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BEIJING, Feb. 22 -- China's stock markets are likely to be fully open to foreign investors within 15 years, according to a leading investment expert.Direct foreign dealing in Chinese stocks is currently restricted through the government's Qualified Foreign Institutional Investor (QFII) scheme.The current annual quota for overseas funds is just billion, a small fraction of the total investment in China's main exchanges in Shanghai and Shenzhen.Stuart Leckie, chairman of Stirling Finance, a leading Hong Kong-based pensions investment adviser, said all restrictions could be off by 2025."All financial institutions will then be able to invest in the stock markets on the Chinese mainland, just as they do in Hong Kong, Japan or any other market," he said."It is 30 years since China's opening up and it will take half as long again for this to happen."He said the Chinese mainland would gradually lift barriers in the same way Taiwan and India have done in recent years.Leckie, author of the book, 'Pensions in China', and who was speaking at the Trade Tech 2010 Investment Conference, was bullish about the outlook for the Chinese market.He said the Shanghai Composite Index could double within the next three years and that it was a matter of if, not when, it returned to its all-time high of 6,124 in October 2007."I am sure the index will double over the next five years but there is a chance it will double in the next three years," he said.Other speakers at the conference were also optimistic about the outlook for investors in Chinese stocks. Michael Wang, head of dealing at the China International Fund Management said the Chinese market was full of opportunities."It is a golden opportunity to invest in China. Blue chip companies are still very cheap," he said. "In the medium term there might be some correction but we won't go back to 2006 levels (when the market was just over the 1,000 level)."Kent Rossiter, head of trading, Asia Pacific, for fund manager RCM, based in Hong Kong and which is part of the Allianz Group, was also confident. "I am really bullish about opportunities. I am worried about volatility, however," he said.Rossiter said some of the volatility was down to the inexperience and lack of competence of some professional investors in the Chinese market."The market needs to develop," he said. "Professional investors need to improve their performances. They have too much of the same mentality as the man on the street in that they just like to buy and sell without taking any view."Leckie added that the Chinese market was not about to repeat the experience of the Nikkei Dow in Japan."China is not about to become another Japan with the level of the index standing at a quarter of what it was 20 years ago."He was not concerned about the poor start to the Chinese markets in 2010 with the major index losing 8 per cent of its value in January and falling through the 3,000 barrier. It increased by 80 per cent in 2009. "Obviously China has got off to a weak start. It was the second worst performing market internationally in January after being the best performing in 2009. It is just living up to its reputation as a volatile index."He said he expected the market, however, to rise by up to 15 per cent in 2010 to a value somewhere between 3,600 and 3,800 from its January 1 level of 3,277. "I think this January decline is overdone."

BEIJING, March 14 (Xinhua) -- China's parliament, the National People's Congress (NPC), adopted here Sunday the amendment to the Electoral Law, which grants equal representation in legislative bodies to rural and urban people.Lawmakers applauded after NPC Standing Committee Chairman Wu Bangguo announced that the amendment was approved with 2,747 votes from the 2,909 NPC deputies present at the closing meeting.The amendment is regarded as part of China's efforts to narrow the urban-rural gap. It requires "both rural and urban areas adopt the same ratio of deputies to the represented population in elections of people's congress deputies."Wang Zhaoguo, vice chairman of the NPC Standing Committee, said the law provides legal guarantees for elections of deputies to people's congresses, the country's fundamental political system, as well as citizens' right to vote and the right to stand for election.The Third Session of the 11th National People's Congress holds its closing meeting at the Great Hall of the People in Beijing, China, March 14, 2010.After the last amendment in 1995, the law stipulated that each rural deputy represented a population four times that of an urban deputy. Critics said this could be interpreted as "farmers only enjoy a quarter of the suffrage of their urban counterparts."Before the amendment in 1995, the difference was eight times."Such stipulations were absolutely necessary and conformed with China's political system and the particular situation at that time," Wang said.According to the 1953 national census, the urban population made up only about 13 percent. The rural population was much more than that of cities at that time and an equal ratio of rural and urban representation would have meant an excessive number of rural deputies.With rapid urbanization and rural economic development, the proportion of urban population increased to 46.6 percent last year, he said, adding people's congresses at all levels have gone through many terms of elections, accumulating abundant experience."The time is right for equal representation," which is conducive to expand democracy, he said.Wang said the amendment ensures "equal representation among people, regions and ethnic groups."The amendment adds stipulations such as "organizing more face-to-face contacts between candidates and electors to allow deputy candidates to introduce themselves and answer voters' questions."It says the setup of polling stations, convening election congress and the management of mobile polling boxes should be further standardized and improved.It also suggests to set up "confidential polling booths" to root out bribery in elections.Violence, threats, corruption and other acts that disrupts elections should be investigated and punished, it says.The number of deputies to the NPC is limited within 3,000, and the distribution of the NPC deputies is decided by the NPC Standing Committee, according to the law

SANYA, Hainan, March 21 (Xinhua) -- A senior official with the United Nations World Tourism Organization (UNWTO) said Sunday China is expected to become the world's largest tourist destination by 2015."China, as we predict, is going to become the world's No. 1 tourist destination by the year 2015," said Taleb Rifai, secretary general of the UNWTO."China is almost there. It is now the world's fourth largest destination when it comes to incoming tourists, and the rates of growth are moving so quickly that we think this is a realistic target," Rifai said.France is currently the country receiving the most international tourists, at 80 million per year, followed by the United States and Spain, both at 60 million a year, while China has about 48 million, he said."China's tourism economy has moved incredibly in the last ten years. The number of incoming tourists rose from 8 million to 48 million. The potential of the growth is still big because of the size of China," Rifai said.Rifai said the global tourism industry is improving but challenges remain due to the weak economy."The tourism industry has to follow and is very much affected by the general economic situation, and for sure the general economic situation has started to turn around. But we cannot call it a full recovery at the moment," he said.

BEIJING, March 5 (Xinhua) -- China budgets 1.05 trillion yuan (154.4 billion U.S. dollars) of fiscal deficit this year to support economic growth as government revenue will fall significantly short of expenditures, says a government work report to be delivered by Premier Wen Jiabao at the parliament's annual session Friday.The government vowed to keep the debt at "appropriate" level. The total deficit consists of 850 billion yuan in central government deficit and 200 billion yuan in local government bonds, which will be included in local government budgets, reads the report, which was distributed to the media before the opening of the Third Session of the 11th National People' s Congress (NPC). The Third Session of the 11th National People's Congress (NPC) opens at the Great Hall of the People in Beijing, capital of China, March 5, 2010The government will continue to implement the policy of structural tax reductions to expand domestic demand and promote economic restructuring.It will also keep running the package plan for dealing with the global financial crisis, and increase spending to complete work on projects now under construction, improve people's well-being and maintain stability.According to calculation of the Ministry of Finance, the planned budget will take up about 2.8 percent of the GDP.China's fiscal deficit hit 950 billion yuan last year, a record high in six years, but still less than 3 percent of GDP.

BEIJING, Jan. 17 (Xinhua) -- The United States needs to face up to its own imbalances rather than engage in more China bashing over trade, said world-renowned economist Stephen Roach.     "The West, especially the United States, needs to take a long hard look in the mirror and face up to its own imbalances. Hypocrisy is not a recipe for global statesmanship," wrote Roach in Singapore's leading financial daily Business Times this week.     As U.S. congress and the White House look toward the mid-term elections of 2010, Washington could well up the ante on China bashing -- moving from a rhetorical assault to widespread trade sanctions, predicted Roach, chairman of Morgan Stanley Asia.     He noted that the United States has already imposed trade sanctions on Chinese exports of tyres, coated paper product and steel piping and grating in recent month.     Roach argued that the expected salvo from Washington was apparently built on hypocrisy as the United States itself should also be held accountable for the global economic imbalances.     Meaningful progress on global rebalancing could not occur without progress by both China and the United States and that China has a more optimistic prospect of achieving rebalancing, he said.     "There is good reason to believe that China ... is about to take dramatic steps in rebalancing its domestic economy in a fashion that would provide a sustained and meaningful reduction in its current account surplus."     China viewed the recent crisis and recession as an unmistakable wake-up call, which left the country with little choice other than to shift the sources of its GDP growth from external to internal markets, he said.     However, it was hard to be sanguine about the outlook for America's saving and current account imbalance.     "The United States, with its massive shortfall in domestic saving, has come to rely heavily on surplus saving from abroad to fund economic growth. And it must run massive current account deficits in order to attract that capital," he said.     All nations need to be accountable for the role they need to play in driving a long overdue global rebalancing, said Roach. "It would be the height of folly to try and force China into a counter-productive approach, especially since it appears to be taking its own rebalancing agenda very seriously."

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