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PYONGYANG, Oct. 5 (Xinhua) -- Chinese Premier Wen Jiabao and Kim Jong Il, top leader of the Democratic People's Republic of Korea (DPRK), on Monday attended a grand celebration marking the 60th anniversary of the establishment of the diplomatic relations and the closing ceremony of the China-DPRK Friendship Year.     In a speech delivered at the May Day Stadium in Pyongyang, Premier Wen said China and the DPRK have understood, supported and helped each other during the past 60 years despite changes in the international situation.     The ruling parties and peoples of China and the DPRK have steadily promoted the development of the bilateral ties, contributing to regional peace and stability, Wen said.     This year marks the China-DPRK Friendship Year, featuring a variety of celebrations and events of exchanges, which have enhanced the friendship between the two countries, strengthened cooperation in various fields and injected new vitality into the bilateral ties, Wen said.     Currently, China-DPRK relations have arrived at a new historic point, he said.     China is ready to join hands with the DPRK to further consolidate and develop the traditional friendship, expand friendly exchanges and cooperation to better serve the well-being of both peoples, and make greater contribution to regional peace and stability, he noted.     DPRK Premier Kim Yong Il, who also attended the event, said the establishment of DPRK-China relations 60 years ago was an epoch-making event and the DPRK is firmly determined to consolidate and develop the DPRK-China friendship.     The events marking the China-DPRK Friendship Year have effectively promoted the friendship and trust between the two peoples, he said.     The DPRK is ready to make joint efforts with China to further the friendly, cooperative relations, he said.     During the celebration, the leaders watched the grand gymnastic and artistic performance "Arirang" presented by DPRK artists.  

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.

BEIJING, Aug. 17 (Xinhua) -- State-run companies in China should stick to the leadership of the Communist Party of China (CPC), Vice President Xi Jinping said Monday.     Xi made the remarks at a meeting held here to promote Party building in China's state-run enterprises.     Party building lay at the core of the competitiveness of state-run enterprises, Xi said, adding that "the CPC's leadership over the enterprises should be upheld unswervingly... in order to help enterprises retain scientific development".     Li Yuanchao, head of the Organization Department of the CPC Central Committee, said at the meeting that bosses of the state-run companies headquartered in Beijing should increase the Party organs' involvement in the companies' decision-making process.     Party organs should participate in the process of the state-run companies' major decisions made by the companies' board meeting to ensure that they could play supervising functions, Li said.     Meanwhile, He Yong, deputy secretary of CPC Central Commission for Discipline Inspection (CCDI), urged the bosses of the country's state-run companies to be cleanhanded.     Restrictions and supervision over power should be intensified for the main leaders of the companies, He said, adding that the anti-corruption effort inside the state-run companies was an important part of the mechanism's construction.     The state-run companies' bosses should also enhance their discipline education and loyalty to the Party, the official said.     The anti-corruption effort in the state-run companies came after former chairman of Sinopec Chen Tonghai was sentenced to death last month with a two-year reprieve for taking huge bribes.     Chen took about 195.73 million yuan (28.66 million U.S. dollars) in bribes from 1999 to June 2007 by taking advantage of his positions in Sinopec, one of the country's major oil refiners.     Also present at Monday's meeting was Vice Premier Zhang Dejiang, who stressed that the top priority of state-run enterprises at the moment was to maintain steady and relatively fast development.

URUMQI, Aug. 12 (Xinhua) -- The 9th China Xinjiang International Agricultural Fair opened in the northwestern city of Urumqi Wednesday, attracting 110,000 business people from around the world.     Representatives with 987 companies from 15 countries and regions have arrived to attend the three-day event, which features exhibitions of fertilizers, pesticides and seeds, the organizers said in a press release.     It would be the largest fair compared with the previous eight sessions in terms of its visitors and scope, the organizers said.     "The fair is held against the backdrop of global financial crisis and the July 5 riot," the press release said. "The organizers will arrange activities to promote Xinjiang's agricultural products that have not been selling well due to the aftermath of the riot."     The riot in Urumqi, capital of Xinjiang Uygur Autonomous Region, has left 197 people dead, mostly innocent civilians, and more than 1,600 others injured.     But business people still hope to cash in on the vast market opportunities of Xinjiang, which takes up a sixth of Chinese territory, as Urumqi is gradually recovering from the violence.     "Our company entered the Xinjiang market in 2005 selling fertilizers and has won a wide recognition of local farmers," said Gu Rongbao, manager of the Jinlaifu Chemicals Import and Export Co. Ltd. from eastern Shandong Province. "We have confidence in the future development in Xinjiang."     The annual fair is jointly organized by the regional government's departments of agriculture, animal husbandry among others.

BEIJING, July 23 (Xinhua) -- Chinese President Hu Jintao vowed to stick to the proactive fiscal policy and moderately easy monetary policy in the second half year to sustain stable and relatively fast economic growth.     Hu, who is also general secretary of the Central Committee of the Communist Party of China (CPC), made the remarks at a conference with leaders of the country's leading non-Communist Parties on Thursday in Beijing.     Chinese Premier Wen Jiabao and other senior leaders including top political advisor Jia Qinglin, Vice President Xi Jinping and Vice Premier Li Keqiang, attended the meeting.     Hu said the Chinese economy is generally improving because of the stimulus packages the Chinese government rolled out to weather the global economic downturn, but caution against risks should be strengthened.     The macroeconomic policies should be maintained to consolidate the current recovery to achieve the goal of eight-percent economic growth for this year, Hu said.     China's annual economic growth quickened to 7.9 percent in the second quarter of this year, mainly boosted by a 33.5 percent surge in fixed-asset investment driven by powerful fiscal and monetary stimulus. The figure was compared with the 6.1 percent economic growth in the first quarter and 6.8 percent in the fourth quarter of last year.     Hu called for thorough implementation of stimulus measures to expand domestic demand. The government tried to boost domestic demand to offset falling exports because of a slump of global demand. The measures included programs of rural home appliance subsidy and home appliance replacement and purchase tax cuts on autos.     Economic restructuring and innovation should be enhanced to ensure economic recovery, Hu said.     In rural development, Hu called for efforts to boost grain production and increase farmers' income through various channels. More investment should go to ethnic, border and poor regions, Hu added.

来源：资阳报