Business Brief (Sept. 24): PBOC Chief Meets Bridgewater’s Ray Dalio
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PBOC chief meets Bridgewater founder Ray Dalio
The governor of the People’s Bank of China (PBOC), Pan Gongsheng, met with visiting Bridgewater Associates founder Ray Dalio. The two exchanged views on the international economic situation and financial market dynamics. After the meeting, Dalio discussed topics including debt cycles with staff from the central bank and the State Administration of Foreign Exchange.
China’s online content crackdown hits ByteDance, Alibaba units
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- PBOC chief Pan Gongsheng met with Bridgewater founder Ray Dalio to discuss global economic and market trends.
- China’s online content crackdown expanded to ByteDance’s Toutiao and Alibaba’s UC Browser, part of wider regulatory actions.
- China’s electricity consumption rose 5% year-on-year in August to 1.02 trillion kWh, with industry using nearly 60% of the total.
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Who’s Who
- Alibaba Group Holding Ltd.
- Alibaba Group Holding Ltd. has been reprimanded by China's cyberspace regulator. This disciplinary action was taken against its UC Browser due to content featured in its trending topic lists. This falls under a wider crackdown that has targeted five major internet firms in China this month.
- ByteDance Ltd.
- **ByteDance Ltd.**, a Chinese internet firm, has been reprimanded by China’s cyberspace regulator. Its news app, Toutiao, was cited due to content featured in its trending topic lists. This is part of a wider clampdown affecting several major internet companies in China.
- Tianhong Asset Management Co. Ltd.
- Tianhong Asset Management Co. Ltd. has reduced fees on its Yu'e Bao money market fund. This is the first such reduction since the fund's launch in 2013, aligning with a broader trend of cost-cutting within China's fund industry.
- China FAW Group Corp.
- China FAW Group Corp. (中国一汽集团有限公司) is planning a strategic investment in ZYT. Upon completing this investment, China FAW Group Corp. will hold a 35.8% stake in ZYT.
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