CX Daily: China Threatens Retaliation After U.S. Sanctions Chinese Firms With Alleged Russia Ties

Chinese mutual funds that invest in listed stocks had their worst year in four as they chalked up an average negative return of 20%, a sharp decline from the big net gains of the previous two years.

Funds /

How China’s investment funds fared in 2022

It was a pretty good year for managers of China’s mutual funds in 2022, but less so for their investors.

As of August, the total assets under management (AUM) by China’s mutual funds hit a record high of 27.3 trillion yuan ($4 trillion), almost double the amount three years earlier. The surge was partly driven by growing popularity of mutual funds among retail investors.

But investors had to stomach much market volatility last year. The average rate of return of all mutual funds on the Chinese mainland was a negative 8.5%, data compiled by data provider Wind Information Co. Ltd. show.

China-U.S. /

China threatens retaliation after U.S. sanctions Chinese firms with alleged Russia ties

China warned of “resolute countermeasures” in response to U.S. sanctions against Chinese companies for their alleged involvement with Russia’s military efforts.

The Foreign Ministry’s spokesperson Mao Ning said at a press briefing Monday that U.S. actions were an illegal jurisdictional overreach with no grounding in international law or the U.N. Security Council mandate.

FINANCE & ECONOMY

Chinese economist Li Yining, known for overseeing the creation of China’s 1998 Securities Law, has died at age 92. Photo: Peking University　

Li Yining /

Li Yining, who helped bring private investment to China’s state sector, dies at 92

Li Yining, a Chinese economist known for advocating private investment in state-owned enterprises and overseeing the creation of China’s 1998 Securities Law, has died at age 92.

Li, a senior professor at Peking University and founding president of the university’s Guanghua School of Management, died Monday of an undisclosed illness at a hospital in Beijing, according to a statement from the university.

The university said the entire school was mourning Li’s death.

Quick hit /

Global shipping index surges on China’s recovery outlook

BUSINESS & TECH

China’s industry ministry has released 26 measures targeting a range of problematic practices by app-makers, such as those that charge people without their consent. Photo: VCG　

Apps /

China issues new rules to stamp out deceptive app features

China’s Industry Ministry issued new rules targeting a range of problematic mobile app features, including those that charge people without their consent, furthering broader efforts to protect users and their personal data.

The 26 measures, published by the Ministry of Industry and Information Technology (MIIT) Monday, address specific practices, including misleading or forcing users to download apps via pop-ups or other methods, preventing users from uninstalling apps, and automatically renewing subscriptions without their knowledge.

Fine /

Northeast Pharmaceutical fined $19 million for jacking up drug ingredient prices

Leading Chinese drug-ingredients supplier Northeast Pharmaceutical Group Co. Ltd. was fined 133 million yuan ($19 million) for abusing its dominant market position in materials used to make a treatment for kidney dialysis patients.

The market regulator in northeastern China’s Liaoning province conducted a three-year investigation of Northeast Pharmaceutical’s monopoly in the market for ingredients to make levocarnitine. The medicine is used to treat dialysis patients for a lack of carnitine, a substance that helps the body convert fat into energy.

Quick hits /

U.S. approved 70% of China-related export license applications in 2022

Li Auto forecasts soaring first-quarter sales on expanded EV lineup

China’s Evergrande fails to win creditors’ support as liquidation looms

Tech Insider /

Sodium-ion EV battery tech, China mulls new AI rules

GALLERY

Chongqing’s sprawling railways

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