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WASHINGTON -- Financial systems in Asia appear well placed to handle the effects of the global financial market turbulence that broke out in July, said a report released by the International Monetary Fund on Friday.The report, Regional Economic Outlook: Asia and Pacific, explained that Asia was not at the epicenter of the recent turmoil, and markets and financial institutions in the region have been less affected to date than those in the United States and Europe."This reflects the relatively small direct exposure to US subprime mortgages and, more broadly, to leveraged and complex structured credit products, including by hedge funds," said the report.But it also warned that markets have begun to normalize somewhat at the time of this writing, although much uncertainty remains.The report expressed optimism about Asia's future economic performance, saying growth has been stronger than expected across much of the region, with domestic demand making an increasing contribution in a number of economies."China and India continued to lead the way, with high growth backed by strong investment, although the contribution of net exports to growth in China continues to rise," said the report."The pace of activity in the NIEs and ASEAN-5 remained solid, with strong investment in the former and strong consumption in the latter," the report added.The NIEs, or Newly Industrialized Economies, refers to Hong Kong and Taiwan of China, South Korea, Singapore. ASEAN-5 refers to Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.China is expected to increase 11.5 percent in 2007 and 10.0 percent in 2008, while India is projected to expand 8.9 percent this year and 8.4 percent next year.The Asian economies as a whole will grow robustly at 8.0 percent this year and moderately to a still-brisk 6.9 percent next year, said the report.

Farmers from Taiwan looking to establish a business on the mainland can now benefit from a range of preferential policies, an official with the State Administration for Industry and Commerce said Wednesday.Pan Haimin said those who want to set up in one of the cross-Straits agricultural cooperation experimental zones or business incubator parks for farmers, can now apply direct to the appropriate county or city administration for industry and commerce.Speaking at a press conference held by the Taiwan Affairs Office of the State Council, he said compared to the general policy on registering Taiwan companies, the system for farmers is extremely simple."Local administrations will approve qualified applicants without them having to get approval from overseas fund administrations on the mainland," Pan said."Also, the new policies have no minimum registered capital requirements," he said.Other Taiwan-based companies seeking to open on the mainland must first get approval from the overseas fund administrations and there are requirements for minimum registered capital, he said.According to the policies, which will go into effect on Saturday, farmers can engage in planting, aquatic breeding, animal and poultry farming, agricultural product processing, export and import of agricultural products, and exchanges and promotion of agricultural technology.Currently, 11 provinces have established cross-Straits agricultural cooperation experimental zones and four provinces and municipalities have set up business incubator parks for Taiwan farmers.Pan said the local administrations of commerce and industry will offer free consultations on the new policies and people can also log on to the website of the state administration www.saic.gov.cn for more information.Also at yesterday's press conference, Fan Liqing, spokeswoman for the Taiwan Affairs Office of the State Council, urged the Japanese government to deal with the release of German Mark bonds held by Taiwan residents more quickly and with greater effort.Fan said the Japanese government is responsible for paying back the bonds that were issued in the 1920s.In 1923, many Taiwan residents were forced by the then Japanese colonial government on the island to buy the bonds, which promised to pay back the principal sums with interest in 50 years' time, Fan said.She said representatives of the Chinese Foreign Ministry met recently with officials from the Japanese Ministry of Foreign Affairs and insisted Japan pay back the bonds.Xinhua

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.

Donald Tsang wins in HK Chief election(Xinhua/Reuters)Updated: 2007-03-25 14:27 Hong Kong Chief Executive Donald Tsang and his wife Selina stand on a bus as they wave to thank local residents at a polling station after winning the election in Hong Kong March 25, 2007. [Reuters]Hong Kong Chief Executive Donald Tsang waves after winning the chief executive election, at the polling station in Hong Kong March 25, 2007. [Xinhua]

Chinese photographers said the South China tiger on digital pictures, released by forestry authorities and widely discussed on the Internet, is a fake.A preparatory digital picture appraisal center under the China Photographers Society, released the results on Sunday after a team of photographic experts assessed the 40 digital pictures provided by NetEase, a Chinese Internet company.The State Forestry Administration, however, on Tuesday refused to comment on the authenticity of these pictures, saying its responsibility is to protect the wildlife.Cao Qingyao, SFA spokesman, did cite previous investigation resultsat a press conference in Beijing, saying the investigators found some traces of South China tigers in Shaanxi, and said a new investigation in the area is under way, and the results will be announced as soon as possible. The center said technological analysis from last Tuesday through Sunday showed the South China tiger on the 40 pictures was not real and could not serve as evidence for the existence of the wild animal.The pictures must have been taken by people with photographic experience or under guidance and could not be done independently by a person without any photographic experience, claimed experts.The digital picture, purporting to be a wild South China tiger crouching in the midst of green bushes, was released by the Forestry Department of northwest China's Shaanxi Province at a news conference on October12.Zhou Zhenglong, 52, a farmer and former hunter in Chengguan Township of Shaanxi's Zhenping County, photographed the tiger with a digital camera and on film on the afternoon of October 3, a department spokesman said.The Shaanxi forestry department said it had confirmed the 40 digital pictures and 31 film photographs were genuine.But the pictures released were not the original ones and they underwent modifications, such as time and signal, according to experts.Bao Kun, an expert who participated in the appraisal by the center, told Xinhua they announced the results out of "a citizen's sense of social responsibility."A detailed report concerning the appraisal would be announced in about a week, Bao added.In response to the appraisal results, the Shaanxi provincial forestry department said in a written statement to media that they had already "showed their attitude toward the South China tiger issue and would continue to pay attention to the matter.""We thank netizens and media for your care of the South China tiger and of the wildlife protection cause," the statement said, offering no direct comment on the appraisal results."In a statement on November 23 the department said: "We firmly believe this basic fact: That wild South China tigers exist in Zhenping county of Shaanxi Province."The South China tiger, from which other sub-species such as the Siberian tiger evolved, is listed as one of the world's ten most endangered animals.It is the only tiger subspecies native to China's central and southern areas. In the early 1950s, its population was 4,000 across the country. Since 1964, no sightings of wild tigers have been reported in Shaanxi.Its former habitats were in Guangdong Province, Guangxi Zhuang Autonomous Region and the central provinces of Hunan and Jiangxi.