In the short space of two weeks, China has announced and now voted with near unanimous approval to amend the country’s constitution and give the party state’s powerful leader Xi Jinping a mandate to stay in office indefinitely. On Sunday, a controversial amendment to scrap a two-term limit on the office of the president was approved along with 20 other changes.3 comments
Major Asian nations reacted sharply to U.S. President Donald Trump's decision to impose tariffs on steel and aluminum imports on Friday, warning of damage to relations amid industry calls for retaliation.Add your comment!
European Commission has written to the UK government saying the UK owes €2.7bn (£2.4bn) in customs duties on shoes and textiles imported from China. The UK is accused of doing too little to prevent fraud after it was warned about the problem by the EU's watchdog Olaf in 2017. It begins a legal process which could end at the European Court of Justice.Add your comment!
Li Shufu, chairman of Chinese carmaker Geely, is making waves in the global auto market after buying a US$ 9 billion stake in Germany’s Daimler. Li, 54, the son of a farmer from China’s Zhejiang province, has led a major acquisition push globally since 2010, when he took over Swedish car brand Volvo from Ford Motor, US$ 1.8 billion deal.
China revealed on Monday that it will raise its military budget by US$ 175 billion for the 2018 fiscal year, 8.1% increase that is the largest military spending hike in three years. According to Premier Li Keqiang, the additional funding will “advance all aspects of military training and war preparedness, and firmly and resolvedly safeguard national sovereignty, security, and development interests.”
China aims to expand its economy by around 6.5% this year, the same as in 2017, while pressing ahead with its campaign to reduce risks in the financial system, Premier Li Keqiang said on Monday. The goal was kept unchanged even though the economy grew 6.9% last year and exceeded the government's target.
China says it plans to scrap a two-term limit for the country’s president and vice president, a move that could allow Chinese leader Xi Jinping to stay in office indefinitely. Expectations that Xi, China’s most powerful leader since Mao Zedong, was considering staying in office for more than the typical 10 years has been building for some time now. But the outline of amendment proposals announced by state media Sunday, including Article 79, confirmed those changes could soon become a reality.
Beijing has cracked down on insurance and financial giant Anbang, taking control of the conglomerate and prosecuting the firm's head. Wu Xiaohui, who was already detained by authorities last June, is to face prosecution for economic crimes.
More than half of the world’s oceans are being commercially fished, spanning an area four times what is used for global agriculture, according to a new study published in the journal Science. The study is the first in-depth look at the global footprint of the industrial fishing industry.
The US has rejected a proposed merger between the Chicago Stock Exchange and a Chinese-linked investor group. The decision comes after more than two years of reviews by officials. The tie-up was initially approved by the Committee on Foreign Investment in the United States, pending further approval by the Securities and Exchange Commission (SEC).