Caixin
Jan 12, 2023 09:41 AM
CX DAILY

CX Daily: Why Countries Are Putting Curbs On Travelers From China

Covid-19 /

Caixin Explains: Why countries are putting curbs on travelers from China

At least 21 countries have announced entry restrictions on travelers from China after the country resumed regular cross-border travel Sunday following a major reversal of its “zero-Covid” policy, according to public information compiled by Caixin.

Prior to the pandemic, Chinese travelers made 155 million outbound trips in 2019 and were a substantial source of tourism revenue around the world, government data showed. But the country’s unprecedented wave of Covid infections since the end of lockdowns spooked authorities elsewhere, with countries such as the U.S., Japan, South Korea and Morocco putting additional curbs on travelers from China.

China retaliates against South Korea and Japan for Covid travel curbs

FINANCE & ECONOMY

Village banks lured depositors with annual returns of 13%–18%.

Village banks /

Henan village banks start reimbursing large depositors

Four village banks in central China’s Henan province Monday started repaying big depositors who were swindled in a massive illegal fundraising scandal, but certain depositors who opened accounts in person still haven’t gotten their money back.

The new round of reimbursements involves deposits of more than 500,000 yuan ($73,744). Those with smaller accounts were repaid since the end of August. The Henan bureau of the China Banking and Insurance Regulatory Commission and the Henan local financial supervision bureau said at the time that payments to those with larger deposits would be processed later based on the recovery of assets.

Regulator /

China’s banking regulator appoints first vice chairwoman

China’s top banking and insurance regulator named its first vice chairwoman, tapping a provincial branch chief to replace a retiring deputy.

The China Banking and Insurance Regulatory Commission (CBIRC) appointed Cong Lin, 53, as one of its four vice chairs, according to a personnel notice published Tuesday by the Ministry of Human Resources and Social Security.

Corruption /

Former top graft investigator gets suspended death sentence for bribery

Liu Yanping, a former senior party discipline inspector at the Ministry of State Security, was handed a suspended death sentence for receiving bribes worth more than 234 million yuan ($34.5 million), a court in the northeastern city of Changchun said.

The court found that Liu took advantage of his official positions to help others with business operations, legal case handling, work arrangements and license plate approvals between 2001 and 2022.

Ex-insurance bailout fund official hid assets overseas, Beijing’s probe shows

Quick hit /

Scholz tops Davos list as winter gathering returns to Swiss Alps

BUSINESS & TECH

Passengers walk out of the international arrival exit of Beijing Capital International Airport’s terminal 3 on Sunday. Photo: VCG

Flights /

Airlines overwhelmed by travel boom after China ditches quarantine

Airlines are struggling to keep up with surging demand for international travel after the Chinese government reopened the country’s borders and abolished the quarantine requirement for inbound travelers.

The number of flights to and from the Chinese mainland rose to 273 Wednesday from 205 Sunday when quarantine requirements were lifted, and up from 165 on Jan. 1, according to data from Variflight, an aviation information provider.

International flights can’t restart immediately because of paperwork to complete between China and other countries, Li Hanming, an aviation industry data analyst, told Caixin.

Energy /

Billionaire founder of troubled Hanergy under arrest

Li Hejun, the billionaire founder of troubled solar energy giant Hanergy Thin Film Power Group, was detained by police in northeast China’s Liaoning province, Caixin learned from multiple sources.

Li, the former chairman of Hanergy who was once China’s richest man, was taken away by police in Jinzhou city Dec. 17 to assist investigators and had not yet returned as of Tuesday, several former employees of Hanergy told Caixin. The reason for Li’s detention is unclear.

VC /

Smartisan founder locks horns with early investor who wants his money back

Colorful tech entrepreneur Luo Yonghao, the founder of defunct phone-maker Smartisan, has been embroiled in a public spat with an early investor in the company, who called on him to compensate those who helped fund it by buying back their shares.

The fracas began when former Smartisan director Zheng Gang accused Luo on social media Jan. 7 of “deceiving” investors with a compensation agreement that sought to write off their interest in the company in return for a paltry stake in Luo’s new augmented reality (AR) firm.

Quick hits /

Vaccine-maker CanSino Bio plans Swiss listing

Alibaba signs cooperation agreement with Hangzhou government

Chinese esports specialist ESV5 aims to go global with Swedish merger

Long Read /

Covid is rife at China’s colleges. Exams are going ahead anyway

GALLERY

Postcard from the Palace

Recommended newsletter for you /

Caixin Must-Read Newsletter brings you the best of our coverage and stories you can’t miss. You can opt-in now and get hand-picked news coverage delivered to your inbox each week for free.

Thanks for reading. If you haven’t already, click here to subscribe.

Share this article
Open WeChat and scan the QR code
NEWSLETTERS
Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription
PODCAST
Caixin Biz Roundup: China’s Door Will Only Open Wider, Liu He Tells Davos
00:00
00:00/00:00