What If I Were
In Zhengzhou City, Henan Province, a man named Meng Qingsan had
and stayed at home thinking of how to get rich. Suddenly one day he
got an idea, went out and arranged to have a letter forged in the
of the Henan Provincial People's Procuratorate.
In the middle of March this year, Meng Qingsan took the forged
letter from the Henan Provincial People's Procuratorate and went to
Yingyang City where he sought out the head of the local
department. Meng Qingsan announced, "I am from the Henan Province
Procuractorate and I am here to investigate an alleged case of
withi a n this city's transportation department!" Meng took the fake
letter and showed it to the head of the transportation department as
evidence of his authority to investigate the alleged case.
The head of the transportation department believed that the
for real and immediately panicked. That same day, the head of the
department immediately invited Meng Qingsan to the up-market "Fancy
Food City Restaurant" for lunch. After lunch the head of the
department slipped Meng Qingsan an envelope with RMB 5000 inside
the payment as "an activity expense account because you are so tired
having come here to work hard."
Meng Qingsan ran off with the money. Four months later Meng was
for fraud. It has not been reported yet what happened to the head of
the transportation department in Yingyang City, who obviously
had some corruption problem otherwise he would not have offered Meng
so much in a bribe so quickly! (Baokan Wenzhai).
The Chinese military hopes to develop the capability of engaging in
warfare over the Internet. The Liberation Army Daily, a
China's Peoples Liberation Army (PLA), recently called for the
of this capability. The paper says that, by recruiting civilian
and training "cyberwarriors" at Army schools, China could be
for an Internet war.
The call was made in response to several hacking incidents in the
States and China after NATO's bombing of China's Belgrade
Army paper reported that a "battle" was fought on the Internet
US and Chinese hackers.
In May, Chinese hackers infiltrated various U.S. Government sites
the Department of Energy (DOE), the Department of the Interior
the US Embassy in China, and the Naval Communications Command.
a thousand US civilian sites were broken into in the two days
the bombing, sources say.
According to the Chinese military paper, US hackers responded by
several civilian sites in China.
More recently, the Chinese Government has been accused of waging
war against the outlawed Chinese sect, Falun Gong. Webmasters in
the United States, and the United Kingdom have reported that
hosting or linking to the sect's sites, were sabotaged or brought
by hackers traced to Chinese domains.
Billions on Golden Celebration
Beijing plans to spend RMB 4.5 billion to celebrate the 50th
of the People's Republic of China on October 1.
A parade on National Day will cost RMB 2.5 billion, and a
the capital city is estimated at RMB 2 billion. To avoid social
Beijing also ordered local governments not to levy additional
farmers and laborers for the special occasion.
A new theme is currently being promoted: the construction of a
spiritual civilization, and a new China under three leaders: Mao
Deng Xiaoping and Jiang Zemin.
A study of drinking water indicated that only 23 percent of water
in large cities satisfy the national health standards, reports
Evening News, a Shanghai-based newspaper.
According to figures released by China's Academy of Preventive
the study did not cover drinking water samples from townships and
That means that the potential failure rate can be much higher.
The academy pointed out that tap water in cities often lacks
has an unacceptably large content of iron and manganese, and
counts of coliform bacteria when tested. Foul odor contamination is
also a big problem. The study further criticized excessive use of
additives by water authorities during water treatment, which is
as the main cause for high occurrences of stomach and intestinal
Chinese Yellow Pages Online:
A Chinese search engine www.5415.com published the Chinese web-site
yellow-pages jointly with China Electronics Publishing House.
30,000 web-sites, the yellow-pages are divided into five
Commercial/Economic, Computers/Science/Games, Culture/Education, and
Entertainment/Life. The number of Chinese Internet surfers has
6 million and it is expected to climb to 15 million in the upcoming
Communication Weekly July 3, 1999
Debt Recovery Details
China will soon set up three more asset-management companies to take
over the non-performing loans of its state-owned commercial
The three firms will be named the Huarong, Changcheng and
Management Companies (AMCs), says Wang Wanbin, deputy director at
State Economic and Trade Commission.
The three new AMCs will take over the non-performing loans of the
and Commercial Bank of China, Agricultural Bank of China and Bank of
China respectively, he says.
"The AMCs are state-owned sole-proprietorship financial enterprises.
They will do their jobs independently and the government will
from interfering," says Wang.
Debt-to-equity conversions would start in the second half of
that AMCs which have taken over the non-performing loans can convert
the debts owed to the banks by state-owned enterprises into shares,
As shareholders of the debtor enterprises, the AMCs will earn
and can take part in decision-making at the firms concerned, but
will not be allowed to interfere in the enterprises's normal
activities, he says.
"After the economic situation of the enterprise has taken a turn for
the better, the shares controlled by the AMC could be returned to
enterprise, either by listing the company, transfer or buy-back
The enterprises would "independently" decide which route to take, he
"These enterprises which we are going to apply (for
are those with high asset-liability ratios, which have resulted from
the lack of recapitalization by the state in the past year,"says
"So long as the asset-liability ratios are reduced, they could have
a better economic performance."
Such debt-to-equity swaps would also be a win-win situation for both
the state-owned enterprises and the AMCs, Wang says.
It would speed up the recovery of non-performing loans for the
banks and increase their liquidity, while enabling the modernization
and increased profitability of state-owned enterprises.
Foreign investors could also take part in the process by trading the
shares of state-owned enterprises which were listed on both domestic
and international stock exchanges, he said.
China's first asset-management company to take over
in the banking sector was set up in April.
Cinda AMC, a test case for the rehabilitation of the banks, had
capital of RMB 10 billion (US$1.2 billion) provided by the
The firm took over a portfolio of non-performing loans assets
Construction Bank, one of the big four state commercial banks.
The other three AMCs were to get approximately the same amount from
the Finance Ministry, vice minister Lou Jiwei says.
August 6 - 12, 1999
30 - August 5, 1999
23 -29, 1999
16 -22, 1999
9 - 15, 1999
2 - 8, 1999
25 - July 1, 1999