Song Ping, a veteran Chinese Communist revolutionary whose nine-decade career bridged the founding of the People’s Republic and its modern era, died Wednesday at age 108, state media reported.

Song passed away at 3:36 p.m. in Beijing due to illness despite medical treatment, Xinhua News Agency announced. Described in the official obituary as a “long-tested, loyal communist fighter,” he was one of the last living links to the party’s earliest generations, having joined in 1937 and served under leaders from Mao Zedong to Jiang Zemin.

Born Song Yanping on April 24, 1917, in Ju County, Shandong Province, Song grew up amid warlord rule and Japanese invasion. He participated in revolutionary activities from the 1930s, graduating from Tsinghua University’s chemistry department before fully committing to the Communist cause. During the Second United Front against Japan (1938-1947), he served as political secretary to Zhou Enlai, one of the “five secretaries” of the Central Committee, gaining early exposure to top leadership.

After 1949, Song held key provincial and central roles. He became First Party Secretary of Gansu Province from 1977 to 1981, where he championed economic reforms and talent development. Notably, he promoted Hu Jintao, then a young official in Gansu’s construction commission, launching the future general secretary’s ascent. Chinese media often dubbed Song “the greatest talent scout in Chinese politics” for nurturing Hu and others.

In the reform era under Deng Xiaoping, Song headed the State Planning Commission (1983-1987) and served as State Councilor. He chaired the Central Organization Department from 1983 to 1987, overseeing senior cadre appointments, promotions, and evaluations — a position of immense influence over the party’s personnel system.

The 1989 Tiananmen Square crisis elevated Song to the Politburo Standing Committee on June 24, alongside Jiang Zemin and Li Ruihuan, as the party reshuffled leadership. At 72, he became a core figure in stabilizing the post-crisis order. He retired at the 14th Party Congress in October 1992, ending his formal role but retaining symbolic stature as the oldest living former PSC member.

Song’s longevity made him a living archive of CCP history. He witnessed five generations of leaders: Mao, Deng, Jiang, Hu, and Xi Jinping. Even in retirement, he attended major events, including the 19th National Congress in 2017 at age 100 and the 20th in 2022 at 105, arriving in a wheelchair but actively following proceedings. His presence underscored continuity and reverence for revolutionary elders.

Known for low-key demeanor and emphasis on party discipline, Song avoided public controversy in later years. He celebrated his 100th birthday in 2017 and remained one of the world’s oldest living politicians. His wife, Chen Shunyao, a fellow revolutionary, died in 2019. They had at least one son, Song Yichang.

Song’s death comes amid China’s ongoing emphasis on party history and revolutionary traditions under Xi. Official tributes highlighted his loyalty, contributions to cadre building, and role in economic planning during pivotal transitions.

As the sole surviving member of the 13th PSC from 1989-1992, Song’s passing closes a chapter on the post-Tiananmen leadership that guided China through rapid modernization. His career exemplified the party’s evolution from revolutionary struggle to governance, leaving a legacy tied to talent cultivation and institutional stability.

Funeral arrangements were not immediately detailed, but state protocol typically includes high-level memorials for such figures. Song is survived by family and a vast network of protégés across generations of officials.

UK financial watchdog considering over 1,000 responses to proposals

The UK’s financial regulator is aiming to “streamline” its long-awaited motor finance compensation scheme following extensive industry backlash.

The Financial Conduct Authority (FCA) issued a fresh update to markets on Wednesday, stating it was reviewing over 1,000 responses to its proposals for the sector-wide redress scheme.

It added that “if” it were to proceed with a scheme, the regulator was “likely to make several changes”.

In its Wednesday update, the FCA stated it would streamline the process for consumers and firms by eliminating the opt-out options and replacing them with a three-month deadline for lenders to inform consumers what they are owed and how much.

Consumers receiving an offer would also be able to accept it immediately, rather than waiting for the final determination, as reported by City AM.

Firms would also no longer be required to write to customers via recorded delivery, which the regulator said would open new communication channels to best meet consumers’ needs.

The FCA stated: “If we do go ahead [with the scheme], we expect to publish final rules in late March.”

Earlier this year, Britain’s leading banks were believed to have been given some relief after the Supreme Court upheld two out of three appeals from lenders in the landmark car finance scandal.

But the latter half of the year delivered a succession of dramatic developments in the saga, with the FCA revealing proposals for a controversial redress scheme that prompted banks to substantially increase their provisions for compensation.

One of the principal areas of criticism regarding the FCA’s scheme centres on the determination of “unfair” – the benchmark the Supreme Court upheld in the single successful claimant’s case.

The highest Court ruled in favour of one of three claimants after determining their excessive commission of 55 per cent was “unfair”. However, the FCA has stated the threshold for its redress – where 14.2m agreements are estimated to be eligible – will be 35 per cent.

The scheme in its current form presents lenders with a bill of approximately £11bn – still a substantial sum but significantly below previous projections of £44bn once feared by the City. Roughly 14.2m agreements will qualify for the scheme, extending back to 2007 – a timeframe which has encountered fierce resistance from the industry.

The regulator was compelled to extend the deadline for submitting feedback for the motor finance redress scheme last year as opposition from both consumer and lending camps intensified.

Lloyds Banking Group – which owns Britain’s largest car finance provider Black Horse – was obliged to raise provisions to £2bn from £1.2bn after particulars of the scheme emerged in October. FTSE 250 lender Close Brothers nearly doubled its reserves to £300m and Barclays almost quadrupled its provisions to £325m.

Santander UK abandoned its third-quarter results in October, referencing uncertainty within the motor finance sector, as bank chief Mike Regnier urged the government to consider intervening to help mediate. He warned if the government does not intervene “the unintended consequences for the car finance market, the supply of credit and the resulting negative impact on the automotive industry and its supply chain could significantly impact jobs, growth and the broader UK economy.”

There has also been equivalent opposition on the consumer side, with the All-Party Parliamentary Group (APPG) on Fair Banking condemning the City watchdog for a “£4.4bn gap” in the proposed scheme. The group accused the regulator of being “influenced by the profit margins of the lenders”.

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