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BEIJING, Nov. 25 (Xinhua) -- China's central bank warned about the risk of credit card related bad debt on Thursday as money owed 180 days past the due date was on the rise in the third quarter.Credit cards debt 180 days past the due repayment date stood at 7.92 billion yuan (1.19 billion U.S. dollars) by the end of the third quarter, up 8.5 percent from the second quarter, according to a statement released Thursday on the website of the People's Bank of China.Taking this into account, the central bank warned commercial banks to pay close attention to risks associated with credit card related bad debt.Money owed 180 days past the due repayment date accounted for 2.1 percent of the total amount of debt by the end of the third quarter, down 0.4 percentage point from the second quarter, according to the statement.

BEIJING, Nov. 22 (Xinhua) -- Chinese Ministry of Public Security said Monday that the nation's police authorities had shut down 500 underground banks since 2002 in its battle against money laundering.Ten crack-down campaigns have be waged since 2002 when the ministry set up a division dedicated to anti-money laundering, in which over 100 cases involving more than 200 billion yuan (30 billion U.S. dollars) have been handled, the ministry said in a statement.The ministry has trained more than 400 police officers specialized in handling money laundering cases over the past eight years, said the statement.In order to promote international cooperation, China joined the Moscow-based Eurasian Group on Combating Money Laundering and Financing of Terrorism as a founding member state inn October 2004.In June, 2007, China joined another international anti-money laundering organization, the Paris-based Financial Action Task Force on Anti-Money Laundering.

BEIJING, Dec. 22 (Xinhua) -- China unveiled a new asset-management company that aims to restructure and merge small, uncompetitive state-owned enterprises (SOEs) on Wednesday.The new firm, China Reform Holdings Corporation Ltd., will focus on "reorganizing small-sized SOEs which do not affect national security and are not crucial to the national economy," the State-owned Assets Supervision and Administration Commission (SASAC), the SOE watchdog, said in a statement.The first-phase registered capital of the new company, which is wholly owned by SASAC, is 4.5 billion yuan (681 million U.S. dollars). SASAC has not yet revealed which companies will be involved in the reshuffling.Xie Qihua, former chairman of the Baosteel Group Corporation, China's largest steel maker, has been appointed board chairman of the new company.Liu Dongsheng, an SASAC official, will act as general manager, it said."The launch of the new company marks an important move to optimize the relocation of state economic resources and to give state capital more vitality, control and impact on key sectors," Wang Yong, deputy director of SASAC, said at the launching ceremony.He noted because the assets of the reshuffled companies took up a considerable amount of the entire state assets, the restructuring plays an active role in improving asset quality.According to SASAC' s plan, the company will participate in the share-holding reform of the reshuffled enterprises, and will also invest in emerging industries with strategic importance.Also at the launching ceremony, Wang stressed that the company is an asset management company rather than an investment group, ending rumors that it will become China's second sovereign fund after the China Investment Corporation (CIC).He noted the new company's mission is explorative and challenging, which needs to deal with it in a proactive and cautious way.In order to enhance the state company's efficiency and competitiveness, SASAC cut the number of SOEs under its direct control from 196 to 122 over the last seven years. They are expected to be further consolidated into around 100 by the end of 2010, according to SASAC plans.However, SASAC officials said it remains difficult to meet the target in time."It takes time to meet the goal," said Shao Ning, deputy director of SASAC. He added that the restructuring should take place when the time is right, and should give priority to "quality" and "good results" to ensure stability of the enterprises.In order to help the uncompetitive companies withdraw from the market in a stable manner, SASAC promised to offer support for the employers in those companies.Zhou Fangsheng, an expert on SOE issues, said it is good news for the uncompetitive SOEs to be merged into the new company with their debt relieved.But it is still quite explorative, he added.The new company is the third oversight asset management company by SASAC, besides the China Chengtong Group and the State Development & Investment Corp.Shao Ning told Xinhua that the previous two companies have their own business scope, besides dealing with non-performing assets. But the new company will only focus on asset management.Profits of China' s SOEs rose by 43 percent year on year to hit 1.81 trillion yuan (271.92 billion U.S. dollars) in the first 11 months, according to the figures released by the Ministry of Finance on Dec. 17.However, profits were concentrated in a small number of companies, such as oil producers and refiners, telecom operators and power companies which enjoy monopolies and easy bank loans.Companies in the traditional sectors, such as textiles and light industries, reported meager profits.A stronger presence of the monopolistic SOEs aroused complaints by the nation's private businesses, which had no easy access to bank credit but provided more than 80 percent of the job opportunities in the nation.China's SOEs include SOEs directly controlled by the central government and SOEs supervised by local governments, but excludes state-owned financial enterprises.

BEIJING, Dec. 1 (Xinhua) -- China and the Democratic People's Republic of Korea (DPRK) Wednesday pledged to cement legislative ties.The pledge came out of talks in Beijing between Chairman of the Standing Committee of the National People's Congress (NPC) of China Wu Bangguo and Chairman of the DPRK Supreme People's Assembly (SPA) Choe Tae Bok.In his opening remarks, Wu said the meeting was his third with Choe this year.The first meeting took place when DPRK leader Kim Jong Il visited China in May. Choe was then a part of Kim's entourage.Wu and Choe then met on the sidelines of an international parliamentary leaders' meeting in Geneva in July."Three meetings in one year reflects our special relationship," Wu said, adding that he expects Choe's visit to boost bilateral relations and ties between the two nations' legislatures.Saying China and DPRK are good neighbors, Wu noted that China-DPRK relations have withstood the tests of changes in the international arena.China-DPRK relations have witnessed significant progress this year, Wu said, citing DPRK leader Kim Jong Il's two visits to China during which Chinese President Hu and Kim reached a number of important agreements.Wu said it is the unswerving principle of the Communist Party of China and the Chinese government to cement and develop friendly ties with the DPRK.China hopes to work with the DPRK to carry out the consensus of their leaders while maintaining high-level exchanges and stepping up strategic consultation, Wu said.Choe hailed China's remarkable achievements of the reform and opening-up and China's modernization drive, expressing hope the Chinese people will make further progress in building socialism with Chinese characteristics.On legislative ties, Wu said the NPC and the SPA play crucial roles in their countries' politics.The NPC hopes to work closely with the SPA on state governance and legal system building while boosting communication and consultation on international and regional parliamentary organizations, Wu said.Choe began a five-day visit to China Tuesday. After spending time in Beijing, he will travel to northeast China's Jilin Province.

BEIJING, Jan. 5 (Xinhua) -- A senior Communist Party of China (CPC) official Wednesday called for the promotion of reform of the cultural sector and the development of cultural industries.Liu Yunshan, head of the Publicity Department of the CPC Central Committee, made the remarks at a national meeting of publicity officials.Li Changchun, a Standing Committee member of the Political Bureau of the CPC Central Committee, attended the meeting.Li Changchun (C), a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, and Liu Yunshan (R), head of the Publicity Department of the CPC Central Committee, attend a national meeting of CPC publicity officials in Beijing, capital of China, Jan. 5, 2011. The meeting closed Wednesday.Publicity departments at all levels should better introduce the spirit of the Fifth Plenum of the 17th CPC Central Committee, and better publicize the government's strategies to speed up the transformation of the nation's economic development pattern, said Liu, also a member of the political bureau of the CPC Central Committee.Publicity departments should provide high-quality cultural products to the public, he added.He also urged publicity departments to do a good job in the celebrations of the 90th anniversary of the founding of the CPC.