CX Daily: Malaysia’s New Trade Minister Explains Why China Matters to Southeast Asia

China-Malaysia /

Q&A: Malaysia’s new trade minister explains why China matters to Southeast Asia

With platters of fried shrimp crisps and sticky rice cakes in front of him, Malaysia’s new Minister of International Trade and Industry Tengku Zafrul Aziz, shared his plans for an upcoming trip to China as well as his thoughts on regional and global trade.

During an interview with Caixin on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, in January, Tengku Zafrul said his primary goal at the event was to reengage with the world on behalf of Malaysia and make sure the country can maintain its post-Covid economic recovery momentum.

Security /

China spells out ‘Global Security Initiative’ for international conflict settlement

China is calling on the international community to tackle security challenges “in the spirit of solidarity” in a "Global Security Initiative" concept paper published Tuesday amid rising China-U.S. tensions and an ongoing Russia-Ukraine war.

The paper spelled out what President Xi Jinping proposed in April 2022 during the Boao Forum for Asia, where he advocated the concept of universal and common security and rejected unilateralism and a Cold War mentality.

Beijing rejects U.S. claim that China plans to send lethal aid to Russia

ChatGPT /

Chinese educators should embrace ChatGPT as part of reform, experts say

China should embrace ChatGPT as part of education reform rather than banning it outright, the country’s experts said.

With its ability to answer questions articulately and compose texts across a variety of subjects, the AI-powered chatbot developed by U.S. startup OpenAI has captured the world’s imagination since it debuted in November. It amassed an estimated 100 million monthly active users by January, making it the fastest-growing app of all time, according to a report by Swiss banking group UBS.

FINANCE & ECONOMY

China’s securities regulator said it encourages overseas investors to invest in the funds through the Qualified Foreign Limited Partnership program, also known as QFLP, which allows them to buy stakes in Chinese assets through PE funds. Photo: VCG

PE /

China encourages foreign investment in real estate through private equity funds

China officially gave the green light for the establishment of property-focused private equity (PE) investment funds as part of a pilot program and encouraged investment from foreign investors in the latest attempt to revive the beleaguered real estate sector.

Under the plan, qualified PE managers will be permitted to set up funds dedicated to investing in residential property, including unfinished projects, affordable homes and rental projects, as well as commercial real estate and infrastructure, the China Securities Regulatory Commission (CSRC) said Monday.

Banking /

New capital rules aim to bring Chinese banks in line with global standards

Chinese financial authorities are setting up a new system to regulate commercial bank capital based on lenders’ total assets and overseas business in a bid to increase compliance with international standards while helping smaller banks flourish.

The China Banking and Insurance Regulatory Commission (CBIRC) and the central bank published a draft of the new framework Saturday and are now accepting public feedback. The draft includes amendments to the current rules which have been in effect for 10 years.

Balance sheets /

China’s debt levels will limit impact of monetary policy, ex-PBOC official says

The effects of China’s monetary policy will be largely limited as local governments, businesses and households all have holes in their finances that will discourage them from borrowing in the near future, according to former central bank official Guo Kai.

“The balance sheets of Chinese (local) governments, businesses and households have all been impaired over the past two to three years,” Guo, a member of the China Finance 40 Forum, said at a seminar Thursday held by the International Monetary Fund’s office in China and the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.

Quick hits /

Opinion: Chinese households’ financial dilemma is a problem for the economy

China bond outflows resume as foreigners return to selling

Hong Kong plans to let retail sector trade larger crypto tokens like Bitcoin

BUSINESS & TECH

Sheng Guangzu

Corruption /

Former China Railway czar faces criminal charges

Sheng Guangzu, a former top official overseeing China’s vast railway system, was formally charged with taking bribes following a year-long investigation, the country’s top prosecutors said Monday.

Prosecutors in Baoji in northwestern China’s Shaanxi province filed the charges against Sheng alleging he accepted a huge amount of bribes and used his influence to solicit bribes after he left office, the Supreme People's Procuratorate said in a statement on its website.

Sheng, 73, was the former Communist Party chief and general manager of China Railway Corp., the state railway operator. He was previously the country’s minister of railways.

Chips /

Automaker GAC seeks China-made chips to ease dependence on foreign suppliers

Guangzhou Automobile Group Co. Ltd. (GAC) is working to get more domestically produced microchips into its vehicles as it relies on overseas suppliers for about 90% of its automotive chips, an executive of the state-owned carmaker’s investment arm said.

GAC Capital Co. Ltd. sees plenty of opportunity to increase the share of domestic chips in the automaker’s cars. The company’s research shows that of the roughly 1,000 chips installed in the average GAC vehicle, 408 could be replaced with silicon made on the Chinese mainland, according to Yuan Feng, manager of GAC Capital.

Quick hit /

Contrarian who called Meituan rout sees more pain for stock

Tech Insider /

Lenovo’s sales tumble, CATL’s drive for dominance

Long Read /

The safest and most endangered jobs in a ChatGPT world

GALLERY

Aftershocks rock Turkey

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