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A Deluge of Junk E-Mail

According to the Fourth China Anti-spam Survey 2007, released by the Anti-Spam Center of the Internet Society of China, each Internet user in China received an average of 330 spam e-mails last year, at a cost of at least RMB18.72 billion to the Chinese economy. By December 2007, Chinese Internet users received a total of 69.4 billion pieces of junk e-mail, a 38.8 percent increase compared with 2006.

Total Chinese Bank Assets Exceed RMB 52 Trillion

According to the China Banking Regulatory Commission, through the fourth quarter of 2007 the total assets and liabilities of Chinas banking sector were, respectively, RMB 52.59825 trillion and 49.56754 trillion, and the non-performing loan rate stood at 6.17 percent. The statistic suggests that the assets of five state-owned commercial banks, namely the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, the China Construction Bank and the Bank of Communications, account for 53.2 percent of the assets of all Chinese banking institutions. Twelve shareholding commercial banks, like China CITIC Bank and China Everbright Bank, make up 13.8 percent; while urban commercial banks take in about 6.4 percent, and other financial institutions, including rural commercial banks, foreign-founded financial institutions, and trust and investment corporations, make up 26.6 percent. The rate of non-performing loans for the five state-owned commercial banks is 8.05 percent, higher than the average.

Peking University Professor Appointed World Bank VP

World Bank President Robert Zoellick has announced the appointment of Justin Lin Yifu, a Peking University professor, as chief economist and senior vice-president for development economics. As a professor at Peking University, Lin is known for his work on economic and agricultural reforms, as well as rural modernization. Zoellick believes this first chief economist from a developing country – and expert on economic development -- will bring a unique set of skills and experiences to the World Bank Group. Lin was born in Taiwan and received a masters degree from Peking University and a doctorate in economics from the University of Chicago. He is now director of the China Center for Economic Research at Peking University.

Google Gets Involved

with Chinas Free Music Download Market

Confronted with Baidus overwhelming dominance in MP3 searches, which accounts for 60 percent of Chinas current network search market, Google has readjusted its local competitive strategy to fit China. By launching a joint venture with www.top100.cn to offer copyrighted music free for perusal and download, Google has launched its involvement in Chinas online music market. Songs offered by various music companies will be found on the Google Website, and the company will attempt an advertising model for its revenue. Apart from Google, Music Box -- the music search service offered by www.sina.com has already been online for a while. It is a joint venture between sina and five record companies, namely Universal, Sony BMG, EMI, Warner and Rock.

Charitable Donations Keep Growing in China

The China Charity Donation Analysis Report 2007, issued by the Ministry of Civil Affairs, shows that China received a total of RMB 22.316 billion in funds and in-kind donations from the public and enterprises in 2007, representing an increase of 123 percent compared with the previous year. During the same period, China received RMB 8.609 billion in overseas donations, RMB 35.6 billion in lottery-related welfare funds and more than RMB 20 billion in social investment donations, for a total of RMB 86.5 billion in charitable giving, or 0.35 percent of the countrys total GDP. The survey also shows that up to 60 percent of the donations were used for study aid, poverty relief and disaster relief.

Li Rongrong: An Argument for Accounting Transparency

Li Rongrong, head of the State-owned Assets Supervision and Administration Commission(SASAC) of the State Council, argues that all state-owned enterprises should make their financial accounts public within three years. Through 2007, the total assets of state-owned and state-controlled enterprises reached RMB 9.19 trillion. Li suggests that society as a whole should be charged with overseeing the assets of these enterprises. He also believes that all local supervision administrations must insist on using the best accounting firms to audit state-owned enterprises annually. Opening up the accounts of large enterprises, Li says, is the best way to improve supervision and fight corruption.

Duan Yihong: Accurate

Digital Weather Forecasts Still 10 Years Off

China still has a long way to go before it can begin predicting severe weather accurately. “The reason forecasters failed to make accurate predictions about the severe weather that hit earlier in February is because the most affected areas were mountainous and lacked sufficient meteorological monitors,” says Duan Yihong, deputy director of the National Meteorological Center. According to him, there is a 10-year gap between the Chinese numerical forecast model and more advanced foreign ones. Numerical weather forecasts, based on calculations by high-performance computers, are a core part of modern weather bulletins. China began to develop its own model less than a decade ago, and the government is currently determined to appropriate an additional RMB 1.96 billion to improve predictions of weather disasters.

Meng Hongtao: Footballers Have Spiritual Needs, Too

The former spokesman of the Chinese womens football team, Meng Hongtao, recently argued that Chinese football players are badly in need of more spiritual support. “Take mens football teams for example,” Meng says, “we often think that the failure of foreign coaches like Schlappner, Milutinovic and Adrianus Haan can be attributed to flawed tactics and strategy. But why are their training methods effective for overseas teams, but not for Chinese?” Meng believes that a lack of spirituality is the root cause of Chinese football teams mixed performance.