Latest news with #WangXiaoping
The Star
30-07-2025
- Politics
- The Star
Two former China football officials sentenced for corruption
Wang Xiaoping, who previously headed the Chinese Football Association's disciplinary committee, was handed a sentence of 10 and a half years for bribery. - BEIJING: Chinese courts sentenced two former football officials to jail terms of over a decade and imposed massive fines on Wednesday, part of an ongoing crackdown on graft in the sport. Liu Jun, the former head of China's top professional football league, was given an 11-year jail term by a court in central Hubei province. Liu, the ex-boss of the Chinese Super League was also fined 1.1 million yuan (US$153,000) on charges of "bribery". Reports of Liu's fall from grace emerged nearly two years ago when he was placed under investigation for suspected corruption. And Wang Xiaoping, who previously headed the Chinese Football Association's disciplinary committee, was handed a sentence of 10 and a half years for bribery. The value of money or property obtained illegally by Wang has been recovered, the court said, adding that he had been slapped with an additional fine of 700,000 yuan ($98,000). The sentencing caps an investigation into Wang that was launched in early 2023. Chinese President Xi Jinping has waged a relentless campaign against corruption since coming to power over a decade ago. The drive has ensnared several high-profile figures involved in the country's struggle to build a successful men's national football team. In December, authorities jailed former Premier League star and men's national coach Li Tie for 20 years on bribery charges. - AFP
Voice of America
12-03-2025
- Business
- Voice of America
VOA Mandarin: About 12 million graduates to join China's shrinking job market
About 12.2 million college graduates are expected to enter China's shrinking labor market this summer, Wang Xiaoping, minister of the Human Resources and Social Security Ministry told the country's National People's Congress Sunday. It is believed that the Chinese government will encourage young people to accept gig work or vocational trainings so as not to hike up the youth unemployment rate. Click here for the full story in Mandarin.
CNN
10-03-2025
- Business
- CNN
China's deflation problems get worse
Consumer prices in China have plunged to their lowest level in more than a year, highlighting persistent deflationary pressures in the world's second-largest economy. The Consumer Price Index (CPI), a benchmark for measuring inflation, fell by 0.7% in February from the previous year, China's National Bureau of Statistics (NBS) said on Sunday. The decline was sharper than predicted by a Reuters poll of analysts, reversing January's modest 0.5% increase and marking the first contraction since January 2024. Deflation is a problem because it gives people little incentive to spend right now, in expectation of lower prices. This tends to drag down consumption, which is an important component of economic growth. The drop in February was partly influenced by an earlier-than-usual Lunar New Year holiday – when hundreds of millions of trips took place, boosting tourism and spending. The holiday fell entirely in January this year, compared with the previous one that extended into February. That means there was a much higher base of comparison in 2024. The NBS said consumer prices would have risen by 0.1%, excluding the impact of the earlier Spring Festival. The country's core CPI, which excludes items with volatile prices like food and fuel, also declined by 0.1%, the first decrease since January 2021. Meanwhile, the Producer Price Index (PPI), which tracks wholesale prices, saw a 2.2% reduction in February from the previous year. Factory-gate prices have been contracting for 29 consecutive months since October 2022. 'Temporary seasonal distortions aside, both CPI and PPI inflation have been too low over the past two years, underscoring the supply and demand imbalance in the Chinese economy,' Goldman Sachs' economists wrote in a Sunday research note. China's economy continues to be weighed down by weak consumer spending, uncertain employment outlook and a prolonged property sector downturn. Internationally, it also faces being squeezed as the United States turns the heat up on a trade war against China, which has long relied on exports to drive growth. 'The uncertainty of the external environment is increasing, while we also face issues such as insufficient domestic demand and operational difficulties for some industries,' said Zheng Shanjie, the head of China's state planner, National Development and Reform Commission, in a press conference last week. Beijing has set an ambitious economic growth target of 5% for 2025, the same as last year. It also lowered its target for the consumer price increase this year to 2% from 3% last year, signaling Beijing's recognition of ongoing deflationary pressure. But during the highly anticipated opening of the ceremonial legislature last week, the government fell short of announcing large-scale stimulus to bolster growth despite emphasizing the need to boost consumption. At a press conference on the sidelines of the National People's Congress on Sunday, Wang Xiaoping, minister of human resources and social security, said the task of stabilizing and expanding employment this year will be 'arduous' and 'under pressure.' Ni Hong, minister of housing and urban-rural development, stressed that the government is 'making every effort to stabilize and restore confidence in the real estate market.' He highlighted the 4.4 trillion yuan ($608 billion) quota for local government special bonds this year, which will be partly allocated for the acquisition of completed commercial housing. The housing projects purchased will be converted to affordable housing and worker dormitories.
CNN
10-03-2025
- Business
- CNN
China's deflation problems get worse
Consumer prices in China have plunged to their lowest level in more than a year, highlighting persistent deflationary pressures in the world's second-largest economy. The Consumer Price Index (CPI), a benchmark for measuring inflation, fell by 0.7% in February from the previous year, China's National Bureau of Statistics (NBS) said on Sunday. The decline was sharper than predicted by a Reuters poll of analysts, reversing January's modest 0.5% increase and marking the first contraction since January 2024. Deflation is a problem because it gives people little incentive to spend right now, in expectation of lower prices. This tends to drag down consumption, which is an important component of economic growth. The drop in February was partly influenced by an earlier-than-usual Lunar New Year holiday – when hundreds of millions of trips took place, boosting tourism and spending. The holiday fell entirely in January this year, compared with the previous one that extended into February. That means there was a much higher base of comparison in 2024. The NBS said consumer prices would have risen by 0.1%, excluding the impact of the earlier Spring Festival. The country's core CPI, which excludes items with volatile prices like food and fuel, also declined by 0.1%, the first decrease since January 2021. Meanwhile, the Producer Price Index (PPI), which tracks wholesale prices, saw a 2.2% reduction in February from the previous year. Factory-gate prices have been contracting for 29 consecutive months since October 2022. 'Temporary seasonal distortions aside, both CPI and PPI inflation have been too low over the past two years, underscoring the supply and demand imbalance in the Chinese economy,' Goldman Sachs' economists wrote in a Sunday research note. China's economy continues to be weighed down by weak consumer spending, uncertain employment outlook and a prolonged property sector downturn. Internationally, it also faces being squeezed as the United States turns the heat up on a trade war against China, which has long relied on exports to drive growth. 'The uncertainty of the external environment is increasing, while we also face issues such as insufficient domestic demand and operational difficulties for some industries,' said Zheng Shanjie, the head of China's state planner, National Development and Reform Commission, in a press conference last week. Beijing has set an ambitious economic growth target of 5% for 2025, the same as last year. It also lowered its target for the consumer price increase this year to 2% from 3% last year, signaling Beijing's recognition of ongoing deflationary pressure. But during the highly anticipated opening of the ceremonial legislature last week, the government fell short of announcing large-scale stimulus to bolster growth despite emphasizing the need to boost consumption. At a press conference on the sidelines of the National People's Congress on Sunday, Wang Xiaoping, minister of human resources and social security, said the task of stabilizing and expanding employment this year will be 'arduous' and 'under pressure.' Ni Hong, minister of housing and urban-rural development, stressed that the government is 'making every effort to stabilize and restore confidence in the real estate market.' He highlighted the 4.4 trillion yuan ($608 billion) quota for local government special bonds this year, which will be partly allocated for the acquisition of completed commercial housing. The housing projects purchased will be converted to affordable housing and worker dormitories.
