1. Contents of Service Measures
In Beijing, Shanghai, Tianjin, Chongqing, Shenzhen, Xiamen, Qingdao, Dalian, Ningbo, Harbin, Shenyang, Wuhan, Changsha, Chengdu, Xi’an, Ji’nan, Kunming, Haikou and other cities, and in the whole provinces of Jiangsu, Guangdong and Zhejiang, ICBC launched the following service measures:

Stop-payment on loss report, prompt validation on formal loss report. After getting his Peony card lost, the cardholder can dial our 24-hour service hotline 95588. ICBC will immediately stop payment and assist to prevent any relevant fraud trading. In the meantime, the cardholder or his agent should go to the card-issuing office or ICBC business office within seven days, fill in the Loss Report Application Form, and conduct the formal loss report, which will take effect immediately, and the cardholder will not assume any economic loss incurred by any transaction after the formal loss report. Special prompts: the cardholder can also go to any local ICBC business office and conduct fax loss report in good time if getting his card lost in other cities.

Free from checking identification certificate and entering password for general consumption. The cardholder generally does not need to present his identification certificate or input password when using Peony card to consume at appointed units At the same time, in order to ensure the safety of the cardholders’ funds, it is necessary for the cardholder to input password or present his identification certificate when using Peony card for large sum consumption, ATM usage, or cash withdrawal on business office’s counter.

2. Please take your ease to use your Peony cards
After ICBC launched the service improvement measures above, some cardholders may think that “Peony cards have no password” or “password are useless”. As a matter of fact, the exact meaning of our services measures above is to free the users from inputting password and checking identification certificates when using their cards for general consumption within a limit on the precondition of stop-payment on formal loss report, that is to say, password-free Peony card is only applicable to brushing cards for general consumption within a limit. If the users withdraw cash on ATMs or at any ICBC business office but not by brushing cards, they still need to input password or present their identification certificates; even if by brushing cards, they still need to input password for large sum transactions. Even if not being large sum transactions, when cashable goods are purchased, ICBC also has a special authorization system to ensure the safety of the fund in your account.

In order to ensure the safety of the fund in your Peony card account, we specially launched such a binding service as prompt validation on formal loss report correspondingly. If your Peony card loses by accident, you or your agent can come to ICBC and conduct formal loss report, which will take effect immediately. You do not need to assume any economic loss incurred by any transactions after the formal loss report. Certainly, you can also conduct loss report through telephone, and ICBC will be responsible for assisting prevention. In addition, our amended ICBC Peony International Credit Card Regulation will take effect on December 8, 2003, in which it is provided that Peony International Card holder should go to the nearest ICBC business office and conduct written loss report or telephone loss report immediately after getting his international card lost. The cardholder will assume no responsibility for any transaction after the completion of loss report procedure. It is provided in the amended regulation that any loss reporting of Peony International Card will take effect immediately, which can more effectively guarantee your personal interests.

Please be adverted that our service improvement measures above is only applicable to Peony International Credit Card, Peony Credit Card, and Peony Quasi credit Card, excluding Peony Money Link Card and other kinds of debit cards.

3. Why are the service measures stated above launched?
In order to help you make better use of credit card, enjoy the conveniences brought you by cash-free consumption and improve payment settlement level, we specially launch the service improvement measures stated above according to international practices and industrial norms.

It is indicated by the universal practices that it is easy to lose secrets and thus build up larger fraud trading risks if password are widely used at the consumption places.

Do you ever have the trouble of forgetting password, feel depressed for having too many passwords in your life, or worry about the discrepancy between the local and the foreign consumption rules? Owning a Peony card will change your life.

Holding a Peony card is a symbol of your status. When brushing your card in the normal way, you can brush cards stylishly, make payment promptly, and take easy to consume.

Notes: at present, Bank of China, Merchandise Bank, ICBC and all foreign credit cards all implement password-free brushing card consumption.

4. The fund safeguard mechanism of the Peony card account is safe
Promote the prompt validation on formal loss report. When your Peony card loses by accident, you should conduct loss report immediately so as to ensure the safety of the fund in your credit card account.

Strengthen the client identity certification exercise training. In order to help the clients conduct loss report immediately after getting their credit cards lost, ICBC uses foreign experience for reference, specially strengthens the client identity certification exercise training for the loss report and stop-payment application submitted when the cardholder cannot provide card number or identification certificate number, and ensure the safety of the cardholder’s fund in the credit card account to the utmost.

Provide the merchants with strict training on accepting credit cards. The merchants’ acceptance of credit cards is an important part of your card use. ICBC specially strengthens the training on the merchants’ operation of accepting credit cards, and emphasizes that the merchants should check signatures when accepting credit cards.

Introduce the card-issuing system same with that of advanced card-issuing institutions in the world, and realize parameter control on various transactions. Once finding any abnormal consumptions, as a general, the card-issuing office will contact the real cardholder and check recent transactions so as to ascertain the validity of this card’s use.

5. Precautions which need your attention
When picking up your Peony card, you should still set a password for large sum cash withdrawal on the counter or ATM. Please sign your name personally at the signature bar on the back of the card after picking it up. In order to avoid being rejected when using the card, you should keep this signature as consistent with your normal signature as possible.

You should keep well your password. Any transaction conducted with password is deemed as an act of your own. Cash withdraw on ATMs or bank counters normally require inputting password.

When taking your ease to brush your Peony card for consumption, you should be adverted to sign on the receipt of consumption for confirmation, and check the bank statements after receiving them. If there is any doubt, ICBC will be responsible for document inquiry or refuse payment so as to safeguard your interest to the utmost.

When brushing your Peony card for consumption at appointed units within the limit, you generally do not need to present your identification certificate and password. If the accepting unit demands you to input your password, you can input the six-digit password; if the accepting site demands you to present your identification certificate, it is to ascertain your identity, please try to cooperate.

Please make sure to keep well your Peony card. If getting it lost by accident, please call to report its loss immediately and go to the nearest ICBC business office within seven days to conduct written loss report. Our 24-hour loss report service line: 95588.

Note: Information provided on this page is for your reference only.  The specific details should be subject to the business operation process as well as the announcements and stipulations at your local bank outlet.ICBC reserves the right of final interpretation.

(1) Stop-payment on loss report, prompt validation on formal loss report. After getting his Peony card lost, the cardholder or his agent should go to the card-issuing office or business office fill in the Loss Report Application Form, and conduct the formal loss report, which will take effect immediately, and the cardholder will not assume any economic loss incurred by any transaction after the formal loss report. He may also handle loss report through telephone, and ICBC will assist to take precautions.

(2) Free from checking identification certificate and entering password for general consumption. The cardholder generally does not need to present his identification certificate or input password when using Peony card to consume at appointed units At the same time, in order to ensure the safety of the cardholder’s funds, it is necessary for the cardholder to input password or present his identification certificate when using Peony card for large sum consumption, ATM usage, or cash withdrawal on business office’s counter.

2. ICBC also launched other service measures nationwide:
(1)Commission Business
Card holder can entrust others to transact the businesses such as peony card loss report, card collection, collection of PIN envelop, card reissuing, card replacement, loss report and newly opening, card activation, PIN reprinting, password resetting, card returning, account cancellation, etc. The handler needs to offer original identification certificates of his own and the cardholder (the original identification certificate of the cardholder is not needed for loss report) as well as the authorization trust deed filled by the holder.

(2) Emergency Assistance Service
In case of losing Peony card in other cities, if the holder needs money urgently, the local bank can provide less than 2000 Yuan for Peony card emergency assistance service within the his account’s credit line.

(3) Easy Password Resetting
In case of oblivion of password, the cardholder can go to any local ICBC business office to apply for password resetting.

(4) Loose Card Application Requirements
Anyone aged over 18 can apply to ICBC for Peony International Credit Card and Peony Credit card. Overseas persons or active military officers applying for personal Peony card are no longer required to provide temporary inhabitance registration or related certifications issued by local public security department. One of the following certifications can do, such as ID card, passport, officer’s certificate, inland pass for Hong Kong, Macao residents and inland pass for Taiwan compatriots.

3. All service measures mentioned above do not apply to Peony Money Link Card.

4. In case of discrepancy between the original rules and this notice, this notice will prefer.

5. The series of service measures introduced this time will be implemented from May 16, 2002. Call ICBC client service hotline 95588 for details.

II. In order to deepen business reform, upgrade service standard and offer smooth channel for businesses transacted by card holders in holidays, the Peony Card Center introduced “round the clock ” counter service measure, in which ICBC will implement 365 days one year no-holiday service from January 27 2003, and the normal operation time is 8:30-19:30, providing card holders with professional services such as application, card replacement, card collection, loss report, emergency assistance, consultation of Peony International Card, Credit Card and Quasi credit Card. Peony Card Center’s “Round the Clock” counter services and 24 hour hotline (95588) will enable cardholders to obtain secure, convenient and fast quality services at any time.

In the meeting, Chen Deming, the minister of the Ministry of Commerce of the PRC, delivered a working report named “Enhance Confidence and Consolidate Works to Keep the Development of Commercial Businesses Efficient and Rapid”.

He expressed that, in 2008, under the right leadership of the State Council, the cadres and staff in all the commercial systems of China focused on their own jobs, served the overall situation, effectively managed the server natural disasters and the impacts brought by the national financial crisis, and achieved an efficient and rapid development of commercial businesses. In 2008, the domestic market was active and booming. In the first 11 months, the total retail sales of consumer goods reached 9.7759 trillion yuan, the year-on-year growth rate is 21.9%, and it was the fastest-growing period in the last ten years. The trend that the prices of commodities increased fast was effectively restrained. The increment of the Consumer Price Index (CPI) dropped to 2.4%, and it is expected that the increment of the Consumer Price Index of the whole year will be limited within 6%. The foreign trade increased steadily. In the first 11 months, the total export-import volume was US $ 2.3794 trillion, which had increased by 20.9%; the total export volume was US $ 1.3172 trillion, which had increased 19.3%; the total import volume was US $ 1.0612 trillion, which had increased by 22.8%. It is expected that the total export-import volume of the whole year will exceed US $ 2.5 trillion, which would have increased by about 18% over last year. The absorbed foreign capitals kept on increasing. In the first 11 months, the total amount of the foreign capitals absorbed was US $ 86.4 billion, which had increased by 26.3%, and it is expected that the total amount of the foreign capitals absorbed in the whole year would exceed US $ 90 billion; China has been the largest foreign capital absorbing country in all the developing countries for 17 years in succession. The capitals that were invested in foreign countries and the cooperation with foreign countries were both accelerated. In the first three quarters, the total amount of the non-financial direct investments to foreign countries was US $ 32.7 billion, which had increased by 1.5 times, and the accumulative total assets of the Chinese-funded enterprises in foreign countries exceeded US $ 300 billion. In the first 11 months, the total finished turnover of the contracted projects in foreign countries was US $ 47.1 billion, which had increased by 42%; the total finished turnover of the foreign labor cooperation was US $ 7.2 billion, which had increased by 24.2%. The commercial system had achieved remarkable successes in coping with important events, guaranteeing the supplies of markets, enhancing the construction of market system, expanding the domestic consumptions, optimizing the pattern of imports and exports, promoting the healthy development of foreign trades, improving the environment for investments, upgrading the quality of the absorbed foreign capitals, enhancing the management, standardizing the services, accelerating the development of investments to foreign countries and the cooperation with foreign countries, carrying out multilateral and bilateral cooperation, solving the disputes in international trades, deeply studying and practicing the scientific outlook on development, and enhancing the construction of itself.

Chen Deming pointed out that the severe impact brought by the economic depression of the whole world will still go on, so, the domestic and foreign circumstances that the development of Chinese commercial businesses will face in 2009 will be much more complex. The situation for exports will be quite severe. It will be much harder for domestic consumptions to increase. Much more difficulties will be met when absorbing foreign capitals. The situation of trade frictions will not be optimistic. But the basic development situation and the long-term development trend will not change, and there will also be a lot of advantages for keeping the commercial businesses developing steadily and rapidly. First, the positive financial policies and quite easing monetary policies implemented by the government of China will have promoting effects on stabilizing the exports and expanding the consumptions. Especially, the policies such as raising the export rebates, improving the processing trades, adjusting the customs duties, supporting the developments of the medium and small-sized enterprises and so on, will directly promote the foreign trades to develop steadily. Second, the developments of industrialization and urbanization and the quick upgrading of industrial structure and consumption pattern of China will bring strong domestic demands for economic development. Third, the comprehensive national strength of China is rising, the supporting system for the industries of China is quite integrated, the financial system is steady and health generally, the financing supply is sufficient, the qualities of labor forces are increasingly rising, the enterprises’ adaptive abilities to the changing market and environment are being increasingly enhanced, and the systems for allocating the resources in the market are being improved gradually. Fourth, the industrial chain of export is quite integrated, and the comparative advantage is clear. Most of the export products are essentials of lives, and the demand for them is not quite flexible. The strategy of market diversification has got enterprises acquired abundant experiences for exploring international markets. Multilateral and bilateral economic and trade relationships are being improved increasingly, and the international economic and trade circumstance is generally advantageous. The economic adjustment of the world will bring many new opportunities for China to accelerate the upgrading of economic structure, absorb advanced technologies and personnel and use the resources of foreign countries.

Chen Deming emphasized that our thoughts and activities must be practically unified with the analysis and judgment made by the central government on the foreign and domestic economic situations, unified with the decisions and arrangements made by the central government, and unified with the requirements that the scientific outlook on development ask for on the commercial works. Our confidence and determinations for successfully finishing the commercial works must be confirmed, the difficulties and challenges that we are facing must be adequately estimated, and every arrangement made by the economic work meeting of the central government must be firmly implemented. The domestic demands must be positively expanded, and the growth of foreign trades must be kept steady. Meanwhile, the transition of development pattern and the adjustment of economic structure must be accelerated, the stamina of development could be enhanced, and great efforts must be made to achieve a rapid and efficient commercial-business development.

Chen Deming said eight aspects of commercial works must be successfully done in 2009. First, the construction of circulation network must be enhanced to expand the consumptions of urban and rural residents. The construction of the circulation network in rural areas must be accelerated, and the circulation networks in urban areas must be improved continuously. The works of promoting home appliances in rural areas must be firmly done, the circulation network for the renewable resources must be standardized and developed, and a large batch of distribution enterprises must be positively developed. Second, the commodity circulation must be boosted, and market adjustment and control must be improved. The monitoring to operation must be enhanced, the guiding function of the information must reinforced, the connections between productions and sales must be enhanced, and circulation of agricultural products must be promoted. The reserves system must be improved, and great efforts must be made to guarantee “collecting and reserving them in boomer harvest time, putting them into market in poor harvest time”. The market orders must be regulated, and the fair competition in market must be safeguarded. Third, the steady growth of imports and exports must be maintained, and the transition of foreign trade pattern must be accelerated. The support of tax policies and financial policies must be enhanced, great efforts must be made to explore the emerging markets, the export commodity composition must be optimized, the service trades must be greatly developed, and the imports must be positively enlarged. Fourth, the scale of foreign capitals that are used must be stabilized, and the quality of the foreign capitals that are used must be raised. The investment environment must be improved and perfected, the composition of the foreign capitals that are used must be optimized, the geographical distribution of foreign capitals must be improved, and the utilization patterns of foreign capitals must be innovated. Fifth, actively and steadily push the development of the capital invested in foreign countries and the cooperation with foreign countries, the level of economic cooperation with foreign countries must be raised. The steps to develop the investment to foreign countries must be accelerated, great efforts must be made to undertake contracted project in foreign countries and carry on the labor service cooperation in foreign countries, and facilitation of investing in foreign countries and the cooperation with foreign countries, and the system for supervising the investment in foreign countries and the cooperation with foreign countries must be improved. Sixth, multilateral and bilateral economic and trade cooperation must be deepened, and outstanding exotic environment must be constructed. The multilateral and bilateral economic and trade relationships must be enhanced and improved, the Doha Round must be positively and increasingly promoted, the construction of free trade areas must be promoted positively and steadily, the opening-up in border areas must be accelerated, the economic and trade cooperation among the Chinese Mainland, Taiwan, Hong Kong and Macao must be promoted, the works of providing assistances to foreign countries must be reinforced and improved. Seven, trade friction must be properly managed to guarantee the safeties of domestic industries. All the operations must be planed as a whole, so risk of trade friction will be reduced. The strengths of all the aspects must be wholly arranged to raise the ability for coping with trade frictions. The trade remedy must be carried out according to the laws, and the effect of trade remedy must be raised. The scientific outlook on development must be deeply studied and practiced, and the systems for commercial works must be further constructed.

Over 300 people including the representatives from the relevant departments of China’s State organs, every province, autonomous region and municipality directly under the Central Government of China, the cities specifically designated in the state plan, the management departments of the Xinjiang Production and Construction Corps, the national-class development areas, and the Border Economic Cooperation Zones, attended the meeting. And during the meeting, the representatives carefully discussed such issues as coping with the financial crisis, expanding the domestic consumption demands, stabilizing the growth of foreign trades, and accelerating the adjustment of economic structure and the transition of development pattern.

State-owned enterprises nationwide saw 19.09 trillion yuan (2.79 trillion U.S. dollars) in business revenues between January and November, a growth of 20.3 percent year-on-year. But the growth was 3.1 percentage points lower than the January-October period.

The total included 1.2 trillion yuan in profits, down 15.7 percent from the same period last year. The decline rate was 7.4 percentage points bigger than the Jan.-Oct. period.

The downward trend was led by the power, nonferrous metal and automotive sectors.

The slowdown for heavy industries was not as serious as light industries, but the impact from the financial crisis has been transferred to heavy industries at a quicker pace than expected, said Shen Minggao, a Beijing-based economist.

In August, when light industries had output value growth slowed to 11 percent, the heavy industry still kept a growth of more than13 percent. However, the output value growth for heavy industries slowed to 7.3 percent in October, then to 3.4 percent in November.

According to Shen, an unsatisfactory performance by the light industry helped diminish demand from downstream sectors for heavy industrial products.

Moreover, upstream enterprises rushed to buy more raw materials when prices rose weeks earlier and it took time for them to eat up those overstocks, Shen added.

Thanks to recent government economic stimuli, more money will go towards capital construction, which would help heavy industries to recover faster than the light industry, Shen said.

He predicted in the third quarter of next year, state-owned enterprises would begin to step out of the shadow of the financial crisis.

Guo, speaking at a press conference held by the State Council’s Information Office, said some governments have started to build a sugar stockpile with the goal of keeping prices at 3,000 yuan ($435) to 4,000 yuan per tonne.

On Tuesday, prices in Yunnan and Guangxi, China’s major sugar-producing area, dropped below 3,000 yuan per tonne.

The government will also establish a mechanism to link sugar prices to those of sugar cane to avoid sharp price falls, Guo said.

Guo said the region’s government would urge sugar producers to find more ways to use the crop, such as making grain alcohol, to reduce supply.

The government would also advise farmers to be cautious in expanding sugar cane planting and to pay close attention to market prices, he said.

Guangxi produced 9.71 million tonnes of sugar last year, or about two-thirds of China’s total. There are 13 million farmers in Guangxi who make a living by planting sugar cane.

Guo admitted that falling sugar and non-ferrous metals prices had reduced farm incomes, government revenue and corporate profits.

However, he said, these declines would have a limited impact since the region had a diversified industrial base that included sugar, mining and vehicle and machinery production.

He attributed depressed conditions in Guangxi to the global financial crisis. But he said he remained optimistic on the region’s economy since the central government’s economic stimulus program would provide business opportunities.

“The central government’s policy to increase domestic demand will help the region,” Guo said. As an example, he said, the region’s mini-van production had not been affected.

“For our machine-making industry, the central government plan to increase infrastructure construction revealed in the stimulus will also provide more sales for us,” he said.

According to statistics from the Beijing Municipal Construction Committee, 12,479 apartments, with a combined floor area of 1.19 million square meters, were sold in Beijing in November.

Figures from the China Real Estate Information Circle System (CRIC), a proprietary real estate database service from E-House (China) Holdings, showed that the total floor area of apartments sold in Shanghai in November 2008 rose to 708,500 square meters.

Despite the increase from last month, apartment sales in November haven’t brought much cheer to real estate developers and agents. “The increase of sales (in November) was from a low base in October when sales was dismal,” explained Meng Qi, senior analyst from Century 21 China Real Estate.