CX Daily: China’s security problem with illegal buildings

Security /

Cover story: China’s security problem with illegal buildings

Shortly after noon on April 29, Wang Yue, a student leader at Changsha Medical University in Changsha, the capital of central China’s Hunan Province, was ordered to check the whereabouts of others. students in his department. She could not reach her friend surnamed Li over the phone and later learned that Li had gone to lunch at a restaurant outside of school.

Wang did not see Li in an afternoon class. It turned out that Li was among 54 people killed in the collapse of an eight-story building adjacent to the school that housed several restaurants, including the one where Li was having lunch that day.

The cause of the disaster is still under investigation, but local prosecutors said they authorized the arrest of 11 people, including building owner Wu Zhiyong, 40, and three design people and construction of the building.

Davos /

China, US climate envoys set to meet in Davos

China’s special climate envoy Xie Zhenhua is expected to meet his American counterpart John Kerry at the long-awaited annual meeting of the World Economic Forum (WEF), which kicked off on Sunday. Meeting at the event in the Swiss town of Davos will be their first face-to-face meeting since November’s climate talks in Glasgow.

Xie and Kerry are among officials and experts set to speak Tuesday at a session titled Safeguarding Our Planet and People, which is part of the five day meeting in the Swiss ski resort which will focus on issues concerning the Ukrainian crisis, the Covid-19 pandemic and climate change, among others.

FINANCE & ECONOMY





Shanghai entered a citywide lockdown in early April to contain its worst Covid outbreaks.


Shanghai /

Shanghai’s economy pounded in April by Covid lockdowns

Shanghai’s longstanding Covid lockdowns hammered the economy of China’s largest city, based on key indicators of commercial and industrial activity.

Shanghai’s April industrial output fell 61.6% from the same month a year earlier to 136.4 billion yuan ($20.2 billion), dragging industrial output down by 12.6% year-on-year for the first four months, according to data from the city’s statistics authority. . Capital investment in the city fell 11.3% in the first four months.

Long read: The free market is not to blame for Shanghai’s lockdown problems

Fintech /

Ant refines its Southeast Asia strategy with new leadership

The Chinese group Ant Group Co. reported its global business expansion is back on track as the fintech giant put one of its top executives in charge of operations in Southeast Asia, the world’s hottest mobile wallet market.

The future of billionaire Jack Ma’s Ant has been in the air since Chinese authorities blocked its mega stock sale in 2020 and ordered a radical overhaul of the company. With Jia Hang in charge of Southeast Asia operations since March, the region is expected to take center stage in the company’s new growth spurt.

Quick shots /

The capital of China records most Covid-19 cases of current outbreak, reigniting lockdown angst

Singapore Stock Exchange still dominates mainland China futures market as Hong Kong closes in

Editorial: To stabilize employment, trust the market

COMPANY & TECHNOLOGY





Arm China office building in Shanghai in March 2020. Photo: VCG


Arm /

Mysterious company wants to take over Arm China

The Chinese joint venture of chip designer Arm Ltd. could be acquired by a company whose origins are shrouded in mystery in the latest chapter of a two-year boardroom struggle with ousted Chairman and CEO Allen Wu.

In a report published last week, the company in question – Lotcap Group – said it had signed a letter of intent to buy a 51% stake in Arm China from Chinese shareholders Amber Leading (Hong Kong) Ltd., Ningbo Meishan Bonded Port Area Anchuang Growth Equity Investment Partnership, and Arm Ecosystem Holdings (Hong Kong) Ltd.

Lithium /

Majority stake in troubled Chinese lithium miner sold for nearly 600 times target price after fierce auction

The majority stake in a struggling Chinese lithium mining company would be sold at an incredible price at auction after fierce bidding amid soaring demand for the key ingredient in electric vehicle batteries.

The hammer price of 2 billion yuan ($298.8 million) is 596 times the opening auction price of a 54.3% stake in Sinuowei Mining Development Co. Ltd., based in Sichuan Province, southwest China. according to the auction platform owned by JD.com Inc.

Renewable /

Zhejiang lays out plans for 100 new renewable energy projects

One of China’s wealthy coastal provinces plans unveiled for 100 new renewable energy pilot projects over the next three years, becoming the first region in the country to publish a roadmap to launch its green energy transition.

Zhejiang’s economic planning agency said in a social media post that 100 “new power system” pilot projects will be built in the province by 2025. It estimated the projects will add at least 6.8 million kilowatts of renewable energy capacity, will reduce annual coal consumption by 1.8 million tonnes and reduce carbon dioxide emissions by more than 4.9 million tonnes per year.

Quick shots /

Boeing Max faces another obstacle because China Eastern is not ready

Audi apologizes on potential copyright infringement of Chinese advertising

Didi investors vote on delisting from New York after Beijing crackdown

GALLERY





Covid restrictions in China’s capital tighten


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