Wild animals /
In depth: China’s easing of penalties for breeding wild animals raises concerns
Wang Lei served over 200 days behind bars after being prosecuted in 2020 for possessing 14 artificially bred Hermann’s tortoises, an endangered species. He was to serve two more years – until an opinion from the country’s highest court forced the local prosecutor’s office to drop the charges.
Wang, a farmer from Yucheng, Shandong Province, had purchased the captive-bred Hermann tortoises in 2018. After his arrest two years later, Wang was initially sentenced to three years in prison and a fine of 40,000 yuan. ($5,980) in a city court. for illegally purchasing rare and endangered wildlife species under national protection.
SOEs urged to hire more college graduates amid sluggish job market
The largest supervisor of public assets in China urged public enterprises (EPs) to hire more college graduates this year to bolster a job market that has been hit hard by the Covid-19 pandemic and regulatory clampdowns over the past year.
At a recent meeting on graduate employment, the Public Assets Supervision and Administration Commission (SASAC) said that all centrally administered public enterprises and SASAC local branches should explore ways to create more jobs. They should launch their summer campaigns to recruit new graduates as soon as possible, the commission said.
FINANCE & ECONOMY
Xi Jinping slams sanctions as a ‘double-edged sword’ hurting global economy
Chinese President Xi Jinping called to strengthen coordination of macroeconomic policies to overcome the global economic crisis and urged developed countries to pursue responsible economic policies and avoid serious repercussions on developing countries.
In a speech launched at the BRICS Business Forum on Wednesday, Xi slammed the sanctions as a “double-edged sword” and called for maintaining the multilateral trading system with the World Trade Organization at its core, removing barriers to trade, investment and technology and building an open system. Mondial economy.
China expands REIT market to drive infrastructure growth
Chinese regulators get the ball rolling for a new round of fundraising by the country’s nascent, infrastructure-focused Real Estate Investment Trusts (REITs), as part of a campaign to increase infrastructure investment amid slowing economic growth .
The Shanghai and Shenzhen stock exchanges released a new set of rules on May 31 that allow these listed REITs to raise additional funds through a follow-on offering of new shares. The exchanges had been tasked with creating the new framework by the China Securities Regulatory Commission (CSRC).
Quick shots /
China approves the plan for a “healthy” development of the fintech sector
JP Morgan’s China fund raises bets on tech as ‘worst on’
COMPANY & TECHNOLOGY
Visitors at an exhibition hall for a new housing project in Fuzhou, Fujian province, May 28, 2022.
The real estate crash forces developers to reduce their sales targets
Chinese property developers have trouble hit sales targets as homebuyers stay on the sidelines amid pandemic controls and a weak economic outlook despite government efforts to strengthen the property market.
Of the 14 publicly traded real estate companies that disclosed their annual sales targets, nearly 80% said they had reached less than 30% of their targets by the end of May, according to a survey by research firm market China Real Estate Information Corp. (RCIC). More than 50% said they achieved less than 25% of their goals, according to the survey.
More than 60% of companies have lowered their targets.
After an unwanted demotionChina’s largest developer announces $441 million bond buyback
Ericsson to drive growth in China with 5G private network plan
Swedish Ericsson Inc. will shift its attention to help Chinese companies build their own private 5G networks, a company executive said while welcoming the company’s commitment to investing in the Chinese market.
Fang Ying, president of Ericsson’s China operations, made the remarks at a press conference on Wednesday, citing growth opportunities in the private 5G network space, following the aggressive pace of building 5G infrastructure across the country. nationwide over the past three years.
Greek shipping insider explains how industry can recover from post-pandemic malaise
Theodore Vokos, general manager of the Posidonia Shipping exhibition, says Caixin in an interview that the international shipping industry is currently facing multiple challenges post-pandemic, including environmental regulations, supply chain disruptions and geopolitical tensions.
Greece remains the largest ship-owning country in the world with a fleet of over 5,000 vessels, representing 59% of the EU-controlled fleet and 21% of global deadweight tonnage. Since 2019, the Greek-owned fleet has increased by 7.4% despite the pandemic, and if we take the figure back to 2014, by 45.8%.
Analysis: Bilibili loss mounts as costs soar
Bilibili Inc., listed on Nasdaq. recorded a growing loss in the first quarter of this year as the Chinese video streaming and mobile gaming giant spent big to attract users in an ultra-competitive market depressed by the Covid-19 pandemic.
The company posted a net loss of 2.3 billion yuan ($343 million) in the first quarter, up 152% year-on-year, more than double the increase in the same period last year, according to its latest earnings report. Revenue rose 30% to 5.1 billion yuan, much less than 68% in the same period in 2021.
Quick shots /
Ansteel could take over Lingyuan iron and steel
Online drug sellers are in the lead Chinese technology losses for fear of sales ban
The price of polysilicon reaches 11 years high on growing demand for solar panels
Long read /
Chinese History Deals lessons on sustaining charitable giving
Beijing Palace Museum comes to Hong Kong
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