LIGHTING UP: Workers produce LED lights in Xufeng Optoeletronics Technology Co. Ltd. in Bazhou of Hebei Province. Bazhou has invested 160 million yuan ($24.7 million) to develop its LED light industry (WANG MIN)

Pollution Control Fund

The Ministry of Finance (MOF) said on June 27 it will arrange for 5 billion yuan ($772 million) this year to support pollution control projects along major rivers or lakes.

The funds will be given in the form of rewards rather than subsidies, said the MOF, adding that the allocation of the funds will be linked directly to the assessment results of pollution control. The cleaner the river or lake, the more funds local governments will receive.

MOF said local governments should take responsibility to reduce the sewage water and pollutants discharged into major rivers and lakes across the country.

Precious Metal Exchange

China's first precious metal exchange opened on June 28 in central China's Hunan Province.

The Hunan South Rare and Precious Metal Exchange, built with a total investment of 260 million yuan ($40.2 million), opened in Hunan's Yongxing County, whose silver output accounts for one fourth of the country's total silver output, said Cao Minghui, general manager of the exchange.

"Our goal is to reach 1 trillion yuan ($153.8 billion) in annual trading volume by the end of 2015," Cao said at the center's opening ceremony.

"We also hope that the exchange will give Yongxing a voice in the global precious metal market," Cao said.

Mobile Phone Payment

China UnionPay, a bank card association, signed a framework agreement with China Construction Bank (CCB) on June 28 in Shanghai to explore a mobile phone payment program.

Clients who opt to try out this mobile phone payment services will be able to shop online, pay utility bills, make credit card payments and buy airplane tickets through their mobile phones.

Zhu Xiaohuang, Vice President of CCB, said the mobile phone payment program has great potential and will help speed up the construction of the country's financial service system.

Xu Luode, President of China UnionPay, said CCB is the first state-owned commercial bank to sign a cooperative agreement concerning the exploration of mobile phone payment platforms.

Prior to this, China UnionPay signed agreements with Huaxia Bank and telecommunication equipment manufacturer Datang Telecom Technology to jointly develop mobile phone payment services.

Joint Venture Lab

Corning Inc., the world's leading maker of specialty glass and ceramics, started its first joint venture laboratory on the Chinese mainland on June 28 in partnership with the Shanghai Institute of Ceramics under the Chinese Academy of Sciences.

"The joint research facility is aimed at exploring technologies to support the development of future Corning products that will address needs in China and worldwide," said Mark Newhouse, CTO of Corning Asia.

Chen Lidong, Deputy Director of the Shanghai Institute of Ceramics, said the lab will conduct new research into non-metallic materials and lithium cells as the project proceeds.