The Best Reads of the Week From Caixin
The head of research at China’s central bank blamed special interests and fear of financial instability for holding up much-needed economic reform. Xu Zhong, who spoke this week at the 8th Caixin Summit in Beijing, called on policymakers to step out of their comfort zones to tackle the issue and avoid what he called a “big crisis.”
Later in the day at the summit, Xu sparred with legislator Huang Qifan, who argued that mismanagement of China’s foreign exchange reserves is to blame for asset bubbles and a “shadow banking” boom.
An investigation is ongoing after leaked video showing toddlers being mistreated at a Shanghai day care center sparked outrage in China. The center is affiliated with China’s largest online travel company, Ctrip — which has apologized.
In a major leadership reshuffle, Chinese conglomerate HNA Group removed the head of its tourism unit, which runs the company’s flagship Hainan Airlines. This is probably the most severe step HNA has ever taken involving a senior executive, a person close to the matter said.
And Northeast China’s largest dairy producer has asked its lawyers to begin provisional liquidation of the heavily indebted company, months after acknowledging that it had $4.03 billion yuan of debt.
These are five stories that I don’t want you to miss. Please share your comments on The Weekender section and on our other coverage at news@caixin.com.
And when you’re done perusing these must-read stories, check out Caixin’s weekly digital magazine.
Kind regards,
Deb Price
Managing editor, Caixin Global
China Reforms Held Back by Fear of Instability, PBOC Researcher Says
Central bank research chief warns changes won’t be easy but delays could lead to a ‘big crisis’
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Xu Zhong, director general of the research bureau of the People’s Bank of China, said at the 8th Caixin Summit in Beijing on Thursday that Chinese policymakers' excessive focus on stability will cause hesitation in pushing ahead with reforms and delays — a situation that could eventually lead to a “big crisis.” Photo: Du Guanglei/Caixin |
China Policymakers Spar Over Forex-Reserves Management
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Huang Qifan (left), vice chairman of the Financial and Economic Affairs Committee of the National People’s Congress, said at the 8th Caixin Summit in Beijing on Thursday that “It is high time for the foreign exchange reserve system to be reformed.” However, Xu Zhong (right), head of the central bank's research department, said that many of Huang's ideas are unrealistic. Photo: Du Guanglei/Caixin |
Ctrip Child Abuse Case Continues to Roil China
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In video footage spanning four months, parents found 61 occasions in which children were allegedly mistreated at Ctrip’s day care center for employees in Shanghai. The pictured screenshots, taken from closed-circuit television footage of the day care center, show examples of alleged mistreatment. On the upper left, a day care center teacher pins a child to a shelf with a chair. On the upper right, a teacher kicks a child. On the lower left, a teacher feeds what parents suspect is the bitter herb wasabi to a child. Photo: Caixin |
HNA Group Fires Co-Founder and Head of Tourism Unit
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HNA Group removed the head of its tourism unit and reshuffled the leadership at several airline subsidiaries. Photo: Visual China |
Huishan Dairy Takes First Step Toward Liquidation
Northeast China’s largest dairy producer says subsidiaries ‘could have’ $1.58 billion in debt
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China Huishan Dairy Holdings Co. Ltd. has total liabilities that some estimates place as high as 40 billion yuan ($6.03 billion). Photo: Visual China |
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