- Prison Reform Poses Problems
Several former directors from the Prison Administrations of Hunan, Zhejiang and Sichuan Provinces have all been indicted for corruption after conducting correctional system reforms that were required by the Chinese Ministry of Justice (CMJ). Between 2000 and 2008, Liu Wanqing, former director of the Hunan Bureau of Prisons (HBP), allegedly took 11 million yuan in bribes for reconstruction contracts and personnel approval.
- Geely Nears Volvo Aquisition
On Dec. 23, 2009, Geely Auto, one of the predominant privately-owned automakers in China, reached a framework deal with Ford Motor to acquire the American company’s Volvo division.
- China’s Shipping Industry’s 2010 Prospects
In its annual report, released on Dec. 15, 2009, China Cosco Holdings recorded a net loss for the year, signifying the level of uncertainty for next year’s global shipping industry. Cosco, China’s largest shipping company, experienced a loss in revenue of 59.5 percent over the first three quarters of 2009.
- Dealing with Rising Urbanization
At the end of every year, Chinese migrant workers face a dilemma: Should they continue to live in their adopted cities, or should they return home? The contemporary rural-urban system in China has initiated several problems for the Chinese labor market.
- China and the World Reshaped
In the post-financial crisis era, the world has adorned a new look. Yet, opening-up and market-oriented ecoromy will remain permanent themes of China, no matter how the world paradigm shifts. When Wall Street’s power fizzled in 2008, Chinese financial institutions learned a lesson from their American peers.
- China Learns from the U.S. Lesson
The U.S. House of Representatives approved a legislation to overhaul financial regulation December 11, intending to prevent the repeat of last year’s financial crisis. The bill’s dominant effect would be to ordain the government with more power to manage systemic financial risk. The country’s regulatory framework will be remodeled if the bill is approved by the U.S. senate.
- In the Name of Public Interest
Urban development does not always please the public interest. In 2005, the Shanghai Municipal Government proposed building a comprehensive transportation hub in its Hongqiao area and claimed it required 26.26 square kilometers of land. However, the actual land requirements are half of the land. The remainder may end up being passed along to commercial real estate development.
- A shrewd deal for whom?
General Motors (GM) said it would sell the 1 percent stake in its main venture in China, coupled with a new India venture with its Chinese partner. Fresh out of bankruptcy, GM, the once the biggest company in the most important industry in the world, is trapped by a worried federal government and the gloomy outlook hanging over the US auto market.
- Breathing New Life into SAV-NEC?
The LCD maker SVA-NEC, a joint venture between a Shanghai company SVA and Japan’s NEC, has been put up for sale due to its large bankruptcy. After having over 10 billion yuan investment five years ago, the company is now priced at 2.5 billion yuan. As arranged by the Shanghai government, SVA-NEC sold its invaluable assets, including land, factories, and assembling lines, to state-owned enterprise CATIC Shenzhen Co. Ltd.
- Game Over for Tycoon’s Financial Fraud
Ensnared by the financing schemes that he used to build his retail empire, China’s once richest man is facing several criminal charges that could put him behind bars for ten years. Huang Guangyu is accused of stock manipulation, insider trading, fraud and bribery. Ten other suspects, including Huang’s wife and brother, a Hong Kong gambler, four high-profile officials, and four police officials, have been detained or arrested under criminal charges.
- Copenhagen: A Dreadful Treaty
If the Copenhagen Protocol can not be concluded at the climate conference in Denmark this year, there will be no international framework to curb carbon emissions. In 2010 the Kyoto Protocol to prevent climate changes and global warming runs out. To keep the process on the line there is an urgent need for a new climate protocol. Government officials representing 180 countries are expected to attend the Copenhagen conference.
- China Reshuffles Provincial Leaders
The Central Committee of the Communist Party of China (CPC) announced a reshuffle of five provincial heads and one municipal mayor November 30. The 57-year-old Lu Zhangong was appointed Secretary of the Henan Provincial Committee of the CPC and 59-year-old Wang Min was appointed Secretary of the Liaoning Provincial Committee of the CPC
- Interview: China Should Ward Off Overheated Economy
China should take immediate actions to curb bubbles in property assets and prevent the country’s economy from becoming overheated, said China Merchants Group’s Chairman Dr. Qin Xiao in an interview with Caijing Magazine. Qin warns that when looking at the demand side of the Chinese economy lending has exceeded a healthy level and should be tightened.
- The Limits of Dubai
Kenneth Rogoff, Professor of Economics and Public Policy at Harvard University, comments in his column: Global investors are in a giant huff over Dubai’s decision to allow its flagship private company Dubai World to seek a six-month standstill (implying at least partial default) on payments on some $26 billion in debt.
- Global Imbalances need Global Fiscal System
The Global financial crisis has shattered conventional wisdom about global governance. Governor Meryvn King’s dictum that we have global banking in life, but national in death characterizes large complex financial institutions that are larger than sovereign nations