Caixin
Mar 03, 2021 09:27 AM
CX DAILY

CX Daily: China’s Pace of Vaccinations Is a ‘Great Concern,’ Disease Expert Warns

Vaccinations /

China’s pace of vaccinations is a ‘great concern,’ disease expert warns

China should speed up the pace of vaccinations to plug the immunity gap against Covid-19 in the population, a top epidemiologist warned.

Zhang Wenhong, director of the infectious disease department at Shanghai’s Huashan Hospital, told an online event hosted by the Washington-based Brookings Institution Monday that China has sufficient Covid-19 vaccine production capacity, but the pace of vaccination is of “great concern.”

Zhang said the production output of Covid-19 vaccines in China is expected to be increased to 2.1 billion by year-end, more than one dose per person for the whole Chinese population.

FINANCE & ECONOMY

Regulator /

Loose monetary and fiscal policy overseas poses a risk to China, head of top banking watchdog says

Europe, the U.S., and other countries are starting to see some of the adverse effects of the lavish government spending and extremely loose monetary policy they employed in the wake of the pandemic, the head of one of China’s top financial regulators said Tuesday.

Financial markets in the U.S. and developed European countries are performing well, but their real economies are not, said Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC). “Financial markets should reflect what’s actually going on in the economy. When there’s a big gap, there are going to be problems,” Guo said at a press conference (link in Chinese) about the current state of the banking and insurance industries.

“Therefore, we are very worried about the financial markets, especially that the bubble in foreign financial assets could one day burst,” he said.

Cryptocurrency /

Bitcoin mining’s days are numbered in one China province

Inner Mongolia is poised to ban new cryptocurrency mining projects and shut down the entire industry by the end of April as part of a plan to meet central government targets for reducing energy consumption over the coming five years.

The Inner Mongolia Development and Reform Commission released draft measures (link in Chinese) Thursday to curb the development of high energy-consuming industries to meet goals set in China’s 14th Five-Year Plan that runs from 2021 to 2025. Cryptocurrency mining is one of the sectors highlighted in the document which also says that in principle the region will no longer approve new energy-consuming coke, steel and ferroalloy projects.

Cryptocurrency mining gobbles up vast amounts of power both through the electricity consumed by the specialized computer equipment needed to solve the mathematical puzzles that produce the currency and through the energy needed to cool the machines and prevent them from overheating.

Two Sessions /

Two Sessions: Dozen disgraced lawmakers will miss legislative meeting

A dozen Chinese lawmakers will not be present at the national legislature’s annual meeting in Beijing this week, having become ensnared in corruption scandals since the last session in May 2020.

A further four lawmakers have died in office since last year’s gatherings, capping a turbulent few months at the top of the Communist Party.

China will begin its annual “Two Sessions” in Beijing Thursday and Friday, at which a new five-year plan for shaping policy through 2025 will be approved.

Stocks /

Hang Seng Index to expand members to 80 in biggest makeover

Hang Seng Indexes Co. will increase the number of stocks in its Hong Kong benchmark to 80 and cap the weighting of any one company as it embraces the new economy by implementing the biggest changes in the gauge’s 51-year-old history.

The sweeping overhaul to the Hang Seng Index includes increasing the number of constituents from 52 and limiting a stock’s weighting to 8%, the company said Monday in a statement. The revamp also shortens the listing history requirement to three months for a company to be included in the gauge. Implementation of the changes will begin as early as May and go through mid-2022.

Quick hits /

He Yafei: Global unity needed to face unprecedented challenges

Ex-chair of state-backed asset manager punished for alleged corruption

BUSINESS & TECH

APP

Xiao Yaqing. Photo: VCG

Apps /

Government warns apps on data abuse, plans to boost automated oversight

China’s telecom ministry fired a shot across the bow of smartphone apps that spy on users and steal their personal information amid a nationwide crackdown on how tech companies gather and use sensitive data.

The Ministry of Industry and Information Technology (MIIT) ordered more than 100 offending apps to be ripped from app stores in the past three months, said the head of the ministry, Xiao Yaqing, at a briefing Monday.

“The Chinese government’s commitment to protecting personal information is iron-clad,” Xiao said. He also mentioned the government’s plans to improve technology that oversees apps and identifies such issues, but he did not give specifics.

White goods /

Hisense bets big on car market with $200 million bid for air-conditioning maker

Banking on car sales growth in China, Hisense Home Appliances Group Co. Ltd. is poised to spend $200.7 million for a controlling stake in Sanden Holdings Corp., a Japanese manufacturer of in-vehicle air conditioning systems.

The Foshan-based home-appliance company aims to use cash to buy 83.6 million shares of Sanden at 256 yen ($2.40) each through a private placement.

The successful purchase would make Hisense the controlling shareholder of Sanden, with 75% of voting rights, according to a statement to the Shenzhen Stock Exchange Monday.

Huawei /

France’s Huawei ban begins to kick in with purge in urban areas

Phone companies including Altice Europe NV’s SFR unit and Bouygues Telecom have begun removing Huawei Technologies Co.’s wireless equipment from large French cities after the government moved to purge the Chinese vendor from all but isolated parts of the country.

The work started at the beginning of 2021, when France’s Constitutional Council signed off on a ruling that forces carriers to rip out Huawei gear in densely populated areas where networks are being upgraded to fifth-generation wireless technology, according to people familiar with the situation.

Unlike countries such as the U.K., France is seeking to strike a middle ground that would allow Huawei to remain a supplier while keeping it out of the more integral parts of its wireless infrastructure.

HSBC banker knew about dealings with Iran, Meng Wanzhou’s lawyers argue

Chips /

Four things to know about China’s $18.5 billion failed chip champ

The collapse of a multibillion-dollar silicon chip-making project that was one of China’s most anticipated high-tech champions underscores the roadblocks facing the country’s ambitions of becoming a semiconductor powerhouse.

Wuhan Hongxin Semiconductor Manufacturing Co. Ltd. (HSMC), an $18.5 billion project backed by Central China’s Hubei province, started dismissing employees as hopes for a resumption of business faded after more than a year of struggles for survival. Here are some facts to know about HSMC and its failure.

Quick hits /

Top Beijing SOE executive surrenders in graft probe

China’s Nio misses profit forecast even as vehicles sales grow

China Eastern places 1st formal order for homegrown C919 jetliner

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