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BEIJING, July 29 -- The securities watchdog is mulling further measures to plug the loopholes that showed up in the latest round of initial public offerings (IPO), according to Shang Fulin, chairman, China Securities Regulatory Commission (CSRC).     The CSRC is generally satisfied with the results of the recent reforms, but also identified a number of areas that need to be improved. One of these areas is the lack of a provision to block institutional investors from taking advantage of the new allotment system by masquerading as personal investors in their IPO applications.     "Some institutional investors were known to have circumvented the subscription limits on their accounts by making applications through personal investor accounts opened with borrowed ID cards," said Lu Junlong, analyst, China Finance Online. "Stockbrokers keen on earning commission fees usually turn a blind eye to such irregularities," he said. People watch the index screen at a stock market in Shanghai, China, July 1, 2009. The CSRC said it is planning to take steps to safeguard individual investors' interests.    This has defeated, to some extent, the primary objective of the reform, of increasing the allotment of new shares to personal investors. In the past, the deluge of applications from well-financed institutional investors had largely crowded out applications from individual investors.     Because of the loophole, the ratios of allocation of newly issued shares to personal investors in the past several IPOs were still deemed too low.     For example, the ratio of allocation in the IPOs of Guilin Sanjin Pharmaceutical, one of the first companies to obtain a stock exchange listing after the lifting of the IPO suspension, was only 0.17 percent.     The ratio of allocation in the Sichuan Expressway IPO was 0.26 percent, while it was 2.83 percent for China State Construction Engineering Corp's public float.     "The ratio of allocation to subscription is at a low level, similar to the lottery system in the past," said Zhu Hongbin, an investor with over 10-year experience in the market.     Considering the wide price gap between the primary and secondary markets, many institutional investors borrowed heavily from banks to subscribe for new shares.     Easy credit and cheap money have given institutional investors a much greater edge over small investors in the fight for IPO allotments.     "As long as the interbank seven-day repurchase rate stays below 3 to 4 percent, we can make profits by subscribing to new shares," a Shanghai-based fund manger said, who refused to be named.     The investors' feverish penchant for newly listed stocks saw Sichuan Expressway Co soar 202 percent on debut. The bourse suspended trading in the scrip for two times to allow for a cooling off period on the first day.     The company's issue price was 3.6 yuan, nearly 20 times the PE (price-to-earnings) ratio. After collective bidding, the opening price soared to 7.6 yuan and the shares finally closed at 10.9 yuan after touching a high of over 15 yuan.     The high price was beyond the expectation of many analysts.     According the reports from 23 securities firms, most analysts thought the reasonable price could be around 5 yuan. Guotai Junan Securities Co was the most optimistic, which estimated the shares could be worth around 7 yuan.     The shares subsequently began to slump and closed at 9.81 yuan, with many individual investors burning their figures.     According to the Shanghai Stock Exchange, individual investors were the main buyers for the new shares of Sichuan Expressway on its first trading day. Among the 74,000 accounts that bought shares on that date, about 99.9 percent was personal accounts. Institutional investors, including fund mangers, securities firms and insurance companies, did not join the speculation.     According to CSRC Chairman Shang Fulin, the regulators are working on a plan to educate individual investors and also exploring effective mechanisms to protect investors' rights.

NEW DELHI, Aug. 7 (Xinhua) -- Sonia Gandhi, chairperson of India's ruling Congress-led United Progress Alliance (UPA), Friday expressed her wish that relations between India and China can be enhanced with common efforts by the two countries.     During a meeting with visiting Chinese State Councilor Dai Bingguo, Gandhi said that there exists a very solid basis for developing friendly and cooperative relations between India and China. Dai conveyed cordial greeting and good wishes from General Secretary of the Central Committee of the Communist Party of China and Chinese President Hu Jintao, who also expressed his congratulations to the Congress party and the UPA for successfully winning a second term of government in the general elections this year. Indian Congress Party President Sonia Gandhi (R) shakes hands with Chinese State Councilor Dai Bingguo in New Delhi, capital of India, Aug. 7, 2009    Dai said that the Chinese government pays great importance to developing long-term, stable and healthy friendly cooperative relations with India. Under the current international and regional situation, China and India have huge potentials to develop their bilateral cooperation as two biggest developing countries in the world.     Dai also expressed his belief that the future of such cooperation is very bright.     Dai praised the UPA for helping push forward relations with China since it assumed power more than five years ago. He said that President Gandhi has personally made great efforts for the development of Sino-Indian relations as leader of the UPA and the Congress party.     Dai also said China is willing to make common efforts with India to upgrade the bilateral strategic cooperative partnership to a new level.     Gandhi also memorized the 1988 historic visit to China by her late husband, former Prime Minister Rajiv Gandhi, as well as her attendance of the opening ceremony of the 2008 Beijing Olympics.     She expressed her wish that as the 60th anniversary of establishment of diplomatic relations between India and China is nearing, the peoples of India and China, especially the youth of the two countries, increase human exchanges to build a good social foundation for furthering friendship between the two countries.     Dai and Gandhi also exchanged views on strengthening friendly ties between the Communist Party of China and the Congress party of India.

BEIJING, Sept. 29 (Xinhua) -- Senior Chinese leader Li Changchun Tuesday asked the People's Publishing House, China's oldest publisher of books on the Party and politics, to actively use new media to expand its influence.     Li, a member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau, said during a visit to the publishing house that it should invigorate its development. Li Changchun (2nd R, front), a member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau, shakes hands with an old worker during his visit to the People's Publishing House, China's oldest publisher of books on the Party and politics, in Beijing, capital of China, Sept. 29, 2009.Acknowledging the company's achievements, Li said it should increase investment, further reform income distribution and human resources management.     He also urged the publisher to raise its international profile by publishing more books on the successful theories and practices of socialism with Chinese characteristics.     It would contribute to improving the country's soft power, he said. Li Changchun (3rd L, rear), a member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau, speaks during a symposium during his visit to the People's Publishing House, China's oldest publisher of books on the Party and politics, in Beijing, capital of China, Sept. 29, 2009. The house should endeavor to nurture a group of foreign-language literate talents who not only understood China's national situation, but also had a global view, Li said.     He said the house should earnestly implement the gist of the Fourth Plenary Session of the 17th CPC Central Committee that concluded in mid-September. The CPC session decided to expand democracy within the Party and better fight corruption.     The People's Publishing House was founded in 1921 and rebuilt in 1950. It is a well-known publisher of works on philosophy and social sciences. Li Changchun (3rd R), a member of the Standing Committee of the Communist Party of China (CPC) Central Committee Political Bureau, visits an editing room of Marxism-Leninism during his visit to the People's Publishing House, China's oldest publisher of books on the Party and politics, in Beijing, capital of China, Sept. 29, 2009

XUZHOU, Jiangsu, Oct. 18 (Xinhua) -- President Hu Jintao congratulates Sunday on the 100th founding anniversary of the China University of Mining and Technology (CUMT) in a letter, urging more talents in the country's energy resource industries.     Hu said in the letter that energy resources are the basis and guarantee of the country's economic and social development.     As a key base for the country's education on the science and technology of energy resources, the university shoulders great responsibilities and has a bright future, Hu said. Hu called upon the university to stick to the Scientific Outlook on Development and foster more talents to achieve more research fruits and contribute to the sound and fast development of the country.     In his reply to a letter from the university's new graduates who are working in the country's western regions, Premier Wen Jiabao encouraged them to devote themselves to the development of the regions where they work.     State Councilor Liu Yandong Sunday attended the celebration that marked the university's founding anniversary. She noted that the scientific exploitation and clean use of energy resources is a major issue for countries across the world and is also a key factor that is restricting China's modernization.     She called on teachers and students to attach individual values to the country's construction and go to the places where they are most needed.     The CUMT, one of the key national universities under the direct administration of the Ministry of Education, is based in Xuzhou of east China's Jiangsu Province.     In 1997, the university's second campus was established in Beijing.

LJUBLJANA, Aug. 26 (Xinhua) -- Chinese Vice Premier Hui Liangyu arrived in Slovenia on Wednesday evening on a two-day official visit to boost economic cooperation between the two countries.     Hui, who was accompanied by a strong business delegation, will on Thursday hold talks with Slovenian Prime Minister Borut Pahor, President Danilo Tuerk, Parliament Speaker Pavel Gantar and Foreign Minister Samuel Zbogar. These talks are expected to focus on the boosting of economic cooperation as well as the world economic crisis.     Officials from both countries will sign five documents expectedto strengthen the cooperation in areas of agriculture, small and medium enterprises (SMEs), health care and education.     On Thursday afternoon Hui and Pahor will attend and address a plenary session of the Chinese-Slovenian business forum.     According to the Slovenian Chamber of Commerce and Industry, the business forum will be attended by representatives of 60 Chinese companies from the fields of construction, engineering, telecommunications, electronics, trade, as well as textile, chemical, food and banking industries.     Slovenia is the first leg of Hui's three-nation visit, which will also take him to Lithuania and Latvia. Hui will also attend the third World Climate Conference, which is scheduled to be held in Geneva, Switzerland from Aug. 31 to Sept. 4.