Alibaba Offers $15.5 Billion for ‘Common Prosperity,’ Japan’s Suga Quits, Crackdown on Scandals-Hit ‘Celeb’

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 Alibaba’s announcement that it will invest $15.5 billion by 2025 to support “common prosperity” in China. They are also following the plan to set up a new stock exchange in Beijing.

1. Strict bans on celebrities involved in scandals

Tougher regulation of China’s entertainment industry, including strict bans (external source, in Chinese) on celebrities who have been involved in scandals, has been ordered by the government in the wake of a series of incidents involving tax evasion and sexual assault.

2. Nanjing commemorates anniversary of Japan’s World War II surrender

The city of Nanjing in East China on Friday held a commemoration of the 76th anniversary of victory in the Chinese People’s War of Resistance Against Japanese Aggression (external source, in Chinese).

3. Canadian jailed in China photographed military equipment, state media reports

State media reported that Canadian citizen Michael Spavor (external source, in Chinese), convicted of espionage in August, had “taken photos and videos of Chinese military equipment … and illegally provided some of those photos to people outside China,” citing an unnamed source. Spavor was also a key informant of another Canadian defendant, Michael Kovrig, the report said.

4. Foreign ministry says China will not interfere in Afghanistan’s internal affairs

“Afghanistan is turning a new page in its history,” foreign ministry spokesperson Wang Wenbin told a press conference (external source) Wednesday. “China will as always pursue a friendly policy toward the entire Afghan people … and will not interfere in the country’s internal affairs.”

5. Alibaba to invest $15.5 billion for “common prosperity”

Alibaba announced it will invest 100 billion yuan ($15.5 billion) by 2025 (external source, in Chinese) in support of “common prosperity,” following China’s top leaders’ call for high-earning groups and enterprises to give back to society.

6. Japan’s Suga to resign as prime minister

Suffering sinking public support due to his government’s unpopular response to Covid-19, Japanese Prime Minister Yoshihide Suga announced that he will resign as early as this month, forcing the ruling Liberal Democratic Party to choose another leader who will become prime minister.

Japanese Prime Minister Yoshihide Suga. Photo: VCG

7. Canada Goose’s Shanghai affiliate fined for false advertising

A Shanghai company affiliated with Canada Goose has been fined 450,000 yuan (external source, in Chinese) by market regulators for false advertising. Its online shop’s claim that "all blends of down contain Hutterite down, the finest and warmest Canadian down," was deemed to lack a factual basis.

8. A 14-year-old student dies of anthrax in East China

A 14-year-old student has died after contracting anthrax in East China’s Shandong province. It is believed to be the second death from the infectious disease in the country since dozens of local infections were detected earlier this year, according to China CDC Weekly.

9. President Xi promises new Beijing stock exchange for small businesses

China will set up a new stock exchange in Beijing to provide a major money-raising platform for innovative small and medium-sized enterprises, President Xi Jinping said, as Beijing tries to increase the role of equity funding in the financial system.

10. Weibo shutters dozens of financial ‘self-media’ accounts

Social media platform Weibo has shut down 52 financial “self-media” (external source, in Chinese), accounts independently run by citizens to produce news and other content, in a recent campaign to clean out financial information considered damaging to the economy.

Translated by reporter Cai Xuejiao.

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.