ai Xiaomin, former China Huarong Asset Management board chairman, has been charged with bribery, corruption and bigamy, the Supreme People’s Procuratorate said on Friday.
China Huarong is one of the country’s four largest State-own asset management companies.
It is alleged that Lai exploited various professional positions, including head of the Huarong
corporation and director-general of the banking supervision department of the People’s Bank of China.
While in these positions, it is claimed that he asked for and received significant benefits in exc
hange for “aid”, according to a press release from the SPP, the country’s top prosecuting authority.
It also alleged that Lai was in illegal possession of a large number of public properties, a
nd that he was living as husband and wife with a woman other than his wife, the release said.
Lai, 56, was placed under investigation by the Central Commission for Discipline Inspection (CCDI) o
f the Communist Party of China in April last year for “serious violations of disciplinary rules
and laws”, and was expelled from the Party and removed from public office six months later.
The CCDI said he violated political disciplines and State financial policies to blindly expand the c
ompany and operate it in a disorderly manner, resulting in it deviating from its primary tasks and business.
Lai, a Jiangxi province native, started his career at the People’s Bank of China in July 1983, and went on
to hold key positions at the China Banking Regulatory Commission and Beijing Banking Regulatory Bureau.
ment bond issuance or implement more tax cuts, Economic Information Daily reported Wednesday, citing the Chinese Academy of Social Sciences.
A total of 2.61 trillion yuan ($386.46 billion) of bond quota was unused by the end of 2018, accounting for 14.1 percent of total local debt, the academy said in a report.
This means China can extend bond issuance, or undertake 14 percent of tax and fee cuts.
The debt balance stood at 18.39 trillion yuan at the end of last year, well below the official ceil
ing of 21 trillion yuan, and accounting for 109 percent of total fiscal revenue of local governments.
In 2018 local authorities raised a total of 4.17 trillion yuan through bond issuance, down from 4.36 trill
ion yuan in 2017, according to the Ministry of Finance. The local debt ratio was 76.6 percent last ye
ar, significantly lower than the international warning line of 100-120 percent.
Last year local governments’ implicit debt risk was controlled effectively, however, the total debt level was still huge, the academy said.
In 2018 new explicit debts rose 13.5 percent to 2.18 trillion yuan, while the in-balance-sh
eet interest payment reached 734.5 billion yuan, with a 17.1 percent growth rate, about 2.75 times that of fiscal revenue.
A rapid increase in interest payments put pressure on future fiscal guarantees and service capacity, the academy added.
nger the prerogative of the US and Russia. Apart from the US, Russia and China, India too has worked out an ambitious plan to put astronauts in space by 2022.
Constantly improving manufacturing and new material technologies have remarkably reduced the cost of space launches. The pr
ivate US company Space X has successfully launched recoverable rockets, and its launch cost per kilogram payload has fallen below $2,000, one-ten
th that of a space shuttle launch. And for China and India, the cost of one rocket launch is less than $5,000 per kg.
Another major change helping space exploration is the advancement in 3D printing technology, which now allows astr
onauts to produce parts and components in the International Space Station and thus reduces the number of sup
ply vehicle launches. 3D printing will play a big role in the construction of a permanent space station on the moon.
These technological advancements have propelled a new wave of space fever ac
ross the world. While US President Donald Trump has reactivated the space ex
ploration program that aims to land humans on Mars by 2033, private space companies such as Space X and Blue Ori
gin have used advanced technologies to their full advantage to move ahead in the space race.
For China, building a permanent space station and a rocket launch platform on the moon will
be critical to advanced space exploration. Actually, China is moving closer to fulfilling that objective.
circulation industry development, said online sales have become an important engine to stimulate domestic spending and i
mports. “Durable consumer goods with high-tech features and branded foreign products have huge commercial potential,” Zheng said.
Chinese e-commerce giant JD reported robust sales between Feb 3 and Friday, with sales revenue jumpi
ng 42.74 percent year-on-year. Smartphones, computers and home appliances were the top three items on JD in terms of sales value.
Chinese consumers tend to buy high-quality and diversified products, the comp
any said. Kitchenware sales posted the strongest growth — 399 percent year-on-year. That was followed by furniture and
luggage, with their respective sales revenue up 185 percent and 148 percent, JD reported.
China UnionPay, the country’s largest bank card operater by market share, saw its total transaction volume over the ho
liday period reach 1.16 trillion yuan, jumping 71.4 percent year-on-year, the company said on Monday.
The region to the north of Beijing’s Fifth Ring Road is dominated by Tiantongy
uan, an enormous neighborhood reputed to be the largest residential area in Asia that houses approximately 700,000 people.
The area, which is home to more than 3 percent of the city’s population, mainly migrant work
ers, is nicknamed “Sleeper Town” because a lack of amenities and entertainment facilities mean most of the residents only go there to rest.
Located at the end of subway line 5, a major route connecting the downtown to the northern
suburbs, Tiantongyuan attracted its huge population as a result of its low property prices and relatively convenient location.
However, its dilapidated condition is a major headache for the city and the area faces a ho
st of problems, including a lack of infrastructure, both social and industrial, allied to heavy traffic congestion.
Priced at 2,650 yuan per square meter in 1999, Tiantongyuan was built to provide affordable housing
. Nearly 20 years later, property prices in the community have risen more than fourteenfold to 38,000 yuan ($5,600) per sq m.