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BEIJING, Nov. 2 (Xinhua) -- Stocks on ChiNext, the country's Nasdaq-style board for domestic start-up firms, rode on a roller coaster on the first two trading days: soaring at debut and taking a sudden turn on the second day.     Twenty stocks out of the total 28 fell by the daily limit of 10percent at Monday close, compared with an average of 106.23 percent surge on Friday, the first trading day, driven by a speculative surge for quick profits.     About 252,600 individual investors bought 423 million new shares at ChiNext on Friday, accounting for more than 97 percent of all new shares on the market.     The average price-earnings ratio for the initial public offering prices was at around 55.70 times, and then was pushed up to around 111 times, much higher than 25.98 times and 37.80 times at main boards in Shanghai and Shenzhen bourses respectively.     The bubbly opening led to warnings of risks posed by excessive speculation and inflated stock price.     Jin Yanshi, chief economist with the Sinolink Securities, said the price-earnings ratio was too high driven by the irrational buying spree. He said the frenzy would gradually cool off, and he expected a 30 percent to 50 percent drop of share prices in three to six months.     Analysts said it was typical in China that new shares would face speculation at debut and see large initial gains, followed by a continuous pullback.     China State Construction Engineering Group shares soared more than 60 percent at debut in Shanghai on July 29 from a initial public offering price of 4.18 yuan and ended at 6.53 yuan, up 56.22 percent. On Monday, its close price stood at 4.79 yuan.     It also reminded of the launch of board for small and medium-sized enterprises at Shenzhen Stock Exchange market on June25, 2004, when shares of eight new stocks rose more than 130 percent. The share prices fell by an accumulative 40 percent from the close prices on the first trading day three months later.     China made plans to launch the Nasdaq-style board for trading of start-up shares in 1999 to boost development of small and medium-sized enterprises. The plan was postponed in 2001 when the Internet bubble burst in the United States.     Since 1962, a total of 39 nations or regions have launched 75 such boards for start-up companies to raise funds. However, about half of them ended up closing due to weak market sentiment and regulatory inconsistencies, and 41 markets were operational as of the end of 2007.     The Growth Enterprise Market, kicked in Hong Kong in 1999, was a luck luster as investors were scared away by the plunge in value of technology stocks in 2001. The index fell about 90 percent since then.     By contrast, Nasdaq set up in the United States in 1971 has been a successful one, which attracted giants like Microsoft and Intel, and became the major market for overseas listing of Chinese enterprises. There are currently 116 Chinese companies listed on Nasdaq, including Baidu.     Analysts attributed the main reasons for failure of some markets to blindly lowering threshold of market entry, poor supervision and inactive transaction.     The wild fluctuation challenged the ability of regulators to control volatility in the new bourse and stirred concerns whether it would grow to be a second Nasdaq or the dazzling debut would be the last wild ride.     Shang Fulin, chairman of the China Securities Regulatory Commission said on Oct. 23 that trading on the new board may have a probability of becoming "irrational" than on other bourses.     "Preventing risk is our main task," he said. "We'll make sure risk is estimated, detected and controlled."     The Shenzhen Stock Exchange issued special suspension rules to clamp down on speculation. Trading would be suspended for 30 minutes if share price rises or falls by 20 percent from its debut level. If a stock fluctuates again beyond 50 percent of its opening price, it will be suspended for 30 minutes. The stock can also suspend a stock until three minutes before the close of trading session on a rise or drop above 80 percent.     Zuo Xiaolei, chief economist of the China Galaxy Securities, said the lesson from failure of other markets showed the key to the success of such start-up board was to strengthen supervision while completing rules, which would ward off excessive speculation and rule violations.     The government should develop more policies to attract more firms with great potential growth to make the board bigger and stronger, but threshold for access to the market should not be lowered, analysts said.

BEIJING, Oct. 30 (Xinhua) -- China on Friday voiced its strong dissatisfaction and firm opposition to an EU statement which denounced the execution of two Tibetans convicted of murder in last year's Lhasa riot.     The Swedish EU presidency released a statement Thursday, denouncing the recent death penalty handed down to two Tibetans involved in the Lhasa riot and asking China to abolish the capital sentences.     "We are strongly dissatisfied with and firmly oppose the EU statement," Chinese Foreign Ministry spokesman Ma Zhaoxu said in a news release.     The Lhasa violence involving beating, smashing, looting and burning in 2008 was a sabotage activity "premeditated, organized and masterminded" by the ** Lama group, who instigated Tibetan separatists in and out of China to fuel up the incident, Ma said.     China's legal institutions have carried out fair and open trials and brought only the culprits of the criminal activities to justice, he said. "This was China's internal affair and judicial sovereignty which allows no other country to interfere with."     China asks the EU to abide by the principles of equality and mutual respect and not to send any misleading signals to Tibetan separatists, so as to ensure sound and stable development of EU-China relations, Ma said.

HEGANG, Heilongjiang, Nov. 23 (Xinhua) -- The death toll from the deadly coal mine blast in northeast China's Heilongjiang Province has risen to 104, said local authorities early Monday morning.     Another four are still trapped in the shaft. Rescuers get ready to go down into the pit to search for survivors at the site of the accident at the Xinxing Coal Mine in Hegang City, northeast China's Heilongjiang Province, on Nov. 22, 2009    The blast happened at around 2:30 a.m. Saturday at the Xinxing Coal Mine under the state-owned Heilongjiang Longmei Mining Holding Group's subsidiary in Hegang City. A total of 528 miners were working underground when the blast happened.

BEIJING, Nov. 20 (Xinhua) -- China-U.S. relationship that by large was entering a period where our focus would be more and more on global issues, said U.S. Ambassador to China Jon Huntsman on Friday.     Huntsman made the remarks at the Forum for America/China Exchange at Stanford (FACES) in Peking University, a top university in China.     "Obama arrived and found what he had hoped for," he said relating to the U.S. President's just concluded China visit after reviewing the bilateral link chronicle.     U.S. and China could strengthen cooperation in areas including military, people to people exchanges, climate change, clean energy and economic crisis, Huntsman told the delegates attending the forum.     He said the U.S.-China relationship was so "large and complicated" that managers of the relations should "take the areas of commonality" and "realize and speak open" about the disagreements.     Huntsman, who once lived in Taiwan and could speak Chinese called Chinese the "21st century language", saying diplomacy is ineffective without "investing a generation of professionals willing to invest their careers in turn in language, culture, regional studies."     FACES, a forum held in Beijing from Nov.15-20, gathered more than forty students from China and the U.S to discuss political, social, economic and cultural issues.

BEIJING, Oct. 29 (Xinhua) -- Equality has become a catchphrase when Chinese lawmakers mull over two major moves in the history of China's legislative progress.     Chinese rural and urban people are about to get equal representation in lawmaking bodies. It means farmers will have the same say in the country's decision-making process as urbanites.     At the five-day legislative session beginning Tuesday, members of national legislature discussed to give rural and urban people equal representation in people's congresses.     A draft amendment to the Electoral Law was tabled at the bimonthly meeting of the National People's Congress (NPC) Standing Committee. It requires that both rural and urban areas adopt the same ratio of deputies to the people's congresses.     The electoral system is the foot stone of democracy, and the principle of equality is a prerequisite to guarantee people's democratic rights.     The Electoral Law was enacted in 1953 and completely revised in1979. It then underwent four minor amendments.     Senior people are still nostalgic about the bean-counting way of electing their representatives in villages, which was the country's primitive mode of democracy after New China was founded in 1949.     Candidates who stood for election as deputies to a people's congress were elected if they received more than half of the beans.     Later voters began to use ballots.     After the last amendment in 1995, the law stipulates that each rural deputy represents a population four times that in urban areas.     That means in China, every 960,000 rural residents and every 240,000 urbanites are represented by one rural and urban NPC deputy respectively.     Critics say this can be interpreted as "farmers only enjoy a quarter of the suffrage of their urban counterparts."     During previous amendments in the 1980s, the difference was even as great as eight times.     But Li Shishi, director of the Commission for Legislative Affairs of the NPC Standing Committee, said such a provision is "in accordance with the country's political system and social conditions of that time" and is "completely necessary" as the rural population is much more than that of cities and an equal ratio of rural and urban representation will mean an excessive number of rural deputies.     Rural population made up almost 90 percent of the country's total in 1949. With the process of urbanization, the ratio of urban and rural residents was about 45.7 to 54.3 last year.     Li said that with rapid urbanization and rural economic development, the time is right for equal representation, which is conducive to "mobilizing people's enthusiasm and creativity" and the development of democracy.     Zhou Hanhua, a research fellow with the Law Institute under the Chinese Academy of Social Sciences, said the draft amendment is inline with social change, and "from the legal perspective it shows that all rights are equal under the law."     Obviously, the change will be a significant political progress and it is in line with the constitutional spirit that "everyone in the nation is equal."     It also reflects the transition of the country's urban and rural society.     According to the law, the number of deputies to the NPC is limited within 3,000, and the distribution of NPC deputies is decided by the NPC Standing Committee, the top legislature.     The draft amendment says the quotas of NPC deputies are distributed to 31 provinces, municipalities and autonomous regions on the basis of their population, which ensures equal representation among regions and ethnic groups.     Another big issue that lawmakers deliberate at the session this week is to grant "equal compensation" to the victims of traffic, mining and industrial accidents as well as medical negligence, among others, regardless of the victims' identity, status, income and regional disparity.     The proposal is specified in the draft on tort liability, which is deliberated by members of the NPC Standing Committee for the third time.     Farmer victims normally get much less compensation than their urban counterparts. And there are often disputes from "different prices paid to different lives."     At the session, lawmakers consider to set the same compensation for all victims of an accident that results in many deaths.     It will be a significant step if the draft law on tort liability is adopted by the legislature, as it ensures equal rights for each Chinese and shows respect for every human life.