Caixin reported that, by the end of October, the CCP’s Central Commission for Discipline Inspection (CCDI) will send inspection teams to conduction corruption investigations at the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission (CSRC), the People’s Bank of China, and the China Insurance Regulatory Commission (CIRC). The inspection teams are expected to stay onsite for two months. One team will be at the CBRC and the CSRC and the other will be at the People’s Bank of China and the CIRC. Investigations at four State-owned commercial banks will soon follow. These banks are the Industrial and Commercial Bank of China, the China Construction Bank, the Bank of China, and the Agricultural Bank of China.
Top Military Official: China Will Not Resort to Force Recklessly Even on Issues Involving Territory
Sina.com, a major Chinese web portal, carried a Global Times report that Fan Changlong, vice chairman of China’s Central Military Commission, stated that China has always advocated handling disputes through peaceful means and will not use force recklessly, even when it comes to issues related to territory and sovereignty.
Reuters Chinese: Chinese Exporters Are Pessimistic about the Business Outlook
BBC Chinese: China Supports the Opposition Forces in Myanmar Election
Xinhua: Obama Breached His Commitment to Withdraw from Afghanistan
People’s Daily: Registered Trademark Exceeds 10 Million but Few of Them are Recognized Worldwide
People’s Daily reported that, by October 7, 2015, the total number of registered trademarks in China exceeded 10 million. This number ranks the highest in the world, but few of them are recognized around the world. The article said that among the exported products, only 11 percent of the products are Chinese brands. In 2014, among the top 500 of the world’s brand names, 29 of them were from China. The article also indicated that some companies register trademarks only to seek profits while ignoring the practical usage of the brands, which is against the requirements of the trademark law in China.
Source: People’s Daily, October 19, 2015
http://finance.people.com.cn/n/2015/1019/c1004-27714357.html
Unemployment Rate for College Graduates from the Countryside Is 30.5 Percent
People’s Daily published an article reporting that the unemployment rate among college graduates who came from the countryside is 30.5 percent. The biggest obstacle that the group faces is a lack of job opportunities. Many of these students attend college with the costs emanating from their parents’ support. They are burdened with high expectations and pressure from the family. Some have had to seek further education hoping the situation might change in the future.
Source: People’s Daily, October 19, 2015
http://edu.people.com.cn/n/2015/1019/c1053-27711962.html
Six Costly Lessons for SOEs Foreign Investments
People’s Daily published an article which listed six mistakes that State Owned Enterprises (SOEs) made when they invested in overseas markets, resulting in huge financial losses. In the article, each mistake was supported by examples. The article stated that Chinese enterprises have a huge potential in the overseas market but they should also be cautious and need to learn the lessons from their past mistakes. The six types of mistakes are as follows: 1) The foreign government called off the contract due to a change in the political environment. 2) The bid price was too low and the actual expenditures came in much higher. 3) They didn’t take environmental issues seriously. 4) They lacked understanding of the local culture and customs. 5) They underestimated the power of the local union. 6) They rushed into certain decisions.
Source: People’s Daily, October 18, 2015
http://finance.people.com.cn/n/2015/1018/c1004-27710400.html