CX Daily: Where China’s Insurers See a Booming Business, Regulators See Risks

Insurers /

In Depth: Where China’s insurers see a booming business, regulators see risks

At first glance, Yan Garden looks just like another high-end residential compound on the outskirts of Beijing — a few apartment buildings scattered among lush greenery and enclosed in a walled perimeter with gates that are guarded 24 hours a day.

But a closer look reveals this is no ordinary compound — it’s built to cater for seniors above the age of 55 who pay more than 10,000 yuan ($1,444) a month for a room, use of the facilities — including a rehabilitation hospital — as well as services and activities such as playing pool, taking yoga classes, and learning to swim with a retired professional swimmer.

Data /

China to create new top regulator to manage data resources

China will create a National Data Bureau to coordinate the sharing and development of data resources, according to a plan submitted Tuesday to the National People’s Congress (NPC), the country’s top legislature.

The creation of the new top data regulator is part of a massive revamp of agencies under the State Council, the country’s cabinet.

FINANCE & ECONOMY

Regulators /

China’s financial shake-up shows policymakers’ growing focus on stability, risk

The sweeping overhaul of China’s financial regulatory system unveiled Tuesday underscores the government’s growing focus on maintaining financial stability and curbing risk, analysts said.

The massive shake-up, which will include setting up a national financial regulator to oversee all parts of the financial sector apart from securities, was unveiled in a proposal submitted by the State Council to the annual meeting of the National People’s Congress, the country’s top legislature.

Real estate /

China home prices stabilize after falling for seven months

China’s new-home prices were stable in February compared with January, ending seven consecutive months of declines as government measures to shore up the struggling real estate sector showed signs of taking effect.

The average price of new homes in 100 major cities remained unchanged at 16,174 yuan ($2,322) per square meter last month, improving from a 0.02% decline in January, according to data in a March 1 report from China Index Holdings Ltd., a property consultant.

Quick hits /

China’s exports extend declines, adding to pressure on economy

China backs Sri Lanka debt plan, paving way for IMF loan

BUSINESS & TECH

Dongfeng-Honda vehicles sit on display on Jan. 6 at an industry event in Guangzhou, South China’s Guangdong province. Photo: VCG

Autos /

Honda and Nissan’s Chinese partner slashes car prices to jumpstart sales

Dongfeng Motor Group Co. Ltd., a joint venture partner to Honda and Nissan in China, embarked on a government-endorsed price-cutting spree in its home province, hoping to jump-start sales that fell by double-digits last year.

Based in Wuhan, capital of Central China’s Hubei province, Dongfeng is offering discounts on models under its own sub-brands as well as ones made by its joint ventures with Nissan, Honda and Stellantis, one person close to the Wuhan government and several local industry sources told Caixin Tuesday.

China’s auto exports surge 43.2% in first two months

Xiaomi /

Xiaomi-backed fund raises nearly $1.4 billion for chip investment

An equity investment fund backed by Chinese smartphone maker Xiaomi Corp. launched a second funding round with a group of investors led by the Beijing municipal government, moving closer to its 10 billion yuan ($1.4 billion) target to finance the chip industry.

Beijing Xiaomi Zhizao Equity Investment Fund Partnership raised 2.7 billion yuan in the recent round in March, according to filings released by several investors. A Beijing government investment fund put 2 billion yuan into Xiaomi Zhizao, followed by software and cloud company Kingsoft Corp.’s 500 million yuan and chip maker Dioo Microcircuits Co. Ltd.’s 100 million yuan.

Quick hits /

JPMorgan says ‘shockingly low’ number of startups in Asia led by women

Singapore’s Sea posts first-ever quarterly profit after slashing costs

Long Read /

How a lack of conviction in values leaves ambitious movies feeling hollow

GALLERY

Empty shipping containers pile up

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