9/10/2021 Financial News In China: NFSRA To Auction Off State Oil Reserves To Intervene Oil Price; BIRC: 54.8% Of Complaints Related To Credit Cards

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1.NFSRA to Auction Off State Oil Reserves to Intervene Oil Price

Communist China’s National Food and Strategic Reserves Administration said on Thursday it would release crude oil reserves to the market via public auction to ease the pressure of high feedstock costs on domestic refiners. The move is said to be better stabilize domestic market supply and demand and effectively guarantee the country’s energy security. Communist China is famously secretive about its strategic petroleum reserve (SPR). It has repeatedly taken steps to cool a rally in the price of key commodities this year, even auctioning off state metal reserves for the first time in more than a decade to try and keep manufacturers’ costs down. Even so, factory gate inflation hit a 13-year high in August, data published earlier on Thursday showed.

2.BIRC: 54.8% of Complaints Related to Credit Cards

The Communist China Consumer Rights Protection Bureau of the China Banking and Insurance Regulatory Commission (CBIRC) released the “Circular on the Second Quarter of 2021 Banking Industry Consumer Complaints” on September 9. The Circular shows that the CBIRC and its affiliated institutions received and forwarded a total of 84,424 consumer complaints in the banking industry, up 25.5% year-on-year.

Among them, 26,537 cases involved large state-owned commercial banks, up 12.9% year-on-year, accounting for 31.4% of the total number of complaints; 35,135 cases involved joint-stock commercial banks, up 22.4% year-on-year, accounting for 41.6% of the total number of complaints; 367 cases of foreign-incorporated banks, down 1.6% year-on-year, accounting for only 0.4% of the total number of complaints. In terms of the business involved in the complaints, there were 46,273 complaints involving credit card business, up 37.2% year-on-year, accounting for 54.8% of the total number of complaints.

3.Shanghai Plans Data Exchange to Boost Manufacturing Efficiency

Shanghai city is planning to set up a data exchange to help boost efficiency in the manufacturing industry as the city seeks to promote the digitalization of supply chains, Vice Mayor Wu Qing said on Thursday. Shanghai would encourage companies to share some data and also improve data regulations, Wu told a press conference. Communist China regulators have instructed companies to ensure better handling of different kinds of data, amid public complaints about mismanagement and misuse which have resulted in user privacy violations.

4.CCP Lobbies Australia for Help to Join Trade Pact Despite Spat

CCP is lobbying the Australian government for its support to join a multilateral regional trade pact, despite the two nations being in a worsening geopolitical dispute that’s spilled over into economic reprisals. CCP has this year reached out to Australia, Malaysia, New Zealand and possibly other nations for technical talks on details of the CPTPP, which was formed in 2018 despite the withdrawal of the U.S. under President Donald Trump, who described it as a “potential disaster.” The pact was originally conceived by his predecessor Barack Obama as an economic bloc to balance Beijing’s growing power.

5.Tencent Quietly Registered Trademark “Metaverse”

The Metaverse concept stocks have recently become popular in China and are also attracting attention from the capital market. Tencent, the online giant with the largest share of gaming business, smell the business opportunity and quietly apply for registration of “King Metaverse” and “Tianmei Metaverse” trademarks recently although Communist China official media Securities Times reported warning cautions against Metaverse stock risks.

This is not the first time for Tencent to set up a Metaverse business. In February last year, Tencent was among the investors in the US$150 million Series G funding round for Roblox, the so-called “first stock in metaverse”, and become a Roblox distributor in China. Roblox is the world’s largest online game creation platform, allowing players to design games, items, T-shirts and clothes, as well as play games made by themselves and other developers.

6.CCP Lets Evergrande Reset Debt Terms to Ease Cash Crunch

Regulators in Beijing have signed off on a China Evergrande Group proposal to renegotiate payment deadlines with banks and other creditors, paving the way for a temporary reprieve as the cash-strapped developer struggles to come to grips with more than $300 billion of liabilities. CCP’s Financial Stability and Development Committee, the nation’s top financial regulator, gave its blessing to Evergrande’s plan last month after the property giant missed interest and principal payments on some loans, a person familiar with the matter said, asking not to be identified discussing private information.

7. Macau to Revise 2021 Casino Revenue Forecast

The Macau government will “definitely” adjust its full-year forecast for casino gross gaming revenue (GGR) in the light of recent events, said on Wednesday Lei Wai Nong, the city’s Secretary for Economy and Finance. Macau’s August casino revenue had been “negatively affected” by local Covid-19 cases that month, said Mr Lei. He also mentioned that Macau had recorded 24,000 visitor arrivals on Tuesday, versus an average daily tally of 21,000 for the first half of this year. The market saw a dip in visitor volume in early August, coinciding with the local Covid-19 alert.

In July, the government had said it was sticking to its 2021 GGR forecast of MOP130 billion (US$16.2 million), a figure nonetheless 44 percent of 2019 levels, acknowledging that the recovery from the pandemic would “take time”. August GGR declined 47 percent month-on-month, coinciding with increased restrictions on inbound travel.

8.Chinese- German startup Agile Robots Raises $220 million

Chinese-German startup Agile Robots said on Thursday that it had raised $220 million from investors led by the SoftBank Vision Fund 2 and would invest the proceeds in expanding its production and sales operations. The investment round valued Agile Robots, which has dual headquarters in Munich and Beijing, at more than $1 billion – adding it to the growing ranks of technology startups with so-called “unicorn” status.

Also participating in the Series C venture capital round were financial investors Abu Dhabi Royal Group, Hillhouse Ventures, Sequoia Capital China and Linear Capital. Strategic investors included Xiaomi Group, Foxconn Industrial Internet and Midas, founded by former executives at Foxconn, which assembles devices including the Apple iPhone.

By【G Translators- Financial Team】
Author: Apple

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