. GPS News .




.
POLITICAL ECONOMY
China jails officials over economic data leaks
by Staff Writers
Beijing (AFP) Oct 24, 2011


China has jailed two officials from the state bank and national statistics bureau for leaking sensitive economic data to securities brokers, prosecutors said Monday

Sun Zhen, a former secretary at the National Bureau of Statistics (NBS), and Wu Chaoming, once a researcher at the People's Bank of China, were sentenced to five and six years respectively.

Both were found guilty of revealing state secrets, said Li Zhongcheng, an official with the state prosecution service.

The cases highlight the intense secrecy with which China's ruling Communist Party treats even economic data.

The world's second-largest economy, a key driver of global growth, is closely monitored by investment banks and governments around the world and Chinese economic data often moves financial markets.

Getting the information before it was officially announced allowed companies to profit from the resulting market moves, and forced China to tighten security and alter the way it releases key data.

Li said the jailed pair leaked a slew of market sensitive information, including China's official inflation and economic growth figures, to securities firms between June 2009 and January this year.

The two men were "driven by profits" and either tipped off brokers or received fees for attending seminars and other events organised by the firms, said Du Yongsheng, spokesman for the National Administration for the Protection of State Secrets.

The statistics bureau said in July it would release economic data within 24 hours of their compilation, instead of a fixed date every month, and reduce the number of people allowed access to the information.

Neither of the men has appealed, Li said, adding that four other people involved in the case -- all employees of securities firms -- were under investigation.

"The leaking of national macroeconomic data harmed economic operations, undermined fair market competition and compromised government credibility," he said.

Related Links
The Economy




.
.
Get Our Free Newsletters Via Email
...
Buy Advertising Editorial Enquiries






.

. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle



POLITICAL ECONOMY
Eurozone split over Chinese help in debt crisis
Brussels (AFP) Oct 23, 2011
Eurozone leaders are toying with the idea of asking China and other emerging powers to help them out of the debt crisis by taking part in a bailout fund, but some are reluctant to call in Beijing. The possibility of asking for China, Brazil and others to come to their rescue emerged at a summit on Sunday as European leaders scrambled to find ways to boost their defences against the crisis. ... read more


POLITICAL ECONOMY
Chinese wine students are boon for Bordeaux

Genetically modified cotton worries some

Canadian scientists map the cannabis genome

Farmland floods do not raise levels of potentially harmful flame retardants in milk

POLITICAL ECONOMY
NIST measures key property of potential spintronic material

Superlattice Cameras Add More 'Color' to Night Vision

A new scheme for photonic quantum computing

Point defects in super-chilled diamonds may offer stable candidates for quantum computing bits

POLITICAL ECONOMY
US House targets EU airlines emissions rule

China's aviation sector sees slower growth: report

Aircraft leasing growing in Latin America

Northrop Grumman Extends Airport Realtime Collaboration Capability

POLITICAL ECONOMY
Nissan eyes 1.5 million electric cars by 2016

Saab owner breaks off Chinese funding deal: company

Electromobility: New Components Going for a Test Run

What makes tires grip the road on a rainy day?

POLITICAL ECONOMY
Seven dead in Papua miners' strike

Greece, China to sign new trade memorandum: ministry

Japan exports expand in September

West opens door, a crack, to rising Chinese art

POLITICAL ECONOMY
Bolivia natives, president in talks stand-off

Bolivia cancels controversial Amazon highway

"Albedo effect" in forests can cause added warming, bonus cooling

Bolivian natives, president in talks stand-off

POLITICAL ECONOMY
NASA postpones climate satellite launch to Oct 28

NASA Readies New Type of Earth-Observing Satellite for Launch

NASA, Japan Release Improved Topographic Map of Earth

NASA Readies New Type of Earth-Observing Satellite for Launch

POLITICAL ECONOMY
Giant flakes make graphene oxide gel

Amorphous diamond, a new super-hard form of carbon created under ultrahigh pressure

Molecular Depth Profiling Modeled Using Buckyballs and Low-Energy Argon

New form of superhard carbon observed


.

The content herein, unless otherwise known to be public domain, are Copyright 1995-2011 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement