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Jiaolong， China’s manned submersible， is about to dive into the South China Sea on May 6. Jiaolong explored submarine turbidity currents in the South China Sea with three crew members conducting surveys， taking samples and measuring environmental parameters. They brought back samples of sediment and seawater from near the seabed as well as high-defi nition photos and video footage.
No Information Leaks
China’s top court and procuratorate jointly issued a judicial interpretation on May 9， stipulating that those who illegally obtain， sell or provide 500 pieces of data related to personal credit or property information could face a prison term of up to seven years.
The interpretation by the Supreme People’s Court and the Supreme People’s Procuratorate was the fi rst document of its kind to ensure data protection for citizens’personal information.
The Criminal Law states that those convicted of selling or providing personal information to others could face a maximum sentence of three years if “the circumstances are serious.” If “the circumstances are especially serious，” violators could face up to seven years in prison.
The interpretation clearly defi nes situations considered “especially serious，” including illegally obtaining， selling or providing 500 items of data about a person’s location， communication content or their credit or property information； 5，000 items of communication record， accommodation， health or transaction information； or 50，000 items of personal information other than the aforementioned types.
Should violators make more than 50，000 yuan （$7，239） from their activities or their crimes are linked to the death， serious injury， mental disorder or kidnap of people， their offenses will be considered“especially serious，” according to the new rule.
The move came amid increasing public outcry against rampant online and telecom fraud spreading across China， which has led to signifi cant property losses and social instability.
Environmental Violation
Some 5，594 companies， or 66.2 percent of those examined， violated environmental standards during the latest round of air pollution inspections， China’s environmental authority announced on May 9.
The fi ndings came after a month of inspections across 28 cities in the Beijing-Tianjin-Hebei region and other nearby areas， which resulted in the discovery of problems including excessive emissions and insuffi cient pollution control equipment. Inspectors reported the issues to the local authorities for further investigation， the Ministry of Environmental Protection （MEP） said in a statement.
As of May 2， local authorities had shut down 131 companies and halted production at another 213 due to failure to meet environment protection standards.
Chinese enterprises were fi ned around 264 million yuan （$38 million） for violating standards in the fi rst quarter of this year， MEP said last month.
The ministry issued punishments in nearly 5，000 cases related to violations of environmental protection regulations and laws in the fi rst quarter， up around 200 percent year on year.
In 224 cases， companies had to pay between 10，000 （$1，449） and 100，000 yuan （$14，490 ） per day after failing to rectify violations within the time frame set by the MEP.
Tomb Discovery
A tomb dating back around 1，800 years has been discovered in southwest China’s Chongqing Municipality， authorities said on May 9.
The tomb， believed to have been built during the Eastern Han Dynasty （25-220）， contains various burial artifacts such as pottery， statues and broken coins， according to Fuling District Museum.
It was found earlier this month during the construction of a kindergarten.
Initial investigation shows that the tomb was built for a wealthy person， but archaeologists have not confi rmed the persons’ identity.
Media Personnel Reform
China has launched a plan to reform personnel management in media institutions， according to central authorities.
The plan， approved by the Central Leading Group for Deepening Overall Reform， aims to retain talent and bring new blood into the journalism industry by forming more stable labor relations between media institutions and their personnel.
Instead of service dispatching， the plan calls on media institutions to establish relatively stable personnel and labor relations with staff in core roles such as editing and broadcasting.
The plan will be trialed in major media institutions before being rolled out nationwide.
Lake Changes
Scientists have identifi ed three distinct periods over the past four decades that feature notably different variations of lake area and volume on the Qinghai-Tibet Plateau.
A team of domestic and foreign scientists examined annual changes in lake area， level and volume from 1970s to 2015. They found that the three indexes changed at similar rates. They saw a slight decline from the 1970s to 1995， followed by a rapid increase from 1996 to 2010， and then a deceleration from 2011 to 2015. They also found that increased precipitation contributed the most to lake volume increases， followed by glacier mass loss and the melting of ground ice due to permafrost degradation.
These results suggest that the hydrological cycle on the plateau has intensifi ed remarkably during recent decades.
The study was published in the U.S. journal Geophysical Research Letters on May 2.
Big Smiles
Students in Fuhe School of Handan City， Hebei Province， prepare for World Smile Day on May 5. World Smile Day falls on May 8.
Lending an Ear
Experts with the Sonova Global Hearing Institute （SGHI） work in their offi ce. SGHI， a Switzerland-headquartered provider of extensive hearing care solutions， launched its fi rst global hearing institute in Suzhou， east China’s Jiangsu Province， on May 5.
Planet Named
Minor Planet No. 456677 was named after Chinese aerospace scientist Ye Peijian at a ceremony on May 8.
Ye is active in the country’s lunar probe and deep space missions， and an academician of the Chinese Academy of Sciences.
The minor planet was discovered by a Chinese team from the Purple Mountain Observatory in east China’s Nanjing on September 11， 2007.
The naming suggestion was approved by the International Astronomical Union’s Minor Planet Center on January 12 this year.
New Missile
Chinese rocket forces have tested a new type of missile in the Bohai Sea， according to a statement from the Information Bureau of China’s Ministry of National Defense.
The statement came on May 9 in response to a media inquiry about a recent missile test.
“The test was conducted in accordance with the annual training plan to enhance the combat skills of the forces and their ability to handle threats to national security，” the statement said， without disclosing the exact date. “The test achieved the expected result.”
Bone Marrow Donors
Potential donors enlisted in China’s marrow donor program exceeded 2.3 million in 2016， the Red Cross Society of China （RCSC） said on May 8.
Hematopoietic stem cells （HSCs） are multi-potent stem cells that give rise to all blood cell types， found in the bone marrow and used to treat blood diseases such as leukemia.
The program has facilitated over 6，000 HSCs donations for patients at home and abroad， according to a RCSC statement issued during World Red Cross and Red Crescent Day. In addition， over 4，000 individuals donated organs last year， making the total count of donations to nearly 10，000， the statement said.
A newly revised law on China’s Red Cross societies specifi ed that the RCSC should participate in and promote blood， body and organ donations， and could carry out work related to stem cell donations.
The revision also focused on boosting the transparency and credibility of the RCSC with enhanced supervision.
The revised law went into force on May 8.
Fund for Startups
China has set up a national venture capital fund for supporting the development of startup companies in new sectors of strategic importance.
The fund was set up by the Ministry of Finance， the National Development and Reform Commission and the State Development and Investment Corp.（SDIC）， among others.
SDIC Chairman Wang Huisheng said the fund had raised a total of 17.8 billion yuan （$2.6 billion）， with 80 percent to be invested in startups in initial and early stages and 20 percent in mature enterprises that are not y et listed.
The State Council， China’s cabinet， decided to set up the fund in early 2015. In July 2016， SDIC set up a company as the management platform for the fund.
The fund will promote the development of new strategic sectors， including new information technology， energy conservation and environmental protection， new materials and high-end equipment manufacturing.
Rural E-Commerce
Online shopping continued to report healthy growth in rural China thanks to governmental promotion of rural ecommerce， the Ministry of Commerce（MOFCOM） said on May 9.
Online transactions in rural areas rose 36.6 percent year on year in the fi rst three months to 250.43 billion yuan （$36.3 billion）， according to MOFCOM.
Online retail sales related to rural tourism， catering and recreation increased 36.1 percent， 78.2 percent and 100.5 percent year on year， respectively.
MOFCOM data showed that online retail sales in rural areas reached 894.54 billion yuan （$129.57 billion） last year.
Booming rural e-commerce has played a positive role in boosting rural economic development， increasing farmers’ income and improving their lives， according to MOFCOM.
The ministry vowed to continue promoting rural e-commerce， and efforts will be made to strengthen resource sharing， fi nancing and credit services.
To boost rural e-commerce， China plans to hook up more villages to broadband connections and expedite construction of logistics infrastructure. The world’s largest and fastestgrowing e-commerce market is expected to see transactions totaling more than 40 trillion yuan （$5.79 trillion） by 2020， up from 21.8 trillion yuan （$3.16 trillion） in 2015， according to the 2016-20 e-commerce development plan released last year.
Solar Roofs
A bird’s eye view of the solar panels on roofs of buildings in a hi-tech company in Cixi City， Zhejiang Province. With a capacity of 2.5 megawatts， the solar panel roofs have generated nearly 2 million kWh of electricity since they were installed in early 2017.
Less Debt
Local governments have issued less debt this year compared with 2016， data showed on May 9.
In the fi rst four months of 2017， local governments raised 799.4 billion yuan （$116 billion）， down from 2.02 trillion yuan （$292.5 billion） a year earlier， according to data compiled by Wind， a fi nancial information provider.
China’s authorities have stepped up efforts to rein in fi nancial risks and promised to correct irregular fundraising by local governments.
In a recent statement， the Ministry of Finance told provincial authorities to examine their fi nancing practices and rectify all irregularities by the end of July.
UK Nuke Project
Construction is underway on the main part of a nuclear power project at Hinkley Point in Britain， which is partly funded by Chinese investment.
The latest news about the power plant was revealed by Tan Jiansheng， Vice President of the China General Nuclear Power Corp. （CGN）， at a press conference on May 9.
As a fl agship project of ChinaBritain cooperation， Hinkley Point C is co-invested by a CGN-led Chinese consortium and French state-owned power giant EDF， with the Chinese side holding a one third stake in the project.
The two sides struck the fi nal agreement on the 18 billion-pound（$23.29 billion） project with the British Government in September last year. It will be the fi rst new nuclear power plant in Britain for more than 20 years.
Upon completion， Hinkley Point C will provide 7 percent of Britain’s electricity， according to Tan.
CGN and EDF are cooperating on another two British nuclear projects， located at Sizewell and Bradwell. The Bradwell project will use China’s third-generation nuclear reactor design， known as Hualong One， if it passes a British regulatory examination. Investment Outflow
Overseas direct investment into China’s fi nancial institutions， including banks， insurers and securities fi rms， saw a net outfl ow of $1.29 billion in the fi rst quarter of 2017， the nation’s foreign exchange regulator said on May 9.
This is an increase from a net outfl ow of $1.1 billion in the fourth quarter of 2016， which was equivalent to roughly half of the net outfl ow of overseas investment into the industry registered for the whole of 2016， according to data from the State Administration of Foreign Exchange （SAFE）.
In the fi rst three months， China’s fi nancial institutions made net outbound investments totaling $1.98 billion in overseas companies， lower than the quarterly average level recorded in 2016， according to SAFE.
Last year， China’s fi nancial institutions’ net outbound investment in overseas companies totaled $9.65 billion， offi cial data showed.
Overseas investment in fi nancial organizations makes up only a small portion of overall foreign direct investment in China.
Earlier offi cial data showed foreign direct investment in the Chinese mainland， excluding fi nancial institutions， maintained steady growth last year on the back of strong investment in the service industry.
Foreign direct investment rose 4.1 percent year on year to reach 813 billion yuan （$118 billion） in 2016.
Job Opportunities
Camilla Cazzato from Italy attends a job fair for international students in Shanghai on May 10. The event was organized by the China （Shanghai） Pilot Free Trade Zone.
Anti-Dumping Duties
The Ministry of Commerce（MOFCOM） announced on May 9 that it would extend anti-dumping duties on chloroprene rubber imported from Japan， the United States and EU states for another fi ve years starting May 10.
China has imposed antidumping duties on chloroprene rubber imported from those coun- tries since 2005 on the grounds that the products were being dumped on the Chinese market at lower-thanmarket prices.
The anti-dumping duties were extended for another fi ve years in 2011.
The latest decision followed a review launched a year ago that found the domestic industry could be harmed if anti-dumping duties were discontinued.
MOFCOM said anti-dumping duty rates for Japanese imports range from 10.2 percent to 43.9 percent， while those for U.S. producers are 151 percent and European companies are subject to rates ranging from 11 to 151 percent. Chloroprene rubber， commonly known as Neoprene， is mostly used to manufacture electrical cables and waterproof products.
A Popular Brand
An employee at a shop of Chinese mobile phone manufacturer Tecno Mobile in downtown Nairobi， capital of Kenya， on May 9. Tecno shipped 80 million phones in Africa in 2016， helping it sustain its most popular brand status on the continent.
Risks in Insurance
The top insurance regulator said on May 9 that it will fi nd and defuse hidden risks in the use of insurance funds， a fresh move to tighten supervision of the multi-trillion-dollar sector.
Authorities should stop the illegal use of insurance funds， keep the leverage ratio under control and fi ll regulatory gaps， according to a statement from the China Insurance Regulatory Commission （CIRC）.
Inspections will be focused on major investment in stocks， equities， real estate， alternative and fi nancial products as well as overseas investment. The sector will be screened for compliance risks， regulatory arbitrage， asset-liability mismatches and other major risks. Those who violate laws and regulations will receive the maximum punishment.
Chinese insurers grabbed headlines for using leveraged money to buy shares in listed companies， triggering sharp volatility in the stock market late last year.
The CIRC called for a strict and effective supervision framework， pointing out that regulatory loopholes had given rise to risky practices.
By the end of last December， the combined assets of China’s insurance sector totaled 15.12 trillion yuan（$2.2 trillion）， offi cial data showed.
No Information Leaks
China’s top court and procuratorate jointly issued a judicial interpretation on May 9， stipulating that those who illegally obtain， sell or provide 500 pieces of data related to personal credit or property information could face a prison term of up to seven years.
The interpretation by the Supreme People’s Court and the Supreme People’s Procuratorate was the fi rst document of its kind to ensure data protection for citizens’personal information.
The Criminal Law states that those convicted of selling or providing personal information to others could face a maximum sentence of three years if “the circumstances are serious.” If “the circumstances are especially serious，” violators could face up to seven years in prison.
The interpretation clearly defi nes situations considered “especially serious，” including illegally obtaining， selling or providing 500 items of data about a person’s location， communication content or their credit or property information； 5，000 items of communication record， accommodation， health or transaction information； or 50，000 items of personal information other than the aforementioned types.
Should violators make more than 50，000 yuan （$7，239） from their activities or their crimes are linked to the death， serious injury， mental disorder or kidnap of people， their offenses will be considered“especially serious，” according to the new rule.
The move came amid increasing public outcry against rampant online and telecom fraud spreading across China， which has led to signifi cant property losses and social instability.
Environmental Violation
Some 5，594 companies， or 66.2 percent of those examined， violated environmental standards during the latest round of air pollution inspections， China’s environmental authority announced on May 9.
The fi ndings came after a month of inspections across 28 cities in the Beijing-Tianjin-Hebei region and other nearby areas， which resulted in the discovery of problems including excessive emissions and insuffi cient pollution control equipment. Inspectors reported the issues to the local authorities for further investigation， the Ministry of Environmental Protection （MEP） said in a statement.
As of May 2， local authorities had shut down 131 companies and halted production at another 213 due to failure to meet environment protection standards.
Chinese enterprises were fi ned around 264 million yuan （$38 million） for violating standards in the fi rst quarter of this year， MEP said last month.
The ministry issued punishments in nearly 5，000 cases related to violations of environmental protection regulations and laws in the fi rst quarter， up around 200 percent year on year.
In 224 cases， companies had to pay between 10，000 （$1，449） and 100，000 yuan （$14，490 ） per day after failing to rectify violations within the time frame set by the MEP.
Tomb Discovery
A tomb dating back around 1，800 years has been discovered in southwest China’s Chongqing Municipality， authorities said on May 9.
The tomb， believed to have been built during the Eastern Han Dynasty （25-220）， contains various burial artifacts such as pottery， statues and broken coins， according to Fuling District Museum.
It was found earlier this month during the construction of a kindergarten.
Initial investigation shows that the tomb was built for a wealthy person， but archaeologists have not confi rmed the persons’ identity.
Media Personnel Reform
China has launched a plan to reform personnel management in media institutions， according to central authorities.
The plan， approved by the Central Leading Group for Deepening Overall Reform， aims to retain talent and bring new blood into the journalism industry by forming more stable labor relations between media institutions and their personnel.
Instead of service dispatching， the plan calls on media institutions to establish relatively stable personnel and labor relations with staff in core roles such as editing and broadcasting.
The plan will be trialed in major media institutions before being rolled out nationwide.
Lake Changes
Scientists have identifi ed three distinct periods over the past four decades that feature notably different variations of lake area and volume on the Qinghai-Tibet Plateau.
A team of domestic and foreign scientists examined annual changes in lake area， level and volume from 1970s to 2015. They found that the three indexes changed at similar rates. They saw a slight decline from the 1970s to 1995， followed by a rapid increase from 1996 to 2010， and then a deceleration from 2011 to 2015. They also found that increased precipitation contributed the most to lake volume increases， followed by glacier mass loss and the melting of ground ice due to permafrost degradation.
These results suggest that the hydrological cycle on the plateau has intensifi ed remarkably during recent decades.
The study was published in the U.S. journal Geophysical Research Letters on May 2.
Big Smiles
Students in Fuhe School of Handan City， Hebei Province， prepare for World Smile Day on May 5. World Smile Day falls on May 8.
Lending an Ear
Experts with the Sonova Global Hearing Institute （SGHI） work in their offi ce. SGHI， a Switzerland-headquartered provider of extensive hearing care solutions， launched its fi rst global hearing institute in Suzhou， east China’s Jiangsu Province， on May 5.
Planet Named
Minor Planet No. 456677 was named after Chinese aerospace scientist Ye Peijian at a ceremony on May 8.
Ye is active in the country’s lunar probe and deep space missions， and an academician of the Chinese Academy of Sciences.
The minor planet was discovered by a Chinese team from the Purple Mountain Observatory in east China’s Nanjing on September 11， 2007.
The naming suggestion was approved by the International Astronomical Union’s Minor Planet Center on January 12 this year.
New Missile
Chinese rocket forces have tested a new type of missile in the Bohai Sea， according to a statement from the Information Bureau of China’s Ministry of National Defense.
The statement came on May 9 in response to a media inquiry about a recent missile test.
“The test was conducted in accordance with the annual training plan to enhance the combat skills of the forces and their ability to handle threats to national security，” the statement said， without disclosing the exact date. “The test achieved the expected result.”
Bone Marrow Donors
Potential donors enlisted in China’s marrow donor program exceeded 2.3 million in 2016， the Red Cross Society of China （RCSC） said on May 8.
Hematopoietic stem cells （HSCs） are multi-potent stem cells that give rise to all blood cell types， found in the bone marrow and used to treat blood diseases such as leukemia.
The program has facilitated over 6，000 HSCs donations for patients at home and abroad， according to a RCSC statement issued during World Red Cross and Red Crescent Day. In addition， over 4，000 individuals donated organs last year， making the total count of donations to nearly 10，000， the statement said.
A newly revised law on China’s Red Cross societies specifi ed that the RCSC should participate in and promote blood， body and organ donations， and could carry out work related to stem cell donations.
The revision also focused on boosting the transparency and credibility of the RCSC with enhanced supervision.
The revised law went into force on May 8.
Fund for Startups
China has set up a national venture capital fund for supporting the development of startup companies in new sectors of strategic importance.
The fund was set up by the Ministry of Finance， the National Development and Reform Commission and the State Development and Investment Corp.（SDIC）， among others.
SDIC Chairman Wang Huisheng said the fund had raised a total of 17.8 billion yuan （$2.6 billion）， with 80 percent to be invested in startups in initial and early stages and 20 percent in mature enterprises that are not y et listed.
The State Council， China’s cabinet， decided to set up the fund in early 2015. In July 2016， SDIC set up a company as the management platform for the fund.
The fund will promote the development of new strategic sectors， including new information technology， energy conservation and environmental protection， new materials and high-end equipment manufacturing.
Rural E-Commerce
Online shopping continued to report healthy growth in rural China thanks to governmental promotion of rural ecommerce， the Ministry of Commerce（MOFCOM） said on May 9.
Online transactions in rural areas rose 36.6 percent year on year in the fi rst three months to 250.43 billion yuan （$36.3 billion）， according to MOFCOM.
Online retail sales related to rural tourism， catering and recreation increased 36.1 percent， 78.2 percent and 100.5 percent year on year， respectively.
MOFCOM data showed that online retail sales in rural areas reached 894.54 billion yuan （$129.57 billion） last year.
Booming rural e-commerce has played a positive role in boosting rural economic development， increasing farmers’ income and improving their lives， according to MOFCOM.
The ministry vowed to continue promoting rural e-commerce， and efforts will be made to strengthen resource sharing， fi nancing and credit services.
To boost rural e-commerce， China plans to hook up more villages to broadband connections and expedite construction of logistics infrastructure. The world’s largest and fastestgrowing e-commerce market is expected to see transactions totaling more than 40 trillion yuan （$5.79 trillion） by 2020， up from 21.8 trillion yuan （$3.16 trillion） in 2015， according to the 2016-20 e-commerce development plan released last year.
Solar Roofs
A bird’s eye view of the solar panels on roofs of buildings in a hi-tech company in Cixi City， Zhejiang Province. With a capacity of 2.5 megawatts， the solar panel roofs have generated nearly 2 million kWh of electricity since they were installed in early 2017.
Less Debt
Local governments have issued less debt this year compared with 2016， data showed on May 9.
In the fi rst four months of 2017， local governments raised 799.4 billion yuan （$116 billion）， down from 2.02 trillion yuan （$292.5 billion） a year earlier， according to data compiled by Wind， a fi nancial information provider.
China’s authorities have stepped up efforts to rein in fi nancial risks and promised to correct irregular fundraising by local governments.
In a recent statement， the Ministry of Finance told provincial authorities to examine their fi nancing practices and rectify all irregularities by the end of July.
UK Nuke Project
Construction is underway on the main part of a nuclear power project at Hinkley Point in Britain， which is partly funded by Chinese investment.
The latest news about the power plant was revealed by Tan Jiansheng， Vice President of the China General Nuclear Power Corp. （CGN）， at a press conference on May 9.
As a fl agship project of ChinaBritain cooperation， Hinkley Point C is co-invested by a CGN-led Chinese consortium and French state-owned power giant EDF， with the Chinese side holding a one third stake in the project.
The two sides struck the fi nal agreement on the 18 billion-pound（$23.29 billion） project with the British Government in September last year. It will be the fi rst new nuclear power plant in Britain for more than 20 years.
Upon completion， Hinkley Point C will provide 7 percent of Britain’s electricity， according to Tan.
CGN and EDF are cooperating on another two British nuclear projects， located at Sizewell and Bradwell. The Bradwell project will use China’s third-generation nuclear reactor design， known as Hualong One， if it passes a British regulatory examination. Investment Outflow
Overseas direct investment into China’s fi nancial institutions， including banks， insurers and securities fi rms， saw a net outfl ow of $1.29 billion in the fi rst quarter of 2017， the nation’s foreign exchange regulator said on May 9.
This is an increase from a net outfl ow of $1.1 billion in the fourth quarter of 2016， which was equivalent to roughly half of the net outfl ow of overseas investment into the industry registered for the whole of 2016， according to data from the State Administration of Foreign Exchange （SAFE）.
In the fi rst three months， China’s fi nancial institutions made net outbound investments totaling $1.98 billion in overseas companies， lower than the quarterly average level recorded in 2016， according to SAFE.
Last year， China’s fi nancial institutions’ net outbound investment in overseas companies totaled $9.65 billion， offi cial data showed.
Overseas investment in fi nancial organizations makes up only a small portion of overall foreign direct investment in China.
Earlier offi cial data showed foreign direct investment in the Chinese mainland， excluding fi nancial institutions， maintained steady growth last year on the back of strong investment in the service industry.
Foreign direct investment rose 4.1 percent year on year to reach 813 billion yuan （$118 billion） in 2016.
Job Opportunities
Camilla Cazzato from Italy attends a job fair for international students in Shanghai on May 10. The event was organized by the China （Shanghai） Pilot Free Trade Zone.
Anti-Dumping Duties
The Ministry of Commerce（MOFCOM） announced on May 9 that it would extend anti-dumping duties on chloroprene rubber imported from Japan， the United States and EU states for another fi ve years starting May 10.
China has imposed antidumping duties on chloroprene rubber imported from those coun- tries since 2005 on the grounds that the products were being dumped on the Chinese market at lower-thanmarket prices.
The anti-dumping duties were extended for another fi ve years in 2011.
The latest decision followed a review launched a year ago that found the domestic industry could be harmed if anti-dumping duties were discontinued.
MOFCOM said anti-dumping duty rates for Japanese imports range from 10.2 percent to 43.9 percent， while those for U.S. producers are 151 percent and European companies are subject to rates ranging from 11 to 151 percent. Chloroprene rubber， commonly known as Neoprene， is mostly used to manufacture electrical cables and waterproof products.
A Popular Brand
An employee at a shop of Chinese mobile phone manufacturer Tecno Mobile in downtown Nairobi， capital of Kenya， on May 9. Tecno shipped 80 million phones in Africa in 2016， helping it sustain its most popular brand status on the continent.
Risks in Insurance
The top insurance regulator said on May 9 that it will fi nd and defuse hidden risks in the use of insurance funds， a fresh move to tighten supervision of the multi-trillion-dollar sector.
Authorities should stop the illegal use of insurance funds， keep the leverage ratio under control and fi ll regulatory gaps， according to a statement from the China Insurance Regulatory Commission （CIRC）.
Inspections will be focused on major investment in stocks， equities， real estate， alternative and fi nancial products as well as overseas investment. The sector will be screened for compliance risks， regulatory arbitrage， asset-liability mismatches and other major risks. Those who violate laws and regulations will receive the maximum punishment.
Chinese insurers grabbed headlines for using leveraged money to buy shares in listed companies， triggering sharp volatility in the stock market late last year.
The CIRC called for a strict and effective supervision framework， pointing out that regulatory loopholes had given rise to risky practices.
By the end of last December， the combined assets of China’s insurance sector totaled 15.12 trillion yuan（$2.2 trillion）， offi cial data showed.