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A pedestrian walks past a branch of China Construction Bank in Shanghai June 3, 2007. [newsphoto]China's central bank is considering establishing a deposit insurance system in a bid to promote financial stability, news reports said on Monday. The People's Bank of China (PBoC) aims to push forward legislation on deposit insurance, the Xinhua News Agency reported, citing information from a central bank meeting. PBoC has carried out research looking into this matter, according to the report. Deposit insurance is a measure introduced by policy makers to protect deposits, in full or in part, in the event of banks being unable to pay deposits. The insurance can maintain public confidence in the financial system and prevent bank runs, thus helping promote financial stability. The United States was the first country to establish an official deposit insurance scheme, during the Great Depression in 1934. Currently, nearly 100 countries have such an arrangement in place. The lack of deposit insurance in China is related to the fact that most of the banks in the country are State-owned, which offer confidence to depositors, analysts said.

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BEIJING - The Silk Street market in Beijing, popular among tourists for cheap goods, tarnished its reputation as authorities seized fake name-brand sneakers and sports wear in the latest raid at the market. Law enforcement workers on Saturday confiscated 553 shoes of pirated Nike, 408 counterfeit Adidas shoes and 160 fake sports suits of the two famous brands after inspecting 11 booths at the market. An official with the Chaoyang branch of the Beijing Administration of Industry and Commerce said they had dealt with dozens of cases of fake products in the shopping mall so far this year. But the selling of fake goods still exists, especially at weekends, according to the official. The official said they are keeping tight inspection on fake goods. The Silk Street market, or Xiushui market in the Chaoyang District, has been popular with overseas tourists who have flocked to buy counterfeit and knock-off luxury clothes and accessories since 1985. In March 2005, the outdoor market moved to a multi-story building next to the Xiushui Street.

A plan to rebuild part of the Yuanmingyuan (the old Summer Palace) Park has met with mixed public response.The park's management office said it is planning to rebuild a palace gate before the end of this year.Zong Tianliang, spokesman for the office, said the project will take a year to complete and will be "a loyal copy of the original gate".But many fear construction of the gate might destroy some the historic remains.Yuanmingyuan is regarded as a symbol to remind Chinese people of the shameful history of the 19th century when China was bullied by Western countries.What visitors see in the park today is mostly the ruins left from a fire that the British and French troops set after plundering countless treasures from the royal garden in 1860.More than half of the 2,300 netizens who responded to a poll on sina.com on Monday were against the rebuilding project.About 54 percent agreed that rebuilding the gate would destroy some historical relics, and protecting what "remains is the best solution"."Yuanmingyuan as it stands today is the best material for patriotic education. Rebuilding will not only cost money, but also probably make people forget part of history," a netizen said.However, 44 percent agreed it was necessary to restore the exquisite imperial garden to its former glory, described as a masterpiece in Chinese classical garden art.Researchers said the Yuanmingyuan, a general name for three royal gardens built and expanded in Qing Dynasty (1644-1911), used to cover nearly 350 hectares and consisted of 100 buildings of different styles, including European and southern China."Rebuilding part of the garden and showing visitors the comparison can also educate people," another netizen said.Zong said the rebuilding is part of the Yuanmingyuan Ruins Planning project, which was approved by the municipal government and the State Administration of Cultural Heritage in 2000.The planning agreed to rebuild no more than 10 percent of the original royal garden.Currently the park has only three rebuilt structures - a European-style maze, a pavilion and the palace gate of Qichunyuan.Some experts have said that a rebuilt Yuanmingyuan would still be incomplete without all its lost treasures. A bronze horse head looted from the garden was recently sold for .84 million and returned to China.

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BRUSSELS - Javier Solana, European Union top diplomat, expressed here on Thursday his concern over Taiwanese leaders' comments on the Chinese province's application for UN membership."I have noted with concern the comments made by Taiwan's leadership on October 24 concerning Taiwan's application for UN membership under the name of Taiwan," Solana said in a statement."The EU has a substantial interest in peace and stability in East Asia. It has a particular interest in the continued prosperity and security of Taiwan and in the maintenance of peaceful relations across the Taiwan Strait," he said.    The fundamental position of the EU is that the Taiwan question must be solved peacefully through cross-Strait negotiations between all concerned parties."We have concerns about the current policy of Taiwan's authorities to pursue a referendum on the question of UN membership in the name of Taiwan," Solana said, adding "This concern flows from the EU's conviction that both sides of the Strait should refrain from statements or actions which might raise tension across the Strait and which might be perceived as a unilateral change in the status quo."The proposed referendum would risk making it harder for Taiwan to enjoy the pragmatic participation in the activities of specialized multilateral fora, "when there are clear public interests for this and when statehood is not required." he said"I therefore want to encourage both sides to take further initiatives aimed at promoting dialogue, practical cooperation and confidence-building," he concluded.

China's press and publication watchdog yesterday announced a campaign to shut down pornography websites nationwide.As of last week, about 348 domestic websites were found to be posting and distributing porn novels and pictures Song Jianxin, director of the Internet supervision sector under the National Office of Anti-porn and Illegal Publications, said.Eight websites including 517z.com, xs4.xggirl.com and book.maobob.com were ordered to permanently shut down for the "extremely negative impact" they caused by posting 40 online porn novels."The contents were full of exaggerated and explicit description of sex. It harms and misleads the young who are still growing and lack reasonable judgment," Song said.Li Baozhong, director of the market supervision department of the national press watchdog said distributing porn novels violated laws, publication regulations and Internet information service regulations.All blacklisted websites are being put under close watch by press regulators and public security authorities at all levels."The violators will be heavily fined and punished," Li said.The watchdog also revealed a recent crackdown on pirated publications.The market enforcement team in Central China's Hunan province smashed a gang producing pirated books.About 627,000 pirated books worth of 20.3 million yuan (.67 millon) were seized.It included teaching materials of New Concept English and reference books for student tests, whose copyrights belong to about 21 domestic publishing houses.Four were arrested and one official from the Hunan press watchdog, accused of taking bribes and helping to facilitate the illegal practice, was removed from his post."We're facing unprecedented complexity in fighting for intellectual property rights protection," Li said."IPR infringement is becoming more complex as violators turn to more sophisticated ways to carry out their trade."

A Chinese national flag is raised atop a house, standing in the centre of a ten-metre-deep pit dug by the real estate developter, in southwest China's Chongqing Municipality, on March 21, a day before the deadline for the owner to move out sentenced by local court. [newsphoto] A photo of the solitary building has been circulating on the Internet, where it has been dubbed "the coolest nail house in history" a translation of a Chinese metaphor for a person who refuses to move from their home. A local court set a deadline of Thursday for the couple to move out. But the house remained intact on Friday afternoon. The owner of the house, Yang Wu, 51, used two steel pipes to climb up to his castle from the construction pit on Wednesday afternoon something most people would have found difficult, but an easy maneuver for the former martial arts champion. Two men walk past a house on a mound in the middle of a construction site in Chongqing on Thursday. A couple has refused to move out of their two-storey home, which is now the only building left standing in a 10-meter-deep pit. APHe carried a national flag and banner reading "No violation of legitimate private property", which he hung from the top of the house. Local residents look at a two-storey home, which is now the only building left standing atop a mound in a 10-meter-deep construction pit in Chongqing March 22, 2007. [newsphoto]With his relatives' help, he also took two gas bottles, mineral water and other necessities. Water and electricity supplies were cut off long ago. Yang's wife, Wu Ping, remained outside the house, answering questions from the media. She said they had not lived in the house for two and a half years. The building, formerly a restaurant with a floor space of 219 square meters, is located in Jiulongpo District. The local government plans to build a shopping mall and apartments on the site. More than 200 households were moved from the area in the past three years to make way for the development. But the couple refused to move because they were not satisfied with the compensation offered: 3.5 million yuan (3,000). Wu said they wanted a property of the same value, because the compensation money would not cover the cost of an apartment of the same size in that location. After negotiations between the couple and the local government reached a stalemate, the government took the matter to court in January. On Monday, the Jiulongpo District court ordered the couple to move out by Thursday. According to the court ruling, the couple would be forcibly removed if they did not move out of the house by the deadline. No action had been taken on Friday. Shanghai-based China Business News said an eviction of this nature would create unwanted attention for the government just after the Property Law was passed. It will come into effect on October 1. Property law expert Zhao Wanyi was quoted by Beijing Evening News as saying he was pleased that citizens were learning to safeguard their rights through the legal system. But he said it was a concern that by refusing to move out without adequate compensation, the couple could be accused of abusing their individual rights. "There is no absolute right," he said. Judge Li, whose court sent the notice, told the media on Thursday evening that the court would "follow lawful procedures to deal with the matter", but he refused to say when.

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The government will get tough on those involved in illegal activities and speculation to cool the country's booming property market, a leading construction official said Thursday."We are in the middle of a campaign to regulate the property market and will crack down hard on anyone engaged in illegitimate activities such as stockpiling land and bidding up prices," Qi Ji, vice-minister of construction said at a press conference."We will expose and punish unscrupulous developers and do everything we can to prevent price hikes driven by non-market factors," he said.Qi said the government will also introduce differentiated tax and credit policies to deter people from buying property for investment purposes and control the demand for large apartments.Citing Beijing as an example, Qi said one of the key factors behind the skyrocketing prices was the influx of buyers from outside the city."Figures show more than a third of the commodity houses in Beijing were bought by people from outside the city," he said.And the figure is more than 50 percent for high-end properties in central areas, he said.The situation has led to an imbalance between supply and demand in these areas and prices are soaring, Qi said.House prices in the capital showed a year-on-year increase of 11.6 percent last month, the highest this year.Qi said governments must put greater emphasis on the development of low and middle-priced housing and small to medium-sized apartments to stabilize housing prices.In an effort to help ease the housing problems of low-income families in urban areas, the State Council recently rolled out a series of policies including the establishment of a low-rent system, the construction of more affordable homes and a large-scale program to renovate shantytowns.Qi said 10 million low-income families nationwide have housing problems, most concerning a lack of living space of less than 10 sq m per person."They cannot afford houses on the open market, which is why governments must help them," he said.

GENEVA -- China on Tuesday got its first judge on the  World Trade Organization (WTO)'s highest court, six years after the country joined the Geneva-based body.Zhang YuejiaoChinese lawyer Zhang Yuejiao was formally appointed by the WTO Dispute Settlement Body (DSB) as a member of the seven-person Appellate Body, which issues final rulings in trade disputes, WTO sources said.Jennifer Hillman of the United States, Lilia Bautista of the Philippines and Shotaro Oshima of Japan were also appointed as new members of the top court at a DSB meeting on Tuesday.The appointments were made according to the Dispute Settlement Understanding which stipulates that the Appellate Body shall " comprise persons of recognized authority, with demonstrated expertise in law, international trade and the subject matter of the WTO agreements generally," a WTO statement said.The WTO said Hillman and Bautista would formally join the top court next month, while Zhang and Oshima would join in June. They can serve up to two four-year terms.Zhang, 63, is professor of law at Shantou University in China. She is also an arbitrator on China's International Trade and Economic Arbitration Commission and practises law as a private attorney.Zhang once held positions at the Chinese Ministry of Commerce as well as at the Asian Development Bank.

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KUNMING - A comprehensive research and preservation facility for the germplasm of rare and endangered plants,wild animal species and microorganisms was completed on Sunday in southwest China's Yunnan Province. With an investment of 148 million yuan (US.5 million) over the past two years, the "Southwest China Germplasm Bank of Wild Species" facility was established by the Kunming Institute of Botany (KIB) with the help of the Chinese Academy of Sciences (CAS). "The bank will be a key player in China's biotech industry and a pioneer in the nation's biodiversity conservation and bioresource development strategy," Chen Zhu, vice president of CAS, said at the inauguration ceremony. According to the KIB, the bank sees itself as a leading storage facility of Asian species within 15 years of its foundation, and expects to make significant contributions to the development of the biotech industry and life science research by providing valuable resources, information and expertise. Within the next five years, the bank is expected to collect 6,450 wild species, 4,000 of which will be plant seed species. Within 15 years, its collection will reach 19,000 species. The bank comprises a seed section, an in-vitro micro-propagation unit, a microorganism bank, an animal germplasm bank, a DNA bank, an information center and a garden. Stretching across an undulating landscape and climatic zones ranging from the tropical to the frigid, Yunnan is home to a multitude of plant species linked together by a complex network of phylogenetic relations, and accounts for more than 50 percent of China's plant diversity.

HANGZHOU - Nineteen people are missing with only one rescued after a Liberian ship collided with a fishing boat in the East China Sea on Saturday night, said the Zhejiang Maritime Affairs Bureau on Sunday.A spokesman with the bureau said that the Liberian ship, "Formosa 10", collided with the fishing boat about 11:40 pm in the sea off the eastern Zhejiang Province, on its way from Taiwan to the Republic of Korea.The fishing boat, with 20 people on board, capsized."Most of the missing people are local fishermen and the others are from the neighboring provinces," said the spokesman.The provincial search and rescue center sent more than ten searching boats to the scene immediately and a helicopter arrived to assist in the operation around 6:45 am on Sunday.More than 20 fishing boats also participated in the rescue work."The visibility at the sea is favorable but the temperature of the sea water is very low. Usually, it's hard for people to survive more than 12 hours in such cold water," rescuers said.

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