CX Daily: Proposed Biden Curbs Could Starve Chinese Tech of Early Funding, Expertise
TOP STORIES
Investment?/
The startup world?is bracing for?new U.S. government measures expected to expand the crackdown on American investment in Chinese tech to venture funding?as local entrepreneurs look to institutions at home and in the Middle East to get their companies off the ground.
The impending investment crunch has brought calls for Chinese policymakers to create new yuan-denominated funds to invest in early stage startups, which are traditionally shunned by such institutions because of the high risk.
Summer Davos?/
(Tianjin) — China and the U.S. should put aside their differences and serve as “global financial anchors” to help deal with a looming global debt crisis, economist?Jin Keyu said?Wednesday at a World Economic Forum (WEF) event in Tianjin.
The developed world and developing countries such as China have different views on sovereign debt issues,?said the London School of Economics associate professor, who spoke at a panel of the WEF’s Annual Meeting of the New Champions, often called “Summer Davos.”
Law?/
China’s top legislature?passed a new foreign relations law?Wednesday that sets out the country’s aims and policies in foreign affairs and enshrines its right to impose “counter and restrictive measures” against acts that harm its sovereignty, national security and development interests.
The Law on Foreign Relations stipulates that China’s foreign relations are conducted under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, along with other ideological doctrines.?China will pursue an independent and peaceful foreign policy and oppose “hegemonism and power politics” as well as the use of force or threat of force in international relations.
Economy?/
Despite a push for more balanced development, the economic gap between China’s better-off eastern coastal regions and its less-developed western inland regions?remains wide, according to the National Development and Reform Commission (NDRC).
The western region, including 12 provinces and autonomous regions, accounted for 21.4% of the country’s gross domestic product (GDP) in 2022, up from 19.6% in 2012, NDRC Vice Chairman Zhao Chenxin reported to the Standing Committee of the National People’s Congress.?The ratio of GDP per capital in the eastern regions to that in the western regions declined to 1.64 in 2022 from 1.87 in 2012.
IPOs?/
Hong Kong Exchanges and Clearing Ltd.?plans to launch?a settlement platform for initial public offerings in October that will shorten the time between pricing of a new listing and trading of shares, the exchange said Wednesday.
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The platform, FINI,?will cut the time between IPO pricing and trading from five business days to two,?the operator of the Hong Kong Exchange (HKEX) said in a statement.
Corruption?/
Li Chunsheng, former police chief and ex-vice governor of South China’s Guangdong province,?was removed from public office?and expelled from the Communist Party for serious violations of duty and alleged bribery, the country’s top graft buster said.
Li’s misconduct?includes trading influence for sex, illegally interfering in judicial and law enforcement cases and meddling in capital market activities,?the Central Commission for Discipline Inspection (CCDI) said in a statement published Wednesday.
Quick hit?/
Delivery?/
Alibaba Group Holding Ltd.’s logistics arm?Cainiao Network Technology Co. Ltd.?said it?will offer a five-day global delivery service?by the end of the year that’s 30% faster on average than the industry standard.
The Hangzhou-based company made the announcement at its annual Global Smart Logistics Summit Wednesday during a speech in which Cainiao CEO Wan Lin laid out the company’s business priorities for the year.
Quick hits?/
Long Read?/
Cun Chao, a village soccer tournament in Rongjiang county, Southwest China’s Guizhou province, has become a hit among players and spectators. The competition was held following the success of Village Ba, an annual basketball tournament featuring players from rural areas across Guizhou. Similar festival-like sports events in China aim to lure more tourists to the countryside, boosting local economies. Rongjiang’s contest, which ends in July, helped draw more than 350,000 visitors to the county during the Dragon Boat Festival. It also added to the 444 million yuan in tourism revenue generated over the three-day holiday, up more than fourfold from last year
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