(SHANGHAI) Weibo Report: Chinese authorities have arrested a top public relations executive at Chinese social media giant Weibo Corp (WB.O), local Chinese media reported widely on Tuesday and confirmed to Reuters by a company source #AceNewsDesk report

#AceNewsReport – Aug.11: In accordance with company policy and the law, we have decided to fire Mao as punishment, and will not re-hire him,” the memo said….

#AceDailyNews says a top public relations director at Chinese social media giant Weibo arrested and according to an internal memo sent to staff and seen by Reuters, Mao Taotao, director of public relations at Weibo – which is partly owned by e-commerce giant Alibaba Group Holding Ltd. – is suspected of bribery and had “seriously harmed the interests of the company.”

: Aug.10, 20211:26 PM BST:

The firing comes as Alibaba (9988.HK) faces backlash over delaying action relating to an employee’s allegations of sexual assault against her manager and a client. On Monday, Alibaba announced the manager had been fired.

Mao joined Weibo in 2010 and quickly rose through the ranks of the marketing and PR department, the memo states.

Weibo did not respond to a request for comment from Reuters. Mao could not be immediately reached.

Weibo has come under fire lately in the wake of a scandal involving Chinese-Canadian pop singer Kris Wu, who Chinese authorities arrested on allegations of soliciting sex with underage girls. Wu has denied the allegations.

Not long after Wu’s arrest, state media outlet People’s Daily published an op-ed admonishing social networks for over-hyping celebrities to generate traffic.

Weibo later suspended a widely used feature that ranks celebrities by popularity. read more 

Alibaba did not immediately respond to a request for comment about Mao’s firing at Weibo.

Reporting by Josh Horwitz in Shanghai and Cheng Leng in Beijing; Editing by Bernadette Baum

#AceNewsDesk report ………Published: Aug.11: 2021:

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#alibaba, #chinese, #shanghai, #weibo

#AceWorldNews MOSCOW May 19 #ANS2014Six warships from Russia’s…

#AceWorldNews – MOSCOW – May 19

#ANS2014

Six warships from Russia’s Pacific Fleet, led by a missile cruiser, the Varyag, entered on Monday Shanghai’s port of Wusong ahead of the joint naval drills with China, code-named Joint Sea 2014 and running on May 20-26 in the northern waters of the East China Sea, a spokesperson for the Russian Defence Ministry said.

#china, #east-china-sea, #moscow, #russias, #shanghai

` China’s Water Pollution with 131 Dead Pigs recovered in `Province of Jiangxi ‘ with Trace’s of Virus ‘

#AceWorldNews – The decomposing bodies of 131 dead pigs were recovered from a river in the eastern Chinese province of Jiangxi on Saturday, according to the state Xinhua News Agency.

The water authority in Nanchang, Jiangxi’s provincial capital, said it was unclear whether the carcasses had been dumped or where they originated from.

Last March, thousands of dead pigs, which had been dumped in a river supplying water to Shanghai, caused an international scandal.

Traces of a virus were discovered in their system, suggesting farmers may have disposed of them in the water.

China’s pollution is a long-term cause for national concern.

#ANS2014

#jiangxi, #shanghai, #xinhua-news-agency

” Teaching Students How to Properly Launder Money”

#AceChinaNews says this post was courtesy of  wuyiyao and his report, on how someone on his course asked ” Is there a way of laundering money `properly’ and this is his post.   

During a financial orientation course at Shanghai Finance University, 19-year-old Li Jing raised his hand and asked if there is a way of laundering money “properly”.

A little later, another student said she had heard that even small coffee houses can launder cash. She asked for an explanation of how the practice works and how to spot financial crimes committed under the guise of daily business activity.

Dang Hue, Asia head of the Association of Certified Anti-Money-Laundering Specialists, said in response to the students’ questions, “There is no legal way to launder money, because the activity is intrinsically illegal, and anyone involved will be caught and punished.”Money laundering fight becomes matter of course for students

Li and his peers are the first undergraduates in China to major in Compliance and Anti-Money-Laundering, a course created to meet increasing demand from financial markets amid the country’s ongoing economic development.

Dang said the students’ questions are a sign that compliance and anti-money-laundering are still relatively new concepts.

“There’s a long way to go. When the students graduate from this undergraduate program, they will still need more hands-on experience and training to become qualified anti-money-laundering specialists,” Dang said.

Compliance, the adherence to business laws and policy, has become a buzzword after recent probes into alleged bribery, corruption and fraud at State-owned enterprises and multinational corporations, especially large pharmaceutical companies.

The students realize that what they learn will be crucial for the healthy development of China’s financial and economic system and that the demand for professionals in the field will surge in the next few years.

Supply shortages

According to the International Monetary Fund, laundered money accounts for approximately 5 percent of the combined annual GDP of all the countries in the world, approximately $1.8 trillion. The figure is rising at a rapid rate, with annual growth of $100 billion.

Amid faster-than-ever global capital flows, dirty money, which finances crimes including drug dealing, human trafficking and terrorism, will be “washed clean” by laundering if effective action isn’t taken, said Dang.

“As the world’s second-largest economy plays an increasingly important role in global economic development and the internationalization of the yuan continues, China’s efforts to combat money laundering will have a growing impact on the global economic picture,” said Dang.

However, the gap between the supply of and demand for talent in compliance and AML work is wide.

“In Shanghai alone, about 2,000 professionals are needed for compliance and AML work,” said Chu Zhen, head of the Department of Finance at Shanghai Finance University. It’s likely that it will take a long time to fill all those positions, however, given that the school only can enroll around 50 students a year. The first majors in compliance and AML will graduate in 2017.

Ma Qing, a Shanghai-based head hunter who specializes in the financial sector, said some of the most difficult requests to fulfil come from companies looking for compliance officers.

In the past, many employers put compliance under the direction of other, unrelated departments, and the responsibilities often included a number of miscellaneous functions that had little to do with legal affairs.

“The job prospects were not attractive; the pay was low, the outline of the responsibilities was too vague and compliance units were given very few resources,” said Ma.

That may be about to change, though; salaries in the field may rise by 40 percent or even more, and compliance units are being given a say in a wider range of decisions.

“One client on our books told me that as a compliance officer, he feels more respected, involved, and indispensable in his workplace than before. He is not alone in thinking that,” said Ma.

The difficulty in finding talent lies in the current dearth of experienced professionals, he added.

“I’ve been working on filling a vacancy at a bank, but the employer is demanding at least five years’ experience in compliance. But that’s a very rare commodity because few people were willing to work in the sector given the poor conditions in the past, and very few remained in the field for five years to gain the necessary experience,” he said.

Some educational establishments realized the problem existed and began to take action. In 2009, Shanghai Fudan University established postgraduate-level programs in compliance and AML, and cultivated talent to meet the future market demand.

Shanghai Finance University and AML association have cooperated on the undergraduate program since autumn. Together, they are providing wide-ranging training, including basic AML courses that focus on regulatory requirements in China, the study of global standards and leading practices in the fight against money laundering.

Experts in compliance and AML from across the world will be invited to lecture and provide practical experience, and all the Shanghai Finance University lecturers have been trained by experts from the AML association, according to Dang.

Money laundering fight becomes matter of course for students

Student will gain hands-on experience through internships at insurers, stockbrokers, financial institutions, auction houses and property developers, according to Chu.

In addition to courses in economics, finance and other compulsory studies for Chinese college students, the first undergraduate compliance and AML majors at Shanghai Finance University will learn by studying cases of illegal financial behaviour.

“Wherever there is significant cash flow, there is soil for compliance and AML work. Students will use case studies to understand how money laundering works, but personal integrity will also be key to their future success – we hope students equipped with that sort of knowledge won’t get involved in improper deeds,” said Chu.

Circumstances can also play a role, however. A report published by Ernst & Young’s Fraud Investigation & Dispute Service in August 2013, said: “We are beginning to see a slowdown in growth. Companies are faced with budget cuts and are struggling to meet their targets. Business risks are often heightened in economically hard times.”

Weak controls, a tough business environment – which may prompt enterprises to take “shortcuts” to achieve sales or business-growth targets – the use of technology to detect bribery and fraud, and an established, but as yet, immature whistle-blowing program all contribute to compliance risks.

In the Asia-Pacific region and other emerging markets, poor regulatory frameworks and a lack of effective channels for reporting illegal behaviour have provided an environment in which illegal financial activities, such as fraud and corruption, are able to flourish.

“The key question for companies in the (Asia-Pacific) region is how to effectively minimize the risk of fraud and corruption in high-risk markets with weak control environments, given the restricted resources,” said the E&Y report.

The authorities and businesses have strengthened measures to combat illegal behaviour in economic activity, and funding has been increased to help achieve that goal.

Chinese banks already rate their clients’ risk of criminal conduct on a scale of one to five as part of efforts by the People’s Bank of China to curb laundering and fraudulent transactions, according to a post on the central bank’s official website.

Money laundering fight becomes matter of course for students

Financial institutions must identify their riskiest clients and use their own discretion to report suspect deals. The accounts of clients assessed as high-risk must be checked frequently and not once every six months, as is the normal practice, the PBOC website said.

In December 2012, the PBOC issued new anti-money laundering rules to all domestic financial institutions, requiring lenders to rate clients based on their location and the nature of their business, including their levels of transparency. A number of insurers and stockbrokers have also implemented the system.

So far the PBOC has yet to set a deadline for companies to comply with the guidelines.

“In the past, clients were rated against a checklist of money laundering traits, but the list failed to differentiate risk levels. That led financial institutions to unwittingly inundate the authorities with information and false leads that impeded the checks,” said a source with a Shanghai-based commercial bank who declined to be named because of the sensitivity of the issue.

The source said that as the PBOC’s anti-money laundering rules are implemented, a greater number of professionals are becoming involved in training programs to learn more about AML and the prevalent practices.

Businesses are becoming more attuned to, and knowledgeable about, AML and bribery, according to market insiders.

Foreign businesses were once regulated by the laws of their home countries, but an increasing number are now better prepared and aware of the fact that they need to ensure they have good “know-your-customer” policies to tackle AML issues and effective anti-corruption and bribery policies in place, said Dang.

A large number of financial professionals have undertaken intensive training in the relevant programs.

Approximately 190,000 professionals work in the AML field in China’s banking, insurance and securities sectors, but most of them are new to the field, according to a report published by the PBOC, which acts as the banking regulator in China.

Crucially, however, self-regulation is a growing trend as companies acknowledge the benefits that can accrue from being seen as squeaky clean.

Research undertaken in 2013 by the consultancy services provider A.T. Kearney, which conducted in-depth interviews with compliance executives at 40 top companies worldwide, showed that most of the interviewees said they expect to expand their compliance systems. Furthermore, 57 percent of those interviewed said they will most likely seek external help, especially in staffing departments with experts in issues such as anti-corruption, data protection and product safety.

“Today’s regulatory pressure doesn’t stop with the external authorities. Many firms understand that compliance can lead to a competitive advantage and are making their suppliers commit to compliance standards that go far beyond those required by law,” said the report.

Thanks to the Author wuyiyao for supplying this post. 

 

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China: “Preparing to Surpass the US as World’s Largest Economy”

#AceNewsServices  says many various sources l have spoken to in my travels, have varying opinion’s of China’s increasing size, wealth and power, here is one such opinion. As China is preparing to surpass the United States as the world’s largest economy in purchasing power and parity terms, (using China’s grossly exaggerated economic figures). Already its economy is supposedly 80% the size of the US, and if current growth rate differentials persist, it could possibly take China about two years to surpass the US.

A Shanghai branch of Industrial and Commercial...

A Shanghai branch of Industrial and Commercial Bank of China, largest in the world. (Photo credit: Wikipedia)

That said any chance of raising the status of China, will need to rely on the west and their want of their goods and services, oh they could continue to build their massive cities and continue building, also invite more and more foreign businesses to take up residence, with the intention of growing their GDP. Whilst in the meantime they spread their dominate hand across the westernised world, though with one small draw-back and that is they are not signing from the same hymn sheet as other countries, so to speak.

Their real aim is to not just take over as the world’s largest economy, but to eventually humiliate and deemed the countries for so long that saw them as a third world economy, and purchased their goods, at cheapest possible prices. Thus keeping their country down and their people poor, but education, training and self-sufficiency is the watchword’s of the Chinese people, led to watch and learn from other countries, silently in the back-ground planning a strategy, like their “Terracotta Warriors” of days gone by, and utilising the old ways of warfare, but this time as traders.

At present market exchange rates, China’s GDP is much smaller, and is expected to remain less than the US until 2028. This is hardly surprising. After all, China has four times as many people as the US; if every Chinese worker were to earn the US minimum wage, its GDP would be larger than the US. That is not a very high bar. With that economic size comes military power and global cultural clout. Though at the present changes in the population from lower-class to middle class the requirement for greater supplies of westernised products, will grow thus leading to disparity of incomes, between the have’s and have’nots and leading to social problems.     

History of China

History of China (Photo credit: Wikipedia)

China’s awe-inspiring rise is often framed as the return to a historical norm. A common belief is that for most of the last 5,000 years, China was the world’s centre of wealth, culture, technology, and power. The 19th and 20th centuries, we are told, were a brief aberration, and China is now simply retaking its rightful place as the world’s pre-eminent nation. This trope gives China a certain air of inevitability.

The problem is, it’s not really accurate.

The truth is that for most of its history, China has struggled to overcome a number of chronic difficulties that have usually kept it from global pre-eminence.

Territories occupied by different dynasties an...

Territories occupied by different dynasties and modern political states throughout the history of China. (Photo credit: Wikipedia)

Let’s start by recalling ancient China, starting from 5,000 years ago. The early pre-Chinese kingdoms – Xia, Shang, and Zhou – roughly coincided with ancient Egypt, Babylon, Persia, and Greece, and China’s famous Han Dynasty coincided with Rome. Ian Morris, a Stanford historian and author of Why the West Rules – For Now, has constructed an “index of development” that takes into account energy use, urbanisation, information technology and war-making capacity. According to Morris’ index, the Mediterranean and Middle Eastern civilisations of the Ancient and Classical periods were well ahead of their Chinese counterparts.

For example, the Roman Empire had many more miles of roads than Han China, and much more shipping. Although China had a few things that Rome did not – most notably the horse collar and paper – Rome in general had far more impressive engineering and technology, including advanced plumbing, mining techniques, and construction techniques. Han China was poorer–most people’s houses had dirt floors. In terms of basic science, Morris has less to say, but ancient Greece was hard to beat in this regard (though ancient China was ahead in algebra). Military power is hard to gauge, since China and the West never directly confronted each other.

A Chinese bronze statue of a mythological chim...

A Chinese bronze statue of a mythological chimera (a lion-like creature with wings, horns, fangs, and claws), from the Eastern Han Dynasty, dated 1st century AD. (Photo credit: Wikipedia)

According to Morris’ data, China became richer and more developed than the West’s leading nation around the 6th century A.D. The fall of Rome and the division of the Mediterranean into European and Middle Eastern halves stifled sea trade, while China assimilated its rich South and began growing rice on a large-scale. For the next 1,000 years, China was the richest place on the planet. During the years from 500 A.D.  to 1200 A.D., China invented the compass, gunpowder, printing, compartmentalized ship hulls, paper money, advanced farming techniques, and a great deal of algebra and astronomy.

But China’s pre-eminence was hardly uncontested during this period. Though Europe was an economic, military and technological backwater during the Middle Ages, the Islamic empires – the Umayyad and Abbasid caliphates – rivalled China in size, and actually defeated China in their one military clash (the Battle of Talas). Islamic civilisation was also no slouch in basic science.

Meanwhile, China during its golden age was plagued by internal and external security threats. The An Shi rebellion tore apart China’s Tang dynasty at that empire’s height, killing millions; the dynasty never recovered. The Jurchen (ancestors of the Manchus) conquered North China in the 1100s, forcing the Sung Dynasty – the wealthiest and most technologically dynamic of the old Chinese dynasties – to relocate to the south. In the 1200s, the Mongols conquered all of China, which they ruled until 1368.

A 24 point compass chart employed by Zheng He ...

A 24 point compass chart employed by Zheng He during his explorations. (Photo credit: Wikipedia)

China regained stability during the Ming dynasty in the 14th to 17th centuries. During that dynasty, China was militarily powerful, defeating incursions by the Mongols, Japanese, Dutch, and Portuguese. But this period was also a “Great Stagnation” for China. Technological progress essentially stopped. A brief spurt of exploration by the Chinese explorer Zheng He (whose scope may have been exaggerated; none of the giant ships attributed to the expedition have ever been found) proved to be one of a kind, when the Chinese government restricted shipbuilding.

During the first half of the 2nd millennium A.D., the Middle East stagnated as well, but Europe was climbing out of the deep hole of the Middle Ages. By the 1500s, propelled by the discovery of the New World, Europe was making rapid strides in science and technology; by the 1600s, according to economic historians, much of Europe was richer than China.

So to sum up, China has always been one of the world’s leading civilisation’s over the last five millennia. But it has only held both economic and military preeminence for brief periods of time—the late 1300s and 1400s being the most notable. Why has China not been preeminent for longer stretches? History is not a science, but we can make some guesses. The very thing that makes China so powerful and important – its titanic size – also endows it with fundamental weaknesses.

Throughout its history, China has been plagued by enormous rebellions, from the An Shi rebellion in the 700s to the Taiping Rebellion in the 1800s. These rebellions are always incredibly destructive of human life and the economy. They often expose China to external conquest, as with the fall of the Ming dynasty in the 1600s or the Japanese conquests in the 1930s. They sometimes result in the rise of extremely destructive and dysfunctional regimes, like Mao’s ascendance in the 20th century.

Why does China have all these big rebellions? Because it’s big. Large countries are geographically and industrially diverse, and therefore it becomes difficult to agree on what public goods to provide (this is why city-states are often very efficient). Regions fight over resources. In addition, China is endowed with very few natural resources relative to its enormous population size, meaning that food and water shortages can be acute and terrible.

The music video for "L'Âme-stram-gram&quo...

The music video for “L’Âme-stram-gram” used a replica of the Great Wall of China, which justified its high cost. (Photo credit: Wikipedia)

China’s incredible bigness has other drawbacks. It made China difficult to defend in ancient times. In modern times, it means that China has lots of powerful neighbour – India, Russia, and Japan – with whom relations are not always smooth. And some historians, such as Jared Diamond, have argued that China’s size held back its technological progress; because it could win wars by sheer size and rely on its domestic economy, they argue, China was never forced to invest in military technology or open itself up to trade.

To understand how China’s constraints are threatening its rise today, read In Line Behind a Billion People: How Scarcity Will Define China’s Ascent in the Next Decade. Authors Damien Ma and William Adams discuss not only China’s resource constraints, but also how its heterogeneity – the deep divides between urban and rural, interior and coast, rich and poor – represents a real constraint on development.

Fortunately for China, this time may really be different. Modern communication and transportation technology mean that a big country is easier to defend and to integrate. Globalisation, and China’s embrace of trade, mean that China is more open than it was during most of its history. But China has shown signs of worryingly isolationist instincts, harassing foreign companies operating within its borders. Meanwhile, China’s increasingly aggressive policies toward its neighbour’s – notably Japan and India, but also Vietnam and the Philippines – run the risk of inviting an effort at containment. The “Middle Kingdom,” like Germany in Europe a century ago, runs the risk of fighting all of its neighbour’s at once.

In other words, China is vulnerable now for the same reason it was vulnerable in ages past. History is not a tale of Chinese preeminence, but a tale of Chinese oscillation. The same thing that often kept China from realising its potential as the world’s dominant nation – its tremendous, unwieldy size – means that although it may surpass the US in total GDP, its supremacy may well be short-lived and incomplete.

 

 

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