Jul 12, 2021 08:39 PM

U.S. Reaffirms Commitment to ‘One China’ Policy, Beijing Cuts Banks’ Reserve Requirement, Shanghai Raises Minimum Wage

Here is today’s ranking of the 10 most-read news stories in China, in economics, finance and current affairs, to help give you a sense of what’s trending in the Chinese language sphere.

Chinese social media users have been paying close attention to the country’s rejection of Tencent-led game streaming deal. They have also been following the country’s decision to cut banks’ reserve requirements.


1. U.S. remains committed to “one China” policy

The White House (external source, in Chinese) has said that including the Taiwan flag in a tweet about vaccine distribution was an “honest mistake.” Jen Psaki, the White House press secretary, said that the U.S. remains committed to “one China” policy.

Photo: VCG

2. Raccoon dogs appear in Shanghai residential areas

Recently, raccoon dogs, a second-level national protected animal in China (external source, in Chinese), entered more than 100 residential areas in Shanghai and injured people and pets twice, worrying the residents.

3. China to cut banks’ reserve requirements to help struggling businesses

China’s central bank announced Friday that it will cut the required reserve ratio, the amount of money banks need to hold in reserve, by 0.5 percentage points and unleashing more cash into the financial system in an effort to help businesses struggling as commodity prices surge.

4. U.S. adds more than 10 Chinese companies to blacklist

The U.S. added more than 10 Chinese companies to its economic blacklist (in Chinese) last Friday for alleged human rights abuses and high-tech surveillance in Xinjiang.

5. Didi told to remove 25 more apps as regulators ramp up crackdown

China’s cybersecurity regulator ordered the removal of 25 mobile applications operated by ride-hailing giant Didi Chuxing, offering services from carpooling to finance, signalling an intensified clampdown on the company over data security concerns.

6. Shanghai raises monthly minimum wage by 120 yuan

According to the state-run Xinhua News Agency, Shanghai will raise the monthly minimum wage (external source, in Chinese) by 120 yuan ($18.52) to 2,320 yuan and the hourly minimum wage to 13.33 yuan, starting from Aug. 1.

7. Chinese government rejects Tencent-led bid to acquire game streaming company

Chinese regulators rejected Huya Inc.’s proposal to acquire rival Douyu International Holdings Ltd., killing a deal that would have helped cement Tencent Holdings Ltd.’s lead in video game streaming.

8. Student reporting cyber espionage honored

A student in the southern Chinese coastal city of Putian was commended by the city’s National Security Bureau and rewarded 10,000 yuan last Thursday for reporting a suspicious activity (external source, in Chinese) which might have endangered national security.

9. Haiti police identify 28 members of hit squad suspected of killing president

Haitian police chief Léon Charles (external source, in Chinese) announced on Thursday that 26 Colombians and two Haitian-Americans formed a commando team to assassinate President Jovenel Moïse, 17 of whom have been arrested, three have been killed and eight others are at large.

10. Chinese companies with over 1 million users’ data could face probe before listing abroad

A draft revision to regulations could mean any Chinese company that holds the personal information of 1 million or more users would have to seek a government cybersecurity review before listing abroad.

Translated by intern reporter Chen Bingyi

Caixin has not independently verified the veracity or accuracy of all of the headlines.

The daily ranking of most read news stories among Chinese people, about China and global affairs, is jointly provided to you by Caixin Insight and HANA Data, an artificial intelligence technology team.

The key indicators calculated on the list are based on mass data sourced from China’s mainstream social media platforms and online news websites. Click here for a detailed introduction of our methodology.

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