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Modern Diplomacy
Published 1 month ago
Since the 1980s, China’s economy has been on the rise. With a prosperous manufacturing industry, China has a growing middle class and an ever-increasing demand for luxury goods. Compared to Russia, China does not have large diamond reserves. However, the country makes up for its lack of resources by gaining access to diamond reserves in Africa and producing affordable synthetic diamonds.
The Underdevelopment of China’s Diamond Industry
China’s diamond industry is underdeveloped due to lack of resources in diamond mines domestically and overseas. According to a report by Frost & Sullivan in 2014, China is still developing its overseas diamond market, and only a few companies have access to diamond mines.
Huishang Bank Senior Executive Probed for Suspected Links to Baoshang Bank, Sources Say
A senior executive at
Huishang Bank Corp. Ltd. is being investigated as part of a probe that may be linked to the lender’s huge investment losses, including those involving failed regional lender Baoshang Bank Co. Ltd., sources told Caixin.
Xia Min, who is an assistant to the eastern Chinese lender’s president, was detained for questioning by the country’s anticorruption watchdog on Thursday, sources close to the Anhui province-based bank told Caixin on condition of anonymity. Authorities have yet to disclose why Xia is under investigation.