In China, Cryptocurrency Sales Persist in the Shadows

Chuin-Wei Yap
Wall Street Journal
Three days after Chinese regulators outlawed cryptocurrency fundraising in early September, a woman met with half a dozen individuals at a Beijing golf club to pitch a digital-currency investment opportunity.

China Reclaims Spot as World's Biggest Holder of Treasuries

Andrew Mayeda and Katherine Greifeld
Bloomberg
China reclaimed its position as the top foreign owner of U.S. Treasuries after increasing its holdings for the fifth straight month.China’s holdings of U.S. bonds, notes and bills rose to $1.15 trillion in June, up $44.3 billion from a month earlier...

Books

06.20.17

Shadow Banking and the Rise of Capitalism in China

Andrew Collier
This book is about the growth of shadow banking in China and the rise of China’s free markets. Shadow Banking refers to capital that is distributed outside the formal banking system, including everything from Mom and Pop lending shops to online credit to giant state owned banks called Trusts. They have grown from a fraction of the economy 10 years ago to nearly half of all China’s annual 25 trillion renminbi (U.S.$4.1 trillion) in lending in the economy today.Shadow Banks are a new aspect of capitalism in China—barely regulated, highly risky, yet tolerated by Beijing. They have been permitted to flourish because many companies cannot get access to formal bank loans. It is the Wild West of banking in China. If we define capitalism as economic activity controlled by the private sector, then Shadow Banking is still in a hybrid stage, a halfway house between the state and the private economic. But it is precisely this divide that makes Shadow Banking important to the rise of capitalism. How Beijing handles this large free market will say a lot about how the country’s economy will grow—will free markets be granted greater leeway? —Palgrave Macmillan{chop}

Caixin Media

06.05.17

China to Boost Checks on Overseas Spending

China is stepping up supervision of the use of bank cards overseas, a move the foreign-exchange regulator says is needed to fight money laundering, terrorist financing, and tax evasion.Starting September 1, banks will be required to report on a...

Features

04.03.17

Boxing For Survival in a Chinese Fight Club

Robert Foyle Hunwick
“I was supposed to be fighting some IT guy,” Bo Junhui groaned afterward. Instead, the 18-year-old student was up against someone a year older, ten pounds heavier, and a lot hungrier. Xia Tian has never worked behind a desk; he’d spent the last few...

Children of the Yuan Percent: Everyone Hates China’s Rich Kids

Christopher Beam
Bloomberg
The fuerdai, China’s second-generation rich kids, are the most loathed group in the country.

No Coins, No Red Faces: Apps Change Chinese Attitudes to Splitting Bills

Shen Lu
CNN
Splitting the bill is a relatively new idea to most Chinese, but now it's being embraced by cash-strapped young people...

China Offers Russia Ruble Help

Brian Spegele
Wall Street Journal
China says it is willing to provide assistance to Russia following recent sharp drops in the value of its currency, said a senior official, as President Vladimir Putin’s regime faces continuing strains with the U.S. and Europe.

Beijing Cannot Count on Easy Money to Sustain Its Economic Miracle

Ruchir Sharma
Financial Times
Just three months ago the main Chinese stock market was dormant. Since then it has surged 30 per cent and has started to show signs of the manic trading that normally does not appear until a bull market has been gathering steam for years.

China to Ban Extralegal Administration with Power List

Xinhua
Xinhua
The new policy hopes to curb problems in administration and law enforcement such as failure in strictly observing or enforcing the law, putting their power above law, bending law for personal gains and power-for-money trades, Xi Jinping said.

Dispatches From Xinjiang: The Uyghur Blockbuster “Money On The Road”

Beige Wind
Beijing Cream
The comedy Money on the Road (Money Found on the Way in Chinese) features an ensemble of stars, including a cameo by the famous singer Abdulla. It follows the misadventures of three Uyghur farmers who come to the city as migrant workers to...

Busan: China’s Online Movie Revenues Forecast to Match Box Office in 5 Years

Clifford Coonan
Hollywood Reporter
China's online giants, who are launching a big push into the film business, have been a significant presence at the South Korean festival this year, popping up as buyers, sponsors and producers...

Waldorf Astoria NY hotel sold to China’s Anbang for $1.95bn

Anna Nicolaou
Financial Times
The sale allows the companies to “finally maximise the full value of this iconic asset on a full city block in midtown Manhattan,” said Christopher Nassetta, chief executive of Hilton Worldwide.