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The country's roaring stock market and soaring property prices have generated wealth for so many that the mainland now has more billionaires than any place other than the United States, according to a list released Wednesday.The list has 106 US dollar billionaires, compared with 15 last year and none in 2002, according to the popular annual The Hurun Rich List - compiled by Shanghai-based independent analyst Rupert Hoogeperf.Out of the top 10, nine own listed companies - six are real estate developers and two also derive a large percentage of their wealth from real estate, indicating that the country's economic growth is largely driven by construction and manufacturing.The total wealth of the 800 richest Chinese reached 9.3 billion, or 16 percent of the country's GDP last year. Their average wealth more than doubled in the past year to 2 million."China's richest have reaped windfalls from a sharp hike in property prices and the burgeoning stock markets," said Hoogeperf.But Beijing-based investment banker Andrew Zhang said: "The list shows up bubbles in the economy. The rich have accumulated their wealth with little technology, branding or international networks."Yang Huiyan - the 26-year-old woman who was No 1 on Forbes wealth list released this week - remains top on the Hurun list with a personal fortune reaching .5 billion, transferred from her property developer father.Her fortune comes from a 59.5 percent stake in Country Garden Holdings, a South China real estate developer founded by her father. The company's initial public offering in Hong Kong in April raised the equivalent of .9 billion and its shares closed Wednesday at HK.12 - more than double the IPO price.She is followed by 50-year-old Zhang Yin, last year's topper, who saw the value of her shares in Nine Dragon Paper triple to billion following a surge in the Hong Kong stock market.Xu Rongmao, 57, owner of Shimao Property Holdings Ltd comes in at No 3. He has seen his wealth grow to .5 billion, up .5 billion from last year.Huang Guangyu, 38, who founded Gome Electrical Appliances Holdings and owns unlisted property businesses, is fourth with billion.Guo Guangchang, whose Fosun Group has investments in property, retail, steel, pharmaceuticals and mining, rejoins the top 10 for the first time in four years after raising .5 billion from a Hong Kong listing in June.Surging share prices created much of the wealth of those on Hoogewerf's list.Nine made it due to shareholdings in Minsheng Banking Corp - the most prominent creator of super-rich of any Chinese company.Ping An Insurance (Group) Co, China's second-largest life insurer, and Western Mining Co, a zinc and lead miner, were each responsible for the wealth of seven on the list.
The government is to increase the level of pensions and housing subsidies for poor families in a bid to bridge the widening income gap. A State Council meeting chaired by Premier Wen Jiabao on Wednesday pledged to increase pensions for more than 40 million retirees from State-owned enterprises over the next three years. The government has already raised their pensions in the past three years by an average of 8 percent a year. But the cabinet considers the present pension level "still quite low". It said the increases over the next three years would exceed the rises made between 2005 and 2007 to "further ease social tensions caused by the income gap". The move is aimed at helping retired senior technology professionals and those who now get a relatively low pension. The cabinet ordered local governments to make sure this year's pensions are paid by the end of the month. While pledging to regularize pension increases, the cabinet also called for the development of other forms of pension rather than solely relying on the budget. It mentioned commercial and enterprise-funded insurance schemes. The average pension of enterprise employees is about 750 yuan (0) per month - the minimum salary set for developed cities, including Beijing. "With my pension, I can just about make ends meet. Consumer prices have kept on rising in the first half of this year," a 72-year-old retiree said. The cabinet also endorsed a plan to provide affordable housing to urban low-income groups. The policy aims to provide rent subsidies or low-rent housing for those who cannot afford commercial housing in the cities. By pledging to set aside more funding and land for the construction and acquisition of such housing, the government hopes to provide low-rent housing for all low-income urban residents - not just the poorest - by the end of 2010. The government aims to achieve this goal through multi-channels - construction, purchases, renovation and donations. "With the country's economic boom, it's time to share the pie with all levels of society," Chen Liangwen, an economic researcher with Peking University, said.

BEIJING - China imported 139,900 sedans in 2007, up 25.13 percent over the previous year, with the largest share of 46 percent, or 63,800 units, coming from Germany, China Customs figures revealed.The sedan imports worth 5.01 billion US dollars, up 25.41 percent from the previous year, took up 45 percent of China's total automobile imports which has slightly overshot the previous year's total to stand around 310,889 units.China Trading Center for Automobile Import predicted late January that tariff reduction since July 1 had given a stimulus to China's consumption of overseas made automobiles, which could reach 300,000 in 2007.China customs figures showed about 79 percent of the imports were vehicles with an engine size of or larger than 2.5 liters.Japan exported 29,700 sedans to China, the second largest total, while the United States ranked third with 18,000 units.China's sedan exports, by contrast, more than doubled year-on-year to 188,600 units in 2007.Chery, the flag-bearer of Chinese brands, saw a 132-percent surge in exports in 2007, to 119,800 units. The carmaker, which has accelerated its expansion overseas in recent years, expected to export 180,000 units this year.Chang'an Automotive Group, China's fourth largest automaker, sold more than 40,000 cars overseas last year, against 21,700 in 2006.China, the world's third largest vehicle producer, after Japan and United States, found its auto output grow 22.9 percent to 9.04 million units last year, according to figures with the National Development and Reform Commission (NDRC), the country's top economic planner.The NDRC deputy economic performance department director Zhu Hongren said, since quantity was not a problem anymore, auto producers should increase their focus on quality.In 2006, China overtook Japan to become the world's second largest car market after the United States, with sales of 7.2 million units, up 25.13 percent year-on-year.Compared with their international counterparts, China's auto makers are still small in terms of production scale and behind in technology. In addition, the country's auto boom has created growing problems, such as increasing traffic jams and pollution.
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.
BEIJING - The crab trade across the Taiwan Strait has slowed in what should be its peak season due to picky quarantine standards put forward by the Taiwan authorities, said a Chinese mainland official here Wednesday."We hope the related non-governmental organizations from both sides will carry on negotiations so that Taiwan people can enjoy this delicacy at the right time," said Li Weiyi, spokesman of the Taiwan Affairs Office of the State Council.Fresh crabs, especially those bred in East China's Jiangsu Province, have become a traditional and popular mid-autumn dish and have sold well in Taiwan.The two sides had reached an agreement on quarantine standards of crabs in July, but in August the Taiwan authorities submitted new standards requiring residues of all drugs to be undetectable, which was too picky and impractical, Li said.The mainland had exported quality and safe food, he said, adding that 99 percent of food exported to Japan and the European Union met their standards."We do expect the two sides to show sincerity and settle this problem for the benefit of consumers," he said. "We have noticed that a certain group in Taiwan is trying to discredit mainland foods. Such politically driven action will greatly harm normal trade across the Strait."In the first eight months of this year, the mainland has found 27 consignments of unqualified food imported from Taiwan. "We handled them according to regulations, but did not exaggerate the situation," Li said.He said the mainland would continue encouraging imports of produce from Taiwan.A 30-member purchasing group from the mainland visited Taiwan this month and signed an initial agreement to buy 2,000 tons of local fruits."We will support more farm produce importers and trade organizations in visiting Taiwan," Li said.Meanwhile, he urged the Taiwan authorities to speed up the talks on opening Taiwan to mainland tourists.Tourism organizations from the two sides had held six rounds of talks on technical issues."The two sides have developed common understanding, but a number of problems remained unresolved," Li said.After the fifth round of talks, the mainland put forward a set of practical solutions, but the Taiwan authorities had made no response for months, he said.
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