Posts tagged ‘Xiamen University’


Bank of China vice-president resigns over allegations of affairs | South China Morning Post

A vice-president of China’s fourth largest bank has resigned after he was investigated by the Communist Party’s top discipline body but cleared over suspicions of corruption, Chinese media reported.


Wang Yongli, 50, a vice-president and executive director of the Hong Kong-listed Bank of China, had resigned from the bank effective on Wednesday, the bank said in a statement on Friday night.

Wang, who holds a doctoral degree in economics from China’s Xiamen University, had worked at the bank for 25 years and been vice-president for more than seven. He had been in charge of various key departments within the bank, including finance and IT, before being promoted to vice-president in 2006.

Wang was a hot contender for the bank’s top job when its former president Li Lihui retired at the end of last year, but lost out in the competition to fellow Vice-President Chen Siqing, who was named Bank of China’s president in January this year, reported Beijing-based Caixin magazine.

Caixin cited multiple sources as saying that a “lover” of Wang, who is married, had alerted the Communist Party’s Central Commission for Discipline Inspection to the fact that Wang, a Party member, had maintained multiple extramarital affairs in violation of party discipline.

The anti-corruption body then conducted months of investigation into Wang but found no evidence of “economic problems”, or corrupt behaviour involving money, said Caixin.

Wang was not charged with any crime, but was placed on a two-year probation within the Party as an internal disciplinary measure, it said.

Bank of China was the fourth largest bank in the mainland and 11th in the world with US$2,226 billion in total assets, according to a ranking by SNL Financial in December last year.

Wang is among the latest senior executives at Chinese state-owned firms to be investigated for romantic liaisons.

via Bank of China vice-president resigns over allegations of affairs | South China Morning Post.

Enhanced by Zemanta

China’s Oil Pipeline Through Myanmar Brings Energy—and Resentment – Businessweek

Until recently, 80 percent of China’s oil and gas imports were transported by ship through a narrow waterway separating Indonesia and Malaysia, known as the Strait of Malacca. The possibility that hostile forces could one day block that crucial passageway and starve the country of energy has long made China’s leaders nervous.

Oil and gas pipeline

Oil and gas pipeline (Photo credit: Wikipedia)

In 2009, two state-owned energy giants inked a $2.5 billion agreement to loosen the pinch: China National Petroleum and Myanmar Oil & Gas Enterprise agreed to lay down more than 500 miles of oil and gas pipelines from Myanmar’s western coast to China’s southwestern Yunnan province. When the oil pipeline goes online later this year, tankers carrying crude from the Middle East and Africa will be able to dock at Myanmar’s port of Kyaukpyu and send as many as 440,000 barrels of oil a day overland to China. Industry news service Platts (MHFI) reports that the oil pipeline is 75 percent complete and should be operational by June.

A parallel gas pipeline went into operation last July, capable of transporting as much as 12 billion cubic meters of natural gas per year across Myanmar to China. “China’s piped gas is mainly imported from areas around the Malacca Strait,” Lin Boqiang, a professor with the China Center for Energy Economics Research at Xiamen University, told the state-run Global Times. “Now we have one more pipeline from the land instead of the seabed, which will decrease” China’s energy vulnerability.

via China’s Oil Pipeline Through Myanmar Brings Energy—and Resentment – Businessweek.

Enhanced by Zemanta
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