Caixin
Jun 10, 2021 09:20 AM
CX DAILY

CX Daily: Asian Elephant Herd’s Epic China Trek Shines Light on Human Encroachment

Elephants /

Asian elephant herd’s epic China trek shines light on human encroachment

The 15 wild Asian elephants that have captivated the country and the world have resumed their northward journey after resting in a township in Southwest China’s Yunnan province. Their saga highlights the impact of human encroachment on their natural habitat and stumps officials on how best to guide them home.

The elephants, including three cubs, were spotted sleeping Monday in Xiyang township in the provincial capital of Kunming. The herd remained in the area after crossing into the city of more than 6 million residents on June 2 and was observed moving again Tuesday, according to national broadcaster CCTV.

Since leaving their natural habitat in March 2020 in Xishuangbanna, the southernmost prefecture in Yunnan, the elephants have trekked more than 500 kilometers, traveling north through jungles, fields and villages.

Digital currency /

Hong Kong to explore an everyday digital currency

Hong Kong started to explore the issuance of a retail digital currency and will provide initial findings within the next 12 months as it ramps up efforts to research a central bank digital currency (CBDC) for everyday use.

The Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, said it established an internal cross-departmental working group to study technical, policy and legal issues, Chief Executive Eddie Yue said in a speech Tuesday.

FINANCE & ECONOMY

Corruption /

Corruption probe ensnares another bad-debt industry veteran

Hu Xiaogang, vice president of China Great Wall Asset Management Co. Ltd. and former vice president of China Orient Asset Management Co. Ltd., is under discipline review and supervisory investigation for suspected severe violations, the country’s top graft buster and the banking regulator said.

Hu, 58, worked at Orient Asset nearly 20 years before he was appointed vice president of Great Wall. The statement by the Central Commission for Discipline Inspection of the Communist Party of China mentioned only his title at Orient Asset, indicating the violations involved his work at that state-owned bad-debt manager. Before joining Orient Asset in 1999, Hu worked at Bank of China as deputy director of the bank’s Hunan Branch and deputy director of corporate business.

Economy /

China’s factory inflation jumps most in almost 13 years as commodity prices surge

Surging commodity prices fueled inflation in China in May, with factory-gate prices jumping the most in almost 13 years and consumer prices accelerating at the fastest pace since September, government data released Wednesday show.

The producer price index (PPI), which gauges changes in prices of goods circulated among manufacturers and mining companies, rose 9% year-on-year in May, up from 6.8% in April, according to data (link in Chinese) released by the National Bureau of Statistics (NBS). The increase is the biggest since September 2008 and exceeded the median estimate of 8.3% in a Caixin survey (link in Chinese) of economists.

The consumer price index (CPI), which measures changes in prices of a basket of consumer goods and services, increased 1.3% year-on-year (link in Chinese) in May, up from 0.9% in April, although the gain trailed the median estimate of a 1.6% rise in the Caixin survey.

Fines /

China fines four banks $828,000 for property lending violations

China’s banking regulator fined four banks a total of 5.3 million yuan ($828,000) for failure to review personal consumption loans and business loans that were used to buy real estate.

The Beijing branches of Postal Savings Bank of China, China Merchants Bank and China Guangfa Bank, and two branches of Shanghai Pudong Development Bank in Beijing were ordered to immediately take effective measures to improve credit business procedures, recover loans that violated regulations and hold responsible persons to account.

Covid-19 /

Four things to know about the new Covid variants

In China, a country that largely recovered from the pandemic since last summer, a new wave of flare-ups in the southern metropolis Guangzhou is testing the city’s ability to contain a stronger version of the virus. In less than three weeks, Guangzhou reported more than 100 infections of the fast-spreading Delta variant of Covid-19, the first time community transmission of the new mutation was found in China. The city of 19 million has ramped up virus testing and imposed lockdowns on certain areas as the number of cases continues climbing.

The new variants have higher transmissibility, posing challenges to existing disease control measures, said Feng Zijian, the deputy director general of China’s Center for Disease Control and Prevention (CDC). Here are four things to know.

Quick hits /

China’s $862 billion of dollar bonds face key restructuring test

Opinion: Trusted marketplaces are key to meeting the climate challenge

BUSINESS & TECH

Maicai

Delivery drivers wait to receive orders outside a Dingdong Maicai location in Beijing on April 28. Photo: VCG

IPOs /

Grocery apps seek more cash to get leg up on increasingly cutthroat competition

Two Chinese grocery apps filed for U.S. initial public offerings (IPOs) on the same day, eyeing even more funds to cement their places in an increasingly competitive sector.

Dingdong Maicai, an app backed by big-name institutional investors including Sequoia Capital and Tiger Global Management, plans to list on the New York Stock Exchange, according to a Tuesday filing with the U.S. Securities and Exchange Commission.

It was joined by Tencent-backed Missfresh Ltd., which said in a separate filing that it plans to float on the Nasdaq.

China-U.S. /

Senate passes sweeping bill to help U.S. compete with China

The Senate overwhelmingly passed an expansive bill to invest almost $250 billion in bolstering U.S. manufacturing and technology to meet the economic and strategic challenge from China.

The 68-32 vote on the legislation Tuesday was a rare spot of bipartisanship in an otherwise polarized Senate and a clear indicator of the concern in both political parties that the U.S. risks falling behind its biggest global competitor.

Airlines /

Shandong Airlines seeks emergency loan as pandemic losses bite

State-backed Shandong Airlines Co. Ltd. is seeking an emergency loan from leading policy lender China Development Bank (CDB), highlighting its struggles under huge losses and surging debt even as air travel rebounds across the country after slumping last year amid the Covid-19 pandemic.

The company is applying for as much as 2.6 billion yuan ($406.6 million) in a one-year emergency loan from CDB to replenish liquidity and cover operational expenses such as jet fuel, salary and rent, according to a Monday filing (link in Chinese) with the Shenzhen Stock Exchange.

Polysilicon /

Explosion rocks key Chinese supplier of global solar sector

A large explosion rocked a major producer of raw materials used to make polysilicon, a key ingredient in solar panel production, in far western China’s Xinjiang region, though Hoshine Silicon Industry Co. Ltd. downplayed the impact on its operations.

The incident occurred as supplies of polysilicon worldwide were already tight, resulting in sharp price hikes for the raw material over the last year as installations of solar power accelerate worldwide.

Quick hits /

CATL and BYD in talks with Apple for EV battery supply

Alibaba kicks off spending spree with $1 billion for cloud

Medical platform Dingdang raises $220 million in funding round

Energy Insider /

Energy Insider: China’s steel exports rise 20% in May; Shanxi coal giant expects 60% rise in production

Hot Topics /

Woman detained after insulting Beijing bus rider, China’s falling infant mortality rate, and the exam bell heard around the nation

Elderly Japanese woman mistakenly vaccinated twice, French President slapped, 10-year-old shot dead in New York

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Today's CX Daily was compiled and edited by Kevin Guo (xinguo@caixin.com).


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