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An investor smiles before an electronic board showing stock information at a securities firm in Xiamen, East China's Fujian Province March 20, 2007. [newsphoto]The net income of the 287 funds launched by 53 fund management firms totaled 124.8 billion yuan, while paper profits reached about 146 billion yuan, according to WIND, a provider of Chinese financial data. The profits were more than 38 times greater than the seven billion yuan earned in 2005 by all 206 funds under 46 fund management firms. The majority of profits came from the 216 stock-leaning funds, which have at least 60 percent of their investments in stocks. They reported total operating profits of 261.4 billion yuan, accounting for 96.53 percent of all fund profits. The country experienced a fund investment boom last year as investors shifted low-interest bank deposits into the bourses, which surged 130 percent last year after a four-year slump. Fifteen million people have invested in funds. The proportion of individual investors in closed-end funds rose to 74.21 percent by the end of 2006, an increase of 18.05 percentage points from the end of the first half, according to WIND. China raised 390 billion yuan in 90 new funds and registered 7.78 million new accounts in 2006. More than 300 mutual funds have sprung up in China since 1992. The funds are valued at around one trillion yuan, accounting for 19 percent of the present stock markets.
After 18 months of deliberation and public consultation, legislators passed the long-awaited Labor Contract Law on Friday to improve workers' basic rights. The law, which would take effect on January 1 next year, won 145 of the 146 votes of the Standing Committee of the National People's Congress (NPC). One vote was not cast. The new law is considered the most significant change in the country's labor rules in more than a decade. It establishes standards for labor contracts, use of temporary workers and severance pay. It makes mandatory the use of written contracts and strongly discourages fixed-term contracts. According to the law, severance should be paid if a fixed-term contract expires but is not renewed without an appropriate reason. It is also stipulated that employers must submit proposed workplace rules or changes concerning pay, work allotment, hours, insurance, safety and holidays to the workers' congress for discussion. After the recent exposure of forced labor in brick kilns in Central and North China, the final draft added stipulations that government officials guilty of abuse of office and dereliction of duty would face administrative penalties or criminal prosecution. Xin Chunying, deputy chairperson of the NPC Law Committee, said the law is not intended to replace the current Labor Law but rather, to further standardize labor contracts in favor of employees. Li Yuan, one of the legislators in charge of drafting the law, said the law targeted bosses and officials who exploited workers. The draft law was first proposed in 2005 amid complaints that companies were mistreating workers by withholding pay, requiring unpaid overtime or failing to provide written contracts. Many workers were also becoming trapped in short-term contracts. Last March, the draft was made public for consultation, and legislators received about 192,000 public responses in a month. Only the Constitution, drafted in 1954, received more. However, business lobbies are worried that stricter contract requirements could raise costs and give them less flexibility to hire and fire employees. Both the European Union Chamber of Commerce in China and the American Chamber of Commerce in Shanghai (AmCham Shanghai) had made submissions to the NPC, suggesting the law might exert negative influence on foreign investment in China. In a letter to the NPC last year, Serge Janssens de Varebeke, then-president of the European Union chamber, warned the "strict" regulations could force foreign companies to "reconsider new investments or continuing their activities in China" because of possible cost increases. But Xin said there wouldn't be a substantial cost increase for companies that strictly follow the existing Labor Law. "All the principles have been included in the current law. The new law just details the provisions to facilitate implementation," she said.

BEIJING - China said Monday it will use global positioning satellites to ensure food safety at the Beijing Olympics as it steps up efforts to blacklist manufacturers who violate safety regulations. Wang Wei, an executive vice president of the Beijing Olympic Committee, said the high-tech system will monitor food production, processing factories and food hygiene during the games to make sure healthy food is delivered to the 10,500 athletes residing in the Olympic Village. Food products will be affixed with an "Olympic food safety logistics code" and transportation vehicles will be tracked using global positioning satellites, Wang said. He did not provide further details of either plan. "The whole process will be monitored from the start of production through transportation to the end users," Wang said. "We are very confident about ensuring food safety in Beijing." Wang said extra measures would also be taken to ensure food safety for the general public. "During the games some special monitoring mechanisms will also be applied to monitor restaurants and public food sellers to let people know how they can buy safe food," he said. In a separate announcement, Beijing-based Qianxihe Food Group, an Olympic sponsor, said it had begun selling a hormone-free line of pork for the games, a company official said. The company's pigs have been fed food without hormones and are part of the "Olympics Special Supply Pork" range, which will be consumed by athletes and can be bought in supermarkets by ordinary citizens, said the official, who would give only her surname Tong. Wang's comments came after Vice Commerce Minister Gao Hucheng announced that 429 exporters have been blacklisted and punished for producing dangerously substandard products
The Chinese government expresses strong dissatisfaction about the U.S. decision to impose penalty tariffs against the imports of Chinese coated free sheet paper, Wang Xinpei, spokesman for China's Ministry of Commerce, said early Saturday. The Department of Commerce of the United States on Friday announced its preliminary decision to apply U.S. anti-subsidy law to the imports of coated free sheet paper from China. "This action of the U.S. side goes against the consensus reached by the leaders of both countries to resolve differences through dialogue," Wang said. "China strongly requires the U.S. side to reconsider the decision and make prompt changes," the spokesman said, adding China will closely watch the development of the issue and protect its own legitimate rights. In 1984 the United States set the policy of not applying anti-subsidy law to "non-market economies". Such a practice had been taken as a judicial precedent and had not been changed, Wang said. The preliminary decision of the U.S. Commerce Department made a bad instance and it obviously does not conform with the current judicial precedent of U.S. courts and the consistent practice of the U.S. Commerce Department, the spokesman said. While regarding China as a non-market economy, the U.S. ignored the strong protests from China and decided to apply its anti-subsidy law against China. "The decision brings great harm to the interests and feelings of Chinese business people and is not acceptable," Wang said.The U.S. Department of Commerce on Friday announced its preliminary decision to apply U.S. anti-subsidy law to imports from China. The decision alters a 23-year old bipartisan policy of not applying the countervailing duty (CVD) law to China, which the U.S. government regarded as a "non-market economy", said the Department of Commerce in a statement, adding the change reflects China's economic development. "China's economy has developed to the point that we can add another trade remedy tool, such as the countervailing duty law. The China of today is not the China of years ago," said Commerce Secretary Carlos M. Gutierrez. The U.S. government also claimed that Chinese producers and exporters of coated free sheet paper received countervailable subsidies ranging from 10.90 to 20.35 percent. From 2005 to 2006, imports of coated free sheet paper products from China increased approximately by 177 percent in volume, and were valued at an estimated at 224 million dollars in 2006.
BEIJING -- For the first time in its history, the Communist Party of China (CPC) has mentioned the word "religion" in an amendment to its Constitution adopted on Sunday at the closing session of the 17th CPC National Congress.To incorporate into its Constitution the principles and policies the Party has formulated for guiding efforts to strengthen the work related to ethnic and religious affairs, among others, is conducive to their full implementation and getting better results in the Party's work in this area, said a resolution on the amendment to the Constitution.It said the insertion has been made in light of the new circumstances and tasks.The CPC is atheistic but allows freedom of religious beliefs. China is home to 100 million religious faithful, largely Buddhists, Taoists, Christians, Catholics and Islamites"The Party's secret in handling well China's religious issues lies in its principles and policies," said Ye Xiaowen, director of the State Administration of Religious Affairs. "Their insertion in the Party Constitution shows the Party is sincere, and capable, of its implementation of policies on the freedom of religious beliefs. "He said religious problems are reported in many parts of the world. "But in China we enjoy peace and quiet because we have the established policies and principles."With the new elaboration on religious work, Ye said the Party is determined to enhance the active role of the religious circle and faithful in boosting social and economic development."I learned of the amendment on the Internet and was inspired," said Living Buddha Dainzin Qoizha in the Shannan Prefecture of southwest China's Tibet Autonomous Region. He's been watching the week-long Party congress on the Internet.Dainzin Qoizha is a government employee in Shannan. More than half of his colleagues are CPC members."I'm on very good terms with them," he said. "As a non- Communist, I'm in charge of ethnic and religious work. The prefecture's Party committee is very supportive."Hao Peng, vice Party chief in Tibet, described the relations between the Party and the religious faithful as "united, cooperative and mutual respectful".Tibet currently has more than 1,700 religious sites, 46,000 monks and nuns and more than 30 living Buddhas whose reincarnation has been recognized by the central or regional governments.At least 600 Tibetan Buddhist faithful are working at local legislatures, political advisory bodies, administrations of religious affairs and state-owned businesses and institutions.The CPC's tenet of building socialism with Chinese characteristics, featuring prosperity, democracy, cultural advancement and harmony, reflect the common aspirations of Tibet's religious faithful, said Zhukang Tubdankezhub, president of the Tibetan branch of the Buddhist Association of China.As the host country of the 2008 Summer Olympic Games, China has pledged to offer religious services for foreigners arriving for the Games."A large number of religious faithful will be arriving for the Games," Ye Xiaowen told reporters at a news conference on the sidelines of the 17th Party congress.He said China is working on religious facilities at its Olympic venues with the help of the International Olympic Committee and referring to the practices at previous Games. "Our religious services will be up to previous standards."Ye also dismissed allegations that China restricted the printing and sale of Bibles, which he said receive state subsidies and other preferential policies.China, with 16 million Protestant Christians, has printed 42 million Bibles, he said.
来源:资阳报