英文要目

More Capital Pools Appear

Around one month ago China Banking Regulatory Commission ordered lenders to complete a probe of the so-called “capital pool” operations of their wealth management products in the aim to crack down on the products that pose higher risk to investors because of a lack of transparency. However owing to the pursuit of profits， six big capital pools are formulating among more financial institutions including banks， trust companies， securities and insurance companies in China.

Lu replaces Ma as Alibaba’s new CEO

Jack Ma， stepped down as Alibaba CEO， with Lu Zhaoxi taking over the reins at its headquarters in Hangzhou， Zhejiang province. Ma first announced his decision to step down in January this year and chose his successor Lu in March. Lu， former Alibaba executive vice president， has been at the group since 2000 and has led several Alibaba’s major divisions including the company’s online payment arm Alipay and the well-known Taobao.com. Lu will face challenges on company strategies and management in the future， but Ma is believed to give a hand as he will keep his position as board chairman of Alibaba.

Executive Reshuffles at Major Banks

Hu Huaibang， chairman of Bank of Communications， replaced Chen Yuan as chairman of China Development Bank Corp， the world’s largest policy bank in April. Meanwhile Bank of China， the country’s fourth-biggest lender， appointed Tian Guoli as its new Party chief， one month after former chairman Xiao Gang took over as the country’s top securities regulator. China’s financial institutions have entered an intensive phase of the rotation of senior executives.

Systm Restructuring of NHFPC

According to the mewly established requirement from the central government， the National Population and Family Health Commission should finish all system restructuring by the end of 2013. The commission will have 21 departments and bureaus after the integration， which is aimed at better upholding the basic national family planning policy， improving medical and health care services， ensuring food safety and deepening institutional reform in the medical care and public health sectors.