Authorities arrest vice chairman of Chinese insurance company

Business & Technology

Top business and technology news for January 12, 2017. Part of the daily SupChina news roundup "China smiles at Vietnam while consumers snap up Japanese products."

  • Vice chairman of Chinese insurance company taken into custody / Caixin
    Sources told Caixin that Wang Yincheng, vice chairman of the People’s Insurance Company of China, was taken into custody as part of an investigation by authorities on Monday. The incident occurred following a two-month investigation by a disciplinary watchdog in late 2015, which found that the company had a series of “Party disciplinary problems,” including “ineffective management of officials who traveled abroad for personal reasons” and “officials’ relatives making money from insurance businesses.” However, the exact reason for the action is unknown.
  • Narrowing talent recruitment gap between local and foreign companies in China / CNBC
    Recent research, conducted by Bain & Company and LinkedIn China, shows that homegrown Chinese companies are competing with multinationals “head-to-head” when it comes to recruiting top talent, salaries, and career opportunities. The report also found that Chinese nationals hold nearly 6 out of 10 regional roles within multinationals in the country, and 9 out of 10 regional roles in local firms.