The Securities and Exchange Commission has launched an investigation of JPMorgan Chase's operations in China, reportedly looking into whether the investment bank hired the children of high-ranking Chinese government officials in an effort to secure business.
The Wall Street Journal quotes from an SEC filing that says U.S. regulators are investigating "business relationships with certain clients."
China's Bo Xilai, the one-time Communist Party chief of Chongqing who is accused of bribery, corruption and abuse of power, will go on trial this week in the culmination of a case that has highlighted wrongdoing in the top rungs of the country's political ranks.
China says it plans to phase out the harvesting of organs from executed prisoners, ending a controversial practice that reportedly supplies most of the country's transplant patients.
Huang Jiefu, a surgeon and former deputy health minister who is in charge of organ transplants, says that beginning in November, China will scale back and eliminate the harvesting of inmate organs. Huang says that will be replaced by a nationwide voluntary donor system.
August is shaping up to be American music month in Shanghai. Metallica, the legendary heavy metal band, has just wrapped up its long-awaited China debut with two packed shows at the city's Mercedes-Benz Arena. This weekend, Limp Bizkit headlines a two-day festival. Next week, Aerosmith plays a Shanghai soccer stadium followed by a concert by Pitbull, the Cuban-American rapper from Miami.
At a time when much of the world is mired in economic torpor, China still enjoys enviable growth rates. Yet there's no question that its economy is growing more slowly these days.
Just ask Yan Liwei, a salesman for a construction materials company, who was visiting a park in Shanghai this weekend.
"The number of new construction projects is declining somewhat. It's taking longer for many of our clients to pay us what they owe," Liwei says. "Many small and midsized developers are feeling a cash crunch."