China’s state auditor has uncovered RMB 1.08 billion ($160 million) in irregularities involving maternity insurance and subsidy funds, reports Caixin, affecting the benefits of more than one million people. The National Audit Office (NAO) in its annual report on the central budget execution examined RMB 53.1 billion across 26 provinces and found that local governments failed […]
Category: Law & Regulation
China’s top auditor has accused one of the country’s biggest state-owned banks of exploiting investment fund structures to evade billions of RMB in taxes, reports the South China Morning Post. This comes as Beijing steps up efforts to strengthen financial compliance. Bank of China evaded RMB 2.37 billion yuan ($348 million) in taxes by misusing preferential treatment […]
Chinese authorities have summoned representatives of US-based membership-only retailer Sam’s Club for a “formal accountability interview” in response to “frequent food safety issues”, reports the South China Morning Post. According to a notice from the State Administration for Market Regulation (SAMR), the Walmart-owned supermarket chain was urged to “prioritize food safety, strictly fulfil social corporate responsibilities, […]
Beijing’s market regulator has summoned major e-commerce platforms including Taobao, Tmall and JD.com over excessive competition during the ongoing “618” shopping festival, reports Caixin. On Thursday, the Beijing Municipal Administration for Market Regulation held talks with Taobao, Tmall, JD.com, Pinduoduo, Douyin and Xiaohongshu, where the regulator showed a batch of systemic problems uncovered during its ongoing […]
Chinese steelmaker Hebei Jingye has initiated consultation procedures with the UK government under a bilateral investment treaty, seeking compensation for losses after the state takeover of British Steel, reports Caixin. Jingye acquired British Steel in March 2020 for about £53 million (nearly $70 million), gaining control of a company with an annual crude steel production capacity […]