10/15/2021 Financial News In China: LinkedIn China Site To Be Closed Down; Xi Says China Plans Global Innovation Center For Sustainable Transport

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1.Linkedin China Site To Be Closed Down

LinkedIn announced on Thursday it will shut down its professional networking service in China later this year due to “facing a significantly more challenging operating environment and greater compliance requirements in China”. The Internet in Communist China is tightly controlled by the government and one of the most far-reaching experiments conducted by foreign social networks in the country was ended by the closure of LinkedIn, where Twitter and Facebook have been blocked for years and Google left more than a decade ago. Communist China’s Internet is heavily censored and self-contained under the filter of a so-called “firewall” system. 

China is one of Linking’s largest markets, with 54 million users, second only to the U.S. and India. It’s unclear what will happen to the accounts of tens of millions of Chinese users on LinkedIn. In the past, when foreign Internet companies stopped offering locally censored services, their Web sites were quickly blocked by the Communist China government.

2.Xi Says China Plans Global Innovation Center for Sustainable Transport

Communist China President Xi Jinping announced on Thursday that China will establish International Center for Sustainable Transport Innovation to contribute to global transport development; it will accelerate the formation of green and low-carbon transport modes and strengthen green infrastructure construction. Xi addressed at the Second United Nations Global Conference on Sustainable Transport and said that the digital economy, artificial intelligence and other new technologies and new business models have become a powerful technological support to achieve economic and social development. Xi’s statement mentioned to vigorously develop smart transportation and smart logistics, and promote the deep integration of new technologies such as big data, Internet, artificial intelligence and block chain with the transportation industry.

3.Sources: China Looks To Lock In U.S. LNG As Energy Crunch Raises Concerns

Major Chinese energy companies are in advanced talks with U.S. exporters to secure long-term liquefied natural gas (LNG)supplies, as soaring gas prices and domestic power shortages heighten concerns about the country’s fuel security, several sources said. At least five Chinese firms, including state major Sinopec Corp and China National Offshore Oil Company (CNOOC) and local government-backed energy distributors like Zhejiang Energy, are in discussions with U.S. exporters, mainly Cheniere Energy (LNG.A) and Venture Global, the sources told Reuters.

4.Stricter Regulation On Major Shareholders Of Banking And Insurance Institutions

The Communist China CBIRC issued the “Measures for Supervising the Conduct of Major Shareholders of Banking and Insurance Institutions (Trial Implementation)” on October 14, which further regulate the conduct of major shareholders and strengthen their responsibilities and obligations in terms of their shareholding, governance, transaction conduct and responsibilities. It claims to strengthen the supervision of corporate governance of banking and insurance institutions, regulate the behavior of major shareholders, and protect the legitimate rights and interests of banking and insurance institutions and stakeholders.

5.Minimum Purchase Price Of Wheat In 2022 is 115 Yuan Per 50 Kg

The Communist China National Development and Reform Commission, the Ministry of Agriculture and Rural Development and other five departments issued a notice saying that in 2022 the state continued to implement the minimum purchase price policy in the main wheat-producing areas on October 14. After Comprehensive consideration of grain production costs, market supply and demand, domestic and international market prices and industrial development and other factors, approved by the State Council, 2022 production of wheat (Class Third) minimum purchase price of 115 yuan per 50 kilograms.

The policy specifies that, according to the minimum purchase price of wheat in recent years, the minimum purchase price of wheat in 2022 is limited to a total of 37 million tons. The total amount of limited purchase was issued in two batches, the first batch of 33.3 million tons, not allocated to the province; the second batch of 3.7 million tons, depending on the acquisition needs of the specific allocation to the province.

6.96 Apps Were Taken Down By Ministry Of Industry And Information Technology

According to the news of “Gongxin Weibao”, the CCP Ministry of Industry and Information Technology (MIIT) issued a notice on a list of APPs that violate the rights and interests of users. 96 APPs were taken down, including Donkey Mom Travel, Vancl VANCL, Black Cat Novel, etc. The MIIT pointed out that in accordance with the “Network Security Law” and other legal requirements, the relevant application stores should immediately to take down the listed applications after the release of the notice. The relevant SDKs should strengthen self-examination and self-correction, and the Ministry will deal with the repeatedly problematic SDKs strictly according to the law.

7.Wens Foodstuff’s Q3 Loss Is Expected To Be 6.75-7.25 Billion

Wens Foodstuff (300498.SZ) released a performance forecast that the company’s net profit attributable to shareholders of the listed company for the third quarter is expected to be a lose of 675,233,000 yuan -725,233,000 yuan, compared with a profit of 408,816,500 yuan in the same period of the previous year; the net profit attributable to shareholders of the listed company for the first three quarters is expected to lose 925,000,000 yuan -975,000,000 yuan, compared with a profit of 824,148,410,000 yuan in the same period of the previous year. The reasons for the loss during the reporting period is mainly because of significant and continuous decline in domestic pig prices coupled with the continuous increase in feed material prices.

8.China Eases Mortgages On Evergrande Contagion Worries

According to Bloomberg news, Communist China is loosening restrictions on home loans at some of its largest banks, adding to signs of growing concern by authorities about contagion from the debt crisis at China Evergrande Group. It is said that financial regulators told some major banks late last month to accelerate approval of mortgages in the last quarter. Lenders were also permitted to apply to sell securities backed by residential mortgages to free up loan quotas, easing a ban imposed early this year, the source people said. The moves come amid growing alarm that the liquidity crisis at Evergrande is spilling over to other developers as President Xi Jinping maintains harsh measures to cool the property market. Fears of contagion risks intensified over the past two weeks after a surprise default by Fantasia Holdings Group Co. and a warning from Sinic Holdings Group Co. that its default was imminent.

By【G Translators- Financial Team】
Author: Apple

Disclaimer: This article only represents the author’s view. Gnews is not responsible for any legal risks.

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