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BEIJING, May 14 (Xinhua) -- Two revised rules involving a planned Nasdaq-style stock market, the Growth Enterprise Market (GEM), will take effect on June 14, according to the China Securities Regulatory Commission (CSRC) Thursday.     The two rules involve establishing an independent committee to approve listings for the GEM and the management of sponsors of IPOs.     The two rules are taken as a key step closer toward introducing the much-anticipated GEM, a board intended to nurture innovation-driven start-ups as the government tries to help smaller companies get financing and encourage technological advances.     The rules are the same as the drafts issued on April 17 to solicit public opinions, said the CSRC.     Under the rules, the new panel will have 35 members. Five will come from the CSRC and the others from the accounting, law and other sectors. The panel won't include members of the review panel for IPO application on the main board.     Under the rules, the sponsors of IPOs on the GEM are required to monitor the companies' performance for three years, up from two for companies on the main board.

HONG KONG, June 30 (Xinhua) -- The renminbi deposits with authorized institutions in Hong Kong rose 0.8 percent in May to 53. 4 billion yuan (7.8 billion U.S. dollars), representing about 2 percent of the foreign currency deposits, the Hong Kong Monetary Authority said Tuesday.     The total deposits rose 2 percent in the same month, with the HK dollar deposits rising 2.7 percent as the expansion in demand and savings deposits exceeded the contraction in time deposits.     Foreign currency deposits climbed 1.4 percent.     Seasonally-adjusted HK dollar M1, the narrowest measure of money supply in an economy, rose 9.6 percent in May and 26.8 percent from a year earlier. Unadjusted HK dollar M3, the broader measure, grew 2.5 percent in May and 8.1 percent year on year.     Hong Kong, a southern Chinese special administrative region and free trade hub, has been trying to foster the development of RMB financial market recently with a pilot scheme using yuan for cross- border trade settlement and the issuing of yuan-denominatedbonds in Hong Kong by local and foreign banks operating in the mainland.

BEIJING, May 17 -- Shanghai will step up efforts to lure more talent, beef up development of its legal system and improve its credit database as part of efforts to develop a global financial center, Vice Mayor Tu Guangshao said Saturday.    The city will also enable financial markets and institutions to play an important role in financial innovation and make the Pudong New Area a pioneer for financial reforms, Tu told the Lujiazui Forum in Shanghai.     "To realize our goals, we need a combination of forces," said Tu. "We need guidance and support from the central government in terms of rules' drafting and coordination. We also need financial markets and companies to make contributions." From left: Xu Xiaonian, professor of CEIBS, Hu Zuliu, chairman of Goldman Sachs China, Xie Guozhong, board member of Rosetta Stone Advisors, Ha Jiming, chief economist of China International Capital Corp and Wang Qing, chief economist of Morgan Stanley China discuss issues at the Lujiazui Forum Saturday    Shanghai must have "breakthrough and innovation" in its measures to attract financial talents, the most important element in building the city into an international financial hub, Tu said.     The city should also have a solid financial legal system and the municipal government is working to improve the arbitrary, hearing and verdict processes of financial cases, according to Tu.     He added that local government will cooperate with the People's Bank of China to improve the city's credit environment. One focus will be the establishment of a credit ratings system for small- and medium-sized enterprises to facilitate fundraising, Tu said.     Xu Lin, Party Secretary of Pudong New Area, told the forum the district will shore up its preparation for financial innovation, including establishing an over-the-counter equity exchange for start-up technology firms.     Pudong will also trial programs to settle cross-border trade using the yuan and to set up consumer finance companies to fund people's purchases of durables such as home appliances and electronics.     Xu also noted that Pudong will fast track the development of financial services for the shipping industry as China pursues building Shanghai into an international financial and shipping hub by 2020.     "The district will encourage capital from various sources to help innovation and upgrade industry," Xu said. "More credit support will be given to small companies in terms of innovation."     Financial experts attending the two-day Lujiazui Forum, which ended Saturday, called on the city to take more measures to retain talent and financial institutions.     "The major European and US markets are reshuffling after the crisis and it has created a good opportunity for Shanghai to lay a sound basis and infrastructure for rising as an international financial center," said Laura Cha, deputy chairman of the Hongkong and Shanghai Banking Corp.     "We should learn lessons from them and avoid the mistakes they have made."     Shanghai is still lagging behind in terms of financial talent both in quality and quantity, she added.     She suggested shoring up the city's financial high education sector and rotating financial talents to develop more overseas experience.

MOSCOW, May 14 (Xinhua) -- Wu Bangguo, China's top legislator, met with Russian Duma Chairman Boris Gryzlov on Thursday. Both leaders stressed the importance of parliamentary cooperation and the unique role it serves bilateral relations.     Wu, chairman of the Standing Committee of China's National People's Congress(NPC), hailed the bilateral parliamentary cooperation at various levels in recent years. Wu Bangguo, chairman of the Standing Committee of China's National People's Congress (NPC), and Russia's State Duma Chairman Boris Gryzlov attend the third meeting of the cooperation committee between NPC and the Russian State Duma in Moscow, Russia, May 14, 2009.He noted that such cooperation should continue to serve the interests of bilateral ties. In particular, such cooperation should first serve the strategic mutual trust and the interests of the common concerns of China and Russia.     The NPC and the Russian Parliament should provide firm support to each other on major issues involving state sovereignty, territorial integrity, and national security, he said.     The two should also reinforce strategic cooperation in international and regional parliamentary organizations, safeguard common benefits, and create a conducive environment for the development of the two countries, Wu said. Wu Bangguo (L), chairman of the Standing Committee of China's National People's Congress (NPC), and Russia's State Duma Chairman Boris Gryzlov attend the third meeting of the cooperation committee between NPC and the Russian State Duma in Moscow, Russia, May 14, 2009.Wu also stressed the need for joint efforts to counter the current financial crisis. He called on the parliamentary bodies to approve bilateral cooperation deals on oil and natural gas on time.     He also urged the implementation of already-signed cooperation agreements, and for support to help Chinese and Russian enterprises find new opportunities for cooperation within each other's economic stimulus plans.     The NPC and the State Duma, the lower house of the Russian Parliament, should also be actively engaged in activities commemorating the 60th anniversary of the establishment of diplomatic ties and to broadly share the idea of friendship between the two nations, Wu said.     Gryzlov said parliamentary cooperation between Russia and China has served a significant and unique role in the fast development of bilateral ties.     Especially since the two parliaments established a regular exchange mechanism, more and more Duma legislators have been involved in promoting friendship between the two countries, he said.     The State Duma hopes to further strengthen its ties with the NPC, and to promote bilateral cooperation in areas such as politics, economy, culture, environment, anti-terrorism and anti-drug smuggling, Gryzlov said.     Wu is in Moscow for an official visit to Russia. Since arriving in Moscow on Wednesday, the legislator has met with Russian President Dmitri Medvedev and Sergei Mironov, chairman of the upper chamber of the Russian Parliament, known as the Federation Council.

BEIJING, May 16 (Xinhua) -- One confirmed case of A/H1N1 flu was reported in Beijing, the Ministry of Health said on Saturday evening.     It is the third confirmed case of A/H1N1 flu on the Chinese mainland, according to the ministry. Fang Laiying (C), dirctor of Beijing Municipal Health Bureau, Deng Ying (R), dirctor of Beijing Municipal Center for Disease Control and Prevention, and Mao Yu (L), president of Beijing Ditan Hospital, hold a press conference in Beijing, capital of China, May 16, 2009. One confirmed case of A/H1N1 flu was reported in Beijing, China's Ministry of Health said on Saturday eveningThe case involved a 18-year-old female who studies in a university in the New York State of the United States, which was the one reported previously as suspected case by the Emergency Management Office of Beijing Municipal Government Saturday evening.     She was currently in a stable condition, with a normal body temperature, the ministry said.     The female, a Beijing native, arrived in Beijing on May 11 on board the U.S. Continental Airline C089 and reached home accompanied by her mother, said the ministry. A staff member casts away the exposure suit after disinfection work at Beijing Ditan Hospital, Beijing, China, May 17, 2009. One confirmed case of A/H1N1 flu was reported in Beijing, China's Ministry of Health said on Saturday eveningShe did not go out or meet friends after arriving home, according to the ministry's investigation.     She felt unwell and physically weak in the noon on May 12 and took her temperature herself.     She went to the fever outpatient section of the Peking University First Hospital in the evening on May 14 and said she developed symptoms of cough, a few sputum, headache, sore throat, chest distress and sore muscle, with a body temperature of 37.7 degrees Celsius. A staff member guards outside the inpatient department at Beijing Ditan Hospital, Beijing, China, May 17, 2009. One confirmed case of A/H1N1 flu was reported in Beijing, China's Ministry of Health said on Saturday eveningShe was initially diagnosed as fever, needing further check and "suspected of A/H1N1 flu," the ministry said.     The patient was transferred to the Beijing Ditan Hospital early in the morning on May 15.     The Beijing Center for Disease Control and Prevention (CDC) tested a specimen taken via a swab from her throat, which showed she was "suspected positive" for A/H1N1 and positive for PIV-H3.     The China CDC and the Chinese Academy of Medical Sciences tested the specimen again the next day and confirmed she had contracted the A/H1N1 virus.     The ministry said experts made the decision based on the patient's symptoms, epidemiological investigation results and laboratory tests.     All the people who had close contact with her had been tracked down and put under medical observation, with no one feeling unwell, it said.     According to Beijing Municipal Health Bureau, Liu had only contacted with two persons, one is her mother and the other is the taxi driver who carried her to Peking University First Hospital.     Neither of the two had shown flu symptoms, said Deng Ying, director of Beijing CDC.     Expressing his appreciation of the 18-year-old Liu for keeping a clear diary about her journey in Beijing, Fang Laiying, director of Beijing Municipal Health Bureau, said, "she even kept the receipt from the taxi driver, otherwise it would be difficult for us to find out the driver,"     "The quarantine hospital had arranged three doctors and three nurses for Liu and took strict medical observation on her," said Mao Yu, president of Beijing Ditan Hospital.     "Liu is in stable condition as her temperature is getting normal and her appetite getting better," Mao said.     The health ministry has reported the case to the World Health Organization, Hong Kong, Macao and Taiwan and relevant countries.     The first two cases in mainland China are Chinese nationals, Bao and Lu, who had been students in the United States and Canada, and were traveling back to their homes in the past days of the month, contracted the flu strain and developed symptoms shortly after they set foot in China

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