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The second batch of quotas for qualified foreign institutional investors (QFII), a scheme for foreign players to invest in the A-share market, is likely to be about billion, an industry insider, who declined to be named, told China Daily on Friday. The source said that the second batch of QFII quotas was being discussed, and pending approval by the Chinese government, was likely to be about billion, not exceeding that of the last batch, which was billion. Hu Xiaolian, Deputy Governor of the central bank and Administrator of the State Administration of Foreign Exchange (SAFE), said earlier that related rules on the QFII scheme were being amended and the total QFII quota would certainly see an increase in 2007. However, she declined to give a specific sum. China has so far approved 52 overseas institutions as QFIIs to invest in the A-share market, of which 49 have got a combined investment quota of .995 billion from SAFE, near the upper limit of billion as stipulated previously. Industry insiders said the demand for QFII quotas was strong at present and more should be granted. "Despite the excessive liquidity in the A share market, the Chinese government should grant more quotas to QFIIs. Otherwise, they will find other ways, making it more difficult to supervise," She Minhua, an analyst with CITIC China Securities said. Meanwhile, the booming Chinese stock market is attracting more foreign financial firms to set up joint ventures in the investment sector. The Financial Times on Thursday reported that Nikko Asset Management, a QFII approved in 2003, has become the first Japanese fund firm to acquire a 20 per cent stake in a local firm, the Shenzhen-based Rongtong Fund Management Company. Nikko AM bought the stake from Shaanxi International Trust & Investment (SITI), for 3.8 yuan per share, valued at 475 million yuan, according to a statement by the Shenzhen-listed SITI.

Beijing - China is turning the site of a prison camp run by Japanese forces during World War Two into a war museum, the Xinhua news agency said on Sunday. More than 2,000 prisoners from the United States, Britain, the Netherlands and Australia were imprisoned at the camp in Shenyang, a Manchurian city formerly known as Mukden, between November 1942 and August 1945. More than one in 10 of them died, Xinhua said. Many Chinese believe Japan has yet to apologize properly for its invasion and occupation of China in the years leading up to and during the war. The 54 million yuan (US million) museum in Shenyang will include a two-storey brick building, three bungalows and a water tower, all original camp buildings in the Dadong district, Xinhua said. Two walls in a square will be inscribed with the names of the prisoners of war. China has a museum in Nanjing commemorating the slaughter of the citizens of that city, formerly known as Nanking, by invading Japanese troops 70 years ago. Nanjing has become the focal point for Japanese ultra-nationalists who dispute the Chinese estimate that 300,000 died or even that any massacre occurred. An Allied tribunal after the war put the death toll at about 142,000 men, women and children.

The website of the National Bureau of Corruption Prevention (NBCP) crashed on Tuesday, just hours after its launch, as droves of people logged on to complain about corruption among officials.The website (yfj.mos.gov.cn) was closed for most of the afternoon, Beijing Youth Daily reported.An NBCP official, who did not want to be named, confirmed the breakdown had occurred."Repairs were carried out soon after the website broke down and normal service has now been resumed, he told the Xinhua News Agency."The number of visitors was very large and beyond our expectations," he said.As of 4 pm yesterday, visitors had left 22 pages of messages in the website's guest book.While many of them referred to report specific cases of official corruption, these were redirected by the webmaster to other sites, such as that of the Ministry of Supervision.Other visitors made calls for the strengthening of the government's anti-corruption efforts, and comments about the need for special attention to be given to cases involving institutes of higher education and grassroots governments."The corruption problem in China is a fatal illness. Establishing more institutions will not solve the problem," one comment read.The enthusiasm that greeted the launch of the website reflects the growing frustration felt by the public toward corruption at government level, which has been accentuated by several high-profile cases in recent years.Several senior officials, including Qiu Xiaohua, the former director of the National Bureau of Statistics; Zheng Xiaoyu, the former head of the food and drug administration; and Chen Liangyu, the former Party head of Shanghai, have been found guilty of serious corruption.Last year, more than 90,000 officials were disciplined, according to official figures.The NBCP was set up on September 13, with Ma Wen, the Minister of Supervision, as its head.The bureau has been entrusted to collect and analyze information from the banking, land use, medicine and telecommunications sectors, among others, and to share it with prosecuting organs, courts and the police.It is not, however, involved in the investigation of individual cases.

BEIJING - Chinese Defense Minister Cao Gangchuan will pay official good-will visits to Japan and the Philippines from August 29 to September 6, according to the Chinese Defense Ministry.He will visit the two countries at the invitations of Japanese Defense Minister Koike Yuriko and Philippine Secretary of Defence Gilbert Teodoro.Cao's upcoming visits aim to fulfill the consensus reached between leaders of China and the two countries and strengthen exchanges and trust in defense and security areas, the Defense Ministry said in a statement on Thursday.

 New CPC top leaders meet the press at the Great Hall of the People in Beijing on October 22, 2007. [newsphoto]The newly-elected top leadership of the Communist Party of China (CPC), with four new faces added to the all-powerful Standing Committee of the Political Bureau of the CPC Central Committee, Monday promised to "serve the people wholeheartedly" and "promote social equity and justice". Hu Jintao, 64, was reelected Party chief for a second five-year term at the first plenum of the 17th CPC Central Committee, which was attended by the 204 members and 166 alternate members.The central committee was elected at the end of the seven-day 17th National Congress of the CPC on Sunday.Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang joined the nine-member Standing Committee. The others are Hu, Wu Bangguo, Wen Jiabao, Jia Qinglin and Li Changchun.Before taking over as Party chief of Shanghai earlier this year, Xi, 54, was the top Party official in Zhejiang Province and the governor of Fujian.Li Keqiang, 52, is the youngest among the newly-elected. He was the governor of Henan before becoming Party chief of Liaoning.Hu led the new leadership line-up in the Great Hall of the People and introduced the new members to the media Monday."Both Xi and Li are relatively younger comrades," Hu said.He Guoqiang, 63, has established a reputation for his tough stance against corruption since taking over the Organization Department of the CPC Central Committee in 2002. He becomes head of the Party's Central Commission for Discipline Inspection.Zhou serves as the minister of public security and the first commissar of the Armed Police Force.In his speech, which was televised live nationwide, Hu vowed to do the best "to be worthy of the great trust" of all Party members and live up to the expectations of people."We will be firmly committed to development, which is the Party's top priority in governing and rejuvenating the country, concentrate on construction and development, make all-round progress in developing the socialist market economy, socialist democracy, an advanced socialist culture and a harmonious socialist society, and strive for scientific development by putting people first and making it comprehensive, balanced and sustainable," Hu said.He also promised to press ahead with the reform and opening-up, serve the people wholeheartedly and adhere to scientific, democratic and law-based governance."We will pursue an independent foreign policy of peace and unswervingly follow the path of peaceful development and a win-win strategy of opening-up."We will develop friendship and cooperation with all other countries on the basis of the Five Principles of Peaceful Coexistence and push for the building of a harmonious world of lasting peace and common prosperity," he added.Apart from the nine-member Standing Committee, 16 others were named to the Political Bureau of the CPC Central Committee. Among those newly elevated are Beijing Mayor Wang Qishan, Commerce Minister Bo Xilai, Jiangsu Party Secretary Li Yuanchao, Tianjin Party Secretary Zhang Gaoli, Chongqing Party Secretary Wang Yang and Vice-Chairman of the Central Military Commission Xu Caihou.Liu Yandong, 61, is the only woman in the Political Bureau. She is the vice-chairwoman of the National Committee of the Chinese People's Political Consultative Conference, the top advisory body.Hu was also named chairman of the Central Military Commission of the CPC at the first plenary session Monday. Guo Boxiong and Xu Caihou were named vice-chairmen.Hu met military delegates to the Party Congress last night.