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BEIJING, Feb. 6 -- The Chinese government is looking at ways to protect consumer rights and develop common standards in the burgeoning pre-paid card industry.The popularity of the cards has flourished in recent years in major cities such as Shanghai and Beijing. In 2007, just four companies in Beijing issued them. Now more than 300 have been registered in the city with the People's Bank of China (PBOC).Complaints have also risen. In Shanghai, where the cards are used most, 4,800 people complained between January and November last year compared with 4,049 during the whole of 2008.Most complaints were about the cards' expiry, as money left on them is kept by some companies."I feel my money on the pre-paid card is very risky since I have to pay close attention to when it expires and try to spend all of it before that date or I will lose it. It's unfair to limit the time available to spend my own money," said Liu Xiaodan, a 26-year-old salesman.It's estimated that the total volume of money left on pre-paid cards after they expire is more than 100 million yuan in Shanghai. The figure for Beijing is not available.The PBOC will launch a series of supervisory regulations this year to oversee the operation of pre-paid card companies, said Zhang Wei, a financial industry analyst. "One of the most important aspects is the management of any money left on the card after it expires. Any investment of money on the cards either before or after they expire must be at zero risk."Fang Xinghai, the head of Shanghai Finance Office, said his organization worked closely with the PBOC to keep an eye on pre-paid card companies."We suggest that special accounts should be opened with the bank where the money on the cards is held to ensure it is safe," he said."If that happens, even if the company goes bust, the money will still be fixed in the account and the cardholders' rights will be protected."Warnings about the risks involved in using pre-paid cards are displayed on the Beijing Administration for Industry and Commerce's website. Complaints about the cards tend to reach their peak during the Spring Festival, when many people buy them as gifts for friends and relatives.The first pre-paid card arrived in Beijing in 2002. Customers can deposit between 100 and 200,000 yuan on them for use at participating shops, restaurants and gyms.Some companies issue them to their employees as an extra benefit.Their popularity took off because they save the inconvenience of carrying money around and enable people to control spending, especially useful if they are given to children or housekeepers.However, the companies behind them are currently regarded as unspecified financial institutions by the PBOC and, as such, are not strictly regulated. That means people have few rights if the company goes bankrupt. They will no longer be able to use the cards, no matter how much money is on them, and will have difficulty reclaiming their cash.Cheng Xi, a 28-year-old engineer, said: "I received the pre-paid card as a gift but I would not buy one myself because I'm not familiar with the pre-paid card company and, if it goes bankrupt, my money would disappear."No matter how distinguished and reputable the company behind a card is, its most important challenge is to win clients' trust."Having a standard trademark like China UnionPay, which has a good reputation for reliability, is necessary for a company to distinguish it from those with a bad reputation. The company that wins the trust of most clients will be the biggest winner," said Clark Lin, a financial analyst at Thomson Reuters.Fu Dingsheng, a civil and business law expert at East China University of Political Science and Law, said: "Part of the pre-paid card company's capital should be classified as a guarantee deposit when the issuers register their companies. In that way consumers' rights can be met to some extent when a dispute occurs."Even though the prepaid card sector is an emerging industry with little or no supervision, the government is speeding up its oversight of the sector."PBOC is playing a leading role in the supervision of the industry. We regard this as an important task to complete in order to protect consumers' rights to the greatest extent," said Fang from Shanghai Finance Office.

SEOUL, Feb. 17 (Xinhua) -- South Korea plans to launch a joint research with China and Japan on the feasibility of a free trade agreement (FTA) among the three Northeast Asian countries, South Korea's foreign ministry said Wednesday.According to a report by the ministry, the country, which has been seeking an economic integration of the Northeast Asian region by creating favorable conditions for FTAs, will kick off a joint study with the countries, in which government officials, scholars and business representatives will participate.Along with the trilateral FTA, the country will also continue to push for settling separate bilateral trade agreements with China and Japan, the ministry said in the report.Currently, South Korea has free trade agreements with Chile, Singapore and the European Free Trade Association, as well as a similar pact with the Association of Southeast Asian Nations.Recently reaching a free trade deal with the European Union, the country also wrapped up its free trade talks with India, settling the so-called comprehensive economic partnership agreement (CEPA) in August.With respect to the free trade deal with the United States, signed in June 2007, both countries are waiting for legislative approval.South Korea is also seeking similar trade deals with Australia, Canada, and Mexico.

BEIJING, Feb. 16 (Xinhua) -- Foreign-funded enterprises in China exported 494.4 billion U.S. dollars worth of machinery, electrical and electronic products in 2009.A document posted on the website of the General Administration of Customs (GAC) said the figure made up 69.3 percent of the country's total exports of such products in the past year.Exports of machinery, electrical and electronic products by privately-owned enterprises totalled 106.6 billion U.S. dollars in 2009, down 8.7 percent from a year earlier, according to the document.State-owned enterprises only exported 92.1 billion U.S. dollars worth of machinery, electrical and electronic products, accounting for 12.9 percent of the country's total machinery, electrical and electronic products last year.The GAC document also said the majority of the country's exports of machinery, electrical and electronic products fell into the category of processing and assembling trade.China's exports of machinery, electrical and electronic products in the category of processing and assembling trade totalled 466.4 billion U.S. dollars last year, making up 65.4 percent of the country's total exports of such products.The country exported 713.1 billion U.S. dollars worth of machinery, electrical and electronic products last year, down 13.4 percent year-on-year. The exports contributed 59.3 percent to China's total exports in 2009.The European Union (EU), the United States of America and Hong Kong were the three major destinations for the China mainland's exports of machinery, electrical and electronic products last year.China exported 1.2 trillion U.S. dollars worth of products last year, down 16 percent from 2008, replacing Germany as the world's largest exporter.

BEIJING, March 21 (Xinhua) -- China would step up efforts to accelerate the transformation of its economic development pattern to achieve sound and fast growth, said Vice Premier Li Keqiang Sunday.Li made the remarks when delivering a speech to the China Development Forum 2010 held in Beijing. The two-day forum started on Sunday with a theme of "China and the World Economy: Growth, Restructuring and Cooperation."Li said China has achieved remarkable results in combating the global economic downturn and the trend of recovery has been consolidated.Chinese Vice Premier Li Keqiang addresses the opening ceremony of the China Development Forum 2010, in Beijing, capital of China, March 21, 2010Expanding domestic demand would be the prime and long-term strategy for transforming the economic development mode, Li said, adding that continuous efforts to optimize the investment structure and adjust income distribution would help fuel the demand.Li said industrial restructuring is a very crucial part of the economic mode transformation, which could be achieved through promoting technology innovations, green economy and the service industry.

BEIJING, March 16 (Xinhua) -- Chinese Vice Premier Li Keqiang Tuesday urged greater efforts should be made to expand medical reform this year.At a meeting of the leading group for furthering medical reform under the State Council, Li said to advance reform and development of medicine and health care cause, priority of work should go to establishment of a basic health care service system accessible to all and improvement of health care service at grassroots level.A good job should be done in basic health care insurance this year, with a goal of achieving notable increases in the numbers of urban workers and other residents taking out medical insurance policies. Chinese Vice Premier Li Keqiang (3rd R), presides over a meeting on deepening the country's medical reform in Beijing, capital of China, March 16, 2010"Great efforts should be made to encourage those working with economic organizations of non-public ownership, college undergraduates, self-employed people, and migrant workers to participate in the medical insurance program, while stabilizing the rate of participation in rural health care cooperative system well beyond 90 percent," said Li.The vice premier also promised to raise per capita subsidy by the government for basic health care insurance takers and participants in rural medical cooperatives to 120 yuan (17.64 U.Dollars).Li demanded not less than 60 percent of grassroots health institutions should use medicines on the essential drug list, urging authorities to take measures to reduce the prices of overpriced medicines.He also emphasized the importance of continuing to carry out major public health service programs, such as inoculation of 21 million children with Hepatitis B vaccines."It is also imperative to implement a plan nationwide for building a grassroots team of medical and health care workers, with training of general practitioners as the focus," said Li, who also set a target of training 60,000 general practitioners in three years.While urging efforts to improve long-term aiding ties among some 3,000 hospitals, Li said the reform at public hospitals should also be expanded and a good job should be done in experimental centers in 16 chosen cities.The vice premier also stressed need to encourage and guide social forces to build medical establishments.Li also asked government departments to strengthen leadership and provide financial support for the medical reform.