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An investor smiles before an electronic board showing stock information at a securities firm in Xiamen, East China's Fujian Province March 20, 2007. [newsphoto]The net income of the 287 funds launched by 53 fund management firms totaled 124.8 billion yuan, while paper profits reached about 146 billion yuan, according to WIND, a provider of Chinese financial data. The profits were more than 38 times greater than the seven billion yuan earned in 2005 by all 206 funds under 46 fund management firms. The majority of profits came from the 216 stock-leaning funds, which have at least 60 percent of their investments in stocks. They reported total operating profits of 261.4 billion yuan, accounting for 96.53 percent of all fund profits. The country experienced a fund investment boom last year as investors shifted low-interest bank deposits into the bourses, which surged 130 percent last year after a four-year slump. Fifteen million people have invested in funds. The proportion of individual investors in closed-end funds rose to 74.21 percent by the end of 2006, an increase of 18.05 percentage points from the end of the first half, according to WIND. China raised 390 billion yuan in 90 new funds and registered 7.78 million new accounts in 2006. More than 300 mutual funds have sprung up in China since 1992. The funds are valued at around one trillion yuan, accounting for 19 percent of the present stock markets.

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. 

First Deputy Prime Minister and presidential candidate Dmitry Medvedev smiles during a news conference at his election headquarters in Moscow March 3, 2008.  (Xinhua/Reuters Photo)    BEIJING, March 3  -- Chinese President Hu Jintao Monday congratulated Dmitry Medvedev on his victory in Russia's presidential election.     With the joint efforts of both sides, China and Russia have seen in-depth and all-around development in their strategic partnership of coordination, Hu said during a telephone conversation with Medvedev.     China and Russia have continued to strengthen mutual political trust and made fruitful achievements in pragmatic cooperation, he said, noting the successful national theme years held respectively in the two countries in 2006 and 2007.     The Chinese government will unswervingly boost the strategic partnership of coordination with Russia on the basis of mutual respect, trust and support, Hu said.     Hu said he is willing to make concerted efforts with Medvedev to push forward the two countries' strategic partnership of coordination.     In their telephone conversation, Hu also invited Medvedev to visit China at an early date.     For his part, Medvedev said Russia and China have continued to make headway in pragmatic cooperation in such fields as trade and economy, as well as conducting significant coordination in international affairs.     He described Russia-China ties as a key factor in current international relations, saying that to develop the strategic partnership of coordination is the only option for Russia's policy toward China.     Russia is ready to work closely with China to push their bilateral relations to a new high, said the president-elect.     Medvedev thanked Hu for his invitation, saying he is looking forward to a visit to China and a meeting with the Chinese president.     Medvedev, first deputy prime minister of Russian President Vladimir Putin's cabinet, won a landslide victory in Sunday's presidential election.

BEIJING, March 22 -- When outsiders try to put a lens on the lives of Shanghai's migrants - a group receiving more attention these days - they may well encounter problems of access and privacy. After all, they're on the outside looking in.     In the "My Shanghai" project, however, around 50 children of migrant workers were taught basic photography, armed with cameras, given a roll of film and told to tell their own stories.     The exhibit opens today at TwoCities Gallery at 50 Moganshan Road. Proceeds from sales of some photos will be donated to the Jin Hu Primary School in Minhang District.     On two recent Saturdays, around 35 Chinese and expat volunteers visited the school to glimpse a world quite unlike their own - and to help kids share that world.     Together they taught basic photography to four classes of sixth-graders at the school for migrants' kids. Four expats were the instructors; Chinese volunteers translated.     Film cameras, mainly provided by individuals and schools in the United States, were given to the students to capture their own lives.     The 11 most evocative winning photos have been enlarged and exhibited with around 100 smaller pictures.     "My Shanghai" was launched with a screening of the Academy Award-winning documentary "Born into Brothels," attended by most volunteers. It's about a similar photography project in the red-light district of Kolcata (Calcutta), India.     Eva Ting, director of TwoCities Gallery, wanted to undertake a similar project in Shanghai where little is known about migrant workers and their families. The group is receiving more attention nationwide as many complained of job discrimination and other problems.     "(The film) struck me as a powerful way to bridge the distance between peoples who perhaps don't fully understand each other," says Ting. The 29-year-old Chinese American hopes to hold a summer art camp for the migrant workers' children.     Ting is among an increasing number of artists in Shanghai stepping out of their studios to help migrant students. "My Shanghai" aims to empower the children and give them confidence to express themselves creatively through photography and art. It also aims to increase awareness of the situation and problems of migrant workers and their families.     "Having a foreigner and a Chinese working together and teaching migrant children about photography is really important in showing them they are important individuals," says Grayson Stallings, 23, one of the American teachers. "We want to let them know that we find real importance in what the children see and we can't see what they do except through them."     The photographs have a raw and authentic quality: free from formal aesthetic considerations, they give an insight into the little-seen world of migrant families.     The top prize went to a simple picture of a birdcage against a blank white wall. The message of the cage, of course, is that migrant children are restricted and confined; the blank wall suggests a lack of opportunities. It was taken from a position below the cage and distant, suggesting the young photographer was looking on.     Another photo presents a leafless tree in winter, its branches reaching high into the sky, as if seeking freedom and opportunities. The young photographer shoots upward, but the sky is empty. This image, along with nine other "picks," will be sold in postcard size for 15 yuan (US.10)     Other pictures take an unflinching look at shabby furnishings, wistful siblings hugging toys for sale, and simply happy play with friends in the street.     "I want to show everyone my family," says 15-year-old He Chuanqi.         Other students feel the same. Most used half the shots on their 36-roll film to take pictures of their families.     The project is also important to the volunteers as it brings together expats and Chinese.     "It was great finally getting to know a small but nevertheless real part of Shanghai rather than just hanging out in a separate world of our own," says Daniel Allegri,22,an American assistant in the photography class.    

China has been in the media spotlight for food safety recently, but it has gone all out to ensure that its food products are safe and to restore consumer confidence home and abroad.Its efforts seem to have accelerated with the publication of the first White Paper on food safety on August 17 and the naming of Vice-Premier Wu Yi as head of a high-profile panel on product quality and safety issues. That was followed by a series of efforts by government organs to tighten food safety measures.On August 31, the country's quality watchdog officially introduced the landmark recall system for unsafe food products and toys, making producers responsible for preventing and eliminating unsafe items.Food safety became a big concern in China after a series of food contamination cases were reported from across the country. Last November, the country's food safety watchdog found seven companies supplying red-yolk eggs that contained the dangerous Sudan Red dye, which is used in the leather and fabric industries but is banned from use in food products.The same month, three people were arrested in Shanghai for adding 3-4 grams of banned steroids to each ton of pig feed to increase the proportion of lean meat. The steroids, which prevent pigs from accumulating fat, can be harmful to humans. More than 300 people fell ill after eating meat from pigs that had been fed the steroids.Also last year, carcinogenic residues were found in turbots sold in Beijing and Shanghai markets. Even international fast food giant KFC was accused of adding the carcinogenic Sudan 1 dye to its roast chicken wings.Ministry of Health figures show that in the first half of this year, China reported 134 food poisoning cases, in which 4,457 people fell ill and 96 died.Food is China's biggest industry with last year's output estimated to be 2.4 trillion yuan (5.8 billion), according to the China National Food Industry Association.Bitter stories made the rounds after people fell victim to food poisoning. In June 2006, more than 130 people contracted parasitic diseases after eating undercooked snails in a restaurant. One of them was Yang Fangfang. His family, including his parents, wife and 18-month daughter, fell ill.The Beijing Health Bureau said the infection was caused because the food was not cooked properly and because the restaurant had failed to remove eel-worms in the snails.Although Yang survived, he still complains of pain, sometimes severe, in his lower body and stomach. A gourmet before the incident, Yang now regards food as a potential threat to his life.In overseas markets, substandard exports from China since March - from pet food, drugs, toothpastes and toys to aquatic products and tires - has sparked concern over "made-in-China" products. Diethylene glycol contaminated medicine exported from China was been blamed for dozens of deaths in Panama. Deaths of some dogs and cats in North America were attributed to tainted Chinese wheat gluten.Jing Luyan, 24, who works for a Beijing-based travel agency, says she trusts the government and the media for information on food safety issues."If they say I shouldn't eat something, then I stop immediately, it's as simple as that," Jing says. Many of her colleagues and friends do the same.Pressure from home and abroad prompted the Chinese government to acknowledge that the country's food and drug safety situation was not satisfactory and that enhanced supervision was needed. At a press conference in July, China's food and drug watchdog spokeswoman Yan Jiangying said: "As a developing country, China's food and drug supervision work began late and its foundations are weak. Therefore, the food and drug safety situation is not something we can be optimistic about".The press conference was held jointly by five major ministries in charge of food safety: the Ministry of Agriculture, the Ministry of Health, the State Administration for Industry and Commerce, the General Administration of Quality Supervision, Inspection and Quarantine and the State Food and Drug Administration.It was a rare attempt by the government to seriously address the issue, and it enumerated a series of measures to be taken. But it failed to offer a convincing mechanism for coordinating work among the five ministries, leaving the murky regulation of food safety unresolved.There have been worries over China's food safety supervision because at least five ministries are in charge of food safety and coordination among them is no easy job.Vice-Minister of Health Wang Longde went on the record as saying that new laws were needed to strengthen food safety supervision and the duties of relevant government agencies had to be coordinated. The government has stepped up efforts since then to address the issue to restore confidence in Chinese food products sold at home and abroad.China's first-ever White Paper on food safety published recently sets forth a series of achievements along with planned measures to improve food quality - from setting up a national food recall system to increasing exchanges with quality officials from other countries.Wu Yi's panel, meant to address the country's problems in food safety and product quality, partly dispelled people's concerns over lax supervision of food safety owing to too many regulators. Analysts say the newly set up panel, headed by Wu Yi, will improve supervision.The government, on its part, has started a four-month nationwide campaign to improve food safety and product quality. Wu describes the campaign as a "special battle" to ensure public health and uphold the reputation of Chinese products. The campaign will target farm produce, processed food, the catering sector, drugs, pork, imported and exported goods and products closely linked to human safety and health.Luo Yunbo, dean of the food science and nutritional engineering school of China Agricultural University, says the White Paper offers authoritative information on food safety, and the latest moves reflect the government's determination to improve product quality.The paper says the percentage of food products that passed quality inspections had risen steadily in recent years, up from 77.9 last year to 85.1 percent this year. As for small food processors, believed to be a major food safety threat in China, the paper says the country will prompt small-scale producers to form larger entities to ensure better food safety.Almost 80 percent of China's food producers operate in small workshops employing fewer than 10 workers. By the end of June, the government had weeded out 5,631 unqualified small producers, forced 8,814 to stop production and asked 5,385 to improve their standard.The number of small food producers will be halved by 2010, the quality supervision administration said after the country published its first-ever five-year plan on food safety in May. Also, the government wants to weed out all uncertified producers by 2012.The government is seriously addressing overseas concerns over Chinese food products. It has shut down the factory that supplied the tainted medicine to Panama, and two firms that exported contaminated wheat and corn protein, which ended up in pet food in the United States, killing a number of dogs and cats in North America.The country's top quality watchdog has announced that all major food exports produced from September 1 have to carry labels showing they have passed inspection to help stop illegal exports and bolster consumer confidence in the quality and safety of Chinese food products.The White Paper says the acceptance rate of Chinese foodstuffs exported to the European Union (EU) was 99.8 percent in the first half of this year, followed exports to the US (99.1 percent).Japanese quarantine authorities found Chinese food exports had the highest acceptance rate, 99.42 percent, followed by the EU (99.38 percent) and then the US (98.69 percent).But food safety cannot be improved greatly overnight, and people seem to differ on what they can do as individuals to bring about lasting change.Take Jing Luyan, for instance, who is fond of tasting different types of food, especially traditional Beijing snacks. But traditional snacks are usually cooked in shabby restaurants in small alleys."I believe that the most delicious food can hardly ever be found in swanky establishments with irreproachable hygienic conditions," says Jing.She has never fallen ill after eating at street corner stalls, she says.