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BEIJING, July 7 -- Chinese state-owned banks, including Industrial & Commercial Bank of China, intend to boost the contribution of the credit card business to their profits as they tap the rising demand to use plastic to pay for purchases.     ICBC, the country's biggest lender, expects to boost its credit cards in circulation to 50 million at the end of 2009 from 33 million now, Li Weiping, president of the Beijing-based bank's card center, told Shanghai Daily on Saturday in Shanghai. Industrial & Commercial Bank of China Ltd expects to boost its credit cards in circulation to 50 million at the end of 2009 from 33 million nowThe country's biggest bank, which had earlier planned to boost card number to between 35 million and 38 million, expects to achieve the target, going by the pace of its card issuance in the first half, Li said. The credit card business accounts for about 10 percent of the bank's intermediary business, or fee-based income, and is one of the main contributors.     Chinese banks are shifting from its traditional deposit-lending business as they expand their profit avenues.     ''We expect the contribution (of credit cards to profit) to grow by 2 to 3 percentage points annually,'' Li said.     ICBC is among the country's "big four" state-owned banks to speed up the credit card business while their smaller joint stock rivals have already an edge in the market.     China Merchants Bank, the sixth biggest lender on the Chinese mainland, has one-third share of the credit card market. Other state-owned banks, including Agricultural Bank of China, said they are seeking growth as they pursue prudent risk control.     China Construction Bank expects to break even on its credit card business next year, said Wu Huitao, deputy general manager of the bank's credit card center. CCB targets card numbers at 20 million at the end of this year, from 16 million now, Wu said.     Credit cards will be the most important consumer credit product after mortgages, with profit forecast to reach US.6 billion by 2013, accounting for 22 percent of total consumer credit profits, said New York-based McKinsey & Co.

BEIJING, Aug. 30 (Xinhua) -- The country's top 500 giants are narrowing gap with foreign counterparts, but they still lag behind, the China Enterprise Confederation announced in its release of the 2008 Top 500 Chinese enterprises list on Saturday.     According to the report, the total revenue of the top 500 Chinese enterprises reached 2.99 trillion U.S. dollars (1 dollar=7.3046 yuan, calculated under the exchange rate in 2007), profits 188.4 billion U.S. dollars and assets 8.17 trillion U.S. dollars.Revenues were equivalent to 12.67 percent of the global top 500, profits equaled 11.85 percent and assets 7.79 percent, compared with 10.7 percent, 6.5 percent and 7.8 percent respectively last year.     Analysts said the growing proportion of revenue and profits indicated that Chinese companies had become more competitive and profitable.     Confederation deputy president Li Jianming said the country's growing economy had benefited these enterprises in spite of price hikes for oil and other materials.     He also said private enterprises had grown more robust and capable of taking in advanced technology and management from world giants. They accounted for about a fifth of the country's top 500 enterprises.     In addition, their rising investment in research and development and their emphasis on exploring the domestic market increased competition. The growth rate of net profits of the country's top 500 was 19 times faster than that of the world's top500.     However, another confederation deputy president Wang Jiming said Chinese enterprises still fell behind in innovation, investment in research and development, and the ability to operate internationally. It would take a long time to catch up.     Only 39 enterprises reported overseas sales income of more than 30 percent of the total revenue. Research and development spending accounted for only 1.32 percent of their total revenue, compared with the international average of 3 percent to 5 percent.     Poor supply chain management also lagged behind. Logistics coststill accounted for much of the total output, twice that of the world average. Haier and Huawei were among the few enterprises that paid adequate attention to supply chain management.     Sinopec Corp, Asia's top oil refiner, retained top spot for the fourth straight year on the Top 500 Chinese Enterprises list with its business revenue exceeding 1.2 trillion yuan, (175.2 billion U.S. dollars), the China Enterprise Confederation (CEC) said on Saturday.     The oil giant was followed by the State Grid and PetroChina Company.     The top 500 companies paid taxes of 1.74 trillion yuan, accounting for 35.2 percent of the national tax revenue.     Baosteel Group Co. and China FAW Corporation and Hongfujin Precision Industry (Shenzhen) Co. held the top three positions in manufacturing sector.     The State Grid Corp. of China, the Industrial and Commercial Bank of China and China Mobile ranked the top three in the service sector.

BEIJING, Sept.1 (Xinhua) -- China's securities watchdog on Monday required fund companies to make their information release more transparent and rolled out a draft regulation on brokers, its latest moves to boost the healthy development of the country's stock market.     The information of stock-oriented funds, such as their periodic results, would be regularly publicized on the website of the China Securities Regulatory Commission, according to a standard format in the eXtensible Business Reporting Language (XBRL), starting from Jan. 1 next year, the CSRC said in a statement on Monday night.     "The move was to further improve the quality of information release by fund companies," said the CSRC.     The new rule was expected to help third-party agencies to appraise and supervise the management of fund companies. Previously it was difficult for a third party to collect and analyze the first-hand information of funds, which was not available to all.     Meanwhile, the CSRC said a new regulation on securities brokers would prohibit them from surpassing their authority by manipulating customers' accounts or providing investment counseling.     The dealers would also be forbidden to "offer or spread false, misleading information", or "tempt customers to make unnecessary deals," said the CSRC. Nor could they make agreements on sharing investment proceeds with customers, or promise gains or compensation for losses.     "It was aimed at protecting the legal interests of fund investors and ward off risks caused by ill regulation of securities dealers," said the CSRC in a separate statement.     The watchdog's actions were part of China's recent efforts to straighten out the stock market order and lay a sound foundation for a long-term development.     The CSRC announced earlier this month it would raise the refinancing threshold for listed companies, saying the dividend they pay to shareholders in the recent three years should be no less than 30 percent of its distributed profits, compared with the previous set line of 20 percent.     Refinancing plans of listed companies had led to share price declines and complaints in China as liquidity concerns loomed over the stock market. Investors also blamed their losses on insider trading and opacity of fund companies.     Last week, a draft amendment to the Criminal Law was submitted to China's top legislature, stating that employees of financial institutes will face criminal prosecution for insider trading. Currently there were no relevant provisions in the Criminal Law.     China's benchmark Shanghai Composite Index has shed more than 60 percent from its peak in mid October last year.     In the first half, 364 funds in the country incurred a record loss of 1.08 trillion yuan (about 154 billion U.S. dollars), more than 90 percent coming from stock-oriented or hybrid funds, according to statistics from the TX Investment Consulting Co..

BEIJING, Aug. 11 (Xinhua) -- Chinese President Hu Jintao on Monday met separately with several foreign leaders in the Great Hall of the People in central Beijing.    The foreign leaders, including Cambodian King Norodom Sihamoni, President of Cyprus Demetris Christofias, Slovak President Ivan Gashparovic and Latvian President Valdis Zatlers, had come to the Chinese capital to attend the opening ceremony of the Beijing Olympic Games on Aug. 8 and other activities relating to the Games.Chinese President Hu Jintao (R) shakes hands with King of Cambodia Norodom Sihamoni during their meeting in Beijing, China, Aug. 11, 2008. Norodom Sihamoni attended the opening ceremony of the Beijing Olympic Games on Aug. 8.Hu extended a warm welcome to the guests, and said the Beijing Olympics, with the theme of "One World, One Dream," is an international sports gala that belongs to people of all countries in the world.    The foreign leaders spoke highly of the Games' opening ceremony and China's preparations for the Games, and expressed the belief that the Beijing Olympics will be a great success.    Hu also had a broad exchange of views with the leaders on bilateral relations and other major regional and international issues of common concern.    In his meeting with King Sihamoni, Hu said that China and Cambodia are not only good neighbors that coexist in peace and harmony, but also good friends with mutual trust, good brothers sharing happiness and woe, and good partners working together for a win-win end.    "The friendly relationship between China and Cambodia is exemplary for countries of different social systems which want to treat each other equally and carry out sincere cooperation," Hu said.    The Chinese government and people are ready to work with their Cambodian counterparts to enhance friendly exchanges, expand mutually-beneficial cooperation, and promote common development, said Hu, adding that China highly appreciates the Cambodian Royal Family's "outstanding contribution" to the development of Sino-Cambodian relations.    King Sihamoni responded that the Cambodia-China friendship was forged and developed through the efforts of several generations of leaders of both countries.    He said the Cambodian Royal Family, government and people appreciate the long-time support and assistance from China and are dedicated to the development of good-neighborly friendship and cooperation with China.Chinese President Hu Jintao (R) shakes hands with President of Cyprus Demetris Christofias during their meeting in Beijing, China, Aug. 11, 2008. Demetris Christofias attended the opening ceremony of the Beijing Olympic Games on Aug. 8. While meeting President Christofias, Hu pointed out that China and Cyprus enjoy all-weather friendship and partnership.    "China is willing to work with Cyprus to enhance high-level exchanges, expand cooperation in diverse fields and cement coordination within the frameworks of the United Nations and Asia Europe Meeting and in multilateral affairs," he said.    President Hu stressed China's persistent stand that the independence, sovereignty and territorial integrity of Cyprus should be duly respected, and the Cyprus issue should be settled in a fair and reasonable manner on the basis of relevant UN resolutions.    Christofias thanked the Chinese side for the support of Cyprus unity, and hoped the two countries enhance cooperation in trade and economic sectors.    Cyprus will continue with its efforts to promote Europe-China relations, he added.Chinese President Hu Jintao (R) meets with his Slovakian counterpart Ivan Gashparovic in Beijing, China, Aug. 11, 2008. Gashparovic was here to attend the opening ceremony of the Beijing Olympic Games on Aug. 8 and other events. Meeting with his Slovak counterpart, Hu said that bilateral ties have been going along quite well in recent years and the two countries have enhanced high-level exchanges, built mutual political trust, maintained practical and fruitful cooperation in diverse fields, and cemented coordination in international affairs.    Slovakia is considered as a trustworthy friend and partner of China, Hu said. "Next year will mark the 60th anniversary of the establishment of China-Slovakia diplomatic relations. We're willing to work with Slovakia to promote bilateral friendly cooperation to a new height."    President Gashparovic said his country thinks highly of China's influence in international affairs, and hopes to deepen cooperation with China to further promote bilateral relations.Chinese President Hu Jintao (R) shakes hands with President of Latvia Valdis Zatlers during their meeting in Beijing, China, Aug. 11, 2008. Valdis Zatlers attended the opening ceremony of the Beijing Olympic Games on Aug. 8. In his discussions with the Latvian president, Hu said that China's relations with Latvia have forged ahead smoothly since the two countries clinched diplomatic ties 17 years ago.    China values such relations and is ready to work with Latvia in promoting all-round development of bilateral ties by maintaining exchanges at all levels, enhancing contacts between the governments, legislatures and political parties, expanding channels for trade and economic cooperation, broadening exchanges and cooperation in diverse fields including science and technology, culture and education, and maintaining good coordination in international affairs, Hu said.    President Zatlers echoed Hu's views on bilateral ties, saying his country is ready to work with China to expand cooperation in economic and trade fields and boost exchanges in education and cultural sectors.    During the Monday meetings, Hu also thanked the foreign leaders for their countries' assistance to China after the devastating May 12 earthquake that rocked Sichuan Province and neighboring regions.

BEIJING, Aug. 10 (Xinhua) -- China is ready to work together with the United States to forge ahead bilateral relations of constructive cooperation along the right track and in a sustained, healthy and stable manner, President Hu Jintao said here on Sunday.During a meeting with his U.S. counterpart George W. Bush in the central government compound of Zhongnanhai, Hu said the Chinese side has always viewed and handled its relations with the United States from a long-term and strategic perspective.     Hu said China is willing to work with the U.S. side to promote dialogue and exchanges, enhance understanding and mutual trust, respect and care for each other's interest and concerns, and settle sensitive issues properly to ensure bilateral relations go along the right track and in a sustained, healthy and stable manner.Chinese President Hu Jintao (R) shakes hands with U.S. President George W. Bush at Zhongnanhai, compound of China's central authorities, in Beijing, China, Aug. 10, 2008.     China-U.S. relations have maintained a good momentum, and face opportunities for further development, Hu said.    The Chinese president cited frequent exchanges between the two countries at all levels, a better mechanism of dialogue and consultation in diverse areas, and fruitful consultation and coordination on major international and regional issues, such as the Korea Peninsula nuclear issue, the Iran nuclear issue and the Darfur issue.    Hu spoke highly of Bush's contribution in promoting bilateral relations, and said he was very pleased to meet Bush again.    "This is already the fourth visit you pay to our country, which has made you the U.S. president paying the most visits to China in the presidential terms," Hu told Bush.    "This has fully demonstrated the great importance Mr. President has attached to the development of Sino-U.S. relations," he said.    The inauguration of the new U.S. embassy in Beijing on Friday, which President Bush attended, and the inauguration of the Chinese embassy in Washington at the end of last month, signified the further advancement of the China-U.S. relations, said the Chinese president.    In response, Bush noted that bilateral relations with China are important, constructive and forthright, adding that the U.S. side will continue to work with China to build bilateral ties on a more solid foundation.    On the Taiwan issue, Hu reiterated China's stance against "Taiwan independence," and hoped the United States properly handles the issue to support the peaceful development of cross-Strait relations.    "No matter what kind of changes take place in the cross-Strait relations, our stance of adhering to the one-China principle and opposing 'Taiwan independence' secessionist activities will never change, and cannot be changed," Hu said.    Under new circumstances, the Chinese government will continue to push for the peaceful development of the relations across the Taiwan Straits, and promote cross-Strait personnel, economic and cultural exchanges and cooperation, said the Chinese president, adding that China hopes to see Washington properly handle the Taiwan issue and support such peaceful development.    President Bush responded that the United States is glad to see the improvement of cross-Strait relations.    During the meeting, which was followed by a banquet, the U.S. president said that he enjoyed the conservation with Hu, and has had "memorable experience" every time he visited the country.    Describing the grand opening ceremony of the Beijing Olympic Games, which he attended on Friday night, as "spectacular," Bush congratulated China on the successful opening of the Games and said he has "fully enjoyed" the Games. He also thanked the Chinese side for its considerate arrangements of various activities for himself and his family during their stay in Beijing.    Having watched a swimming final on Sunday morning in which Michael Phelps clinched a men's 400m individual medley gold with a new world record, Bush said he is looking forward to watching the basketball match between China and the United States scheduled for Sunday night.    Hu congratulated Bush on the victory of Michael Phelps, whom he called "an excellent athlete of the United States," and expressed the belief that Phelps will "achieve more outstanding results" in the Olympic swimming competition.Chinese President Hu Jintao (R, front) shakes hands with U.S. President George W. Bush during their meeting at Zhongnanhai, compound of China's central authorities, in Beijing, China, Aug. 10, 2008.The Chinese president also took the opportunity to expressed sympathy over the tragic incident on Saturday in which one American citizen was killed and the other injured.    "I would like to express my heartfelt sympathy to you and the family of the victims over this unfortunate incident," said Hu.    Hu said that the Chinese side has paid great attention to this incident and he has personally instructed the Chinese Foreign Ministry to visit the injured American in hospital.    "We started investigation on this case immediately, and will handle it seriously in accordance with law. We will keep contact with the U.S. side and inform you of the new developments," said the Chinese president.    Bush thanked China for how it has handled the situation of Todd Bachman and his family, and also thanked Hu for his expression of sympathy.    Todd and Barbara Bachman of Lakeville, Minneapolis, were attacked by a man with a knife while touring the 13th-century Drum Tower of Beijing on Saturday. Todd Bachman died from knife wounds while his wife suffered multiple stab wounds and was in critical but stable condition after an eight-hour surgery.    Police said that the assailant, 47-year-old Tang Yongming from Hangzhou of east China's Zhejiang Province, later killed himself by jumping off a 130-foot high balcony on the Drum Tower.    During the Sunday meeting, the two presidents also exchanged views on other issues, including the Korean Peninsula nuclear issue and the Iran nuclear issue.    They agreed that the two sides should maintain communication and coordination, and make joint efforts to facilitate the proper settlement of these issues.    Both leaders also made a positive evaluation of the progress achieved through the strategic and economic dialogue between the two countries, and agreed to work together to help the dialogue achieve more positive results.