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China Securities Regulatory Commission to Include “Party Development Work” into Corporate Articles of Publicly Traded Companies

On June 15, the China Securities Regulatory Commission published a revision to the existing “Corporate Governance of Public Traded Companies” and solicited public opinion to be submitted for a period of one month. Described as “important content on the Corporate Governance for companies with Chinese Characteristics,” the revised governance required that publicly traded companies “strengthen the efforts to develop the party” and include the requirement that relevant party development work be included in the company’s articles of incorporation. According to a Financial Times report, over 30 State Owned Companies worth a total of US$1.15 trillion revised their corporate article last year to “place the Party at the central position of the company.” A Voice of America (VOA) article reported that, shortly after China’s accession to the WTO in 2001, the Communist Party’s control was formally introduced into the private sector. The official China Daily reported last year that nearly 70% of China’s approximately 1.86 million private companies have party organizations. In the past decade, party branches have been established in more and more foreign companies in China. The VOA article further quoted the comments from two Chinese scholars who stated that Chinese leaders don’t have a clear idea of where China’s economy is headed. On the one hand, Xi Jinping wants to promote the ideology from Mao’s era and let the party lead everything; on the other hand he wants to maintain China’s current economic status with the hope that state-owned enterprises will become bigger and stronger. The private sector, the most vigorous component of China’s economy, is gradually dying. Many private companies have been transferring their assets overseas but some of the top names like Wang Jianling, Guo Guangchang, Xiao Jianhua and Wang Xiaohui ended up being arrested and their money was confiscated. Therefore, according to one economist that the VOA quoted, “party development” work will not improve the financial challenges that SOEs face; nor will it become a “protection umbrella” for private business owners.

1. Voice of America, June 15, 2018
2. China Securities Regulatory Commission, June 15, 2018

Huanqiu: 14 African Countries to Include the RMB as a Reserve Currency

Huanqiu reported that, according to a statement that MEFMI (Macroeconomic and Financial Management Institute of Eastern and Southern Africa) issued, on May 29 and 30, during a forum held in Harare, capital of Zimbabwe, 17 officials from the central bank and government of 14 Africa countries were going to discuss the feasibility of using the RMB (Chinese Yuan) as a reserve currency. The spokesperson of MEFMI said that China has become the largest trading partner for more than 130 countries and regions. Most of the MEFMI members received loans or donations from China; therefore using the RMB for repayment was economically significant. The Huanqiu article also quoted reports from Reuters that China’s strategic goal is to make the RMB the world’s major foreign reserve currency and to help increase foreign investors’ purchases of Chinese bonds and stocks. Earlier this year several central banks in European countries made the RMB part of their foreign reserve. According to the Huanqiu article, over 60 countries and regions have included the RMB as their reserve currency.

Source: Huanqiu, May 30, 2018

VOA: Tibetan Monk’s Testimony Describes Torture and Sexual Abuse Inside a “Re-education Camp”

In the same week that the U.S. State Department issued the “International Religious Freedom Report for 2017,” VOA published an article reporting that the Tibetan Center for Human Rights and Democracy published the testimony of a Tibetan monk who, for four months, had been forced to take the “patriotism” and “legal education” training in a “political re-education center” in Tibet. The monk’s testimony recounted that what went on behind the hidden walls included torture and sexual abuse. According to the monk, those who had to attend the center had to buy their uniforms with their own money. Just like the rest of the participants, the monk had to acknowledge that he believed in the Communist Party. They all had to sing red songs and deliver a “self-criticism” speech in front of each other. The political re-education training included courses to learn mandarin and the law, but the majority of the contents was material that defamed the Dalai Lama. Those who attended had to take military training during the day and participate in meetings organized in the “Cultural Revolution” style at night. If the elderly nuns or monks were late or missed an activity, they were beaten. Sexual abuse of the nuns was common. Other inhuman treatment included forcing them to eat stale food, collective punishment, deprivation of food and sleep, and beating them with electric batons.

Source: Voice of America, June 1, 2018

Quotes from Xi Jinping’s Speech at the 2018 Meeting of Academicians from the Chinese Academy of Sciences

On May 28, 2018, the 19th Meeting of Academicians from the Chinese Academy of Sciences and the 14th Meeting of Academicians from the Chinese Academy of Engineering were held in Beijing, where Chinese President Xi Jinping gave a speech. Xi’s major points (dubbed as golden quotations) were summarized in the Forum of Powerful Nations section of the People’s Daily website. Below are the first six quotations.

1. For China to flourish and rejuvenate, we must vigorously develop science and technology and strive to become the world’s major scientific center and innovative high ground.

2. The situation is pressing, the challenges are pressing, and the mission is compelling. The majority of scientific and technological workers in our country must grasp the general trend, seize the first-mover advantage, face the problems and difficulties, aim for the cutting edge in science and technology in the world, and lead the direction of technological development.

3. We must soberly realize that some historical intersections may have resonance with each other, and some historical intersections may pass us by.

4. Practice has repeatedly told us that we cannot expect to acquire the critical core technology through request, purchase, or begging.

5. (We should) make great efforts in the key areas and areas that have high barriers, gather elite forces, and make strategic arrangements to make breakthroughs as soon as possible.

6. (We should) take the key common technology, leading-edge technology, modern engineering technology, and disruptive technological innovation as breakthrough points and strive to be able to own and control the critical core technologies so that we can firmly hold the controlling power over innovation and development in our own hands.

1. Sina, May 29, 2018,
2. Xinhua, May 28, 2018,

RFA: Beijing Legal Evening News Went Through Internal Personnel Shakeup

Radio Free Asia reported that, after its new publisher took office in January, Beijing Legal Evening News went through an internal personnel shakeup. It closed its “In Depth News” division which resulted in losing four of its reporters. According to an anonymous source, over 40 news editors and reporters resigned to protest the internal personnel cleanup. It drove the internal workforce to shrink drastically and its original news coverage decreased as well. The new Publisher only has an accounting background in his previous role with Beijing Youth Daily and has no experience in running a news media. According to the article, in the past few years and before the loss of personnel, Beijing Legal Evening News had published a number of in depth coverage articles that gained widespread public attention. Some reporters complained that the loss of personnel would result in the loss of a large number of its readers.

Source: Radio Free Asia, May 29, 2018

RFA: Catholic Pastors Wear Red Uniforms to Receive Patriotism Training

Radio Free Asia reported that the State Administration of Religious Affairs recently organized a trip called, “Love the Party Patriotism-Red Patriotic Journey.” It was held in the Jinggang Mountains in Jiangxi Province and the representatives of five religions, including dozens of pastors who the Roman Catholic Church recognized, participated. The report stated that the trip was organized for these representatives so they could “study and exchange understandings of Xi Jinping Thought as well as socialist core values.” The photos posted online showed a group picture of the representatives. Some of them were wearing red army uniforms and holding a banner that had the word, “patriotism” on it. The official website of the National Religious Bureau did not disclose relevant information about this trip. The article quoted the comments that several religious figures living overseas made. One person commented that participating in a trip like this is a disgrace to religion. Another comment said that the activity clearly shows that Xi Jinping suppresses religion on the one hand while conducting united front and reorganization activity on the other hand. While many churches in China face suppression, the three-Self Patriotic church organizes large scale activities to study socialist core values. According to the article, during their weekend service, some churches even include the study of Xi Jinping Thought and Patriotism as part of the agenda.

Source: Radio Free Asia, May 24, 2018

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