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2025-05-30 07:53:20
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SHENYANG -- The Liaoning Provincial Higher People's Court on Monday made a final judgement to uphold the death penalty for a principal in a bogus ant-breeding project that raised 3 billion yuan (7 million) from investors.Last February, Wang Zhendong, board chairman of Yingkou Donghua Trading (Group) Co., Ltd. in northeastern Liaoning Province, was sentenced to death while 15 company managers were given jail sentences of between five and 10 years by the Yingkou Intermediate People's Court.However, Wang and the managers appealed to the provincial high court after the first instance.Wang promised returns of 35 to 60 percent for the fictitious project under the name of Donghua Zoology Culturing Co., Ltd and Donghua Spirit Co., Ltd. between 2002 and 2005.The ants were to be used for making liquor, herbal remedies and as aphrodisiacs.More than 10,000 investors signed contracts with the company before the case was investigated in June 2005.Wang, however, continued to swindle investors who visited the company and told them the business was doing very well. He misused 798 million yuan raised from investors, buying himself luxury goods and lending money to others.One investor committed suicide after realizing he had been duped, the Yingkou court heard. Wang's actions also caused huge economic losses for investors and many subsequently suffered depression, the court said.All of Wang's property was confiscated, while the managers received fines ranging from 100,000 yuan to 500,000 yuan.Also in Liaoning, police in December arrested the chairman of a company that went bust trying to make an aphrodisiac tonic from ants after thousands of angry ant farmers demanded payment.Wang Fengyou, chairman of the Liaoning Yilishen Tianxi Group, was in criminal custody on allegation of instigating social unrest.The company had organized thousands of ant farmers to supply it with insects on condition that they paid a contractual bond. However, it stopped paying its suppliers in November and the angry ant farmers feared they would lose their bonds and payments due.Thousands of ant farmers had gathered at the company offices to demand their money, but Wang allegedly paid company executives and employees to organize protests outside government buildings instead.

  去天津龙济   

Businesses in the Taihu Lake area will have to pay heavy fees to discharge pollution into the lake and nearby waterways this year, officials from the Jiangsu environmental protection bureau said Thursday.The new regulation, approved by the State Environmental Protection Administration and the Ministry of Finance last month, is the first of its kind in the country. It will be implemented initially in Suzhou, Wuxi, Changzhou, Zhenjiang and Nanjing, all in Jiangsu Province.The move is part of a long-awaited campaign to limit the amount of pollution pumped into the region's waterways.Taihu Lake, which provides drinking water for about 30 million people in the provinces of Jiangsu and Zhejiang as well as Shanghai Municipality, has been heavily polluted by industrial waste, pesticides and fertilizer since the 1980s.The situation deteriorated in May last year when the lake suffered from a massive blue-green algae outbreak that threatened the water supply to more than 1 million residents of Wuxi.The government closed down some 2,800 small chemical factories after the bloom appeared.The water quality in the Taihu Lake area is expected to improve as the new rule takes effect, prodding companies to clean up their operations to avoid fines, an official surnamed Gao, with the publicity and education department of the provincial environmental protection bureau, said.The new regulation includes charges of 4,500 yuan (0) per ton for increasing chemical oxygen demand, a measure of the amount of oxygen used in a chemical reaction caused by chemical waste in water, or double what it costs to treat polluted water.Seven industries, including chemicals, textiles, iron and steel-making, and paper mills, which are believed to pose the biggest threat to water safety, will be subject to the fines.Companies discharging more than their quota of pollution will face fines of up to 1 million yuan. However, those that do not use up their quotas are welcome to trade the difference with other companies.

  去天津龙济   

Reduced bank deposits by Chinese households suggest that a large amount of money is being invested in the capital market, according to the central bank. Household deposits decreased by 167.4 billion yuan (.7 billion) in April. In contrast, they increased by 60.6 billion yuan (.9 billion) at the same time last year, the People's Bank of China said on its website yesterday. The high growth rate of M1 a narrow measure of money supply that includes cash and demand deposits plus diminishing household deposits suggests Chinese households are keeping money on tap for investment in the capital market. The red-hot stock market has grown by more than 50 percent this year after doubling last year. Stock mania is sweeping the country despite warnings of a speculative bubble but small investors are rushing to pull out money from bank savings accounts and deposits to pump them into the share market. Some are even mortgaging their houses or dipping into retirement savings to feed the frenzy. Economists say the government should take steps to moderate the price surge or risk a sharp fall that could hurt millions of small investors. "This is a very critical time. If policy adjustments take place now, the market can still have sustainable development," Hong Liang, a Goldman Sachs economist, told Associated Press. "The longer they wait, the harder the eventual landing will be." Enthusiasm for stocks is fueled in part by a lack of other attractive investments and low interest rates. Some have made fortunes in the booming real estate market, but the government is cracking down on speculation to rein in soaring housing costs. On Friday, the government announced it will raise the amount that Chinese banks are allowed to invest in stocks abroad, possibly diverting some of the money pouring into domestic markets. But economists said the amounts involved will be too small to affect the country's money flows. Regulators have also discussed raising interest rates on bank savings to make them more attractive and creating other new investment options but have announced no timetable. There has also been some talk of imposing a capital gains tax to cool off speculation. The securities watchdog on Friday urged stock exchanges, securities dealers and other authorities to educate investors about the risks of stock market trading. The institutions must make investors understand that stock markets are risky and they should be cautious in entering, especially those who use all their savings or pawn their apartments for loans to invest in stocks, the notice by the China Securities Regulatory Commission (CSRC) said. Saying that the number of "irregularities" in the stock market was rising, the CSRC also told listed companies, securities dealers and other related institutions to release accurate, authentic, complete and timely information.

  

BEIJING -- The successful staging of the 17th National Congress of Communist Party of China has been selected by the country's netizens as the top domestic news in 2007, Xinhuanet.com said on Friday.About 800,000 Internet users voted for news items on 38 major news websites across the country, including People.com.cn, China.com.cn, cctv.com and Xinhuanet.com."China succeeds in its first moon-probing mission" came second and "China's National Congress passes Property Law" was the third, according to Xinhuanet.com, which posted the top ten news events on its website on Friday.The major news events were selected by Internet users from a pool of 20 items, an executive with Xinhuanet.com told Xinhua. The executive declined to provide information on detailed voting results.The top three international news stories were: "World oil price close to 100 US dollars a barrel", "US sub-prime mortgage market crisis shakes global financial market" and "National theme years fuel momentum for Sino-Russian cooperation".

  

A shop assistant checks hundred yuan bank notes at a shop in Xiangfan, central China's Hubei province in this file photo. [Reuters]A senior U.S. Treasury official warned Congress on Thursday that a legislative drive to force China into letting its currency rise in value more quickly could backfire and do damage to the U.S. economy. Deputy Assistant Treasury Secretary Mark Sobel warned a House of Representative trade subcommittee that U.S. lawmakers risked creating a perception abroad that the United States is becoming "an isolationist nation" that does deserve foreign investment. "If the United States adopts currency legislation that is perceived abroad as unilateralist, investors' confidence in the openness of our economy could be dampened, diminishing capital inflows into the United States and potentially putting upward pressure on interest rates and prices," Sobel said. However, Ways and Means Trade Subcommittee Chairman Sander Levin, a Michigan Democrat, objected to the administration's description of congressional proposals as protectionist, and other lawmakers testifying on Thursday argued China's "unfair" trade practices required a strong U.S. legislative response. Two Senate committees have already approved legislation that aims to equip Treasury with new tools to pressure China into letting its yuan currency rise faster in value, which U.S. manufacturers say is necessary to eliminate an unfair price advantage for Chinese-made goods. Rep. Tim Ryan, an Ohio Democrat, said Congress should pass an even stronger bill -- such as one he has crafted with Rep. Duncan Hunter, a California Republican -- that would allow U.S. companies to seek countervailing duties against China's undervalued exchange rate. "Passage of a weak bill will only lead to many more years of inaction by the administration, loss of jobs and loss of critical U.S. manufacturing capability. We need legislation that will lead to action," Ryan said. A Republican committee member, Rep. Thomas Reynolds of New York, said there was bipartisan support for taking a tougher line with China than Treasury has followed so far. "Be ready for the fact that there's a boiling point in the Congress coming from the people of America saying we need to do better than what's happened so far," Reynolds said. After the hearing, Levin told reporters that House leaders would decide when Congress returns in September the best way to proceed with China currency and trade legislation. "I think we will look at all options," including the Ryan-Hunter bill, Levin said. He expressed confidence that Congress could craft legislation that presses China on the currency issue without violating World Trade Organization rules. But Treasury Secretary Henry Paulson has made clear that he does not want the additional legislative tools and that he prefers to seek a faster pace of economic reform in China through discussion, especially in a "strategic economic dialogue" that he initiated with Beijing last December. Sobel's appearance before the House subcommittee was a bid by Treasury to wave off more legislation in Congress, where anger at China has been mounting and has helped fuel the bid to force Beijing into faster currency appreciation. "We appreciate the frustrations of Congress with the slow pace of Chinese reform. Indeed, we strongly share those frustrations," Sobel said. "Yet we continue to believe that direct, robust engagement with China is the best means of achieving progress." Paulson has just returned on Wednesday night from his fourth trip to China since taking over Treasury just over a year ago. Again he was unable to persuade Chinese officials to offer any commitment to speed up currency reforms. Paulson told reporters in Beijing that Chinese officials whom he met, including President Hu Jintao, intended to move ahead with economic reforms including on currency but that the country's economic stability was critically important. The failure to get firm Chinese promises on currency has fed into a sense in Congress that China does not play fair on trade rules. Sobel said Paulson had "conveyed a strong message about the need for far more vigorous action by China to correct the undervaluation of renminbi (RMB), take immediate action to lift the RMB's value and achieve far greater currency flexibility." China's yuan is also known as the renminbi. David Spooner, the Commerce Department's assistant secretary for import administration, echoed some of Sobel's worry that Congress's actions could rebound against the United States because they might violate global trade rules. "I must make clear that the Department of Commerce is deeply concerned that the other legislative proposals that have been advanced to date raise serious concerns under international trade rules," Spooner said, adding that could trigger a global cycle of protectionist legislation. Similarly, the U.S. Trade Representative's deputy general counsel, Daniel Brinza, warned that Congress needed to beware approving legislative proposals that did not comply with rules set by the World Trade Organization. Doing so would undermine U.S. credibility when it tries to persuade others to abide by WTO rulings, Brinza said.

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