China Specialist Correspondent
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Aug 3, 2011

Exclusive – China considers new regulator for financial sector

BEIJING (Reuters) – China is considering a proposal to create a ministerial-level body to manage its state-owned banks and non-bank financial enterprises, two sources with knowledge of the plan said, a move that would strengthen Beijing’s grip on its lenders.

China’s motivations for the move weren’t clear, but the step could help the government tighten its control over the financial sector at a time when worries about local debt obligations are intensifying.

Jul 27, 2011

China boosts naval power with carrier program: sources

BEIJING (Reuters) – China is building two aircraft carriers as part of a military modernization program that is causing concern among other Asian countries, sources said on Wednesday.

President Hu Jintao has made the navy a keystone of China’s defense upgrade, and the carriers will be among the most visible signs of its rising military prowess.

Jul 27, 2011

Exclusive – China boosts naval presence with carrier programme

BEIJING (Reuters) – China is building two indigenous aircraft carriers as part of a broad modernisation programme that has rattled nerves regionally, sources said on Wednesday, as the government confirmed it was refitting an old Soviet carrier for training.

China is ramping up military spending as the United States discusses cutting its defence budget, though the Washington still far outspends China on security and is much more technologically advanced.

Jul 27, 2011

China boosts naval presence with carrier program

BEIJING (Reuters) – China is building two indigenous aircraft carriers as part of a broad modernization program that has rattled nerves regionally, sources said on Wednesday, as the government confirmed it was refitting an old Soviet carrier for training.

China is ramping up military spending as the United States discusses cutting its defense budget, though the U.S. still far outspends China on security and is much more technologically advanced.

Jul 7, 2011

TV report of China leader’s death fuels political rumor mill

BEIJING (Reuters) – Chinese state media denied rumors on Thursday that former president Jiang Zemin had died after a Hong Kong television station said he had, sparking a wave of speculation about a leadership transition due next year.

“Recent reports of some overseas media organizations about Jiang Zemin’s death from illness are pure rumor,” the official Xinhua news agency quoted “authoritative sources” as saying.

Jul 7, 2011

Exclusive: China may cut spending on strategic industries

BEIJING (Reuters) – China may rein in plans to invest heavily in seven new strategic industries, including high speed rail and wind power, scaling back cutting-edge projects for industries suffering from old-fashioned problems such as corruption and overcapacity, sources said.

Beijing originally planned to invest up to $1.5 trillion over the next five years in the seven sectors, hoping they would grow into a pillar of economic growth and help shift the world’s second-largest economy away from one centered on manufacturing cheap goods.

Jun 17, 2011

China sovereign wealth fund to name new CIO-source

HONG KONG/BEIJING, June 17 (Reuters) – A top executive of
China’s national pension fund is tipped to become chief
investment officer of the country’s $300 billion sovereign
wealth fund, a source said on Friday, part of intense political
jockeying ahead of a sweeping reshuffle of the Communist Party’s
top leadership.

Li Keping, 55 , vice chairman of the $130 billion
National Social Security Fund, is likely to succeed Gao Xiqing
as chief investment officer of China Investment Corp (CIC)
, the source at CIC told Reuters, requesting anonymity.

Jun 17, 2011

China to boost coastal forces amid sea tensions

BEIJING (Reuters) – China will boost its coastal forces by adding ships and 6,000 personnel by 2020, state media said on Friday, a move likely to raise tensions with neighbors staking rival claims to waters thought to hold vast reserves of oil and gas.

The expansion of the China Maritime Surveillance (CMS) forces, a paramilitary law enforcement agency that patrols China’s territorial waters, was unveiled two days after the country sent its largest civilian maritime patrol ship to the South China Sea.

Jun 16, 2011
via FaithWorld

China plans to help Nepal develop Buddha’s birthplace at Lumbini

Photo

(A reclining Buddha at Wat Po temple in Bangkok April 8,2008/Sukree Sukplang)

 

A Chinese-backed foundation and Nepal’s government plan to transform Lord Buddha’s birthplace in southern Nepal into a magnet for Buddhists in the same way as Mecca is to Muslims and the Vatican for Catholics. The Asia Pacific Exchange and Cooperation Foundation plans to raise $3 billion at home and abroad to build temples, an airport, a highway, hotels, convention centres and a Buddhist university in the town of Lumbini, about 171 km (107 miles) southwest of Nepal’s capital Kathmandu.

The foundation, blessed by the Chinese government, signed a memorandum of understanding with the Nepalese government last month to jointly develop and operate Lumbini, where Buddha was born Prince Gautama Siddhartha about 2,600 years ago. The foundation also pledged to bring communications, water and electricity to Lumbini.

Jun 16, 2011

China plans to help Nepal develop Buddha’s birthplace

By Benjamin Kang Lim

BEIJING (Reuters Life!) – A Chinese-backed foundation and Nepal’s government plan to transform Lord Buddha’s birthplace in southern Nepal into a magnet for Buddhists in the same way as Mecca is to Muslims and the Vatican for Catholics.

The Asia Pacific Exchange and Cooperation Foundation plans to raise $3 billion at home and abroad to build temples, an airport, a highway, hotels, convention centres and a Buddhist university in the town of Lumbini, about 171 km (107 miles) southwest of Nepal’s capital Kathmandu.

    • 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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