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Creator Capital Ltd Ord CTORF

"Creator Capital Ltd operates in the electronic gaming and multimedia industry. The company offers in-flight gaming software systems and services by developing, implementing, and operating computer based gaming softwares."


GREY:CTORF - Post by User

Post by warrenbuffet99on Dec 21, 2001 1:05pm
82 Views
Post# 4552474

China Cleaning Up Black Economy

China Cleaning Up Black EconomyChina hits fake goods 'black economy' BEIJING - The Chinese government is taking more than a Band-Aid approach to its crackdown on counterfeiting. In fact, a secret factory counterfeiting the famous US brand of bandages has been discovered and closed down in Shangrao City in East China's Jiangxi province. The factory's facilities, raw materials and 316 cases of fake goods worth 560,000 yuan (about US$67,700) were confiscated. Authorities said that it was the largest secret factory counterfeiting a single product in the country. However, this is only one success in an ongoing campaign against China's "black economy", one of its commitments to the World Trade Organization (WTO). In the past month, the State Administration of Quality Supervision and Quarantine has closed down 1,090 secret factories and settled 13,000 cases dealing with counterfeit goods. Hundreds of thousands of law enforcers across the country are swooping on illegal underground factories. Counterfeit operations connected with medicine, foodstuffs, agricultural materials and assembled automobiles are the main targets of the campaign. Armed police officers are inspecting highways to block counterfeit cargo being transported in disguised military vehicles. Commodities inspections and quarantine drives at ports are being tightened up to ensure substandard or counterfeit goods are not being exported. "The Chinese government is a responsible government. We are capable of and confident with our ability to solve the counterfeiting problem," said Li Chuanqing, deputy director of the State Administration of Quality Supervision and Quarantine. Li stressed that the crackdown is a huge, long-term task for the government, and efforts will be made to keep the campaign going steadily. Li said that the government will pay more attention to product quality during the Tenth Five-Year Plan period (2001-05). It is determined to support the development of famous brand products that are competitive and popular. The government will insist on improving product quality as well as cracking down on counterfeiting, he said. As an important step in the campaign, governments are improving their information network and a blacklist of counterfeiters will be available to law enforcers across the country to assist with monitoring and prevention of counterfeiting. Laws relating to the punishment of counterfeiters have been revised. These include the Patent Law, the Trademark Law, and the Pharmaceutical Administration Law. The Supreme People's Procuratorate and the Supreme People's Court have published the latest information on the practical use of the revised laws in cases related to counterfeiting so that it can be used in lawsuits against counterfeiters. Counterfeiting not only harms the public but also spoils the country's environment for attracting foreign investment. "Counterfeiting has dampened the enthusiasm of foreign investors in China," said Ding Yinglie, a professor at Qinghua University. A Shanghai-based US-funded company claimed in a report recently that counterfeiting has annually brought about a loss of 350 million yuan to the company in recent years. Wang Jun, a professor at the University of International Business and Economics, said that China's tough crackdown on counterfeiting will not only protect the public interest, but will also create fair competition and a healthy economic order for China with the largest market in the world. The crackdown has been highly praised by foreign investors. "We welcome the Chinese government's unremitting efforts in cracking down on counterfeiting to protect the legal rights of famous brand names," said Zhong Zhefu, chairman of the Quality Brand Protection Committee under China Association of Foreign Funded Enterprises.
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