CX Daily: Abuse Victims’ Convictions for Bigamy Highlight Hurdles to Divorce in China
Domestic abuse /
In Depth: Abuse victims’ convictions for bigamy highlight hurdles to divorce in China
A court in Southwest China’s Guizhou province convicted two women who were abused by their husbands of bigamy after they lived with other men for decades without formally ending their previous marriages.
The cases again highlight the difficulty that domestic abuse victims face in escaping their abusers as institutional bias, tough evidence requirements and social pressure stack the deck against women.
Huawei founder Ren declares a battle for survival
Huawei Technologies Co. must shift focus from expansion to profitability as a looming global recession threatens the company’s survival, founder Ren Zhengfei said Monday in a memo to employees.
Huawei should focus on profits and cash flow instead of revenue to ensure the company’s survival over the next three years, Ren wrote.
“With survival the main principle, marginal businesses will be shrunken and closed,” Ren wrote. “The chill will be felt by everyone.”
Lee Hsien Loong /
Singapore’s leader urges China, U.S. to avoid mishaps as regional tensions escalate
Singapore Prime Minister Lee Hsien Loong warned of growing geopolitical issues in the Asia-Pacific in his National Day speech at a rally Sunday amid “worsening” U.S.-China relations that are unlikely to improve any time soon.
Facing an external environment that has become “very troubled,” including sharply escalating tensions in the Taiwan Strait and the ongoing Russia-Ukraine conflict, Singapore’s third prime minister called on citizens to “prepare psychologically.”
FINANCE & ECONOMY
Central bank /
Exclusive: PBOC likely to name Zhang Qingsong as new deputy governor
China’s central bank is likely to name veteran banker Zhang Qingsong as a deputy governor, sources with knowledge of the matter told Caixin.
Zhang, 56, recently began working at the People’s Bank of China (PBOC), the sources said. If all goes to plan, he will fill the vacancy left by Liu Guiping, who departed in April to become executive deputy mayor of Tianjin municipality.
Chart of the Day: China’s services trade deficit shrinks on decline in overseas travel
China’s services trade deficit has narrowed at a rapid pace since 2020 amid a sharp decline in overseas travel, official data show.
The country ran a widening trade deficit in services for years, with tourism being the primary driver. But the gap shrank in 2019 and at an accelerated rate after the outbreak of Covid-19 as countries around the world tightened travel restrictions, Wang Dongtang, an official at the Ministry of Commerce, said Tuesday in a press briefing.
More Chinese cities slash down payments to prop up housing sales
More Chinese cities joined the parade of slashing down payments for buyers of second homes to help prop up the ailing housing market.
More than 20 cities reduced down payment requirements for second-time homebuyers so far this year with an increasing number of larger cities joining in, Caixin found based on public records.
Quick hits /
China to waive some Africa loans, offer $10 billion in IMF funds
China reopens to foreign students after more than two years
BUSINESS & TECH
Iron ore /
Global mining heavyweights see China propping up iron ore demand
Global mining companies see China as a source of stability for future iron ore demand due to increased infrastructure investment this year and the country’s ongoing urbanization drive.
Iron ore prices have dropped over the past few months as Chinese steelmakers took a hit from a slowdown in construction by the country’s troubled developers.
As China has stepped up infrastructure investment to bolster economic growth, the world’s biggest iron ore mining companies said the stimulus would put a floor under short-term steel demand.
Former China Resources Land executive under investigation
China Resources Land Ltd. former Chairman and CEO Tang Yong is under investigation on suspicion of severe disciplinary and legal violations, the Sichuan branch of China’s discipline inspection body said Tuesday.
Tang, 51, a veteran of China Resources Holdings Co. Ltd., worked at various subsidiaries of the state-owned conglomerate for 29 years. He acted as chairman of the conglomerate’s real estate unit for 10 months before stepping down in December 2019.
JD.com posts fivefold profit jump even as revenue growth slows
JD.com Inc. reported a staggering fivefold jump in profit amid its slowest revenue growth on record in the second quarter as the e-commerce giant reduced spending and streamlined some businesses amid pandemic disruptions and weak demand that dragged on China’s economy.
The Beijing-based company logged 4.4 billion yuan ($643 million) of net income attributable to ordinary shareholders in the three months ended June, more than quintuple the number it booked a year ago, according to its earnings report released Tuesday.
Quick hits /
Narrower second-quarter losses fail to cheer Kuaishou investors
CATL profit surges as battery giant moves on from tough quarter
Opinion: How to better regulate automated decision-making
Long Read /
The valiant, tragic tale of an American missionary in Nanjing
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