Caixin
Jul 14, 2021 10:03 AM

CX Daily: Relaxed Residency Rules In Yangtze Delta Aim To Poach Talent From Biggest Cities

College students attend a science and technology job fair in Ningbo, East China's Zhejiang province, on Sept. 20, 2019. Photo: VCG
College students attend a science and technology job fair in Ningbo, East China's Zhejiang province, on Sept. 20, 2019. Photo: VCG

TOP STORIES

Talent /

In Depth: Relaxed residency rules in Yangtze Delta aim to poach talent from biggest cities

When a 29-year-old university lecturer surnamed Wei arrived at his new job in the eastern city of Suzhou last September, he received his new household registration — or “hukou” — within the day. The young doctoral graduate had chosen Suzhou as his next home.

Wei, who like most students had his household registration documents held at his university in Beijing for the duration of his studies, transferred his hukou to Suzhou with his wife to start a new life there, having secured jobs in the city. Their new apartment in the city of 12.75 million was their very own.

As China’s population ages, smaller cities across the country have relaxed their rules on household registration to attract more young and talented workers, in line with a central government push to encourage more people to move to all but the biggest cities in the country. In the Yangtze River Delta region, cities including Hangzhou, Nanjing, and Wuxi have been announcing new hukou-related policies since late last year.

Didi /

Didi warns of ‘adverse impact’ after takedown of 25 apps

Ride-hailing giant Didi Global Inc. warned of an “adverse impact” from Chinese regulators’ order last week to remove 25 of its mobile applications in an intensified crackdown on the company’s data operations, adding to investors’ concerns over the freshly listed company’s outlook.

Didi confirmed Monday the takedown of 25 apps it operated offering services ranging from carpool to finance in accordance with a Friday order by China’s cyberspace regulator, which cited “serious illegal collection and use of personal information.

Cover Series: The regulatory landslide engulfing Chinese tech firms (Part 3)

GALLERY

mining_11

China says goodbye to crypto mining

FINANCE & ECONOMY

Trade

Workers load export goods at Lianyungang Port, East China’s Jiangsu Province. Photo: VCG

Trade /

China pledges more support for trade even as June exports surge

China’s import and export growth beat expectations in June, bolstered by a post-pandemic recovery in major economies and government policies to support domestic demand, data from the General Administration of Customs showed Tuesday.

At the same time, China’s Ministry of Commerce outlined measures Monday to provide more support for foreign trade amid concerns that growth will eventually slow and as tensions with major trading partners including the U.S. continue to fester. The government will introduce targeted policies to help alleviate the difficulties faced by enterprises and “fully stabilize foreign trade and foreign investment,” Assistant Minister of Commerce Ren Hongbin told (link in Chinese) a press conference.

Bankers /

China’s top brokers ask bankers to fly coach and share hotel rooms

China’s two largest investment banks are making broad cuts to travel budgets that will impact junior bankers as well as senior directors as they seek to rein in costs and boost profitability.

Starting this month, CSC Financial Co. Ltd. managing directors’ domestic travel will be downgraded to economy flights and second class or hard-berth train seats, according to a memo seen by Bloomberg. Larger rival Citic Securities Co. Ltd. also asked managing directors to fly coach, according to a separate memo, which did not specify which class of travel they were previously offered.

Inflation /

Opinion: Inflation is a global concern, not so much for China

"Will there be across-the-board inflation? This is a critical question. China is relatively well-positioned," writes Shen Jianguang, vice president at JD.com and the chief economist of JD Technology Group, in an article.

"On one hand, its output gap is the smallest in the world, so we have relatively high PPI imported from overseas, but CPI stood at 1.3% in May and core inflation was only 0.9%," writes Shen. "On the other hand, the pork cycle was reversed this time. Even as commodity prices rose, China’s pork prices were down 30%. This is very good for curbing inflation. In the grand scheme of things, there are global inflationary concerns, especially in the U.S., but inflation is not a big problem in China."

Quick hits /

China developers’ defaults spread as Languang Development misses payment

BUSINESS & TECH

zhang

Zhang Jindong

Retailing /

Suning.com founder Zhang Jindong resigns as chairman

Zhang Jindong, the billionaire founder of Chinese retailing conglomerate Suning Holdings, stepped down as chairman of the e-commerce arm Suning.com Co. Ltd. in a major leadership shuffle after the debt-ridden conglomerate got a $1.36 billion bailout from state investors and Alibaba Group.

Zhang, 58, will become honorary chairman and advise on the company’s development strategy, Suning.com said Monday in a filing. Zhang will no longer hold any duties or rights as a board member but will continue as legal representative until a replacement is named, the company said.

Ren Jun, a board member, will perform the duties of chairman temporarily, Suning.com said. The changes were reviewed by the board of directors but are still subject to shareholder approval July 29.

Vaccines /

Fosun seals breakthrough deal to sell mRNA vaccines to Taiwan

Chinese drugmaker Fosun Pharmaceutical (Group) Co. Ltd. sealed a deal to sell 10 million doses of BioNTech’s cutting-edge Covid-19 vaccine to Taiwan, the company said. The accord followed months of on-again-off-again talks that finally reached a breakthrough after the island experienced a Covid-19 outbreak.

Under the newly procurement agreement, Fosun Pharma will supply the BNT162b2 vaccine to Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC), Hon Hai Precision Industry Co. Ltd., the Yonglin Charity Foundation and Zuellig Pharma Inc., according to a Fosun Pharma announcement dated Monday.

China may help global vaccine effort to overcome setbacks

Solar /

Polysilicon maker under U.S. sanctions to list in Shanghai

Major polysilicon manufacturer Xinjiang Daqo New Energy Co. Ltd. will soon sell shares on Shanghai’s Nasdaq-style STAR Market, with subscriptions (link in Chinese) beginning Tuesday.

Xinjiang Daqo, a unit of U.S.-listed Daqo New Energy Corp. Ltd., said it will use the 6.1 billion yuan ($937.8 million) in targeted net proceeds to expand production capacity and increase market share, according to the prospectus (link in Chinese).

Xinjiang Daqo is one of four Chinese polysilicon makers to get slapped with an import ban by the U.S. for alleged links to human rights violations in Northwest China’s Xinjiang Uyghur autonomous region, which the company has denied. China has also denied such human rights violations are taking place.

Tencent /

Chinese regulator clears Tencent’s plan to privatize search engine Sogou

China’s market regulator gave the green light to the privatization of U.S.-listed Chinese search engine Sogou Inc. by Chinese internet giant Tencent Holdings Ltd., according to an announcement (link in Chinese) Tuesday.

The approval from the State Administration of Market Regulation marks a significant step for the deal. Sogou will become an indirectly wholly owned subsidiary of Tencent, and Sogou’s American depositary shares will be delisted from the New York Stock Exchange after the transaction is completed.

Quick hits /

Chatbot Xiaoice completes Hillhouse-led funding round

Huawei, Verizon settle suits on patent royalties mid-trial

Patriarch’s death leaves pharma giant facing uncertain future

Energy Insider /

Energy Insider: China prepares policies for energy storage; electric vehicle industry faces widening battery shortfall

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

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