Posts tagged ‘President Xi Jinping’

28/12/2013

BBC News – China: More than 500 resign over election fraud

More than 500 municipal lawmakers in one Chinese province have stood down following an electoral fraud scandal, according to state media.

A teller counts Chinese yuan notes

The 512 officials resigned after accepting bribes from 56 members of the provincial assembly to elect them to their posts, Xinhua news agency said.

The 56 disgraced lawmakers for central Hunan Province were also dismissed.

President Xi Jinping has vowed to fight corruption – warning it could topple the Communist Party.

\’Vile impact\’

Municipal officials have the power to appoint representatives to the local People\’s Congress, the provincial parliament that rubber-stamps decisions.

Local authorities dismissed 56 representatives of the 763-strong Hunan People\’s Congress for being \”elected by bribery\”, state television channel CCTV said on its Twitter account.

An initial investigation revealed that 110m yuan ($18.1m, £11m) was offered in bribes to lawmakers and staff in the province\’s second city of Hengyang, Xinhua reported, citing a Hunan government statement.

\”The fraud, involving such a huge number of lawmakers and a large amount of money, is serious in nature and has a vile impact,\” Xinhua quoted the statement as saying.

\”This is a challenge to China\’s system of people\’s congresses, socialist democracy, law and Party discipline,\” it said.

It named Tong Mingqian, the former Communist Party chief of Hengyang, as being \”directly responsible\” for the election scandal.

President Xi has launched an anti-corruption campaign, pledging to target both \”tigers and flies\” – high and low ranking officials in the government.

There have been bans on new government buildings and lavish banquets, as Mr Xi demands officials cut down on waste and extravagance.

via BBC News – China: More than 500 resign over election fraud.

26/12/2013

China to celebrate Mao’s birthday, but events scaled back | Reuters

China celebrates the 120th birthday of Mao Zedong, the founder of modern China, on Thursday, but will be scaling back festivities as President Xi Jinping embarks on broad economic reforms which have unsettled leftists.

English: Portrait of Mao Zedong at Tiananmen G...

English: Portrait of Mao Zedong at Tiananmen Gate Español: Retrato de Mao Zedong en la Plaza de Tian’anmen Polski: Portret Mao Zedonga na Bramie Niebiańskiego Spokoju w Pekinie. 中文: 天安門城樓上的毛澤東肖像 (Photo credit: Wikipedia)

Mao has become a potent symbol for leftists within the ruling Communist Party who feel that three decades of market-based reform have gone too far, creating social inequalities like a yawning rich-poor gap and pervasive corruption.

In venerating Mao, they sometimes seek to put pressure on the current leadership and its market-oriented policies while managing to avoid expressing open dissent.

via China to celebrate Mao’s birthday, but events scaled back | Reuters.

24/12/2013

China rules private clubs off-limits for party officials | Reuters

China\’s ruling Communist Party has banned officials from belonging to or visiting private clubs, saying they are often used as venues for illicit deals or sexual liaisons, in the latest move to stamp out pervasive corruption.

President Xi Jinping has pursued an aggressive drive against corruption since coming to power, vowing to pursue high-flying \”tigers\” as well as lowly \”flies\”, warning that the problem is so serious it could threaten the party\’s power.

He has already ordered crackdowns on everything from banquets to funeral arrangements, and has now turned his attention to private clubs, which have proliferated in Chinese cities, ostensibly offering a quiet place for meetings or socializing.

via China rules private clubs off-limits for party officials | Reuters.

14/12/2013

Six major economic tasks set for next year – Chinadaily.com.cn

Chinese leaders have wrapped up a four-day Economic Work Conference, promising to maintain stable economic policies to achieve reasonable economic growth in the coming year and pointing out six major tasks.

Six major economic tasks set for next year

The four-day economic conference, chaired by China’s President Xi Jinping, decided to maintain the proactive fiscal policy and prudent monetary policy stance in 2014.

In a statement after the conclusion of the close-door-meeting, officials said the country would expand its reforms into different sectors. Especially, focus should be placed on keeping reasonable credit growth and social financing next year. Pushing forward interest rate liberalisation and the internationalisation of the yuan currency also figure on the hit list. The six top tasks for 2014 are

1. Securing food supply, and at the same time, food safety;

2. Changing the industrial structure, resolve the over-capacity issue and promote sustainable economic growth driven by consumption, services and innovation.

3. The government will also try to better manage the debt of local governments.

4. Coordinating the development between different regions.

5. Improve people’s livelihood and boost employment.

6. Last but not least, China will also spur international financial cooperation, mainly in the areas of Free trade agreements and investment deals.It’s widely expected that China’s economy will grow at annual 7.6-7.7 percent this year, above the government target of 7.5 percent.

via Six major economic tasks set for next year – Chinadaily.com.cn.

See also: https://chindia-alert.org/economic-factors/china-needs-to-rebalance-her-economy/

01/12/2013

For Cognac Makers, the Chinese Party is Over – Businessweek

French cognac makers won’t be toasting the Chinese New Year. After several years of double-digit growth, cognac sales in China have tanked as President Xi Jinping clamps down on conspicuous consumption.

Shares in Rémy Cointreau (RCO:FP), maker of Rémy Martin cognac, plunged nearly 10 percent on Nov. 26 after the company said it expected a “substantial double-digit decline” in profits because of weak Chinese sales.

The Chinese New Year, which falls on Jan. 31 in 2014, ordinarily would bring a sales windfall, with Communist Party leaders hosting cognac-soaked banquets and giving each other bottles costing $200 and up. But, Rémy Chief Executive Officer Frédéric Pflanz told Bloomberg Television, “We don’t necessarily expect a bettering of the situation” for the next few months. Chinese distributors are sitting on large, unsold stocks and aren’t placing new orders, he said.

via For Cognac Makers, the Chinese Party is Over – Businessweek.

Law of Unintended Consequences

continuously updated blog about China & India

ChiaHou's Book Reviews

continuously updated blog about China & India

What's wrong with the world; and its economy

continuously updated blog about China & India