logo
China's corruption busters target science sector in research funds crackdown

China's corruption busters target science sector in research funds crackdown

China's top anti-corruption watchdog has pledged to focus on funding for scientific research in its latest crackdown to help ensure that hi-tech development and innovation remain a driving force for the country's economy.
Li Xi, party chief of the Central Commission for Discipline Inspection (CCDI), told a meeting of the body's standing committee on Tuesday that it needed to ensure that the country's scientific and technological development advanced 'in the right direction' to create a good environment for innovation.
He said this would require a focus on key risk areas, such as the evaluation process for research projects and the way funds were managed and granted. He added that the anti-corruption body must 'resolutely crack down on corruption that abuses project management authority to accept bribes, or colludes to embezzle research funds'.
Li also called for new regulations to plug loopholes and improve the governance of the sector, as well as more daily supervision and guidance that would encourage officials to take the initiative.
Technological developments could also bring new opportunities for disciplinary supervision, Li said, and called for a digital system and the greater application of big data and artificial intelligence to help fight corruption and improve efficiency.
The CCDI has previously indicated it was using these hi-tech tools to detect crimes that were harder to find through traditional methods.
'Even the most intricate and deeply layered schemes [of corruption] can ultimately be exposed through big data analysis, leaving no place to hide,' the CCDI said in a documentary released online in January.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Over half of Hong Kong residents plan to work past 65 due to retirement savings shortfall
Over half of Hong Kong residents plan to work past 65 due to retirement savings shortfall

South China Morning Post

timean hour ago

  • South China Morning Post

Over half of Hong Kong residents plan to work past 65 due to retirement savings shortfall

More than half of Hong Kong residents do not plan to retire at the typical retirement age of 65, with many feeling that they cannot reach the average HK$5 million (US$637,000) savings target necessary for a comfortable post-work life, according to the T. Rowe Price Hong Kong Retirement Survey released on Thursday. About 52 per cent of respondents indicated they would not retire at age 65. Among them, about 80 per cent preferred not to retire at all or opted instead for a 'micro-retirement', which involves taking a break for several months to a few years before returning to work. The survey, the first of its kind by the US financial firm, polled 600 Hong Kong residents over the age of 30 in May. 'Financial pressure is certainly one factor, especially in a high-cost city like Hong Kong,' said Shen Wenting, global investment solutions strategist and portfolio manager at T. Rowe Price, which manages US$1.56 trillion in assets. About 60 per cent of respondents had a retirement savings target between HK$2 million and HK$10 million, with the average being HK$5 million, considered enough for them to feel secure in completely stopping work. For those considering a micro-retirement, the average savings target was HK$2 million. The average retirement savings target of 60 per cent of the respondents was HK$5 million. Photo: Nora Tam However, one-third of respondents felt they could not achieve their goals, and 40 per cent reported not having any retirement savings target at all. This may explain why 62 per cent cited the need to maintain an income as their reason for not retiring at age 65.

Forget long-term leases. Here's how Hong Kong can reinvent retail
Forget long-term leases. Here's how Hong Kong can reinvent retail

South China Morning Post

timean hour ago

  • South China Morning Post

Forget long-term leases. Here's how Hong Kong can reinvent retail

Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@ or filling in this Google form . Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification Hong Kong's business environment is undergoing a profound transformation. Once defined by its buzzy street life and guaranteed foot traffic, the city now faces a new reality shaped by digital disruption and altered consumer behaviour. Given the convenience of online shopping and the quality of customer service on the mainland , foot traffic to physical retail and dining outlets in Hong Kong has declined. The city must come up with new business models. For businesses to remain viable, flexibility and innovation must become the new norm. The traditional reliance on long-term leases and static storefronts is proving unsustainable. The Hong Kong government can play a pivotal role in converting retail spaces in high-traffic areas into dynamic zones for rotating pop-up stores. Such a set-up would allow brands to test products, respond to seasonal trends and engage consumers without the burden of a permanent commitment. To support this shift, the government might consider offering incentives to landlords – such as tax breaks, streamlined licences for short-term tenants or co-investment in infrastructure upgrades. Landlords, in turn, can curate clusters of complementary businesses – such as wellness, fashion and tech – to create synergy and attract diverse consumers.

Netflix-style iQiyi seeks US$300 million for Hong Kong stock market listing, sources say
Netflix-style iQiyi seeks US$300 million for Hong Kong stock market listing, sources say

South China Morning Post

time2 hours ago

  • South China Morning Post

Netflix-style iQiyi seeks US$300 million for Hong Kong stock market listing, sources say

IQiyi is seeking to raise US$300 million for a listing in Hong Kong this year, potentially becoming the latest US-listed Chinese firm to tap investors closer to home. The Netflix-style streaming service, owned by Baidu , has begun discussions with global banks about a second listing in the city, people familiar with the matter said, asking to remain anonymous while discussing a private deal. IQiyi's US stock rose as much as 6 per cent but pared gains to close little changed in New York. IQiyi, which hosts a plethora of content from Chinese period dramas to blockbuster Hollywood films, joins the likes of Contemporary Amperex Technology (CATL) in exploring a second listing in Hong Kong. The company vies with Tencent Holdings and Alibaba Group Holding to rank among the biggest video-streaming platforms in China, with an estimated 400 million-plus monthly active users. Negotiations around a listing are fluid and iQiyi may still reconsider. A company spokesperson did not provide a comment when reached by Bloomberg News. If it goes ahead, the Chinese firm will join a wave of listings that have fuelled Hong Kong's revival this year. They helped the city reclaim its standing as the world's second-largest market for share sales for the first time since 2012, reversing a years-long slump following the Covid-19 pandemic. Loosening regulations helped. Chinese companies have propelled that trend – mostly, like CATL, mainland-listed firms.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store