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People & Points
Print Edition> People & Points
UPDATED: May 17, 2009 NO. 20 MAY 21, 2009

PBOC Names New Shanghai HQ Chief

Zhang Xin, former head of the Financial Stability Bureau of the People's Bank of China (PBOC), the country's central bank, has been appointed deputy chief of its Shanghai headquarters.

Zhang, 41, who will also lead the Foreign Exchange Administration of Shanghai, has served the central bank since 2003. It was then that the Financial Stability Bureau was newly established to oversee the restructuring of state-owned commercial banks and securities companies.

Zhang, a typical scholar-turned-official, employs a modest working style and favors keeping a low profile. He holds a PhD in finance from Columbia University and worked for the World Bank during the 1997 Asian financial crisis.

After returning from abroad, Zhang worked for China's top securities regulator, the China Securities Regulatory Commission, before joining the PBOC.

Wronged Laptop Buyer Compensated

Huang Jing, who was arrested for alleged extortion in disputes with leading computer manufacturer Asus, has received about 30,000 yuan ($4,398) worth of state compensation for being wrongly detained.

Huang purchased an Asus laptop in 2006, which she later found defective. According to Huang, Asus personnel had used an early-run CPU made for testing purposes, which was not supposed to be sold, to fix her machine. Huang, together with her attorney Zhou Chengyu, demanded $5 million from Asus in compensation. But both of them were detained, following Asus reporting the case to the police and accusing Huang of extortion.

Huang was finally released at the end of 2006, after the court judged the evidence against her to be insufficient. Her 295-day imprisonment from March to December 2006 resulted in the state compensation.

Huang, who has sued Asus for defamation, false accusation and selling defective products, donated all the money to a charity foundation to help orphans.

From Mining Magnate to Beer Baron

Chen Fashu, a self-made Chinese billionaire based in southeast Fujian Province, has become the third largest shareholder of Hong Kong-listed Tsingtao Brewery Co. Ltd., China's largest beer maker, by acquiring a 7-percent stake in the company in a $235-million deal with the world's largest brewer, Anheuser-Busch InBev, on May 8.

Chen, 47, is chairman of Newhuadu Industrial Group, and his personal wealth is estimated at more than $1 billion. The majority of his wealth comes from Zijin Mining Group, a leading Chinese gold, copper and non-ferrous metals producer and refiner with Chen as the top private investor.

Since 2008, Chen has attempted to follow Warren Buffett's investment strategies to increase his presence in some traditional industries. Chen, now Tsingtao Brewery's third largest stakeholder, has pledged to maintain his holdings in the company for at least five years.

"The global financial crisis is still spreading. The world economy is going to get worse before it gets better, and the situation remains serious."

Wang Qishan, Vice Premier of the State Council of China, in a signed article published in Britain's Financial Times on May 7

"We know there is still much to be done, but we are impressed by the progress made over the last year and the strength of the people of China, particularly in Sichuan, in rebuilding their lives."

Daniel Piccuta, acting interim Charge d'Affaires of the U.S. Embassy in China, commenting on the one-year anniversary of the Sichuan earthquake

"Our victory over fascism is a great example and a great lesson to all nations, a lesson which is still topical today, when again and again people appear who indulge in military adventurism..."

Russian President Dmitry Medvedev, at the annual Victory Day parade in Moscow's Red Square

"It is understandable that Palestinians feel frustrated-their legitimate aspirations for permanent homes, for an independent Palestinian state, remain unfilled."

Pope Benedict XVI, speaking during his tour of the Middle East on May 13 at the Aida refugee camp near Bethlehem, home to about 5,000 Palestinians

"We have to enhance communication to try to get closer politically and economically, to understand each other, to understand China is not to use its power to conquer the world, which is the basic fear of the West."

Lionel Vairon, CEO of the Consulting and a former French diplomat, during an exclusive interview with Xinhuanet on May 12

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