Beijing, December 25 :

Chinese legislators may vote on a new controversial property law as early as March, as the draft, considered a major boost for the private sector, is nearing completion, state media reported today.

The sweeping bill, designed to protect both public and private ownership, has undergone more reviews than any other draft in Chinese history, the Shanghai Daily reported.

Members of parliament’s standing committee are now reviewing the long-awaited bill for a record seventh time, according to the paper. The latest version tries to strike a balance between private property and state ownership, saying all market players should enjoy equal legal status and rights for development.

One of the main reasons why the law has not been passed long ago is widespread concern that its promise to protect private ownership might undermine China’s socialist system.

It is testimony to the immense interest in the subject that the legislature last year received 15,000 suggestions from ordinary citizens about how to frame the bill, according to the paper.

Foreign banks approved :

BEIJING: China’s banking regulator said on Monday it had approved applications from nine foreign banks to incorporate their China operations locally, giving them easier access to millions of retail clients. The nine foreign banks are Standard Chartered, Bank of East Asia, HSBC, Hang Seng Bank, Mizuho Corporate Bank, Bank of Tokyo Mitsubishi UFJ, Singapor-e’s DBS Bank, Citibank and ABN AMRO, according to a statement by China Banking Regulatory Commission. The nine locally incorporated units are all registered in Shanghai.

The nine banks accounted for 34 per cent of all foreign bank branches in China, 55 per cent of total assets held by foreign banks and 58 per cent of profits achieved by foreign banks in China. New regulations that took effect on December 11 allow foreign banks to conduct local currency business with Chinese citizens in line with China’s commitments to the WTO. — AFP

Gold trading :

SHANGHAI: The Shanghai Gold Exchange on Monday lowered its trading threshold from one kg to 100 gm in a bid to open the market up to a larger number of small private investors. The move comes as tra-de by private investors has been sluggish, because a previous one-kg threshold, wit-h a market value of $20, 000, has raised bar too high. China permitted spot gold trading for private investors in July. — AFP

China Life IPO :

BEIJING: China Life Insurance Co, the nation’s largest life insurer, could raise up to $3.6 billion from its initial public

offering in Shanghai. The Beijing-based company set the price range for its planned offer of 1.5 billion shares at between 18.16 yuan and 18.88 yuan apiece. The official trading date of the IPO is proposed to be before January 11 in compliance with an expected listing date of January 9. — AFP