CX Daily: China’s Sponge City Failings Show the ‘Arduous’ Task of Adapting to Climate Change

Climate /

In Depth: China’s sponge city failings show the ‘arduous’ task of adapting to climate change

From devastating flooding in central China to torrential downpours in Europe, record-breaking natural disasters since summer have wreaked havoc across the world, and realization is setting in that many countries are not prepared for climate-related disasters.

In July, heavy rains and floods killed some 300 people in Central China’s Henan province. Most died in the provincial capital of Zhengzhou, which was inundated with more than 600 millimeters (23.6 inches) of rain in just three days. The historic rainfall — almost Zhengzhou’s annual average — paralyzed the subway left hospitals without power.

Flooding in Europe at around the same time left more than 200 people dead in Germany and Belgium.

China to plug gaps in extreme weather plans after deadly floods

FINANCE & ECONOMY

The People's Bank of China headquarters in Beijing. Photo: VCG

Carbon /

PBOC’s carbon-reduction lending program has modest start, but great potential, analysts say

The Chinese central bank’s new monetary policy tool to support carbon emission cuts could release 400 billion yuan ($63 billion) to 1.9 trillion yuan in funding for financial institutions over the next year under different scenarios, with the potential to unleash far more over the long term, analysts said.

On Monday, the People’s Bank of China (PBOC) announced the launch of its carbon-reduction support tool, designed to provide cheap funding to financial institutions that operate nationwide to channel low-cost loans to businesses in the clean energy, environmental protection, energy conservation, and carbon-reduction technology industries.

The tool is a measure for targeted credit easing and an incentive for financial institutions to fund carbon-reduction projects, some analysts said.

China to provide cheap funding for carbon-reduction loans

Livestreaming /

China bans livestreaming from pitching stocks and brokerage accounts

China’s securities regulator banned online influencers from recommending stocks through livestreaming and told them to focus on analysis of the macro economy and overall market when commenting on the stock market.

The China Securities Regulatory Commission (CSRC) issued the order as more and more brokerages and fund managers are collaborating with livestreamers aiming to attract new clients.

Covid-19 /

Keep zero-Covid strategy intact until ‘barrier of immunity’ established, top epidemiologist says

China will need to continue its “zero tolerance” strategy against Covid-19 with nationwide emergency responses, including maintaining long quarantines and vigorous contact tracing, until a “barrier of immunity” has been established, a top Chinese epidemiologist said.

Zeng Guang, former chief epidemiologist of Chinese Center for Disease Control and Prevention (China CDC), made the remarks in a speech delivered at a forum during the China International Import Expo. He said that after establishing the immunologic barrier, China will then enter the next phase of normalizing its disease control and prevention work, which will last for a period of one or two years. “During this period, not as many compulsory quarantines and lockdowns would be needed,” he said.

Hong Kong won’t open to world until mid-2022, Lam aide says

Quick hits /

Alibaba-backed financing platform Qupital raises $150 million

Ling Huawei: Government must show flexibility to get real estate market back on track

BUSINESS & TECH

A restaurant advertises the use of the Paytm digital payment system in Mumbai, India, on July 17. Photo: VCG

Paytm /

Ant-backed Indian payment platform Paytm opens IPO subscription

The parent of Ant Group-backed Indian digital payment platform Paytm opened its initial public offering for subscriptions as it tracks to grow the Chinese fintech’s portfolio of multibillion-dollar overseas listed companies.

One 97 Communications Ltd. is expected to raise around 185 billion rupees ($2.5 billion) over a three-day subscription window that kicked off Monday. That could make it the biggest IPO in Indian history, surpassing the 2010 record set by coal producer Coal India Ltd. It plans to go public on both the National Stock Exchange of India and Bombay Stock Exchange around Nov. 18.

By the end of the first day, 18% of the shares on offer were snapped up, according to Bloomberg Quint. Retail investors seemed optimistic about the deal, with 78% of their quota subscribed, while noninstitutional investors took 2% of the released quota and qualified institutional buyers 6%.

TSMC /

Chipmaker TSMC assures customer confidentiality in data submission to Washington

Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC), the world’s largest contract chipmaker by market share, said it has not disclosed “customer-specific information” to the U.S. government as it complied with Washington’s Nov. 8 deadline to submit supply chain information to help address the ongoing global chip shortage.

The U.S. Department of Commerce issued a request for information Sept. 24 that asked U.S. and foreign firms in the semiconductor supply chain — including producers, consumers and intermediaries — to voluntarily fill out a questionnaire providing “information about inventories, demand and delivery dynamics.”

Privatization /

Recruitment specialist 51job’s shares slump amid regulatory hullabaloo

Nasdaq-listed shares of 51job Inc. lost as much as a quarter of their value Monday, closing down 19.2%, after the human resources company signaled that Chinese regulatory scrutiny could delay its plan to go private.

In a statement released before U.S. markets opened Monday, the Shanghai-based company disclosed that a buyout group formed to take it private has been in talks with Chinese authorities over recent regulatory changes that may affect the deal.

Quick hits /

U.S.-listed China education stocks gain on licensing report

Tesla shipments within China drop as exports from Shanghai jump

Opinion: China is in a unique position to finance the green-tech revolution

Tech Insider /

Huawei’s ASEAN talent drive, Tencent Music’s drop

GALLERY

Northern China hit by heavy snowfall

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