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BEIJING, May 17 (Xinhua) -- The Chinese government is pushing for the restructuring of major state-run news portals - including cctv.com and xinhuanet.com - to allow them to "establish a modern enterprise system," launch initial public offerings (IPO) and abandon the "iron rice bowl" concept.Ten major news portals are involved in a pilot restructuring project: the websites of state broadcasters China Central Television, Xinhua News Agency, People's Daily, Beijing's qianlong.com, Tianjin's enorth.com.cn, Shandong's dzwww.com, Shanghai's eastday.com and Zhejiang's zjol.com.cn among others.The websites are currently affiliated to news organizations run by central and local governments.According to a symposium on the restructuring work Monday in Changsha, capital of central China's Hunan Province, the restructuring plans for people.com.cn and xinhuanet.com have been approved.The pilot project, initiated last October, covers shareholding reform, establishment of a modern enterprise system and IPOs to "strengthen the competitiveness" of the news portals.According to the symposium, the website operators have actively engaged in the development of search engines, cell phone news services, cell phone TV services, Internet TV, e-commerce, online cartoon games and other new media areas, which have strengthened their capacities.The operating income of people.com.cn and xinhuanet.com have witnessed "big growth," the symposium said.Domestic commercial news portals like sina.com.cn and sohu.com are listed overseas.The step is part of Chinese government's efforts to reform China's cultural industry in a bid to promote Chinese media and cultural enterprises' global influence and boost the nation's soft power.

BEIJING, May 3 -- Ma Weihua, president and chief executive officer of China Merchants Bank (CMB), said he wanted to see Chinese banks elevate their level of globalization in the context of expedited overseas expansion of Chinese companies during his bank's recent road show in the United States. He said CMB would pursue this process ambitiously but cautiously.The bank is soon to relocate its night-shift foreign exchange trading team to its New York branch, which was established in 2008, and will move on to security trading as well in the future, according to Ma during a group interview. The branch is also working on consolidating its dollar settlement business."What I'm concerned about right now is to first have my New York branch familiarized with the US market, customers and rules as soon as possible so I can expand the business steadily," Ma told the audience at a recent speech at New York University's Leonard N. Stern School of Business. "We won't consider faster expansion until we have secured our position here."Because of policy restrictions, CMB and other Chinese banks are only able to provide very limited services overseas for now. Retail banking, which CMB is best at, is still being constrained in its New York branch, its first branch in the West. But the bank is eyeing up other opportunities.The branch is attaching increasing importance to the loan business for Chinese companies during their overseas merger and acquisition activities. It just completed a big deal for a Chinese State-owned conglomerate but declined to reveal its name."The most fundamental motive to globalize our bank is to support Chinese companies' overseas growth and to provide the same quality service for foreign companies as well when they come to China," Ma said.According to Ma, over the past five years, Chinese companies' overseas direct investment saw an annual increase of 60 percent and their non-financial overseas investment grew by 68.5 percent year-on-year.In comparison, overseas assets only make up less than 4 percent of Chinese banks' total assets, while in large banks in Europe and the US, the proportion is about 40 percent, he said.

KABUL, April 25 (Xinhua) -- Two Chinese hostages who have been held by Afghan militants for over three months were released Saturday, the Chinese embassy said here Sunday.Yin Juming, the embassy charge d'affaires, told Xinhua that the two Chinese nationals working with the China Railway 14 Bureau were set free by the militants in western Afghanistan's Faryab province.Zhang Fengqiang, an engineer, and Wu Yulin, a worker, were seized by militants who claimed to be Taliban insurgents on Jan. 16 enroute from the working site to the residence camp in the province, said the Chinese diplomat.The duo were awaiting the journey back to China to reunite with their families, he said.

BEIJING, April 1 (Xinhua) -- Chinese Premier Wen Jiabao has pledged to further reform of income distribution to narrow the gap between rich and poor and secure social stability.In an article published Thursday in Qiushi, or "Seeking Truth," the official magazine of the Communist Party of China (CPC) Central Committee, Wen said greater efforts were needed to build a rational income distribution structure."If the income gap continues to widen, it will pose a major threat to our economic development and social stability," Wen wrote. "We are poised and capable of gradually resolving this problem with a sound momentum of economic and social development and greater sustainability in various fields."Complaints have been growing about how the income growth of many Chinese was lagging behind the rise in state fiscal revenue. Low incomes have been blamed for dragging down consumer spending."We will not only make the 'pie' of social wealth bigger by developing the economy, but also distribute it well on the basis of a rational income distribution system," Wen wrote.

BEIJING, April 17 (Xinhua) -- China is disappointed the European Union (EU) has decided to launch an anti-subsidy investigation into imported Chinese coated paper, Ministry of Commerce (MOC) spokesman Yao Jian said Saturday."China will closely follow this issue and reserves its right to take necessary measures in accordance with WTO rules," Yao said.He said the coated paper probe is the EU's first anti-subsidy investigation into Chinese products.The EU launched an anti-dumping investigation on Chinese coated paper two months ago, he said.Increased trade protectionism is a major threat to the world economy recovery, Yao said."To create a win-win situation, China and the EU should settle trade disputes cooperatively," he added.MOC data shows the EU initiated seven anti-dumping investigations against China in 2009.The EU is China's largest trade partner, with bilateral trade volume exceeding 360 billion U.S. dollars last year.

来源：资阳报