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The first ever white paper on political parties pledges multi-party cooperation and political consultation under the leadership of the Communist Party of China (CPC). Released Thursday by the Information Office of the State Council, the white paper, entitled "China's Political Party System", explains in detail the formation, characteristics and development of the system and its role in economic and social development.Multi-party cooperation is a political system that suits China's conditions, the paper says."China will not mechanically copy other countries' political party systems," the document says, adding that the history of modern and contemporary China has proven that blind emulation of the political or party systems of other countries will not succeed.Zhuang Congsheng, director of the research office of the United Front Work Department of the Central Committee of the CPC, said multi-party cooperation is different from the two-party or multi-party systems in Western countries and the one-party system practised in some other countries. China has established a unique political party system and its own way to fulfill democracy, he said.In China, the ruling party and other parties share the same ideal and same objectives, said Zhuang.The white paper says multi-party cooperation has created a new form of political system in the world.Under this system, the CPC and other parties work closely together and supervise each other, instead of opposing each other, with the CPC ruling the country and the other parties participating in State affairs according to law.By the end of 2006, 31,000 people who were not CPC members and those without party affiliation took up government posts at and above the county level, the paper says.Among them, 18 served as deputy chiefs in the Supreme People's Court, the Supreme People's Procuratorate, and ministries, commissions, offices and bureaus directly under the State Council.Minister of Health Chen Zhu and Minister of Science and Technology Wan Gang - both educated in Europe - are the first non-CPC members appointed to the Cabinet since the 1970s.Apart from the CPC, there are eight parties in China: Revolutionary Committee of the Chinese Kuomintang, China Democratic League, China National Democratic Construction Association, China Association for Promoting Democracy, Chinese Peasants and Workers Democratic Party, China Zhi Gong Dang, Jiu San Society and Taiwan Democratic Self-Government League.Xinhua contributed to the story

China Railway Construction Corp. (CRCC), the country's leading rail builder, may raise as much as 22.25 billion yuan (3.1 billion U.S. dollars) in its initial public offering (IPO) in Shanghai.     In a statement to the Shanghai Stock Exchange late Sunday, the state-owned company said it has cut the number of A shares it is offering to 2.45 billion from 2.8 billion after reconsidering its capital demand.     The 2.45 billion shares represent 23.44 percent of CRCC's outstanding capital. The firm had built nearly 34,000 kilometers of rails by the end of 2006, more than half of all the rail links built nationwide since 1949.     On Feb. 14, CRCC was given green light by the China Securities Regulatory Commission to issue no more than 2.8 billion A shares on the Shanghai Stock Exchange.     The IPO price range was set between 8 to 9.08 yuan and it translated into 26.92 to 30.56 earnings multiples after the domestic share sale, according to the statement.     The company would start to receive from institutional investors orders for its 612.5 million shares, or 25 percent of the offering, on Feb. 25 and 26. The retail investors would be able to subscribe for the remaining shares on Feb. 26, the statement noted.     CRCC also planned to sell no more than 1.71 billion H shares in Hong Kong.     The company established its name by building the Qinghai-Tibet railroad, Shanghai maglev rail line and the Beijing-Kowloon railway. It also took the largest share in the bidding for the construction of the express railway linking Beijing and Shanghai.     Its total assets amounted to 155 billion yuan (21.7 billion U.S. dollars) by the end of November 2007, with net profit reaching 2.8 billion yuan (391.8 million U.S. dollars).

BEIJING - The number of commercial bribe cases dealt with by Chinese courts rose to 4,406 in the first seven months, an increase of 8.2 percent over the same period of last year, according to the Supreme People's Court (SPC) on Saturday.Xiong Xuanguo, vice-president of the SPC, said the number of cases featuring corporate wrong-doings rose 37.3 percent and cases relating to individual employees of companies jumped by 52.1 percent.Of the 3,748 commercial bribery cases that have been closed this year, 94.1 percent involved civil servants, Xiong said.A total of 31,119 commercial bribery cases were dealt with in China in the past two years before August 2007, with 7.079 billion yuan (US2.51 million) involved, said Li Yufu, deputy director of the leading group on anti-commercial bribery under the Central Committee of the Communist Party of China.

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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

The late Chinese leader Deng Xiaoping pledged to keep Hong Kong's three capitalistic characteristics - horse racing, dancing and stock exchanges - intact for at least 50 years after its return. Horse racing remains popular in Hong Kong, as shown in this file photo.Edmond TangThis pledge is being upheld as the Special Administrative Region marks the 10th anniversary of its return to the motherland. Today, more Chinese mainland residents are playing the Hong Kong stock markets, attending its horse races and visiting Lan Kwai Fong, Hong Kong's top entertainment center. For over a century, horseracing has thrilled Hong Kong people. Race days are held on most Wednesdays and weekends from September to June. During the season, many can be seen burying their heads in newspapers at teahouses studying the form of horses. "After Hong Kong's return, horse racing has not only been retained, but has grown with the support of the central government and Hong Kong people," said Kim K.W. Mak, executive director of the corporate development department of the Hong Kong Jockey Club. Mak said the jockey club is now striving to provide its best facilities for the coming 2008 Beijing Olympic Games. It will host the equestrian events. The club manages two racecourses - Happy Valley and Sha Tin - attracting more than 2 million racegoers each racing season. The club's betting turnover, exceeds HK.3 billion every fiscal year. It contributes 1.3 percent to GDP, and 10 percent of the government's tax revenue. It is also one of the 10 biggest employers in Hong Kong, employing more than 5,000 full-time workers and 20,000 part-time staff on race days. Hong Kong youngsters wave flags, hailing Premier Wen Jiabao's arrival to sign the Closer Economic Partnership Arrangement in this file photo.Huo YanAs the largest charity organization in Hong Kong, the club was a major donor to the anti-SARS campaign in the spring of 2003. Today, the people of Hong Kong enjoy stability in every aspect of their lives. "We don't see any difference in our way of life after 1997," said Wong Yim-fat, a fishmonger in Hong Kong. "Though there have been hard times, we have come through it, believing things can only get better." Wong now plays the stock markets and has had some luck with the Hang Seng Index rising from 15,196 points in July 1997 to about 21,685 today. "Actually, as masters of our own society, we feel there is more freedom and opportunities following Hong Kong's return," Wong said. Wong said he is happy with his decision to remain in Hong Kong after its return and not seek to emigrate as some of his friends and relatives did. "Many of my friends who have emigrated have come back, after finding out that things have not changed," Wong said. Before 1997, many Hong Kong people were uncertain about its future and left for other countries. Official figures from Hong Kong Customs show that more than 300,000 people moved to America, Australia and Canada between 1990 and 1997. Ten years later, many returned because of Hong Kong's stability and prosperity. Renee Chu, an assistant computer officer at the Chinese University of Hong Kong, was one of those who left before 1997. Following her parent's wishes, Renee left for Australia in 1990 when she was still a middle school student. "At that time, they were concerned about Hong Kong's future and wanted us to receive a better education abroad," she told Xinhua News Agency in a recent interview. After graduating from university, Renee returned to Hong Kong in 2000 as it offered better job opportunities. Hong Kong was hit by an economic downturn and an outbreak of SARS after 1997, but that did not stop the Chu family from returning. "There are always good and bad times for a place," Renee said. "My parents return to Australia from time to time," Renee said, "but their stays have become shorter. They now spend more time in Hong Kong and the mainland." Most Hong Kong people were able to gain residency abroad because of their technological skills and investments. While Hong Kong has retained its attraction for locals, it has also lured more people to its shores. Official statistics show that the number of overseas people in Hong Kong - Indians, Filipinos and British - account for 71,000 out of a population of 6.9 million. The culture of tolerance can be seen in the busy streets. There are restaurants and shops from all nations. "Hong Kong is really a very tolerant and free-spirited city. The cultural tolerance and perfect mixture is reflected in the diversity of our international visitors," said B.C. Lo, vice-president of public affairs, Hong Kong Disneyland. Hong Kong, however, has undergone some subtle changes too. This is evident in the choice of passport. Ten years after Hong Kong's return to the motherland, many Hong Kong people have abandoned their British National (Overseas) or BNO passports in favor of the Hong Kong Special Administrative Region (HKSAR) passport. According to Hong Kong Immigration Department sources, in the past 10 years, as many as 4 million, or 60 percent of Hong Kong's population of permanent residents, have applied for HKSAR passports, and the number is growing. The HKSAR government has managed to obtain visa-free access to as many as 134 countries or regions. BNO passports enjoyed visa-free access to only 114 countries. The passports are still valid. The safety ensured by Chinese embassies and consulates as well as a sense of nationalism have also been key factors in the popularity of HKSAR passports. Wong Yim-fat is of those who think HKSAR passports are not only more convenient, but also offer consular or embassy protection from the Chinese government in times of distress. "While holding a BNO passport, you felt like a second-class citizen," Wong said. "But a HKSAR passport gives you all the privilege that a Chinese citizen enjoys." According to Lu Xinhua, commissioner of the Ministry of Foreign Affairs in the HKSAR, not only Hongkongers have enjoyed an uplift in their international status, but also the HKSAR government. During the past 10 years, the HKSAR government has joined more than 50 international, intra-government organizations and 200 international treaties with the proper identity of Hong Kong, China. "Under the Basic Law, we have tried our best to help exchanges between the HKSAR government and the international community, in order to forge its long-term prosperity and stability," Lu said.

KHARTOUM: Chinese peacekeepers were on Wednesday awarded certificates of merit for their excellent performance during their eight-month term in Sudan, a Chinese officer said Thursday.Lieutenant General Jasbir Singh Lidder, commander of the UN Mission in Sudan (UNMIS), presented Unit Citations to the engineering, transportation and medical contingents of Chinese peacekeeping troops, and Force Commander Commendations to 22 Chinese troops.The two certificates of merit are the highest honor awarded to peacekeepers from various contributing countries in Sudan, said the Chinese officer.The awards ceremony was held at the base of the Chinese peacekeeping troops in Wau, capital of West Bahr al-Ghazal state in southern Sudan, two weeks before their departure from Sudan to rotate with another batch of Chinese peacekeeping troops.Lidder said it was a great honor for him to serve with the Chinese peacekeepers as they were ending "their very successful term" in Sudan."During the past months, the three contingents of the Chinese peacekeeping troops have done a significant job to be a role model for professionalism, commitment and conduct," Lidder said.The Chinese peacekeepers had also maintained excellent relations with the contingents of other countries as well as the local population, the UNMIS commander said.Li Chengwen, the Chinese Ambassador to Sudan, congratulated all the three contingents, the 22 Chinese peacekeepers as well as the other officers and soldiers. He highly praised their performance in Sudan, especially in the extremely difficult and complicated conditions.The 435-strong Chinese peacekeeping troops, the second batch of Chinese peacekeepers deployed in southern Sudan since China started taking part in UN peacekeeping operation there in May last year and arrived in Wau in January this year.

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TAIPEI, June 23 - Taiwan "presidential candidate" Ma Ying-jeou, who is from the main opposition party, has picked a "former premier" and economic expert as his running-mate for the 2008 election. Ma, from the Nationalist Party or Kuomintang (KMT) and one of two serious contenders for the "presidency", chose former "premier Vincent" Siew because of his experience, one of Ma's aide told Reuters. Siew, 68, served as "economics minister" from 1990 to 1993 and as "premier" from 1997 to 2000 under then "president" Lee Teng-hui. He now chairs the authoritative Chung-hua Institute for Economic Research. Siew ran unsucessfully for "vice-president" alongside KMT candidate Lien Chan in 2000, when opposition leader Chen Shui-bian swept to power, putting an end to half a century of Nationalist rule. Ma faces a close contest next year with Frank Hsieh, candidate of Chen's ruling Democratic Progressive Party (DPP).

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.

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The Bank of Communications (BoCom), China's fifth largest lender, said its net profit reached20.3 billion yuan (2.86 billion U.S. dollars) in 2007, up 65 percent from 2006.     By the end of 2007, total assets of BoCom stood at 2.1 trillion yuan, up 22.7 percent from a year earlier, according to its 2007 annual report released on Wednesday.     Net interest rate income rose 36 percent to 54.1 billion yuan and fee income from credit card sales and asset management products surged 137 percent to 7.1 billion yuan.     The Shanghai-based bank and HSBC Holdings Plc., which holds a roughly 19 percent stake in BoCom, are preparing to establish a credit card company and a pension fund company, according to the report.     BoCom, which listed on the Hong Kong stock market in 2005, returned to the mainland's A share market in April last year. Its shares rose 2.77 percent to 10.39 yuan in Shanghai on Wednesday.

China will cooperate more with the European Union (EU) to develop safety and security criteria for products, a leading official from the top product quality supervision authority said Wednesday.To increase joint efforts to establish a product safety control system, the two sides have agreed to establish a joint information platform for industrial products, Wei Chuanzhong, vice-minister of General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ), said."We will assess what it will take to set up a database for the platform by the end of this year," Wei said."The information platform will help solve problems arising from bilateral trade, providing a more effective way to push forward win-win trade development," Wei said.Wei made the remarks after the sixth annual meeting of the Negotiating Mechanism on Sino-EU Industrial Product and WTO/TBT (World Trade Organization/technical bar-riers to trade), which took place in Beijing Wednesday.Under the negotiating mechanism, which was launched early in 2002, China and the EU have set up 10 working groups covering trade issues in several industrial sectors, such as textiles, medical devices, electrical and mechanical devices, chemicals and cosmetics.He said a four-month product-safety inspection campaign launched by the AQSIQ is currently underway nationwide.Prior to yesterday's meeting, the EU also signed the first agreement for cooperation on pharmaceuticals and related products with the Chinese State Food and Drug Administration, according to the delegation of the European Commission to China."We will not impose any discriminative supervision regulations on Chinese products exported to the EU market. Instead, we are willing to offer technological support to Chinese enterprises to ensure an effective control over product safety," Heinz Zourek, director general for Enterprise and Industry of the European Commission, said.