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☆ Chen Xuyuan: China sentences ex-soccer chief to life in prison in latest crackdown on sports corruption
▼ + stars: | 2024-03-26 | by ( Chris Lau | ) edition.cnn.com time to read: +3 min

The ex-soccer chief, Chen Xuyuan, was jailed on Tuesday alongside multiple senior sporting executives, according to state media, following a months-long investigation. Five years later, the Chinese soccer association unveiled a plan to make the country a “world football superpower” by 2050. The Chinese men’s soccer team currently sits third in its FIFA World Cup qualify group, with four points, behind group leader South Korea, and second placed Thailand. Last Thursday, the team drew 2-2 with city-state Singapore, in a major blow to the country’s World Cup 2026 dream. The two sides face off again, on Tuesday, in what is being billed as a crunch match for underperforming China.

Persons: Chen Xuyuan, Xi, Chen, Yu Hongchen, Li Tie, “, ”, Chen Yongliang, Yu, Dong Zheng Organizations: Hong Kong CNN, league, Chinese Super League, Winter, men’s, soccer, FIFA World, South Locations: Hong Kong, Chinese, Hubei, Huangshi, China, South Korea, Thailand, Singapore

The work report presented Tuesday by Premier Li Qiang to the National People’s Congress outlined plans for modest increases in overall spending and a hefty 7.2% jump in funding for the military. Li's work report is designed to showcase for the nation achievements in the past year and convey the top leadership's priorities for this year. Photos You Should See View All 60 ImagesApart from the ambitious growth target, “There is no reform, no liberalization, no action plan and no messaging of reassurance,” he said. — Another 10.4 billion yuan ($1.4 billion) will go to upgrading industries and modernizing manufacturing. “We will work to build China's self-reliance and strength in science and technology,” the report said.

Persons: it’s, Premier Li Qiang, Li, Xi Jinping's, James Zimmerman, ”, Tianchen Xu, What's, —, Xu, ” Lynn Song Organizations: BEIJING, Premier, National People’s, Communist, American Chamber of Commerce, Economist Intelligence Unit, Baidu, Greater China, ING Economics, — Locations: China, Beijing, Washington, Hong Kong, Greater

☆ Analysis-As China's Xi Summons 'New Productive Forces', Old Questions Linger for Economy
▼ + stars: | 2024-03-05 | by ( March | At P.M. | ) www.usnews.com time to read: +5 min

By James Pomfret, Kevin Yao and Ellen ZhangHONG KONG/BEIJING (Reuters) - Facing its deepest economic challenges in years, China's leadership has tasked ministries and local governments with implementing a new mantra from President Xi Jinping: unleash "new productive forces". Beijing hopes the “new productive forces” campaign will strengthen China at a time when geopolitical pressures including steps by the United States to “decouple” or “de-risk” have curtailed access to foreign technology. "To support innovation, we should give people more freedom to think and talk, because many innovations result from the collision of ideas. The new mantra was also taken up by China's state planning agency, the National Development and Reform Commission. Its annual report on Tuesday pledged support for industries including satellite internet applications, China's BeiDou Navigation Satellite System, and research into nuclear fusion.

Persons: James Pomfret, Kevin Yao, Ellen Zhang HONG, Xi Jinping, Li Qiang, Xi’s, Xi, Tianchen Xu, Li, Steve Tsang, Ellen Zhang, Nick Macfie Organizations: Communist Party, Party, Reuters, Economist Intelligence Unit, SOAS China Institute, National Development, Reform Commission Locations: Ellen Zhang HONG KONG, BEIJING, China, China’s, Beijing, United States, London, Pearl

☆ Why the Year of the Dragon doesn't bode well for China’s declining population
▼ + stars: | 2024-02-14 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

In this zodiac cycle, those born between Feb.10, 2024 and Jan. 28, 2025 will be classified as "Dragon babies." While people in China also hold these beliefs, birth rates in the country have actually fallen during the "Dragon Years." For instance, Singapore's birth rates rose by 21% in 1988, and 8% in 2000 and 2012. Asian folklore, however, may not be able to do much for China's falling birth rates, which could continue to drop "quite precipitously," Tay warned. China's birth rates have seen a secular decline, falling to 6.39% in 2023 from 22.37% in 1988.

Persons: Jacelyn Phang, feng, Yuan Zhong Siu, Phang, Erica Tay, Maybank, Tay, Tianchen Xu Organizations: CNBC, The Economist Intelligence Locations: China, Asia

☆ China names Song Kai as new chairman of CFA
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Oct 16 (Reuters) - Song Kai was named as the new chairman of the Chinese Football Association (CFA)，China's state news agency Xinhua reported on Monday, amid a spike in anti-corruption investigations into the soccer body. Song works as the director of Liaoning province's Sports Bureau, according to state media Global Times. Sun Wen, Yuan Yongqing, Yang Xu and Xu Jiren were named CFA vice presidents, Xinhua reported. China's top prosecutor said last week it had ordered the arrest of former CFA vice chairman Du Zhaocai, who was suspected of accepting bribes, state media previously reported. read moreOver a dozen officials working in the football sector have been placed under investigation since November last year, state media reported last week.

Persons: Kai, Sun Wen, Yuan Yongqing, Yang Xu, Xu Jiren, China's, Du Zhaocai, CFA Chen, Ella Cao, Liz Lee, Peter Rutherford Organizations: Chinese Football Association, Xinhua, Liaoning province's Sports, Global Times, CFA, Thomson Locations: BEIJING, Liaoning

☆ Former chairman of Chinese Football Association charged with bribery-state TV
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Sept 26 (Reuters) - Chinese authorities have charged the former chairman of the national football association with bribery as part of an anti-corruption investigation into the soccer federation, state broadcaster CCTV reported on Tuesday. Authorities in central Hubei province charged Chen Xuyuan, the ex-head of the Chinese Football Association (CFA), with utilising his position and authority to "seek benefits for others" and "illegally accept other people's property and possessions", CCTV reported. In August, Chinese state media reported that senior soccer official and chairman of the Chinese Super League Liu Jun had been taken away by authorities for investigation. In January, two former CFA officials were investigated for suspected "severe violations of the law", according to statements posted by the sports regulator. Another two leading soccer officials were investigated for suspected serious violations of the law in March.

Persons: Chen Xuyuan, Chen, Chinese Super League Liu Jun, Ella Cao, Martin Pollard, Miral Organizations: Authorities, Chinese Football Association, CFA, Chinese Super League, Thomson Locations: BEIJING, Hubei

By increasing the degree of risk attributed to certain assets, the proposed rules would require banks to hold proportionately more capital, potentially eating into returns on equity and profits. Making such lending more expensive will shrink credit available to historically under-served borrowers, something the industry is likely to fight, he said. Chen Xu, an attorney in the financial institutions group at Debevoise & Plimpton, said the new rules viewed high-revenue business lines as higher risk. Morgan Stanley (MS.N) analysts say the largest banks may take up to four years to set aside profits to comply with the new capital rules. Dennis Kelleher, head of the financial reform advocacy group Better Markets, said the banking industry had made similar complaints in the past which he believed had proven unfounded.

Persons: Mike Segar, Joe Saas, Chen Xu, Plimpton, Michael Barr, JPMorgan Chase, Jamie Dimon, Wells Fargo, Kevin Stein, Morgan Stanley, Richard Ramsden, Goldman Sachs, Ramsden, Dennis Kelleher, Douglas Gillison, Tatiana Bautzer, Nupur Anand, Saeed Azhar, Megan Davies, Anna Driver Organizations: Wall, New York Stock Exchange, REUTERS, Industry, Financial Services, Bank Policy Institute, Securities Industry, Financial Markets Association, Debevoise, JPMorgan, CNBC, Citigroup, Bank of America, Klaros Group, Banking Supervision, Better, Thomson Locations: Manhattan, New York City , New York, U.S, Washington, Wells, Basel

CNN —South Korean soccer star Son Jun-ho has been arrested in China for allegedly accepting bribes as Beijing clamps down on alleged corruption in the upper ranks of Chinese football. A South Korean Foreign Ministry spokesperson said Tuesday the ministry was aware of Son’s situation and that local Korean diplomatic missions were providing consular assistance. Wang said China would provide South Korean officials with the “necessary facilitation” to perform their consular duties. The Korea Football Association (KFA) said it had written to the Chinese Football Association and the Asian Football Confederation regarding the player on Tuesday but had not yet heard back. Vice President Kim Jeong-bae was checking on Son’s condition with the South Korean Foreign and Sports Ministries, a KFA official told CNN.

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