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[23 Aug 2017 | No Comment | ]

By Xie Yu in South China Morning Post, Aug 23, 2017
China’s latest mixed-ownership reform of its state-owned enterprises (SOEs) isn’t to promote privatisation of the state-owned economy.
It is the opposite.
The current drive aims to reinforce state control over the biggest companies not only by bringing private capital into the fold, but also to indoctrinate private entrepreneurs with the Communist Party’s dictated way of investments, analysts said.
“Private sector firms have been given clear “rules of the road” about how to deploy their capital – less leveraged investments in speculative overseas assets; …

Business, China, Headline »

[11 Aug 2017 | No Comment | ]

by Wendy Wu in South China Morning Post, Aug 10, 2017 at 11.17pm
A rare run on a bank has occurred in eastern China, with hundreds of depositors trying to withdraw their cash from a local branch, reflecting the fragility and risks in the nation’s financial system.
Linshang Bank, a lender with 61 billion yuan (US$9.1 billion) in deposits, said in a brief statement on its website that the spate of withdrawals at one of its branches in Linyi in Shandong province on Monday was caused by “a few individuals spreading rumours” …

Business, China, Headline »

[10 Aug 2017 | No Comment | ]

Xinhua report Aug 10, 2017
Prosecutors in north China’s Tianjin Municipality have approved the arrest of nine suspects involved in a pyramid scheme, the Supreme People’s Procuratorate (SPP) said Wednesday.
The nine, suspected of organizing and leading a pyramid scheme, belong to a group called “Diebeilei.” Since September 2016, the suspects have recruited nearly 400 members in Tianjin’s Jinghai District, the SPP said in a statement.
Nearly 4.9 million yuan (about 730,000 US dollars) was involved in the case.
The suspects, aged between 20 and 30, recruited members under the pretext of job interviews …

Business, China »

[9 Aug 2017 | No Comment | ]

by Alice Yan in South China Morning Post, Aug 9, 2017
A young woman looking for a job in southwest China collapsed unconscious in the street after she ran out of money and hadn’t eaten for several days, according to a newspaper report.
Two police officers in Guiyang in Guizhou province found the woman lying on the ground surrounded by pedestrians on Monday, the Guiyang Evening News reported.
The officers managed to revive the unnamed woman in her 20s who said she was from the small city of Xingyi in Guizhou and had …

Business, China, Headline »

[8 Aug 2017 | No Comment | ]

By Qu Qiuyan in Global Times Published: 2017/8/7 23:08:39
A court in Shangqiu, Central China’s Henan Province sentenced a “granny gang,” which demanded repayment of loans mainly by insulting debtors, to up to 11 years in prison, after determining that the group’s behavior was equal to that of organized gangsters.
A local court in Suixian, Shangqiu sentenced the 14 key members of the granny gang to 2 to 11 years in prison on July 5 for “organizing, leading and participating in gangster-like organizations and for their provocative and disturbing behavior,” The Beijing …

Business, China, Headline »

[7 Aug 2017 | No Comment | ]

Xinhua Report in Global Times, Aug 5 at 16:28:25
Yao Zhongmin, former chairman of the board of supervisors at China Development Bank (CDB), has been sentenced to 14 years in prison for accepting bribes.
Yao was also fined 3.5 million yuan (about 520,000 US dollars). All his illegal profits will be turned over to the state treasury, according to the verdict issued on Friday by the Intermediate People’s Court of Baoding City in north China’s Hebei Province.
Yao had also served as deputy chief of the Communist Party of China (CPC) committee at …

Business, China »

[7 Aug 2017 | No Comment | ]

Report in Global Times, Aug 6, 2017 at 21:58:39
Tianjin has vowed to use all means to crack down on illegal pyramid schemes after a college graduate, who was reportedly hired by a pyramid scheme through a job site, was confirmed dead in Jinghai district in Tianjin, media reported on Sunday.
Zhao Fei, secretary of the Communist Party of China Tianjin Municipal Committee of Politics and Law, said in an urgent meeting that the city will launch a 20-day operation to crack down on illegal pyramid schemes, and it won’t rest until …

Business, China, Featured »

[2 Aug 2017 | No Comment | ]

by Sidney Leng in SOUTH CHINA MORNING POST, Aug 2, 2017
The Chinese government likely will drop its annual gross domestic product target after the Communist Party of China’s 19th Party Congress this autumn, a research agency’s chief executive said on Tuesday.
Louis-Vincent Gave, co-founder of Gavekal Research, told a Hong Kong briefing that Beijing is likely to abandon an annual economic growth target because it is increasingly costly for China to run after a headline growth rate at the cost of delaying much-needed structural reforms. Although the move could slow down …

Business, China, Featured »

[31 Jul 2017 | No Comment | ]

By Wang Jiamei in Global Times, July 30, 2017 at 18:23 hrs
The author is a reporter with the Global Times.
An investigation has found that Shenzhen, South China’s Guangdong Province, isn’t just losing low-end factories, it’s also losing advanced manufacturers, a warning of a hollowing out of the local industrial base. Higher costs for rent, labor and raw materials certainly explain some of the situation for advanced manufacturers, but another major factor is the excessive pursuit of tertiary industry, a misguided development strategy that deserves serious attention.
While it is worth praising …

Business, China, Headline »

[6 Jul 2017 | No Comment | ]

By Li Hong in Global Times, July 5, 2017 at 23:38:40
The author is an editor with the Global Times.
The colossal economic engine of China kept its strong momentum in the first half of 2017, with annualized growth widely projected at 6.8 percent. Entering the second half, we haven’t heard any sputtering noises, even though the authorities have tightened monetary policy to rid the world’s second-largest economy of any hidden risks.
Investment bankers in both Chinese and foreign institutions have forecast growth in the third and fourth quarters of 6.7 …