CX Daily: Shanghai Wins Applause For Its Handling Of Disneyland Covid Emergency
Shanghai wins applause for its handling of Disneyland Covid emergency
When tens of thousands of visitors were waiting to take nucleic acid tests at the Shanghai Disney Resort Sunday night, to their surprise, fireworks planned for the Halloween celebrations illuminated the sky, making the Covid-19 test a “romantic” experience.
After being notified that a confirmed Covid case had visited the resort, Shanghai quickly responded, closing the attraction temporarily, conducting mass testing and sending people home in shuttle buses and taxis. The city reported early Monday morning that more than 33,000 people had been tested and no positive cases were found.
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Double 11 /
Five things different about this year’s Double 11
At 8 p.m. Oct. 20, China’s annual online shopping extravaganza kicked off under the cloud of a prolonged anti-monopoly campaign that’s rattled the nation’s e-commerce giants.
As Beijing has launched a flurry of measures to stamp out anti-competitive behavior, markets and consumers alike are keen to see how the tougher environment will shape the spending spree this year.
As they try to stay on the right side of increasingly strident regulators, platforms are also relying on new marketing campaigns and social features as well as marathon livestreaming sessions to bolster sales amid intensifying competition from newer entrants.
FINANCE & ECONOMY
Don’t read too much into commerce ministry’s call for households to stock up on daily necessities, sources say
China’s commerce ministry told local authorities to encourage households to keep certain stocks of daily necessities like meat and vegetables in the winter and spring in case of any emergency, according to a Monday notice (link in Chinese).
The notice raised concerns among some residents about a potential lack of food.
In response to such concerns, sources close to the ministry said people should not over-interpret the statement. The notice is a regular seasonal move aiming to ensure adequate supplies and stable prices of daily necessities, they told Caixin.
Monetary policy /
PBOC has limited room to ease policy, former central bank adviser says
China’s fiscal policy will provide the main support to economic growth next year while significant monetary easing is unlikely, according to a former adviser to China’s central bank.
“The economy overall really is still OK, and we will see average growth this year at around 8%,” Huang Yiping, a former member of the People’s Bank of China’s monetary policy committee, said in an interview with Bloomberg TV. “So the need for aggressive easing is quite limited.”
New economy /
Rise in China’s labor investment pushes up Caixin New Economy Index
The contribution of high value-added industries such as new-energy vehicles to China’s total economic inputs rebounded in October due chiefly to a rise in labor investment, a Caixin index showed Tuesday.
The Mastercard Caixin BBD New Economy Index (NEI) came in at 28.9 last month, indicating that new economy industries accounted for 28.9% of China’s overall economic input activities. The reading was up from 28.2 in September, which had marked the second straight month of decline.
Quick hits /
Ling Huawei: How to manage market expectations to avert financial crises
Opinion: China should speed up capping carbon emissions
BUSINESS & TECH
|A China Southern aircraft takes off from Guangzhou Baiyun International Airport in South China’s Guangdong province on July 15. Photo: VCG|
Soaring fuel costs, lingering Covid impact sink Chinese airlines’ earnings
China’s “Big Four” airline companies reported heavy losses in the third quarter as they suffered from spiraling jet fuel prices and lingering pandemic effects.
In the three months through September, Air China Ltd., China Eastern Airlines Corp. Ltd., China Southern Airlines Co. Ltd. and Hainan Airlines Holding Co. Ltd. — all listed on the Shanghai Stock Exchange — reported net losses attributable to ordinary shareholders of 3.5 billion yuan ($546.6 million), 2.9 billion yuan, 1.4 billion yuan and 2.6 billion yuan, respectively, even as their revenues grew, according to their earnings reports.
In the same period of 2020, net losses for Air China, China Eastern Airlines and Hainan Airlines were 670 million yuan, 563 million yuan and 3.8 billion yuan, respectively, while China Southern Airlines reported a net profit of 711 million yuan, according to data collector Hithink RoyalFlush Information Network Co. Ltd.
Sunac Services strikes deal to buy into property management unit linked to struggling rival
Hong Kong-listed property management company Sunac Services Holding Ltd. struck a deal to buy nearly a third of a peer linked to a developer that recently missed a payment deadline on a $250 million bond.
In the Monday filing, Sunac Services said it offered to purchase more than 322 million shares of Hong Kong-listed First Service Holding Ltd., 32.22% of the firm's total outstanding shares, at a price of 693 million yuan ($108 million).
More Chinese developers scramble to dodge defaults
China’s Ganfeng Lithium wins deal to supply Tesla with key battery materials
Ganfeng Lithium Co. Ltd. won a deal to supply Tesla Inc. with lithium products for three years, enabling the carmaker to lock in crucial supplies as prices for battery metals surge.
The Chinese company will provide battery grade lithium hydroxide products to the electric-vehicle maker from 2022 to 2024, according to a statement. Ganfeng didn’t give a value for the contract in the filing.
Quick hits /
China tech stocks jump on fresh sign of easing trade tensions
Energy Insider /
China expands diesel supply to ease shortage
Tech Insider /
Xiaomi expands global presence with deal in Pakistan, Tencent to take stake in Japanese publisher
|Bangkok reopens to vaccinated visitors|
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