Caixin
Jan 27, 2022 09:40 AM
CX DAILY

CX Daily: China’s Commerce Ministry Warns of Challenges to Foreign Investment in 2022

China’s first home-grown mRNA Covid shot triggered immune responses in 80%–95% of subjects in a Phase 1 clinical trial, the sponsors reported.
China’s first home-grown mRNA Covid shot triggered immune responses in 80%–95% of subjects in a Phase 1 clinical trial, the sponsors reported.

Vaccines /

China’s first mRNA Covid shot triggers 80%–95% immune response

China’s first home-grown Covid-19 vaccine using mRNA technology can trigger an immune response in as many as 95% of recipients with no severe adverse reaction reported, according to data from the first stage of clinical trials.

The vaccine, known as ARCoV, is being jointly developed by Walvax Biotechnology Co., Suzhou Abogen Biosciences and the PLA Academy of Military Science.

A Phase 1 clinical trial of the vaccine was conducted at the Shulan Hospital in Hangzhou, eastern China’s Zhejiang province, to assess the preliminary safety, tolerability and immunogenicity of the shot, according to a report published Monday at The Lancet Microbe.

FINANCE & ECONOMY

 

FDI /

China’s commerce ministry warns of challenges to foreign investment in 2022

China’s Ministry of Commerce warned that a “complicated” international environment along with rising production costs will pose challenges for stabilizing foreign investment this year even as the government continues its policy of opening-up and makes more effort to improve the business environment.

Foreign direct investment (FDI) in China topped 1 trillion yuan ($158.2 billion) for the first time last year, Chen Chunjiang, director-general of the ministry’s Department of Foreign Investment Administration, said at a Tuesday press briefing. However, factors including the Covid-19 pandemic, the restructuring of global supply chains and tougher competition among countries to attract foreign capital are among the headwinds confronting the country, he said. Rising labor, land and raw material costs in the country are adding to the pressure, according to Chen.

Fiscal /

China’s 2021 fiscal revenues rise 10.7% from 2020

China’s fiscal revenues rose 10.7% to 20.25 trillion yuan ($3.2 trillion) in 2021 from a year earlier, exceeding the government’s goal of an 8.1% increase, the Finance Ministry said Tuesday.

Both the central government and local governments topped their goals for fiscal revenues, bolstered by economic recovery and increases in producer prices, Vice Finance Minister Xu Hongcai said at a news conference.

Insurance /

Beijing urges integration of Shenzhen, Hong Kong, Macao insurance markets

A new set of guidelines issued by China’s top economic planner and commerce ministry urge relevant authorities to promote the integration of the insurance markets in Hong Kong, Macao and the wealthy southern metropolis of Shenzhen.

Financial and health authorities should ramp up their efforts to connect the insurance market of Shenzhen with those in the special administrative regions of Hong Kong and Macao, according to the guidelines released Wednesday by the National Development and Reform Commission and the Ministry of Commerce. The guidelines are part of a wider plan to push for reforms in the Guangdong province financial hub.

Covid-19 /

Tough controls deter China’s migrants from long-awaited New Year reunions

A migrant worker surnamed Min, who works as a housekeeper in Beijing’s northwestern Haidian district, never thought she would be denied entry to her hometown.

But this is what happened Tuesday morning, when Min traveled back to Shangluo, a small city in Northwest China’s Shaanxi province, for the traditional Lunar New Year family reunion.

She was immediately stopped by local health workers who were checking passengers’ health code apps outside the railway station.

Quick hits /

Ministry warns China’s export growth faces ‘unprecedented difficulties’

China’s banking sector dumps record $490 billion of bad assets in 2021

IMF slashes world growth outlook citing China and U.S.

BUSINESS & TECH

 

Tech giants /

China’s tech giants take stakes in more companies as crackdown hits growth

China’s tech giants Tencent, Alibaba and ByteDance made more equity investments in 2021 compared with the previous year as a sweeping regulatory crackdown hit their core businesses, industry data show.

Hong Kong-traded Tencent Holdings Ltd. and its affiliates invested in 258 companies last year, 60% more than in 2020, according to data compiled by Qichacha, a corporate information provider. The total size of the equity investments remains unclear because the values of many deals were not disclosed.

Alibaba Group Holding Ltd. made 70 investments, an increase of 59% compared with 2020, though about 50% less than the peak in 2018. ByteDance Ltd. invested in 58 companies, 87% higher than in 2020.

Former party boss of Alibaba’s home town expelled over business ties

Property /

China’s troubled developers may find solace in managing peers’ projects, analysts say

As the tightening flow of cheap credit into China’s property sector puts real estate companies in a perilous position, analysts say that many developers may see providing project management services as a profitable and asset-light alternative.

At least two large real estate developers’ Hong Kong-traded project management units reported healthy growth last year despite turmoil in the overall market. Greentown Management Holdings Co. Ltd. said it took in an estimated 7.1 billion yuan ($1.1 billion) in fees from new projects in 2021, rising about 22.3% from the previous year, according to a Monday company filing.

Flying cars /

Wisk Aero gets $450 million from Boeing to bring self-flying electric car to market

Wisk Aero LLC, a maker of autonomous electric flying cars, received a $450 million investment from Boeing Co., giving the California company a boost in its race to market against Chinese rivals.

The money will be spent on developing an electric vertical take-off and landing (eVTOL) vehicle which it hopes will be its first product to obtain an airworthiness certificate in the U.S., Wisk Aero said in a statement Monday.

Quick hits /

Realme tries to ditch budget tag with pricy new phone

Solar giant Jinko opens Shanghai trading at 800% premium to U.S.

GALLERY

Amateur ’70s ice hockey team reunites

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