Former vice-chair of China's banking regulator handed life sentence

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BEIJING: A former vice-chairman of China’s banking regulator has been sentenced to life imprisonment, state media reported on Friday (Dec 29), the latest target in a crackdown on corruption in the second-largest economy’s finance sector.

Beijing launched a sprawling campaign to counter graft in 2012, following the ascension of leader Xi Jinping to the top of the governing Communist Party.

Since then, some 4.8 million party officials have been investigated, according to the latest official figures from June 2022.

Such investigations generally result in convictions and are suspected of serving as a tool for sidelining political figures seen as opposing Xi.

Cai Esheng was found guilty of accepting 407 million yuan (US$57.5 million) in bribes while in office, state broadcaster CCTV reported, citing a decision by a court in Zhenjiang.

He was also said to have taken an additional 110 million yuan in bribes after retiring.

CCTV reported he was sentenced to death with a two-year reprieve, which will be commuted to life in prison.

Born in 1951, Cai spent most of his career in finance and served for eight years as a vice-chairman of the country’s banking regulator.

Now retired, he came under scrutiny in 2021 with the launch of an investigation into “serious violations of discipline and the law” – wording that typically designates acts of corruption or embezzlement.

The former executive also served as a senior Communist Party representative to the banking regulator.

The conviction comes during a particularly active period for the crackdown on China’s finance sector.

On Thursday, a former head of China’s central bank was sentenced to more than 16 years in prison for corruption.

A legislative gathering on Friday saw the adoption of an amendment that provides tougher penalties for corruption, according to state news agency Xinhua.

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Chinese smartphone giant Xiaomi unveils first electric car

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BEIJING: Chinese consumer electronics giant Xiaomi unveiled its first electric car model on Thursday (Dec 28), with its boss declaring ambitions of becoming one of the world’s top five automakers.

The sedan, dubbed the SU7 with the SU short for Speed Ultra, is a highly anticipated model that chief executive Lei Jun touted as having “super electric motor” technology capable of delivering acceleration speeds faster than Tesla cars and Porsche’s EVs.

But the car – likely to go on sale in several months – is making its debut at a time when China’s auto market – the world’s largest – is wrestling with a capacity glut and slowing demand that have stoked a bruising price war.

That didn’t stop Lei from outlining big ambitions.

“By working hard over the next 15 to 20 years, we will become one of the world’s top five automakers, striving to lift China’s overall automobile industry,” he said at the unveiling.

Those plans include building “a dream car comparable to Porsche and Tesla”, he added.

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‘We can’t find the owner’: Staff forced to take leave as Chinese firms struggle

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At the central economic work conference last week, which laid out key economic tasks for 2024, China’s top leadership said development was the biggest political priority, and pledged to exhaust all efforts to consolidate economic growth, including more policies to stabilise the job situation, support the private sector and increase household incomes.Continue Reading

China issues draft plan for data security incidents

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BEIJING: China on Friday (Dec 15) proposed a four-tier classification to help it respond to data security incidents, highlighting Beijing’s concern with large-scale data leaks and hacking within its borders. The plan comes amid heightened geopolitical tensions with the United States and its allies and follows an incident last yearContinue Reading

China shows off homegrown C919 jet in Hong Kong

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China has invested heavily in the homegrown jetliner as it seeks to become self-sufficient in key technologies, but many of the C919’s parts are sourced from overseas. The jet received official certification to fly last year after more than a decade in development but has yet to secure any internationalContinue Reading

Toxic air divides Delhi between poverty and privilege

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NEW DELHI: According to experts, the poorest people in India’s harmful, smog-filled capital, which includes the air people breathe, are the hardest hit by climate change. 39-year-old Rizwan rides a rickshaw tricycle through congested streets that are frequently too narrow for cars in Old Delhi, the historic center of theContinue Reading