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Global Times: China enhances village inspection to crack down on corruption at grassroot level as anti-graft campaign enters uncharted water

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BEIJING, Dec. 9, 2024 /PRNewswire/ — “We must carry out village inspections in a solid and in-depth manner to promote the resolution of grassroots issues and problems affecting the masses,” China’s anti-graft chief Li Xi said at a symposium recently held on advancing village inspection work.

Li, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and secretary of the CPC Central Commission for Discipline Inspection (CCDI), stressed at the symposium on November 20 that village inspection is an inevitable requirement to promote the comprehensive and strict governance of the CPC to extend to grassroots levels and further crack down on the irregularities and corruptions on the people’s doorsteps.

Conduct village inspections well is a strong guarantee for consolidating and expanding the achievements of poverty alleviation, promoting comprehensive rural revitalization, and better advancing the construction of Chinese modernization. It is also an important measure to further strengthen the construction of grassroots Party organizations and improve grassroots governance capabilities and levels, Li said. 

About a month ahead of the symposium, the CPC CCDI and the National Commission of Supervision (NCS) unveiled on its website that from January to September this year, 77,000 current or former village Party chiefs and heads of village committees had been investigated by discipline inspection and supervision agencies across China. The number during the same period in 2023 was 46,000 and the number of the year of 2023 was 61,000, according to the website. 

In an editorial published on November 25 on the website of the CCDI and NCS, it said data and public sentiment serve as a mirror, reflecting both the significant progress made in combating corruption of “small flies” and the fact that the existing corruption has not been fully eradicated. It indicated that efforts to tackle such corruption still need to be strengthened.

While addressing the third plenary session of the 20th CPC CCDI in January, Xi Jinping, general secretary of the CPC Central Committee, also Chinese president and chairman of the Central Military Commission, called for advancing the Party’s self-reform and winning the tough and protracted battle against corruption, according to the Xinhua News Agency. 

After persistent anti-corruption efforts over the past 10 years of the new era, an overwhelming victory has been achieved in the fight against corruption, with the gains fully consolidated, Xi said. “But the situation remains grave and complex.”

“We should be fully aware of new development in the fight against corruption and the breeding grounds and conditions for corruption,” Xi said, urging more efforts to win the tough and protracted battle.

‘Flies’ on people’s doorsteps 
As the largest Marxist governing party in the world, the CPC never lacks the grit to stay alert and tackle the challenges that a large party like it faces. The Party’s endeavor for strict self-governance is one of the most prominent examples, according to experts and an official involved in anti-corruption work interviewed by the Global Times.

From keynote speeches to daily conversations by grassroots members, many easy-to-understand phrases are used by the leadership to explicate the effort and call for more: “Take out tigers,” “swat flies,” and “hunt down foxes.”

The three phrases refer to the anti-corruption actions against high-ranking officials, low-ranking officials, and fugitive officials that fled overseas. Since the 18th CPC National Congress in 2012, the Party has further given full play to the role of full and strict Party self-governance, and waged a battle against corruption on a scale unprecedented in history.

The Party Central Committee has also made clear requirements to promote comprehensive coverage of inspections, extend municipal and county inspections to grassroots levels, and strengthen inspections at village level.

The newly revised regulations on inspection work have for the first time included village (community) Party organizations within the scope of county-level inspections. A five-year work plan of the Central Anti-Corruption Coordination Group from 2023 to 2027 explicitly requires strengthening inspections of village (community) Party organizations, according to a statement published by the CCDI and NCS on November 25.

Data from the Chinese Ministry of Civil Affairs showed that as of 2022, a total of 607,000 grassroots mass organizations had been established in the country, including 489,000 village committees, 3.929 million villagers’ groups, and 2.154 million members of village committees. 

In April this year, the CCDI and NCS rolled out a nationwide campaign against irregularities and corruption on the people’s doorsteps. 

Zhuang Deshui, a deputy director of the Research Center for Government Integrity-Building at Peking University, told the Global Times that the corruption of village Party officials relates to the interests that are most concerning, direct and realistic for the masses. This corruption at grassroots level directly affects the people’s sense of gain, happiness, and security, undermining the Party’s governing foundation and the long-term stability of the country.

Zhu Lijia, a professor at the Chinese Academy of Governance, said that the number of village officials under investigation in the first nine months does not indicate a worsening of corruption in Chinese villages. Instead, it reflects a strengthened commitment to combat corruption among “small flies.”

The Global Times searched on the CCDI and NCS website and discovered that the disclosure of the number of current or former village Party officials under investigation commenced in 2023.

Such disclosure not only showcases the significant achievements in anti-corruption efforts at grassroots levels, but also allows the public to feel that comprehensive and strict governance of the Party is present in their lives, thereby boosting the public’s confidence in the anti-corruption campaign, Zhuang said. 

A journey to which there is no end 
Zhu noted that in developed areas, corruption among village officials was mainly found in fields such as education, land acquisition and demolition. While in less developed areas, corruption among village officials was often discovered on areas related to resources invested by the country, such as the embezzlement of poverty alleviation funds and agricultural subsidy funds.

An official in the discipline inspection and supervision agency of a county in East China’s Fujian Province told the Global Times on condition of anonymity that it is hard to detect “flies,” as the amounts of money involved in these cases could be quite small. 

Typically, the process depends on the public to submit reports. Therefore, village inspections play a crucial role, as the inspection team meticulously reviews village accounts, leading to the exposure of numerous cases during this process, according to the official.

Zhuang explained that the reason behind is that the supervisory and regulatory systems at the village level are still not well established or have certain delays, leading to a loss of control over the management and use of village collective funds.

Fraudulent claimant of subsidies to villagers is another type of corruption at grassroots level. “With the increasing intensity of national fiscal transfer payments and the rise in agricultural subsidies from the government, some village officials have been found to embezzle, intercept, or fraudulently claim national funds allocated for poverty alleviation, resettlement, disaster relief, housing renovation subsidies, land compensation, and other purposes, thereby infringing upon the interests of the people,” Zhuang said.  

“The issue of power rent-seeking is also worthy of attention. In particular, during the contracting of village-level projects and the allocation of resources, village officials were found to exploit their power to seek personal gains for themselves and their relatives, friends and acquaintances, competing with the interests of the people,” said Zhuang.

A commentary article published on the CCDI and NCS website in December 2023 highlighted the problem of lacking supervision on village officials serving multi-positions. 

“Some village officials, especially those who hold multiple positions, have the final say in discussions, decisions, and actions regarding village affairs. The lack of effective supervision and restraint mechanisms thus became a reason for the occurrence of disciplinary and legal violations among village officials,” read the article. 

In a case unveiled by the provincial ant-corruption authorities in Southwest China’s Yunnan Province in July, Liao Changran, former Party chief and village committee head of Qimuzhai village in Lianghe county, in collusion with other members of the village committee, inflated meeting meal expenses and issued false meeting meal invoices to fraudulently obtain financial funds and village collective funds from January 2021 to December 2023. They also illegally distributed transportation subsidies totaling 36,800 yuan ($5,061), of which Liao personally received 27,500 yuan. Liao was punished in June.  

Experts have called for the improvement of grassroots supervision system and the establishment of grassroots disciplinary inspection and supervision institutions to extend supervisory efforts to the “last mile” to address corruption issues at the village level.

Zhuang calls for the improvement of the grassroots supervision system, suggesting that supervisory authorities establish specialized supervisory agencies at the village level, which would serve as dispatched institutions of higher-level supervisory authorities, to conduct disciplinary and supervisory oversight of village officials. This setup can effectively address the challenges of inadequate supervision or lack of oversight of grassroots personnel, and it is also beneficial for promptly investigating and deterring their corrupt behaviors through supervisory methods. 

Zhu stressed the significance to improve self-governance system in villages and hone villagers’ self-governance ability. “The rights of villagers to take participation in the decision and management of village affairs and oversee village officials should be fully guaranteed,” Zhu noted.  

It is always highlighted by the Party that full and rigorous self-governance is an unceasing endeavor and that self-reform is a journey to which there is no end, Zhu noted. “Fighting corruption on people’s footstep not only purifies the political ecology at the grassroots level, but also brings tangible benefits to the people, enhancing their confidence, trust, and reliance on the Party.”

 

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SOURCE Global Times

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Galaxy Digital Inc. Announces Pricing of $3.507 Billion of Senior Secured Notes

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NEW YORK, July 23, 2026 /PRNewswire/ — Galaxy Digital Inc. (NASDAQ: GLXY) (“Galaxy” or the “Company”), a global leader in digital assets and data center infrastructure, today announced that its indirect wholly owned subsidiary, Galaxy Helios Data Centers II LLC (the “Issuer”), has priced a $3.507 billion private offering (the “Offering”) of 9.875% senior secured notes due 2031 (the “Notes”). The Offering is expected to close on July 28, 2026, subject to market and other conditions.

The Issuer intends to use the net proceeds from the Offering to finance a portion of the development and construction of two buildings containing eight data halls with a combined total of 400 megawatts (“MW”) of utility capacity and 260 MW of critical IT capacity (the “Project”) to be built on an approximately 260-acre property in Dickens County, Texas and to fund debt service reserves.

The Notes will bear interest at a rate of 9.875% per annum payable semi-annually in cash in arrears on February 1 and August 1 of each year, beginning on February 1, 2027 and will mature on August 1, 2031. The Notes will amortize at a rate of 4.00% per annum of the original principal amount subject to adjustment, with amortization payments payable semi-annually with the first payment date to occur at least ten months after the completion of the Project.

The Notes will be fully and unconditionally guaranteed by Galaxy Helios II LLC, a wholly owned direct subsidiary of the Issuer (the “Guarantor”), and will constitute the senior secured obligations of the Issuer and the Guarantor. The Notes and related note guarantee will be secured by first-priority liens on (i) substantially all assets of the Issuer and the Guarantor, other than certain excluded property and (ii) all equity interests of the Issuer held by the direct parent company of the Issuer.

The Offering is subject to market and other conditions, and there can be no assurance as to whether, when or on what terms the Offering may be completed.

The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction, and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and any applicable state securities laws. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Galaxy

Galaxy Digital Inc. (Nasdaq: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, we develop and operate cutting-edge data center infrastructure to power AI and HPC workloads. Our 1.63 GW Helios campus in Texas positions Galaxy among the largest and fastest-growing data center developers in North America. The Company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia.

Forward Looking Statements

This press release includes forward-looking statements, including statements relating to the completion, size and timing of the Offering, the terms of the Notes and the intended use of proceeds. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements represent the Company’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the satisfaction of the closing conditions related to the Offering and risks relating to the Company’s business, including those described in periodic reports that the Company files from time to time with the SEC. The Issuer may not consummate the proposed Offering described in this press release and, if the proposed Offering is consummated, cannot provide any assurances regarding the final terms of the Offering or the Notes or its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and the Company does not undertake to update the statements included in this press release for subsequent developments, whether as a result of new information, future events, or otherwise, except as may be required by law.

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SOURCE Galaxy Digital Inc.

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The Finish Line that Changed China: Retracing the Long March to Yan’an

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BEIJING, July 23, 2026 /PRNewswire/ — A news report from China.org.cn on the Long March, and what it means for China today:

 

Every journey has a destination.

But some destinations become the beginning of something even greater.

This is Yan’an.

Over 90 years ago, an army of soldiers embarked from Yudu, Jiangxi Province, on a journey that would go down in history.

They crossed snow-capped mountains, vast grasslands and raging rivers, eventually arriving in northern Shaanxi.

Across this grueling 12,500-kilometer journey, they wrote a magnificent epic in human history with willpower and courage.

Here, their Long March came to a victorious end. But a new chapter of history was only beginning.

In Yan’an, the Red Army found time to recover and rebuild, and the Central Committee of the Communist Party of China regrouped, gathering strength for the next chapter.

Here, new ideas were debated, new strategies were shaped, and a vision for China’s future gradually took form.

Today, while preserving its revolutionary legacy, Yan’an has grown into a vibrant, modern city — with a greener environment, thriving industries and happier lives for its people.

Nearly 90 years ago, American journalist Edgar Snow came to northern Shaanxi, seeking to uncover a story that few outside China knew. He later chronicled it in his book “Red Star Over China,” which carried the story of the Long March to the world.

Today, people from around the world are once again retracing those steps.

As part of China International Communications Group (CICG)’s “Together on the Long March” international communication project, participants have spent more than a month retracing the route across six key regions.

From Jiangxi to Shaanxi, they followed the Red Army’s journey and witnessed the remarkable changes that have taken place along the way.

I asked them one simple question: What does this journey mean to you?

Zhavier Harris, marketing and communications manager at the Springfield Urban League, said conversations with local residents and descendants of the Red Army made history feel far more immediate than he had expected.

He said history isn’t as distant as we often think. “We’re only one or two generations from these great sacrifices that led to the development and the greatness that we see from the Communist Party of China and China as a whole.”

David Ferguson, honorary chief English editor at Foreign Languages Press under CICG and a recipient of the 2021 Chinese Government Friendship Award, said the journey deepened his understanding of the Long March.

He said the journey helped him understand not only the historical facts, but also what the Red Army endured. “If you see the Long March merely as a military campaign, it ended in Yan’an. But as a spirit, it has never truly come to an end.”

We came to retrace history. We leave with something more: a deeper understanding of China’s past, a clearer view of its present, and perhaps a greater appreciation for the stories that connect us across cultures.

Edgar Snow called the Long March “an Odyssey unequalled in modern times.” He believed that what sustained it was a flame — consisting of an undimmed ardor, an undying hope and an amazing revolutionary optimism.

Ninety years later, that flame still burns.

Passed down through generations, the spirit of the Long March continues to light China’s path forward.

And as it crosses borders and cultures, it offers the world a glimpse of a nation defined by resilience, perseverance and an enduring drive to move forward.

China Mosaic
http://www.china.org.cn/video/node_7230027.htm 

The Finish Line that Changed China: Retracing the Long March to Yan’an
http://www.china.org.cn/video/2026-07/23/content_118614941.shtml

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SOURCE China.org.cn

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Visa and Lianlian Advance Trusted B2B Agentic Commerce Through LoopXPay’s First Live B2B Agentic Transaction

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First live B2B agentic transaction in Greater China highlights how AI-enabled commerce can help SMBs streamline purchasing and payments, supported by Visa’s Agentic Directory for trusted AI agent interactions

SINGAPORE, July 24, 2026 /PRNewswire/ — Visa (NYSE: V), a global leader in digital payments, and Lianlian DigiTech Co., Ltd. (“Lianlian”), an AI-native global financial infrastructure provider, today announced the first live B2B agentic transaction completed using LoopXPay, Lianlian’s AI agent. 

Small and medium sized businesses (SMBs) often lack dedicated procurement teams and spend valuable time sourcing, purchasing and making payments themselves. In the transaction, the LoopXPay agent was used to source a product sample from a supplier and complete the purchase in a single workflow. The agent identified the purchasing requirement, recommended suitable suppliers, compared options, placed the order and securely executed the payment within a single workflow, while operating within pre-defined spending controls and approval parameters.

The milestone highlights how AI-powered commerce experiences can help SMBs simplify purchasing and payment activities while maintaining appropriate controls and oversight. By enabling AI agents to operate within pre-defined spending parameters and approval controls, businesses can reduce manual effort while retaining visibility into commercial decision-making.

As AI agents become more involved in purchasing and payment activities, businesses will require confidence that transactions are being executed by verified participants, within approved parameters and with appropriate oversight. Capabilities aligned with Visa’s Trusted Agent Protocol can help provide the identity, transparency and controls needed to support these interactions.

As part of the collaboration, LoopXPay has been registered in Visa’s Agentic Directory, enabling participating businesses and merchants to identify verified AI agents within the ecosystem. Supporting the implementation of Visa’s Trusted Agent Protocol, the Agentic Directory helps provide greater transparency into agent-driven interactions and confidence that participating agents have met Visa’s requirements.

“AI-powered commerce experiences can help businesses simplify purchasing and payments while maintaining the controls and oversight they require,” said Darren Parslow, Global Head, Visa Commercial Solutions, Visa. “For SMBs, that means less complexity in managing day-to-day commercial activities and more time focused on growth. As businesses increasingly look to embed intelligence into purchasing and payment experiences, trust will become a critical enabler of adoption. Through our collaboration with Lianlian, we are helping advance the trusted foundations that businesses will need to participate in this next era of commerce with confidence.”

Building on this milestone, Visa and Lianlian are exploring how AI agents can support a broader range of commercial activities, including procurement, digital advertising optimisation and B2B platform payments, helping advance trusted commerce through greater efficiency, transparency and control.

Zhang Zhengyu, Founder, Chairman of the Board and CEO, Lianlian DigiTech, said, “AI is reshaping the entire commercial value chain, where a growing number of business activities will be autonomously executed by AI agents, with payments serving as the critical infrastructure connecting them to global commerce. Leveraging its experience in global cross-border payments, compliance, as well as payment network, LianLian is actively building AI-native financial infrastructure, delivering an integrated suite of capabilities for the Agent Economy, spanning identity verification, transaction authorisation, intelligent payment, and global fund settlement. Through this collaboration with Visa, we aim to combine Lianlian’s AI-native capabilities with Visa’s trusted global network and commercial payment expertise to help businesses transact more securely, intelligently and efficiently in an increasingly agent-driven commerce environment.”

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, sellers, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

About Lianlian

Lianlian DigiTech Co., Ltd. (“Lianlian DigiTech” or “Lianlian”) was founded in 2009 and listed on the Main Board of the Hong Kong Stock Exchange in 2024 (stock code: 2598.HK). As China’s leading global provider of digital and intelligent payment services, Lianlian adheres to its mission of “Connecting the world, empowering global commerce” and pursues an “AI-Native + Globalization” strategy. The Company is committed to building a trusted global intelligent financial infrastructure, enabling seamless connectivity between Chinese enterprises and global businesses.  As of now, Lianlian has established a global licensing portfolio comprising 68 payment licenses and related qualifications, and holds a VATP license issued by the Hong Kong SFC. It supports services in more than 200 countries and regions and enables transaction settlement in over 140 currencies, connecting over 180 global e-commerce platforms and serving a cumulative total of over 13.3 million customers. Learn more at www.lianlian.com.

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SOURCE Visa Worldwide Pte. Limited

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