Author: HACOS

It is a Lunar New Year tradition in China to give children money in red packets, known as “Hongbao”.

In ancient times, hongbao was used for “exorcize evil spirits” or “protect their children”. 

As time goes on, although there are different ideas and opinions to red pocket, this kind of tradition has survived.

© Image | Google

According to a summary of the case published by the court on Weibo, Su had deposited 3,045 yuan into the child’s bank account between February 2014 and March 2015 without his son’s permission. The money had been given to the boy in red packets.

The father Su argued that the boy’s mother, whom he had divorced years ago, was taking advantage of a change in custody arrangements to take the money for herself.

© Image | Google

According to the court’s post, the boy lived with Su until his mother, surnamed Huang, applied for custody in December 2015, which was granted in April the following year.

In March 2016, Su withdrew the entire amount, claiming the money was given to the child by his friends and relatives who were unrelated to the mother. 

© Image | Google

He also said he had promised his son to return the money, together with the interest, when he grew up.

The judge ruled the child had rights to manage the savings in his own bank account and ordered the father to return the full amount of 3,045 yuan to his son.

© Image | Google

The case raised controversial opinions on Weibo, with some comments supporting the child’s action while others were against. 

“As parents, you should set a good example. No one has the right to take away others’ things without their permission,”

 

“This is too much. Without family and parents, you are just an individual in society. Who would give a stranger red packets if you are not related to anyone?”.

• Save money in the bank or buy insurance

• Use for studying

• Build a small library for the child(improve their interest)

• Develop their good will( like buying gifts for friends)

• Make a family trip

On Jan 29, 2019, British Petroleum’s first petrol station was launched in east China’s Shandong province, as part of its 5-year plan to build 1,000 petrol stations in China.

A person responsible for the company said he is totally confident that the plan will be smoothly implemented as China removed the restrictions on foreign investment in construction and operation of gas stations, as well as the proportion of foreign equity.

China has sent a strong signal to open itself wider to the world, which is of great significance against the backdrop of the global economic slowdown, said Dr. Robert Dieter, counselor of the economy bureau of the German Embassy in China.

German carmaker BMW announced last year that it would increase 3 billion euros of investment in China after the country relaxed restrictions on the proportion of foreign equity in the Chinese auto industry.

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Jochen Goller, President and CEO of BMW Group Region China, said the company has deeply taken part in China’s reform and opening-up in the past two decades and benefited from it, adding that it will maintain long-term confidence in China’s efforts to deepen reform and open up, and register long-term and sustainable economic growth.

To further improve the legal environment for foreign investment, China is actively working on formulating a foreign investment law to protect the lawful rights of foreign investors, to build and improve the mechanism to facilitate overseas investment, and provide a stable, transparent, and predictable investment environment.

Meng Wei, the spokesperson of National Development and Reform Commission, said in the future, the country will make sure that foreign companies receive the fair treatment as their Chinese counterparts do in areas such as government procurement, standard making, industry policies, technology policies, among others.