China’s 6 biggest state banks post rare shared growth as margins show tentative rebound
China’s six largest state-owned banks recorded their first simultaneous rise in first-half revenue and net profit since 2022, according to interim results released last week, as margins that had been under pressure for two years showed tentative signs of stabilising. Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), Agricultural Bank of China (ABC), Bank of China…
Beijing’s top spy agency announced on Monday the arrest of a Chinese executive for leaking defense secrets to intelligence agencies from two countries. The Ministry of State Security typically shares intelligence cases to inform the public, but the agency rarely reveals instances where a Chinese national was recruited by multiple foreign agencies.
The suspect, referred to as Zhang, was not named, and the two foreign nations involved were identified only as “Country A” and “Country B”. Zhang, who had studied abroad, was fluent in several languages and had built a strong reputation in his company, an arms-trading firm. He became involved with a diplomat named Lucas, who approached him at a diplomatic event.
After accepting small payments for translating documents, Zhang was unknowingly recruited by Lucas to provide more sensitive military information, for which he received larger payments. Despite realizing Lucas's intentions, Zhang continued to cooperate, fearing he would not be able to escape detection. Simultaneously, Zhang was being recruited by agents from Country B during a business trip abroad.
He met an embassy official named Mike, who helped with his visa application. Mike introduced Zhang to Sarah, who later revealed herself to be a foreign intelligence agent. Sarah enticed Zhang with financial rewards and warned him that if he were discovered, Country B would capture him. Zhang eventually provided sensitive defense documents to both sets of agents.
The ministry uncovered Zhang's connections to the foreign agencies through an investigation and arrested him. During interrogation, Zhang admitted to all charges. The ministry emphasized the case as a warning about how foreign intelligence agencies exploit personal relationships and financial incentives to recruit Chinese nationals.
They advised citizens to be cautious and to report any suspicious activities to Chinese authorities under Article 55 of the anti-espionage law.
Written by urgent.news from Reuters Business via SCMP's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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