Caixin
Sep 14, 2022 08:00 AM
CX DAILY

CX Daily: Ant Group Rebuilds for Regulators, but at What Cost?

Ant Group /

In Depth: Ant Group rebuilds for regulators, but at what cost?

Following more than a year of restructuring, Ant Group Co. Ltd. is gradually picking up the pieces and making its way back into Chinese regulators’ good graces.

But the fintech company is a stripped-down version of the titan it once was, with its highly lucrative consumer lending business decoupled from ubiquitous payments service Alipay and moved into a consumer finance subsidiary, sending the group’s valuation tumbling from its 2020 peak.

Foreign affairs /

Xi to make first foreign trip since pandemic began

President Xi Jinping will pay state visits to Kazakhstan and Uzbekistan Wednesday to Friday, during which he will attend a leadership summit of the Shanghai Cooperation Organization in the Uzbek city of Samarkand, China’s Foreign Ministry said Monday.

The three-day visit to the Central Asian countries will be Xi’s first foreign trip in the nearly three years since the start of the Covid-19 pandemic, which initially emerged in the Central China city of Wuhan in late 2019.

China’s No. 3 party leader reaffirms support for Russia’s vital interests

FINANCE & ECONOMY

People enjoy the Mid-Autumn Festival holiday in Fuzhou Liming Lake Park on Sept. 12. Photo: VCG

Holiday /

Tougher Covid measures weigh on Mid-Autumn Festival spending

China’s tourism, box office and property sales all slumped during the Mid-Autumn Festival as stricter Covid-19 containment measures and travel restrictions weighed on spending across the country.

People in China traditionally return to their hometowns and reunite with family during the three-day holiday, but the National Health Commission’s Bureau of Disease Prevention and Control last week called for them to stay put and avoid unnecessary trips.

Economy /

China’s premier pledges growth support as holiday spending falls

China’s Premier Li Keqiang called for more policies to drive up consumer spending as the latest economic figures showed a further plunge in travel and spending over a three-day public holiday amid tight Covid controls.

At a meeting Sept. 8, Li called for efforts to solve the “key problem of insufficient demand” in the economy and boost consumption as a main growth driver. He pledged to further expand investment to create demand and lift confidence, according to a report by the state-run Xinhua News Agency published Monday.

Quick hits /

China bank lending still anemic amid household caution

Editorial: Don’t worry — a yuan slide past 7 per dollar is no cause for alarm

BUSINESS & TECH

Shanxi produced 1.19 billion tons of coal in 2021, accounting for 29.31% of China’s production. 

Shanxi /

Analysis: How will coal hub Shanxi cut carbon emissions?

The toughest challenges to China’s carbon neutrality goals lie in the northern province of Shanxi, the nation’s largest coal producer and a major provider of electricity to other provinces.

On the one hand, coal undergirds the province’s economy, employing 1 million of its 36.5 million people and providing 45% of its fiscal revenue. On the other hand, fully half of China’s greenhouse gas emissions come from Shanxi. China aims to top out carbon emissions by 2030 and reach carbon neutrality by 2060. Each province, city and county sets its own targets for achieving those goals.

Fosun /

Fosun tries to reassure investors after Beijing warns SOEs of its risks

Fosun International Ltd. has been trying to soothe worried investors and the public after the Beijing municipal government cautioned state-owned enterprises (SOEs) about the potential risks of doing business with the private conglomerate.

Fosun’s attempt came in response to a notice that Beijing’s state assets administrator issued to local SOEs Thursday, asking them to review their agreements with Fosun and determine what risks they face as the company’s stock has nosedived this year, people with knowledge of the matter told Caixin.

Electric cars /

Chinese EV giant BYD pushes into Thailand with new factory deal

Chinese electric car and battery maker BYD Co. Ltd. inked a deal to build its first overseas passenger car factory in Thailand.

BYD, China’s biggest maker of electric vehicles (EVs), signed a land purchase deal Thursday with WHA Corp., Thailand’s largest industrial estates developer, for the new production unit. BYD didn’t disclose the amount of investment.

BYD rolls into Japan’s nascent EV market with broad lineup

Quick hits /

Yunnan aluminum smelters ordered to cut electricity use by 10% amid power crunch

Evergrande vows to resume all projects to allay boycott concerns

Long Read /

How China can chart a path forward in international trade

GALLERY

Sichuan rebuilds after quake

 

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