Shanghai chief prosecutor arrested for taking bribes
Business briefs from the Chinese media โ Monday November 7, 2022
U.S.-listed Chinese stocks trended up on Friday after a report that U.S. audit officials had completed the first round of on-site inspections of Chinese companies ahead of schedule, seen as a positive sign in the process of avoiding the delisting of Chinese stocks.
Shanghai chief prosecutor arrested for taking bribes: Chinaโs highest court, the Supreme Peopleโs Procuratorate, announced that Zhฤng Bฤncรกi ๅผ ๆฌๆ, former chief prosecutor of the Shanghai Procuratorate, has been arrested and charged with taking bribes. Meanwhile, Fร n Yฤซfฤi ่ไธ้ฃ, the deputy governor of Chinaโs central bank, was also placed under investigation on Saturday โ the first senior Chinese finance official to be probed since the conclusion of the 20th Party Congress.
First decline in Chinaโs (dollar denominated) exports since 2020: According to China Customs, in U.S. dollar terms, Chinaโs exports in October dropped by 0.3% year-on-year (the first decline since May 2020). Imports dropped by 0.7%. But with the recent depreciation of the yuan, trade denominated in yuan showed positive growth, with exports of 2.07 trillion yuan ($287.86 billion), a year-on-year increase of 7%, and imports of 1.48 trillion yuan ($205.81 billion), an increase of 6.8%.
Almost a million people affected by natural disasters in October: According to the Ministry of Emergency Management, natural disasters (mainly floods, droughts, and cold weather) in October affected a total of 965,000 people, of whom 13 died. The direct economic loss was 2.14 billion yuan ($297.60 million), a decrease of 80% compared to the average for October in the last five years.
Slow and steady for the marine economy: According to the Ministry of Natural Resources, in the first three quarters, Chinaโs Gross Marine Product (GMP), i.e., the economic output of all sectors related to the sea, was 6.8 trillion yuan ($945.66 billion), a year-on-year increase of 2.1%. There are currently 30 offshore wind power projects under construction, and Chinese shipyards are building 36 large liquefied natural gas carriers.
