September 2014

Shenzhen Anti-fraud hotline 0755-81234567---Shirley Pan

In the past few months, I got some fraud phone calls, such as your son was kidnapped, your ID card was used by criminal in Xia Men for money laundering, etc. What was most striking to me was the cheater can spell my whole name, ID number, my child’s name, the name of my son’s university, also let me hear the child crying voice.

I believe most of people lives in Shenzhen received one or more phone calls, short messages, emails from fraudsters. Some of them really have been cheated. It’s reported that some of scams operated through social media platforms including QQ, WeChat, and son on..

How to identify whether it is fraud? Shenzhen Police reminding: normally, incoming calls or test messages involving key words or claims-such as underpayment of phone bills, malicious overdrafts, information leakage, duty paid award, money laundering and insurance offers-they could be fraud. Such scams usually require the victims to transfer their money to another account. 

When receiving phone calls or some text messages from fraudsters, below four ways for your reference. 

China’s Property-Value Bubble is bursting?---Denise Xia

China Banking Regulatory Commission recently revised the Measures for Implementation of the Matters Subject to Administrative Licensing for Foreign Banks.

Pursuant to the Measures, administrative licensing is no longer required for matters such as provision of electronic banking services. Moreover, the licensing procedures are to be simplified, and prudential supervision is to be enhanced.

The purpose of the revise is to simplify the licensing procedures and shorten licensing scopes of foreign banks. And making full efforts to harmonize the market access of foreign banks and promote fair competition also.

That means more foreign banks will show in China. And more Chinese people will transfer its money to foreign banks if the foreign banks policy is more competitive and convenient than domestic banks.