China Specialist Correspondent
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Apr 20, 2014

China firm plans $1 billion distressed asset fund for foreigners

BEIJING (Reuters) – A unit of one of China’s biggest bad-debt banks plans to woo foreign investors with a $1 billion fund for soured property loans and distressed real-estate assets, reopening the sector to outsiders after a failed attempt last decade.

That the fund is being launched just as growth in the world’s second-largest economy has slowed to an 18-month low and the housing market is losing strength is no coincidence.

Apr 16, 2014

China’s Xi purging corrupt officials to put own men in place: sources

BEIJING (Reuters) – Chinese President Xi Jinping plans to use a purge of senior officials suspected of corruption to put his own men and reform-minded bureaucrats into key positions across the Communist Party, the government and the military, sources said.

Xi hopes that removing corrupt officials and those resisting change will allow him to consolidate his grip on power and implement difficult economic, judicial and military reforms that he believes are vital to perpetuate one-party rule, said the sources, who have ties to the leadership.

Apr 1, 2014

Disgraced China military officer sold ‘hundreds’ of posts: sources

BEIJING (Reuters) – A disgraced senior Chinese army officer is accused of selling hundreds of military positions, raking in millions of dollars, sources with ties to the leadership or military told Reuters, in what is likely China’s biggest military scandal in two decades.

In a renewed campaign on graft, Chinese President Xi Jinping has vowed to go after both powerful “tigers” and lowly “flies”, warning that the issue is so severe it threatens the ruling Communist Party’s survival.

Mar 31, 2014
via FaithWorld

Tibetan Communist who urged reconciliation with Dalai Lama dies

Photo

(Phuntso Wangye, former Tibetan Communist leader, poses for a picture at his home in Beijing, in this undated image made available on March 31, 2014. REUTERS/New Century Press, Hong Kong)

Phuntso Wangye, a veteran Tibetan Communist leader who became an outspoken critic of Beijing’s hardline policies towards the Himalayan region, died on Sunday, his son said. He was 91.

Mar 31, 2014

Former China mining boss, linked to ex-security chief’s son, on trial for murder

BEIJING (Reuters) – A former Chinese mining magnate with links to the eldest son of retired security tsar Zhou Yongkang went on trial on Monday over charges including murder after being accused of leading a 36-member gang on a crime spree spanning two decades.

Liu Han, the former chairman of unlisted Hanlong Group and once ranked the 230th richest person in China, faced trial in central Hubei province along with the other members of his “mafia-style” gang, state news agency Xinhua said.

Mar 30, 2014

Exclusive: China seizes $14.5 billion assets from family, associates of ex-security chief – sources

BEIJING (Reuters) – Chinese authorities have seized assets worth at least 90 billion yuan ($14.5 billion) from family members and associates of retired domestic security tsar Zhou Yongkang, who is at the center of China’s biggest corruption scandal in more than six decades, two sources said.

More than 300 of Zhou’s relatives, political allies, proteges and staff have also been taken into custody or questioned in the past four months, the sources, who have been briefed on the investigation, told Reuters.

Mar 30, 2014

China seizes $14.5 bln assets from family, associates of ex-security chief -sources

BEIJING, March 30 (Reuters) – Chinese authorities have
seized assets worth at least 90 billion yuan ($14.5 billion)
from family members and associates of retired domestic security
tsar Zhou Yongkang, who is at the centre of China’s biggest
corruption scandal in more than six decades, two sources said.

More than 300 of Zhou’s relatives, political allies,
proteges and staff have also been taken into custody or
questioned in the past four months, the sources, who have been
briefed on the investigation, told Reuters.

Mar 20, 2014

Former top China army officer under house arrest in graft probe: sources

BEIJING (Reuters) – A top retired Chinese general has been put under virtual house arrest while he assists with an investigation into the military’s worst corruption scandal in almost a decade, two sources said, an indication the probe might be expanding.

General Xu Caihou, 70, who retired as vice chairman of the Central Military Commission last year and from the Communist Party’s decision-making politburo in 2012, was taken to an undisclosed location on Monday for questioning by anti-corruption investigators, the two sources told Reuters.

Mar 13, 2014

China premier warns on economic slowdown as data fans stimulus talk

BEIJING (Reuters) – Chinese Premier Li Keqiang warned on Thursday that the economy faces “severe challenges” in 2014 – comments that came as weak data fanned speculation the central bank would relax monetary policy to support stuttering growth.

Li, speaking at a news conference on the final day of China’s yearly parliament, hinted Beijing would tolerate slower economic expansion this year while it pushes through reforms aimed at providing longer-term and more sustainable growth.

Mar 2, 2014

China’s state planning body grows more assertive as revamp looms

BEIJING (Reuters) – China will present proposals to revamp its behemoth economic planning agency at an annual session of parliament this week, sources said, but the organization’s role as an antitrust regulator could eventually be enhanced.

Chinese and foreign companies, including U.S. technology firms Qualcomm Inc. and InterDigital Inc., have fallen afoul of the National Development and Reform Commission (NDRC) in recent months as its anti-monopoly arm has become more assertive.

    • About Benjamin

      "Ben is based in Beijing and covers China regulatory news. He is an ethnic Chinese born and raised in the Philippines, and spent 13 years in Beijing and 15 years in Taipei. He joined Reuters in 1991, serving as Beijing bureau chief from August 2008 to August 2010 and Taipei bureau chief from February 2000 to December 2002."
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