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The first ever white paper on political parties pledges multi-party cooperation and political consultation under the leadership of the Communist Party of China (CPC). Released Thursday by the Information Office of the State Council, the white paper, entitled "China's Political Party System", explains in detail the formation, characteristics and development of the system and its role in economic and social development.Multi-party cooperation is a political system that suits China's conditions, the paper says."China will not mechanically copy other countries' political party systems," the document says, adding that the history of modern and contemporary China has proven that blind emulation of the political or party systems of other countries will not succeed.Zhuang Congsheng, director of the research office of the United Front Work Department of the Central Committee of the CPC, said multi-party cooperation is different from the two-party or multi-party systems in Western countries and the one-party system practised in some other countries. China has established a unique political party system and its own way to fulfill democracy, he said.In China, the ruling party and other parties share the same ideal and same objectives, said Zhuang.The white paper says multi-party cooperation has created a new form of political system in the world.Under this system, the CPC and other parties work closely together and supervise each other, instead of opposing each other, with the CPC ruling the country and the other parties participating in State affairs according to law.By the end of 2006, 31,000 people who were not CPC members and those without party affiliation took up government posts at and above the county level, the paper says.Among them, 18 served as deputy chiefs in the Supreme People's Court, the Supreme People's Procuratorate, and ministries, commissions, offices and bureaus directly under the State Council.Minister of Health Chen Zhu and Minister of Science and Technology Wan Gang - both educated in Europe - are the first non-CPC members appointed to the Cabinet since the 1970s.Apart from the CPC, there are eight parties in China: Revolutionary Committee of the Chinese Kuomintang, China Democratic League, China National Democratic Construction Association, China Association for Promoting Democracy, Chinese Peasants and Workers Democratic Party, China Zhi Gong Dang, Jiu San Society and Taiwan Democratic Self-Government League.Xinhua contributed to the story

The National Development and Reform Commission (NDRC) has given Blackstone Group the green light to buy into and help restructure chemicals giant BlueStar.The NDRC has formerly approved the US company's agreement to pay 0 million for a 20 percent stake in China National BlueStar (Group) Corp, the State-owned chemicals maker.According to a notice on the NDRC website, it has given its permission for BlueStar to tap Blackstone as a strategic foreign investor and carry out restructuring.Blackstone will buy a stake in BlueStar's parent company, China National Chemical Corp, or ChemChina, which will hold 80 percent of BlueStar after the deal.The move is intended to smooth BlueStar's strategic restructuring, international expansion and public listing in the future, analysts said."Attracting private equity (PE) funds can help BlueStar draw investment capital and carry out strategic reform", Cheng Lei, an analyst with Ping An Securities, said.BlueStar considered several PE funds before choosing Blackstone, the world's largest PE company. BlueStar will become the US company's first investment in China.Blackstone executives Ben Jenkins and former Hong Kong financial secretary Antony Leung have been appointed by Blackstone to serve on BlueStar's board, the company said."We forecast (they) will bring new ideas to the State-owned company and help it transform," said Fu Yunfeng, an analyst with Ping An Securities.Ren Jianxin, president of ChemChina, said he believes Blackstone has sufficient investment experience in the chemicals industry because of its involvement with Celanese and Nalco.BlueStar is thirsting for global expansion. In 2004, it showed an interest in buying South Korean Ssangyong Motor Co, but Shanghai Automotive Industry Corp closed the deal instead.BlueStar's restructuring follows on the heels of the State-owned Assets Supervision and Administration Commission's (SASAC) campaign to strengthen and expand mid-level, State-owned enterprises.Li Rongrong, minister of SASAC has called on the agency to create 30 to 50 enterprises by 2010, which can rank among the world's top three global players in their sectors.

BEIJING -- Strong economic growth means that fiscal revenues for 2007 will far exceed forecasts made at the beginning of the year, according to a report by the State Council to the top legislature here on Saturday .The extra money will be used to improve people's livelihood with education, health care, social security on top of the government work agenda, the report said.Central government fiscal revenue is expected to total 2.84 trillion yuan (about 389.5 billion U.S. dollars), or 401.1 billion yuan above the budget forecast.In the first 11 months, central government fiscal revenue was 2.68 trillion yuan, up 37 percent over the same period last year, statistics from the Ministry of Finance showed.Local governments will get a windfall too, with their extra fiscal revenue expected to reach 300 billion yuan, the report said."The huge extra fiscal revenue reflects China's stable, rapid economic growth," the report said.By the end of the third quarter, most major economic indicators had already outstripped 2007 targets: industrial output, total fixed asset investment, retail sales, realized company profits and foreign trade.Tax revenues derived from those activities also expanded rapidly in the first nine months. Value-added tax, import tax and individual income tax collections rose 9.9, 10.8 and 12.9 percentage points, respectively.Corporate income tax, business tax and deed tax collections were up 39.2 percent, 29.7 percent and 38.4 percent year-on-year, respectively. Those gains were 24.2 percentage points, 16.7 percentage points and 28.9 percentage points above target, respectively.According to the State Council, the extra fiscal revenue will be used to improve people's livelihood with education, health care, social security to top the agenda.The central government will use 40 billion yuan to subsidize farmers to raise fine breeds of livestock and plant improved variety of crops, and to renovate agriculture infrastructure such as roads, bridges and reservoirs, the report said.The central government will give 21 billion yuan to subsidize the compulsory education, 40 billion yuan to social security, 31.8 billion yuan to medical care, 29 billion yuan to scientific and technological development and 1.1 billion yuan for cultural causes, the report said.The central government will use the extra revenue to offset fiscal deficit by 45 billion yuan and keep the deficit of this year at 200 billion yuan.The State Council required the local governments to focus the use of their 300 billion extra revenue on improving people's livelihood too.

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.

Joseph Li Shan was ordained on Friday as the new Catholic bishop of Beijing, filling the vacancy left by the late Bishop Michael Fu Tieshan who passed away in April.Father Li Shan, the new Catholic bishop of Beijing, walks out of the Southern Catholic Church following the appointment ceremony in Beijing, September 21, 2007. [Reuters]Li, 42, was appointed to the influential post at a ceremony in the city's 400-year-old Cathedral of the Immaculate Conception at Xuanwumen, Xicheng District in Beijing.The ceremony began with a procession of seminarians, nuns, priests and bishops, including ordaining prelate John Fang Xingyao from Linyi Diocese in East China's Shandong Province, and bishops from other major dioceses in China, who were serving as coordinating prelates.During the ceremony, Li took a traditional oath of service to the church, which has 50,000 followers in Beijing.He also promised to "lead all the priests, seminarians and nuns of this diocese in adhering to the nation's Constitution and maintaining national unification and social stability".Representatives from the Chinese Catholic Patriotic Association and the Bishops' Conference of the Chinese Catholic Church, as well as more than 70 priests and more than 1,000 worshippers attended the ceremony.Proceedings were broadcast to those outside via loudspeaker and closed-circuit television.Overseas media reported earlier that Vatican Secretary of State Cardinal Tarcisio Bertone described Father Li as a "good and qualified" candidate after his election by the Beijing diocese in July."We welcome the attitude of the Vatican. It signals progress in our relationship," Liu Bainian, vice-president of the Chinese Catholic Patriotic Association, said.Li was elected bishop-designate by an overwhelming majority over three competitors by priests and nuns of the Beijing diocese and representatives of Church followers on July 16, after his predecessor Michael Fu Tieshan passed away on April 20.Born in 1965, Li, who used to be a priest at Beijing's St Joseph's Church in the capital's Wangfujing commercial area, graduated from the Chinese Catholic Academy of Theology and Philosophy.He was ordained as a priest by Bishop Fu 1989.You Suzhen, a 75-year-old Catholic, said the new bishop was well liked in the diocese, and had rich experience as an administrator, academic and parish priest."I am confident he will be a good successor to Bishop Fu," You said."I'm sure he'll do a great job in uniting and leading us," Sun Xiang'en, a Beijing priest who helped train Li as a seminarian, said.Li was the second bishop ordained this year, after 40-year-old Paul Xiao Zejiang was ordained as coadjutor - the designated successor to the current Bishop Anicetus Wang Chongyi - in Guizhou Diocese earlier this month.Liu said the Catholic body has so far received six applications to fill vacant bishoprics in Guizhou, Guangzhou, Yichang, Beijing, Ningxia and Hohhot. The Chinese mainland has 5 million Catholics under 97 dioceses.