‘CEO monk' of Shaolin Temple Abbot Shi Yongxin removed over ‘extremely bad' behaviour
He was accused of embezzlement and 'improper relationships'.
Shi's certificate of ordination will be cancelled.
The head of the Chinese temple known as the birthplace of kung fu will be disrobed for 'extremely' bad behaviour, Beijing's top Buddhist authority said on Monday, after allegations of embezzlement saw him placed under investigation.
The Shaolin Temple said on Sunday that Abbot Shi Yongxin, known as the 'CEO monk' for establishing dozens of companies abroad, was suspected of 'embezzling project funds and temple assets'.
The monastery said Shi had 'seriously violated Buddhist precepts', including by allegedly engaging in 'improper relationships' with multiple women.
'Multiple departments' were conducting a joint investigation, it said in a statement on WeChat.
In response, the Buddhist Association of China, overseen by the ruling Communist Party, said on Monday it would cancel Shi's certificate of ordination.
'Shi Yongxin's actions are of an extremely bad nature, seriously undermining the reputation of the Buddhist community, hurting the image of monks,' the association said in an online statement.
The association 'firmly supports the decision to deal with Shi Yongxin in accordance with the law'.
Shi had previously been accused by former monks of embezzling money from a temple-run company, maintaining a fleet of luxury cars and fathering children with multiple women.
China's government exercises authority over the appointment of religious leaders, and 'improper' conduct is often grounds for removal from office.
A hashtag related to the temple scandal had been viewed more than 560 million times on social media platform Weibo as of Monday morning.
The last post to the abbot's personal account on Weibo declared: 'when one's own nature is pure, the pure land is here in the present.'
Shi faced similar allegations in 2015 which the temple called 'vicious libel'.
Shi, 59, took office as abbot in 1999 and in the following decades expanded Shaolin studies and cultural knowledge overseas.
He helped the temple establish dozens of companies - but received backlash for commercialising Buddhism.
The temple, established in 495 AD, is known as the birthplace of Zen Buddhism and Chinese kung fu.
Shi was first elected vice-chair of the Buddhist Association of China in 2002 and has served as a representative to the National People's Congress, the country's top lawmaking body.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 minutes ago
- Yahoo
Brutal truth for Elon Musk, Oz Lotto winner 'always thought' he'd land jackpot, China tells Australia it 'never interferes'
Hello and welcome to Yahoo's live news blog this Wednesday. It's more bad news for Elon Musk. The Tesla owner has come bottom of a recent poll where Americans were asked to rank prominent global figures by how much they like them. A man who has claimed $15 million playing Oz Lotto says he "always thought" he was going to win. Retail giant Kmart is facing accusations it misled customers on its ethical credentials by sourcing clothing supplies from factories in China with links to slave labour. Australian music legend Col Joye has died aged 89. Colin Frederick Jacobsen AM - better known as Col Joye - was most famous for his role as the frontman of Col Joye and the Joy Boys, and for his 'discovery' of iconic Australian band the Bee Gees. Follow along as we bring you regular updates throughout the day. China reacts to Australia's unprecedented charges: 'We never interfere' Beijing has responded to the AFP charging a Chinese woman under foreign interference laws, stressing "we never interfere in other countries' internal affairs". "Let me say more broadly that China develops relations with other countries, including Australia, on the basis of mutual respect and non-interference in the internal affairs of others," foreign ministry spokesperson Guo Jiakun said. "China will follow this case closely and protect the lawful rights and interests of Chinese nationals." The AFP alleges the woman, who is also an Australian permanent resident, was tasked by a Public Security Bureau of China to covertly gather information about the Canberra branch of Guan Yin Citta, a Buddhist association. "This is the first time the AFP has charged a person with foreign interference that allegedly involves targeting members of the Australian community," AFP Assistant Commissioner Stephen Nutt told media. US's dislike for Elon Musk confirmed Well it just seems to get worse and worse for Elon Musk. A new study which asked 1,000 Americans to rank a list of 14 prominent global figures saw the Tesla founder come dead last. Musk's popularity has plummeted after he became involved in politics, becoming a vocal voice in Donald Trump's presidential campaign before the pair finally fell out. Such a shift is widely seen as one of the key drivers of Tesla sales dramatically falling. Read more here. Trump speculates on who will succeed him US President Donald Trump says JD Vance is "probably favoured at this point" to succeed him and be the Republican nominee in 2028. "It's too early to talk about it, but certainly he's doing a great job," Trump said of Vance. "In all fairness, he's the vice president." He also suggested Secretary of State Marco Rubio could potentially join Vance as his running mate. Aussies landing free flights through little-known Centrelink perk Did you know some students are able to land free flights to and from university through Centrelink? One student based in WA has been hailing the Fares Allowance scheme after she landed a $600 ticket to fly home to Sydney. The finer details are in this Yahoo Finance story, and we want to know if you're behind such a scheme. Let us know below. And if you've got your own story about the program, let reporter Stewart Perrie know at Aldi is our cheapest supermarket – but the UK has somewhere even cheaper While Aldi routinely wins the price war in Australia, the supermarket giant has been beaten to the top spot when it comes to the UK's cheapest. Budget rival Lidl has come in cheapest for a basket of groceries, research from consumer group Which? shows. Over the years there has been speculation Lidl is considering a venture into the Australian market, however there are no concrete plans in place and the supermarket has instead focused on other key markets. The supermarket industry in Australia has come under heavy scrutiny in recent years due to cost-of-living struggles, with Coles and Woolworths criticised by the government for its pricing tactics. One recommendation is Australia needs more competition to keep prices down, with the introduction of another supermarket like Lidl seen as a step to ease the cost of groceries. Two dead in Bali boating tragedy A boat carrying 80 people – including five Australians – has capsized in Bali, killing two and leaving scores of others injured. The fast boat was carrying 75 passengers – including at least five Australians – and five crew members when it got caught in a large surf off Sanur in southeast Bali at about 5pm (AEST) Tuesday. The boat, named Fast Boat Dolphin II, had crossed from Nusa Penida and was about 100m from its destination port in Sanur when the boat flipped. The passengers were thrown into the water, with locals scrambling to pull them out of the ocean. Horrifying footage showed the distressed passengers loaded into inflatable rescue boats and scrambling to leave the water, with one woman carried to the shore seemingly unconscious. Head of the Denpasar Search and Rescue team I Nyoman Sidakarya confirmed two Chinese nationals had died in the incident, and one crew member was still missing. The incident has once again put Indonesia's vast water transport system under the spotlight again. In 2023, one expert revealed to Yahoo why Australians often dismiss the dangers of travelling by boat in the country. With NewsWire Gross video water authorities want you to see We hope you're not eating your breakfast right now. Sydney Water is hoping this video of an overflowing pipe under a building is the warning you need not to put wet wipes and other common items that are wrongly flushed down the toilet. "Not only is this as gross as it looks, it comes with a costly plumbing bill," Sydney Water says. 'Fatbergs', big congregations of wrongly-flushed items that block the system's pipes, have long been a problem for water authorities. Read more how you can prevent them here. Girl charged over alleged murder of teen had only been in Australia 8 days, police say A 13-year-old Chinese exchange student has been charged with murder over the alleged stabbing death of a 14-year-old girl at a home in Newcastle. The 14-year-old, also an exchange student from China, was found with a single wound to her torso at Euston Close, Edgeworth, about 10.20pm on Monday, after police were called to reports of a stabbing. She was treated by paramedics at the scene before being rushed to hospital in a critical condition. The younger girl will appear in a Children's court on Wednesday on the murder charge. Superintendent Tracy Chapman, commander of the Lake Macquarie Police District, said both girls were from China, having travelled to Australia as part of a program where they stayed with local residents who acted as hosts. They were attending a local school and visiting locations around the Hunter area. 'They arrived in Australia eight days ago and were expected to depart Australia on the 16th of August,' Supt Chapman said. 'NSW Police continue to work with the program facilitators to ensure that all of the appropriate processes and notifications are being undertaken.' The two young girls were staying with the same hosts, a man and a woman. They had their own bedrooms. 'All parties had retired to their rooms for the evening when one of the hosts heard a commotion of some sort, and when she went to investigate, she located the 14-year-old.' - NewsWire Aussie music icon dies Australian music legend Col Joye has died aged 89. Colin Frederick Jacobsen AM - better known as Col Joye - was most famous for his role as the frontman of Col Joye and the Joy Boys, and for his 'discovery' of iconic Australian band the Bee Gees. He was the first Aussie pop star to hit number 1 on local charts with the single 'Bye Bye Baby' in 1959, which he performed with backing vocals from The Sapphires, the first all-female, all-First Nations singing group in Australian history. Joye would go on to rack up another three top 10 hits with the Joy Boys throughout the early 1960s, and went on to open ATA Studios at Glebe in inner Sydney. In 1963, Joye happened across a group of young performers from Redcliffe calling themselves the Bee Gees, who at the time were touring Queensland resorts to make ends meet. - NewsWire Kmart accused of misleading over slave labour supplies Retail giant Kmart is facing accusations it misled customers on its ethical credentials by sourcing clothing supplies from factories in China with links to slave labour. An Australian-based Uyghur group has filed a lawsuit against the outlet in the Federal Court, seeking to gain documents so they can see whether it knowingly sourced stock from suppliers who used forced labour from those in the ethnic group. In its ethical sourcing statement, Kmart said it aimed to provide products that respected human rights according to its ethical sourcing code which committed to abiding by international standards, including guidelines set out in the United Nations Universal Declaration of Human Rights. The lawsuit filed by the Australian Uyghur Tangritagh Women's Association claims Kmart included on its 2024 and 2025 factory lists two suppliers with links to the Xinjiang Uyghur Autonomous Region. It said this region in China's west has been well-documented for "systemic state-sponsored forced labour and other atrocities against Uyghur and other Turkic Muslim people". The group wants proof from Kmart that it has abided by its ethical sourcing promises regarding these suppliers and whether its public statements have been misleading or deceptive. Kmart must ensure it is not profiting off forced labour in China, association president Ramila Chanisheff said. "We're demanding answers from Kmart so we know whether its actions live up to its words about addressing forced labour risks in its supply chain," she said. Read more here. Man who won Oz Lotto jackpot 'always thought' he'd win after playing for decades Plenty of us dream of winning the lottery, but do we actually harbour genuine hope it'll happen? Well this winner did and he's now $15 million richer. The Victorian is one of two winners to share Oz Lotto's $30 million jackpot last night and he told lottery officials he's been playing the game for decades knowing that one day a big win would come. 'Honestly, I always thought I was going to win. Ever since I was in my 20s, I've thought, 'one day I'm going to win'. It's just taken a while!" he told The Lott. 'I'll help the kids and grandkids – help them to pay off their homes. 'A new car and caravan are what I want so we can do a few trips, maybe eventually do a lap around Australia.' While he says he always knew he'd win, he didn't have chosen numbers and won with a QuickPick entry. Do you have a story tip? Email: newsroomau@ You can also follow us on Facebook, Instagram, TikTok, Twitter and YouTube. Beijing has responded to the AFP charging a Chinese woman under foreign interference laws, stressing "we never interfere in other countries' internal affairs". "Let me say more broadly that China develops relations with other countries, including Australia, on the basis of mutual respect and non-interference in the internal affairs of others," foreign ministry spokesperson Guo Jiakun said. "China will follow this case closely and protect the lawful rights and interests of Chinese nationals." The AFP alleges the woman, who is also an Australian permanent resident, was tasked by a Public Security Bureau of China to covertly gather information about the Canberra branch of Guan Yin Citta, a Buddhist association. "This is the first time the AFP has charged a person with foreign interference that allegedly involves targeting members of the Australian community," AFP Assistant Commissioner Stephen Nutt told media. US's dislike for Elon Musk confirmed Well it just seems to get worse and worse for Elon Musk. A new study which asked 1,000 Americans to rank a list of 14 prominent global figures saw the Tesla founder come dead last. Musk's popularity has plummeted after he became involved in politics, becoming a vocal voice in Donald Trump's presidential campaign before the pair finally fell out. Such a shift is widely seen as one of the key drivers of Tesla sales dramatically falling. Read more here. Well it just seems to get worse and worse for Elon Musk. A new study which asked 1,000 Americans to rank a list of 14 prominent global figures saw the Tesla founder come dead last. Musk's popularity has plummeted after he became involved in politics, becoming a vocal voice in Donald Trump's presidential campaign before the pair finally fell out. Such a shift is widely seen as one of the key drivers of Tesla sales dramatically falling. Read more here. Trump speculates on who will succeed him US President Donald Trump says JD Vance is "probably favoured at this point" to succeed him and be the Republican nominee in 2028. "It's too early to talk about it, but certainly he's doing a great job," Trump said of Vance. "In all fairness, he's the vice president." He also suggested Secretary of State Marco Rubio could potentially join Vance as his running mate. US President Donald Trump says JD Vance is "probably favoured at this point" to succeed him and be the Republican nominee in 2028. "It's too early to talk about it, but certainly he's doing a great job," Trump said of Vance. "In all fairness, he's the vice president." He also suggested Secretary of State Marco Rubio could potentially join Vance as his running mate. Aussies landing free flights through little-known Centrelink perk Did you know some students are able to land free flights to and from university through Centrelink? One student based in WA has been hailing the Fares Allowance scheme after she landed a $600 ticket to fly home to Sydney. The finer details are in this Yahoo Finance story, and we want to know if you're behind such a scheme. Let us know below. And if you've got your own story about the program, let reporter Stewart Perrie know at Did you know some students are able to land free flights to and from university through Centrelink? One student based in WA has been hailing the Fares Allowance scheme after she landed a $600 ticket to fly home to Sydney. The finer details are in this Yahoo Finance story, and we want to know if you're behind such a scheme. Let us know below. And if you've got your own story about the program, let reporter Stewart Perrie know at Aldi is our cheapest supermarket – but the UK has somewhere even cheaper While Aldi routinely wins the price war in Australia, the supermarket giant has been beaten to the top spot when it comes to the UK's cheapest. Budget rival Lidl has come in cheapest for a basket of groceries, research from consumer group Which? shows. Over the years there has been speculation Lidl is considering a venture into the Australian market, however there are no concrete plans in place and the supermarket has instead focused on other key markets. The supermarket industry in Australia has come under heavy scrutiny in recent years due to cost-of-living struggles, with Coles and Woolworths criticised by the government for its pricing tactics. One recommendation is Australia needs more competition to keep prices down, with the introduction of another supermarket like Lidl seen as a step to ease the cost of groceries. While Aldi routinely wins the price war in Australia, the supermarket giant has been beaten to the top spot when it comes to the UK's cheapest. Budget rival Lidl has come in cheapest for a basket of groceries, research from consumer group Which? shows. Over the years there has been speculation Lidl is considering a venture into the Australian market, however there are no concrete plans in place and the supermarket has instead focused on other key markets. The supermarket industry in Australia has come under heavy scrutiny in recent years due to cost-of-living struggles, with Coles and Woolworths criticised by the government for its pricing tactics. One recommendation is Australia needs more competition to keep prices down, with the introduction of another supermarket like Lidl seen as a step to ease the cost of groceries. Two dead in Bali boating tragedy A boat carrying 80 people – including five Australians – has capsized in Bali, killing two and leaving scores of others injured. The fast boat was carrying 75 passengers – including at least five Australians – and five crew members when it got caught in a large surf off Sanur in southeast Bali at about 5pm (AEST) Tuesday. The boat, named Fast Boat Dolphin II, had crossed from Nusa Penida and was about 100m from its destination port in Sanur when the boat flipped. The passengers were thrown into the water, with locals scrambling to pull them out of the ocean. Horrifying footage showed the distressed passengers loaded into inflatable rescue boats and scrambling to leave the water, with one woman carried to the shore seemingly unconscious. Head of the Denpasar Search and Rescue team I Nyoman Sidakarya confirmed two Chinese nationals had died in the incident, and one crew member was still missing. The incident has once again put Indonesia's vast water transport system under the spotlight again. In 2023, one expert revealed to Yahoo why Australians often dismiss the dangers of travelling by boat in the country. With NewsWire A boat carrying 80 people – including five Australians – has capsized in Bali, killing two and leaving scores of others injured. The fast boat was carrying 75 passengers – including at least five Australians – and five crew members when it got caught in a large surf off Sanur in southeast Bali at about 5pm (AEST) Tuesday. The boat, named Fast Boat Dolphin II, had crossed from Nusa Penida and was about 100m from its destination port in Sanur when the boat flipped. The passengers were thrown into the water, with locals scrambling to pull them out of the ocean. Horrifying footage showed the distressed passengers loaded into inflatable rescue boats and scrambling to leave the water, with one woman carried to the shore seemingly unconscious. Head of the Denpasar Search and Rescue team I Nyoman Sidakarya confirmed two Chinese nationals had died in the incident, and one crew member was still missing. The incident has once again put Indonesia's vast water transport system under the spotlight again. In 2023, one expert revealed to Yahoo why Australians often dismiss the dangers of travelling by boat in the country. With NewsWire Gross video water authorities want you to see We hope you're not eating your breakfast right now. Sydney Water is hoping this video of an overflowing pipe under a building is the warning you need not to put wet wipes and other common items that are wrongly flushed down the toilet. "Not only is this as gross as it looks, it comes with a costly plumbing bill," Sydney Water says. 'Fatbergs', big congregations of wrongly-flushed items that block the system's pipes, have long been a problem for water authorities. Read more how you can prevent them here. We hope you're not eating your breakfast right now. Sydney Water is hoping this video of an overflowing pipe under a building is the warning you need not to put wet wipes and other common items that are wrongly flushed down the toilet. "Not only is this as gross as it looks, it comes with a costly plumbing bill," Sydney Water says. 'Fatbergs', big congregations of wrongly-flushed items that block the system's pipes, have long been a problem for water authorities. Read more how you can prevent them here. Girl charged over alleged murder of teen had only been in Australia 8 days, police say A 13-year-old Chinese exchange student has been charged with murder over the alleged stabbing death of a 14-year-old girl at a home in Newcastle. The 14-year-old, also an exchange student from China, was found with a single wound to her torso at Euston Close, Edgeworth, about 10.20pm on Monday, after police were called to reports of a stabbing. She was treated by paramedics at the scene before being rushed to hospital in a critical condition. The younger girl will appear in a Children's court on Wednesday on the murder charge. Superintendent Tracy Chapman, commander of the Lake Macquarie Police District, said both girls were from China, having travelled to Australia as part of a program where they stayed with local residents who acted as hosts. They were attending a local school and visiting locations around the Hunter area. 'They arrived in Australia eight days ago and were expected to depart Australia on the 16th of August,' Supt Chapman said. 'NSW Police continue to work with the program facilitators to ensure that all of the appropriate processes and notifications are being undertaken.' The two young girls were staying with the same hosts, a man and a woman. They had their own bedrooms. 'All parties had retired to their rooms for the evening when one of the hosts heard a commotion of some sort, and when she went to investigate, she located the 14-year-old.' - NewsWire A 13-year-old Chinese exchange student has been charged with murder over the alleged stabbing death of a 14-year-old girl at a home in Newcastle. The 14-year-old, also an exchange student from China, was found with a single wound to her torso at Euston Close, Edgeworth, about 10.20pm on Monday, after police were called to reports of a stabbing. She was treated by paramedics at the scene before being rushed to hospital in a critical condition. The younger girl will appear in a Children's court on Wednesday on the murder charge. Superintendent Tracy Chapman, commander of the Lake Macquarie Police District, said both girls were from China, having travelled to Australia as part of a program where they stayed with local residents who acted as hosts. They were attending a local school and visiting locations around the Hunter area. 'They arrived in Australia eight days ago and were expected to depart Australia on the 16th of August,' Supt Chapman said. 'NSW Police continue to work with the program facilitators to ensure that all of the appropriate processes and notifications are being undertaken.' The two young girls were staying with the same hosts, a man and a woman. They had their own bedrooms. 'All parties had retired to their rooms for the evening when one of the hosts heard a commotion of some sort, and when she went to investigate, she located the 14-year-old.' - NewsWire Aussie music icon dies Australian music legend Col Joye has died aged 89. Colin Frederick Jacobsen AM - better known as Col Joye - was most famous for his role as the frontman of Col Joye and the Joy Boys, and for his 'discovery' of iconic Australian band the Bee Gees. He was the first Aussie pop star to hit number 1 on local charts with the single 'Bye Bye Baby' in 1959, which he performed with backing vocals from The Sapphires, the first all-female, all-First Nations singing group in Australian history. Joye would go on to rack up another three top 10 hits with the Joy Boys throughout the early 1960s, and went on to open ATA Studios at Glebe in inner Sydney. In 1963, Joye happened across a group of young performers from Redcliffe calling themselves the Bee Gees, who at the time were touring Queensland resorts to make ends meet. - NewsWire Australian music legend Col Joye has died aged 89. Colin Frederick Jacobsen AM - better known as Col Joye - was most famous for his role as the frontman of Col Joye and the Joy Boys, and for his 'discovery' of iconic Australian band the Bee Gees. He was the first Aussie pop star to hit number 1 on local charts with the single 'Bye Bye Baby' in 1959, which he performed with backing vocals from The Sapphires, the first all-female, all-First Nations singing group in Australian history. Joye would go on to rack up another three top 10 hits with the Joy Boys throughout the early 1960s, and went on to open ATA Studios at Glebe in inner Sydney. In 1963, Joye happened across a group of young performers from Redcliffe calling themselves the Bee Gees, who at the time were touring Queensland resorts to make ends meet. - NewsWire Kmart accused of misleading over slave labour supplies Retail giant Kmart is facing accusations it misled customers on its ethical credentials by sourcing clothing supplies from factories in China with links to slave labour. An Australian-based Uyghur group has filed a lawsuit against the outlet in the Federal Court, seeking to gain documents so they can see whether it knowingly sourced stock from suppliers who used forced labour from those in the ethnic group. In its ethical sourcing statement, Kmart said it aimed to provide products that respected human rights according to its ethical sourcing code which committed to abiding by international standards, including guidelines set out in the United Nations Universal Declaration of Human Rights. The lawsuit filed by the Australian Uyghur Tangritagh Women's Association claims Kmart included on its 2024 and 2025 factory lists two suppliers with links to the Xinjiang Uyghur Autonomous Region. It said this region in China's west has been well-documented for "systemic state-sponsored forced labour and other atrocities against Uyghur and other Turkic Muslim people". The group wants proof from Kmart that it has abided by its ethical sourcing promises regarding these suppliers and whether its public statements have been misleading or deceptive. Kmart must ensure it is not profiting off forced labour in China, association president Ramila Chanisheff said. "We're demanding answers from Kmart so we know whether its actions live up to its words about addressing forced labour risks in its supply chain," she said. Read more here. Retail giant Kmart is facing accusations it misled customers on its ethical credentials by sourcing clothing supplies from factories in China with links to slave labour. An Australian-based Uyghur group has filed a lawsuit against the outlet in the Federal Court, seeking to gain documents so they can see whether it knowingly sourced stock from suppliers who used forced labour from those in the ethnic group. In its ethical sourcing statement, Kmart said it aimed to provide products that respected human rights according to its ethical sourcing code which committed to abiding by international standards, including guidelines set out in the United Nations Universal Declaration of Human Rights. The lawsuit filed by the Australian Uyghur Tangritagh Women's Association claims Kmart included on its 2024 and 2025 factory lists two suppliers with links to the Xinjiang Uyghur Autonomous Region. It said this region in China's west has been well-documented for "systemic state-sponsored forced labour and other atrocities against Uyghur and other Turkic Muslim people". The group wants proof from Kmart that it has abided by its ethical sourcing promises regarding these suppliers and whether its public statements have been misleading or deceptive. Kmart must ensure it is not profiting off forced labour in China, association president Ramila Chanisheff said. "We're demanding answers from Kmart so we know whether its actions live up to its words about addressing forced labour risks in its supply chain," she said. Read more here. Man who won Oz Lotto jackpot 'always thought' he'd win after playing for decades Plenty of us dream of winning the lottery, but do we actually harbour genuine hope it'll happen? Well this winner did and he's now $15 million richer. The Victorian is one of two winners to share Oz Lotto's $30 million jackpot last night and he told lottery officials he's been playing the game for decades knowing that one day a big win would come. 'Honestly, I always thought I was going to win. Ever since I was in my 20s, I've thought, 'one day I'm going to win'. It's just taken a while!" he told The Lott. 'I'll help the kids and grandkids – help them to pay off their homes. 'A new car and caravan are what I want so we can do a few trips, maybe eventually do a lap around Australia.' While he says he always knew he'd win, he didn't have chosen numbers and won with a QuickPick entry. Plenty of us dream of winning the lottery, but do we actually harbour genuine hope it'll happen? Well this winner did and he's now $15 million richer. The Victorian is one of two winners to share Oz Lotto's $30 million jackpot last night and he told lottery officials he's been playing the game for decades knowing that one day a big win would come. 'Honestly, I always thought I was going to win. Ever since I was in my 20s, I've thought, 'one day I'm going to win'. It's just taken a while!" he told The Lott. 'I'll help the kids and grandkids – help them to pay off their homes. 'A new car and caravan are what I want so we can do a few trips, maybe eventually do a lap around Australia.' While he says he always knew he'd win, he didn't have chosen numbers and won with a QuickPick entry.
Yahoo
6 minutes ago
- Yahoo
China's export growth likely slowed in July as US tariff deadline looms: Reuters poll
BEIJING (Reuters) -China's export growth probably slowed in July, as manufacturers await clarity on whether Beijing can reach a deal with its top consumer market, the United States, or if President Donald Trump will reinstate additional tariffs on Chinese goods. Outbound shipments were expected to have risen an annual 5.4% in value terms, according to the median forecast of 34 economists in a Reuters poll, down from a 5.8% increase in June. Imports likely shrank 1.0%, reversing a 1.1% rise previously, with domestic demand still in the doldrums amid a protracted property crisis that has consumers tightening their purse strings. Trump's erratic trade policy - marked by multiple rounds of tit-for-tat tariff hikes with Beijing - has heaped pressure on China's export-oriented economy, posing a serious test to its long-standing growth model. China is facing an August 12 deadline to reach a durable tariff agreement with the U.S. administration, after Beijing and Washington reached framework agreements in May and June to reduce non-tariff barriers such as in rare earth minerals and technology to avoid further escalating their trade war. Without a deal, global supply chains could face renewed turmoil from U.S. duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. Trump said on Tuesday the U.S. was close to a trade deal with China and that he would meet his Chinese counterpart Xi Jinping before the end of the year if the world's two largest economies could come to an agreement. China's July trade surplus is forecast to narrow to $105 billion from $114.77 billion in June. Separate data from the U.S. Commerce Department's Bureau of Economic Analysis on Tuesday showed that the U.S.'s trade gap with China shrank to its lowest in more than 21 years in June. Chinese government advisers are stepping up calls to make the household sector's contribution to broader economic growth a top priority at Beijing's upcoming five-year policy plan, as trade tensions and deflation threaten the outlook. And top leaders have vowed to step up regulation of aggressive price-cutting by Chinese companies that is pushing prices ever lower. But economists warn that reversing the current deflationary slump will be far more difficult than during the last round of supply-side reforms a decade ago, as the downturn now poses a broader threat to employment, which Chinese leaders have emphasised is a core component of social stability. Reaching an agreement with the United States — and with the European Union, which has accused China of producing and selling goods too cheaply — would give Chinese officials more room to advance their reform agenda. However, analysts expect little relief from Western trade pressures. Export growth is projected to slow sharply in the second half of the year, hurt by persistently high tariffs, President Trump's renewed crackdown on the rerouting of Chinese shipments and deteriorating relations with the EU. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Times
6 minutes ago
- New York Times
Chinese People Are Known to Be Big Savers. Many Are Drowning in Debt.
China is a nation of savers. The Chinese government wants its people to spend more and save less. It also wants them to take on more debt, all for the sake of saving the economy from a four-year slump. The national financial regulator urged banks in March to expand consumer lending and offer more flexible repayment terms. Last month, policymakers promised to provide 'innovative' financial services to boost consumption. Yet many Chinese consumers are wary. An alarming number of them are already defaulting on their debt. From 2021 to 2024, China's total household savings grew 50 percent, as people scared off by a big decline in housing values stuffed their money in banks. During the same period, the number of loans that households could not afford to pay back nearly doubled. For Beijing, expanding access to credit may seem like a quick way to stimulate the economy. But this push for consumers to borrow risks deepening a growing personal debt crisis. Many borrowers, particularly young people, are caught in cycles of debt, driven by poor financial literacy, high youth unemployment and stagnant wages. Those caught in the cycle run the gamut: factory workers, young professionals and gig economy workers. They are people who barely make ends meet while living in fear of default, calls from debt collectors and an overwhelming sense of shame. Want all of The Times? Subscribe.
