Caixin
Sep 30, 2022 09:57 AM
CX DAILY

CX Daily: Lessons From The Chinese Silk Road Fund’s Eight-Year Journey Along The Belt And Road

SRF /

Exclusive: Lessons From the Chinese Silk Road Fund’s Eight-Year Journey Along the Belt and Road

Launched in December 2014, the Silk Road Fund s part of Beijing’s Belt and Road Initiative to help finance infrastructure projects along centuries-old Silk Road trade routes.

Armed with $40 billion of initial capital and follow-up capital of 100 billion yuan ($14 billion) announced in May 2017, the fund mainly invests in projects related to infrastructure, resources and energy, industrial capacity cooperation and financial collaboration in countries and regions involved in the initiative.

In an exclusive interview with Caixin this month, Wang Yanzhi, president of the fund, recounted the highs and lows of its eight-year investment journey in more than 60 countries and regions along the routes of the ambitious Belt and Road Initiative.

Explosion /

Restaurant blaze kills 17 in northeastern China

A gas explosion at a restaurant in the northeastern city of Changchun left at least 17 dead and three injured, according to the Ministry of Emergency Management’s preliminary investigation.

The Wednesday explosion occurred at a home-style diner in the high-tech industrial development zone of Jilin’s provincial capital. The injured are being treated in hospital while the owner of the restaurant has been detained, state media reported.

China-Japan /

As tensions mount, Xi and Japan’s Kishida discuss future of ties

To mark the 50th anniversary of the establishment of diplomatic ties, President Xi Jinping and Japanese Prime Minister Fumio Kishida discussed Thursday the future of bilateral relations amid heightened tensions over Taiwan.

Xi said he attaches great importance to Sino-Japanese relations while Kishida expressed his hope that Japan will build “constructive and stable” relations with China in the next half-century, according to a summary of the conversation published by the Chinese Ministry of Foreign Affairs.

FINANCE & ECONOMY

Anxin, one of only two trust companies traded on mainland bourses, was a high-flying business star and ranked at the top of the industry in 2017

Trust /

Anxin revives trust business as revamp nears end

Anxin Trust Co. Ltd. was cleared to resume its core trust business after more than two years of suspension amid a three-year overhaul and a government bailout after it failed to repay billions of yuan to creditors and investors.

Shanghai-traded Anxin received notice that the Shanghai banking and insurance regulator lifted a freeze on its self-managed trust business, the company said late Tuesday. Anxin’s core revenue source has been on hold since late March 2020 after regulators found the company violated industry rules.

Lending /

PBOC launches $27.6 billion credit to support business upgrades

China’s central bank established a low-cost, 200 billion yuan ($27.6 billion) relending facility to help businesses upgrade equipment as part of efforts to bolster the Covid-stricken economy, the People’s Bank of China (PBOC) said Wednesday.

The loans will target sole proprietors and medium, small and micro enterprises in the manufacturing and social services sectors to support equipment upgrades and renovations, the PBOC said in a statement.

Consumer finance /

China Construction Bank to set up consumer finance unit

China Construction Bank Corp. won approval to set up a consumer finance unit, becoming the third state-owned lender to have a specific unit dedicated to providing personal consumption loans.

China Construction Bank plans to invest 6 billion yuan ($835.9 million) to establish CCB Consumer Finance Co., the bank said. The unit will have a registered capital of 7.2 billion yuan.

Quick hits /

PBOC warning on speculation sparks first yuan gain in nine days

How Singapore and Hong Kong stack up as financial centers

BUSINESS & TECH

A Sinopec refinery in Beijing on July 8. Photo: VCG

Oil /

China may raise refined oil exports to meet Europe’s soaring winter demand

China may soon release more quotas for exports of refined oil as European countries scramble for alternatives to Russian fuel to meet heating demand over the winter months.

The Ministry of Commerce could issue a quota of 10 million to l5 million tons in October, which would bring the total for the year to 39 million tons, 3.7% higher than for 2021, analysts at Shanghai Orient Futures Co. Ltd. and Citic Futures Co. Ltd. wrote in notes this month. It would follow the release of additional export quotas of 4.5 million tons in June and 5 million tons in July.

Default /

Investors dump developer CIFI’s stock on news of missed financial payment

Hong Kong shares of Chinese property developer CIFI Holdings (Group) Co. Ltd. plummeted 16.3% to HK$0.72 (9 U.S. cents) apiece Thursday, extending double-digit losses the day before, even after the firm announced it was resolving a missed payment to a trust fund and had paid interest on an offshore bond.

News broke Wednesday that the company had problems with an equity investment trust product, which sent its share price tumbling 32.3% through to the close.

Quick hits /

Merck in deal with Sinopharm to bring Covid antiviral to China

CALB prices $1.3 billion Hong Kong IPO at bottom of marketed range

Long Read /

How ADB engaged with AIIB

GALLERY

China reaches Basketball World Cup semifinals 

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