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China Current Events: May 10

Posted on | May 9, 2012 | No Comments

Fed clears China’s first US bank takeover

The United States on Wednesday opened its banking market to ICBC, China’s biggest bank, for the first time clearing a takeover of a US bank by a Chinese state-controlled company.  Read more

Ex-chief of Beijing tax bureau sentenced for corruption

The former head of Beijing’s taxation authority was sentenced to death with a two-year reprieve on Wednesday for graft and accepting bribes.  Read more

Beijing authorities promise to probe ‘dead baby’ pill claims

China has pledged to investigate allegations that capsules containing the powdered flesh of dead babies are being produced on its soil and smuggled into South Korea.  Read more

Toxic from the Tap

The water that flows from the Xiang River and into faucets of residents has been tainted from the source for decades.  Read more

China begins drilling in South China Sea

China’s first deep-water drilling rig started operation in the South China Sea on Wednesday, marking “a substantial step” by the country’s oil industry, a newspaper reported.  Read more

China’s Atlantis

Lion City is a bastion of a bygone era, hidden beneath about 30 meters of water. The pristine ruins of what was once home to about 5,400 people is receiving new attention, and some evacuated citizens have returned to recall the settlement’s glory days.  Read more

U.S. plans 10-month warship deployment to Singapore

The first of a new class of U.S. coastal warships will be sent to Singapore next spring for a roughly 10-month deployment, the Navy said on Wednesday, spotlighting a move that may stir China’s fears of U.S. involvement in South China Sea disputes.  Read more

US to protect Philippines in West Philippine Sea, says Gazmin

The Philippines said Wednesday the United States had pledged to protect it from attacks in the West Philippine Sea (South China Sea), a day after China issued a warning over a territorial row in the waters.  Read more

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