Month: February 2019
Sciences, a vaccine producer in Changchun, Jilin province, faked production records and used expired material for the production of rabies vaccines over the past four years.
The company was ordered to suspend production, and senior executives
were detained and face criminal charges. The company was ordered to pay fines of 9.1 bi
llion yuan ($1.3 billion) for violations, one of the heaviest fines imposed on a pharmaceutical company over the past few years.
Following the revelations, top officials vowed harsh penalties and reform of the vaccine super
vision system to eliminate loopholes. A new law on the management of vaccines was drafted for review.
Fang Laiying, former head of the Beijing Municipal Health Commission, said he has faith in the overall safety of drugs in Chi
na, but individual cases involving violations of the law can tarnish the image of the whole pharmaceutical sector.
“The government is intensifying its efforts in cases involving violations of drug safety laws, including severely puni
shing criminals and setting up strict accountability systems to improve supervision of the sector,” he said.
Gao, the CDC head, said major infectious diseases such as dengue fever and AIDS will continue to be the priority in disease prevention and control this year.
of the sector with a focus on improving financial services and forestalling financial risks.
Opening-up of China’s financial factor has sped up, as the country re
moved foreign ownership caps of banks and financial asset management firms last year.
Richard Turnill, global chief investment strategist of BlackRock, an American global investment man
agement corporation, is also positive on China’s stocks market, according to the Barron’s report.
Turnill said stronger inflows into Chinese A-shares, and China’s efforts to boost credit growth and sti
mulate its economy are also helpful to a bullish stock market.
However, selectivity of stocks is needed, Turnill said, adding that BlackRock favors b
rokers and companies related to the domestic consumer that can benefit from the efforts to stimulate growth locally.
Major securities traders in China, such as the Merchants Securities, CITIC Securities, and Fo
under Securities are all optimistic about China’s stocks market this year, according to a report from finance.sina.com.
China and the United States are expected to come to an agreement soon over trade frictions, analysts said, as the negotiating teams a
re reported to be discussing the wording of an accord and considering applying the brakes to their tariff standoff.
They made the prediction after Chinese and US officials said there had been concrete p
rogress on multiple issues in the latest round of trade talks in Washington.
During the latest talks, held from Thursday to Sunday in Washington, the seventh round since February of last year, th
e two sides focused on the text of an agreement, the Chinese delegation said, according to a Xinhua News Agency report.
The negotiators also had made substantial progress on such specific issues as technology transfers, protection of i
ntellectual property rights, nontariff barriers, the service industry, agriculture and exchange rates, the delegation said.
On the basis of the latest progress, the two sides are expected to continue their work
into the next stage, in accordance with the instructions of the two countries’ top leaders, according to Xinhua.
said Van Jackson, a former Defense Department official in the Obama administration.
”Historically, there have been many — I know of half a dozen instances myself personally — where senior North Korean officials were brought around and shown what capi
talist industrialism looks like. They were shown what the stock market floor looks like on the New York Stock Exchange, or they were brought out to so
me tech lab in Silicon Valley,” said Jackson, author of “On the Brink: Trump, Kim, and the Threat of Nuclear War.”
”We’ve shown them what capitalism looks like … the idea that they will see something in Vietn
am physically that triggers something different than what we’ve shown them before is kind of non
sense.”There’s something for both Washington and Pyongyang to like when studying the US-Vietnam relationship.
For North Korea, it’s an example of a single-party communist country that reformed its economy without democr
atizing. For the United States, it’s an example of how to redefine a relationship and make a buck at the same time.
In 1995 — the year Hanoi and Washington normalized relations — US exports to and imports from Vietnam were
worth just $252 million and $199 million respectively. However in the first 11 months of 2018, the US exported more th
an $8 billion worth of goods to Vietnam and imported goods worth $45 billion, according to US Census figures.
need money.”Lankov is one of the few foreigners ever to study at Kim Il Sung University, the country’s most pr
estigious institution of higher learning. Today he runs the Korea Risk Group consultancy, teaches at Kookmin Uni
versity in Seoul and is considered one of the world’s experts on the inner workings of North Korea.
He says Kim and his top advisers are cold, realistic and brutally rational. They believe that nuclear weapons are the key to their survival given the fate of Moa
mmar Gaddafi, Saddam Hussein and Ukraine as well as Trump’s decision to ditch the Iran nuclear deal.
”For the North Koreans, security comes first. And they believe that their security is imperfect if they don’t have some
nuclear weapons. A reduction of nuclear weapons can be negotiated, but denuclearization is a pipe dream,” Lankov said.
Jackson, the former Defense Department official, is also unconvinced that Kim Jong Un is the reformer many hoped he would be.
Though Kim is a millennial leader educated in the West, he has n
ow been in power for seven years — during which time he’s overseen more missile and nu
clear tests than his father and grandfather combined, without “meaningful signs” of economic change.
”What is different now than the previous 30 years that makes that control-versus-opening tradeoff worthwhile?” Jackson said.
erse expertise should be established, while personalized and differentiated financial products that suit market demand should be developed, he said.
The number of small and medium-sized financial institutions as well as their proportion o
f businesses should be increased, while financial services to the small and micro firms as well as agr
iculture, rural areas and rural people should be improved, Xi said.Xi stressed the need to establish a standard, tra
nsparent, open, dynamic and resilient capital market that has sound fundamental institutional arrangements, pr
oper management on market access and exit and tightened full-process supervision on transactions.
He said that financial services conducive to the development of industr
ial, market, regional and green development systems of a modernized economy shall be provided.
An all-around and multi-level financial service system including ve
nture capitals, bank loans and bond and stock markets shall be put in place, he said.
systemic financial risks, are the fundamental tasks of financial work, calling for accelerated construction of the fina
ncial market infrastructure and advanced efforts to nationalize key information infrastructure in the sector.
He also urged solid statistics in the financial sector and improvement in the warning system and rules on information disclosure and management.
Education and supervision of senior officials of financial institutions and regulators sh
ould be enhanced, and more should be done to fight corruption in the financial sector, Xi said.
He called for dynamic supervision of domestic and cross-border capital flow to enable financial watchdogs to fully monitor all flows.
Xi said tasks for the reform and opening-up of the financial sector should be well implem
ented, calling for the preparation and the rolling-out of new reform and opening-up measures based on
the latest development of global economy and finance as well as the strategic needs of China.
Reforms including revamps on market access system and trading regulations should be deepened, and regulators should take a two-pronged appr
oach of enforcing both macro-prudential management and micromanagement of behaviors, he said.
He said those causing major financial risks due to their breaches such as lax regula
tion, cover-ups or decision-making failures must be held accountable and face serious punishment.
Efforts should be made to address the current situation where the costs of legal and
regulatory breaches in the financial sector, especially capital markets, are too low, Xi said.
Xi urged enhancing the global competitiveness of China’s financial sector, elevating the two-way opening-up to a highe
r level and beefing up capabilities of financial management and risk prevention and control amid greater opening-up.