JPMorgan’s hiring triggers vitriol among Chinese netizens

 

 

 

>>  Chinese president meets WHO director-general

By Xu Song 

 

Chinese President Xi Jinping (left) meets with the World Health

Organization (WHO) chief Margaret Chan Fung Fu-chun, at

the Great Hall of the People in Beijing on August 20, 2013.  

Photo by Li Tao

 

Chinese President Xi Jinping (right) shakes hands with the World

Health Organization (WHO) chief Margaret Chan Fung Fu-chun.

Photo by Huang Jingwen

 

President Xi Jinping said on Tuesday of August 20that China will continue to improve public health and enhance cooperation with the World Health Organization (WHO).

Xi made the remarks while meeting WHO Director-General Margaret Chan in the Great Hall of the People in downtown Beijing.

The Chinese government always prioritizes its people’s health and will make unremitting efforts to further implement reform of its public health system, Xi said.

He promised that the Chinese government would continue to effectively distribute public health and medical resources in order to achieve full coverage of basic health services to all Chinese people by 2020.

Xi voiced his appreciation to WHO’s support for China’s efforts to contain the H7N9 bird flu, noting that the Chinese government will always remain alert to the control of such epidemic diseases, especially when concerning food safety.

China values the significant role played by the WHO and is willing to continue its cooperation with the organization, Xi said.

He expressed his hope that the two sides could work closer to help promote Chinese medicine and medical products into overseas markets, and jointly assist African countries to improve their disease control and public health systems to meet the United Nations Millennium Development Goals.

Praising China’s efforts and achievements on public health development, Chan said the WHO highly values China’s important role in various multilateral arenas, noting that she firmly believed that the country, working closely with the WHO, would make more contributions to improve global public health conditions.

 

 

 

>>  China, ROK pledge to strengthen parliamentary cooperation

By Zhang Yi

China and the Republic of Korea (ROK) on Tuesday of August 20 pledged to strengthen parliamentary cooperation in a bid to promote the healthy and stable development of bilateral ties.

The pledge was made during a meeting between Chinese top legislator Zhang Dejiang and vice speaker of ROK’s parliament Lee Byung-suk.

Zhang, chairman of the Standing Committee of the National People’s Congress (NPC), said the regular exchange mechanism between the NPC and the ROK National Assembly has played an important role in advancing communication and cooperation between the two parliamentaries.

He noted that the NPC and the ROK assembly should give full play to the role of the exchange mechanism, share views on issues of common concern, enhance mutual understanding and strategic trust, expand pragmatic cooperation and implement the important agreements reached by the leaders of the two countries in June.

Lee, who is in China to attend the eighth meeting of regular exchanges between the NPC and the ROK National Assembly, said the assembly is willing to enhance communication and cooperation with China’s NPC and further enrich the development of bilateral relations.

Zhang Ping, vice chairman of the Standing Committee of the NPC, also attended the meeting. 

 

 

 

>>  Xi’s special envoy to attend Zimbabwean presidential inauguration

By Zhang Yi

Li Liguo will attend Robert Mugabe’s presidential inauguration as the special envoy of Chinese President Xi Jinping, a Foreign Ministry spokeswoman said on Tuesday of August 20.

Li, head of the Ministry of Civil Affairs, will attend the ceremony in Harare on Aug. 22 at the invitation of the Zimbabwean government, Hua Chunying said.

Mugabe won the July 31 poll with 61 percent of the vote, beating his arch-rival Prime Minister Morgan Tsvangirai, who received 34 percent of the vote.

 

 

 

>>  Chinese state councilor meets U.S. senator

By Liu Hua

State Councilor Yang Jiechi met with the U.S. Senate’s Foreign Relations Committee chairman Robert Menendez on Tuesday of Augut 20, according to a National People’s Congress (NPC) press release.

The two sides exchanged views on the China-U.S. relationship as well as international and regional issues of common concern, said the release.

Menendez is visiting China at the invitation of the Foreign Affairs Committee of the NPC.

 

 

 

>>  China to strengthen cooperation with Russia: vice premier

By Wang Huihui and Zou Dapeng

Chinese Vice Premier Wang Yang said on Tuesday of August 20 that China and Russia should explore their full potential to cope with economic conditions and ensure bilateral trade growth.

Wang made the comment when meeting with his Russian counterpart, Dmitry Rogozin, in China’s northeastern city of Harbin, capital of Heilongjiang Province. The two are respective chairmen of the Joint Commission for the Regular Meetings of Heads of Government of China and Russia.

China is willing to cooperate on projects with Russia in the nuclear sector, accelerate joint research on long-range, wide-body jets and heavy-duty helicopters, and speed up cross-border infrastructure construction, Wang said.

China will also support Chinese enterprises and financial institutions to increase investment in Russia and actively participate in the development of Russia’s Far East, Wang said.

Chinese President Xi Jinping’s visit to Russia in March has promoted the two countries’ strategic partnership of coordination and cooperation to a new stage, Wang said.

Wang said his meeting with Rogozin aims to further implement the consensus of the two heads of state, explore areas for pragmatic cooperation, and prepare for the meeting between the two heads of state at the G20 Summit in St. Petersburg, as well as at the 18th regular meeting between the two heads of government.

Rogozin said the meeting between the two heads of state in Moscow in March has added strong momentum to bilateral relations. Russia is willing to work with China to expand cooperation and strategic partnership, he said.

Both sides agreed to strengthen cooperation to tackle flooding in the Heilong River Basin, which runs along the China-Russia border.

 

 

 

>>  Chinese professor warns of “democracy trap”

By Wang Di

A Chinese associate professor on Tuesday of August 20 cautioned that developing countries should be vigilant against “democracy trap” in the wake of Egypt’s deadly clashes.

The remarks by Ding Long, associate professor at the University of International Business and Economics, came in his article carried by the People’s Daily on Tuesday.

The deadly violence and clashes between Egyptian armed police and thousands of protesters showed that Egypt’s democratic transition over the past two years has resulted in a standstill, Ding said.

Egyptians have failed to enjoy the benefits brought by proper democracy, with their personal security and social stability now at stake, Ding added.

Egypt is no exception among countries transition to democracy, according to the professor’s observation, as political turbulence has almost been a derivative of democratization in many authoritarian states.

“Democratic transition is still premature for many developing countries whose economic and social development cannot match up with the transformation,” Ding said. “As a result, national and religious conflicts that had once been concealed by authoritative rule broke out during the process of democratization.”

There is more to democracy than just winning elections, and the spirit of inclusiveness and compromise constitute the core culture of democracy, Ding said, adding Egypt’s transformation has been regarded as a zero-sum game by its political forces due to a lack of “democracy-friendly” political culture and citizenship.

“It is an economy on the brink of collapse that has plunged Egypt into political turmoil,” he said. “The country should give priority to restoring its social order and promoting reconciliation in order to get back on the road to democracy.”

Democratization of developing countries needs a preparatory phase, during which the development of the economy should be prioritized to strengthen social organizations and civil society, Ding noted.

“Serious maladjustment of democracy may occur if developing countries indiscriminately imitate the Western democratic model,” Ding warned.

 

 

 

 

>>  China needs reform to shift growth focus from speed to quality, experts say

By Liu Fan

The Conference Board Chief Economist Bart van Ark and Andrew Polk, resident economist at its China Center for Economics and Business, said on Monday of August 19 that it is important for China to put more emphasis on quality growth rather than speed.

Slower growth can lead to a much healthier growth path for China if the economy begins to rely less on investment to drive growth, but in order to do so reforms need to be accelerated, said the two economists of the independent business membership and research association based in New York.

“The shift from investment-led growth to consumer-led growth could also bring about less volatility in the business cycle,” they said in a written interview with Xinhua.

A China that grows at a slower pace but buys more from the rest of the world will be positive for the global economy, according to van Ark and Polk.

“The current driver of China’s slowdown is not reform,” they said, adding the moderate growth is a natural consequence of development due to demographic factors as well as a result of the catching up process.

They proposed that China should move forward more quickly with reforms and on a larger scale so that the world’s second largest economy can reap dividends from them sooner.

With regards to the Chinese government’s recent move to rein in financial risks, the two economists believed it is a very important element of reform.

But they expressed concerns over the expansion of financial loans in China which were not channeled into the real economy.

“In order to fundamentally reduce financial and credit risks, overall monetary growth must slow. Otherwise, money will continue to find its way into the shadow banking sector, despite administrative restraints,” they said.

Slowing monetary expansion will drag down overall economic growth, but again this will lead to a much healthier growth path, they argued.

Commenting on a report posted by HSBC recently, saying that 260 million migrant workers in China to settle into cities will promote consumption and bolster growth, van Ark and Polk believed that the massive number of workers will boost demand for the rest of the world.

Meanwhile, van Ark and Polk warned of the risks of China’s urbanization, saying geographical expansion of Chinese cities may have a negative impact on environment.

“A greater focus on building efficient and green cities, rather than emphasizing the speed of urbanization, will make growth healthier. Emphasizing job creation in the service sector in urban spaces will help sustain income growth despite lower GDP growth,” they said.

 

 

 

>>  China investigating foreign companies over security

By Zhang Xu

China’s probes into renowned foreign companies has aroused heated discussion online, with netizens supporting the country’s steps because of security concerns.

The Wall Street Journal reported on Friday of August 16 that China is preparing to investigate American corporations IBM, Oracle and EMC over security issues. It questioned the probes, saying they were in retaliation to the rejection of China’s telecom giant Huawei by the world’s largest economy.

In recent years, Huawei has been repeatedly rejected for selling its devices to American firms due to security concerns raised by the U.S. government.

However, the reason for China to launch the investigations was the country’s threatened security problems exposed by Edward Snowden, former U.S. spy agency contractor.

The whistleblower revealed that at least nine U.S. firms have participated in the U.S. surveillance program called PRISM, which hacked deep into China’s computer networks.

China became a focus for the Snowden case since he stopped in Hong Kong en route to Moscow. He also claimed that the U.S. National Security Agency hacked into critical network infrastructures at universities in China.

On Sina Weibo, China’s most popular Twitter-like microblogging site, most netizens applauded the country’s step to investigate foreign companies in China for security reasons.

“Kang Zhao” with Sina Tech said the probes should have been started long ago for the equipment manufactured by foreign companies poses huge risk for potential security problems.

However, “qimozhai” and other microbloggers are worried the as the probes will impact the foreign companies, the revenue of Chinese firms using their products will shrink.

The Global Times published a commentary in its paper and official microblog on Monday, saying that compared with the United States, China has done much fewer and much “gentler” investigations for security reasons.

The paper said that international companies have become an important part of the Chinese economy as the country adheres to its reform and opening-up policy.

It is normal and reasonable for China to conduct security probes, the commentary said.

The campaign is not targeted at foreign companies, but aimed at creating a fairer and better environment for economic competition, according to the paper.

The commentary added that it is also groundless to claim that China’s investment environment will worsen because of the probes.

 

 

 

>>  Chinese Internet companies urged to establish content review system

By Yang Hui and Zhou Wei

Chinese Internet companies offering cultural content were urged on Tuesday of August 20 to set up their own review systems, as part of efforts to ensure legitimacy of content.

The content of online music and game companies will no longer be reviewed and filed in advance by relevant government departments starting from Dec. 1, according to a Ministry of Culture statement.

Previously, such content was largely reviewed or managed by relevant government departments, the statement said.

“With the rapid development of Internet techniques, traditional online Internet content review systems have lagged behind the requirement of market development,” an official with the ministry said.

The establishment of a self-review mechanism and strengthening the company’s self-judgement capacity in terms of choosing Internet content is the best option for authorities to regulate the Internet cultural market, the official said.

The ministry also urged companies to ensure reviewers are independent.

The provincial cultural departments or relevant associations will provide the reviewers with training, according to the statement.

 

 

 

JPMorgan’s hiring triggers vitriol among Chinese netizens

By Han Qiao

A newspaper report on JPMorgan over its hiring of influential Chinese officials’ children sparked widespread vitriol among the country’s netizens.

Most of the web users supported the U.S. authorities’ probe into the investment company’s hiring practice, with some calling it an “open secret” and “just a drop in the bucket.”

According to a report by the New York Times over the weekend, JPMorgan hired the children of Chinese officials and the bank later secured deals with companies these officials work with. The U.S. authorities have opened investigations into the cases.

Netizen “BitterVautrin” said it has been an unwritten rule to hire people with a good background in companies like JPMorgan. “There is no way a person can get into a core department unless he or she has deep government connections.”

“A degree from prestigious universities like Peking University or Tsinghua University does not count,” said “BitterVautrin” on Sina Weibo, China’s Twitter-like microblogging site.

Netizen “Li Yifan” believes the practice is rampant. “If investigations are conducted into financial companies, law firms, and public relations companies which serve the world’s top 500 companies in China, you will have big findings.”

Another Sina Weibo user “Xiang Xianjun” joked that the probe of the U.S. government is trying to help curb “the unfair competition of fathers” in China.

Some other netizens are concerned about unfair competition among companies.

“Haili China” wrote on a online forum at 55188.com that China has become the world’s second largest economy and foreign companies are eager to grab a share of its market.

“The children of influential officials may know key economic policies before they are announced, bringing huge benefits to their employers,” said “Haili China.”

A renowned Chinese commentator Yang Jinlin reflected on China’s market order. “Flies go for cracked eggs. Everything has a wherefore,” he wrote on Sina Weibo.

“If our market is fair and open enough, there is no way for foreign companies to seek lucrative profits in this way,” he said.

 

 

 

>>  Chinese premier stresses rail construction in west

By Wang Yaguang

Premier Li Keqiang stressed the importance of railway construction to promote development in China’s western regions during a three-day visit to Gansu Province.

Railway construction in western China is important for transferring industry from the country’s eastern regions to western areas, which will boost employment, relieve poverty, and solve uneven regional development, Li said.

Efforts should be made to ensure the quality of railway projects and construction workers’ safety, Li said during a tour to Gansu in northwest China from August 17 to 19.

China has vowed to invest a total of 660 billion yuan (106.45 billion U.S. dollars) in railway construction this year and plans to bring the country’s operating railway network to more than 100,000 kilometers by the end of the year.

Li urged local governments and relevant departments to better implement the central government’s policies, which are designed to stabilize growth, readjust growth patterns, promote reforms and improve livelihoods.

Local governments should provide more support to small businesses, which Li said are the engine of China’s job growth.

 

 

 

>>  CMC vice chairman calls on military to learn from astronauts

By Li Huizi

The Central Military Commission (CMC) Vice Chairman Xu Qiliang on Tuesday of August 20 called on the Chinese military to learn from the country’s astronauts.

Xu made the comments at an awards ceremony where three astronauts who completed China’s longest manned space mission in June were presented with medals for their outstanding service to the country’s space programs.

Nie Haisheng, commander of the Shenzhou-10 mission crew and a second-time space traveler, was honored with a second-class aerospace achievement medal; Zhang Xiaoguang and Wang Yaping, the only female astronaut of the mission, were both conferred third-class medals and the honorary title of “heroic astronaut.”

The military should learn from the astronauts and consolidate its confidence in China’s socialist path and system, Xu said, adding the pursuit of the space dream will boost the realization of the Chinese dream.

The three astronauts were sent into space aboard Shenzhou-10 on June 11 and returned to Earth on June 26.

In its 15-day journey in space, Shenzhou-10 docked with the orbiting space lab Tiangong-1 twice, once through automatic operation and the other manually.

The astronauts spent 12 days in Tiangong-1, where they conducted space-specific medical experiments, technical tests and delivered a lecture to students on Earth about basic physics principles.

China is the third country after the United States and Russia to acquire the technologies and skills necessary for space rendezvous and docking procedures, as well as supply manpower and materials for an orbiting module via different docking methods.

Previous docking procedures conducted between Shenzhou-type spacecraft and the orbiting space lab included two automatic dockings by the unmanned Shenzhou-8 in 2011 and both an automatic and manual docking by the manned Shenzhou-9 in 2012.

Since its first manned space mission in 2003, China has sent 10 astronauts and six spacecraft into space.

 

 

 

>>  Chinese visa for high-calibre talents: Faster, easier

By Zuo Yuanfeng

High-calibre overseas talents will benefit from a faster visa application process, according to the Ministry of Human Resources and Social Security (MHRSS) on Tuesday of August 20.

The ministry said in a circular that various government organs and state-owned enterprises should submit details of their overseas talent introduction programs to the ministry or the State Administration of Foreign Experts Affairs (SAFEA).

These departments can apply for visas and residency permits via a priority procedure for talented people as well as their families.

Meanwhile, high-level overseas talents working in the country outside these programs will also enjoy a faster application process if they meet various conditions, said the circular.

The circular was jointly released by the MHRSS, the ministries of public security and foreign affairs, the Organization Department of the Communist Party of China Central Committee and the SAFEA.  

 

 

 

>>  Vice premier stresses role of customs tariff

By Zhan Yan

Vice Premier Zhang Gaoli on Tuesday of August 20 stressed the importance of customs tariffs and called for tariff improvements.

Customs tariffs are a key vehicle for regulating economic activity, and tariffs and import linkage taxes are important sources of revenue and play a special role in China’s reform and opening up, Zhang said at the first plenary meeting of the Sixth Customs Tariff Commission of the State Council.

Though China’s general tariff level has lowered to 9.8 percent, there is more room for tariff regulation as China has become the second largest economy and a key player in exports and imports, Zhang said.

More efforts should be made to study tariff policies and leverage tariffs to manage advantages in global and domestic markets, Zhang said.

Tariffs should be given full reign in their role to stabilize the economy, improve economic transformation, and promote healthy growth of key sectors, Zhang said.

The country should use trade remedies reasonably, actively deal with trade protectionism, handle trade frictions properly and protect the rights of Chinese enterprises, Zhang said.

The meeting was chaired by Lou Jiwei, China’s finance minister and head of the commission.

 

 

 

>>  China to combat illegal online drug sales

By Yang Hui, Sun Tiexiang, Bai Yang, Shi Jingnan, Wu Jing and Hua Chunyu

 

The Chinese government launched a five-month campaign on Tuesday of August 20 to combat illegal online pharmaceutical sales, the latest in a spate of efforts to clean up online activities. 

The campaign will primarily focus on websites that have obtained Internet drug sale licenses but were found to have been involved in the promotion or sale of fake drugs, according to department authorities. 

The campaign was jointly launched by China Food and Drug Administration (CFDA), the State Internet Information Office, the Ministry of Industry and Information Technology, the Ministry of Public Security and the State Administration for Industry and Commerce, according to a statement issued by the departments. 

Vendors who market drugs on the Internet without obtaining business licenses and those selling fake drugs will also be targeted during the campaign, the statement said. 

The problematic drugs sold by the websites ranged from those claimed to be able to cure tumors, sexual dysfunction, diabetes and high blood pressure have been listed as “major targets,” according to the statement, adding that the campaign will also crack down on producers of counterfeit drugs. 

Regulations relevant to online drug sales will be revised, and drug producers, traders and consumers are encouraged to provide tips in order to regulate online drug sales, it added. 

Statistics from the CFDA showed that a total of 85 websites across China have been issued with a license for Internet medicine business, with their trading volume exceeding 1.6 billion yuan (261.11 million U.S. dollars) in 2012, four times more than in 2011. 

Legal online drug stores are marked with license numbers at prominent locations on their websites and provide consumers with real-time online verification and e-contract services, the administration said. 

It added that online stores are only eligible to sell over-the-counter (OTC) drugs, and consumers can verify the qualifications of the stores at the administrations’s official website (www.sda.gov.cn). 

Hu Yinglian, associate professor with the Chinese Academy of Governance told Xinhua that harsher punishment should be employed to crack down on such online illegal activities rather than only fines. 

“The violators should not only receive administrative punishment, but also a legal penalty,” said Hu. 

Many efforts have been made by the Chinese government to supervise online drug trafficking through warnings and shutting down illegal websites, Hu said, adding that a supervision system should be established despite supervision being a universal problem. 

According to China’s Criminal Law, those producing or selling fake drugs could face the death penalty if drugs sold result in death or serious damage.

 

 

 

>>  New mechanism to strengthen China’s financial supervision

By Han Qiao

China has decided to set up an inter-ministerial meeting mechanism, headed by the central bank, to beef up financial supervision, according to a report on the government website, www.gov.cn, on Tuesday of August 20.

China’s State Council has approved the mechanism that draws regulatory bodies from the banking, securities, insurance and foreign exchange sectors.

Their meetings will also invite representatives from the National Development and Reform Commission, the Ministry of Finance and other government bodies when necessary, according to the report.

The mechanism will coordinate the country’s monetary and financial regulatory policies. It aims to safeguard financial stability and address regional systemic financial risks.

The mechanism will also promote financial information sharing and help build the industry’s comprehensive statistical systems, said the report.

The mechanism will not change the current financial supervision system. It will not weaken the responsibilities of relevant government bodies either, said the report.

 

 

 

>>  Chinese shares close lower Tuesday

By Zhang Xu

Chinese shares closed lower Tuesday of August 20 amid stock slump in Asian emerging countries like Indonesia, India and Thailand.

The benchmark Shanghai Composite Index dipped 0.62 percent, or 13.01 points, to end at 2,072.59, and the Shenzhen Component Index lost 0.62 percent, or 51.16 points, to finish at 8,234.56.

Combined turnover on the two bourses increased to 193.1 billion yuan (31.30 billion U.S. dollars) from 177.2 billion yuan the previous trading day.

The Jakarta Composite Index of Indonesia dived over 10 percent since the last trading day. Hong Kong stocks plunged 2.28 percent. The Stock Exchange of Thailand dropped 1.98 percent and the Bombay Stock Exchange Sensitive Index fell 0.41 percent.

The Chinese stock market unexpectedly soared Friday morning after big purchase orders sent from Everbright Securities Co., Ltd. The stock index fell sharply in the afternoon after the brokerage said it had a problem with its system, causing an error.

Trading of Everbright shares resumed on Tuesday, but dropped by the daily limit of 10 percent soon after the market opened, to 10.91 yuan per share.

Another brokerage, Haitong Securities, also made an error Tuesday morning. It did not update the latest stock information so many of its clients failed to trade shares. The sector of broker shares led the drop.

Bucking the trend, good news from China’s cabinet and the country’s top economic planner stimulated shares of railway building materials and information infrastructure.

 

 

 

>>  “Pacific Rim” continues to rule China’s box office

By Liu Lu and Tao Yiping

 The U.S. science fiction blockbuster “Pacific Rim” remained atop China’s box office charts in the week ending August 18, grossing 640 million yuan (104.5 million U.S. dollars).

“Tiny Times 2,” a sequel to domestic young adult film “Tiny Times,” took in 106 million yuan last week, ranking second on the charts, according to box office figures published by China Film News on Tuesday of August 20.

“Tiny Times” is a film inspired by author-turned-director Guo Jingming’s novel of the same name. The film has raked in over 488 million yuan since its debut on June 27.

“One Night Surprise,” a romantic comedy starring Fan Bingbing and Aarif Lee, took in 96.9 million yuan last week, placing third on the charts.

“Unbeatable,” a Hong Kong film directed by Dante Lam, came in fourth. It debuted on Aug.16.

Theaters nationwide received nearly 15 million viewers between Aug. 12 and 18, with total box office sales of approximately 500 million yuan, down nine percent from the previous week.

 

 

 

>>  Chinese films eye overseas market in screening gala

By Zuo Yuanfeng and Baiying

A total of 54 Chinese films, from action blockbusters to low-budget comedies, have been selected for an official screening event meant to tap into the overseas market.

This year’s Beijing Screenings will host more than 70 buyers, producers, distributors, investors and critics from over 11 countries and regions, including the United States, France, Italy and Russia, according to the film bureau under the State General Administration of Press, Publication, Radio, Film and Television.

The annual event, scheduled to run from Sept. 2 to 5, is in its 17th year and is sponsored by the bureau.

Selected titles include dramedy “Finding Mr. Right,” starring acclaimed actress Tang Wei, who shot to fame in Ang Lee’s 2007 spy thriller “Lust, Caution,” gangster flick “Drug War,” and “Full Circle,” a feel-good comedy about nursing home residents’ efforts to enter a TV talent show.

This year’s event will also include two forums, one on the topic of China and foreign cooperation in the animated film industry, and another on how to connect Chinese films with the overseas market.

 

 

 

>>  Profits of China’s SOEs pick up

By Liu Jie

China’s state-owned enterprises (SOEs) saw their profits pick up for three months in a row to the end of July, offering evidence that the world’s second largest economy is recovering.

Net profits at SOEs grew by 7.6 percent year on year to 1.3 trillion yuan (209.68 billion U.S. dollars) in the first seven months of the year, the Ministry of Finance announced Tuesday. In the first six months, the growth rate was 7 percent.

Business revenue grew 10.6 percent to 25.62 trillion yuan in the January-July period.

During this period, profits of SOEs administered by the central government rose, while those administered by local governments suffered a decline.

Centrally-administered SOEs saw profits surge 14.9 percent from a year earlier to 945.84 billion yuan. In contrast, profits of locally-administered SOEs shed 8.2 percent to 349.74 billion yuan.

The ministry said SOEs in the electronics, petrochemicals, power generation and property sectors reported relatively fast profit growth, while those in the transportation, non-ferrous metal, coal and chemical sectors saw declines.

The monthly report did not include SOEs in the financial sector.

 

 

 

>>  Chinese police apprehend bus attack suspect

By Cao Kai and Zhang Xingjun

 

Photo taken on Monday of August 20, 2013 shows bags left on a bus

after a knife attack happened in Anyang City, central China’s

Henan Province. Police has caught a man suspected of killing

three and injuring 12 others in the knife attack on Monday

in Anyang.   Photo by Zhang Xingjun

 

 A man injured in a knife attack on a bus receives interview in hospital

in Anyang City, central China’s Henan Province, on August 20, 2013.

Photo by Zhang Xingjun

 

Police in central China’s Henan Province on Tuesday of August 20 caught a man suspected of killing three and injuring 12 others in a knife attack on a bus.

The suspect, identified as Zhou Jiangbo, was caught by police in Xincun Township, Anyang County at about 1 p.m., according to the public security bureau of Anyang City.

Zhou, 24, from Neihuang County, has a crew cut hairstyle.

Police had previously offered an award of 100,000 yuan (16,000 U.S. dollars) for tips leading to the arrest of the suspect.

The government of Anyang City confirmed on Tuesday that the youngest of the three dead was a 10-month-old baby girl. The other victims killed in the attack were two boys, aged 10 and 18.

They were among 15 passengers assaulted by the knife-wielding man on a bus en route to Beiguo Township, Anyang County on Monday afternoon.

The incident happened at about 3:05 p.m. Monday, when 33 passengers were on the bus.

Two of the victims died on the way to the hospital. Another victim died in hospital on Tuesday morning.

Sources from the Anyang City People’s Hospital and the Anyang County No.2 People’s Hospital said victims ranging in age from 18 to 67 remain in treatment.

Among the 12 injured, five were in critical condition. A 53-year-old man was stabbed in the heart and was in a life-threatening condition, said Deng Jiao, an official with the Anyang municipal health bureau.

“I saw a man trying to snatch the steering wheel from the driver and suddenly the bus collided head-on with a truck,” said Li Pan, 18, who was inside the bus when the attack happened.

“After the collision, the man stabbed anybody he could see in the bus with a long knife,” she said. “I did not know how I fainted.”

“The man did not say a word in the whole process. He was calm and sober,” said Wang Ping, 42, who was stabbed in his left shoulder.

Zhou Jiangbo did not ask for money during the attack, according to several witnesses.

The reason behind Zhou’s attack is still under investigation.

 

 

 

>>  China issues yellow warning for tropical storm

By Zhang Yunlong, Rong Jiaojiao and Yu Wenjing

 A yellow warning was issued on Tuesday of August 20 for tropical storm Trami, according to the National Meteorological Center (NMC).

Trami, the 12th tropical storm to hit China this year, is expected to reach the northeast coast of Taiwan on Wednesday afternoon,then move toward China’s southeastern coast in Fujian and Zhejiang provinces, the center said.

From Tuesday to Wednesday, the tropical storm will bring strong gales to the coast of Taiwan, Fujian and Zhejiang provinces. Torrential rains will hit the northern part of Taiwan, bringing precipitation of 100 to 150 mm, according to the center.

The National Marine Environmental Forecasting Center on Tuesday said the tropical storm is likely to become a typhoon, issuing a higher-level wave alert.

The center forecasted that the tropical cyclone will generate waves of six to nine meters high in southern parts of the East China Sea and the waters surrounding the Diaoyu Islands from Tuesday night to Wednesday.

The Taiwan Strait is likely to see waves of three to five meters high while the coastal sea areas of Zhejiang and Fujian will record waves of 1.5 to 2.5 meters high.

Local fishing vessels and authorities have been urged to prepare for the storm.

China uses a four-tier, color-coded weather warning system, with red representing the most severe weather, followed by orange, yellow and blue. 

 

 

 

>>  Five killed in Shanghai factory accident

By Cao Kai, Zhu Yi and Li Rong

Five people have died and another four were injured while cleaning a sewage pool at a factory in Shanghai on Tuesday afternoon of August 20, local authorities said.

A worker collapsed at about 2:30 p.m. at a food company in Chongming County while cleaning the sewage pool. Another eight workers tried to rescue him but also collapsed, according to the municipal work safety administration.

Five of the workers had died by Tuesday evening.

A staff member said they suffered electric shocks while cleaning the pool. A hospital doctor told Xinhua it was likely they suffered from gas poisoning.

The cause of the accident is under investigation. 

 

 

 

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