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LONDON -- China is set to make 2008 the year it asserts its status as a global colossus by flexing economic muscles on international markets and exhibiting its cultural richness, The Independent newspaper said on Tuesday."The world's most populous nation will mark the next 12 months with a coming-of-age party that will confirm its transformation in three decades from one of the poorest countries of the 20th century into the globe's third-largest economy, its hungriest consumer and the engine room of economic growth," the daily said in an article.It said that China enjoys unprecedented levels of domestic consumption and showcases itself to a watching world with a glittering 20 billion pound ( billion) Olympic Games.China's trade surplus with the rest of the world will widen from 130 billion pounds (0 billion) in 2007 to 145 billion pounds (0 billion) this year, the paper said.The paper said China is set to grow in the next year by something like 10 percent and contribute more to world economic growth than the United States in 2008.The paper also expressed worries about the challenges China faces in social and economic life like the rich-poor gap and inflation.Culturally, China will remind the world of its rich legacy of music, dance and visual arts with a new wave of Chinese creativity in Britain, it said.The Chinese New Year on February 7 will herald the beginning of the largest-ever festival of China's culture in Britain with an accent on contemporary artists in fields from video art to neon signs.

Four-yuan Scheme What can a part-time Chinese employee of McDonald's afford by his hourly pay? Only two small ice creams, which are valued at four yuan (US50cents). A McDonald's outlet. [File]American fast-food giants McDonald's and Kentucky Fried Chicken (KFC) are being bombarded for their work contracts which offer their part-time Chinese employees just four yuan per hour, well under the state requirement, state media reported. An employee is entitled to no less than 4.3 yuan per work hour, said a rule released by the Guangzhou city government last November. The hourly pay averages 7.5 yuan in the city. An unnamed source in Guangzhou told the New Express newspaper that the contract violated the legal rights of employees. "Once administrative departments discover acts of violations, officials will order these enterprises to revamp and compensate the employers for their losses," the source told the Guangzhou-based paper. "If the problem is so grave that a punishment will be handed out," the source said without giving details. The source also cast doubts on the probation system implemented by the fast-food giants. "Part-time employees don't need to undergo a one-month probation period." McDonald's and KFC have nearly 3,000 outlets all over China and a work force of nearly 200,000, according to a state media report. Zhu Yongping, a Guangzhou lawyer, has begun to move for the rights of employees. He told the paper that the work contracts have 'seriously violated' the legal rights of employees. A Lin, a McDonald's employee in Guangzhou, regarded McDonald's as a respectable foreign-funded enterprise before starting to work there. But the working experience has changed her mind. "I don't have enough rest. It seems that I was overly exploited." Cui Minghuan, Manager of KFC'S Guangdong market, refuted the claims of rights violations, saying the current rule of the minimum hourly rates of pay for the non-full-time employees implemented in the province is not applicable to the part-time employees working for KFC. "KFC does not breach relevant laws in China." Cui said these part-time employees are neither full-time workers nor non-full-time workers. "Their hourly rates of pay cannot be measured by the rule. An unnamed offical with the Provincial Department of Labor and Social Security said Cui's words are ridiculous. "So what kinds of workers they are on earth? " The official said the rule is applied to these part-time employees. Mcdonald said in a written statement that "it is always committed to relevant laws and regulations in China." Central Government Actions The report came just days after Chinese Premier Wen Jiabao, in his work report to the congress in early March, called for more efforts to implement the minimum hourly wage system in a bid to protect the workers' rights. The minimum wage system aims to protect the rights of Chinese employees. For example, Bejing has set a minimum wage about 550 yuan per month, while the economic hub Shanghai has a minimum wage about 650 yuan. The central government has beefed up efforts to protect the rights of its huge crowd of employees to quell any likelihood of unrest and maintain social stability. China is planning to adopt an unemployment law that aims to build an unemployment benefit system. The draft law is aiming at promoting employment around the country. The law states that the government will implement new policies, such as boosting professional training and increasing financial investment in employment promotion. As discrimination turns rife in China, the draft law contains a clause on anti-discrimination in an effort to provide employment equality in the country. The clause states that discrimination against job seekers with respect to their background, ethnicity, gender, religious beliefs, age, or physical disability, will be prohibited. The government is also taking actions to set up trade unions in foreign-funded enterprises in China. Up to date, about 26 percent of China's 150,000 overseas-funded enterprises have established trade unions, with a total membership of 4.29 million, previous media report said. However, McDonald's and KFC have not set up unions so far.

Mixed feelings over buying Japanese productsHonda, Canon, Fuji, Sony, Mitsubishi, Asahi, Sumitomo, Shiseido, Square Enix and Daiichi Pharmaceutical apart from being Japanese, these brands have something else in common. They are all immensely popular in China. Chinese consumers, with a collective memory of the eight-year Japanese invasion and Japanese prime ministers' constant visits to the Yasukuni Shrine that honors war criminals, have mixed feelings toward these leading brands. To a recent poll by China Daily on its website (www.chinadaily.com.cn), which posed the question "Have you bought any products made in Japan over the past two years, and why?", 45.63 percent of the respondents said "yes", while 44.04 percent said they had not, and the rest of the 1,065 respondents made no comment. Most people, the survey reveals, buy Japanese products because of their quality, after-sales service, design and affordability. "I don't care if the product comes from Japan or is made in China, I only care about its quality," said a respondent. Some consumers believe that the history of war is a political issue, with no relevance to business. A Japanese goods buyer said: "That's the real world. You buy what's value for money. There's no way one can deny that Japanese goods are quality products," but added that if any Japanese company got involved in politics in a "negative way", its goods would fall from her grace. But a great number of people said they were in two minds when buying Japanese goods. "Frankly speaking, products made in Japan are superior to ours, so we tend to buy them. It's rational consumer behavior," a respondent said. "However, in terms of politics, the Japanese prime ministers' visits to Yasukuni infuriates all Chinese people." Most respondents who do not buy Japanese commodities share the latter view. Many of those who participated in the survey believe the two nations share many common interests such as bilateral trade and investment and the Japanese government should strengthen bilateral ties. Bilateral trade volume reached 7.36 billion in 2006, up 12.5 percent over the previous year. Japan continues to be China's third-largest trade partner. By the end of November 2006, Japanese firms had invested .45 billion in China. Japan is now the second-largest source of foreign investment in China, after the United States. From January to October 2006, Chinese enterprises invested .18 million in Japan, with total investment from China reaching 9 million. This year is the 35th anniversary of the normalization of China-Japan relations and the 70th anniversary of the "July 7 Incident" that marked the beginning of the War of Resistance against Japanese aggression.

BEIJING, March 3 -- The China Development Bank (CDB) will mainly serve medium- and long-term national development strategies even after it is transformed into a commercial bank, a senior executive said on Sunday. A China Development Bank office in Shanghai. The China Development Bank (CDB) will mainly serve medium- and long-term national development strategies even after it is transformed into a commercial bank, a senior executive said March 2, 2008.      The CDB cannot turn into a commercial bank immediately since it does not accept individual deposits now, but it will start doing so in the future, said Liu Kegu, vice governor of the bank.     The CDB is one of the three policy lenders in the country.     The CDB at the end of last year received the first 5 billion U.S. dollars of the planned 20-billion-dollar re-capitalization from Central Huijin, an investment arm incorporated into China Investment Corp (CIC).     Liu said the capital injection will not affect the CDB's credit rating since it has the best asset quality among domestic banks. It has a non-performing loan ratio below 1 percent - much lower than that of major commercial banks.     The CDB will retain its long-term credit business and the right to issue financial bonds in the interbank market.     The lender has generated controversy in the banking industry by increasingly becoming involved in commercial business in recent years.     Earlier reports said that the CDB is planning to expand into financial leasing to diversify its business. It is reported to be on the verge of acquiring Shenzhen Financial Leasing Co Ltd for 7 billion yuan, by taking a 90 percent stake.