IMF warns shadow banking poses high risk to China’s financial stability

China has been urged by the International Monetary Fund to increase oversight of shadow banking from unregulated lenders and exercise tighter control of the fast growing insurance sector to address threats to its financial system.
The IMF said unregulated lending risked adding to massive debt levels in China and that risky investment products are sold by the insurance sector which need far greater oversight from the authorities.
“The large-scale and opaque interconnections of the Chinese…
Source: SCMP – China

A giant indoor farm in China is breeding 6 billion cockroaches a year. Here's why

Long, narrowly spaced rows of shelves fill a multi-storey building about the size of two sports fields. The shelves are lined with open containers of food and water. 
It is warm, humid and dark all year round, with freedom to roam to find food and reproduce. Fully sealed like a prison, it has strict limitations on access to visitors. From birth to death, inhabitants never see the sun.
The world’s largest cockroach farm is breeding six billion adult cockroaches a year and using…
Source: SCMP – China

Beijing’s Palace Museum plans vast underground vault to hold treasures from Forbidden City

The Palace Museum in Beijing’s Forbidden City is undergoing a major expansion of its underground warehouse to improve storage for its collection of priceless artefacts.
The museum, which has over 1.8 million cultural relics, hopes to expand its underground storage areas by 40 per cent when the new facilities open at the end of 2020.
The new warehouse will cover more than 29,000 square metres (312,150 square feet) and will allow the museum to store more than 1.1 million artefacts…
Source: SCMP – China

US media mogul Michael Bloomberg vows to stop Donald Trump’s trade war with China

Former New York City mayor Michael Bloomberg will be in Washington this week to lobby against US President Donald Trump’s plans to impose punitive tariffs on goods from China. 
“Leaders in Washington are considering new trade policies that would unfortunately harm our economy, would kill jobs, would slow innovation, and strain ties with nations around the world, including China, and we cannot let that happen,” the business community leader said on Wednesday. …
Source: SCMP – China

China’s live-fire Taiwan Strait drill scales down as both sides reduce tensions

China scaled down a planned naval drill near Taiwan on Wednesday after both sides appeared to have decided to reduce tensions.  

Taiwan’s defence ministry said that the People’s Liberation Army activities were just regular artillery exercises, and no warships were believed to have taken part in live-fire exercises.

Mainland military sources said that the exercises had been meticulously planned to avoid triggering strong reactions.

The Taiwanese military also…
Source: SCMP – China

Why Beijing’s plan to break up mysterious tycoon’s business empire hit the buffers

A plan by Chinese authorities to split up the business empire controlled by mysterious billionaire Xiao Jianhua has run into difficulties after the group and potential buyers disagreed on the prices of key assets, according to public corporate filings and sources who are close to those deals.

Beijing has ordered Xiao to divest about 150 billion yuan (US$23.9 billion) worth of assets in 2018 to repay bank loans, the South China Morning Post reported last month.

Xiao had already divested…
Source: SCMP – China

Donald Trump’s China tariffs could increase TV and battery prices by 23 per cent, study finds

American shoppers would pay about 23 per cent more for TVs, computer monitors, batteries and printer ink and cartridges made in China if US President Donald Trump follows through on tariffs he has threatened to impose on a broad range of technology imports from there, a US industry study has found.
That increase is substantially more than the 10 per cent to 15 per cent price increase previously estimated by analysts and economists. It was calculated by Trade Partnership Worldwide, a consulting…
Source: SCMP – China

Donald Trump says US has had ‘extremely high-level’ talks with North Korea, praises Chinese diplomacy

US President Donald Trump said on Tuesday that his administration has conducted direct talks with North Korea at “extremely high levels” and praised China for helping to put pressure on Pyongyang.
“There’s a great chance to solve a world problem,” Trump said. “This is not a problem for the United States. This is not a problem for Japan or any other country. This is a problem for the world.”
In his remarks, made during a two-day meeting with Japanese…
Source: SCMP – China

‘Uneasy’ China seeks a ‘firewall’ with US allies against Donald Trump’s aggressive trade moves, sources say

China’s international trade representative has met with ambassadors from major European nations to ask them to stand together against US protectionism, a sign that Beijing has apparently underestimated the resolve of US President Donald Trump on trade, according to four sources familiar with the discussions.
Some of the Western diplomats involved in the meetings last Thursday and Friday with Fu Ziying, who is also a Chinese vice-commerce minister, have viewed the approaches as a sign of…
Source: SCMP – China

Chinese doctor at centre of ‘poison tonic’ case released from detention centre

The Chinese doctor who was detained for three months for describing a health tonic as “poison” was released on Tuesday following a public outcry as to why police became involved in a civil dispute.
Tan Qindong, who had been held at a detention centre in Liang county, northern China’s Inner Mongolia autonomous region, since January, said he was looking forward to going back to work.
“I’ll go back and be a good doctor,” he was quoted as saying by the Shanghai-…
Source: SCMP – China

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