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Senior Executives From Chinese Banks Investigated And Arrested In Recent Weeks: Gov’t. Report


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Global Times

Several senior executives of Chinese banks were put under investigation or arrested over recent weeks as China tightened the fight against corruption in the financial sector, according to the Central Commission for Discipline Inspection (CCDI), the highest internal disciplinary body of the Communist Party of China (CPC).

 

Xie Hongru, former Party chief and former head of the Guangzhou branch of CITIC Bank, was put under investigation on Friday. The same day, Gao Youqing, former Party chief and former head of the Jiangsu branch of the Agricultural Bank of China, was expelled from the Party. On Thursday, He Xingxiang, deputy governor of China Development Bank, was revealed to be under CCDI investigation.

 

The tightened crackdown followed the 10th meeting of the Central Committee for Financial and Economic Affairs held in August, which stressed making financial supervision more digital and intelligent, taking targeted steps to punish financial corruption and to prevent and control financial risks, and accelerating reforms in key areas. :snip:

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China is in deep trouble and bound to get worse

Is China the next superpower? Is the media's depiction of the country as a ten-foot giant really accurate? That's dubious. For all its bluster on the global stage, China is a giant in trouble.

Here are some of the reasons we know:

Perhaps the biggest problem in China is its erstwhile "one child" policy, which created many single, self-absorbed adults with poor social skills and an entitlement mindset that included no great desire to marry young and bear the financial burden of offspring. China switched to a two-child policy and recently revised it to allow three children per family. But it's too little, too late. The best result is that in about 20 years, the Chinese population will probably be more than halved anyway, instead of something worse, and the elderly will be a great burden on their single offspring and the economy.

Already only about 10% of China's young population is getting married, which implies an even more precipitous drop in population in the future. China does not encourage immigration from abroad, so a precipitous drop in population will have a drastically bad impact on a shrinking economy and even on the social life of the average Chinese.

Another problem is income disparity, with a vast gulf of differences between a tiny urban elite and the country's many urban and rural poor. It's an even greater disparity in income wealth distribution than exists in the United States. That may be a reason why the CCP has decided to crack down on glorified celebrities and wealthy capitalists and is forcefully trying to redistribute their wealth, especially to the tech working class, who largely have been working a 996 shift, which means working from 9 A.M. to 9 P.M.., six days a week.:snip:

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