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BEIJING, June 23 (Xinhua) -- Chinese banks should set up an independent risk management system in line with its strategic expansion plan as part of efforts to ward off financial risks, China's banking regulator said Wednesday.The breakout of the global financial crisis highlighted the necessity of increasing management of differentiated sovereign risks, the China Banking Regulatory Commission said in a guideline published on its website.Just as Chinese banks were expanding throughout the world, the overseas risks they were facing were on the rise, the guideline noted.Sovereign risks refer to ones that banks are exposed to when overseas borrowers or debtors are unable to repay debt because of their countries' economic, political and social changes.Chinese lenders were required to differentiate risks according to the countries involved and make policies on the minimum potential loan loss provisions ranging from 0.5 percent to 50 percent, according to the guideline.The banks must meet the requirements under the guideline by June 1, 2011.

CHANGSHA, Aug. 2 (Xinhua) -- Ten people have been confirmed dead after two manganese mines in central China's Hunan Province were flooded two weeks ago, local authorities said Monday.Water gushed into the two mine pits run by Leixin Mining Development Co. and Wenhua Manganese Co. in Huayuan County of Xiangxi Tujia-Miao Autonomous Prefecture at about 6:10 p.m. on July 20, trapping a total of 13 miners underground.Rescuers pulled three miners alive out of the mines on July 29 and sent them to hospital. Currently, they are in stable condition, a spokesman with the Hunan Provincial Work Safety Administration said Monday.Rescuers had earlier retrieved seven bodies, and they found the last three bodies on Sunday morning, the spokesman said.Local authorities are further investigating the cause of the accident, he added.

BEIJING, Aug. 16 (Xinhua) -- China's top legislature will discuss the constitutional reform package of Hong Kong, which refers to the amendments to the methods of selecting the city's Chief Executive and forming the Legislative Council in 2012, during a bimonthly session scheduled from Aug. 23 to 28.The draft amendments to Annexes I to the Basic Law of the Hong Kong Special Administrative Region concerning the methods for the selection of the Chief Executive was submitted to the National People's Congress (NPC) Standing Committee for approval by Hong Kong Chief Executive Donald Tsang.The draft amendments to Annexes II concerning the formation of the city's Legislative Council was submitted to the NPC Standing Committee for the record.The Legislative Council of Hong Kong passed the draft amendments in June, before Donald Tsang gave his consent to draft amendments later in the month.According to Monday's Chairmen's Council of the NPC Standing Committee, presided over by NPC Standing Committee Chairman Wu Bangguo, lawmakers will also continue to deliberate draft amendments to the law on officers in reserve service, the draft law on mediation, as well as the draft law on the application of laws to civil relationships involving foreign interests.Lawmakers will also deliberate for the first time draft amendments to the law of deputies to the NPC and local People's Congresses, draft amendments to the Criminal Law, the draft law on intangible cultural heritages, and the draft revision of the soil and water conservation law.Also on the agenda of the upcoming session are discussions of the reports on implementation of the national economic and social development plan and budgets, among others.

YUSHU, Qinghai, July 10 (Xinhua) -- The Chinese government on Saturday started a massive multi-million-dollar project to restore 87 monasteries damaged in a 7.1-magnitude earthquake that shook a predominantly Tibetan area in northwest China in April.Monks and officials gathered at the new site of Trangu Monastery in Yushu, Qinghai Province, for a brief ground-breaking ceremony. Monks from the 700-year-old monastery, whose former buildings collapsed in the quake, held a prayer service, chanting sutras and turning prayer wheels to mark the start of the rebuilding.More than 2,200 people were killed after the 7.1-magnitude earthquake struck Yushu. The entire town of Gyegu, the seat of Yushu prefectural government, was flattened, leaving more than 100,000 residents homeless.Lodroe Nyima Rinpoche, a living Buhhda of the Trangu Monastery, said monks felt "grateful" for the government efforts to rebuild damaged monasteries.Three best known monasteries damaged in the Yushu quake were Trangu, Gyegu and Renyak.The repair of Gyegu Monastery also started on Saturday.Qinghai's Ethnic Affairs Committee said the central government had earmarked 1 billion yuan for the monastery restoration in Yushu. The construction will cover an area of 170,000 square meters.Yushu is predominantly populated by ethnic Tibetans and most of them are Buddhists. There were thousands of monasteries, including 194 large or medium ones, in the region before the quake. The number of monks, nuns and other religious personnel was estimated at 23,000, local government data show.The economic losses of the monasteries and in-house religious relics mounted to 756 million yuan, according to the data.Monasteries and religious activities form an important part of local residents' daily life. Phuriwa, deputy head of Qinghai's Ethnic Affairs Committee, said the drafts for monastery restoration were revised many times only to best protect the Tibetan culture and to give local Buddhism believers best places to observe religious rituals.Saturday also marked the start of about 200 rebuilding projects in Yushu, which would cost 16 billion yuan.China plans to spend 31.7 billion yuan in three years to rebuild Yushu. Funding for the reconstruction will come mainly from the central budget, with contributions from provincial finances and donations, the government said earlier.