Aug 20, 2021 09:02 PM

Taliban declare Afghanistan an ’Islamic Emirate,’ Biden’s Approval Sinks, Evegrande Gets Summoned

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 debt-ridden developer Evergrande’s summons by financial regulators. They are also following Tencent’s promise to earmark 50 billion yuan to help advance “common prosperity.”

1. Taliban declare Afghanistan an ‘Islamic Emirate’

The Taliban announced Thursday the establishment of the “Islamic Emirate of Afghanistan” (external source, in Chinese), after consolidating their rule in the country. The Taliban seized the capital Kabul on Sunday, overthrowing the previous Afghan government.

2. Tencent allocates 50 billion yuan to promote “common prosperity”

Chinese tech giant Tencent announced Wednesday it will give 50 billion yuan to aid the government’s wealth redistribution efforts, adding to an April pledge of 50 billion yuan for a “sustainable social values” program. The new funds will be focused on areas like increasing incomes for the poor, improving medical assistance, promoting rural economic efficiency and subsidizing education programs.

3. Biden’s approval drops to lowest in seven months after Taliban takeover

U.S. President Joe Biden’s (external source, in Chinese) setback in dealing with Afghanistan has led to a 7 percentage point drop in his approval rating, the lowest since he took office on Jan. 20, Reuters reported.

Photo: VCG

4. White House admits ‘a fair amount’ of U.S. military equipment fell into Taliban hands

U.S. National Security Adviser Jack Sullivan acknowledged Tuesday that “a fair amount” of U.S. military equipment (external source, in Chinese) is now under the control of the Taliban.

5. Canadian judge to set date of ruling in Meng Wanzhou extradition case on Oct. 21

The hearing in the extradition case of Huawei’s Chief Financial Officer Meng Wanzhou (external source, in Chinese) ended Wednesday. A British Columbia judge will decide on Oct. 21 when the ruling will be announced.

6. China’s financial regulators summon debt-ridden developer Evergrande in for a talk

Two top financial regulators directed debt-ridden China Evergrande Group to “maintain stable business operations” and “resolve debt risks” as they summoned the property giant’s senior management in for a talk on Thursday, according to a statement from the People’s Bank of China (PBOC).

7. TSMC overtakes Tencent as Asia’s most valuable listed company

TSMC, the world’s largest chipmaker (external source, in Chinese), surpassed Chinese tech giant Tencent to become the listed company with the highest market cap in Asia. In the past few months, the Chinese government’s crackdown on Internet platform operators has caused Tencent and Alibaba’s valuations to plummet.

8. Japan reports nearly 24,000 daily cases as Covid outbreak grows ‘beyond containment’

A Japanese panel of outbreak experts determined Wednesday that domestic Covid-19 outbreaks have grown “beyond containment” (external source, in Chinese), with 23,917 new confirmed cases reported that day in the country.

9. China passes new personal data privacy law that takes effect Nov. 1

The Standing Committee of the National People’s Congress, China's top legislature, passed the Personal Information Protection Law on Friday (external source, in Chinese), in an effort to limit widespread data collection by technology companies, according to state broadcaster CCTV. The law takes effect Nov. 1.

10. Global ports face biggest crisis in 65 years due to Covid

The resurgence of Covid-19 has reportedly resulted in 353 container ships queued up outside ports worldwide (external source, in Chinese), more than twice as many as in the same period last year. The global shipping system is facing its biggest crisis in 65 years due to the resurgence.

Translated by intern reporter Chen Bingyi.

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

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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