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BEIJING -- The Industrial and Commercial Bank of China (ICBC) has planned to open a subsidiary in the United States, as part of its going-global strategy which also involves Russia, Indonesia and the Middle East, Board Chairman Jiang Jianqing said here on Wednesday."Preparations have been going on smoothly. We hope to receive approval from American authorities as early as possible," said Jiang, a delegate to the ongoing 17th National Congress of the Communist Party of China, at a news briefing.Jiang said that next month the ICBC would open a branch in Russia and take over the Bank Halim in Indonesia. Applications to set up new branches in Dubai and Doha have been approved by the banking authorities of China, paving the way for its march into the emerging Middle East market.In its latest overseas expansion, the ICBC clinched an agreement with Seng Heng Bank Limited on August 29 to acquire a stake of nearly 80 percent of the bank in Macao for 4.683 billion patacas (US5 million), according to the bank's website.Jiang said that the ICBC would "cautiously" advance its going- global strategy. "Only when the price, opportunity and place are right will we make a move."The bank has established more than 100 branches so far in 13 countries and regions, mainly through greenfield investment, merger and acquisition. But overseas business only contributed three percent of its total assets and four percent of its profits. The ICBC hopes to raise the proportion to 10 percent in the future, Jiang said.Domestically, the ICBC has more than 16,800 outlets.With a total asset of over US0 billion, the ICBC has been named as the second largest bank of Asia and the most profitable bank with a net profit of over US billion, according to a listing of HK Asia Week of "Top 300 Asia Bank".Apart from expanding its global presence, the bank has been engaged in financial innovations at home. In September, China's banking regulator approved the bank to set up a leading company with a registered capital of 2 billion yuan (US5.96 million), the largest of its kind in the Binhai New Area of Tianjin, which will help improve the bank's performance by shifting its profits from interest income to intermediary services.Jiang said the bank's non-performing ratio would be hopefully kept under three percent this year, much lower than the industry's average of eight percent. Bad loan ratio in term of real estate property stood at 1.4 percent in the first half. 

BEIJING - State Forestry Administration investigators found more than 100 suspected footprints of a South China tiger on Friday in Shaanxi Province, where photos of the big cat taken by a farmer have caused a national controversy over their authenticity.A South China tiger [File photo] The Beijing Morning Post reported on Monday that Zhang Bin, a local forestry official who accompanied the investigators, said the team also found a skeleton suspected to belong to a young tiger."It's like the skeleton of a cat," said Zhang, adding the bones had been sent to Beijing for DNA testing. "But experts said with a length of 50 centimeters, a cat would have grown tooth bones. This skeleton hasn't (teeth), it's like a cub feline.""The experts said there is a great probability that it belongs to a South China tiger cub."He said the footprints found in Zhenping County ranged from 12 to 16 cm, with toes. "To my experience in investigating the wild, they are tiger footprints. They belong to more than one tiger."Zhang said the experts had also developed rubbings of the footprints for further analysis.In October, a farmer in Zhenping County, in the northern Shaanxi Province, claimed he snapped photos of a tiger in the forest near his home. The provincial forestry bureau later cited experts as verifying it was a South China tiger. The subspecies was believed to have been extinct in the wild for more than three decades.However, many scientists and Internet users have denounced the pictures as fake. In November, one netizen posted an on-line picture of a tiger from a new year calendar and claimed the two tigers were identical.Despite this, the provincial forestry department insisted the tiger in the photo existed in Zhenping County. The Beijing-based China Photographers Society, however, confirmed the images were not real.Last month, the State Forestry Administration dispatched an expert panel to Zhenping to carry out a field investigation. It hoped to find concrete evidence on whether the tiger existed.The photo taken by Zhou Zhenglong, a farmer in Zhenping County of Northwest China's Shaanxi Province. Zhou claimed he snapped photos of a South China tiger in the forest near his home.

BEIJING -- China's central bank admitted on Wednesday that the country is coming under increasing pressure from price hikes, and acknowledged inflation risks are "worthy of attention".The People's Bank of China said in its second-quarter monetary report published on Wednesday that the current rising prices were not solely caused by accidental and temporary factors, adding that inflation risks were on the rise.It warned that the price hikes of food products could spread to other consumer products.The report identified four reasons behind the increasing risk of inflation.It said prices for grain and meat products would not fall in the short term and uncertainties over the autumn harvest were aggravated by the ongoing drought.Meanwhile, the demand for grain is increasing from both the public and the bio-fuel industry.The meat prices would probably continue to rise in the long term owing to the rising feeding costs and the short supply, which would not be replenished in the short term due to the breeding cycle of pigs, and the price hikes of meat could easily spread to other food products, the report said.Prices of energy and resources are under pressure as the world petroleum price has climbed to an even higher level and the domestic pricing reform of resources and the country's environmental protection efforts would also push the prices higher, it said.The report also said labor costs were rising which would eventually raise the prices of consumer products.People's anticipation of inflation had been enhanced, and it would put further pressure on price hikes, according to the report.A survey by the central bank in the second quarter showed that 40.2 percent of those interviewed, the second highest record since 1999, said they were worried about inflation.China's consumer price index (CPI) rose 3.2 percent in the first half of this year, and the growth rate was 1.9 percentage points higher than the year-earlier level.Price hike for foodstuffs, mainly grain, meat and fowl and eggs, contributed significantly to the rise. Statistics show that foodstuff prices rose 7.6 percent, with grain price up 6.4 percent, egg price up 27.9 percent and prices for meat and fowl as well as related products up 20.7 percent in the first half.

Walking up on a dais in traditional Chinese dress to receive your baccalaureate degree. Well, that can become a reality if a Peking University design contest throws up something novel and exciting enough to replace the Western-style gown, which till now have been worn by students. The prestigious seat of higher learning, long known for its tradition of innovation, launched the academic-gown designing contest on Thursday. The criterion: the costume has to be traditionally Chinese. The top design could become a must at the university's graduation ceremony in the not-so-distant future, according to the university's Communist Youth League committee, which is in charge of students' activities. "If the gown proves a success, we could introduce it in other universities, too," committee director Han Liu said. The contestants, students and teachers both, have been asked to submit their gown and cap designs before June 8. After the preliminary eliminations, the selected costumes will be displayed at this year's graduation ceremony on July 3. "It's an innovation because students in all Chinese colleges today use the same Western-style gown," said Lu Peng, another committee official. "It's also part of our campaign to promote culture and tradition on campus." Colleges students used to wear different types of gowns at the graduation ceremony till the State Council's Academic Degrees Committee promoted a standard one, the Western-style gown, in 1994. The degrees committee, however, told China Daily on Friday that it was not compulsory for all colleges to use the same gown. Scholars and students have been asking if Chinese people should wear traditional clothes on important occasions, such as graduation ceremonies. "Why should Chinese students wear Western gowns while receiving their degrees?" Sui Yue said. Sui is a sophomore and president of Peking University's Costume and Culture Association for Communication, a students' association that's helping organize the contest. The contest is open to all traditional Chinese clothes, she said, but "hanfu", the pre-17th century traditional dress of the Han Chinese, the majority ethnic group of China, has the edge because of its popularity among students. Wide sleeves, crossed collar-bands, layered robes and a fabric belt are the striking features of the hanfu. The contest reflects the revival of traditional Chinese culture, Li Zhisheng, a professor of history at Peking University, said.

Investors monitor the movement of stock prices at a brokerage firm in Guangzhou, South China's Guangdong Province May 9, 2007. [newsphoto]China's main stock index hit a fresh all-time high after breaking a key barrier of 4,000 points due to the soaring blue chip stocks as investors shrugged off official warnings of a possible market bubble amid soaring corporate profits. The benchmark Shanghai Composite Index, the most widely watched indicator of the mainland's stock market, gained 1.60 percent to end at 4,013.08 points, breaching the psychologically important mark of 4,000 for the first time. That marks a gain of 50 percent so far this year on top of a 130 percent rally in 2006. Blue chip stocks showed strong performances. China Unicom, the nation's second largest wireless operator, jumped its daily limit of 10 percent to close at 6.35 yuan per share. Bank of China rose 7.77 percent to 6.10 yuan, while Industrial and Commercial Bank of China was up 5.47 percent to 5.78 yuan. The surge came after the Shanghai Composite Index was pushed to a new high in the previous session as new investor cash flooded in after the week-long May Day market recess and China's yuan broke the barrier of 7.70 against the US dollar. The consistent hitting of new highs since January was partly driven by the wave of money brought in by new investors. Some 4.787 million new A-share trading accounts were opened in April, more than the combined number of the previous two years, statistics from China Securities Depository and Clearing Corporation. The figures for the new accounts are considered a rough indicator for the number of new individual investors entering the market. Analysts said the market may undergo drastic fluctation after the index breaks the 4,000 point mark, as worries about stock overvaluations build up. The stocks in the Shanghai and Shenzhen markets are trading at more than 40 times  earnings per share on average, much higher than developed markets overseas. The growing bubble in the country's stock market is a concern, said central bank governor Zhou Xiaochuan last week, adding he would closely monitor asset prices, the consumer price index and producer price index. Zhou's remarks added to speculation there could be an interest rate hike as early as next month. Xie Guozhong, former chief China economist for Morgan Stanley, suggested regulators should come up with certain policies to put the brakes on the surging stock market for the good of long-term economic development and social stability. "China's equity market is starting to show signs of getting out of control," said Zuo Xiaolei, chief economist of China Galaxy Securities in China Securities Journal on Wednesday The market rose even after the interest rate was hiked in March, and the bank reserve ratio was raised in April, said Zuo. "The neglect of policy and blindly pushing up the equity market fosters a big market risk," he claimed.