May 5: Shanghai bans officials' relatives from doing business; Big three oil companies in leadership reshuffles

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May 05:

Politics and policies
Shanghai implements an unprecedented new rule banning families of senior government officials from going into business. (Xinhua) KMT president Eric Chu returns to Taiwan after a historic meeting with Xi Jinping, his Communist Party counterpart. (Xinhua)
 
Diplomacy
Foreign Ministry spokeswoman Hua Chunying rebuts a Philippines' claim that China has violated the Declaration on the Conduct of Parties in the South China Sea with its new reclamation projects. (Ministry of Foreign Affairs)
 
China has lodged a protest with the United States after a US government commission said China's repression of religious freedom was severe and systematic. (Reuters/ Ministry of Foreign Affairs)
 
Party newspaper Jiefang Daily publishes a reader's letter warning veterans against joining 'suspicious' WeChat groups for fear they may leak national secrets.
 
Economy
China's three biggest state-owned oil and gas giants reshuffle their chairmen, though analysts do not expect any major changes in the business of the oil majors. (China News Agency)
 
New residential housing sales in first-tier cities soared last month after the central bank cut the downpayment needed to buy homes in a bid to revitalise the market. (China News Agency)
 
Service sector growth in China continues to outpace that of the industrial sector in the first quarter this year. The service sector currently generates more than half of the total tax revenues among all sectors. (People's Daily)
 
China's four major airlines all report surges in profits in the first quarter, with a combined growth of 6.3 billion yuan (HK$8 billion) from a year before, thanks to the low oil price. (People.com.cn)

Money and Wealthy
Real-estate magnate Wang Jianlin surpassed Hong Kong multi-billionaire Li Ka-shing in the wealth rankings in Asia. His fortune was US$38.1 billion as of May 1 thanks to a recent rally of his group's listed stocks. Wang is followed by e-commerce mogul Jack Ma whose wealth is estimated at US$35.1 billion. (Bloomberg)
 
Society
Sales of Viagra in China jumped 47 per cent last year, in contrast to a 10 per cent drop in sales of the erectile dysfunction drug across the globe. (Bloomberg)
 
Two young men who staged what China’s state news agency called a “real-life ’Fast and Furious’ drag race” in central Beijing have been charged with dangerous driving. (China News Agency)
 
A high-school teacher in Xian assigned a 250,000-word writing homework to students to complete in their three-day Labour Day holiday, drawing complaints from students and their parents. (China Business News)
 
A Suzhou man called police after his wife spent 120,000 yuan in one day buying lottery tickets at a local store. (Yangtse Evening Post)

Source: www.scmp.com/news/china/policies-politics/article/1786460/may-5-shanghai-bans-official-relatives-doing-business

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