American Taistealaí

An American in China.

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A big step forward for private banks

In the latest reform of China’s banking system, the country has approved the establishment of three private banks, including Webank by Internet giant Tencent.

The move is intended to continue financial reforms and the opening of the banking sector.

Shang Fulin, chairman of the China Banking Regulatory Commission (CBRC), announced the move on Friday and said that the purpose of the reform is “to provide efficient and diversified financial services to the real economy.”

Webank, located in the southern city of Shenzhen, will have two other main co-founders, Shenzhen Baiyeyuan Investment Co. and Shenzhen Liye Group, according to the commission.

The bank will mainly serve individual customers and small and micro-businesses.

The other two banks are located in the eastern city of Wenzhou and the northern municipality of Tianjin. The trial of private banks will be one of the focuses of financial reform in the future.

However, experts warn that profit margins for banks have shrunk, and that risks remain.

CCTVNews has the story.

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300,000 Lack Drinking Water in North China


Lingering drought in north China’s Inner Mongolia Autonomous Region has left about 300,000 people short of drinking water, local authorities said Sunday.

About 600,000 people in seven prefectures and cities have been affected by the drought since April, with half of them lacking drinking water, according to the regional civil affairs department…

[see link for more]

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What food safety? When in China, Do as the Chinese do


Operations at Shanghai Husi Food have been suspended by local health authorities on Sunday after reports that this US-owned factory has been reprocessing expired and discarded meat to extend its shelf life.

Husi was supplying meat to KFC, Pizza Hut, McDonald’s and many other US fast food…

People are still eating at these places even though they know the food isn’t safe? Home-cook for goodness sake.


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Chinese art collector sips tea from his newly purchased $36 million porcelain cup: “Emperor Qianlong has used it, now I’ve used it.”

A rather disturbingly good portrait of what China is becoming.

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Have you seen the missing Giant Rubber Duck?


Designed by the Dutch artist Florentijn Hofman to promote peace,the Giant Rubber Duck has attracted fans across the world since its debut in 2007.

After touring major cities like Beijing & Shanghai it has built a big fan base here in China.

Perhaps tired of frequent media exposure, the Giant…

This giant duck is actually a big thing in China.