Caixin
Nov 21, 2022 10:12 AM
CX DAILY

CX Daily: China’s Covid Caseload Hits Six-Month High As Big Cities Suffer Flare-Ups

Covid-19 /

China’s Covid caseload hits six-month high as big cities suffer flare-ups

China reported more than 25,000 local Covid cases Thursday, the most since late April, as several major population hubs including Beijing, Chongqing and Guangdong face a surge in infections.

The count includes 22,853 asymptomatic cases, the National Health Commission (NHC) reported Friday. It was the highest daily tally since late April when Shanghai was under a two-month lockdown due to its worst-ever outbreak.

APEC /

China, Japan to move quickly on maritime and air security hotline

China and Japan will move quickly to open a direct phone line under the maritime and air liaison mechanism as part of a five-point consensus reached by the two countries for developing more stable bilateral ties, according to the Ministry of Foreign Affairs.

The consensus was released after President Xi Jinping and Japanese Prime Minister Fumio Kishida met in Bangkok on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit. It was the first in-person meeting between the leaders of the world’s second- and third-largest economies in almost three years.

Xi says China might hold Belt and Road Forum next year

Asia-Pacific not an arena for ‘big-power rivalry,’ Xi tells APEC

FINANCE & ECONOMY

 Yang Weimin, CPPCC member and well-known economist. Photo: Caixin

Caixin Summit /

China’s growth is ‘too slow,' says top state economist

China’s economy has grown too slowly this year and is not in an appropriate range, Yang Weimin, a member of the country’s top political consultative body, told the 13th Caixin Summit, highlighting the importance of striking a balance between development and regulation as well as economic expansion and noneconomic targets.

“The greatest risk in economic development these days is the too slow growth rate,” Yang said Friday in a video speech to a panel audience in Beijing.

High-quality development should balance quality and quantity, said Yang, a deputy director of the economic committee of the national committee of the Chinese People’s Political Consultative Conference (CPPCC).

Quick hits /

Citic to become biggest Huarong shareholder

Singapore’s Temasek writes down $275 million FTX investment

Moody’s risk-management unit shutters China operations, cuts staff, sources say

BUSINESS & TECH

COTD CHART

Total sales in China’s video gaming market dropped nearly 20% in the third quarter.

Tencent /

Tencent wins new game license after 17-month drought

Tencent Holdings Ltd. won approval for its first new major game title in more than a year as China’s gaming market has started to shrink.

Tencent’s mobile game Metal Slug: Awakening was among 70 titles approved for November by the National Press and Publication Administration, the latest batch of licenses granted since the media regulator resumed issuing approvals in April.

Caixin Summit /

Overconfidence about renewables contributed to China’s power crunch last year, ex-PBOC chief says

China’s excess of optimism about ditching fossil fuels for renewables contributed to last year’s widespread power shortages, said Zhou Xiaochuan, a former governor of the central bank.

China’s energy supply, especially electricity, “was more vulnerable than we had imagined,” Zhou told the 13th Caixin Summit via video link Thursday, referring to the power crunch that rippled from factories to homes across the world’s second-largest economy.

Energy expert pours cold water on hydrogen hopes

Property /

Tahoe chairman returns after eight months assisting investigation

Huang Qisen, chairman of debt-ridden real estate firm Tahoe Group Co. Ltd., returned to work after an eight-month absence to assist authorities in an investigation, Caixin learned.

Fujian-based luxury villa developer Tahoe has been struggling with a debt crisis since 2019 and defaulted on billions of dollars of bonds. On March 16, the company said in a statement that Huang was assisting investigators, without elaboration.

Quick hit /

Alibaba posts surprise loss as China Covid curbs take a toll

Tech Insider /

Alibaba bleeds, Missfresh faces 1,400 lawsuits

GALLERY

Xi attends APEC in Bangkok

WEEKEND LONG READ

COTD CHART

In China, millions of women never learned to read. Can TikTok help?

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