Banking
Student’s food safety website fuels his fame
SHANGHAI – Driven by a sense of social responsibility, Wu Heng created a website to track China’s food safety problems, a move that has propelled him to Internet stardom as people from across the country have found their way to the site.Wu, 26, is a graduate student majoring in history at Shanghai’s Fudan University. In June 2011,Wu and 34 volunteers launched Zhichuchuangwai (www.zccw.info), which translates to “throw it out the window.”The website, which has recorded over 190,000 hits since being launched, has a databasecontaining about 3,000 news articles on food safety and a map pinpointing the locations ofChina’s food safety incidents.In recent years, food safety has become a growing concern in China, as various deadly scandals such as toxic milk, tainted pork and dyed buns have been exposed by the country’s media, sparking widespread fear.A recent headline-grabbing case revolves around some vendors in eastern Shandong province spraying a formaldehyde solution on cabbage to keep the produce fresh during shipment.On the homepage of the website, the food safety map, which was drawn by Wu himself, reveals the results of an investigation into China’s food safety situation from 2004 to 2011.
SHANGHAI – Driven by a sense of social responsibility, Wu Heng created a website to track China’s food safety problems, a move that has propelled him to Internet stardom as people from across the country have found their way to the site.Wu, 26, is a graduate student majoring in history at Shanghai’s Fudan University. In June 2011,Wu and 34 volunteers launched Zhichuchuangwai (www.zccw.info), which translates to “throw it out the window.”The website, which has recorded over 190,000 hits since being launched, has a databasecontaining about 3,000 news articles on food safety and a map pinpointing the locations ofChina’s food safety incidents.In recent years, food safety has become a growing concern in China, as various deadly scandals such as toxic milk, tainted pork and dyed buns have been exposed by the country’s media, sparking widespread fear.A recent headline-grabbing case revolves around some vendors in eastern Shandong province spraying a formaldehyde solution on cabbage to keep the produce fresh during shipment.On the homepage of the website, the food safety map, which was drawn by Wu himself, reveals the results of an investigation into China’s food safety situation from 2004 to 2011.
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Student’s food safety website fuels his fame
Banking
HSBC to Scale Back China Credit Card Operations Amid Expansion Challenges – Reuters
HSBC is withdrawing from its China credit card business due to difficulties in expanding, marking a strategic retreat in a challenging market environment.
HSBC’s Strategy Shift in China
HSBC is scaling back its credit card operations in China, highlighting challenges the bank has faced in expanding its customer base. The competitive landscape, combined with changing consumer preferences, has made it increasingly difficult for the bank to maintain its position in this lucrative market.
Market Challenges Ahead
Recent reports indicate that HSBC is reassessing its strategy, focusing resources on other areas where it sees stronger growth potential. The decision to pull back reflects the broader difficulties foreign banks encounter when trying to penetrate China’s financial services sector.
Future Focus
As HSBC pivots away from its credit card business in China, it aims to concentrate on digital banking and wealth management services. This strategic shift underscores the bank’s commitment to adapting to the evolving landscape of financial services while ensuring long-term sustainability in the region.
Source : Exclusive: HSBC pulling back from China credit card business after struggling to expand – Reuters
Banking
Bow to Beijing a low move by HSBC
HSBC has put money before morality to back China’s new security law: one that’s an assault on the freedoms of Hong Kong’s people.
Luckily for HSBC, it’s headquartered in Britain: a country where you can say what you like about Boris Johnson and his shambolic handling of the pandemic.
(more…)Banking
How China’s role in global finance has changed radically
Within the space of just 15 years, China has gone from being the largest net lender to the world to now being a net borrower. The implications for the global economy, and China’s role within that economy, could be significant.
‘If you owe the bank $1 million, you have a problem. But if you owe the bank $1 trillion, then the bank has a problem’. It’s an old gag, but it underscores an important point: the size of your borrowing or lending can have profound implications for your role in the world.
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