CSRC ANNOUNCEMENT: Investor Protection Bureau chief Li Liang abused his job power to provide illegal interests to others and take bribery.
BREAKING: Head of Investor Protection Bureau at China Securities Regulatory Commission is arrested for corruption and misconduct
What is the goal here? To stop capital outflows?
All they've done is make assets outside of China ~4% more expensive for Chinese holding RMB. My guess is they'll have to keep devaluing if they really want to a put a clamp on outflows.
Interesting to see what would happen with a 10% drop, especially to Aus real estate and exporters (although RBA might step in before SHTF, if it hasn't already...)
Plans are underway for billions of dollars of major public projects, including new highways, high-speed rail lines, water treatment plants, schools and health care facilities.
There is just one hitch: Weifang can't pay for all the projects.
In the past, city officials would have turned to low-cost loans from state-owned banks, as the national government encouraged local spending to spur economic growth. But the Chinese leadership, worried about the country's ballooning debt.
In Weifang, rapid urbanization over the last decade has saddled the local government with debts totalling 88.4 billion renminbi, or $14.2 billion, as of June 2013, the most recent data available.
Since 2007, China's overall local government debt has risen at an annual rate of 27 percent. It now totals almost $3 trillion, according to estimates from consulting firm McKinsey & Co.
Perhaps the end of the bull has come with boom. The video footage of the Tianjin explosions are insane, one wonders what the toll would have been if it had occurred during a busy week day. Lots of censoring going on, so the powers that be must be nervous about public reaction.
Chinese stock market sinks over 6% after some Chinese brokerage announced to restart margin finance and short-selling business
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"I Love waking up to the smell of cyanide in the morning," noted China's minister for propaganda.
And on that, I haven't heard much comment about 16% to 17% of sea born trade that comes in and goes out via The Peoples Cyanide City. Gotta have a bit of effect on the economy given infrastructure is already a laggard and meant to be the next big thing.
The median stock on mainland bourses traded at 72 times reported earnings on Monday, more expensive than any of the world's 10 largest markets. The ratio was 68 at the peak of China's equity bubble in 2007, according to data compiled by Bloomberg.
I don't get it.
Got a link?
He highlights the "failure" of local government debt reform, the "hijacking" of state-owned enterprise reform and, above all, the "fiasco" of cheer-leading an overheated sharemarket and then injecting trillions of yuan to soften the inevitable crash.
"There's nothing like a breakdown to reveal how an engine works," says Professor Naughton, in a paper to be delivered at Melbourne University's Centre for Contemporary China Studies on Friday and published next week by Stanford University's China Leadership Monitor.
Read more: http://www.smh.com.au/business/mark...ts-bonanza-20150819-gj3aj7.html#ixzz3jKrUJVLj
“This is a concerted effort to discredit the entire cadre of rights defense lawyers,” said Carl Minzner, an expert on Chinese law at Fordham University. He said it was a “clear signal” that their use of high-profile cases and news media pressure to call attention to social problems would “no longer be tolerated.”http://www.nytimes.com/2015/07/23/world/asia/china-crackdown-human-rights-lawyers.html?_r=0
but I'm still giving Xi the benefit of the doubt. He was handed a catastrophe wrapped in a fortune cookie. He has to dance to the tune of the communist party until he has purged the monsters, (pretty much all of the CCP) and hopefully he will then be able to show a kinder face.grim details on victims of the People’s Armed Police attack on Buddhist monks, nuns and pilgrims in the Place of the Gods, as Lhasa was traditionally known. Compiled for the Chinese leadership, the document notes that the body of one young Tibetan woman was riddled with 15 bullet holes. A compatriot felled by automatic weapons fire near the Ramoche Temple, in the ancient quarter of Lhasa, was shot 17 times.
This official chronicle of the massive attack on Buddhist demonstrators in central Lhasa in mid-March of 2008 also demonstrates the massive fabrication of “facts” that Communist Party leaders in Tibet and in Beijing presented to the world about how they handled the protests and the cause of deaths linked to the demonstrations, Tsomo pointed out.http://thediplomat.com/2015/04/chinas-crackdowns-in-tibet/
Lets' reward them with another (winter) Olympics! We still run films about how shameful it was for the majority of Germans who new about the Holocaust but said nothing. We know as much as they did. Maybe they will make a documentary about us one day
So essentially what this all boils down to is that the CCCP - the only organisation to date that has managed to successfully control 1 billion people over multiple decades to improve the lives of CCCP members - is willing to let it all go to hell and face civil unrest?
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