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BEIJING, June 23 (Xinhua) -- Chinese banks should set up an independent risk management system in line with its strategic expansion plan as part of efforts to ward off financial risks, China's banking regulator said Wednesday.The breakout of the global financial crisis highlighted the necessity of increasing management of differentiated sovereign risks, the China Banking Regulatory Commission said in a guideline published on its website.Just as Chinese banks were expanding throughout the world, the overseas risks they were facing were on the rise, the guideline noted.Sovereign risks refer to ones that banks are exposed to when overseas borrowers or debtors are unable to repay debt because of their countries' economic, political and social changes.Chinese lenders were required to differentiate risks according to the countries involved and make policies on the minimum potential loan loss provisions ranging from 0.5 percent to 50 percent, according to the guideline.The banks must meet the requirements under the guideline by June 1, 2011.

GENEVA, July 19 (Xinhua) -- Top legislators of China and France met here on Monday and reiterated their willingness to further expand cooperation in various areas and strengthen coordination in international affairs.Wu Bangguo, chairman of the Standing Committee of the National People's Congress (NPC) of China, said his latest official goodwill visit to France was successful thanks to joint efforts by both China and France. It is in the interest of both countries and peoples to strengthen the bilateral ties and deepen cooperation in international and regional affairs, Wu said at the meeting with Accoyer.Bernard Accoyer, speaker of the French National Assembly, said Wu's visit to France is remarkable in Sino-French ties and is fruitful, which will play a constructive role in deepening substantial cooperation and boosting the friendship between the two peoples. France looks forward to take chance of Wu's visit to conduct closer coordination in international affairs and accelerate the development of Sino-French ties, he said.Wu paid an visit to France from July 7 to July 14 as a part of his three-nation Europe tour. He is here to attend the third World Conference of Speakers of Parliament.On the sideline of the conference, Wu also met with Klaus Schwab, executive chairman of the World Economic Forum, on Monday and discussed the upcoming Summer Davos Forum in China.

BEIJING, July 25 (Xinhua) -- Party and government officials whose spouses and children have emigrated overseas are to be subject to strict examination when applying for private passports and going abroad, according to a new regulation released Sunday.A provisional regulation by the General Offices of the Communist Party of China (CPC) Central Committee and the State Council specified new rules overseeing the issuing of private passports and travel passes to Hong Kong, Macao and Taiwan to such officials.Party and government leaders of this kind have become so renowned in China that they have a shared nickname, "naked officials." They usually moved their spouses and children, as well as their assets, to foreign countries, and they put the money into their wives' or children's bank accounts. Even if they were eventually apprehended, the wealth transferred to overseas banks still belonged to the officials' families.According to the new rules, "naked officials" should submit written accounts on all income and property owned by their spouse and children living overseas, and on any changes in their financial conditions."Officials whose duties or services are related to the countries and regions their spouses and offspring are living in should voluntarily report it to their higher authorities. If conflicts of interests are involved, the officials must avoid holding related posts," the regulation said.The regulation stated that such officials should "strictly comply with relevant laws and regulations" when applying for passports and travel passes, or applying for traveling or emigrating abroad.Officials above deputy-county head level applying for passports should consult with their higher authorities, it said, adding that a thorough examination should be conducted when promoting officials whose family members have emigrated abroad.A statement from the CPC Central Committee General Office said the new regulation is "an important anti-corruption measure" to make officials self-disciplined, clean, reliable and to be people of integrity."The regulation not only stresses education, management and supervision of civil servants whose spouse and offspring live aboard, but also focuses on the protection of their interests and working enthusiasm," it said.The regulation covers all civil servants, but excludes those top-ranking specialists in high-tech fields who have been recruited from overseas, along with high-qualified overseas returnees.Experts say this is the latest effort to place officials' actions in the public's view.In September 2009, the CPC Central Commission for Discipline Inspection first ordered increased oversight of "naked officials."The municipal government of Shenzhen of southern Guangdong Province then implemented regulations in November 2009, including provisions saying that "naked official" should not become department chiefs or leading members of key departments.Earlier this month, the two general offices issued another regulation, designed to curb corruption and increase transparency about the assets of government officials. It required officials at deputy county chief level and above to annually report their assets, marital status, whereabouts and employment of family members.The reporting system for monitoring Party and government officials was set up in 1995, and revised in 1997 and 2006 by broadening the list of items and adding detailed procedures.Prof. Li Chengyan of Peking University said the two regulations that were announced recently were "a substantial step" towards the establishment of an asset declaration system for China's civil servants.

BEIJING, July 20 (Xinhua) -- China has hailed its relationship with Thailand, calling the bilateral relationship exemplary.Chinese Vice Premier Li Keqiang made the remarks in a meeting with Thailand's Deputy Prime Minister, Suthep Thuagsuban, in Beijing on Monday.During the meeting, Li reviewed the 35 years of diplomatic ties between China and Thailand.Li said the two countries understand and respect each others' core interests.Calling the bilateral relationship a treasure for both nations, Li said the relationship is "a paradigm for how China and its neighboring countries can exist in harmony and benefit each other."Li highlighted the soaring trade volume between China and Thailand.He said China hopes to step up communication and deepen all-round trade cooperation with Thailand, as the China-ASEAN Free Trade Agreement boosts economic engagement.Suthep said Thailand values its ties with China and that it hopes to expand cooperation with China in all fields.

JILIN, Jilin Province, July 29 (Xinhua) -- About 3,000 barrels filled with chemicals have been swept into a major river in northeast China's Jilin Province, thousands more than originally thought, authorities said Thursday.Another 4,000 empty barrels have also entered the river, officials said at a press conference Thursday morning.On Wednesday, authorities said around 1,000 barrels had entered the Songhuajiang River in Jilin City.Barrels were spotted in the river Wednesday, but it is not known when they entered the waterway.The barrels first entered the Wende River and then flowed into the Songhuajiang River, after floods hit the storage facilities of two chemical factories -- Jilin Xinyaqiang Biochem Co. Ltd. and Jilin Zhongxin Group.Each chemical-filled barrel contains about 170 kilograms of chemicals.Of the 3,000 chemical-filled barrels, about 2,500 barrels contain trimethyl chloro silicane -- a colorless flammable liquid with a pungent odor -- while 500 contain hexamethyl disilazane -- a colorless liquid with a pungent odor.Officials said emergency workers and soldiers are rushing to retrieve the barrels. Workers are collecting the barrels at eight points on the river. About 400 have been recovered so far.Seven stations have been established to monitor water contamination.