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INTERVIEW: Politics is the same as selling insurance, says Taiwan heiress

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Shin Kong heiress and Taiwan People’s Party vice-presidential nominee Cynthia Wu didn’t say much when she was announced as the running mate for transplant surgeon Ko Wen-je in next month’s election, putting down the microphone after a few brief words.

Yet during a recent interview with RFA Mandarin’s “Asia Wants to Talk” chat show, the U.S.-born Wu switched easily among Mandarin, Taiwanese and English to chat non-stop about her experiences on the campaign trail and her vision for Taiwan’s future.

Until she joined the presidential race in a decision that she says surprised even her, Wu was mostly known as an appointed member of the self-governing island’s Legislative Yuan and the granddaughter of Wu Ho-su, who founded the Wu family’s Shin Kong business empire.

From humble beginnings as a department store in Taiwan, Shin Kong grew into a conglomerate spanning the financial, security, manufacturing, consumer, medical and philanthropy sectors.

Ko Wen-je [center, left], the Taiwan People’s Party’s presidential candidate, and his running mate Cynthia Wu wave after registering for the upcoming presidential elections in Taipei on Nov. 24, 2023. (Sam Yeh/AFP)

“Total surprise,” Wu told host Simon Tai, when asked for her reaction to her nomination, which came soon after talks between Ko’s “White Camp” Taiwan People’s Party and the “Blue Camp” opposition Kuomintang broke down with no agreement on Nov. 24.

“The Blue and White camps didn’t get together, so each party had to pick its own candidate for vice president,” Wu said. “I only heard about it on day 50 [of the campaign], on the Friday afternoon, like everybody else.”

Wu likened the surprise to that she felt when becoming a mother earlier this year at the age of 45.

She added: “You’ve just got to get on with it.”

Business princess

Wu once held dual U.S. and Taiwanese citizenships but renounced her U.S. citizenship in 2014, and has been considered a surprising choice by many in Taiwan, who saw her as more of a business heiress and “princess” unfit for the cut-and-thrust of political life.

Asked if she was a “princess,” Wu replied: “Why only label me as one thing? I’m also a mother, an insurance salesperson, I hold a financial analyst certificate issued in London, and I’m also a person who loves Taiwan.”

She said she accepts who she is calmly, despite what she termed “political manipulation” that she said seeks to make her seem out-of-place in politics and even spoiled.

Wu doesn’t just hold financial certifications — she graduated as a double major in international relations and art history from Wesleyan College in Connecticut, and holds a master’s degree in literature from the Courtauld Institute of Art in London.

Her resume includes stints as an investment analyst for a brokerage, and as assistant to former U.K. Conservative Party lawmaker Peter Lilley, now known as Lord Lilley.

Since returning to settle in Taiwan at the age of 25, she has also held a number of executive posts in Shin Kong subsidiaries, including vice president of its insurance division and executive director of its Shin Kong Life Foundation, experience she said is useful on the campaign trail.

Chinese influence claims

Wu says that trying to win votes is a lot like selling insurance.

“The process is the same — either you are trying to turn an opportunity into a sold policy, or you’re trying to turn it into a vote,” she said. “You have to leave no stone unturned.”

Slated by her critics as an amateur due to her many gaffes, including misnaming government ministries and describing herself as “Chinese,” Wu said Ko had told her that she should see the media as akin to sharks circling for a feed.

“He talks a lot, has a great sense of humor and won’t form a personal relationship with you,” Wu said. “But he told me that I should be myself … and even feed the sharks occasionally.”

She has also been warned by colleagues in the Legislative Yuan that being in politics means being forced to cope with the fact that people gossip about you.

More seriously, Wu has been accused of being part of the Chinese Communist Party’s United Front outreach and influence operation, after being named among “China’s 100 Outstanding Women Entrepreneurs” in 2010.

Asked at the time if she was Chinese or Taiwanese, Wu told journalists that she was both.

“Chinese culture is in my DNA,” Wu told Radio Free Asia. “I am a citizen of the Republic of China, but my ancestors are also from China.”

The majority of Taiwan’s 23 million residents identify as Taiwanese rather than Chinese, and have no wish to give up their democratic way of life to be ruled by Beijing, according to opinion polls.

ENG_CHN_INTERVIEWCynthiaWu_12292023.3.JPG
Cynthia Wu, vice president candidate for Taiwan People’s Party (TPP) makes a speech on stage during a campaign event ahead of the election in Hsinchu, Taiwan December 23, 2023. (Ann Wang/Reuters)

Nonetheless, Wu has appeared to strongly endorse the status quo, in which Taiwan, which has never been ruled by the Chinese Communist Party nor formed part of the People’s Republic of China, continues to govern itself as a democracy.

“I think Taiwan must maintain its peaceful and independent life,” Wu said. “If China is willing to make way for communication and discussion with us, then it’s likely we will talk to them.”

Beyond that, she referred voters to Ko’s maxim that peace across the Taiwan Strait is the best guarantee of the status quo.

“The status quo is being maintained, but what is up for negotiation is to restart talks,” Wu said.

Cross-strait relations

Like Ko, Wu described the “1992 Consensus” agreed by Taipei and Beijing as “vague.” 

Beijing has repeatedly castigated Taiwanese President Tsai Ing-wen for allegedly departing from the agreement by seeking a greater role for Taiwan on the world stage, and because she insists on government-to-government status as a prerequisite for talks with Beijing — something Chinese officials would never agree to.

The “Consensus” has been widely criticized as meaning different things to different people — for Beijing, it appears to mean that Taiwan’s 23 million people should stop insisting on a distinctly Taiwanese identity, something China views as “pro-independence.”

“If he gets into power, Chairman Ko would want to clarify the definitions [in the Consensus],” Wu said. 

But asked if she believed Chinese President Xi Jinping when he said there was no timetable for invading Taiwan by force, Wu replied: “Taiwan can’t put its…

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Business

Gordonstoun Severs Connections with Business Led by Individual Accused of Espionage for China

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Gordonstoun school severed ties with Hampton Group over espionage allegations against chairman Yang Tengbo. He denies involvement and claims to be a victim of political tensions between the UK and China.


Allegations Lead to School’s Decision

Gordonstoun School in Moray has cut ties with Hampton Group International after serious allegations surfaced regarding its chairman, Yang Tengbo, who is accused of being a spy for the Chinese government. Known by the alias "H6," Mr. Tengbo was involved in a deal that aimed to establish five new schools in China affiliated with Gordonstoun. However, the recent allegations compelled the school to terminate their agreement.

Public Denial and Legal Action

In response to the spying claims, Mr. Tengbo publicly revealed his identity, asserting that he has committed no wrongdoing. A close associate of Prince Andrew and a former Gordonstoun student himself, Mr. Tengbo has strenuously denied the accusations, stating that he is a target of the escalating tensions between the UK and China. He has claimed that his mistreatment is politically motivated.

Immigration Challenges and Legal Responses

Yang Tengbo, also known as Chris Yang, has faced additional challenges regarding his immigration status in the UK. After losing an appeal against a ban enacted last year, he reiterated his innocence, condemning media speculation while emphasizing his commitment to clear his name. Gordonstoun, on its part, stated its inability to divulge further details due to legal constraints.

Source : Gordonstoun cuts ties with business chaired by man accused of spying for China

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Business

China Dismantles Prominent Uyghur Business Landmark in Xinjiang – Shia Waves

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The Chinese government demolished the Rebiya Kadeer Trade Center in Xinjiang, affecting Uyghur culture and commerce, prompting criticism from activists amid concerns over cultural erasure and human rights violations.


Demolition of a Cultural Landmark

The Chinese government recently demolished the Rebiya Kadeer Trade Center in Urumqi, Xinjiang, a vital hub for Uyghur culture and commerce, as reported by VOA. This center, once inhabited by more than 800 predominantly Uyghur-owned businesses, has been deserted since 2009. Authorities forcibly ordered local business owners to vacate the premises before proceeding with the demolition, which took place without any public notice.

Condemnation from Activists

Uyghur rights activists have condemned this demolition, perceiving it as part of China’s broader strategy to undermine Uyghur identity and heritage. The event has sparked heightened international concern regarding China’s policies in Xinjiang, which have been characterized by allegations of mass detentions and cultural suppression, prompting claims of crimes against humanity.

Rebiya Kadeer’s Response

Rebiya Kadeer, the center’s namesake and a notable Uyghur rights advocate, criticized the demolition as a deliberate attempt to erase her legacy. Kadeer, who has been living in exile in the U.S. since her release from imprisonment in 2005, continues to advocate for Uyghur rights. She has expressed that her family members have suffered persecution due to her activism, while the Chinese government has yet to comment on the legal ramifications of the demolition.

Source : China Demolishes Uyghur Business Landmark in Xinjiang – Shia Waves

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China

China Expands Nationwide Private Pension Scheme After Two-Year Pilot Program

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China’s private pension scheme, previously piloted in 36 cities, will roll out nationwide on December 15, 2024, enabling workers to open tax-deferred accounts. The initiative aims to enhance retirement savings, address aging population challenges, and stimulate financial sector growth.


After a two-year pilot program, China has officially expanded its private pension scheme nationwide. Starting December 15, 2024, workers covered by urban employee basic pension insurance or urban-rural resident basic pension insurance across the country can participate in this supplementary pension scheme. This nationwide rollout represents a significant milestone in China’s efforts to build a comprehensive pension system, addressing the challenges of a rapidly aging population.

On December 12, 2024, the Ministry of Human Resources and Social Security, together with four other departments including the Ministry of Finance, the State Taxation Administration, the Financial Regulatory Administration, and the China Securities Regulatory Commission, announced the nationwide implementation of China’s private pension scheme effective December 15, 2024. The initiative extends eligibility to all workers enrolled in urban employee basic pension insurance or urban-rural resident basic pension insurance.

A notable development is the expansion of tax incentives for private pensions, previously limited to pilot cities, to a national scale. Participants can now enjoy these benefits across China, with government agencies collaborating to ensure seamless implementation and to encourage broad participation through these enhanced incentives.

China first introduced its private pension scheme in November 2022 as a pilot program covering 36 cities and regions, including major hubs like Beijing, Shanghai, Guangzhou, Xi’an, and Chengdu. Under the program, individuals were allowed to open tax-deferred private pension accounts, contributing up to RMB 12,000 (approximately $1,654) annually to invest in a range of retirement products such as bank deposits, mutual funds, commercial pension insurance, and wealth management products.

Read more about China’s private pension pilot program launched two years ago: China Officially Launches New Private Pension Scheme – Who Can Take Part?

The nationwide implementation underscores the Chinese government’s commitment to addressing demographic challenges and promoting economic resilience. By providing tax advantages and expanding access, the scheme aims to incentivize long-term savings and foster greater participation in personal retirement planning.

The reform is expected to catalyze growth in China’s financial and insurance sectors while offering individuals a reliable mechanism to enhance their retirement security.


This article was first published by China Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in ChinaHong KongVietnamSingapore, and India . Readers may write to info@dezshira.com for more support.

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