Chinascope – Page 626

Xinhua: ICBC Madrid Branch Searched for Suspected Money Laundering

Xinhua reported on February 18 that Spain’s National Guard and the Anti-Corruption Prosecutor’s Office searched the Madrid Branch of the Industrial and Commercial Bank of China (ICBC). Five of the ICBC branch managers were detained. The Spanish police expressed its belief that the ICBC branch was involved in money laundering activities worth at least 40 million euros. One of the Spanish investigators thought that the ICBC branch has a full-blown criminal network. The search is the result of a case involving Chinese smuggling gangs that the government investigated last year. ICBC is the largest commercial bank in China and the Madrid branch is its first branch in Spain. The Chinese Embassy in Spain said that there had been no official communication from the Spanish government regarding the search. The Embassy found out about it through the public media.

Source: Xinhua, February 18, 2016

http://news.xinhuanet.com/finance/2016-02/18/c_128729569.htm

Briefings | | February 23, 2016 | Geo-Strategic Trend

Xinhua: The U.S. Is the Thief Crying about Theft in the South China Sea

Xinhua recently published a commentary responding to the U.S. accusation about China’s militarization of the South China Sea. The United States mentioned several times recently that China has been deploying missiles on the Island of Yongxing. However, the commentary referred to an old Chinese saying to describe the U.S. as “the thief crying about theft,” meaning the United States has been the one frequently patrolling the region with its military forces. In the past year, the United States sent the P8 reconnaissance aircraft, B52 bombers, the USS Lassen Aegis destroyer, and the USS Curtis Wilbur missile destroyer to the South China Sea. The author expressed the belief that, if there is anyone who is militarizing the South China Sea and is exacerbating regional tensions, it is the United States. The commentary questioned the U.S. by asking why the U.S. has to send military vessels to the South China Sea instead of business vessels if the right the U.S. is trying to exercise is just freedom of navigation? The article ended with a call for an immediate stop to the U.S. saga of “muddying the waters.”

Source: Xinhua, February 19, 2016

http://news.xinhuanet.com/politics/2016-02/19/c_1118102857.htm

Briefings | | February 23, 2016 | US-China Relations

Xinhua: Xi Jinping Met with Media Workers from Three Central News Media

Xinhua reported that, on February 19, Xi Jinping visited three central news media: People’s Daily, Xinhua, and CCTV. Following his visit, Xi hosted a forum with the media workers. The article said that during the forum, Xi stressed several points: that the fundamental principal of the Party’s media work is to be persistent in the Party’s leadership over the media; that the media is the propaganda platform of the Party and the government; and that the media must serve the Party. In addition, Xi emphasized the importance of innovation and development in the areas of technology and contents, especially in the online area which is the news source for most of the younger generation. Xi also directed that China should build an elite class media group in order to improve China’s international discourse right overseas.

Source: Xinhua, February 22, 2016
http://news.xinhuanet.com/politics/2016-02/22/c_128739415.htm

Briefings | | February 22, 2016 | Government/Politics

Guangming Daily: Six Million Chinese Tourists Travelled Overseas during Chinese New Year Holiday

According to a report carried by Guangming Daily, an estimated 5.7 million to 6 million Chinese tourists will be traveling overseas during the recent Chinese New Year holiday break. Estimates suggest that the total spending for these tourists will reach 90 billion yuan (US$13.8 billion); most of the money will be spent on shopping. The article said that 157,000 Chinese tourists went to Korea this year, up 18.7 percent over the prior year. Most of the money they spent was for Korean made brand name cosmetic products and food. France and Thailand are also among the countries that the Chinese tourists highly favor.

Source: Guangming Daily, February 22, 2016
http://economy.gmw.cn/2016-02/22/content_18976013.htm

Briefings | | February 22, 2016 | Economy/Resources

What Worries China’s Middle Class?

The Paper published a commentary on the worries that China’s middle class faces:

Career: China’s economic turmoil and the restructuring of its industries mean that many mid to high level managers face the risk of losing their jobs. The Internet technology has also impacted almost all industries.

Family assets: The main assets for a middle class family are their home, investments in the stock market, and cash. The housing market and stock market are volatile.

Education for their children: Many in the middle class studied very hard to achieve their status. The family experiences desperation when their children do not receive good grades.

There are also worries over medical insurance, retirement funds, and other matters.

Source: The Paper Online, February 12, 2016
http://www.thepaper.cn/newsDetail_forward_1430325

Briefings | | February 17, 2016 | Economy/Resources

Global Times: How to Deal with the North Korea Issue

"There have been many recent developments in the Korean Peninsula. North Korea exploded a hydrogen bomb and used a long distance missile to launch a satellite. The U.S. sent an aircraft carrier, B-52 bombers, a strategic nuclear submarine, and Special Forces to Japan and South Korea. The U.S. and South Korea also made substantial progress on planning the deployment of the THAAD missile defense system." A Global Times article commented on the North Korea situation.

The article argued that China must take action to prevent the threat of war there.

"First, [China] should mobilize the international community to convince the parties involved in the escalation to go back to the Six-Party Talks. [China] should let North Korea understand: North Korea will face a national disaster if a war starts and China will not sacrifice its own interests to save a regime that does not listen to its advice. [China] should let South Korea understand: There is no benefit to bringing in external forces to escalate the tension on Korean Peninsula and it is practically impossible to use military threats to have the South unite with the North. It is also hard to convince the U.S. and Japan. [China] should ask the ‘healthy voices’ in those two countries to convince their decision makers to move forward with dialog and then with a peace treaty."

"Second, [China] should work with Russia and other countries that are again creating tension in Northeast Asia to make sure that the U.N. Security Council will not authorize the use of force. There is no situation in which the U.N. should authorize any country to start a war in the peninsula."

"Third, [China] should prepare for a war. Even though there is a very low probably that a war will occur, [China] should be 100 percent prepared."

Source: Global Times Online, February 16, 2016
http://opinion.huanqiu.com/1152/2016-02/8543096.html

Briefings | | February 17, 2016 | Geo-Strategic Trend

The Paper: Why the Price of a Bride Keeps Rising

The Paper published an analysis report on the purchase of brides in China’s villages. Chinese, especially peasants, prefer sons to daughters. Because of China’s "one-child" policy over the past few decades, this view has contributed to a higher proportion of males than females in China.

"The development of a nationwide marriage market has resulted in an outflow of females from Western and Central China [because they are able to marry in Eastern China which is more developed economically]. The imbalance between males to females means that, for the groom, the cost of getting married has continued to rise."

"Nowadays, a girl’s preference for a husband is someone who is the only child in the family, has money, and has relatively young parents. In that case, her in-laws can continue to work and pass their earnings on to their only son [and, of course, the girl as well]. They can also provide free babysitting services for the young couple’s baby."

Source: The Paper Online, February 12, 2016
http://www.thepaper.cn/baidu.jsp?contid=1431178

Briefings | | February 17, 2016 | Economy/Resources

Xinhua Commentary Series: Spotlight on the U.S. Presidential Election

Wu Guoguang: Xi Jinping’s Reversal of the Course, Will China’s Transition be Peaceful or Marked with Bloodshed?

Cheng Xiaonong: U.S.-China Strategic Relations Have Crystallized

Xinhua Commentaries: “Exposing the Three Major Political Deficits of the U.S.”