China Business Digest: Beijing Acts Quickly to Contain Second Wave; Casualties Reported in Deadly Clash on China-India Border
Beijing reimposes some restrictive measures while raising the Covid-19 alert level in response to a resurgence of new infections. China-India border clash causes casualties on both sides. Singapore gets set to further ease virus restrictions as global cases pass 8 million. And the U.S. allows American companies to work with Chinese tech giant Huawei on setting global 5G standards.
— By Tang Ziyi (email@example.com) and Han Wei (firstname.lastname@example.org)
** ON THE CORONAVIRUS
Beijing raises emergence response level to virus
Officials in the Chinese capital raised the emergency response level to Covid-19 by one notch while reimposing some restrictive measures to contain a resurgence of the virus, authorities said Tuesday night. Beijing ordered all schools to close and placed limits on some interprovincial travels after a new cluster of infections was linked to the city’s largest food market.
China reports 40 new cases, including 27 in Beijing
On Monday, the Chinese mainland reported 40 new symptomatic Covid-19 cases (link in Chinese), according to China’s top health body. The figure was down for a second consecutive day from 57 new cases on Saturday, which was the country’s largest new daily total since April 13. Of the 40 new cases, 27 were in Beijing, a new hotspot for Covid-19, bringing the existing hospitalized symptomatic local infections in the capital city to 106 (link in Chinese).
The Beijing city government has stepped up public health restrictions to staunch a local resurgence of the virus, including resumed temperature screenings at entrances of local communities. All public indoor entertainment activities have also been suspended.
Global cases pass 8 million
As of Tuesday morning Beijing time, the number of coronavirus infections globally passed the 8 million mark, with the death toll passing 436,000, according to data compiled by Johns Hopkins University.
In Singapore, the government announced Monday it would allow small gatherings and reopening of restaurants from Friday in its second phase of easing coronavirus restrictions.
Other virus news
• Beijing-based Sinovac Biotech Ltd. said (link in Chinese) Sunday its Covid-19 vaccine candidate showed both favorable immunogenicity and safety from phase I/II clinical trials. The company said it planned to conduct a phase III clinical trial, for the experimental vaccine, in the short term.
Caixin’s coverage of the new coronavirus
** TOP STORIES OF THE DAY
First deadly clash on China-India border in decades
Clashes between Chinese and Indian troops along the countries’ border in the Himalayas caused injuries and deaths Monday night, China’s military spokesman said. The Indian army said there were “casualties on both sides,” including deaths of at least 20 Indian soldiers. The deadly conflict was the first in more than four decades between Chinese and Indian troops at the border.
Structured deposits shrink amid regulatory clampdown
The size of structured deposits in Chinese banks booked the first monthly decline this year, reflecting a crackdown on regulatory arbitrage in which lenders provide guaranteed returns to companies in the guise of investment products. The outstanding value of structured deposits was 11.84 trillion yuan ($1.67 trillion) by the end of May, 2.5% lower than in the previous month.
U.S. companies allowed to work with Huawei on 5G standards
The U.S. government on Monday announced a new rule allowing U.S. companies to work with Chinese telecom giant Huawei Technologies Co. Ltd. on setting global industry standards for next-generation 5G networks.
Angry investors gather at Sichuan Trust office asking for immediate payment
Hundreds of investors on Monday gathered at the headquarters of Sichuan Trust Co. Ltd. (link in Chinese) in the southwestern city of Chengdu to demand immediate payment on their investments after the company failed to pay interest and repay principal for several trust products on time earlier this year.
China to issue 100 billion yuan in special treasury bonds
China said it will issue 100 billion yuan ($14.1 billion) in special treasury bonds to help the economy recover from the coronavirus pandemic. The bonds are part of a planned total of 1 trillion yuan of special treasury bonds announced on May 22 during the annual session of the country’s top legislature.
The 100 billion yuan of bonds, including 50 billion yuan of five-year bonds (link in Chinese) and 50 billion yuan of seven-year bonds (link in Chinese), will be auctioned on Thursday and traded from June 23, the Ministry of Finance said Monday.
** OTHER STORIES MAKING HEADLINES
• The U.K. government said Monday it has appointed Caroline Elizabeth Wilson as the new ambassador to China. Wilson, who previously served as the U.K.’s consul general to Hong Kong and Macao from 2012 to 2016, will take over her new role in September.
• State Grid Corp. of China, the country’s largest electricity distributor, said Monday it plans to invest 24.7 billion yuan (link in Chinese) this year in “digital new infrastructure” (link in Chinese) that supports technology-based projects.
• Tencent Holdings Ltd. founder Pony Ma’s holding in the company dropped to 8.42% from 8.53% after he sold around HK$4.3 billion ($553.2 million) of the internet giant’s shares between June 9 and Friday.
• The semiconductor unit of electric-car giant BYD Co. Ltd. has raised another 800 million yuan by selling shares, just weeks after it raised 1.9 billion yuan, as it seeks to expand its client base beyond its own use.
• Chinese classified advertising specialist 58.com Inc. says it’s entered into an $8.7 billion deal to go private, ending a seven-year run on the New York Stock Exchange.
• Xiang Junbo, a former chairman of the now-defunct China Insurance Regulatory Commission, has been sentenced to 11 years behind bars and fined 1.5 million yuan for taking bribes, a court ruled Tuesday.
** AND FINALLY
Shares of Mango Excellent Media Co. Ltd., the operator of online video platform Mango TV, have rallied after the platform launched the popular “Sisters Who Brave Winds and Waves,” a reality show in which 30 female celebrities aged 30 or above compete for a spot in a five-person pop group.
Actress Ning Jing, one of the participants of “Sisters Who Brave Winds and Waves,” at an airport in the central Chinese city of Changsha, where Mango TV is located.
** LOOKING AHEAD
June 18: Trading debut for Hong Kong listing by JD.com Inc.
Contact reporter Tang Ziyi (email@example.com) and editors Yang Ge (firstname.lastname@example.org) and Joshua Dummer (email@example.com)
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