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BEIJING, March 3 -- The China Development Bank (CDB) will mainly serve medium- and long-term national development strategies even after it is transformed into a commercial bank, a senior executive said on Sunday. A China Development Bank office in Shanghai. The China Development Bank (CDB) will mainly serve medium- and long-term national development strategies even after it is transformed into a commercial bank, a senior executive said March 2, 2008. The CDB cannot turn into a commercial bank immediately since it does not accept individual deposits now, but it will start doing so in the future, said Liu Kegu, vice governor of the bank. The CDB is one of the three policy lenders in the country. The CDB at the end of last year received the first 5 billion U.S. dollars of the planned 20-billion-dollar re-capitalization from Central Huijin, an investment arm incorporated into China Investment Corp (CIC). Liu said the capital injection will not affect the CDB's credit rating since it has the best asset quality among domestic banks. It has a non-performing loan ratio below 1 percent - much lower than that of major commercial banks. The CDB will retain its long-term credit business and the right to issue financial bonds in the interbank market. The lender has generated controversy in the banking industry by increasingly becoming involved in commercial business in recent years. Earlier reports said that the CDB is planning to expand into financial leasing to diversify its business. It is reported to be on the verge of acquiring Shenzhen Financial Leasing Co Ltd for 7 billion yuan, by taking a 90 percent stake.
TOKYO - Japan's Supreme Court on Friday overturned a landmark ruling that had ordered a Japanese company to compensate Chinese who were forced to work as slave labourers during World War Two. It was the first ruling by Japan's top court on whether foreigners forcibly brought to Japan to work during and before World War Two had the right to compensation. A lower court had ordered Japanese construction firm Nishimatsu Construction Co. Ltd. to pay a total of 27.5 million yen (0,000) in compensation to a group of five Chinese for forcing them to labour in Japan during World War Two.

BEIJING -- Thirty-one provinces, autonomous regions and municipalities on the Chinese mainland had reshuffled local Party committees through internal elections for Party officials within a year ending last June.Moreover, 408 cities, 2,763 counties and 34,976 townships have elected new Party committee leadership from early 2006 to April this year, the Organization Department of the CPC Central Committee said here Thursday.This has made good preparation for the upcoming 17th CPC National Congress.The positions in the new Party committees at the provincial, regional and municipal levels were reduced by 21 compared with previous ones. The positions were cut by 149 at the city level, by 859 at the county level, and by 34,368 at the township level.Meanwhile, the local Party leaders are younger and well educated, particularly at the provincial level. The age of leaders in CPC provincial committees average 52.9 years old, half a year younger than their predecessors, and 91.6 percent of them received college education, 14 percentage points higher than before.The CPC Central Committee has taken a series of measures to make the election in local Party leadership fair and clean, the department said.In 296 townships of 16 provincial-level regions across China, leaders of Party committees were directly voted by CPC members as pilot projects.The ratio between the candidates and the elected officials reached 100:89 in the election at the provincial level and 100:88 to 100:85 at the county-level.The candidates also received strict scrutiny from the Party discipline departments to ensure they are clean from corruption or scandals.A hot line was set to receive tip-off about malpractice and corrupt candidates during the local Party leadership reshuffle.Thus far, 260 officials have been punished for malpractice.
BEIJING, March 21 -- A growing number of people are choosing to keep their money in the bank rather than invest it in stocks or property, a central bank survey released yesterday said. More than 51 percent of the 20,000 households polled said the current level of interest rates was "appropriate", the quarterly survey by the People's Bank of China said. The figure was up from 46 percent in the previous poll held in the fourth quarter of last year, and was the fourth consecutive quarterly increase. The central bank raised interest rates six times last year in a bid to curb inflation. The rate for a standard one-year savings account is now 4.14 percent, up from 2.52 percent at the start of last year. While investing on the stock market was a popular option in the earlier part of last year, recent corrections have dampened enthusiasm. The benchmark Shanghai Composite Index has fallen about 40 percent since October, and in recent months, bank deposits have grown significantly. The survey was carried out last month and involved families in 50 cities. Of those polled, 35 percent said they thought it necessary to save more, up from 30 percent in the previous poll, while almost 28 percent said they planned to invest more in stocks and mutual funds, down from about 36 percent.
BEIJING -- China may entirely switch to non-food materials such as cassva, sweet potato, sorgo and cellulose in producing ethanol fuel as a substitute for petroleum, said a government official. The country would approve no projects designed to produce ethanol fuel with food from now on, an official of the National Development and Reform Commission (NDRC) told a seminar on China's fuel ethanol development held in Beijing on Saturday. "Food-based ethanol fuel will not be the direction for China," said Xu Dingming, vice director of the Office of the National Energy Leading Group, who was also at the seminar. China has been trying to avoid occupation of arable land, consumption of large amount of grain and damages to the environment in developing the renewable energies. The current four enterprises engaged in producing corn-based ethanol would be asked to switch to non-food materials gradually, according to the NDRC official who declined to be named. The four enterprises in Jilin, Heilongjiang, Henan and Anhui have a combined production capacity of 1.02 million tons of corn-based ethanol per year. The country has become a big producer and consumer of ethanol fuel in the world after the United States, Brazil and European Union, according to the NDRC official. China Oil and Food Corporation (COFCO), the country's largest oil and food importer and exporter, would focus on sorgo in the production of non-food-based ethanol fuel, said Yu Xubo, president of COFCO at the seminar. COFCO, which owns the Heilongjiang enterprise and has a twenty-percent stake in the Anhui enterprise, aims to produce five million tons of ethanol fuel based on sorgo in the near future. COFCO is leading the way in developing cellulosic ethanol fuel under a cooperation agreement with Denmark-based Novozymes, which leads the world in researches into the key enzymes needed in large-scale production of cellulosic ethanol. The current cost for producing ethanol fuel from stalks of corn, which are discarded by farmers, is still too high. Novozymes is working on the commercialization of cellulosic ethanol both in the United States and China. "We are optimistic about China's prospect of making it work ahead of the US, as the cost of collecting the stalks of corn are much cheaper in China," said Steen Riisgaard, president and CEO of Novozymes. There is much opposition both in China and in the world to corn-based ethanol fuel, which is believed will lead to higher corn price.
来源:资阳报