CX Daily: Wang Yi Replaces Qin Gang as Foreign Minister
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Funds?/
More regulations governing China’s 21 trillion yuan ($2.9 trillion) private fund industry?may be in the pipeline to flesh out a new overarching legal framework?that doesn’t address some controversial issues such as the role of custodians,?industry sources told Caixin.
The private fund sector expanded rapidly over the past few years but with insufficient oversight. The new framework (私募投资基金监督管理条例), issued by the State Council earlier this month, has a?higher legal standing?than the measures issued by the China Securities Regulatory Commission (CSRC) in 2014, which carry limited penalties.?
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Personnel?/
Qin Gang?was dismissed?as China's foreign minister and?replaced by his immediate predecessor Wang Yi,?the country’s top legislature saidTuesday.
The announcement was made during a meeting of the National People’s Congress Standing Committee, according to the state-run Xinhua News Agency.?The report did not elaborate on why Qin was removed.
Corruption?/
Zhou Jiangyong, the former Communist Party chief of the capital of East China’s Zhejiang province,?was handed a suspended death sentence?Tuesday?for taking more than 180 million yuan ($25 million) in bribes,?according to a court statement.
From 2001 to 2021, the ex-party secretary of Hangzhou accepted the bribes?in exchange for favors?that included helping individuals and companies obtain project contracts and land-use rights, the Chuzhou Intermediate People’s Court in Anhui province said Tuesday in a statement.
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Economy?/
China’s top economic planner?unveiled a batch of measures?aimed at creating a better business environment for the private sector,?including a database for promoting approved projects to private investors.
The 17 measures released Monday by the National Development and Reform Commission (NDRC) were in response to the cabinet’s?pledge?last week to make the private economy “bigger, better and stronger” by creating a first-class, market-oriented business environment and cultivating a “close and clean” relationship between businesses and the government.
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Guangzhou?/
China’s manufacturing hub Guangzhou?reported its GPD grew 4.7%?in the first half of 2023,?the slowest among three first-tier megacities.
Entering the second quarter, Guangzhou’s economic development has been improving on a monthly basis, driving the GDP growth in the first half to improve by 2.9 percentage points compared with the first quarter, the Guangzhou Municipal Bureau of Statistics said Monday.
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Quick hits?/
Hybrid?/
The joint venture between state-owned?SAIC Motor Corp. Ltd.?and?Volkswagen AG?will start developing its own plug-in hybrid models, a source familiar with the matter?told Caixin, in a move insiders say shows that Chinese automaking is now leading innovation instead of simply emulating foreign manufacturers.
The effort by?SAIC Volkswagen Automotive Co. Ltd.?is its latest to appeal more to Chinese consumers with an interest in new-energy vehicles, which have increasingly become a key growth driver for the world’s largest auto market. Beijing aims to make almost all new cars sold in 2035 in the country?eco-friendly?amid its push to reduce carbon emissions.
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Lithium?/
China’s lithium futures?clawed back some lost ground?Tuesday after two straight days of declines in a brutal debut for the contracts,?with the most-traded contract holding above the key psychological threshold of 200,000 yuan per ton ($28,010).
The lithium carbonate contract for January delivery on the Guangzhou Futures Exchange rebounded 6.9% from Monday to close at 225,900 yuan per ton, data from the bourse showed. Futures for February to July delivery rose between 7.2% and 8.5% Tuesday, closing between 191,350 yuan and 213,800 yuan per ton.
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Quick hits?/
Tech Insider?/
Long Read?/
Residents light candles, lay flower bouquets and place food outside No. 34 Middle School in Qiqihar, Northeast China’s Heilongjiang province, to mourn those killed when the school’s gym roof collapsed Sunday. The 11 victims consist of 10 members of the school’s girls’ volleyball team and their coach, according to the Beijing Youth Daily. A student at the middle school told Caixin that most of the victims would have been ninth graders this fall
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1 年Thanks for sharing.