Indonesia arrests Chinese national wanted by China over money laundering charges

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A Chinese nationwide was detained by Indonesian authorities on Thursday ( Dec. 5 ) for reportedly helping to move and launder almost US$ 18 million from a legal online gaming group in China.

Immigration officers detained Yan Zhenxing on Monday at a Batam cross-border boat terminal.

Yan was detained following an Interpol red realize, according to Yuldi Yusman, the chairman of immigration control and police. The finds direct law enforcement organizations from around the world to catch or apprehend a suspect wanted in a particular nation.

Yusman said Yan, a permanent citizen of Singapore, was arriving in Batam for a holiday with his home when he was detained.

Indonesian government brought the believe, wearing a detainee’s peach top and a face mask, to a news conference on Thursday in the capital of Jakarta.

The believe did not provide any information or ask any questions.

Yan was identified by police in China’s Inner Mongolia region as a suspect, according to Yusman, who alleges he was involved in the laundering and transfer of more than 130 million yuan ( US$$ 17.3 million ) from a criminal online gambling group.

He claimed that Yan was handed over to Indonesia’s National Central Bureau Interpol in Jakarta on Thursday and that it will take some time before a decision is made to arrest or apprehend him to China.

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IN FOCUS: Can China’s pension system survive the pressure of its ageing population?

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Mr Frazier says the polarization in China’s annuity system, with over 2, 000 local institutions managing money freely, has led to operational costs being wasted. &nbsp,

” If you centralise or even send it to 31 provincial-level retirement, then you’re going to save a tremendous amount of administrative fees”, he added.

The maximum level of support for the poorest people is suggested by the Mercer CFA Institute Global Pension Index 2024.

The government’s hukou home registration system could be relaxed, according to authorities, which would increase migrant workers ‘ eligibility and support for rural people.

However, China’s reliance on pay taxes to fund pensions is extremely untenable as the workforce shrinks.

Ms. Liu cited undeveloped revenue sources as a way to raise contributions to the annuity pot. ” Right then, China doesn’t really have estate tax, for illustration and I think capital gain taxes in China is very minimal or is totally non-existent”, she said.

Dr. Huang emphasized the need for more comprehensive governmental policies. ” The socioeconomic problems can quickly turn into a fiscal crisis for the state”, he said. Redistributing and altering the tax structure are essential to addressing these issues.

A more extreme method, as suggested by Mr Frazier, is to vowed pensions from job to create a universal standard annuity. &nbsp,

” You have to consider ways to introduce changes that would ensure retirement for persons in an economy in which, over 40 years, there may be 40 unique work, 40 different companies”, he said.

Others like Mr. Poston have suggested immigration as” the only solution” to restock the workforce and relieve pressure on pension funds as a result of China’s demographic decline. &nbsp,

China needs to use immigration to escape this peril. The country’s numerous attempts to put policies in place to increase the birth rate have failed and will fail.

However, he also acknowledges the challenges. It won’t be simple to implement an active immigration policy in a nation with little immigration experience, few preferences for immigrants, and a seemingly deep-rooted belief in racial purity held by many leaders in the Chinese Communist Party.

For millions of Chinese citizens, the stakes are high, and the path forward remains fraught with challenges. &nbsp,

” To be honest, I do have concerns”, said Ms Long.

” I worry that the quality of the services I provide will decline as I retire,” he said.

” I hope the government and society will continue to address these issues and make the system more trustworthy,” he continued.

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Cambodia’s flagship canal in hot water as China funding dries up

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China’s absence of clear determination could jeopardise the whole program, given uncertainty over the site’s costs, its economic effect and financial viability, experts, officials and diplomats say. In response to China’s domestic economy struggling, perhaps in nations like Cambodia, it also highlights how Beijing is significantly reducing its investments abroad.Continue Reading

Incentives, expectations and reality: Will China’s new push to boost birth rates deliver results?

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Experts cautioned against policies in China’s circumstance, which might have faced the same problems as those in South Korea and Japan, where declining delivery and fecundity rates have not been reversible. &nbsp,

The Chinese government has already done what the Taiwanese government intends to do, according to Dr. Yi. ” China’s newly-introduced policies have been largely economic ( in ) trying to reduce the cost of childcare for families”.

” Japan’s strategy has proved costly and inefficient, only briefly boosting fertility costs”.

Dr Gietel-Basten cited South Korea’s continued fertility problems and warned against adopting a strictly “pronatalist” method, referring to laws designed with the purpose of increasing the delivery rate.

What has changed about Korea’s reproduction level? It just keeps going down and down and over”, he said, noting that, despite plan opportunities, the underlying problems often remain unanswered. &nbsp,

” I believe we must take fresh people’s issues into consideration and incorporate them into the decision-making process.”

WHAT OTHER CANINA Accomplish? &nbsp,

A number of family planning policies, including pregnancy plan, expanded care, and tax deductions for families, were unveiled by China’s State Council in an official statement on October 19.

Some local administrations have also used targeted opportunities to go further. If the wedding is younger than 35 and registers her second marriage in Luliang, Shanxi province, financial incentives of up to 1,500 Yuan may be given to newlyweds who register their first wedding.

With beautiful locations and setting off for the event in gorgeous parks, beaches, and historical landmarks, marriage registrations have also been simplified and yet glamorized, making it easier for couples to enjoy the occasion. &nbsp,

Despite these initiatives and guidelines, some Chinese ladies still have reservations about changing their lifestyle priorities. &nbsp,

Mr Ya Nan, a working and married 29-year-old from Hangzhou, has grown extremely frustrated with societal expectations. ” To me, wedding is basically relationship and it’s for passion. It might not have anything to do with having children”, she told CNA. &nbsp,

” If I want to own children, I did. If I do n’t, I wo n’t. I do n’t pay attention to policies, only to what I truly feel”, she said. ” Just because I now have the legal right to bear children does n’t mean that’s my purpose” .&nbsp,

Instead of rushing to adopt a child out of fear of being pressured by society,” Can’t I wait until I really want one before doing so?”

She even made the point that many people in her city were unable to overcome the system because of her work for a foreign corporation. ” Currently, maternity benefits are n’t even given directly to us ( mothers ), they go to the company”, Ms Ya said. &nbsp,

” In Zhejiang, we simply get one pay: either the pregnancy benefit or six times ‘ salary—whichever is higher, paid by the business”, she said. &nbsp,

” Compared to our acquaintances in Dalian and Shanghai, we end up receiving about 100, 000 yuan less”.

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Singapore and China sign 25 agreements at annual top-level bilateral meeting to boost cooperation

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STRENGTHENING FINANCIAL Participation

With a number of green finance and money markets initiatives, bilateral economic cooperation will grow.

One tie-up between the central banks of China and Singapore aims to spur natural funding flows. By the end of this year, the Monetary Authority of Singapore announced in a press release on Monday that the practice would be finished.

This will make cross-border alternative loans, natural bond issuance, and account investments easier to compare the natural taxonomies of Singapore and China.

In an effort to expand the exposure to China’s bond market for foreign shareholders, MAS and the People’s Bank of China are even conducting a pilot project with the banks of both nations. It will utilize the existing “over-the-counter” bond business model in China.

Other projects include expanding the range of products on the Shenzhen and Shanghai bourses ‘ Exchange Traded Funds ( ETF ) Product Links, as well as facilitating financial institutions’ access to the Singapore and China markets.

FACILITATING Business AND Opportunities

In trade, Singapore and China reiterated their commitment to the China-Singapore Free Trade Agreement ( CSFTA ) Further Upgrade Protocol, which is set to enter into force on Dec 31, 2024, said Singapore’s Ministry of Trade and Industry ( MTI ) in a separate press release.

China’s primary extensive diplomatic free trade agreement with an Asian nation is the CSFTA. It became effective in 2009, and the most recent prepared improvements were unveiled at JCBC last year.

According to MTI, Singapore investors and service providers can anticipate “more democratic and open rules” that will allow them to conduct business with China.

The government added that Singaporean businesses will also gain greater access to China’s economy through a “negative listing” strategy, which means that all industries are automatically opened to investors except those that are exclusively listed.

” Importantly, China commits to not limiting foreign ownership restrictions for Singapore buyers in 22 areas such as design, shopping &amp, wholesale, and architectural &amp, urban planning service”, MTI said.

The Belt and Road Initiative is being promoted in a second deal. It aims to strengthen Singapore and China’s cooperation in places such as policy cooperation, network connectivity, bilateral deal and people-to-people markets.

“( This ) will provide clearer policy guidance for the next phase of high-quality Belt and Road development, further promoting the joint growth of China, Singapore, and regional countries”, said Mr Ding.

Since 2013, Singapore has been China’s largest foreign investment in terms of purchase travels, and China has been Singapore’s largest goods trading partner. Bilateral deal in 2023 amounted to US$ 108.39 billion, according to China’s international government.

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