Caixin
Oct 19, 2022 09:25 AM
CX DAILY

CX Daily: Chinese Video Game Developers Take On the World

In the first half, China’s multibillion-dollar online game industry suffered declines in revenue and user size for the first time in seven years
In the first half, China’s multibillion-dollar online game industry suffered declines in revenue and user size for the first time in seven years

Gaming /

Chinese video game developers take on the world

Chinese video game companies led by Tencent and NetEase are turning to global business expansion in search of fresh revenue sources as domestic growth plateaus and regulatory scrutiny tightens.

They’re joining e-commerce platforms and online tutors as China’s internet businesses look beyond China for differing reasons. While weakening consumption at home is driving e-commerce platforms, video game developers are pushing out their business boundaries and creating more jobs abroad chiefly out of concerns over tightening domestic regulations.

Corruption /

China’s graft watchdog says 4.6 million investigated for corruption since 2012

In the decade since President Xi Jinping launched his flagship anti-corruption drive, China’s graft busters have investigated more than 4.6 million people, including 553 officials at the vice-ministerial level and above, according to the country’s top discipline watchdog.

Since the Communist Party’s 18th National Congress in 2012, over 200,000 officials at the county level and above have been punished for corruption, Xiao Pei, deputy secretary of the Central Commission for Discipline Inspection (CCDI), said Monday at a press conference.

Flights /

Chinese airlines to add international routes in wake of eased Covid rules

Chinese airlines are to resume more international flights as the nation gradually eases tough rules that aim to prevent the spread of Covid-19.

China Eastern Airlines Corp. Ltd. will operate 108 international flights on 42 routes starting at the end of this month, up from 54 flights on 25 routes earlier this month, according to a Monday statement posted on the state-owned enterprise’s social media accounts.

Hong Kong airport traffic surges after hotel quarantine requirement scrapped

FINANCE & ECONOMY

The China Banking and Insurance Regulatory Commission’s headquarters in Beijing on Feb. 27. Photo: VCG 

Finance companies /

China to allow foreign multinationals to directly set up internal finance firms

China’s banking regulator will allow foreign multinational groups to directly establish internal finance companies starting next month in an effort to widen market access for overseas investors.

Multinational groups incorporated outside the Chinese mainland will be able to directly set up internal finance companies on the mainland, according to updated rules (link in Chinese) released last week by the China Banking and Insurance Regulatory Commission (CBIRC). The provisions take effect Nov. 13. Internal finance companies provide financial services to the groups’ local member firms.

Congress /

Wang Tao: Seven takeaways from the 20th Party Congress report

"As expected, President Xi’s speech focused on the long-term direction and objectives of the CPC and its vision for the country’s development and did not mention short-term economic policies or potential changes to Covid policy," writes Wang Tao, head of Asia economics and chief China economist at UBS Investment Bank, in an article.

"We do not expect imminent changes to the current Covid policy, " Wang writes. "Our baseline forecast is that restrictions will be eased significantly after the National People’s Congress in March 2023, though there is a risk the current 'zero-Covid' policy may stay in place for longer."

Loans /

Major Chinese state banks loan $1.32 billion to bolster economy

China’s six largest banks issued a combined 9.53 trillion yuan ($1.32 trillion) in loans in the first nine months of 2022, more than half of the total of yuan-dominated loans extended by Chinese banks during the period, data released by the banks showed.

The country’s six major state banks — Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Bank of Communications, Agricultural Bank of China and the Postal Savings Bank of China — issued statements Sunday pledging further financing support to the economy while releasing their latest loan figures.

Quick hits /

China’s economy is recovering and improving, Premier Li says

Ho Ching: Why Temasek Trust wants to build a philanthropy alliance in Asia

BUSINESS & TECH

 

Batteries /

China’s CATL to supply batteries for major U.S. solar project

Contemporary Amperex Technology Co. Ltd., also known as CATL, inked an agreement with, a U.S. utility and energy firm to be the sole battery supplier for its $1.2 billion solar and power storage project in Nevada known as Gemini.

Upon completion, Primergy Solar LLC’s Gemini will use CATL’s EnerOne modular battery energy storage system, according to a Tuesday statement from the battery maker.

Quick hit /

Smartphone maker Lava eyes India venture with China’s Huaqin

Long Read /

The rural hardship behind the mine murders that shocked China

GALLERY

Traditional crafts trend online

 

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