Yao Gang.Yao Gang.

The former high-flying vice chairman of China’s top body for regulating stocks has been brought down, an action experts believe is preparation for the pivotal 19th Party Congress in October.

Yao Gang, 55, was targeted in November 2015, five months after the mid-year stock crash. He is one of the highest-ranking officials disciplined for alleged stock manipulation.

In mid-June of 2015, the stock market that had seen a long bull run lost nearly a third of its value in three weeks. Shanghai and Shenzhen stock indexes plummeted more than 40 percent during the summer.

The procuratorate stated that Yao was subject to “coercive measures,” but did not spell out the details. In an earlier declaração issued by the Central Commission for Discipline Inspection, China’s topmost anti-graft agency, Yao was accused of “resisting investigation,” “disrupting the order of the capital market,” and “sabotaging political ecologies in the security regulation department.”

Yao was expelled from the party and dismissed from office on July 20, 2017. On Aug. 31, the Supreme People’s Procuratorate announced he has been placed under investigation for taking bribes.

‘King of IPOs’

Known as the “King of IPOs” at China’s Securities Regulatory Commission (CRSC), Yao had been in charge of public offerings of A shares—stocks of mainland-based companies—since 2002.

Yao enjoyed a lengthy and cushy career in the security regulation sector. He had been the vice director in the futures administration department in 1993, and ended up presiding over the China Securities Commission as deputy director in 2008. In Nov. 2015, he was investigated on suspicion of “serious breaches of Party discipline,” a phrase commonly used for bribery probes in China.

Chinese news portal Tencent suggested that Yao might be connected to Ling Jihua, a former top aide to the previous Party leader Hu Jintao. The CRSC office over which Yao presided approved six requests for public listings from Ling’s fugitive brother Ling Wancheng, including one for the little known company LeTV.

Huijin Lifang Capital, a private equity firm controlled by Ling Wancheng, amassed 1.4 bilhões de yuans ($225 milhão) from an initial public offering, according to Caixin. Ling Jihua was arrested for corruption on July 2015, and given a life sentence the following year.

Following Yao’s downfall in July, some Chinese media have criticized him by calling him a “stock traitor” who “colluded with domestic and foreign forces to short the Chinese stock market.” Ifeng reports that some high officials in CSRC transferred a large amount of capital to Hong Kong and Singapore during the rescue of the market, citing Hong Kong media. At least seven of Yao’s associates in the security regulation system have been placed under investigation, de acordo com Xinhua.

A Warning

The same day that Yao was put under investigation, Beijing also confirmed the date of the 19th Party Congress. Some analysts believed that making the two announcements on the same day was a subtle hint that Xi’s corruption campaign might be focusing on the financial sector.

“Xi’s biggest concern is the financial sector that has been secretly doing sabotage,” the political commentator Tang Jingyuan told The Epoch Times. “By striking a blow at the tycoons and punishing tigers in the financial sector like Yao Gang, Xi Jinping is giving a warning to those bigwigs and corruption groups who still have strength to challenge him.”

“Everyone understands that the economy is the biggest pillar of the Chinese government’s legitimacy to govern and win over popular sentiment,” Chen Jieren, a Beijing-based political commentator, told The New York Times in a 2015 entrevista.

Chen said that a declining economy would put more pressure on the leadership. “If the economy falters, the political power of the Chinese Communist Party will be confronted with more real challenges…and Xi Jinping’s administration will suffer even more criticism.”

Yao was one of the five officials disciplined over the past month in the latest anti-corruption probe of China’s financial sector. Zhang Yujun, the former assistant head of the China security watchdog; and Yang Jiacai, the ex-assistant chairman of China Banking Regulatory Commission, were placed under investigation on July 21 and Aug. 1 respectively.

According to Beijing News, China has ousted over 60 officials and senior managers in the financial sector since President Xi Jinping came to power in 2012.

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Chairman of China's Wanda Group Wang Jianlin delivers a speech during the Signing Ceremony for the Strategic Partnership between Wanda Group and The Abbott World Marathon Majors in Beijing on April 26       (Wang Zhao/AFP/Getty Images)Chairman of China's Wanda Group Wang Jianlin delivers a speech during the Signing Ceremony for the Strategic Partnership between Wanda Group and The Abbott World Marathon Majors in Beijing on April 26       (Wang Zhao/AFP/Getty Images)

China’s biggest foreign asset purchasers, including Wang Jianlin’s Wanda Group, are in the crosshairs of Chinese regulator amidst a Xi Jinping-led effort to root out corruption, reduce money laundering, and curb excessive risk-taking within China’s financial sector.

The China Banking Regulatory Commission (CBRC) last week asked state-controlled banks to assess their credit exposure to several Chinese companies involved in overseas acquisitions, according to Caixin, a respected mainland Chinese business magazine. A few banks reduced their holdings of bonds related to these companies.

Companies targeted by the regulator include Anbang Insurance Group Co., Dalian Wanda Group, HNA Group, Fosun International, and a unit of Zhejiang Luosen which acquired Italy’s AC Milan soccer team in April. The action caused a dramatic selloff of the stocks and bonds of the affected companies last week.

While results of this particular regulatory action are yet to be concluded, CBRC’s scrutiny of China’s biggest overseas acquirers is the latest in a string of crackdowns within the financial sector. Sources close to Zhongnanhai, the Chinese Communist Party (CCP)’s central headquarters, told The Epoch Times earlier this year that the Xi leadership is focusing on tackling corruption in the Chinese financial industry in 2017.

Em fevereiro, Xiao Jianhua, influential billionaire investor and founder of Tomorrow Group, was brought from Hong Kong to Beijing for official questioning. In April, the former head of China Insurance Regulatory Commission Xiang Junbo was placed under investigation. Earlier this month, Wu Xiaohui, chairman of Anbang Insurance Group, estava detained by authorities em Pequim.

Voracious Acquirers

Anbang, Wanda, HNA, and Fosun are some of the most active and aggressive bidders for overseas assets.

Together, these four companies bought $56 billion in foreign companies over the past five years, according to analysis from the Financial Times. The massive capital flight as a result has contributed to devaluation of the Chinese currency—already pressured by a slowing Chinese economy—while increasing the balance sheets of overleveraged Chinese banks.

All four companies have something in common—they’re all privately owned.

Wang Jianlin, founder and chairman of real estate and entertainment conglomerate Wanda and one of China’s richest individuals, has bought Hollywood production studio Legendary Entertainment Group, cinema chain AMC Entertainment, and luxury hotels and residential developments across the UK, Austrália, and United States. Wanda has extensive connections and influence in Hollywood and is a main conduit of China’s soft power projection.

Shanghai-based Fosun, whose co-owner Guo Guangchang models himself after investor Warren Buffett, owns Canadian entertainment group Cirque du Soleil, French vacation resort company Club Med, British hospitality firm Thomas Cook Group, and apparel and jewelry labels St John and Folli Follie.

Billionaire Chen Feng built HNA Group from a regional airline in the resort island of Hainan into one of the world’s most acquisitive conglomerates during the last few years. HNA has holdings across the aviation, tourism, logistics industries, and owns California-based technology distributor Ingram Micro Inc. HNA has large stakes in Hilton Hotels, cargo handler Swissport, and is also the biggest single shareholder (with 9.9 percent ownership) in Deutsche Bank AG, the German international banking giant.

Anbang Insurance, whose chairman Wu Xiaohui was detained by authorities earlier this month, owns the Waldorf-Astoria Hotel in New York, and has several high-profile real estate holdings across the United States, Canadá, and Europe.

Opaque Ownership Structures and Capital Sources

All four companies have something in common—they’re all privately owned.

And some of the companies have complex and opaque ownership structures, as well as highly leveraged capital sources.

HNA’s ownership structure is a complex web of investment trusts, provincial and local government agencies, and small business ventures. Thirteen individuals ultimately control 76 percent of the company through intermediary companies. Chen Feng, the public face of the company, controls 15 percent of HNA and has connections with former presidential candidate Jeb Bush and American investor George Soros. HNA’s biggest owner, Guan Jun (with a 29 percent stake), doesn’t work for the company and is a relative unknown. Listed addresses for Guan through various public filings and records include a side street beauty salon in western Beijing, a shabby Beijing office building, and a nondescript apartment building in southwest Beijing, de acordo com o Financial Times.

HNA is also highly indebted. No fim de 2014, HNA had a combined debt of 196.9 bilhões de yuans ($29.5 bilhão) on its balance sheet, compared to only 73.2 bilhões de yuans ($10.9 bilhão) of equity, according to prospectuses filed with the Irish securities regulators in connection with a 2015 $1 billion bond offering of one of its subsidiaries.

Anbang Insurance’s funds come from sales of controversial high-yield products called universal life policies, or risky wealth management products which combine bonds and life insurance policies. These products differ from typical annuities as they promise very high returns to investors, something typical insurance companies cannot justify given the conservative nature of their asset holdings. Sales of such products have been recently banned by the Chinese insurance regulator.

Anbang’s capital base suddenly swelled in 2014, with a number of mysterious investors injecting a total of 50 billion yuan into the company. Research by Caixin found that some of Anbang’s 39 investors are obscure outfits such as auto dealerships, real estate firms, and mine operators that sometimes use shared mailing addresses, many of which are connected to Wu. There’s also a trend of major state-level investors scaling back their ownership, with SAIC Motor and Sinopec decreasing their ownership levels from 20 percent each to 1.2 percent and 0.5 por cento, respectively.

Intersection of Business and Politics

Business and politics in the Chinese regime have always been closely intertwined. And Anbang chairman Wu Xiaohui’s detention earlier this month appears to be partially politically motivated.

A source close to high-level discussions in Zhongnanhai told The Epoch Times that Wu has close ties to the family of Zeng Qinghong, the former Chinese vice chairman and right-hand man of former Communist Party boss Jiang Zemin.

Jiang headed the CCP for more than a dozen years (1989–2002) and continued holding sway over the Chinese regime through a network of cronies for another 10 anos (2002–2012). Since entering office in 2012, Xi has sought to uproot the influence of Jiang and his faction, who oppose Xi, and consolidate his control over the Chinese regime.

The source said that Wu used financial transactions to funnel and launder funds abroad on behalf of the Jiang faction, while at the same time using his role as a business tycoon to spy on and influence foreign dignitaries.

Whether last week’s inquiry into China’s other major overseas asset acquirers is connected to the reining in of powerful Chinese financiers ahead of a CCP’s 19th National Congress, a key political conclave to be held at the end of the year, is still unclear. For now, major Chinese state-controlled banks have declared no intention of ending relationships with or cutting credit to these companies.

Nonetheless, investors were rattled by the regulatory announcement.

HNA Holding Group stock fell 6 por cento, while shares of Fosun International Ltd. fell almost 10 percent in Hong Kong on June 22. On the same day, Fosun Pharmaceutical, listed in Shanghai, fell around 8 por cento, while the Shenzhen-listed Wanda Film dropped as much as 9.9 per cent in the morning and had to be temporarily halted from trading.

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Junho 18, 2017

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1

Meu pai nasceu em uma família de camponeses comuns na vila Chaozhong, Zhongjiang County, Província de Sichuan. Foi dito que a minha avó tinha dado à luz 12 crianças, se apenas 9 sobreviveram. Meu pai era o segundo filho mais velho da família. Com numerosos irmãos e irmãs para cuidar mais jovens, ele era esperado naturalmente para compartilhar a responsabilidade de sustentar a família.

Eu não tive a oportunidade de visitar aldeia natal de meu pai até a década de 1980, quando eu já era um estudante do ensino médio. Vários dos meus tios ainda viviam no gasto, casas de parede de lama antigos herdados de nossos antepassados, com literalmente sem móveis dentro, nem eletricidade. As pessoas ainda contou com lâmpadas de querosene dim na noite.

Para mim, este tipo de família deve ter caído na categoria “pobreza absoluta”. Contudo, dentro 1949, quando o Partido Comunista Chinês (CCP) categorizados todos na China em classes diferentes depois de chegar ao poder, família de meu pai foi classificada como um “pequeno locador terra”.

Jennifer Zeng (certo) com suas duas irmãs na década de 1980 na aldeia de Chaozhong, Zhongjiang County, Província de Sichuan na China. A casa parede da lama por trás deles foi a casa da família passada para muitas gerações de seus antepassados. Alguns dos tios de Jennifer e muitos de seus primos ainda estão vivendo em casa e aldeia hoje.  (Fornecido por Jennifer Zeng)

Jennifer Zeng (certo) com suas duas irmãs na década de 1980 na aldeia de Chaozhong, Zhongjiang County, Província de Sichuan na China. A casa parede da lama por trás deles foi a casa da família passada para muitas gerações de seus antepassados. Alguns dos tios de Jennifer e muitos de seus primos ainda estão vivendo em casa e aldeia hoje. (Fornecido por Jennifer Zeng)

Aprendi o termo “pequeno locador terra” em 1973, quando eu era obrigado a preencher o “formulário de arquivo pessoal”, enquanto se matricular em escola primária. Um dos itens a ser preenchido foi a “categoria de classe família no lado do seu pai.”

Naquele tempo “arquivo pessoal” A foi criada para todos quando se inscreveu pela primeira vez na escola primária. Todas as informações pessoais foi incluído nos ficheiros de arquivo, incluindo todas as notas dos exames na escola, todos os comentários seu professor escreveu sobre você, todas as suas situações familiares, e todas as coisas boas e ruins sobre você.

Em todos os lugares que você foi, este arquivo seguido. Mas você não tinham permissão para visualizar o conteúdo ou saber o que estava realmente dentro. Ele só foi feito para o Partido saber tudo sobre todos.

Como um 6-year-old, grau e um estudante, Eu já sabia que havia uma “classe de proprietários” e uma “classe de pobres e os camponeses média-baixa,”Mas eu não entendia o que um‘pequeno locador terra’era. Eu então perguntei a minha mãe, que imediatamente disse indignada, “Era injusto! Havia tantos irmãos e irmãs na família de seu pai. No geral, eles não possuem muita terra. Se fosse calculada com base na área média de terra por pessoa, A família de seu pai deveria ter sido classificado como ‘camponeses médios’, no máximo,. Só porque eles tinham contratado pessoas para ajudar a cultivar a terra, eles foram categorizados como uma ‘pequena locador terra,’Que foi desleal alta!"

No 1990s'Jennifer revisitou seus parentes que ainda viviam na aldeia. A antiga casa de família manteve-se inalterada. (Fornecido por Jennifer Zeng)

No 1990s'Jennifer revisitou seus parentes que ainda viviam na aldeia. A antiga casa de família manteve-se inalterada. (Fornecido por Jennifer Zeng)

Eu não entendia completamente explicação da mãe. Contudo, De alguma forma eu já sabia que era uma coisa terrível se você foi classificado como “alto” na “categoria de classe.” Naquela época, o avô de uma menina em nossa classe foi um senhorio; e toda a classe desprezada que a menina.

Uma vez fui a sua casa, e sem querer viu um homem velho em um casaco de algodão acolchoado preto sentado no canto silenciosamente. Percebi que este deve ser seu avô senhorio. Imediatamente I foi atingida com medo, Como se ter observado um monstro. Eu rapidamente fez-se uma desculpa e fugiu de sua casa o mais rápido que pude.

Felizmente o suficiente, a categoria classe social do lado da minha mãe era “pessoas pobres na cidade,”, Que fazia parte do‘proletariado’. Esta gratidão igualou-se do meu pai‘alta categoria’um pouco.

Os pais de minha mãe se divorciaram logo depois que ela nasceu; e ela foi adotada por outra família. Na realidade, pai adotivo de minha mãe era uma vez um “capitalista,”Dono de uma cervejaria e uma loja em Zhongjiang County. Meu pai realmente veio a conhecer a minha mãe quando ele trabalhava naquela loja como aprendiz.

Mais tarde, pai adotivo de minha mãe ficaram viciados em ópio. Como um resultado, ele passou toda a sua riqueza. Quando o PCC tomou o poder em 1949 e deu a todos uma “categoria classe social,”Ele foi, portanto, classificados como‘pobres na cidade’.

A partir de então muitas vezes ele se vangloriou na frente da minha mãe e minha avó, “Você acha que teria sido tão fácil para você se tornar parte do‘proletariado’se não fosse por mim?"

2

Meu pai tinha algum ensino privado quando era jovem. Quando ele era mais velho, ele teve que frequentar a escola, que foi muito longe de casa. todo dia, ele precisava para terminar toda a sua lição de casa na escola, como seu tempo depois da escola pertencia a obrigações familiares, incluindo tecelagem de uma certa quantidade de tecido, que era para ser vendido em um mercado dos agricultores cada dez a 15 dias.

Quando ele se tornou um adolescente, meu pai insistiu em ir para a cidade capital do condado de estudar. Minha avó não quer que ele vá, como ele foi muito necessário em casa. ela figurou: se o encontrarmos uma esposa e se casado com ele, ele, então, ficar, tornar-se um forte agricultor para a família, e então aumentar seus próprios filhos para continuar a linhagem da família.

portanto, eles conseguiram encontrar uma garota para ele. Quando ele foi em um encontro às cegas arranjado, meu pai viu que a menina tinha um “porco-belly” em forma de rosto, e instantaneamente não gostava dela. Com muita determinação, ele se recusou este arranjo casamento; e alcançou muitas dificuldades antes de ele finalmente foi capaz de ir para a capital, onde ele finalmente conheceu minha mãe.

Quando meu pai me contou esta história, havia sempre um rastro imperceptível de desprezo em seu rosto. Eu sempre pensei para mim mesmo: Que sorte! Se o pai tinha casado que “porco-belly” enfrentou mulher, Será que ele não foram “presos” no campo? Se fosse esse o caso, nunca teria sido uma pessoa como me neste mundo. portanto, Eu nunca ter pensado bem de alguém que tinha um “porco-belly” em forma de rosto, não importa como os outros elogiou-a por ser bonita.

Contudo, Eu nunca tinha descoberto: como um mero adolescente, por que meu pai poderia ser tão determinado em ganhar mais educação quando toda a família estava contra esta.

foto do perfil do pai de Jennifer Zeng na universidade. Desde a infância de Jennifer, ela acreditava que isso é como um homem bonito deve ser semelhante. (Fornecido por Jennifer Zeng)

foto do perfil do pai de Jennifer Zeng na universidade. Desde a infância de Jennifer, ela acreditava que isso é o que um homem bonito deve ser semelhante. (Fornecido por Jennifer Zeng)

Minha mãe me disse mais tarde que o meu pai era o aluno mais velho em sua classe. Como quarta série na escola primária, ele já estava 18 anos. Ele estudou muito difícil e mostrou vários talentos em diferentes áreas. Ele era bom em cantar, tocando instrumentos musicais, basquetebol, natação, caligrafia e escrita. Os ensaios que ele escreveu foram espalhados entre os estudantes em todo o concelho como bons exemplos; e minha mãe também tinha lê-los na escola. assim, meu pai era uma figura bastante, mesmo assim,!

3

Na década de 1960, na idade de 27, meu pai foi admitido na Universidade do Sudoeste de Ciência Política & Lei na província de Sichuan; e, assim, tornou-se o primeiro estudante universitário já na sua aldeia. Isso causou uma grande sensação entre todos os moradores.

Tanto quanto eu posso recordar, pai só me contou uma história sobre sua vida universitária, e que estava sobre uma habilidade secreta para a obtenção de mais uma tigela de arroz.

Quando meu pai estava freqüentando a universidade, China estava experimentando os chamados “Três anos de desastres naturais.” Deve realmente ser chamados de “os três anos da Grande Fome chinesa," quando 20-43 milhões morreram de fome, segundo alguns estudiosos.

Meu pai disse, quando era hora das refeições na universidade, todo mundo comeu no refeitório, com oito pessoas sentadas em cada mesa. Arroz foi fornecido em uma panela grande para que todos possam compartilhar.

Naquela época, cada aluno estava com tanta fome e estava pronto para lutar por comida como um lobo. Assim que o pote foi colocado sobre a mesa, todo mundo imediatamente colocar tanto quanto o arroz quanto possível em sua própria tigela, e depois comeu com todas as suas forças. Contudo, meu pai apenas metade de sua tigela cheia, para que ele pudesse sempre terminar mais cedo do que os outros. Então ele iria encher a tigela com arroz, tanto quanto ele poderia, e gostei, com facilidade e lazer. Nesse caminho, ele podia comer meia tigela mais arroz do que outros.

Quando ele me contou esta história, meu pai sorriu com orgulho, e um traço quase imperceptível de astúcia, que só se podia ver no rosto de um camponês chinês.

Contudo, Duvido como bem sucedido o meu pai estava com esse tipo de tática. Mãe me disse que ele sofria de edema de fome por causa da fome e quase morreu no hospital.

O pai de Jennifer na universidade. (Fornecido por Jennifer Zeng)

O pai de Jennifer na universidade. (Fornecido por Jennifer Zeng)

Minha mãe também me disse que a vida era extremamente difícil para o meu pai, em seguida,. Sua família não poderia oferecer-lhe qualquer apoio financeiro. Todo fim de semana ele teve que trabalhar muito duro como um carregador no porto Chaotianmen na cidade de Chongqing, para ganhar algum dinheiro para cobrir suas despesas mais básicas.

Dentro 1964, meu pai se formou na universidade e foi designado para trabalhar como professor em Mianyang Finanças e do Comércio Quadros Escola de Formação na Província de Sichuan. Naquela época, minha mãe tinha ensinado durante vários anos em uma escola primária da aldeia remota.

4

Embora pais adotivos da minha mãe eram “proletariado,”Sua mãe biológica depois se casou com alguém que foi classificada pelo PCC como um‘bandido’. Como resultado, minha mãe também se tornou um pária. Ela não estava autorizado a ir para a escola depois de se formar no ensino médio júnior. Ir para a universidade foi ainda menos possível para ela.

Como uma menina jovem muito orgulhoso, minha mãe me senti muito envergonhado para enfrentar qualquer um. Então ela correu para longe da cidade, escondeu em uma vila remota, e tornou-se um professor de escola primária lá. Naquela época, ela era apenas 16 anos.

Dentro 1965, meus pais se casaram, mas eles não foram capazes de mover-se para o mesmo lugar. Seus locais de trabalho eram cerca de 100kms (sobre 62 milhas) afastados uns dos outros. Naquela hora, tudo era controlado pelo partido; e ninguém poderia simplesmente mudar para outro lugar ou mudar de emprego livremente.

Dentro 1966, I nasceu como seu primeiro filho. E exatamente naquele ano, o inédito “Grande Revolução Cultural Proletária” começou.

Dentro 1967, quando eu tinha apenas um ano de idade, meu pai foi acusado de ser um “peão preto de reacionários sequazes do capitalismo”.

Naquela época, ele tinha desenvolvido hepatite aguda e foi hospitalizado. Contudo, ninguém se importava com sua doença. Ele foi arrastado do hospital para o grande palco para ser denunciado publicamente. Suas mãos foram pintadas com tinta preta para indicar a sua identidade como o “peão preto de seguidores da via capitalista reacionários”.

Após a denúncia pública, ele foi ordenado a escrever dezenas de cópias de “auto-crítica,”E publicá-las em locais designados.

Dentro 1965, Os pais de Jennifer casou com outro; mas não foram autorizados a viver juntos. (Fornecido por Jennifer Zeng)

Dentro 1965, Os pais de Jennifer casou com outro; mas não foram autorizados a viver juntos. (Fornecido por Jennifer Zeng)

Como pai era fraco demais para se mover, esta grande tarefa teve que ser feito por minha mãe, que estava tendo licença de maternidade e ficar com meu pai em Mianyang, em seguida,. Ela me amarrado a suas costas com fita de algodão, com um balde de pasta de farinha self-made em uma mão, um grande rolo de dezenas de letras “auto-crítica”, que tinha sido copiado à mão com um grande pincel na outra mão, e saiu para postar as cartas. Levou toda a noite para deixar todos eles.

Quando eu tinha dois ou três anos de idade, meu pai foi transferido para uma cidade remota chamada Hanwang em Mianzhu County, Província de Sichuan. Havia apenas cerca de 30,000 pessoas da cidade, e foi também sobre 100 Kms de distância da escola da minha mãe. O local de trabalho para o meu pai para “sossegar ser reformado” foi um cereal fábrica de processamento de máquinas, que foi recentemente construído em uma planície árida, com quase nada dentro dela ainda.

A mãe de Jennifer segurando um ano de idade, Jennifer. No mesmo ano, esta foto foi tirada, O pai de Jennifer foi denunciado publicamente como um

A mãe de Jennifer segurando um ano de idade, Jennifer. No mesmo ano, esta foto foi tirada, O pai de Jennifer foi denunciado publicamente como um “peão preto de seguidores da via capitalista reacionários” durante a “Grande Revolução Cultural Proletária,”E mãe de Jennifer teve que amarrar Jennifer para as costas e sair para postar as‘cartas auto-crítica’do pai de Jennifer, como requerido. (Fornecido por Jennifer Zeng)

5

Minha primeira irmã nasceu quando eu tinha quatro anos de idade. Minha mãe não podia cuidar de duas crianças por conta própria, como ela também precisava trabalhar. Então fui enviado para o meu pai, e começou a viver naquela planície árida com ele

Todos os anos, meu pai me levava para visitar a minha mãe e irmã. Cem quilômetros parece nada para hoje. Contudo, me senti muito, muito longe naquela época, especialmente porque a escola da minha mãe foi localizado nas montanhas profundas.

Precisávamos transferir entre ônibus de longa distância várias vezes; escalar várias montanhas; e caminhar longas pistas de montanha, antes que pudéssemos chegar ao nosso destino.

Minha mãe me disse que ela quase chorou quando me viu pela primeira vez depois que eu tinha deixado. Meu amável, rosto redondo encolheu tanto que parecia que apenas dois grandes olhos cintilantes foram deixados.

O que minha mãe não podia suportar era que meu pai só sabia de lavar e enxugar minhas duas faces; e deixou todas as outras partes contaminadas. Como um resultado, meu pescoço e a pele atrás das orelhas ficaram muito sujo. Minhas duas tranças forma carneiros do chifre também foram desequilibrada, com um mais elevado do que a outra. Minha mãe me senti extremamente chateado ao ver sua filha linda mudou assim.

A mãe de Jennifer, seus dois amigos e de dois anos de idade, Jennifer. Como o primeiro filho da família, Jennifer teve algum

A mãe de Jennifer, seus dois amigos e de dois anos de idade, Jennifer. Como o primeiro filho da família, Jennifer teve algum tratamento “especial” como ter uma boneca de sua própria. Após suas duas irmãs mais novas nasceram, seus pais já não tinha a capacidade de comprar mais bonecas de suas irmãs. (Fornecido por Jennifer Zeng)

Uma vez depois que tinha acabado a nossa estadia na casa de mãe e estavam prestes a sair, minha mãe me deu uma carta, e me pediu para dar a meu pai quando chegamos ao nosso outro “casa” no Hanwang.

Eu me senti muito animado por ter sido confiada uma tarefa tão importante; e não sabia como eu deveria levar a carta para corresponder a sua importância. A emoção continuou por um bom tempo, antes de eu finalmente não podia suportar um grande fardo tão ou ocultar tão grande segredo mais.

E a conseqüência foi que eu não poderia ajudar a revelar o segredo para o meu pai depois caminhamos ao longo da estrada de montanha e estavam esperando o ônibus de longa distância.

Depois de ler a carta, meu pai não disse uma palavra. Ele abruptamente me colocou de costas e começou a andar para trás. Ao chegar ao lugar da mãe, meu pai ainda não disse nada. Ele deitou-se na cama com um rosto muito severo e pálido.

Jennifer still vivia com a mãe quando ela tinha três anos. (Fornecido por Jennifer Zeng)

Jennifer still vivia com a mãe quando ela tinha três anos. (Fornecido por Jennifer Zeng)

Eu estava realmente apavorada, sem saber o que tinha acontecido. Eu também temia que minha mãe iria me criticar por não ouvi-la e dar a carta para o meu pai muito cedo.

Só depois de muitos anos eu aprendi vagamente o que tinha acontecido naquele dia. Minha mãe realmente pediu o divórcio na carta, como ela não podia suportar o sofrimento de não ser capaz de viver juntos por mais tempo.

Ouvi dizer que meu pai tentou de tudo, incluindo uma ameaça de suicídio, ter minha mãe abandonar o pensamento de divórcio.

Mãe era muito conhecido por sua beleza em Zhongjiang County quando ela era jovem, e tinha um monte de admiradores. Meu pai era apenas um deles.

Quando ele estava na universidade, ele continuou a escrever belas letras e poemas para ela. Cada vez que ele escreveu, ele usou um estilo de fonte diferente. Sua caligrafia e poemas foram extremamente bela e comovente; e cheio de talento. Sua persistência e habilidade literária brilhante, finalmente, ganhou o coração da minha mãe.

Contudo, minha mãe nunca tinha esperado que um dia esse talento brilhante se tornaria um “peão preto de seguidores da via capitalista reacionários” overnight. Quanto tempo ela tem que sofrer como a esposa de um “peão preto de seguidores da via capitalista reacionários”?

6

Minha mãe foi finalmente autorizados a circular e viver com meu pai e me quando eu estava no grau dois na escola primária. Naquela hora, Eu já tinha outra irmã mais nova. Os cinco membros da nossa família foram finalmente capazes de viver juntos em uma pequena e cru tipo bungalow da casa construída em cima da planície de inundação.

Jennifer começou a viver com seu pai quando ela tinha quatro anos. Tranças irregulares e banda nesta foto eram toda a

Jennifer começou a viver com seu pai quando ela tinha quatro anos. Tranças irregulares e banda nesta foto eram toda a “arte” de seu pai. O vestido que ela usa também foi feito à mão por seu pai. Ao longo da infância de Jennifer, todas as roupas das três irmãs foram home-made. (Fornecido por Jennifer Zeng)

Era uma época em que materiais e espirituais a vida das pessoas foram extremamente carente. Meu pai era o único graduado da universidade em sua fábrica, enquanto minha mãe ensinou na escola primária na cidade. Como uma família intelectual, que pertencia aos “cinco classes negras”.

Em um momento em que a “classe operária” estava no comando de tudo, nossa família era um “pária” de qualquer ângulo que um olhou para nós.

Para evitar possíveis problemas minha mãe não me encorajar mesmo a brincar com outras crianças. Se eu se envolveu em uma briga com outras crianças, isso poderia ser interpretado como uma “luta de classes” e implicam meus pais. Toda a família teria, então, um tempo ainda mais difícil.

Durante muitas noites quentes de verão, quando outras crianças estavam brincando e curtindo o ar frio do lado de fora, Eu me tranquei dentro sozinho em casa. Como não foram maneira também muitas mosquitos na planície de inundação ainda “selvagem”, Eu tive que esconder dentro do mosquiteiro para ler no calor sufocante, enquanto assistia meu suor escorrendo e deixando círculos molhados nas páginas.

Reading foi o único prazer durante minha infância. Contudo, havia muito poucos livros para ler. Muitos clássicos literários tinha sido queimada como “ervas daninhas” antes e durante a “Revolução Cultural”.

A fim de satisfazer o meu desejo de ler, meu pai começou a escrever histórias infantis para mim, e então gradualmente expandido sua escrita com outras obras literárias como romances. Ele era um grande amante da literatura.

Meu pai escreveu todos os seus contos e romances em papel manuscrito forrado, e, em seguida, amarrou-as cuidadosamente com fio de algodão, tornando-os verdadeiramente “livros encadernados em rosca,”Com cada um deles absolutamente a‘única cópia’no mundo.

A maior parte do tempo, I foi o primeiro e único leitor de obras literárias de meu pai. Sempre que minha mãe descobriu sobre os escritos de meu pai, ela iria jogá-los no fogo, mesmo se as histórias eram “pró-revolução” e catering para “a maré dos tempos,”Tais como‘Little Guardas Vermelhos de pegar um Spy’.

Meu pai nunca disse uma palavra quando minha mãe queimou seus escritos. Contudo, ele sempre morder o lábio inferior de uma forma única, com um rosto inexpressivo, e isso sempre me faz sentir extremamente ansioso e com medo.

O único momento feliz, então era Ano Novo Chinês. caligrafia do meu pai era muito bonito, e todos os grandes banners na fábrica eram toda a mão-escrito por ele. Muitas pessoas também pedir-lhe para escrever dísticos para eles para pendurar em suas portas. Todos os anos quando Ano Novo Chinês se aproximava, ele iria escrever um dístico para nossa própria casa.

Ele também era um artesão muito inteligente. Além de saber como costurar roupas, ele também sabia como fazer trabalhos de carpintaria e fabricação de móveis. Muitas pequenas peças de mobiliário em nossa casa foram todos feitos e pintados por ele, tais como mesas e bancos.

Quando era Ano Novo Chinês, ele iria fazer coisas bonitas, como lanternas vermelhas ou uma luz forma de coelho, com quatro rodas pequenas debaixo. Minhas irmãs e eu iria arrastar esta luz coelho e pavoneavam pela rua para mostrar esta bela peça de arte. Todas as crianças olhavam para nós com admiração e temor, como eles nunca tinha visto tal bastante leve coelho, nem poderia sonhar em comprar um de qualquer lugar. Cercado por aqueles olhos invejosos, sentimos extremamente orgulhosos e maravilhoso!

7

Um dia, quando eu estava na quarta série do ensino fundamental, um colega de repente sussurrou-me, "Jiang Qing é um grande ovo podre!"

Eu estava realmente assustado com essa afirmação “ultrajante”. não é Jiang Qing o “mais próximo companheiro de armas” e esposa de “nosso Presidente Grande Líder Mao”? Como ela pode ser um “mau grande ovo”? Como se atreve meu colega fazer uma declaração tão assustadora? Não seria ela ser imediatamente considerado como um “ativo contra-revolucionária”?

Mas esse rumor assustador acabou por ser verdade muito em breve. O “Gang of Four” encabeçada por Jiang Qing foi realmente trouxe para baixo. Eu não sabia que isso também significava que “a Grande Revolução Cultural Proletária,”, Que trouxe desastres intermináveis ​​para milhões de famílias, e que causou mais de 7 milhão de mortes, finalmente terminou.

Só me lembro de que, como um membro do grupo de artes cênicas na escola, fomos obrigados a ficar sob o sol escaldante para esperar a chegada das “Obras Escolhidas de Mao Tse-Tung, vol. 5", que viria da capital distante do concelho com grande alarde, carregado em caminhões grandes e decorados com muitas bandeiras vermelhas.

Foi um dia extremamente quente. O sol estava tão forte que até mesmo o alcatrão na estrada estava derretendo. Quando o longo comboio que levava “Obras Escolhidas de Mao Tse-Tung” finalmente chegou, que foram convidados a cantar e dançar para mostrar a nossa alegria. Contudo, meus sapatos estavam colados pela ta derretida,r e eu não podia dançar ou andar em tudo, fazendo-me sentir vontade de chorar.

8

Depois de um período de tempo, de repente eu ouvi que o sistema legal, incluindo os órgãos de segurança pública, órgãos de procuradoria, e tribunais populares, que foram todos “esmagado” durante a “Revolução Cultural,”Estavam todos a ser restaurado, e que as pessoas com conhecimento profissional foram muito procurado. Como um resultado, meu pai, que se formou na Universidade do Sudoeste de Ciência Política & Lei, ia ser transferido de volta para Mianyang e trabalho no Departamento de Justiça recém-criada!

Mianyang! Essa foi a capital da região, em segundo lugar apenas para Chengdu, a capital da província de Sichuan. Eu ouvi sobre esta cidade um monte, mas nunca tinha tido a oportunidade de visitá-lo desde a infância. Eu me senti muito animado.

Contudo, o Partido não providenciar para minha mãe para ir bem, como não havia “quota tripulação” para minha mãe em Mianyang.

Embora meus pais absolutamente não queria se separar novamente, que era uma coisa boa para ser capaz de voltar para a cidade maior da pequena cidade remota, e para fazer um trabalho que se adequava formação profissional do meu pai. não há um velho ditado na China que “as pessoas devem caminhar para lugares mais altos”?

além disso, meus pais acreditavam que, se minha irmã e eu poderia ir para Mianyang para estudar, teríamos uma melhor oportunidade de assistir a uma boa universidade no futuro.

Para o

Para o “futuro brilhante” de duas gerações, A família de Jennifer, mais uma vez dividido em duas partes. Jennifer e seu mais velho a irmã mais nova foi para Mianyang com seu pai; enquanto a mãe ea irmã mais nova ficado em Hanwang. (Fornecido por Jennifer Zeng)

Pelo contrário, se nós ficamos em uma pequena cidade como Hanwang, nós não iria muito longe na sociedade. Em palavras da minha mãe, a única rua da cidade era tão curto que um mesmo poderia cobri-lo desde o início até o final, quando um caiu para o chão.

Embora eu tivesse sido sempre o Não. 1 aluno em Hanwang Elementary School, em termos de pontuação do exame, minha mãe nunca deixou de me lembrar, “É como sendo um general entre um grupo de anões.” Ela também sempre lembrar-me lembrar que “há céus superiores além deste, e há sempre alguém melhor “.

assim, a fim de que duas gerações de nossa família poderia ter um futuro melhor, depois de apenas sendo reunidas por vários anos, nossa família foi novamente dividido em dois: minha irmã mais velha e eu fui para Mianyang com meu pai; enquanto a minha irmã mais nova ficado em Hanwang com a minha mãe.

9

O Bureau Justiça em Mianyang foram apenas estabelecida. Ele não tinha nem o seu próprio edifício de escritórios, nem dormitórios para o pessoal. Ao invés, tanto o seu escritório e dormitórios para funcionários foram alugados a partir de um edifício do hotel. Meu pai viveu no dormitório masculino; minha irmã viveu em um dormitório para funcionários do sexo feminino, enquanto eu me tornei um pensionista e viveu no dormitório estudantil de Mianyang Nanshan da High School. Então nós três viveu em três lugares diferentes.

Nanshan High School está localizado a meio caminho de uma colina, e é um pouco isolado do mundo. Foi dito que na Dinastia Qing os exames imperiais foram realizadas lá, por isso tem uma longa história.

Quando voltei “casa” nos fins de semana, I espremido e compartilhavam a mesma cama de solteiro com minha irmã. Havia muitos outros colegas do sexo feminino de meu pai no mesmo quarto de dormitório.

Ocasionalmente, meu pai iria cozinhar um pouco de comida para nós em seu escritório com um fogão elétrico, e este seria o nosso tratamento especial. Minha irmã e eu só podia “lutar” para chegar a alimentação na cantina da escola, que só forneceu comida terrível.

portanto, até que se formou no colegial, por mais de três anos, minha mãe não tinha conseguido passar para Mianyang e se juntar a nós. Nós só poderia viajar para trás e para visitar uns aos outros durante as nossas férias escolares. Minha mãe disse que muitas vezes, “É tão difícil de ganhar dinheiro, e nós só acabar gastando tudo na estrada!"

10

A boa notícia foi, carreira do meu pai parecia ter decolado. primeiramente, Ouvi dizer que um escritório de advocacia foi criado sob o Bureau Justiça, então eu ouvi que meu pai foi transferido para o escritório de advocacia e tornou-se um advogado. Então um dia de repente eu soube que ele tinha sido classificado como um dos “Top 10 Advogados na província de Sichuan”!

I heard that my father’s most brilliant performance was that he fought three lawyers on the other side alone. The other party he had to fight was an Honored Teacher with national recognition and was very famous. That was why he was able to hire the three very good lawyers at one go to defend himself. Contudo, my father defeated them all and won that case brilliantly.

These “legends” made me very proud. On the one hand, I really wanted to visit the court and watch my father’s heroic moments of debating with numerous persons at the same time. Por outro lado, Contudo, I could hardly imagine how a somewhat dull person like him, who could spend a whole day without saying a single word, could have become an outstanding lawyer, as a good lawyer was supposed to be very eloquent and good at debating.

Once I asked him, “I heard that you never lost any case. What’s your secret?"

He replied with a secretive smile, “I never take a case that I can’t win.”

When he said this, his smile was as innocent as that of a child. Ao mesmo tempo, it was also as cunning as would usually be seen on faces of Chinese peasants. It didn’t make him look like a “Top 10 Lawyer” at all.

11

After I finished my second year in high school, and was about to start the third and last year, I needed to choose between liberal arts and science as my future major. I was doing equally well with both courses.

Many people said that it was better for girls to choose liberal arts as female minds could do better in those fields. If girls study science, they can’t compete with boys. Apart from knowing that I wanted to go to Peking University to study, I really didn’t know what major to choose.

My father said with much determination, “Choose science. No matter who is the chairman of the country, 1+1 always equals 2.”

After saying “1+1 always equals 2”, my father once again bit his lower lip in that unique way with an expressionless face, just as he did when my mother had burned his literary works. This once again made me feel very scared. I silently obeyed and chose science without any second thought.

12

Dentro 1984, my dream of going to Peking University came true. My major was of course science, and geo-chemistry in particular. At the time when I needed to leave my high school forever, I found that I had accumulated many things during the past three years. My father rode a tricycle to the school to help me move my belongings. It was very hard to ride uphill, and my father was soon wet through in sweat.

Drenched in sweat, he rode and laughed, “I am a happy pedicab-man!” And mixed in his laugh, was a very undetectable trace of effort to flatter himself.

My father was a very typical Chinese peasant intellectual, who seldom expressed or showed his emotions. Nor did he ever say any sweet words such as “I love you” to his three daughters. Contudo, his flattering smile at that moment, when he said that he was a happy pedicab-man, has been warmly engraved in my heart ever since.

For me, that was his way of showing his fatherly love and care.

13

When I was in the sophomore class, I received a letter from my father saying that he had joined the Party. His tone was very formal, with a little bit of excitement.

I was very surprised by this. Because of the special political environment in China, I remembered that my parents never discussed politics or state affairs at home. Nor would they ever discuss their political views with their daughters. When I chose my future major in high school, my father’s “famous” sentence that “1+1 always equals 2” was the only statement I ever heard that included a little dose of politics.

Why did my father join the Communist Party? Did he still have hope for this Party? Or was it because he wouldn’t be treated as a different species afterwards? Sadly enough, I never had a chance to discuss this with him.

This photo was taken in Yuanming Yuan (Old Summer Palace) in Beijing when Jennifer was a graduate student. (Fornecido por Jennifer Zeng)

This photo was taken in Yuanming Yuan (Old Summer Palace) in Beijing when Jennifer was a graduate student. (Fornecido por Jennifer Zeng)

14

When I was in my junior year of university, mobilized by the political instructor, I also handed in my application to join the Party. Recalling the motivations now, I found there could have been two.

One was my father’s move to join the Party. Ever since my childhood, my mother always said that I was my father’s favorite, and that he liked me most amongst his three daughters.

adequadamente, I also held my father in high esteem. I cared a lot about what he thought and chose. I thought to myself: after experiencing so many hardships, he was still willing to join the party. It must because that he still had hope for the party.

Another reason was that I was somehow convinced by this saying: even if the Party was not good enough, it could be changed for better if more good members joined it and improved it from within.

If we explore further, there could actually be a third reason. I had always been a so-called “student-of-three-excellent-qualities” since elementary school. Living in a society where everything was under control of the Party, I had always thought that one should be excellent in everything, and to join the Young Pioneers, the Youth League, and then the Party was a “natural” path that a good student and a good citizen should take.

portanto, I became the first Party member in our class. When we graduated one year later, there were only two Party members in our class of 30 students.

15

Later on I graduated, began my career, married; and had a child. Everything went smoothly on the path that was designed and hoped for by my parents. I had not only entered the best university in China, gained a master’s degree, but also successfully entered the Development Research Center of the State Council, a workplace that many people wanted to get into but couldn’t. Ao mesmo tempo, I also enjoyed love and a happy family of my own.

This photo was taken on Jennifer's 17th birthday and was displayed at the

This photo was taken on Jennifer’s 17th birthday and was displayed at the “Education Achievement Exhibition” held in the People’s Park in the center of Mianyang City. Her hair in the photo was cut by her father. (Fornecido por Jennifer Zeng)

At that time my parents were so proud of me; and they had good reasons. My photo was part of the “Education Achievement Exhibition in Mianyang in Celebration of the 35th Anniversary of the Establishment of PRC [People’s Republic of China],” which was held at the People’s Park in the center of the city. It was said that every day thousands upon thousands of people visited the exhibition, and my photo caused quite a sensation.

There was an old saying in China that “Inside an embroidered pillowcase was only grass,” which means that good-looking people are usually very stupid inside and have no wisdom. So people felt it was hard to believe that a girl who was as attractive as an embroidered pillowcase could actually be admitted by Peking University.

I had already left Mianyang when the exhibition was on; and didn’t know anything about all this until letters of strangers from Mianyang suddenly flooded me. Some people expressed their admiration, and some asked me to share tips on how to do well in school. I didn’t understand why all these letters arrived until my family told me about the “Education Achievement Exhibition.”

16

julho 2, 1997 is a day that I will never forget. Em julho 1 of that year, China took back Hong Kong, and set that day as a public holiday to celebrate. When I went back to work on July 2, one of my colleagues put a set of books on my desk and said, “Here you are, ‘Zhuan Falun’!"

It was a package posted from Mianyang by my sister. The wrapping paper was already broken; that was why my colleague was able to see the title of the book.

I had liked to read very much since I was a child. When I was studying in university, I read books on all sorts of topics, including philosophy, religion, supernormal capabilities, qigong, the Book of Changes, etc. I studied almost everything.

On the one hand, I believed that there must be some ultimate truth in the universe for it to maintain stability and harmony, and I wanted to know what that ultimate truth was. Por outro lado, I was very much puzzled about what people should do with their lives. Shall we just live for the sake of living, pursue fame, self-interest and honor, and then just wait to die?

A maior parte do tempo, I didn’t know which path to follow. I didn’t want to fight my way up by all sorts of means, like many others around me were doing. I felt that path would be too tiring, and it was totally against my nature.

Contudo, I also didn’t want to lag behind, be bullied or looked down upon by others as a result of not striving hard enough. I didn’t know what to follow or what to adhere to, and was bewildered most of the time. My success on the surface might have looked glorious for others. Yet, it couldn’t in the least solve the problems within my own heart.

To make things worse, I encountered a medical accident and experienced two severe hemorrhages when I gave birth to my daughter, and the blood transfusion caused me to contract hepatitis C, which is incurable. After that, life felt like an endless sinking into a bottomless pit of despair. I had to lie down in the hospital for years without being able to look after my daughter, or even being able to witness her growth.

In early 1997, I decided that I would not be enslaved by my diseases any more; and went back to work. I had worked for just one year when I was knocked down by my poor health. Women are usually likened to flowers, and I felt like a withered flower cast down to the ground overnight, before being able to fully blossom. I didn’t want to bury my remaining life inside a hospital, no matter how long that life would be. I wanted to “pretend” that everything was normal, and I wished to live a “normal” life.

This was, after all, just a wishful thought. In reality, my life was more tiring than that of Lin Daiyu, one of the mistresses of “Dream of the Red Chamber,” who dared not make any mistakes. Whilst Lin was afraid of being ridiculed by others in an unfamiliar environment as a helpless orphan who had to rely on her relatives, I was afraid of being humiliated by my diseases.

I was so weak that whenever I wasn’t careful enough, or whenever there was some kind of epidemic disease around, such as the flu, I would always be the first to be knocked down.

portanto, in July 1997, after having experienced so much, I really didn’t believe that anything would help me anymore. So I opened the book “Zhuan Falun” half-heartedly and with an absent mind.

Jennifer meditating in a park in Shenzhen City in 1998. This is the only photo of Jennifer doing Falun Gong exercises taken before the crackdown on Falun Gong. (Fornecido por Jennifer Zeng)

Jennifer meditating in a park in Shenzhen City in 1998. This is the only photo of Jennifer doing Falun Gong exercises taken before the crackdown on Falun Gong. (Fornecido por Jennifer Zeng)

Contudo, when I reached page 4, where the origin of human life was revealed, I suddenly felt being strongly grasped by the content. From then on, I didn’t have any time to make any judgment about any remaining part of the book. Ao invés, I hurriedly finished all the four books my sister posted to me in one go, which had me exclaiming again and again while reading: “Oh my god, so it is like this!!!"

I could say that the inspiration “Zhuan Falun” brought to me was much greater than that of all the other books I had read combined together. I found answers to all my questions about life, the cosmos, and even human society. I was no longer puzzled, and had gained an understanding about the purpose of my coming to this world. I immediately decided to practice Falun Gong.

I also learned that my mother and sister had been practicing Falun Gong for about one month through the introduction of a friend. They felt the practice was very wonderful and so eagerly mailed the set of books to me.

17

My mother and youngest sister were only able to move to Mianyang and joined my father and eldest sister after I had left home for university. In order to be able to move to Mianyang, my mother had to give up her nearly 30 years’ career as a teacher, as well as the so-called “merit payment based on the length of teaching,” which was not a small figure for her, as none of the schools in Mianyang City would accept her due to lack of permission to hire.

After my parents’ many years’ efforts and begging for help, the leaders of the judicial system finally agreed to help and to resolve this issue “internally.” As a result, my mother was finally given a position at the Mianyang Intermediate Court, and started off as a court clerk, the lowest-level position within the court.

I always admired my mother for her toughness. As a middle-aged woman in her forties, in order to live together with the family, she was not only brave enough to start a new career from the entrance level, but was also brave enough to become a college student like her daughter. The only difference was: while I was studying in a “normal” university, she was studying in the amateur “Open National Adult College for Court Cadres.”

My mother worked very hard. It was not that easy for her; and her memory wasn’t as good as younger people. Contudo, she did very well and successfully graduated several years later. This not only made up for the humiliation she had suffered for not being allowed to go college because of her “bad” “social class category”, but also enabled her to gradually be promoted from a clerk to a judge; and finally a chief judge.

Jennifer's mother was finally allowed to join her father after Jennifer had gone to Beijing for university. This family photo was taken during Jennifer's school vacation when she traveled back to Mianyang. The uniform worn by Jennifer's father was actually for police officers, though he was a lawyer. At that time the legal system in China was still in the initial process of re-establishment, and lawyers were wearing police officer's uniforms. (Fornecido por Jennifer Zeng)

Jennifer’s mother was finally allowed to join her father after Jennifer had gone to Beijing for university. This family photo was taken during Jennifer’s school vacation when she traveled back to Mianyang. The uniform worn by Jennifer’s father was actually for police officers, though he was a lawyer. At that time the legal system in China was still in the initial process of re-establishment, and lawyers were wearing police officer’s uniforms. (Fornecido por Jennifer Zeng)

18

Dentro 1997, my 64-year-old father had already retired. When my mother and sister first started practicing Falun Gong, he didn’t follow along, nor did he believe in it. Contudo, he went to the park with them. While my mother and sister practiced the Falun Gong exercises, he went to do ballroom dancing as a form of exercise. He had become obsessed with dancing ever since he retired.

One day, after he finished dancing, my mother and sister were still doing their Falun Gong exercises. So he stood there and waited. Suddenly he saw a huge Falun (which should be invisible, in another dimension) as big as a swimming pool!

He was completely shocked. Amazed by the “seeing is believing” scene he observed, he began devoting himself to the practice of Falun Gong as well. He often shared with us what he had seen with his third eye: when he practiced the third Falun Gong exercise, he could see a cluster of small Faluns moving together with his arms. He said that he called it “a cluster” as they looked exactly the way copper coins used in old times were strung together.

When talking about this, my father looked as happy and as innocent as a child who was sharing his secrets. My sister and I agreed that father’s third eye was open because he had a side of well-preserved nature that had not been polluted. It was also the reason why he could see many supernormal things as soon as, or even before, he started practicing.

Depois de um período de tempo, my father especially called and told me that his presbyopia (farsightedness) had gone!

He said that although he had officially retired, he was still invited to work for the law firm on some cases. One day, he saw many tiny pieces of paper on the table in his office while he was cleaning it, and thought to himself, “Who would have cut the newspaper into such small scraps?"

Suddenly he found that he could see clearly the tiny characters on the classified advertisements! Those characters were so small that he could absolutely not see clearly without his presbyopic glasses before. How could he suddenly see so clearly without his glasses?

He thought it was just temporary, so he dared not tell anybody.

He tested himself on the following day to see if he could still see those tiny characters clearly without the presbyopic glasses, and yes, he could!

He tested himself continuously for two weeks until he was sure that he could now get rid of the presbyopic glasses. He only called me and told me this good news after he was 100 percent sure of the fact.

Contudo, after he happily shared this good news with me, he added very seriously, that as a cultivator of Falun Gong, one should not develop any attachment, and shouldn’t show off or become too complacent. portanto, he didn’t go boasting about this everywhere. Na realidade, he only ever revealed this in private to family members and the assistant at his practice site.

This photo taken in 1989 was the last one of Jennifer with both her parents. The hanging bridge in the background leads to Jennifer's high school, Mianyang Nanshan High School. (Fornecido por Jennifer Zeng)

This photo taken in 1989 was the last one of Jennifer with both her parents. The hanging bridge in the background leads to Jennifer’s high school, Mianyang Nanshan High School. (Fornecido por Jennifer Zeng)

19

Getting rid of presbyopia was just one of the wonderful things that happened to my father after he practiced Falun Gong. Por exemplo, his blood pressure had been very high for years, with the systolic pressure often higher than 200. He had been relying on hypotensor to maintain his blood pressure, but dangerous things still often happened.

Once both he and my mother went out on bicycles. While my mother was riding behind my father, she suddenly saw him fall off his bicycle and drop onto the ground. My mother was scared to death. My father had passed out while riding because his blood pressure was too high. Since then, my mother never allowed him to ride a bicycle again.

Contudo, my father’s blood pressure soon returned to normal after he practiced Falun Gong, and he no longer needed any hypotensor. Many other diseases including chronic pharyngitis and nasosinusitis all disappeared as well.

In the summer of 1998, I traveled from Beijing to Sichuan with my daughter to visit my parents. I was extremely surprised when I set sight on my father who was waiting for us at the platform of the train station, as he looked at least 10 years younger!

In my memory, my father had always been skin and bones; and had never put on any weight. Como um resultado, his wrinkles were very deep. He also started going bald as early as in his thirties, and children started calling him “grandpa” when he was less than 40 anos. He always mocked himself about this.

Jennifer's father at his 60th birthday in October, 1993. The wig he wears was a gift from Jennifer. (Fornecido por Jennifer Zeng)

Jennifer’s father at his 60th birthday in October, 1993. The wig he wears was a gift from Jennifer. (Fornecido por Jennifer Zeng)

After practicing Falun Gong, he had put on at least 10 kilograms (sobre 22 pounds). Como um resultado, his wrinkles became much less obvious. That’s why he looked 10 years younger when I saw him.

After staying with my parents for two days, I noticed another very important change that had happened to my father, which was the way he walked. There was a scene in Thomas Hardy’s novel “Tess of the d’Urbervilles” which impressed me very much.

The “bad guy” in the book, Alec d’Urberville, who raped Tess years ago, later became a priest. Once while he was preaching, Tess, who was among the congregation, suddenly saw and recognized him. At that time they had not seen each other for about 4 anos. It was obvious that Alec didn’t recognize Tess yet, with her appearance and outfit having changed. She wanted to walk away quietly. “But the moment that she moved again he recognized her.”

From this scene we learned that the way one walks carries more of a person’s characteristics than his/her appearance and outfit. portanto, that’s why I was so surprised when I saw the way my father walked after he practiced Falun Gong for just one year. His steps were completely different. They were no longer heavy, slow or sloppy, like an old man’s. Ao invés, they became swift and as light as a swallow.

I could see that even he, himself had not realized this change. Only his family members who were very familiar with everything of his could notice this change at first sight. And this kind of change could only happen when great changes had occurred at very deep levels, levels more microscopic than the level of his body’s physical cells.

20

I also observed two photos underneath the glass on my father’s desk. One was taken before he practiced Falun Gong, in which he looked very old and as thin as a skeleton. The other one was taken after he practiced Falun Gong, in which he was meditating with very straight back, and with fair, radiant, and full cheeks.

Besides these two photos was a poem he had written. I remember the last line was, “Forever charging forward despite all the odds and hardships.” He wrote that poem to show his determination to cultivate until the very end. He said whenever there were visitors in the home, he would definitely show them the two photos as the best evidence to show Falun Dafa’s benefits.

I had never seen a happier, prouder, and more talkative father. During that summer, father had talked far more than in his entire life before.

21

Contudo, good times did not last long. Em julho 1999, an overwhelming persecution was instigated against Falun Gong. Before I even had time to make any sense of it, I had been imprisoned several times for being a Falun Gong practitioner.

My parents-in-law, who lived with us, were almost terrified to death. After failing to convince me to give up Falun Gong, my mother-in-law thought of my parents. She believed that it was they who asked me to practice Falun Gong. portanto, only they were able to make me give up.

So she called them and asked them to do so. Contudo, it was obvious that things didn’t go as she had expected. She hung up the phone and shouted in despair: “I will go to Sichuan to fight your parents to death! I don’t want to live anyway!"

I was very scared, fearing that she would really go to Sichuan to make a scene at my parents. Por outro lado, I couldn’t help thinking bitterly, ” If you really don’t want to live any more, why don’t you go fight with Jiang Zemin instead!" (Jiang Zemin was the head of the Chinese Communist Party who launched the campaign against Falun Gong in July 1999).

My mother-in-law was a women cadre before she retired. During the Cultural Revolution, she had been dragged onto a stage to be publicly denounced, with her arms twisted backwards and up into the air. This particular gesture had a nickname, “going by air”, which could still be seen in many pictures taken during that period of time.

After being targeted and tortured like this, she had to take the entire family to the countryside to avoid being “struggled against” again. This experience had somehow turned into a deep fear and a sense of compliance towards the CCP.

Like many other Chinese people who had been living in fear and obedience for too long, she couldn’t understand why I didn’t become as fearful as her. Nor could she forgive me for not willingly accepting the reasoning that “the arm is no match for the thigh” and therefore submitting myself to the CCP’s authority.

22

In the autumn of 1999, I heard from other Falun Gong practitioners that several former members of the Falun Dafa Research Society would be put on trial soon. One of the “crimes” they were accused of was that they had incited 10 thousand people to go to Zhongnanhai to appeal for Falun Gong on April 25, 1999. As I happened to be one of the 10 thousand people on the day, I planned to go to the court to testify that I went there of my own accord, not incited by anyone else.

After learning my thoughts, my father told me that my plan wouldn’t work at all. As one of the lawyers in the city, he had been notified the following policies regarding Falun Gong practitioners’ cases:

  1. Falun Gong practitioners are different from ordinary criminal offenders. portanto, while ordinary offenders can be bailed out by their lawyers; Falun Gong practitioners cannot.
  2. The overall direction of Falun Gong practitioners is already wrong. portanto, when defending Falun Gong practitioners in court, lawyers should not fight as hard with the prosecutors regarding the “trivial” issues such as whether the evidence is adequate, or whether the facts are solid enough, as they do in other cases.
  3. The attorney’s defense must be approved by the authorities beforehand. While arguing for Falun Gong practitioners, the attorney can only read from the approved defense without saying anything else.

I didn’t feel surprised by this. Nevertheless, on Dec. 26, 1999, I still went to the Beijing No. 1 Intermediate People’s Court, hoping to attend the trial. Contudo, the street was filled with police, e, like another one thousand other Falun Gong practitioners, I was arrested before I could even get a glimpse of the court.

Before being sent to the detention center, I asked the police officer at the local police station, “How long do you think we are going to be detained this time?"

He replied, “I don’t know. We’ll need to wait for the instructions from higher authorities.”

“Waiting for instructions from higher authorities” was indeed the real essence of the CCP’s “rule of law.” When I was in jail, some fellow inmates once asked, “Your father is one of the top 10 lawyers of Sichuan Province. Why don’t you ask him to defend you?"

As a matter of fact, not only was my father one of the top 10 lawyers in Sichuan, my mother had also become a chief judge at the intermediate court in Mianyang City by then, with my sister being the director of the Policy Research Department of Mianyang Fucheng People’s Court.

But none of these would be of any help. Not only that, but my sister herself was also dismissed from the Party and her workplace, after she went to Beijing to appeal for Falun Gong after the crackdown.

além disso, she was also on the national wanted list of the Public Security Ministry. My parents were virtually under house arrest. They were not only often summoned to their workplaces to be “educated,” but were also under 24-hour surveillance by CCP informers living just downstairs. All their movements were closely observed and then reported to the authorities.

Jennifer with her mother in early 1999. This was the last photo taken before the persecution of Falun Gong began. Jennifer never expected that the persecution would occur. Nor did she realize that she would never have another chance to take a photo with her father. (Fornecido por Jennifer Zeng)

Jennifer with her mother in early 1999. This was the last photo taken before the persecution of Falun Gong began. Jennifer never expected that the persecution would occur. Nor did she realize that she would never have another chance to take a photo with her father. (Fornecido por Jennifer Zeng)

23

In April 2000, I was arrested for the fourth time; and then sent to the Beijing Female Labor Camp with a one-year Re-education through Forced Labor sentence. None of the following was able to prevent this from happening: my father’s “top 10 ” status, his “1+1=2″ theory, my brilliant halo as a ” talented woman from Peking University,” as well as the fact that I once worked for the Development Research Center of the State Council.

When my father asked me to study science, he believed that studying science would help to prevent me from recommitting the same error he had made. Contudo, he didn’t expect that “plans always fall behind changes,” and that I would end up in jail for practicing meditation and trying to be a better person—not for doing anything political at all.

Every day within the labor camp was a battle between life and death. Every day I was either experiencing for myself or witnessing all kinds of the most unimaginable, inhuman, and vicious crimes. Amidst the unprecedented barbarous physical torture, mental destruction, and a war to destroy our will power, I had been pushed to the edge of total collapse countless times.

Contudo, with a very strong determination to survive so that I could expose all this evil, I did manage to escape the devil’s den by a hair’s breath (Please refer to my autobiography “Witnessing History: One Woman’s Fight for Freedom and Falun Gong” for more details) and was released in April 2001. In order not to be sent to the brainwashing center again, I had only five days later to leave my home and live in exile.

At this stage I learnt that my sister, who was on the national wanted list, was “hiding” and working in a small bar in Chengdu, the capital city of Sichuan Province some 100 kilometers away from Mianyang. As she couldn’t apply for a temporary residence permit with her ID card, she was nearly caught several times when the police went to the bar to check residence permits. It was very dangerous for her to continue to stay there. I decided to find her a safe place so that she could leave as soon as possible.

I took the train to Chengdu to meet her. The bar she worked at was extremely small, with her as the only attendant. So she had to do everything alone, from serving the customers to acting as the cashier. Everyday she worked until midnight. As she had no other place to stay, she had to wait until all the customers left before she could push the tables and chairs to the corner to make a bed on the floor for her to sleep.

Under such circumstances, it was impossible for me to stay with her at the bar as well. So we went to a small motel nearby. At this stage, we hadn’t seen each other for more than a year; and there was so much we wanted to share with each other.

We talked for the entire night until dawn. When daylight broke, we both felt very hungry. So we walked out to get some food. At the front door of the motel, we came across a young man. His facial expression abruptly changed as soon as he set sight on my sister. Then he quickly turned back and rushed away.

My sister also recognized him: he was a classmate of my sister from ten years ago, when they were studying at the police academy. And he was currently a police officer in Chengdu city, and obviously knew very well that my sister was on the wanted list with 30K yuan (approximately US$3,600, a sum greater than the average annual income in China at that time) reward money on her head.

We immediately checked out and left the area. Having nowhere to go, my sister had to return to her bar although we both knew it was very risky. Enquanto isso, I decided to secretly travel back to Mianyan. I could visit my parents, after having been imprisoned for more than one year, and I could also try to find a place for my sister to go from there. I believed that I could only seek help from a fellow Falun Gong practitioner, as I didn’t think there would be any other people who would take the risk to offer assistance to a “wanted criminal.”

24

When I saw my parents after only one year’s separation, I was as surprised as I had been in 1998, when I saw the huge change in my father after he practiced Falun Gong. Contudo, this time, the surprise was totally opposite of the one before. It deeply pained my heart.

My father had relapsed into a thin, bony, and silent old man. What was more terrifying than the change with his appearance was that, through his gloomy face, I could see that his soul seemed to have withered, without any sign of life. He was no longer the father I saw over a year ago, when his face had glowed with a youthful radiance while proudly boasting that “four out of five members of our family all practice Falun Gong!"

He was obviously too scared by the overwhelming propaganda campaign and the suppression and had stopped practicing Falun Gong. He no longer talked about anything related to cultivation, either. He even failed to ask me anything about what had happened to me, how I had suffered in the detention center and the labor camp. Perhaps it was because he dared not ask, or perhaps he was not interested. For an old man whose soul had dried up, it wouldn’t make any difference anyway.

I only heard him mumble once, “I am almost 70, and can’t afford any mishaps. What if they confiscate my house? What if they stop paying my retirement pension?"

As to my mother, I noticed that much of her hair had turned grey. Inicialmente, she always talked about her three beautiful and talented daughters with much pride and excitement. Contudo, now with two of her three daughters having become the enemy of the Party, all her pride and happiness had gone. She also looked like a lifeless plant wilted by the frost.

25

Because of the special circumstances surrounding my sister and me, it was very difficult for us to communicate with each other. I dared not use my parents’ home phone or my cell phone to call her directly, as that could bring immediate danger to her. I had to call her beeper number using a public phone, and then wait there for her to return my call.

After receiving my beeper message, my sister needed to try to find an opportunity to leave the bar first, and then find a public phone to call me back. She had to be very careful, so each time she called, she tried to use a different location.

After overcoming all sorts of difficulties and challenges, I finally found a place to go. I asked my sister to buy two train tickets from Chengdu, one for herself and one for me. As the train started from Chengdu, it was easier to buy a sitting ticket from there. When the train stopped as Mianyan, I would board from there and join her.

I did exactly as we agreed. Contudo, when the train arrived and stopped at Mianyan, my sister didn’t come down with my ticket as I had expected.

I felt something very ominous, but still managed to get on board with my platform ticket. I went straight to where our seats should have been and found two peasant workers sitting there. I asked them whether they had seen a young woman with such and such an appearance when they first boarded the train.

They immediately cut me short in a panic and said, “No, we didn’t! We have been here from the very beginning!” I knew that they were worrying that I would say that those two seats were not theirs and drive them away.

Failing to find out any clue, I had to push my way to and fro within the very crowded train, trying to see if I could find any trace of my sister while knowing too well that the possibility was miniscule. After about one hour, the train arrived at the next stop, which was more than 50 kilometers (sobre 31 milhas) away. I had searched from the first to the last car of the long train a couple of times, but still didn’t see any trace of my sister.

Not knowing what to do, I got off the train. It was about 3:00 am in the morning; with heavy rain pouring down. Everything was so dark, and so strange. Standing in the pouring rain, my heart kept sinking and sinking.

Finally I decided to call a taxi and go back to Mianyang. How could I leave alone without knowing exactly what had happened to my sister?

As soon as I entered my parents’ home, I saw a lot of luggage scattered everywhere on the floor. My mother was trying to sort them out; with her hair in a mess.

Upon seeing me, she didn’t ask why I ended up returning. Ao invés, she said to me with a dull and blank face, “Your sister was arrested yesterday. This is her luggage; your brother-in-law just got it back from the detention center. And this is the receipt of the confiscated items that were found with her when she was caught.”

I took the receipt and looked at it with a blank mind. It says, ” A number of copies of Falun Gong books; two train tickets to Taiyuan; and a storage room ticket for luggage…”

My father suddenly grabbed my bag from the ground, rammed it into my hand, pushed me out of door; and shouted loudly, “Hurry! Go! Don’t wait until the police find out who was planning to run off together with your sister!"

I was dumfounded for a while. Then I clenched my teeth, took a last look at my mother’s newly dull eyes and grey hair, then turned around abruptly and quickly walked away.

26

Later on I learned from my mother that it was indeed that police classmate of my sister who had reported upon her, so that he could gain the 30K yuan reward.

After he alerted the authorities, police officers from Chengdu and Mianyang worked together and launched a blanket search for my sister, while I was trying to find a place for her to go. On the day when we had planned to leave, my sister left the bar in early morning; and stored her luggage in the train station, as the train wouldn’t leave until late at night.

She decided to utilize her spare time to visit several classmates in Chengdu, whom she dared not meet before. She wanted to say farewell and tell them about Falun Gong and why it was being persecuted. But, alas, she ended up being caught on the bus, before she ever saw any of her classmates.

All this was reported in great detail by the “Rule of Law” newspaper in Mianyang. Local police celebrated my sister’s arrest as a big achievement, since she was on the national wanted list. So they boasted about themselves in every detail in the newspaper.

I couldn’t imagine how many police officers they had deployed in order to catch my sister in a big city with a population of more than 10 milhão. How did they manage to locate her while she was just randomly on a bus without any previous plan? As far as I am know, she didn’t have a cell phone with her either, which might have been used to trace her. I could never figure this out.

27

Several days later, I arrived in Taiyuan alone. The friend who waited for me there still took me to Mountain Wutai, a famous Buddhist site, according to our initial plan.

Standing on top of the mountain, thinking about my sister who should have been there together with me, looking at the sacred Buddhist site being turned into a chaotic tourists’ destiny, and listening to the sutras chanting played with cassette recorders in the shop that sold travel souvenirs, I was suddenly overwhelmed by a tremendous feeling of sadness and sorrow. I couldn’t help but cry. Deep within my heart, I suddenly felt connected with a poet of more than a thousand years ago, who wrote this famous piece:

Before me, where have all the Sages of yore gone?
Behind me, where are their successors (– Tell me, m’friend)?
O Heaven and Earth, how boundless and without end!
I’m all alone, down my cheeks tears keep rolling on.

sim, the irony and sadness was, while ancient and sacred Buddhist temples and sutras could be traded for money a million times, genuine cultivators of Buddha principles were not even allowed to exist in the vast space between heaven and earth.

Contudo, while I was feeling extremely concerned for my sister, I had never realized that the moment when my father pushed me out of the door would be the last time that I would ever set my eyes upon him.

28

Four months later, I was lucky enough to be able to escape to Australia, and formally begin another stage of my life in exile. With the help of local Falun Gong practitioners, I settled down quickly and continued to write my autobiography, “Witnessing Histroy: One Woman’s Fight for Freedom and Falun Gong," to expose the atrocious CCP’s persecution of Falun Gong.

The book was translated into English by the biggest publisher in Australia, distributed worldwide, and raised a lot of attention internationally as the first book written by a labor camp survivor since the crackdown of Falun Gong began.

Several years later, NTDTV, the largest independent global Chinese-language television network, co-produced a documentary called “Free China: the Courage to Believe” with me as one of the main characters. This film won numerous international awards after its release, and I was invited to many cities and countries to give speeches. Because of all this, I received a lot of media coverage. Como um resultado, my parents in Mianyang also received “extra attention” from the National Security Bureau.

In the beginning, the national security police only “invited” my parents to tea regularly. Later on they gave them more pressure by asking them to go abroad to convince me into returning to China to “take a look and see how great the motherland has turned out to be.”

I am aware that when a Falun Gong practitioner returns, they will force him or her into revealing as much information as possible about overseas Falun Gong practitioners. Ultimately, the returned practitioner becomes a spy for them thereafter.

Once, before the Middle-Autumn Festival, a time when Chinese families traditionally come together, the director of the National Security Bureau in Mianyang even personally sought my mother for a discussion.

He said to her, that they sincerely invited me back to China and would ensure my safety. He even said that he could write a guarantee statement and give it to my mother. They were actually still forcing her to contact me to pass on their “invitation.”

The police writing a guarantee statement to me? I didn’t know whether I should laugh or cry. When I was detained in the labor camp, they nearly tortured us to death in order to force us to give up our beliefs by writing a guarantee statement that we would not practice Falun Gong.

Now they want to write a guarantee to me? If they were really willing to “guarantee” my safety, why don’t they just release all the countless imprisoned Falun Gong practitioners in China? Why are they still committing the inhuman crime of killing Falun Gong practitioners on demand for their organs? Even the Nazi regime has never done such a thing as forcefully mass harvesting human organs to be used as merchandise for profit. This brutality has gone far beyond any normal human’s imagination.

The police writing a guarantee statement for me? No way. I asked my mother to tell them, “Sorry, but I don’t think I will go back.”

When the police heard this, they forgot to put on their disguise; and viciously threatened my mother, “If she refuses to come back this time, never dream about coming back again!"

A maior parte do tempo, it was my mother who warded off the police harassment. I learnt from my mother that father always had only one sentence for the police when they asked me to go back to China: “The time is not right yet.”

Every time when I called home, it was always my mother who answered the phone; whilst my father seldom talked with me. When he did talk, he always simply said that he was fine, and asked me not to worry about him.

Contudo, I learned from my mother that he was not doing too well. His blood pressure went up again, he had cataracts in his eyes and his eyesight had turned very bad. Sometimes, when he tried to fill his cup, he poured the water outside of the cup as he couldn’t see clearly.

29

em agosto 2014, after being separated from my father for more than 13 anos, I suddenly heard that he was in a very critical condition and had been sent to the hospital with heart and respiratory failure.

While the entire family was feeling extremely worried and helpless, police officers lost no time to appear at the hospital, and said to my mother in a tone as if they had just won a big war, “Need your eldest daughter to come back? Well, we can still offer help.”

Offering help? Several years ago, when I went to the Chinese Consulate in Sydney for some attestation service, instead of offering me the service, the officer gave a pile of documents and asked me to write down details including all my Falun Gong activities in Australia, as well as all the information I knew about other Falun Gong practitioners. After I did what they wanted, they would then stamp the documents for me.

Faced with this kind of scampish blackmail, what could I do except walk away? So if I really asked for “help” this time, wouldn’t they give me a thicker pile of paper sheets?

30

On Oct. 27, 2014, my father passed away after living in misery for many years. When he departed from this world, none of his three daughters were able to be around him.

I wept silently in a far away and foreign land. When my father’s situation deteriorated rapidly, I once wanted very much to rush to the Chinese Consulate to see if I could get a visa to return to China. Contudo, my supervisor stopped me and said that he didn’t think my father would want to see me return and put myself in danger.

And the police didn’t even spare my parents when my father was dying, as they thought that would be the best opportunity to force me back. Being pushed by them into a corner, my mother clenched her teeth and said: “Don’t push us. We don’t need her to come back. After her father dies, I will just incinerate the body and then sprinkle the ashes into the river! If she has filial piety, she can try to remember her father in her heart; if she has no filial piety, that is also fine! We don’t need her back!"

Mother’s “ruthless” words really hurt my heart. But what could I say? Under the ruthless CCP regime, if my mother were not tough enough, how could she survive all the atrocities that could have killed her many times over otherwise?

31

After more than one month, I still couldn’t get over my grief and regret. I was extremely upset that I couldn’t be at his side when he was dying. I was even more upset that I had not tried hard enough to persuade him to take up Falun Gong again, as I knew that the home phone was tapped.

I was afraid that if I did, I would bring more trouble to him. As it happened, on the night before he passed away, I had been still planning that I would overcome my fear the next day and ask him to take up Falun Gong again for his health.

Contudo, early the next morning, the first thing I learned about was his death. If he had resumed his practice of Falun Gong, I’m sure he wouldn’t have passed away like this! I didn’t know how I could make up for all the losses.

Finally I thought about something, which was, to publish a declaration on his behalf to quit from the CCP at The Epoch Times Quit the CCP website. Although he had told me before that he had already withdrawn from the party, I was not sure how he did it. portanto, I thought it was necessary for me to publish a declaration on his behalf.

I sincerely believe that people’s souls live beyond their physical bodies, and they will go to other dimensions. portanto, it was necessary to help my father to clear the “mark of beast” left on him by the CCP, as he was once a CCP member.

This was also perhaps the only thing I could do for him at this stage. It really pained my heart to think that my dear father, who was once so talented, so upright, and so kind-hearted, died in such miserable circumstances. He was even denied the chance to see his daughters on his deathbed. Wasn’t all of this caused by the CCP? I was very confident that my father’s soul would want me to declare his wish to cut any lasting ties with the party.

32

On Nov. 29, 2014, I published the following declaration on behalf of my father at the Quit the CCP site on The Epoch Times website. As I was still very upset because of my father’s death, I could only write a very simple, and therefore not satisfactory declaration:

Quit the CCP Declaration for My Late Father Jiang Shengzhi

My late father Jiang Shengzhi once practiced Falun Gong; but was forced to give up because of the CCP’s persecution. He died of illnesses recently after suffering miserably for many years. The practice of Falun Gong once benefited my father greatly, and he looked at least 10 years younger because of it. It is impossible to know how many people like my father have been killed either directly or indirectly by the CCP’s persecution of Falun Gong!

Although my father had chosen to withdraw from the CCP before, he had not published his declaration at the Epoch Times website. Hence, I hereby solemnly declare on his behalf that he would like to quit the CCP and its related organizations, and I do believe that his soul in heaven would like to see me doing this for him.

Jiang Shengzhi’s eldest daughter Zeng Zheng

33

I had always wanted to write something to commemorate my father; but always hesitated, as I didn’t know where to start.

In April 2015, the number of people who have published their declarations to withdraw from the CCP and its related organizations exceeded 200 milhão. To celebrate this occasion, The Epoch Times launched a composition competition and called for article submissions. I thought to myself, let me commemorate my father via participating in this competition. Apart from this, I couldn’t think of any better way.

Therefore I wrote this long article in tears.

34

As for myself, I published the quit CCP declaration below on Dec. 15, 2004, about one month after the publication of “Nine Commentaries on the Chinese Communist Party.”

Quit the CCP and Become a Clear-Minded Chinese

When the CCP started the crackdown on Falun Gong, it announced that “no Communist Party members are allowed to practice Falun Dafa.” At that stage I chose to continue to practice Falun Gong without any hesitation. Como um resultado, I was illegally imprisoned for more than one year. I had thought that as I had not paid any party dues and had not involved myself in any party activities for such a long time, I should have been considered as having automatically withdrawn from the party according to the CCP’s regulations. portanto, I had always thought that I already had nothing to do with the CCP whatsoever.

Contudo, after reading the “Nine Commentaries on Chinese Communist Party” recently, I was struck by so many new realizations that I felt I needed to ponder how I was “trapped” into the CCP in order to really clear away the poisonous damage it left on me. At the historical moment of “disintegrating the CCP with universal laws,” I needed to make a clear stance.

The earliest thing I remember in my life was when I was four years old. Naquela hora, I had started trying to imitate the dancers after watching the revolutionary ballet “White-haired Girl,” one of the eight “model revolutionary ballets” during the Great Cultural Revolution, and my mother was very proud of my dancing talents.

Not until more than 30 years later, after I had arrived overseas, did I learn that the story portrayed in the “White-haired Girl”, a story about how the CCP saved this white haired girl from the “old evil society,” was a complete lie. Not only was it a lie, but it was also related to the so-called “Land Reform” campaign, in which more than 100,000 landlords were killed, with their lands taken away by the CCP. In order to glorify this “Crashing the Landlords and Sharing their Land” campaign, the CCP fabricated that story to make it look great.

I was very much astonished when I learned the truth: to realize that the first memory in my life was actually related to the huge lie and ruthless campaign that had killed more than 100,000 pessoas.

I don’t remember exactly when I joined the Young Pioneers of China (once also called the “Little Red Guards”). According to my mother, it was when I was in the first grade of elementary school. As I did very well with my studies and was very obedient, I was among the first group who joined the “Little Red Guards.” For many years, I had been very proud of this, as I thought it meant that I was doing very well in school, and it should be regarded as an honor.

I only felt alarmed after reading the “Nine Commentaries on the Chinese Communist Party.” As a six year old child, who wasn’t even able to remember everything, I was already dragged into the evil CCP’s system, as the "Little Red Guards” was officially entitled the “reserve team” of the CCP. I didn’t know how many times I had sung the Little Red Guards theme song “We are the Shining Future of Communism.” The Communist Party has established communism as its state religion, and everybody was forced into it ever since he or she was born.

The “Great Cultural Revolution” began in the year I was born, and lasted for 10 anos. portanto, throughout my childhood, what I was exposed to were all the CCP’s propaganda about how “Chairman Mao” was the great savior of Chinese people, and how “great, glorious and correct” the CCP was. Literature works, music, dance, fine arts (if those “revolutionary propaganda pictures” could be called “fine arts”), films, and so on, were all tools to propagandize that “The Great Cultural Revolution is absolutely great!"

Dragged inside the Party’s cultural surroundings, I unknowingly received many things that the Party wanted to instill in me, though I was a kind-hearted and simple person by nature.

I joined the Youth League in middle school. Na superfície, it seemed that this time I joined it with full awareness. Contudo, when the entire society was tightly controlled by the CCP, when every student was made to believe that joining the Youth League was a glorious thing, and it indicated you were doing very well, could one make any better judgment?

I was admitted to Peking University in 1984, and experienced a rare and relatively open and relaxed period when different kinds of theories and philosophies were allowed to spread. Many people did manage to rethink and reflect on the “Great Cultural Revolution.” However, under the Party’s persuasion, like many other Chinese people, I also believed that since the Party had “corrected” its own mistakes, everything would be brought back on to the right track, and tragedies like the Great Cultural Revolution would never happen again.

I became the first CCP member in my junior year in the university. I think the following two reasons played an important role in this: 1. I was somehow convinced by the theory that the Party could be changed for better if more good people joined it; 2. My father was finally admitted into the Party the year before after his constant efforts for more than 20 years of trying to be accepted.

When I learned he joined the Party, I was greatly shocked. I thought, as someone who had experienced so much, including political discrimination and persecution, he still didn’t give up his efforts. He must have had a very good reason for doing so. portanto, I should follow suit.

Now when I look back, I suddenly realized how unfounded this reason was. How could I be convinced by such a reason back then? I actually knew very little about father’s experiences, except the fact that he was labeled as the “black pawn of reactionary capitalist-roaders,” relocated to a remote small town, and re-educated there for many years.

My sister was born when I was four years old. As my mother, who was not allowed to live together with my father, couldn’t look after two children at the same time as she still needed to work to make a living, I was sent to live together with my father.

Contudo, until I left my hometown for university, in more than one decade’s time of living together with my father, I never heard him talk about any of his experiences during the Cultural Revolution, nor did he ever make any comments about any state affairs, despite the fact that he graduated from the department of politics of Southwest Politics and Law University.

The first political comment I ever heard him make was this, “No matter who is the chairman of the country, 1+1 will forever equal 2.” On the other hand, liberal arts are too easily affected by politics. portanto, although many people said that girls should study liberal arts, I still chose science because of my father’s insistence.

I learned a little of my father’s misfortune during the Cultural Revolution only recently through my mother. Dentro 1967, he was hospitalized after developing acute hepatitis, but was still dragged out to be publicly denounced. His hands were painted with black ink to indicate his identity as the “black pawn of reactionary capitalist-roaders.” Large amounts of his hair were pulled out. Como um resultado, he became bald-headed as early as in his thirties.

enquanto isso, my mother had to look after my father, who was nearly tortured to death, while I was only one-year-old. She also had to put up my father’s written “self-criticism” everywhere according to the requirement of the “rebels,” with no single spot to be ignored, or any copy being put in the wrong place.

I couldn’t imagine my father’s feelings after suffering all of this. In my memory, my father seldom talked. Contudo, when he wrote to me to tell me the news about having joined the Party, for the first time ever, I sensed his excitement. And this in turn influenced me deeply.

As my father’s family background category was “small land lessor,” he fell into the politically wrong class ever since he was born. Because of his “wrong” family class, no matter how hard working and how talented he was, he had always been struggling at the bottom of society. Perhaps being admitted into the Party could help rid himself of this inferiority complex of being politically wrong? Or did it have other meanings for him? Maybe he would never discuss this with me, as talking about politics was not safe in China, even within one’s family.

Many people don’t realize that the fear and loathing they have toward politics are in fact the terror and hatred they have toward the CCP’s history of killing. Part 3 of the “Nine Commentaries on the Chinese Communist Party,” “On the Tyranny of the Chinese Communist Party,” enables one to see more clearly and comprehensively that the CCP’s politics has been about how to kill and crackdown on people.

Dentro democratic countries, voting is a citizen’s obligation; and that is also “getting involved in politics”. What is there to fear or loathe? It is the CCP that has imposed a connotation of suppression and killing on the term “politics,” and that is why so many Chinese people hate the mere mention of “politics.”

One year after I became a formal Party member, the Tiananmen Square massacre happened. I was extremely shocked. As many students from Peking University were very active in the movement, it was said that the Peking University would be a main target for further crackdowns. Many different and horrible rumors were passed around, such as the army would occupy the campus, and no student should sleep on the upper level of a bunk bed to avoid being hit by stray bullets, and so on. The authorities of the university strongly suggested that we don’t stay on campus.

I was very much terrified, as I couldn’t find a place to stay. In the end, I ended up sleeping on a very hard desk in the office of a friend. During the night, I opened the office door to find my way to the restroom. Suddenly I thought I heard terribly loud bursts of machine-gun shots, and was nearly frightened to death.

Contudo, when I tried to find out where those gunshots came from, I realized that it was just the croaking of many frogs, as my friend’s office was located in the suburbs, and very close to a pond.

It took me several days and a lot of effort to be able to buy a train ticket so that I could escape Beijing-the city of the massacre, which was already under martial law. When arriving at the Beijing train station with three friends, I found it was as chaotic as if it were the end of the world. Many trains were cancelled or delayed. Dark smoke was still rising from the burnt tanks and military trucks.

We sat underneath a bridge near the train station; anxiously waiting for information regarding the departure of our train. As we had nothing better to do, we drew a portrait of Li Peng, whom we believed had ordered the army to kill the students, and then threw small pieces of stone at the portrait to see who could hit it with more precision.

After all the “noise” was suppressed, all the student party members were required to write up “thought reports” at great length with all the details about ones’ thoughts and deeds during the student movements. When trying very hard to keep myself out of trouble, I never seriously reflected on what kind of role the CCP had played in this tragedy. As a female science student, I was never very much into politics. Like many other people, I “forgot” this massacre soon enough: when all is said and done, nobody in my family was killed anyway.

Many people had tried to change the Party through joining it. Contudo, a ruthless reality smashed all their dreams. Disappointed by the failure, many people had long since given up this kind of thought and effort. Almost everyone agrees that the CCP isn’t good, but people usually feel helpless as it still seems so “strong.”

Only after I finished reading the “Nine Commentaries on the Chinese Communist Party” did I understand the reasons: As stated in the “Nine Commentaries,” the CCP is a somewhat “abstract,” independent, foreign, and evil specter that attaches itself to people, who could only be controlled and manipulated by it. How could one change it by joining the party?

That also explains the reason why after ten general secretaries of the CCP were all “knocked down” by the Party, the Party itself still “thrives in prosperity.”

That is also the reason why within the CCP’s doctrine, the Party’s interest is always above everything. Any human being, including all the party members can only be its tools, without being able to change any part of it. Any attempts to change it, or illusions that it can be changed, will surely be proved to be a failure, and what accompany all the illusions will surely be tragedies for the Chinese people, and even the world.

I am very grateful for the Epoch Times’s “Nine Commentaries on the Chinese Communist Party.” It enabled me to reflect on my initial motivation to join the CCP, helped me see through the Party for what it is, and therefore to clear away more thoroughly its poisonous elements within me.

The best way to rid oneself of a foreign evil specter is to firmly deny its existence, and to proactively break away from its control and influence in mind as well as in its organizational forms.

The Chinese nation has been occupied and possessed by the CCP evil specter for too long and is therefore critically “ill.” For an ill person, or for somebody who is controlled by a foreign specter, nobody would ask, “What will this person do without his illness or specter?"

portanto, it is completely unnecessary to worry about who can lead China without the CCP. A China without the CCP will surely regain its vitality, just like a sick person who was suddenly cured.

Hence, I hereby solemnly declare my withdrawals from the CCP, the Youth League and the Young Pioneers, and that my applications to join the CCP, the Youth League and the Young Pioneers, all the thought reports I wrote after joining the CCP, as well as all the written materials in my profile held by the CCP, are null and void. Only by withdrawing from the CCP can I become a really clear-minded Chinese citizen.

***

Jennifer Zeng is the author of “Witnessing History: One Chinese Woman’s Fight for Freedom and Falun Gong.” Before she was persecuted in China for her faith, she was a researcher and consultant in the Development Research Center of the State Council, the State Cabinet. Her story is featured in the award-winning documentary “Free China; the Courage to Believe,” co-produced by New Tang Dynasty Television and World2Be Productions. Zeng has a blog and posts to Facebook.

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17-year-old Shang Jiaojiao started working in a factory to help support her toiling parents. After cleaning numerous electronics screens with n-hexane, she suffered severe nerve damage and could no longer walk. (Courtesy of Human Rights Watch)17-year-old Shang Jiaojiao started working in a factory to help support her toiling parents. After cleaning numerous electronics screens with n-hexane, she suffered severe nerve damage and could no longer walk. (Courtesy of Human Rights Watch)

NEW YORK—Like millions of young men and women in rural China, Yi Yeting journeyed to the coastal cities for better job prospects. In Shenzhen, a southeastern metropolis bordering Hong Kong, Yi found employment with a large state-owned manufacturing company.

Two years into his job, doctors told Yi, then only 24, that he had leukemia, the result of extended exposure to benzene, a sweet-smelling toxic chemical that is strictly regulated in the United States and other developed countries. Na China, Yi had to breathe it in every day.

Yi and other Chinese victims of global supply chains for products ranging from cargo containers to Apple’s iPhones are the focus of “Complicit,” a new documentary by directors Heather White and Lynn Zhang. Besides featuring testimonies from dozens of victims as well as Chinese and overseas media reports, the film also used footage shot by undercover activists.

“Complicit” premiered in the United States to a packed theater in Lincoln Center on June 12. The film’s opening scene, the haunting funeral of a young factory worker, reminded some in the audience that they too played a part in the tragedy being highlighted.

Funeral procession

The funeral procession of a young factory worker, Yi Long. (Courtesy of Human Rights Watch)

“I felt guilty after watching the film, having a phone in my bag,” said Jhoe Garay, who attended the premiere. “I didn’t know anything about the people dying because of phones or iPads.”

As the film highlights, 90 percent of the world’s consumer electronics are produced in China. Many of the factories like Foxconn, the world’s largest contract electronics manufacturer and Apple supplier, employ migrant workers who leave their hometowns in search for higher-paying work. Official statistics counted over 280 million migrant workers in 2016, many of whom were teenagers.

Hungry for more profits, Chinese contractors to global brands force workers to use toxic chemical solvents like benzene and n-hexane because they are cheaper or more efficient than their safer alternatives.

This unethical manufacturing practice has led to many tragic stories, some of which are documented in “Complicit.”

Dentro 2009, Ming Kunpeng contracted leukemia after two years of wiping electronic component parts with benzene in a factory then owned by the Dutch company ASM International. A spokesman for ASM denied that Ming was exposed to benzene, but the company did eventually offer a one-time settlement to Ming’s family after their protracted lobbying.

Ming’s health deteriorated, and not wanting to burden his family with high medical costs, he committed suicide by jumping from the roof of the hospital where he was receiving treatment. He was 27.

Tragedy sometimes brings out true inspiration, as the film shows with the case of Yi Yeting, the migrant worker in Shenzhen.

Despite battling leukemia and mounting health expenses since 2005, Yi has found time to volunteer with a Hong Kong-based NGO to help dozens of victims of occupational diseases or work-related injuries demand compensation and workplace reform from companies like Foxconn.

“I still get tears when I watch the film because I feel connected to those individuals,” said director Heather White in an interview. White, who formerly headed a watchdog NGO, has spent her entire career in China investigating labor violations in factories.

Making this film was “an incredible, personal journey” she said.

The screening was followed by a panel discussion with White and Todd Larsen, the Executive Co-Director of Green America, which promotes environmentally sustainable consumer and corporate practices.

The panel noted that while electronics manufacturers across the globe violate workplace practices, entrenched government malfeasance and corporate abuses have exacerbated the situation in China. There, the authorities accept bribes from factories to suppress activists and squash NGOs instead of cracking down on malpractice.

Because of his activism, Yi Yeting was put under surveillance, evicted from his apartment, and blocked from exiting the country. Although he managed to attend the recent European premiere of “Complicit” in Geneva, he was questioned for hours by the Chinese authorities about his whereabouts upon his return.

Yi can be considered fortunate. A worker who was supposed to be featured in the documentary disappeared on his way to work. Previously, he had been organizing other workers in a neighborhood near a Foxconn factory where a cluster of leukemia victims was discovered.

“We just never heard from him again,” Heather White said during the panel discussion. “His family never found him.”

“China is a more extreme case because of its repressive authoritarian government and the inability of workers to have a voice at all,” she added.

White called on consumers to pressure the large global brands by signing petitions, writing letters, or dialing company hotlines to show concern about worker protection. Companies like Apple and Samsung are “able directly to influence the quality of the working conditions, at least in their own factories,” she said.

“I feel like we consumers in the land of plenty are fundamentally connected to those people who make our goods,” said audience member Jody R. Weiss after the film premiere.

“It’s as though we’re one heartbeat—if they suffer, we suffer.”

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Two people look towards high-rise buildings in Kowloon, Hong Kong, em uma foto de arquivo. The Hong Kong Monetary Authority and Beijing have agreed to launch a cross-border bond connect, granting foreign investors access to the Chinese onshore bond market. (Antony Dickson/AFP/Getty Images)Two people look towards high-rise buildings in Kowloon, Hong Kong, em uma foto de arquivo. The Hong Kong Monetary Authority and Beijing have agreed to launch a cross-border bond connect, granting foreign investors access to the Chinese onshore bond market. (Antony Dickson/AFP/Getty Images)

Beijing and Hong Kong have approved a new cross-border bond trading program, called bond connect, hoping to attract a new wave of foreign investors to buy Chinese onshore bonds.

The platform is similar in theory but differs in execution to the existing stock connect between Hong Kong and the mainland, which allows foreign investors to purchase mainland stocks. The bond connect will link Hong Kong to Shenzhen’s bond markets and is expected to go live on July 1, the 20th anniversary of Hong Kong’s handover to China.

Beijing hopes the bond connect will legitimize its bond market on the global stage and help diversify bearers of onshore default risk. But immediate success is unlikely, given the existing lukewarm reception of the similar stock connect program and overall investor skepticism of Chinese credit.

Expanding Access

China is the world’s third largest bond market following the United States and Japan, but is largely closed off from foreign investors. It first opened the onshore bond market to foreign investors in February 2016. Under this arrangement, foreign asset managers wishing to purchase such bonds must register locally in mainland China.

The bond connect will officially eliminate that requirement, as firms in Hong Kong will have the ability to purchase onshore bonds at will, without a mainland license.

In a joint statement May 16, the People’s Bank of China (PBoC) and Hong Kong Monetary Authority (HKMA) said that “Northbound trading will commence first in the initial phase, i.e. overseas investors from Hong Kong and other countries and areas (overseas investors) to invest in the China Interbank Bond Market.” The opposite southbound trading, or mainland investors investing in Hong Kong bonds, will commence in the second phase at a later date.

Oppenheimer_bonds1

China is the world’s No. 3 mercado de títulos (Fonte: Oppenheimer Funds)

Em teoria, bond connect will no doubt expand the market for Chinese onshore bonds and bring in a new wave of investors. “The major advantages of the Bond Connect compared to the existing China Interbank Bond Market scheme are the speed of gaining the access and the fewer onshore account set up needed,” Gregory Suen, investment director of fixed income at HSBC Global Asset Management, told industry publication Fund Selector Asia.

Hoje, prior to the bond connect, sobre 473 foreign investment firms are active within China’s onshore bond market with investments totaling 800 bilhões de yuans ($117 bilhão), de acordo com PBoC estimates. Contudo, the true number of foreign firms holding Chinese debt is less than the official figures, as about 200 do 473 are investors from the Chinese territory of Hong Kong, which Beijing deems foreign.

To cater to the anticipated trade flow, the Hong Kong Exchanges and Clearing and China Foreign Exchange Trade System formed a joint venture on June 7 called the Bond Connect Company to offer trading and support services to market participants of the bond connect.

‘Not a Case of Build It and They Will Come’

Beijing hopes demand for bond connect from foreign institutional investors will exceed the lackluster enthusiasm investors currently have for the Hong Kong-Shenzhen stock connection, where trading activity remains tepid.

But that’s far from a certainty.

The Hong Kong-Shenzhen stock connect has been open for six months, but logistical and demand issues remain. Clearing and settlement differences between Shenzhen and Hong Kong regulators have caused a sizable portion of trades to fail in recent months, de acordo com um South China Morning Post report. além do que, além do mais, foreign demand for Shenzhen stocks so far hasn’t met Beijing’s expectations, with the technology-heavy Shenzhen issuers viewed as perhaps too risky for foreign investors.

It’s difficult to see bonds faring better. Despite Beijing’s opening up the domestic bond market to foreign investors last February—with no approval necessary as long as the investor has a local registered entity—foreign ownership of China’s bond market remains tiny.

No fim de 2016, foreign holdings of onshore bonds are only 1.3 percent of total market value, according to estimates from o Financial Times.

That means investors don’t believe the investment returns on Chinese bonds are enough to justify the heightened default risk of owning Chinese debt, which has fueled much of China’s recent economic growth and today sits at almost 260 por cento do PIB, according to ratings agency Moody’s Investors Service.

Looking past macro issues, individual bonds are also notoriously hard to evaluate for foreign investors.

The industry standard global credit rating agencies of Standard & Poor’s, Moody’s Investors Service, and Fitch Ratings are barred from operating in China. Chinese bonds are instead rated by domestic ratings agencies, which are viewed by foreign investors with distrust for granting overly generous credit ratings. Em outras palavras, it’s difficult to assess the credit-worthiness of Chinese issuers because information on bonds is unreliable.

Oppenheimer_bonds2

Investors believe Chinese domestic credit rating agencies have tendencies to give out overly generous ratings to bond issuers (Oppenheimer Funds).

“For foreign investors, it’s not a case of build it and they will come,” concluded Rachel Ziemba, Managing Director at Roubini Global Economics, on CNBC. “They want to understand, they want to be paid for the risks they are taking on. In an environment where interest rates are rising in China, where the property market is flattening out a bit, that question mark about more information and drivers is going to be very important.”

The new U.S.-China trade deal signed during Chinese Communist Party leader Xi Jinping’s visit with U.S. President Donald Trump in April outlined a path for the U.S. credit rating agencies to begin operations in China later this year.

To foreign investors, that’s a step in the right direction, while also introducing new challenges. Foreign credit agencies will operate under supervision of Chinese securities regulators. During times of economic duress, can they remain independent and objective?

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Members of the Hong Kong Youth Care Association hold an anti-Falun Gong protest in Hong Kong on April 18, 2015. (Poon Zai-shu/The Epoch Times)Members of the Hong Kong Youth Care Association hold an anti-Falun Gong protest in Hong Kong on April 18, 2015. (Poon Zai-shu/The Epoch Times)

They came in the hundreds in their lime green T-shirts and placards. Lining up on the sidewalks, they made threatening gestures and hurled raucous abuse at a 1,200-strong parade contingent marching along a thoroughfare in Hong Kong’s central business district on April 23.

Members of the Hong Kong Youth Care Association and other communist front organizations, as well as pro-Beijing provincial clan associations, have in recent years been commonly sighted protesting local pro-democracy groups or practitioners of Falun Gong, a traditional Chinese spiritual discipline that is being suppressed on the mainland.

The pro-Chinese regime groups’ recent provocations at the Falun Gong event on April 23 cost a small fortune—The Epoch Times learned that protesters received over a million dollars in total from Chinese provincial authorities. These provocations are also representative of the overseas portion of a brutal persecution campaign that was launched on the mainland 18 years ago by former Communist Party leader Jiang Zemin.

Jiang felt threatened by the popularity of Falun Gong, which was being practiced by 70 milhões para 100 million Chinese at its peak, according to state and practitioner estimates. Jiang vowed to “eliminate” Falun Gong, and spearheaded the creation of an extralegal apparatus, a 610 Escritório, for the express purpose of targeting Falun Gong. Em julho 20, 1999, the persecution began with arrests countrywide.

Na China, hundreds of thousands of practitioners are being held in some form of detention, where they are met with brainwashing sessions and torture in a bid to make them give up their faith. Detained practitioners are also at risk of being killed to supply the Chinese regime’s booming organ trade, de acordo com researchers of forced organ harvesting in China.

Outside China, the Chinese regime rallies pro-Beijing groups to harass Falun Gong practitioners and their public efforts to raise awareness about the ongoing persecution on the mainland.

An example of overseas Falun Gong outreach would be the events organized in Hong Kong this April 23 to mark the anniversary of a peaceful appeal in Beijing on April 25, 1999. Sobre 1,200 practitioners from Hong Kong, Taiwan, and other neighboring Asian countries had gathered at Edinburgh Place, a public square near Victoria Harbor, to perform slow-motion exercises and hold a rally to denounce the persecution. Later, the practitioners carried banners that call attention to the persecution as they marched through Central district to the Chinese Liaison Office.

Hundreds from various Hong Kong pro-Chinese regime groups were at hand to protest the Falun Gong activities. Most prominent were members of the Youth Care Association in their lime green shirts, placards with anti-Falun Gong slogans, and loud heckling voices. Sobre 50 Youth Care Association members donned red shirts and beat out cacophonous communist “red” tunes on military band instruments.

The Youth Care Association was founded in 2012, and is widely believed to be a front organization for the 610 Escritório. The Youth Care Association has its headquarters in the same building as the Shenzhen branch of the 610 Escritório, according to Hong Kong newspaper Apple Daily.

The Youth Care Association’s recent Maoist antics infuriated the head of a local pro-Beijing clan association, and inspired him to expose details of the Chinese regime’s support to this newspaper. Because the clan head is closely acquainted with officials from the Liaison Office and Beijing and wishes to protect his identity, he wants to be referred to in this article as “Mr. Lam.”

Sr. Lam noted that the pro-Chinese regime groups’ harassment of Falun Gong on April 23 was the largest in scale to date. He learned from a high-ranking official from the public security bureau in Shenzhen, the Chinese city neighboring Hong Kong, that the Chinese regime spent over HK$10 million (sobre $1.28 milhão) to finance this single protest operation.

Sr. Lam said that the protest money was drawn from the “social stability maintenance” funds of Chinese provinces near Hong Kong, such as Guangdong and Fujian, and handed to the participating clan associations in Hong Kong or mainland Chinese protesters.

The Chinese regime spends tens of billions each year on “social stability maintenance,” or domestic security enforcement, which includes the suppression of human rights activists and spiritual groups like Falun Gong.

The Chinese ministry of finance places the 2016 expenditure at 166.8 bilhões de yuans (sobre $26 bilhão), although dizem analistas that the figure, after including spending on extralegal detention facilities or on hired thugs, could be much higher.

Sr. Lam said that each of the protesters were paid between HK$500 to HK$600 (sobre $64 para $77) for their attendance.

The heads of the different groups received substantially higher payouts. Por exemplo, the leader of a local Fujian clan association received HK$2 million (sobre $260,000) from the Fujian public security authorities. The clan leader had already made a small fortune from organizing anti-Falun Gong activities in Hong Kong, according to Mr. Lam, citing the clan leader’s ownership of two coffee shops and the Rolex watch worn by the clan leader’s wife as signs of his ill-gotten wealth.

But the Chinese regime’s dollars don’t easily buy support in Hong Kong these days, Sr. Lam said. Many locals now have a good understanding of Falun Gong and don’t wish to join the regime’s persecution effort. Several members of the participating Fujian clan association also opted out of harassing Falun Gong on April 23.

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  • Autor: <a href="http://www.theepochtimes.com/n3/author/li-zhen/" rel="author">Li Zhen</uma>, <a href="http://www.theepochtimes.com/" title="Epoch Times" rel="publisher">epoch Times</uma> e <a href="http://www.theepochtimes.com/n3/author/larry-ong/" rel="author">Larry Ong</uma>, <a href="http://www.theepochtimes.com/" title="Epoch Times" rel="publisher">epoch Times</uma>
  • Categoria: Geral

A trader talks on the phone at the Hong Kong Stock Exchange on July 9, 2015. (Isaac Lawrence/AFP/Getty Images)A trader talks on the phone at the Hong Kong Stock Exchange on July 9, 2015. (Isaac Lawrence/AFP/Getty Images)

New York has displaced Hong Kong as the world’s top destination for initial public offerings (IPOs) of stock during the first three months of 2017.

A lack of major stock offerings sent Hong Kong—the main Stock Exchange of Hong Kong (HKEX) and the Growth Enterprise Market (GEM) combined—to a distant fourth place, behind New York, Xangai, and Shenzhen.

Global IPO activity was brisk overall in the first three months of 2017, with 369 total global IPOs raising $33.7 billion in proceeds, according to EY data. The proceeds are a 146 percent increase from the same period in 2016.

The New York Stock Exchange led the way with $9.6 billion in total value from 14 issuances during the first quarter. Hong Kong’s $5.3 billion in first quarter IPO value was an 11-year low, according to data from Thomsen Reuters.

Hong Kong was the leading destination for company stock offerings in 2016 e 2016. Last year, it hosted $25 billion in total listing value and 115 deals. Its 2016 listing value was almost double that of New York, which listed $13.6 billion of IPOs, according to data compiled by EY.

Allowing Dual-Class Shares

Hong Kong’s lackluster IPO market share so far in 2017 could accelerate listing rules reform by the Hong Kong regulators.

EY_IPOs

(Fonte: EY)

Hong Kong Exchanges and Clearing chief executive Charles Li announced at a press conference in early January that the exchange is consulting stakeholders on the launch of a third stock exchange in Hong Kong in addition to the main HKEX and technology-focused GEM, according to the South China Morning Post.

The most-talked about reform will likely be the allowance of dual-class share structure. Dual-class structure, which allows companies to have two classes of common stock with different voting rights, is popular with startups but is currently banned by Hong Kong exchanges. The allowance of dual-class listing was proposed by the Hong Kong exchanges back in 2014, but it was ultimately rejected by the Securities and Futures Commission, the city’s securities regulator.

A single mega-IPO could often swing the fortunes of a stock exchange.

A third stock exchange in Hong Kong, if approved, would likely host companies with dual-class share structures.

Blockbusters Determine Winners

Hong Kong’s rise as a leading global IPO destination over the last few years has been a product of increased IPOs of Chinese companies looking to expand their access to capital by tapping foreign investors. Prior to establishment of the recent Hong Kong-Shanghai and Hong Kong-Shenzhen stock connect portals, foreign investors had limited exposure to Chinese companies.

The IPO of a single major company could often swing the fortunes of a stock exchange. Dentro 2014, Chinese e-commerce giant Alibaba Group Holding chose to list on the New York Stock Exchange instead of Hong Kong, specifically because Hong Kong exchanges rejected Alibaba’s dual-class share structure. Alibaba’s historic $25 billion IPO, which was the biggest ever, single-handedly propelled New York to the top of IPO rankings in 2014.

While the Asia-Pacific region led the way in IPOs during the first three months of 2017, activity was spread across several regions. Greater China was the busiest, followed by Japan and Australia. The biggest Asia IPO by proceeds was that of media company Sushiro Global Holdings Ltd., which raised $611 million in Tokyo.

The United States will likely challenge Asian exchanges for IPO superiority during the rest of 2017 due to several highly anticipated technology IPOs. AirBNB, Palantir Technologies, and Uber are all 2017 IPO candidates following Snapchat’s successful $3.9 billion IPO in March.

Last year was an especially underwhelming year for the U.S. IPO market. This was mainly due to lackluster stock market performance during the first half of the year and the mid-year shock of U.K.’s decision to leave the European Union. After a slight bounce back, investors were skittish ahead of the U.S. elections. The volatile market conditions of 2016 forced some companies to push back their IPO plans.

The biggest U.S. IPOs in 2016 were cross-border IPO of Chinese logistics company ZTO Express, insurance company Athene Holdings, and real-estate investment trust MGM Growth Properties.

Next year may become the biggest IPO year ever. Determination of 2018’s top IPO destination will likely rest on how Saudi Aramco chooses to list its shares.

Saudi Aramco is Saudi Arabia’s state-owned oil company. As part of the Kingdom’s plans for privatization, Saudi Aramco is exploring a 5 percent share offering in 2018. With an overall valuation of up to $2 trilhão, Aramco’s 5 percent IPO will likely become the biggest in history, raising up to $100 billion in proceeds.

The Saudis are exploring several listings across the United States, Ásia, U.K., as well as locally on the Tadawul Stock Exchange in Riyadh. How Aramco decides to allocate its massive stock sale will determine 2018’s top global IPO destination.

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An investor looks at an electronic board showing stock information at a broker in Shanghai on March 16. (Johannes Eisele/AFP/Getty Images)An investor looks at an electronic board showing stock information at a broker in Shanghai on March 16. (Johannes Eisele/AFP/Getty Images)

After three straight years of rejection from the prestigious and widely benchmarked MSCI Emerging Market Index, Chinese domestic A-shares may finally make the list in 2017.

Kicking off its annual review, MSCI sent a revised proposal to fund managers that could pave the way for Chinese onshore stocks to be included in the coveted index.

But even if Chinese A-shares do receive the green light from MSCI—a decision is expected in June—their inclusion cannot be considered a triumph for most Chinese issuers. The latest proposal cuts the number of companies from 448 para 169, and only gives Chinese A-shares a 0.5 percent weighting in the index. It’s a symbolic gesture, at best.

Half a Percent

Theoretically, the inclusion of Chinese A-shares in the Emerging Market Index will funnel more foreign money into the $7 trillion Chinese stock market and give onshore markets more credibility amongst global investors.

But MSCI’s latest proposal is extremely watered down for Chinese companies. The new recommendation abandons the previous proposal based on Beijing’s Qualified Foreign Institutional Investor (QFII) framework and will instead use a framework based on Hong Kong’s stock market connection with Shanghai and Shenzhen exchanges. This proposal, through the stock market connection, eliminates some of the restrictions inherent in the QFII framework such as investment quotas and eases others such as capital repatriation.

But the proposal also cuts the list of A-share companies from 448 para 169, which limits inclusion to only the large-cap companies that are already accessible today via the exchange connect. In practice, the proposal likely won’t subject a larger swath of the Chinese market to foreign investor scrutiny—only the biggest companies already exposed to global investors will be included.

Under the new consideration, yuan-denominated A-shares would only make up around 0.5 percent weighting within the Emerging Market Index, half of the previously proposed level. além do que, além do mais, the offshore yuan will be used for calculations, as opposed to the onshore yuan.

Another stipulation by MSCI is that all companies whose stock has been suspended for more than 50 days would be excluded from the index. Two years ago during China’s stock market crash, mais que 1,000 companies suspended trading of their shares.

MSCI_China

(Fonte: MSCI)

“It feels like the MSCI is making a concession, making it easier for A-shares to be included, so I think the move boosts the possibility,” Hao Hong, equity strategist with Bocom International Holdings Co., told Bloomberg in a report.

But while the move increases the likelihood of inclusion within the MSCI Emerging Market Index, much of the benefit under the original proposal would be eliminated. MSCI will make the final determination in June, after feedback from fund managers.

Years of Rejection

The MSCI Emerging Market Index was created in 1988 to track performance of emerging market stock markets. It currently consists of 23 emerging market economies and is one of the most widely used benchmarks for emerging market performance.

There’s an annual review to determine whether new geographies should be added. The last new inclusion occurred in 2014, when the United Arab Emirates and Qatar were added to the index.

atualmente, Chinese companies consist of a little more than 25 percent of the MSCI Emerging Market Index. Contudo, those companies are all listed in Hong Kong or the United States through ADR (American depository receipt) shares. China A-shares, or domestic listings denominated in onshore yuan which make up the majority of the Chinese stock markets, are not part of the index. A-share stocks are usually traded on the Shanghai and Shenzhen stock exchanges. Until the cross-border trading link Hong Kong-Shanghai Stock Connect began operation in late 2014, foreigners were largely barred from owning Chinese A-shares.

Two years ago, Beijing’s increased support of Chinese A-shares and an expectation of more international investment helped fan the flames of a market frenzy in the spring of 2015. The Chinese stock market bubble burst a few days after MSCI announced that China wasn’t yet ready for inclusion.

Since then, China had been slowly loosening market restrictions as its currency has gained greater acceptance worldwide, and it created the QFII scheme to allow foreign firms the ability to access Chinese capital markets. A new stock market connect was opened between Hong Kong and Shenzhen—its second biggest stock exchange—in late 2016.

But MSCI’s decision last year to reject A-shares’ inclusion was still a surprise to some investors, as Goldman Sachs, Citigroup, and HSBC all expected China A-Shares to join the global index.

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Dentro 2011, Chen Junjie (roughly “Jwin-jyeh”), an average, law-abiding Chinese citizen, had been living the coastal province of Guangdong for nine years when he decided to apply for local residence.
Despite everything else seemingly being in order, the Guangdong police turned down Chen’s application without explanation. He also encountered difficulties with his housing loans and driver’s license.
It was only in 2015 that, in a Kafkaesque episode, the authorities informed Chen that the source of his bureaucratic woes was a three-year prison sentence he had supposedly served for a 2008 attempt to rob a bank in the Panyu District of Guangzhou, the provincial capital.
Read MoreA Chinese Woman Had Her Identity Stolen 12 Years Ago. This Is What Happened When She Found Who Did It.
“I’ve never been to Panyu and I’ve not been in jail either,” Chen, who is from neighboring Hunan Province and lives in the megalopolis of Shenzhen, protested in an interview with The Paper, a state-run web publication based in Shanghai that reported the case on May 17.
By pulling some connections, Chen was allowed to confirm that his identity had been stolen by the now-released convict, to whom he bore no resemblance.
Chen’s misfortune represents an embarrassing oversight, if not evidence of corruption, by the police, court, and prosecuting body, as they ought to have confirmed the real convict’s identity.
de fato, lawyer and scholar of criminal law Mao Lixin told The Paper that such a case like Chen’s should be “virtually impossible,” and that he suspects “the personnel investigating and handling the case neglected their duties.
To make matters worse, police seemed to work at a snail’s pace in correcting Chen’s record, even after getting his fingerprints. “I’ve called many times to check up and every time they said they’re still processing the matter,” ele disse.
Netizen comments expressed sympathy for Chen, and following media coverage, the police announced promises to “process his case as soon as possible.
Read MoreParents of Children Poisoned by Tainted Chinese Vaccines Suppressed by Regime Censors

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The Chinese medical system requires patients to pay up-front, meaning that for hundreds of millions of people, a life-threatening injury or disease can be financially crippling.
Even with insurance, patients and their families still have to foot the bill first and be reimbursed in the future. Faced with such dire costs, many Chinese have opted to skip out on professional treatment, and some have been driven to attempting dangerous and dubious operations on themselves or relatives.
Cobra Poison
A man in Hebei Province, northern China, who had expended all his savings and was deep in debt from paying for treatments to cure his daughter of aplastic anemia, decided to use a poisonous snake to combat the ailment.
Wang Jingshuai at his home in Hebei Province demonstrating how he used a cobra to cure his daughter. (via Tencent)
Closeup of the cobra. (via Tencent)
Wang Jingshuai, the father, got a cobra imported from the south after hearing of an unconventional treatment method that calls for one toxin to fight off another, online news outlet Tencent reported in January. He had it bite his daughter on the wrist.
Unsurprisingly, the girl, who has been sick since 2011, did not get better from the snakebite. Ao invés, she began to feel severe discomfort and had to be sent to the hospital immediately.
Burning Off Leukemia
Twenty-four-year-old Jia Binhui, a man in the southwestern province of Yunnan, could not afford treatment for his leukemia, so he decided to cook himself over red-hot coals to destroy the cancerous cells.
Jia Binhui cooking himself to cure his leukemia. (Sina Weibo)
Jia had leukemia since 2013 and attempted his backyard treatment in April 2015, as detailed in his posts on Sina Weibo, a popular Chinese social media website.
“Experts say that temperatures over 42 degrees Celsius (107.6 degrees Fahrenheit) can kill cancer cells,” Jia wrote.
Jia lay down on a set of bamboo poles suspended over his fire in half-hour intervals, resting to tend the flames. His Weibo posts indicated that he would go to the hospital after a few days of “treatmentto see if his method worked.
Jia Binhui setting his backyard fire. (via Sina Weibo)
Amputating Own Legs
When Zheng Yanliang, a farmer in Hebei Province with savings worth about 20,000 yuan, found that it would cost 1 milhões de yuan (sobre $154,000) plus a 300,000 deposit for an attempt to cure his leg condition, he gave up on professional medical services and took a knife and hacksaw to his damaged limbs.
Zheng Yanliang demonstrates how he amputated his leg. (via Netease)
Both of Zheng’s legs were affected with a stroke-like symptom that caused massive clotting and were destroying the limbs, the state-run Global Times reported. This was highly debilitating as he was the breadwinner in his family before being diagnosed with the condition in 2012.
The embolism had progressed to the point that Zheng’s bones were visible and maggots were crawling out of the rotting flesh.
In April 2012, without telling anyone, Zheng bit hard on a towel and spent fifteen minutes sawing off his right leg.
He succeeded in removing his leg, but in the process broke his saw and lost four molars from biting too forcefully on the towel. The next day, his left leg began to separate starting from the ankle.
Zheng’s story received widespread media coverage, and he eventually received enough donations to have him amputate his remaining leg in a Beijing hospital.
Zheng Yanliang at his own home. (via Netease)
Herbal Smoke
Em novembro 2014, villager Wei Shufu from Yunnan set up an herbal medicine bed for his daughter, hoping that the fumes would cure his daughter’s blood disease.
Wei’s daughter. (via Netease)
Wei’s daughter was diagnosed with an inherited blood disease in 2013, Contudo, the bone marrow transplant needed for her treatment would have required a 300,000-yuan deposit (sobre $46,000), with further 50,000 para 60,000 yuan a year for blood transfusions.  
The family’s annual income was only 40,000 yuan, as Wei described on his Weibo account.
Lacking alternatives, Wei built a special elevated bed with a variety of herbal plants gathered from nearby mountains as prescribed by a method he found online. The treatment would be carried out by burned a fire under the bed and having the girl lie on it while breathing in the “herbal smoke.
Wei’s Weibo account was banned on the charge of spreading false information after he posted pictures of the treatment.
Wei Shufu’s daughter lying in the herbal bed made by her father. (via Netease)
Wei Shufu trying to cure his daughter with “herbal smoke.” (via Netease)
Wei tends to the herbal bed. (via Netease)
Suicide to Escape Debt
When all else fails, some Chinese are ready to pay the ultimate price to cover their family’s medical bills.
Yang Gong (pseudonym), a divorced man from Shenzhen in southern China with two children and 170,000 in unpaid debt, found himself in a dilemma when his younger son was diagnosed with bone cancer.
Because he was a migrant worker without officially-recognized residence in Shenzhen, Yang, whose story was reported by Southern Metropolis Daily in October 2015, could not cash in on the state insurance system.
Additionally, his son was his second-born child, in contravention of the then-one-child policy. This barred him from received any insurance benefits at all.
Yang Zhensheng, son of Yang Gong. (via Southern Metropolis Daily)
Under immense pressure, Yang committed suicide at his workplace.
This was “a path that I chose for myself,” Yang Gong explained in a series of suicide notes. “I simply don’t have the money. I can’t watch this ordeal drag out endlessly.
Following his death, authorities sharply reduced the amount Yang’s son would have to pay for treatment given his status as a second child. But the father’s sacrifice could only go so fareven with family members taking debt to support him, the younger Yang still faces over 100,000 yuan of unresolved bills.
 

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Amidst a backdrop of souring loans and diminishing reserve ratios, Chinese banks last week announced the least encouraging quarterly earnings in almost a decade.
Facing a challenging domestic and international economic environment, the banksunderlying profits are deteriorating. The rising figure of official and nonofficial toxic loans are evaporating reserves and without drastic cuts to minimum reserve requirements, all but guarantees future losses.
It may be time to say goodbye to the industry’s string of quarterly profit increases and 10 percent dividend yields.
For years, Chinese banks managed earnings by adjusting provisions for bad debt which have been comfortably above the regulatory minimum. That threshold sits at 150 percent of existing non-performing loans (NPLs), which Beijing lowered from 200 percent to help banksbottom lines and free up capital.
A Loan by Any Other Name
China’s official bad loan ratios sit between 1.5 percent and 2 percent at major banks. That figure is widely recognized as understatedeven the most bullish investors peg the true NPL ratio to be in the high single digits.
Charlene Chu, partner at Autonomous Research Asia and head of its China banks research group, estimates that NPLs are as high as 22 percent system-wide, according to a recent interview with Barron’s Asia.
The discrepancy between these figuresand what makes calculating China’s NPL proportion so difficultlies in what one considers to be debt. Chinese banks and regulators, and many mainstream Western research firms, analyze NPLs within a bank’s loan portfolio.
Nobody wants to be the first to report a profit decline after so many years of growth.Richard CaoGuotai Junan Securities

But for China, a large amount of credit resides outside that scope, in the form of wealth-management products (WMPs). WMPs are a catchall for financial instruments that may reside on or off balance sheet to provide new financing or to service existing debt.
These products are structured differently than loans, which utilizes the bank’s existing balance sheet. In a typical product, the bank contributes capital to a partnership entity with non-bank counterparties such as securities firms or investment trusts, to issue credit to a struggling company. Instead of a loan, the bank holds an investment in an unrelated partnership.
The structure is somewhat similar to a collateralized loan obligation (CLO) or collateralized debt obligation (CDO). But here, instead of raising mostly outside capital as would a CLO, the bank could hold majority of both debt and equity.
Such financial engineering allows banks to dress up their balance sheets. Loans masquerade as investments, which have a lower risk weighting than debt under Chinese capital adequacy rules, allowing the bank to report a lower NPL ratio and set aside less reserves.
Such WMPs are often the only credit available to “zombiestate-owned enterprises facing restrictions on formal borrowing, such as those in the steel, cement, and manufacturing industries.
Autonomous believes that total outstanding WMPs grew 57 por cento em 2015, with off-balance sheet WMPs up 73 por cento. “If WMPs grow just 25% para 30% this year, they will be twice as big as the combined amount of structured investment vehicles and conduits that blew up on Western banks during the global financial crisis,” Chu said.
Reserve Ratio Cut Expected
The banks, meanwhile, struggle to meet even the official NPL reserves on their books.
To eke out a first quarter profit gain, two of the four largest state-controlled Chinese banks had to lower bad loan provision at March 31 to below the regulatory minimum.
Bank of China and Industrial and Commercial Bank of China Ltd. (ICBC)’s buffer has fallen to 149 percent and 141 por cento, respectively. China Construction Bank is slightly above at 152 por cento. The bank with the most NPLs, Agricultural Bank of China, has a coverage ratio of 180 por cento.
“The regulator is probably tolerating such a temporary breach and a cut in the ratio is on the way,” Hou Wei, a Hong Kong based analyst at Sanford C. Bernstein, said in a Bloomberg report. Nomura research indicates that China’s reserve ratio could be cut from 150 percent to 120 percent without material risk to China’s financial system.
During last week’s earnings disclosure, China Construction Bank Chairman Wang Hongzhang said that it was possible that the reserve ratio may be cut to between 120 e 130 por cento, but qualified that statement by saying the degree of ratio cuts may not be standard across the industry.
The temptation is there. According to BNP Paribas research last year, a small cut of minimum reserves of 10 percent points would boost bank earnings by 7 percent across the industry.
Reckoning Ahead?
Cutting reserves is a double edged sword. It can boost earnings and allow a bank to lend more, but it weakens the bank’s capital and its ability to withstand loan losseswhich is on the rise.
The official NPL ratios are at their highest levels in several years. At this point, relaxing loan reserve ratios in the face of deteriorating asset quality sends a bad message and puts into question the intention and role of Chinese regulators, a Fitch Ratings note suggested earlier this month.
But even if Beijing cuts reserves down to the 100 percent level pre-financial crisis, is it enough? If the current ratio of official NPL more than doubles to 4 ou 5 por cento, loan losses would carve into banksretained earnings and tier-one capital, estimates Sanford C. Bernstein.
“For the first quarter, [the banks] can still maneuver a bit by cutting costs here and there, and end up with zero profit growth and still maintain the minimum NPL coverage ratiobut for the full year nobody can achieve both,” Richard Cao, analyst at Guotai Junan Securities in Shenzhen, told Bloomberg.
“Nobody wants to be the first to report a profit decline after so many years of growth,” Cao added.
But they may not have a choice. Quarterly earnings and dividend levelswhich the banks hold sacrosanctwill be cut.
Depois de tudo, nobody wants to be the first to trigger a global financial crisis either.

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Chinese telecom equipment giant ZTE Corp. was hit with trade sanctions from the U.S. Department of Commerce last month for allegedly violating laws restricting exports of American made technology to Iran and other nations.
Trading of ZTE’s shares was suspended for a month on the Shenzhen Stock Exchange, and is down more than 3 percent since April 7 when trading finally resumed.
The sanctions were temporarily lifted until June 30, assuming ZTE continues to cooperate with U.S. authorities. The increased scrutiny will likely expose other Chinese firms to similar bans, potentially introducing volatility and downward pressure on Chinese stockswith the Shanghai Composite already down 13 percent year-to-date.
Os EUA. government has been investigating ZTE’s activities dating back to 2012. The company allegedly created shell entities to sell software and telecom equipment containing components made in the United States to Iran, which is in violation of U.S. economic sanctions.
Em março 7, the U.S. government barred manufacturers from selling U.S.-made electronic components to ZTE. The sanction was a major setback to ZTE’s global operations. The company delayed releasing its 2015 financial statements by around two weeks to assess its bottom line impact, and three top executives left the firm. Shi Lirong, CEO since 2010, and two executive vice presidents stepped down from their posts on April 5.
The case is ongoing and ZTE isn’t in the clear yet. “The investigations are still in progress, and may result in criminal and civil liabilities under U.S. laws,” the company announced April 6 when it released its 2015 earnings.
A Critical Case
The Shenzhen-based ZTE, China’s second largest telecom company, relies on key U.S. components for much of its equipment. “In the information and communications technology sector, Chinese companies are unable to wholly rely on self-production,” an equities analyst in Hong Kong told Caixin, a Chinese business magazine.
“China still lags behind in key areas, such as the production of computer chips, storage devices, electronic devices used in telecom towers and other advanced materials.
An unfavorable outcome to ongoing investigations could bar procurement of critical components from U.S. vendors such as Qualcomm for smartphone chips and Xilinx for base station chips, a catastrophic result for ZTE’s global business.
ZTE currently has less than 5 percent global market share on mobile phones, and its latest smartphones all use Qualcomm chips. It’s also a major player in networking equipment such as base stations and switches.
The investigations are still in progress, and may result in criminal and civil liabilities.ZTE

In a research note to investors, Nomura Securities last month estimated that between 10 e 15 percent of ZTE’s components are sourced from U.S. empresas. Of those components, ZTE would be able to secure alternative vendors to cover only 30 percent of its needs from U.S. empresas, according to Commerce Department estimates. That means production on some products would be halted, severely crippling ZTE’s ability to compete.
Huawei Implicated?
The Commerce Department released internal ZTE documents from 2011marked as “top secret internal use only”which detailed its plans to set up seemingly unrelated intermediary companies to facilitate exports to countries such as North Korea and Iran.
To justify the plan, ZTE analyzed similar trading structures set up by a firm with the alias F7, a competitor to ZTE. A document described how F7 had so-called “cut-off companiesto “sign contracts for projects in embargoed countries.
The document admitted that once American authorities notified Congress of F7’s business interests in embargoed countries, F7’s ability to do business in the U.S. was hampered. “In 2010, F7’s proposal to acquire U.S. 3Leaf Company was opposed by the U.S. government, citing the impact to U.S. national security,” the memo said.
The company F7 as described by ZTE sounds suspiciously similar to none other than its biggest rival, China’s No. 1 telecom firm Huawei Technologies.
Dentro 2010, the Justice Department blocked Huawei’s purchase of 3Leaf Systems due to national security concerns. ZTE’s documents also claimed that F7 had an ongoing joint venture with U.S.-based digital security firm Symantec. Huawei apparently teamed up with Symantec in 2008 to jointly develop computer network security products, and the alliance was terminated by Symantec in 2012 on grounds that its partnership could jeopardize Symantec’s relationship with U.S. government agencies.
ZTE also described the company as a formidable competitor. “This [F7’s] cut-off company’s capital credit and capability are relatively strong compared to our company; it can cut off risks more effectively,” the document read.
Huawei, with annual revenues of more than $60 bilhão, is much larger than ZTE and has a bigger footprint in the United States as a leading smartphone maker. It would be hardly surprising if ZTE sought to replicate Huawei’s business practices.
The Pentagon and U.S. Congress believe Huawei has Chinese military ties, and the company has been accused of forging government documents and hacking government e-mail systems. Dentro 2014, the Washington Times reported that Huawei attempted to breach the NSA’s computer network.
The ongoing ZTE case could signal that the U.S. government is increasing investigation and enforcement of trade embargo rules. And Chinese companies, especially ones in the engineering, construction, and financial sectors could be in the crosshairs.
As early as 2010, the Washington Post reported that U.S. intelligence believes several Chinese companies and banks were engaged in exporting restricted technologies to Iran, possibly for use in its military missile program.
Beijing Aeronautical Manufacturing Technology Research Institute, owned by Chinese aerospace firm Avic, was placed on a watchlist in 2014 by the Commerce Department for its business with Iran.
While certain U.N. sanctions against Iran were eased recently, the U.S. continues to maintain unilateral economic sanctions against Iran. As of April 17, no official U.S. investigations have been announced for Huawei.
MORE:Spy Software Found Preinstalled on Lenovo, Huawei, and Xiaomi SmartphonesChina’s Huawei Accused of Hacking Government and Forging Documents in South Sudan

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Shopping abroad for safer and cheaper products has become common for large numbers of Chinese. Now the Chinese government wants to curb that cross-border flow of goods by raising customs fees and import taxes. This will not only hurt Chinese shoppers but also goes against China’s commitments when it joined the World Trade Organization (WTO).
Chinese authorities implemented a new tariff policy on April 8, which would apply to products imported through e-commerce, and also goods physically brought across the border. While the 5,000 yuan limit on imports of duty-free goods purchased at overseas ports of entry has been increased to 8,000 yuan, anything over that amount will be slapped with an additional tax rate that varies depending on the kind of product.
Por exemplo, the tax rate for food and beverages, certain electronic products, gold, silver, and furniture, was raised from its previous level of 10 percent to 15 por cento. Clothing and accessories increased from 20 percent to 30 por cento. Some alcohol, tobacco and cosmetics were raised from 50 percent to 60 por cento.
WTO Promises
A decade ago, China tried by all means to join the WTO, making a wide range of promises to do so. The most important was to reduce its high tariffs so that Chinese people could afford more imported goods.
China was, no doubt, the biggest winner when joining the WTO, with its exports hitting record highs and foreign exchange reserves climbing sky-high. Contudo, while Western countries opened their gates, China continues to raise tariff barriers to block foreign goods from getting into the country. Chinese consumers can only purchase foreign goods through cross-border travel. This is contrary to WTO policy and seriously undermines China’s reputation.
Chinese Shoppers
Since China has such extremely high tariffs, prices of imported goods are significantly higher in China than in their countries of origin. In recent years, many Chinese have gone overseas to shop.
According to incomplete data from China’s Ministry of Commerce, Chinese people’s overseas spending was over 2 trilhão de yuans ($308 bilhão) dentro 2014 e 2015.
The number of Chinese traveling overseas has grown by 20 percent each year for the fifth consecutive year, reaching 180 milhão, or a per capita consumption of $652, and ranking first in the world, as reported by Fortune Character Institute’s China Luxury Report.
When Chinese people return from overseas, their bags are stuffed with their favorite items, and often those of their friends. These range from luxury watches to saucepans, rice steamers, brand-name clothing, luxury leather goods, milk formula, perfume, and even toilet seat covers.
Made in China
With Chinese-made goods sold all over the world, Chinese people should not have to travel abroad to shop. But what’s available in China is either far overpriced or a poorly-made imitation. That’s why Chinese consumers have lost confidence in Chinese-made products and have turned into an army of overseas shoppers.
In addition to brand and quality, price is another important consideration. Outlets in U.S. suburbs are Chinese touristsfavorite go-to places. There they find all kinds of dazzling well-known brand products, including big-name apparel and leather goods that even without discounts are only about one third of what they cost in China.
Even some “Made in Chinaclothing is sold in the U.S. at a much lower price than in China. It’s a bit odd, given that these were shipped long distances from China, and the U.S. is a country with higher per capita income and higher labor costs. Yet, Americans are able to enjoy inexpensive, quality products from China, which Chinese cannot!
Chinese tourists, including many Shenzhen citizens, love to shop for brand products in Hong Kong, just adjacent to Shenzhen. Imported baby milk formula is often sold out as soon as it hits the shelves. Some Western countries even had to set quotas on baby formula specifically because of the influx of Chinese customers.
Shopping overseas does not necessarily mean that Chinese blindly worship foreign-made brands or that they’re carelessly squandering their money. Chinese used to support domestic products and local enterprises. But in recent years, and especially after the melamine-tainted milk powder scandal, they have rightfully become distrustful of domestic goods.
The government’s new “protectiontariff may actually have some unexpected negative consequences. By raising taxes on cross-border imports, it lessens the motivation for Chinese enterprises to innovate and to improve product quality. Em outras palavras, it protects obsolete production practices, as well as the spread of fake and poorly made products.
Helping Chinese consumers obtain quality merchandise at a price they can afford, without them having to go abroad and cause trade imbalances, should be the Chinese government’s priority. Ao invés, the government raises tariffs, an open attack on Chinese cross-border shoppers.
This is an abridged translation of Cai Shenkun’s Chinese article, posted on the author’s personal blog. Cai Shenkun is a well-known Chinese economist and blogger. He writes columns for a number of prominent business websites and was named a Top Ten Influential Blog Writer on Phoenix Television’s website for three consecutive years.

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This week, a joke compares the Chinese Communist Party to a high-functioning underworld mob, while Internet users dredge up old People’s Daily reporting to show how for Chinese state media, every day is April Fool’s. The difference is that instead of being once a year, in China fooling the public happens “any time, any place, over any issue,” and unlike April Fool’s jokes, the Party “never tells you that you’ve been taken in.
Joke of the Week
When local business owner Mr. Sun went to pay his monthly protection fee to the mafia boss, right outside he saw a sign saying: “Ideological security must be guaranteed.After meeting the Don, Sr. Sun was confused: “What does ‘ideological securityrefer to?” The boss replied: “The ideas contained therein are rich indeed. But to put it simply, it’s about making everyone believe that the activities of our mafia are legitimate business.” Sr. Sun was still confused: “But how is that linked with ‘ideological security?'” The boss replied: “It’s straightforward. If all of you buy that ‘ideology’, then we’re secure.”Facebook
Fooling Professionals
On April 1, Xinhua posted on its official Weibo page: “April FoolsDay doesn’t correspond with China’s traditional culture and core socialist valuesHopefully everyone won’t believe, create or spread rumors.
Below is a selection of replies from Chinese Internet users.
“Join the right party and every day is April Fool’s.
“The post is a good example of unhealthy competition within the same industry.
“Wow, it’s so rare to see some sense of humour out of Xinhua’s mouthWhat? You mean Xinhua is serious?”
“Specifying a single day to fool others, and in the end letting others know how they were fooledI completely agree that such an amatuer fooling method fails to correspond with China’s socialist values. Na China, fooling should be carried out in the same manner as Party mouthpieces: fool people any time, any place, over any issue, and never tell them that they were taken in. Only this deserves to be called a core socialist value.
The famous lie by the People’s Daily during the Great Leap Forward: that yieldper unit area of rice was over 40,590 pounds.
Best of Social Media
@redfireage: “The United States only took about 300 years to build the most powerful nation out of nothing. Por outro lado, China only took several political movements to destroy a 5000-year-old civilization, creating poverty and a cultural desert. The United States constitution was written for its people and nation, while the Chinese Communist Party’s revolution was for its leader and dictatorship.”  —Twitter
On controlling speech
Zhang Kangkang: “It seems that there are many different kinds of newspapers, but indeed there is only one. It seems that there are many different voices, but indeed there is only one. It seems that one can have numerous ideas, but indeed only one is allowed in practice. If necessary, they [the Party] will try to transform every human into a single model. They have absolute power to do this, and the regime is like a effective machine specially designed to do it, producing ‘slaveswithout a second thought.”Twitter

Shenzhen’s Odd Ban
In late March, the Shenzhen government suddenly initiated a 100-day movement banning motorcycles, and restricting the use of electric scooters. Sobre 18,000 bikes were confiscated by police in 10 days, including the impounding of 1,200 courier tricycles and detention of 50 couriers. Violence was reportedly used by police. Couriers who relied on such vehicles for their jobs were forced out of work.
The abrupt, violent and very likely illegal “law enforcementquickly drew public outrage. An article online told a story of a young man who set upon his own vehicle when chased by police, yelling: “I would rather smash my bike myself than give it to bandits.

The article also revealed an unconfirmed official document which outlined a series of rewards for police to confiscate vehicles: each tricycle impounded was to be rewarded with 100 yuan ($15.4), each motorcycle with 300 yuan ($46.3), and each scooter 30 yuan ($4.6).
The strange enforcement incident was the subject of heavy attack online. An internet user posted: "[The government] is always incapable of managing the country, but never short of new ways of disturbing civilians.
Another highly-forwarded remark said: “Why are motorcycles never banned in Taiwan? The answer is that there is a vote behind each motorcycle rider, so no government dares do that. Imagine how many Shenzhen workers who rely on motorcycles or scooters have said ‘I don’t care about politics.People will now finally learn that politics is something they can’t ignore.

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A family in southeastern China likes to plan ahead. With plenty of money to spend, and little regard for China’s laws about grave spaces, they bought up land enough to bury 26 relatives, only three of whom have died since the couple started their project.
Na China, space in cemeteries is extremely limited for ordinary citizens, and must be rented for decades at a time as the land ultimately belongs to the state. The construction of lavish tombs has thus become something of a status symbol among those with wealth and influence.
Dentro 2010, a couple surnamed Chenwell-known as successful entrepreneurs in Fujian Provincebought a 3,000-square-meter plot from destitute farmers in the village of Chenguang. The variety of tombs constructed there will be sufficient to store the remains of four generations in the Chen family.
Some tombs in the surrounding locales are oval-shaped, turret-like constructions. Some have walls ten feet high and feature marble staircases, with gardens and lawns surrounding them, state media reported.
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Newly-built coffin pits in Fujian Province. (via Xinhua)
The names and lifespans of the three deceased family members from the Chen family are already marked there in black. The living, toohave their places of eternal rest laid out for them and their names marked in red.
Local regulations forbid the construction of private tombs, but for the Chens and other wealthy families in China, this is empty ordinance.
Dentro 2015 local Fujian authorities and the forestry department dispatched workers to cover up and bury the illegal tombs, including those belonging to the Chens, Xinhua reported. Soon thereafter, Contudo, the Chens and other families simply ordered restoration work done to their burial grounds. Local authorities have not bothered them since.
MORE:Former Shenzhen Deputy Mayor Mysteriously Falls to Death
The private graveyards belong to the Chens and other families. (via Xinhua)

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  • Autor: <a href="http://www.theepochtimes.com/n3/author/juliet-song/" rel="author">Juliet Canção</uma>, <a href="http://www.theepochtimes.com/" title="Epoch Times" rel="publisher">epoch Times</uma>
  • Categoria: Geral