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STATE-OWNED ENTERPRISES

Chinese COE Profits Top 320 Billion Yuan in First Four Months

China's State-owned Assets Supervision and Administration Commission announced on May 19th that centrally-owned enterprises (COE) made profits of 325.9 billion yuan in the first four months of this year, up 81.7% from a year earlier.

The Beijing News | 2010-05-20

TRANSPORT

NDRC to Fix Price of High-speed Rail Tickets

The pricing department of National Development and Reform Commission stated it has been monitoring the price of high-speed railway tickets since early last year and that it plans to draw up a pricing system for high-speed rail tickets in due course.

Xinhua News Agency | 2010-05-20

LAW

China Introduces Strict Measures Against Non-State Worker Corruption

China's top legislative body and its Ministry of Public Security jointly issued a document on May 18 outlining the standards on filing a criminal case for investigation. The standards state that if people who work in non-government organs accept bribes worth 5,000 yuan or above, they should be investigated and prosecuted.

China News Service | 2010-05-19

LAW

Five Defendants in CCTV Fire Case Will Appeal to Higher Court

Five defendants involved in the CCTV headquarters fire case will appeal to a higher court against their sentence announced on May 10. Xu Wei, former director of the office in charge of construction of the new CCTV headquarters, and who was sentenced to a seven-year prison term for "causing an accident with dangerous articles" stated he would not join the appeal.

The Beijing News | 2010-05-19

CULTURE

Preparation for Cultural Investment Fund Begins

To develop the cultural industry in China, an investment fund is being prepared; the fund aims to raise 6 billion yuan in its first phase. It will serve to implement the recent policy titled, "Cultural Industry Promotion Plan" by the State Council.

Securities Daily | 2010-05-19

FINANCE

ICBC's Convertible Bond Plan Approved

The shareholders of the Industrial and Commercial Bank of China (ICBC) have approved the firm's plan to raise up to 25 billion yuan by issuing A-share convertible bonds; the plan will be carried out once the market improves.

China Securities | 2010-05-19

CORRUPTION

Police Chief Fired for Using Mentally Disabled Person as Scapegoat

On May 17 the Henan Provincial Public Security Department announced that Zheng Wei, head of Weishi County Public Security Bureau was removed from his position for deliberately arresting a mentally disabled person and using him as a scapegoat for a murder case.

The Beijing News | 2010-05-18