CX Daily: Uncertainty Undermines Prospects of China’s Homegrown Covid Antivirals

Covid-19 /

Uncertainty undermines prospects of China’s homegrown Covid antivirals

On Jan. 29, as China was still battling the remnants of a wave of Covid-19 infections that emerged after the government dismantled its “zero-Covid” policy, the national drug regulator said it had given conditional approval to two homegrown antivirals specifically designed for treating the virus.

A day later, a National Health Commission official signaled the battle was drawing to a close, saying that the number of Covid-19 infections had dropped to a “low level.”

Cyberbullying /

China vows to get tough on online crimes behind cyberbullying

China’s top judge vowed to take a strict line on online crimes as recent cases of cyberbullying drew wide public attention.

“We will strictly punish the crimes of spreading false information and endangering the internet ecosystem," Supreme People’s Court President Zhou Qiang said Tuesday in presenting a work report to the National People’s Congress. "We will never allow cyberspace to become a lawless place.”

FINANCE & ECONOMY

When China’s banking, insurance and securities watchdogs were originally set up, the central government decided to pay higher salaries to their officials.

Pay cuts /

Officials face steep pay cuts under China’s financial regulatory overhaul

The planned overhaul of China’s financial regulatory system could result in steep pay cuts for some officials to bring their salaries into line with those of other public employees, sources with knowledge of the matter told Caixin.

The overall level of pay among officials working at some financial regulatory agencies has always been higher than those in other government ministries and departments in part to deter corruption. But the shake-up announced Tuesday, which will create a new national financial regulatory body, may put an end to the practice and some work.

China-U.S. /

China ‘is open’ to a visit by U.S. Commerce Secretary

China is open to a visit by U.S. Commerce Secretary Gina Raimondo and upholds the importance of dialogue, the Ministry of Commerce said.

Raimondo said last week in an interview with Bloomberg that she is considering a trip to China this year.

In response to a question on the matter, China’s Commerce Ministry said it has not received any information from the U.S., but China “is open to Raimondo’s wish to visit.”

Quick hits /

China’s weak inflation eases pressure on global prices

Credit Suisse wins licenses in China for wealth and brokerage units

BUSINESS & TECH

Bicyclists ride past an advertisement of social media company TikTok on Sept. 21, 2020 in Berlin. Photo: VCG

TikTok /

TikTok steps up European user data protections amid threats of bans

TikTok, the popular short video app owned by ByteDance Ltd., introduced a sweeping set of measures Wednesday to ensure greater data protections and local control for European users. The company faces mounting threats by Western governments to ban the app on what they say are national security grounds arising from the company’s data handling practices.

The program, dubbed “Project Clover,” is a response to increasing pressure from lawmakers in Europe for the widely used app to address data security concerns. It includes measures for users in Europe designed to protect their personal data by storing it in the region while tightening restrictions on data transfers according to established principles of European data sovereignty, the company said.

WeChat /

WeChat steps up e-commerce push on short video platform

WeChat, Tencent Holdings’ ubiquitous messaging app, is gearing up to tap hundreds of millions of viewers on its fast-growing short video platform for sales and new profits in a race with ByteDance’s Douyin.

The super app with nearly 1.3 billion users worldwide is managing more traffic and offering incentives to attract more merchants to open accounts and sell products through its short-video platform to create a new revenue stream, Caixin learned.

BYD /

BYD enters U.K. passenger vehicle market with all-electric SUV

Chinese electric-vehicle giant BYD Co. Ltd. entered the U.K.’s passenger car market with the launch of a fully electric SUV as the firm ramps up its global expansion efforts.

The Shenzhen-based automaker, which builds purely electric cars and plug-in hybrids, has started taking orders for the ATTO 3 SUV in Europe’s second-biggest auto market, with the first deliveries scheduled for March 15, BYD said Tuesday in a statement.

Quick hits /

China faces more limits on chip gear export from Netherlands

Blog: Why China is restructuring its science and tech ministry

Long Read /

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

GALLERY

Historic compound turned art hub

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