Caixin
Nov 04, 2021 09:06 AM
CX DAILY

CX Daily: Combating The North American Pest That Has Reveled In Beijing’s Wet Summer

Biodiversity /

In Depth: Combating the North American pest that has reveled in Beijing’s wet summer

After 18 years, residents in Beijing have become familiar with the small snow-white moth. It can grow to a centimeter long, and with two long tentacles, white wings and a fluffy back, looks something like a small hat. But this invasive pest from North America has a destructive power that has earned it the nickname, the “white robe wizard.”

In late September, a large number of dark gray caterpillars, the larvae of the moth, were seen on Beijing’s roadsides. The insect, which feeds on the leaves of trees and crops such as corn, appears to have enjoyed the city’s recent months of high temperatures and high humidity, reproducing in large numbers.

The pest, responsible for damaging 179 species of plants, was first found in the northeastern Chinese province of Liaoning in 1979, before spreading to Shandong and Shaanxi provinces and causing a moth plague in the early 1980s. As of this year, the insect has been spotted in at least 607 counties in 13 provinces.

Carbon /

China’s climate envoy expects a deal on carbon market rules in Glasgow

China’s special climate envoy Xie Zhenhua said at a press briefing Tuesday that he expects countries to reach a deal on carbon market rules that fall under Article 6 of the Paris Agreement at the U.N. Climate Change Conference (COP26) in Glasgow.

Xie said that countries have reached political consensus on the issue and the next step is to solve technical problems, according to state media. He also noted the inclusiveness of the Paris Agreement, saying it is important to transform countries’ political will into action.

FINANCE & ECONOMY

People’s Bank of China Governor Yi Gang. Photo: VCG

Personal data /

Full Text: PBOC chief Yi Gang on protecting personal data from big tech

Yi Gang, governor of the People’s Bank of China, spoke about China’s legal framework to protect personal data from big tech companies Wednesday at the Hong Kong FinTech Week 2021.

“Protection of personal privacy is a must, when each and every move of us has a record in data,” said Yi. “Some big techs have either collected data without permission or misused them. There are also cases of customer data leakage. Therefore, it is urgent to strengthen personal data protection.”

“Let me share some thoughts with you on strengthening personal data protection,” said Yi. “First, a sound legal and regulatory framework is the cornerstone of personal data protection. Second, the ultimate purpose for data protection is to promote its proper usage. Third, data protection calls for international cooperation.”

PMI /

China’s services sector extends recovery, Caixin PMI shows

Activity in China’s services sector continued to expand in October thanks to the fading impact of the previous round of Covid-19 flare-ups, though service providers were under higher inflationary pressure, a Caixin-sponsored survey showed.

The Caixin China General Services Business Activity Index, which gives an independent snapshot of operating conditions in the sector, rose to 53.8 in October from 53.4 the previous month, according to the survey report released Wednesday. Readings above 50 signal expansion.

The Caixin China General Composite PMI, which covers both manufacturing and services sectors, rose slightly to 51.5 in October from 51.4 the previous month, according to the survey report.

Rescue /

Kangmei may get $1 billion rescue led by Guangzhou Pharmaceutical

Guangzhou Pharmaceutical Holdings Ltd. proposed to invest as much as 6.5 billion yuan ($1 billion) in a government-led rescue of scandal-plagued Kangmei Pharmaceutical Co., Kangmei said Tuesday.

State-owned Guangzhou Pharmaceutical submitted the investment proposal on behalf of a consortium made up of state-owned investment firms, which are also investors in a newly formed entity to temporarily take control of Kangmei under a bailout orchestrated by the Guangdong provincial government. Guangzhou Pharmaceutical already controls operating rights to Kangmei, analysts said.

Fugitive /

Chinese fugitive who cheated thousands charged in U.S. with visa fraud

Shi Jianxiang, a high-profile fugitive wanted in China over a 43.4 billion yuan ($6.3 billion) illegal fundraising scheme, was charged with visa fraud in a court in Florida after being arrested in Las Vegas where he was promoting cryptocurrency.

A federal grand jury in South Florida indicted Shi Thursday on two counts of fraud and misuse of U.S. non-immigrant visas, according to a U.S. Department of Justice statement. He was denied bail as he was considered a flight risk, and he will remain in detention before his trial in Miami. He could face up to 10 years in prison and a fine of as much as $250,000 if convicted, the statement said.

Quick hits /

Chart of the Day: China’s debt-to-GDP ratio declines for fourth straight quarter

Caixin Explains: Beijing’s ‘space-time overlap’ criteria for fighting Covid

BUSINESS & TECH

longread10

Founded in 2016 by former BMW and Nissan Motor executives, Byton is among a group of Chinese startups that rushed into the burgeoning new-energy vehicle sector

Electric cars /

EV startup Byton misses payroll as bankruptcy looms

Byton Ltd., a formerly high-flying Chinese electric-vehicle startup, missed payments to workers and idled production lines as a local court started bankruptcy hearings.

A court in Nanjing, Jiangsu province, held a hearing Monday on the request of Shanghai Huaxun Network System Co., a Byton creditor. Shanghai Huaxun demanded a bankruptcy proceeding for Nanjing Zhixing New Energy Vehicle Technology Development Co., Byton’s main business unit.

Byton suspended worker payrolls while its factories halted operations, according to a person close to the company. Byton, which unveiled its first M-Byte concept car in 2018, has yet to start commercial production that was originally scheduled for 2019.

Food /

Chinese food giants hike prices as costs rise

Several Chinese food giants announced an increase in the retail prices of their products, as rising production costs and a higher producer price index (PPI) erode profit margins.

Companies including Foshan Haitian Flavouring & Food Co. Ltd., Jiangsu Hengshun Vinegar Industry Co. Ltd., and Chacha Food Co. Ltd., have raised their prices as much as 18% in the past month.

Soybeans /

Factory gas transformed into pig food as researchers pioneer soybean alternative

Researchers in China say they are pioneering a way to produce livestock fodder from exhaust gas at an industrial scale in a move that could one day reshape commodities markets and reduce the nation’s dependence on foreign soybeans.

The process uses a special microbe to synthesize animal feed protein from simple carbon and nitrogen sources at a clip that makes it a promising alternative to natural options, according to a report from a newspaper run by China’s Ministry of Science and Technology.

Airport /

Hong Kong Airport authority plans self-driving bus service

The Hong Kong International Airport (HKIA) is preparing to launch an autonomous bus service, marking the latest step in its use of self-driving technology to enhance efficiency.

The airport already operates driverless luggage trailers and unmanned patrol vehicles.

Quick hits /

China Mobile aims to provide nationwide 5G coverage by end of 2022

Yunnan scraps preferential power pricing for aluminum makers

China’s coal prices plummet after regulators step in

GALLERY

Northeast China tightens Covid curbs

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