The Best Reads of the Week From Caixin
This week, Caixin learned that China will speed up its consolidation of state-owned enterprises to increase global competitiveness. That wasn’t the only thing getting faster here — bullet trains will soon be allowed to travel at 350 kph (217 mph).
But not everything has been accelerating. China has experienced 7,000 more flight delays per day than it did last year — thanks to bad weather, military exercises and wayward drones.
Meanwhile, global pharmaceutical giants said they will cut prices to get more of products onto a list of drugs eligible for partial reimbursement in China. And in a surprise, developer R&F Properties said it will buy a portfolio of hotels being sold by real estate giant Wanda Group.
These are five stories I want to make sure you don’t miss. Please share your comments to me on our recently launched The Weekender section and our other coverage at email@example.com.
Managing editor of Caixin Global
Plan being drafted by Beijing would reduce number of companies owned by central government by 20% to about 80
China plans to consolidate the number of companies supervised by the State-Owned Assets Supervision and Administration Commission from 101 to about 80. Above, two China Guodian Corp. towers are seen in Jilin city in September 2013. Photo: Visual China
Global drugmakers agree to reduce prices to get 36 drugs on China’s partial-reimbursement list
After three months of price negotiations with pharmaceutical companies, China added 36 drugs to its list of medications eligible for partial reimbursement. Above, a pharmacy staff member picks up a patient’s medication at a hospital in Hefei, Anhui province. Photo: IC
Bad weather, military activities, drones and unruly passengers further disrupt country’s already ensnared runways
China this year has seen 7,000 more flight delays a day than it did last year, as the on-time flight rate so far this year has fallen to 71.8%. Photo: Visual China
Developer to pay $2.95 billion for Wanda hotel portfolio, taking over part of a previously announced deal for rival Sunac to pay $9.4 billion for Wanda’s hotels and theme parks
Wanda Group's planned sale of 13 theme parks and 76 hotels to Sunac China Holdings Ltd. was changed to include another buyer, R&F Properties, which will purchase the hotels instead of Sunac. Above, Chairman Wang Jianlin (left), Sunac Chairman Sun Hongbin (center) and R&F Properties Chairman Li Silian toast the deal's signing ceremony in Beijing on Wednesday. Photo: Yang Yifan/Caixin
Move to allow high-speed trains to travel up to 350 kph comes six years after accident that left 40 dead
Train operators sit inside China's new high-speed train, named "Fuxing," in Beijing, on June 26. China plans to raise the top cruising speed of its bullet trains to 350 kph from 300 kph on some lines. Photo: IC
- 1In Depth: China’s Plan to Break Foreign Iron Ore Dependence — Mine More at Home
- 2Cover Story: Graft Scandal Casts Long Shadow Over China’s Chipmaking Ambitions
- 3Yuan Bonds Debut in Russia as Challenge to Dollar Dominance Builds
- 4Vacancy Rates in Chinese Cities Signal Risk of Oversupply
- 5Hong Kong to Announce Hotel Quarantine Cut as Soon as Monday
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas