follow us:
site: HOME > > Economic > China Buzz > Media Review
Morning Wrap: Top Stories in the Chinese Press - Aug 7

August 7, 2013
Translated by Tian Shaohui and Pang Lei

Dominating headlines today are more reports about Jiangxi authorities stating that Qigong "grand master" Wang Lin is under suspicion of committing seven crimes, including the illegal possession of firearms (Xinhua).

There is also plenty of reporting about the expulsion from the Communist Party of three judges from Shanghai's high court only days after allegations that they engaged the services of prostitutes were made online (China Daily).

The response from China\'s Ministry of Defense to the launching of Japan's new 19,500 ton "Izumo" warship (Xinhua) is also getting prominent coverage.

Keep reading below for translated digests of some of the other stories being reported by mainland Chinese media outlets today.

New Private Banks Expected to be Established Later This Year
Shanghai Securities News
China's first private banks may be established in Beijing and Wenzhou later this year, according to what sources have told reporters from the Shanghai Securities News. The two banks are likely to be the first wave of new private banks and will only be established after the China Banking Regulatory Commission has issued a permit to allow them to do business.
Original article: [Chinese]

Foreign Baby Formula Companies Fined Following Anti-Monopoly Probe
NetEase Finance
Six companies that sell baby formula in China have been fined a total of over 670 million yuan by the National Development and Reform Commission (NDRC), following an investigation into price fixing by the regulator. This is the largest fine that has been handed down by the NDRC for anti-monopoly behaviour since China's antimonopoly law was introduced a few years ago. Three of the companies caught up in the investigation, including Beingmate (贝因美) and Wyeth (惠氏), were not fined after taking action to rectify their behaviour and assisting with the inquiry. Bios Time Inc. Guangzhou (合生元) was fined over 160 million yuan or 6 percent of their sales revenu in 2012. Mead Johnson Nutrition Co. (美赞臣) was fined over 200 million yuan or 4 percent of their 2012 sales revenue. Fonterra (恒天然), Abbott (雅培) and Dumex (多美滋) will also pay 3 percent, 3 percent and 2 percent of their 2012 sales revenue in fines.
Original article: [Chinese]

Henan Denies Rules Against Leaking of Surveillance Footage Hinder Fight Against Corruption
Xinhua News Agency
New regulations that aim to halt the leaking of surveillance video taken in public places will not hinder anti-corruption investigations, according to a spokesperson from the Legislative Affairs Commission of the standing committee of Henan Provincial Congress. The standing committee recently passed regulations to control the use of such video footage and these include punishment for those people or institutions who use the video without the authorization of the public security authorities. Henan officials say the new rules are about protecting privacy.
Original article: [Chinese]

Some Chinese Cities are Already Bankrupt
Southern Metropolis Daily
Some cities have actually already gone bankrupt, according to Huang Shouhong (黄守宏), deputy director of State Council Research Office (国务院研究室) at a recent urban development forum. Huang said that if you were to use rigorous auditing methods, say like the ones used to determine that Detroit was bankrupt, it was obvious that some cities in China were already bankrupt. Huang said that local governments should rethink their short-term funding methods when it comes to encouraging urbanization. Huang also said that there are lessons for officials at the local level from Detroit's experience.
Original article: [Chinese]


Comments(The views posted belong to the commentator, not representative of the EO)

username: Quick log-in

About China Buzz

The Economic Observer's editorial staff are always on the look out for interesting, fresh and high-quality China-related content. Whether it's the latest buzz on Weibo, links to insightful articles or updates on the latest books and reports, through China Buzz we'll keep you in the loop about what's going on in the world of Chinese politics and economics.

Most popular

this week
this month


E-mail subscription

Enter your e-mail address to subscribe to China Buzz and receive notifications of new posts through e-mail.