Word: shanghaied
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...Oxford University. But the situation is changing. In January, Beijing explicitly appealed to the country's growing class of multimillionaires for help in addressing China's myriad social ills. "They're beginning to encourage charity, but they're not quite certain of the direction," says Rupert Hoogewerf, a Shanghai-based journalist who runs the Hurun Report, which publishes an annual list of China's top philanthropists. "The rules aren't clearly defined...
...Shanghai's sweltering August temperatures usually keep visitors to a minimum, but more than 100 officials from Beijing descended on the city last week?and they were bringing heat of their own. Investigating what state media have dubbed Shanghai's biggest financial scandal in years, the Beijing audit team is probing allegations by the central government that the city's already undercapitalized $1.25 billion pension fund may have been used to illegally finance various business deals and speculative real estate projects. Among those hit by accusations of bribery or improper loans are Zhu Junyi, the pension fund's supervisor...
...investigation may also signal a power play by Hu ahead of the Communist Party's annual confab in October. His predecessor, Jiang Zemin, hailed from Shanghai and seeded the government with prot?g?s including Party boss Chen, who had been mentioned for possible promotion to Beijing. A hometown scandal could weaken the influence of the so-called "Shanghai gang," allowing Hu to install his own acolytes in positions of power. "The Chinese leadership understands that releasing the details of corruption in Shanghai just before the October meeting will have a big impact," says Joseph Cheng, a China expert at City University...
...Sino-American interdependence left the U.S. vulnerable to a crisis in China. When it came, the Chinese stock-market crash sent a shock wave through the entire Asian economy. Some blamed the powerful new Middle Eastern Shari'a-law banks, which had terminated their zero-interest-rate facilities for Shanghai hedge funds. Others saw the sinister hand of the Russian-controlled OGEC (Organization of Gas Exporting Countries), which had stunned energy importers in Asia by trebling natural gas prices. Either way, the impact was disastrous. Output collapsed. Unemployment soared. The Chinese banking system, which had never been entirely free...
Then came the text message: "Chen Guangcheng has been sentenced to four years and three months' imprisonment." I first met Chen a year ago. A native of China's eastern Shandong province, the self-schooled legal activist came to Shanghai to publicize the plight of women who had been forced to undergo abortions or sterilizations as part of the nation's family-planning campaign. China has tried for more than two decades to lower its population through its "one-child" policy, but the coercive measures used in Shandong's Linyi region are now illegal. By publicizing abuses committed by local...