CX Daily: China’s plan to overhaul its $3.7 trillion mutual fund industry

Funds /

In depth: China’s plan to overhaul its $3.7 trillion mutual fund industry

The Chinese securities regulator is move forward with plans to shake up the country’s vast 25 trillion yuan ($3.7 trillion) mutual fund management business, reshape industry incentives and widen the doors for more companies to enter the industry.

Building on the growth of the country’s middle class, China’s mutual fund market has grown rapidly. In March, 152 licensed companies managed 9,669 mutual funds with 25.1 trillion yuan in assets under management, nearly double the amount three years earlier, according to data from the Asset Management Association of China.

Davos /

Exclusive: Davos photo used by US congressman to criticize China shows no Chinese

The individuals in a photo criticized by a US congressman for not standing during a standing ovation for the Ukrainian president’s speech at the World Economic Forum (WEF) were not Chinese, but Vietnamese, Caixin learned.

In a live-streamed interview with CNN, Congressman Michael McCaul referenced the photo to accuse the Chinese delegation of walking out of the room while others applauded Ukrainian President Volodymyr Zelenskyy’s virtual speech at the opening. of the WEF annual meeting on Monday morning in Davos, Switzerland.

Exclusive: China’s climate envoy meets IEA chief in Davos

FINANCE & ECONOMY





A tax official explains the tax reduction policy in Qujing, Yunnan province, May 18, 2022.


Tax /

China pours billions more in tax relief

China increase tax relief to businesses and grain farmer subsidies, defer social security payments and extend loan repayments by small businesses and consumers as part of the government’s latest initiative to offset the impact of Covid lockdowns on the economy.

Beijing will offer more than 140 billion yuan ($21.1 billion) in additional tax relief for businesses, bringing total tax refunds and tax reductions this year to 2.64 trillion yuan ($394.1 billion), state broadcaster CCTV reported on Sunday, citing a meeting of the State Council. chaired by Premier Li Keqiang.

South Pacific /

Chinese foreign minister to visit South Pacific island nations after Solomon Islands security deal

Chinese Foreign Minister Wang Yi will visit eight countries in the Pacific starting this week as Beijing seeks to strengthen security ties in the region.

Wang’s trip will last from Thursday to June 4, during which he plans to visit the Solomon Islands, Kiribati, Samoa, Fiji, Tonga, Vanuatu, Papua New Guinea and East Timor, according to a ministry statement (link in Chinese).

Covid19 /

Beijing pledges to eradicate Covid and transfers nearly 2,000 people to the neighboring city for isolation

Chinese Vice Premier Sun Chunlan urged authorities in Beijing to take more “thorough” action to stop the spread of Covid-19 in the community, moving more quickly to transfer and isolate infected people and their close contacts as an outbreak drags on for a month.

She also reiterated the country’s adherence to the “zero-Covid” policy on Monday when she visited some places in the capital that have recently reported clusters of infections, state media reported. Venues included several in the Haidian district, home to some of China’s top universities.

China suspends tours abroad, discourages citizens from going abroad

Quick shots /

UBS, JPMorgan cuts China’s growth forecast for 2022 on Covid zero

COMPANY & TECHNOLOGY





Tencent office in Beijing on April 3. Photo: CGV


Tencent /

Tencent lays off gaming and fintech staff following miserable first quarter

Tencent Holdings Ltd. shoot bands of people of its gaming and fintech departments, continuing the massive layoffs that began in March, as the tech titan reports weak performance amid a regulatory crackdown and the Covid-19 pandemic.

The Shenzhen-based giant is dropping employees from its Interactive Entertainment Group (IEG), which includes the lucrative gaming department, Caixin has learned.

Job cuts /

Q&A site Zhihu lays off up to 30% of staff, sources say

Chinese online Q&A platform Zhihu Inc. has laid off up to 30% of its workforce, including many senior positions, Caixin learned.

The mass layoff comes after the Quora-like website failed to break even after a decade in the red.

Employees estimated that between 20% and 30% of Zhihu’s workforce was cut in the last round, with reductions in the IT, marketing, education and community operations departments.

Quick shots /

Didi shareholders vote delist from NYSE following tech crackdown in China

Airbnb shuts down China bookings will focus on Asia outbound travel

Technology Specialist /

Layoffs at Tencent and ZhihuAirbnb closes operations in China

Long read /

China still needs structural reform on the supply side, but we have to get it right

GALLERY





Caixin at Davos 2022


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