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In a stock market where individuals account for about 80 percent of all investors, Dai and other investors who have lost large amounts of money are bewildered by the fact that the economy and stock market are appearing to move in opposite directions.

BEIJING, May 15 (Xinhua) -- China on Tuesday began issuing a new type of passport featuring an electronic chip that contains the holder's personal information.

The draft law stipulates that no one can pour gravel, soil, refuse or any other wastes into waterways and their surrounding areas.

Local governments typically invested the money they borrowed in building infrastructure. They also faced huge repayment pressure in 2011 and now also in 2012.

Meanwhile, reforms should be made to raise the transparency of capital markets, consolidate basic market mechanisms and improve rules concerning IPOs, mergers, acquisitions and delistings, Zhou said at an industrial seminar held in Beijing.