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LONDON, March 13 (Xinhua) -- The Center for Creative Business in London hosted on Thursday Creative Exchange with China, exploring the possibilities of business ventures between the two countries in the creative industry.     The conference, which is aimed to help creative businesses from both China and Britain to get to know each other before exploring the business potentials of the rising industry, has attracted some 200 creative entrepreneurs, creative business managers and executives, policy makers, practitioners academics and researchers.     In his keynote speech delivered at the conference, Michael Bichard, rector of the University of the Arts London, said within the next two years, Britain's creative industries sector is expected to overtake the financial sector as the country's most significant economy. At the same time, China will move ahead of Germany as the world's third largest economy.     "If we remain isolated, we would not be able to achieve our creative goals of building global brands. To make collaborations effective, it takes much deeper look into the respective industries instead of superficial ones," he said.     Bichard, who is also chair of Design Council UK, hopes that Design Council would cooperate with China not only academically, but across the business to develop tomorrow's creative industry.     However, Bichard noted that creative exchange is not just about money, it's about understanding. The Olympics is a strong link between Beijing and London. Bichard urged for enforcing the bond, saying "two countries together can achieve great things."     Professor Xiong Chengyu, director of National Research Centre of Cultural Industry at China's prestigious Tsinghua University, clarified the conceptual difference of cultural industry in China and creative industry in Britain.     "It has only been 5-6 years since we began to talk about the cultural industries in China. In the past in China, we regarded culture as a kind of spiritual course which is focused on social benefit rather than economic benefit. The Chinese government realized how important it is to the national economy and has already carried out a number of policies to help and promote development," he said.     Wang Yongzhang, director general of cultural industries at China's Ministry of Culture, elaborated on China's policy improvement on the cultural industry over the years to serve as a backgrounder to the audience.     Representatives from British and Chinese creative companies also shared information about their experience in China during panel sessions.     The afternoon session dwelled on three topics with participants discussing Investing in China, Investing in UK and Managing Creativity in China.     The one-day conference sponsored by the Center for Creative Business, University of the Arts London and London Business School, is part of China Now, a six-month celebration of Chinese cultural and history across Britain.

SHIJIAZHUANG - A joint investigation team of China and Japan to the Tianyang Food company has not detected abnormity after a half-day inspection tour in the plant, both Japanese and Chinese investigators said here early Wednesday morning."The plant is very clean and well managed, and no abnormity has been detected," a Japanese investigator told the press. Japan will conduct further analysis based on information and data collected in the plant, he said.Wang Daning, director of the department of food import and export safety under the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ), said that China and Japan have been cooperating well with each other, and the Chinese side has been letting Japanese investigators see related materials and equipments as many as possible.So far, Japanese police have confirmed that at least 10 people fell sick after eating dumplings laced with the highly toxic organophosphate pesticide called methamidophos made by Tianyang Food.Both governments of China and Japan have been struggling to find what actually had happened. A Japanese investigation team came to China and held talks with China Tuesday morning, then to Tianyang Food in Shijiazhuang in the afternoon and worked till 1 a.m. the next morning.

WUHAN: The China Enterprise Confederation (CEC) has released its latest list of the country's top 500 companies.State-owned China Petrochemical Corporation, also called Sinopec, was the largest company by revenue, with 1.06 trillion yuan (9.5 billion) in 2006. It was the only company to top 1 trillion yuan.Foreign trade dealer Zhucheng Waimao Co Ltd ranked 500. The Shandong province-based company recorded 7.216 billion yuan.Companies in the list witnessed a 23.7 percent increase in revenue and 25.9 percent hike in profits from the previous year, largely because of continued growth from mergers and acquisitions.However, the money-earning performance of the 500 still falls far behind that of the world's top 500 as compiled by Forbes.China's top performers recorded a modest 4.72 percent on profit margin, lower than the average 7.32 percent of the world's top 500, the CEC report said.The return on equity of the top 500 was 10.1 percent, much lower than the 16.1 percent of the world's top 500."The top 500 China is still mainly ranked in size instead of performance," Li Wei, deputy director of the State-owned Assets Supervision and Administration Commission of the State Council said."That is a gap between China and developed countries."A total of 22 Chinese companies were among the world's top 500 in 2007. Sinopec, the largest company in China, ranked 17th."China's top firms have still focused their business on traditional industries, mainly manufacturing," Yang Du, professor at Renmin University of China, said.As many as 280 companies, accounting for 56 percent of the top 500 are from manufacturing industries, and less than 30 percent are from service-related industries.China's top 500 have been continually expanding, with 131 of them, merging and acquiring some 408 other businesses last year."But these merger and acquisition (M&A) activities are mainly limited within the same industries and few of the M&A deals are cross-industries," Yang said.Among the top 500, 96 are headquartered in Beijing and 40 are from East China's Jiangsu Province.

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BEIJING -- China's central bank admitted on Wednesday that the country is coming under increasing pressure from price hikes, and acknowledged inflation risks are "worthy of attention".The People's Bank of China said in its second-quarter monetary report published on Wednesday that the current rising prices were not solely caused by accidental and temporary factors, adding that inflation risks were on the rise.It warned that the price hikes of food products could spread to other consumer products.The report identified four reasons behind the increasing risk of inflation.It said prices for grain and meat products would not fall in the short term and uncertainties over the autumn harvest were aggravated by the ongoing drought.Meanwhile, the demand for grain is increasing from both the public and the bio-fuel industry.The meat prices would probably continue to rise in the long term owing to the rising feeding costs and the short supply, which would not be replenished in the short term due to the breeding cycle of pigs, and the price hikes of meat could easily spread to other food products, the report said.Prices of energy and resources are under pressure as the world petroleum price has climbed to an even higher level and the domestic pricing reform of resources and the country's environmental protection efforts would also push the prices higher, it said.The report also said labor costs were rising which would eventually raise the prices of consumer products.People's anticipation of inflation had been enhanced, and it would put further pressure on price hikes, according to the report.A survey by the central bank in the second quarter showed that 40.2 percent of those interviewed, the second highest record since 1999, said they were worried about inflation.China's consumer price index (CPI) rose 3.2 percent in the first half of this year, and the growth rate was 1.9 percentage points higher than the year-earlier level.Price hike for foodstuffs, mainly grain, meat and fowl and eggs, contributed significantly to the rise. Statistics show that foodstuff prices rose 7.6 percent, with grain price up 6.4 percent, egg price up 27.9 percent and prices for meat and fowl as well as related products up 20.7 percent in the first half.

In the latest move by some countries to construct new embassies or give their missions in Beijing a makeover, the Australian embassy will spend million refurbishing its already elegant building, the Australian ambassador announced Tuesday.The refurbishment will cover much of the embassy's high-traffic areas and incorporate all four levels of the Chancery building.A new 2,500-sq m annex building will also be constructed on the site, the ambassador added.The project will begin immediately after the 2008 Olympics and is scheduled for completion in 2010.Geoff Raby, the Australian ambassador to China, said the number of embassy staff had increased to 190 resident Australian diplomats and their families and 120 Chinese staff.He recalled there were about 32 Australian staff and 60 Chinese employees when construction of the embassy was completed in 1992, making it one of more iconic buildings in Beijing."The Australian embassy in China is one of our biggest embassies in the world," Raby said.It is a sign that Australia attaches more importance to its relations with China, the ambassador said.Woods Bagot, a global studio specializing design and consulting that operates in Australia, Asia, the Middle East and Europe, will implement the project with Chinese local design institute UAD and multinational engineers Arup."The (Australian) government demanded new thinking for a new diplomatic era in China," Jason Marriott, managing principal of Woods Bagot, said.The Australian embassy is located in the second diplomatic neighborhood on Dongzhimenwai Street.The first diplomatic neighborhood is near Jianguomenwai and a third one is north to Liangmahe.The United States has plans for a new embassy project in the third diplomatic neighborhood after Republic of Korea and Malaysia finish their new buildings.Wang Fan, a researcher of international relations with China Foreign Affairs University, said the embassy building and renovation boom symbolized how important China was to foreign countries' diplomatic strategies.

BEIJING, March 11 (Xinhua) -- China has published a draft management regulation on lotteries and is asking for the public's opinions.     If officially issued, it would be the country's first national management regulation on lotteries since the country gave the green light to its lottery industry in 1987.     The solicitation of public opinion will last through March 28, and the regulation will be issued later this year. There is no fixed date so far.     "The regulation will enhance supervision of the fast-growing lottery industry and stamp out fraud, which has been on the rise since the country launched its first lottery two decades ago," said a report on the Legislative Affairs Office of the State Council website.     Currently, China has a provisional regulation on the management of lottery distribution and sales. It was issued by the Ministry of Finance in 2002.     According to the proposed draft, carried by the website, no individual, organization or government department could sell lotteries without permission from the State Council. The China Welfare Lottery Administrative Center and the sports lottery administrative center of the China General Administration of Sport, both state-run, are the only two legitimate lottery outlets.     Public hearings will be held along with expert consultation before new lotteries are set up.     The draft requires lottery vendors to keep the identity of lottery winners confidential. It also demands transparency of money taken in and how it is spent on a regular basis.     Lottery funds should cover lottery prizes and management funding for lottery sellers. The rest, should be spent on the improvement of public welfare, according to the draft, quoting that a percentage of the revenue would be decided by State Council financial departments.     Individuals or government departments violating the regulation by selling lotteries unauthorized by the State Council would be fined and face criminal charges. Their illegal gains would be confiscated, it said.     Lotteries have generated huge economic and social returns in China over the past two decades. The country had issued 363 billion yuan (49 billion U.S. dollars) of lottery tickets through 2006. More than a third of the proceeds were spent on public welfare, such as the development of public sports facilities, education and health care for the handicapped.

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SHANGHAI: A revised rule that forces shipping companies to shoulder the cost of cleaning up pollution from maritime accidents, such as oil spills, in China's waters, is likely to take effect next year, if not sooner, a senior official with China Maritime Safety Administration (MSA) said Wednesday.If the revised regulation is approved by the State Council, companies such as Sinopec, PetroChina and the China National Offshore Oil Corp (CNOOC) will be required to contribute to a special compensation and clean-up fund, Liu Gongcheng, executive director of China MSA, said.Liu told a press conference prior to the 2007 Shanghai International Maritime Forum, which kicked off Wednesday, the fund will boost the country's emergency response capabilities to maritime pollution disasters.The official declined to say how big the fund could be.The rules also include a scheme asking all ships using its seawaters to purchase insurance.Liu said the mechanism, already in the pipeline for two years, is one of China MSA's measures to handle possible oil spill pollution, as the ocean environment faces greater pressure with increased shipping traffic, including oil cargo ships to and from China's coast.Figures showed more than 90 percent of China's oil imports - 145 million tons last year - is transported by sea. Some 163,000 tankers of all sizes sailed into and out of China's ports last year, an average of 446 every day."The size of oil tankers is also getting bigger, up to 300,000 tons, which has added to the risk," Liu said. "If only 1 percent of the oil is spilled, we will be confronted with a catastrophe."Oil spills can wreak havoc on sea life, fishing and tourism. They cost millions of yuan to clean up and even more in compensation and damages, he said.The oil spill from the tanker Prestige, which sank off Spain in November 2002, leaked 77,000 tons of oil that caused several billion dollars worth of damage.In the past year, there have been several oil spills in domestic seawaters that involved 500 to 600 tons of oil, but didn't cause serious pollution due to emergency response, Liu said.Losses caused by ships using international waters can be covered by insurance in accordance with international conventions.However China urgently needs a mechanism to cover the costs many small- and medium-sized ship owners cannot afford."It is not fair to let the clean-up companies shoulder the cost, so the compensation fund can be especially useful in that situation," he said.The administration is continuing to invest in facilities and enhance China's emergency response capabilities.

SHANGHAI: In a fresh sign of China¡¯s financial strength, a leap in the shares of Industrial & Commercial Bank of China Monday made it the world¡¯s biggest bank by market capitalisation, overtaking US giant Citigroup. ICBC¡¯s Shanghai-listed A shares surged 2.68% to 5.75 yuan, giving it a market capitalisation of 4bn, according to Reuters calculations. That exceeded the 1bn capitalisation of Citigroup, previously the world¡¯s biggest bank, when its shares closed at .73 in New York on Friday. HSBC Holdings was in third place with 5bn. Shares in ICBC, which listed in Shanghai and Hong Kong last October, have gained 15% this month on the back of a rally in China¡¯s booming stock market as well as strong growth in the bank¡¯s own earnings. Weakness in Citigroup¡¯s share price, and appreciation of the yuan against the dollar have also shifted market values in favour of ICBC. But some analysts believe ICBC¡¯s ballooning capitalisation may also be a sign of a dangerously overheated Shanghai stock market as speculating Chinese investors pour money into shares. ICBC, a state-controlled behemoth which is trying to modernise a creaky branch network operating almost entirely inside China, reported income of bn last year. Citigroup, one of the world¡¯s most sophisticated financial institutions with operations around the globe, reported income almost four times as large, at bn. ICBC¡¯s share price yesterday valued it at 28 times analysts¡¯ forecasts for its earnings per share in 2007, far above 11 times for Citigroup and an average of 16 times for major global banks, according to Reuters Estimates. ¨C Reuters

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BEIJING -- China has expressed concern about Washington's decision to shoot down a damaged satellite, urging the US Government to fulfill its international obligation.Responding to a question on the US plan to shoot down a damaged satellite, Chinese Foreign Ministry spokesman Liu Jianchao said on Sunday that the Chinese government is highly concerned about development of the situation and has urged the US side to fulfill its international obligation and avoid causing damages to the security in the outer space and other countries."Relevant departments of China are closely watching the situation and working out preventive measures," Liu said.According to news reports, the US Defense Department is planning to shoot down a damaged spy satellite that is expected to hit the Earth in early March. The satellite, which contains toxic fuel, has been out of control shortly after its launch in 2006.

China has been in the media spotlight for food safety recently, but it has gone all out to ensure that its food products are safe and to restore consumer confidence home and abroad.Its efforts seem to have accelerated with the publication of the first White Paper on food safety on August 17 and the naming of Vice-Premier Wu Yi as head of a high-profile panel on product quality and safety issues. That was followed by a series of efforts by government organs to tighten food safety measures.On August 31, the country's quality watchdog officially introduced the landmark recall system for unsafe food products and toys, making producers responsible for preventing and eliminating unsafe items.Food safety became a big concern in China after a series of food contamination cases were reported from across the country. Last November, the country's food safety watchdog found seven companies supplying red-yolk eggs that contained the dangerous Sudan Red dye, which is used in the leather and fabric industries but is banned from use in food products.The same month, three people were arrested in Shanghai for adding 3-4 grams of banned steroids to each ton of pig feed to increase the proportion of lean meat. The steroids, which prevent pigs from accumulating fat, can be harmful to humans. More than 300 people fell ill after eating meat from pigs that had been fed the steroids.Also last year, carcinogenic residues were found in turbots sold in Beijing and Shanghai markets. Even international fast food giant KFC was accused of adding the carcinogenic Sudan 1 dye to its roast chicken wings.Ministry of Health figures show that in the first half of this year, China reported 134 food poisoning cases, in which 4,457 people fell ill and 96 died.Food is China's biggest industry with last year's output estimated to be 2.4 trillion yuan (5.8 billion), according to the China National Food Industry Association.Bitter stories made the rounds after people fell victim to food poisoning. In June 2006, more than 130 people contracted parasitic diseases after eating undercooked snails in a restaurant. One of them was Yang Fangfang. His family, including his parents, wife and 18-month daughter, fell ill.The Beijing Health Bureau said the infection was caused because the food was not cooked properly and because the restaurant had failed to remove eel-worms in the snails.Although Yang survived, he still complains of pain, sometimes severe, in his lower body and stomach. A gourmet before the incident, Yang now regards food as a potential threat to his life.In overseas markets, substandard exports from China since March - from pet food, drugs, toothpastes and toys to aquatic products and tires - has sparked concern over "made-in-China" products. Diethylene glycol contaminated medicine exported from China was been blamed for dozens of deaths in Panama. Deaths of some dogs and cats in North America were attributed to tainted Chinese wheat gluten.Jing Luyan, 24, who works for a Beijing-based travel agency, says she trusts the government and the media for information on food safety issues."If they say I shouldn't eat something, then I stop immediately, it's as simple as that," Jing says. Many of her colleagues and friends do the same.Pressure from home and abroad prompted the Chinese government to acknowledge that the country's food and drug safety situation was not satisfactory and that enhanced supervision was needed. At a press conference in July, China's food and drug watchdog spokeswoman Yan Jiangying said: "As a developing country, China's food and drug supervision work began late and its foundations are weak. Therefore, the food and drug safety situation is not something we can be optimistic about".The press conference was held jointly by five major ministries in charge of food safety: the Ministry of Agriculture, the Ministry of Health, the State Administration for Industry and Commerce, the General Administration of Quality Supervision, Inspection and Quarantine and the State Food and Drug Administration.It was a rare attempt by the government to seriously address the issue, and it enumerated a series of measures to be taken. But it failed to offer a convincing mechanism for coordinating work among the five ministries, leaving the murky regulation of food safety unresolved.There have been worries over China's food safety supervision because at least five ministries are in charge of food safety and coordination among them is no easy job.Vice-Minister of Health Wang Longde went on the record as saying that new laws were needed to strengthen food safety supervision and the duties of relevant government agencies had to be coordinated. The government has stepped up efforts since then to address the issue to restore confidence in Chinese food products sold at home and abroad.China's first-ever White Paper on food safety published recently sets forth a series of achievements along with planned measures to improve food quality - from setting up a national food recall system to increasing exchanges with quality officials from other countries.Wu Yi's panel, meant to address the country's problems in food safety and product quality, partly dispelled people's concerns over lax supervision of food safety owing to too many regulators. Analysts say the newly set up panel, headed by Wu Yi, will improve supervision.The government, on its part, has started a four-month nationwide campaign to improve food safety and product quality. Wu describes the campaign as a "special battle" to ensure public health and uphold the reputation of Chinese products. The campaign will target farm produce, processed food, the catering sector, drugs, pork, imported and exported goods and products closely linked to human safety and health.Luo Yunbo, dean of the food science and nutritional engineering school of China Agricultural University, says the White Paper offers authoritative information on food safety, and the latest moves reflect the government's determination to improve product quality.The paper says the percentage of food products that passed quality inspections had risen steadily in recent years, up from 77.9 last year to 85.1 percent this year. As for small food processors, believed to be a major food safety threat in China, the paper says the country will prompt small-scale producers to form larger entities to ensure better food safety.Almost 80 percent of China's food producers operate in small workshops employing fewer than 10 workers. By the end of June, the government had weeded out 5,631 unqualified small producers, forced 8,814 to stop production and asked 5,385 to improve their standard.The number of small food producers will be halved by 2010, the quality supervision administration said after the country published its first-ever five-year plan on food safety in May. Also, the government wants to weed out all uncertified producers by 2012.The government is seriously addressing overseas concerns over Chinese food products. It has shut down the factory that supplied the tainted medicine to Panama, and two firms that exported contaminated wheat and corn protein, which ended up in pet food in the United States, killing a number of dogs and cats in North America.The country's top quality watchdog has announced that all major food exports produced from September 1 have to carry labels showing they have passed inspection to help stop illegal exports and bolster consumer confidence in the quality and safety of Chinese food products.The White Paper says the acceptance rate of Chinese foodstuffs exported to the European Union (EU) was 99.8 percent in the first half of this year, followed exports to the US (99.1 percent).Japanese quarantine authorities found Chinese food exports had the highest acceptance rate, 99.42 percent, followed by the EU (99.38 percent) and then the US (98.69 percent).But food safety cannot be improved greatly overnight, and people seem to differ on what they can do as individuals to bring about lasting change.Take Jing Luyan, for instance, who is fond of tasting different types of food, especially traditional Beijing snacks. But traditional snacks are usually cooked in shabby restaurants in small alleys."I believe that the most delicious food can hardly ever be found in swanky establishments with irreproachable hygienic conditions," says Jing.She has never fallen ill after eating at street corner stalls, she says.