. That's why they didn't think to say 'thank you'."Zhou Ping, deputy chairperson of Xiangfan Federation of Trade Unions"We cannot refrain from eating for fear of choking on the food. It will not help these disadvantaged students to cut off their support. If they have faults, they should get help correcting them. Financial aid and other kinds of charity should focus on helping escape their difficulties, both spiritually and materially. "Zhou Xiaozheng, a professor of Renmin University of China in Beijing"Financial resources are limited, and many students are waiting to share them, so there is no room for ungrateful citizens who might have no will to repay society. There are many examples of impoverished students who spend their financial aid on luxury products, which discourages others from offering them donations."Li Chengpeng, a media commentator"I support cutting off the aid. The benefactors do not feel the value of their good deed and the beneficiaries do not feel grateful for the help. If the relationship is to be maintained, it might be harmful to both sides."Zhu Jun, a lawyer

BEIJING - Chinese share prices rebounded by 1.88 percent on Tuesday with the Shanghai Composite Index, which covers both A and B shares, closing at 5,285.45 points at the end of morning session.The Shenzhen Component Index on the smaller bourse ended at 17,213.70  points, up 0.87 percent.The rise came after a fund has been approved to open for additional subscriptions late this week, which is believed to be a new signal from the government to back up the stock market.On November 4, China's Securities Regulatory Commission (CSRC) issued a notice ordering fund firms not to expand the promised scale of their funds within six months.Heavy weights drove up the share prices. Sinopec went up by 6.58 percent while the new market heavy weight PetroChina by 2.88 percent. China Shenhua rose by 2.36 percent.Steel shares also jumped, with Baosteel, the nation's biggest steel producer, rising 4.10 percent to 15.75 yuan, and with Anyang steel up by 9.39 percent to 10.25 yuan.On Monday, the benchmark Shanghai Composite Index dropped 2.4 percent, or 127.81 points, to close at 5,187.73 points, after falling to as low as 5,032.58 points in intra-day trading.Last week, the Shanghai Composite Index fell 8 percent to 5,315.54, the biggest weekly loss during the past nine years.

GENEVA -- China on Tuesday got its first judge on the  World Trade Organization (WTO)'s highest court, six years after the country joined the Geneva-based body.Zhang YuejiaoChinese lawyer Zhang Yuejiao was formally appointed by the WTO Dispute Settlement Body (DSB) as a member of the seven-person Appellate Body, which issues final rulings in trade disputes, WTO sources said.Jennifer Hillman of the United States, Lilia Bautista of the Philippines and Shotaro Oshima of Japan were also appointed as new members of the top court at a DSB meeting on Tuesday.The appointments were made according to the Dispute Settlement Understanding which stipulates that the Appellate Body shall " comprise persons of recognized authority, with demonstrated expertise in law, international trade and the subject matter of the WTO agreements generally," a WTO statement said.The WTO said Hillman and Bautista would formally join the top court next month, while Zhang and Oshima would join in June. They can serve up to two four-year terms.Zhang, 63, is professor of law at Shantou University in China. She is also an arbitrator on China's International Trade and Economic Arbitration Commission and practises law as a private attorney.Zhang once held positions at the Chinese Ministry of Commerce as well as at the Asian Development Bank.