China’s insurance regulator announced on February 23 that it had seized control of Anbang Insurance Group and that its chairman, Wu Xiaohui, had been charged with financial crimes that included illegal fund-raising, fraud and embezzlement. The regulator said it would run the company for a year.
Last year, China saw its annual GDP growth rate increase for the first time since 2010, new economic development data from China’s National Bureau of Statistics shows.
On December 28, the Communist Party of China (CPC) convened its Central Economic Work Conference, an annual meeting set to outline the priorities of China’s economic policies of the year to come.
This year, China will hasten the pace of housing reform, create a way to mitigate financial risk and control macro-leverage, and reorient financial services toward the real economy.
China spent 5.22 percent of its GDP on education in 2016, according to a report released by the Ministry of Education in September.
On September 11, a consortium of eight private firms led by Shanghai’s Fosun Group signed a public-private partnership (PPP) contract with the Zhejiang provincial government to build a high-speed railway linking Hangzhou, Shaoxing and Taizhou. S