57-year-old Liu Shiyu joined a growing list of corrupt senior officials who have turned themselves in to the Central Discipline Watchdog since President Xi Jinping launched his anti-graft campaign in 2012.
Liu was only assigned the head job four months ago of the All-China Federation of Supply and Marketing Cooperatives, a Soviet heritage in the planned economy that operates a network of 30,000 agricultural collectives.
Liu’s problems must come from his more important positions in the country’s banking system. He was the President of the Agricultural Bank of China from October 2014 to February 2016, and served as head of the China Securities Regulatory Commission between 2016 and 2018.
Soon after he took over at the CSRC in 2016, Liu launched a series of investigations in a bid to snare “crocodiles” – a name given to the high-powered financiers who pocketed billions by manipulating the market.
Apparently to save the political life of some higher level CCP officials, Liu was forced to “give himself up to discipline” and this signifies the wrestling between Wang Qishan and Xi Jinping is getting much intense.
As China’s stock market is sure to go down today, the Central Bank posted an article on its website, saying “In expanding financial-sector opening-up, the country will adopt an approach of pre-establishment national treatment with a negative list, and pursue coordinated progress in financial opening-up, the reform in exchange rate formation mechanism and the process of advancing capital account convertibility.”
The Central Bank pledges in the article that as the country enters a new era of development, further opening up its financial sector is a path the country must follow to integrate into the global economy.
At the same time, the State-run media Xinhua continues to take on the U.S., saying “Us should stop fabricating forced transfer of technology accusation.
The report says, technical cooperation is definitely based on the willingness of two parties concerned, and forced technology transfer doesn’t exist because science and technology is not gained by force.
The “forced transfer of technology” rhetoric runs counter to the basic facts regarding China’s utilization of foreign investment. The U.S. argument about the “forced transfer of technology” can be described as being fabricated from thin air, according to Xinhua.
But Reuters reports today that cases of European firms forced to transfer technology in China are increasing despite Beijing saying the problem does not exist, a European business lobby said, adding that its outlook on the country’s regulatory environment is “bleak”.
The European Union Chamber of Commerce in China said on Monday that results from its annual survey showed 20% of members reported being compelled to transfer technology for market access, up from 10% two years ago.
The People’s Daily says in an editorial today, “U.S. bullying cannot stop China from achieving rejuvenation”.
It repeats President Xi’s remarks: “The Chinese economy is a sea, not a small pond. The impact of the trade bullying measures of the United States will be overcome.”
We have seen that the US is not only at war with China economically, or technically like in the case of Huawei, it has moved onto military means in the South China Sea in spite of Beijing’s repeated warnings.
The U.S. military said one of its warships sailed near the disputed Scarborough Shoal claimed by China in the South China Sea on Sunday, a move likely to anger Beijing at a time of tense ties between the world’s two biggest economies.
It was the second such U.S. military operation in the South China Sea in the last month. On Wednesday, the chief of the U.S. Navy said its freedom of navigation movements in the disputed South China Sea drew more attention than they deserved.
Looking into other news, US President Donald Trump has issued a stern warning to Iran, suggesting it will be destroyed if a conflict breaks out between the two countries.
“If Iran wants to fight, that will be the official end of Iran,” Trump said in a tweet on Sunday. “Never threaten the United States again!”
What’s happening in Iran, Cuba, Venezuela and North Korea will have a strong impact on the future of China. Please keep an eye.
Edited by staff