CX Daily: China Coordinates With U.S. And Russia On Afghan Power Transfer

Wang Yi, foreign minister of China. Photo: gov.cn

Afghanistan /

China coordinates with U.S. and Russia on Afghan power transfer

China has been coordinating with Russia and the United States on their Afghan policies to ensure an “orderly transfer of power” and to help establish an “inclusive government” in the central Asian country, according to Chinese Foreign Ministry statements.

The Taliban, a militant group in Afghanistan, swiftly took control of the presidential palace in Kabul Sunday, hours after the country’s former President Ashraf Ghani went into exile. Meanwhile, the U.S. has been evacuating American and some Afghan nationals from Kabul’s Hamid Karzai International Airport, which is guarded by thousands of U.S. troops.

As U.S. leaves, China prepares to engage with a Taliban-ruled Afghanistan

Opinion: Four questions about the Taliban and China’s interests in Afghanistan

Airports /

Chinese airports toughen up quarantine rules for international flight staff

Airports around China are lengthening the amount of time some international aircrews and ground staff must spend in quarantine after containment breaches sparked community spread of the highly infectious delta variant in several regions.

Some regional regimes will require that airport workers judged to be a higher risk be isolated for up to 28 days after two weeks of work. These represent far tougher restrictions than those currently mandated by the country’s national aviation authority.

FINANCE & ECONOMY

U.S. Securities and Exchange Commission Chairman Gary Gensler

IPOs /

U.S. stocks regulator pauses IPOs of shell companies used by Chinese firms

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said he told staff to “pause” IPOs of shell companies that Chinese firms use to list in the country.

His remarks came after the Chinese government’s recent tough regulations targeting the tech and after-school education industries raised investor concerns that the regulatory pressure will hurt Chinese companies’ prospects.

In a video posted on his Twitter account Monday, Gensler said he asked SEC staff to require such companies to provide full and fair disclosure that what U.S. investors are investing in is actually a shell company in the Cayman Islands or another part of the world.

Property /

Housing price growth slows across China as curbs kick in

China’s home price growth slowed further in July as the government stepped up efforts to cool the market.

New-house prices across China’s four first-tier cities — Beijing, Shanghai, Shenzhen and Guangzhou — rose 0.4% month-on-month in July, 0.3 of a percentage point slower than in June, the National Bureau of Statistics said Monday (link in Chinese), citing its latest monthly survey of property markets in 70 cities.

In the less affluent second-tier cities, such home prices rose 0.4% month-on-month, and in third-tier cities, 0.2%, both down by 0.1 of a percentage point.

HSBC /

HSBC boosts Asia expansion with deal to buy AXA Singapore

HSBC Holdings PLC agreed to pay $575 million to buy AXA Insurance Pte. Ltd. (AXA Singapore), the Singapore branch of French insurance group AXA SA, as the bank pursues its strategy of focusing on Asia for growth.

The London-based lender plans to merge the company with its own insurance arm in Singapore to create the city’s seventh-largest life insurer and fourth-largest retail health insurer, HSBC said in a statement Monday. The bank aims to leverage AXA Singapore’s connections with sales agencies, financial consultancies, policy holders and companies.

Quick hits /

China vows support for jobs as labor market faces ongoing pressure

Suspected anthrax outbreak detected in North China

BUSINESS & TECH

The State Administration of Market Regulation issued draft rules targeting unfair competition. Photo: VCG

Internet /

China’s regulators target unfair competition with new rules

China’s market regulator Tuesday announced detailed draft rules targeting unfair competition and use of data amid the country’s tightening oversight of monopolistic behavior in the internet industry.

The draft rules (link in Chinese) published by the State Administration of Market Regulation (SAMR) stated that practices such as conducting fake orders and reviews, false advertising, misusing big data to charge unfair prices, hiding negative reviews and giving out cash incentives to entice positive reviews constitute unfair competition.

Companies will be banned from using data, algorithms and other technical means to influence user choice or carry out traffic hijacking or interference, the document noted.

Electric cars /

EV-maker Nio denies tampering with vehicle data after fatal crash

Chinese electric-vehicle startup Nio said it had not tampered with evidence needed for an ongoing investigation into a crash that killed a young entrepreneur who was driving one of the firm’s cars with its self-driving system activated.

An obituary published Saturday on a public WeChat account called “Meiyihao” said Lin Wenqin, the entrepreneur who ran several businesses including a restaurant chain, died Aug. 12 in a crash on a highway in Southeast China’s Fujian province while driving his Nio ES8 SUV. The obituary said that the car’s automated driving function, or Navigate on Pilot (NOP), was turned on when the incident happened. Lin was 31 years old.

Zhihu /

Q&A platform Zhihu posts 144% jump in revenue on strong ad and user growth

Zhihu Inc., China’s Quora-like question-and-answer platform, reported strong revenue growth in the second quarter reflecting a growing share of young users and paying customers and continued growth in advertising activities.

In the three months through June, Beijing-based Zhihu had revenue growth of 144% year-on-year to 638 million yuan ($98 million). Average monthly active users reached 94.3 million, a jump of 46% from a year ago, according to its latest earnings report released Monday.

Quick hit /

Arrest warrant issued for pop star Kris Wu on suspicion of rape

China smartphone assembler says U.K. chip plant purchase ‘complete’

Energy Insider /

China’s NEV sales hit record, local governments flock to rooftop solar

GALLERY