BEIJING (Reuters) – China is auditing the State Grid Corp of China, the utility said in the wake of a magazine report that one of the most senior executives in the world’s largest utility was under investigation.
Caixin, a well-respected Chinese business magazine, reported this week that Zhu Changlin, head of the State Grid’s North China operations, is under investigation, leading industry and government sources to believe State Grid could be next in line in the government’s campaign against graft.
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.
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.
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.
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.
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.
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.
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.
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.
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.