CX Daily: Five Things to Know About China’s Mega East-West Data Center Plan
Supermarkets and grocery stores in Shanghai begin to reopen.
TOP STORY
An aerial photo taken on May 5, 2020, shows the Baidu Cloud Computing center in Yangquan city, Shanxi Province. Photo: VCG
Data /
Five things to know about China’s mega East-West data center plan
China has long been known to undertake ambitious projects that seek to move resources right across the country to develop areas critical to the economy.
Typical of this is the West-East Electricity Transfer Project, which transmits electricity generated in hydropower plants in western China to its southern, central and northern regions. The project has generally been seen as a success, laying the foundation for China’s rapid economic expansion in the early 2000s.
Looking to replicate its early successes, Beijing has initiated a similar national resource channeling project. This time around, it is targeting data centers, which are seen by Beijing as critical infrastructure for today’s increasingly digitalized economy.
China has been working on its first legislation to bring the domestic futures and derivatives market under better regulation and in line with international rules.
Futures /
China to scrutinize foreign businesses in the new futures market
Foreign businesses will have to obtain regulatory approval to market, promote and sell futures products in China, according to an updated draft of the country’s first law governing the futures and derivatives market.
The draft law on futures and derivatives was submitted Monday to the National People's Congress Standing Committee, the national legislature’s top decision-making body, for a third reading by lawmakers, usually the final step before a legislation is passed. The new law is expected to take effect by the end of the year.
Fintech /
Ant Group to acquire Singaporean payment platform 2C2P
Ant Group Co. Ltd. plans to acquire a Singaporean payment platform as the Chinese fintech giant looks to boost growth in the promising Southeast Asian market while its efforts to get back into domestic regulators’ good graces near completion.
The deal with 2C2P Pte. Ltd., announced Monday, will make Ant Group its majority shareholder upon completion. No figure was given for the cost of the acquisition. 2C2P operates in Asian markets including Singapore, Thailand and Malaysia.
FDI /
Chart of the Day: Foreign investment into China grew 25.6% in first quarter
China’s foreign direct investment (FDI) inflow increased 25.6% year-on-year in the first quarter, in what the Ministry of Commerce described as a “stable beginning” for the year.
The Chinese mainland attracted 380 billion yuan ($60 billion) in FDI in the period, Shu Jueting, a Commerce Ministry spokesperson, said Thursday at a press conference. The indicator excludes foreign investment in banking, insurance and securities.
Quick hits /
China’s central bank pledges support for businesses amid Covid
China GDP forecast cut at UBS, Barclays and Standard Chartered
Opinion: China is still investible, but skills needed to succeed have changed
Employees stock the shelves of a supermarket in Shanghai's Fengxian district on April 12. Photo: The Paper
Shopping /
Shanghai supermarkets begin to reopen, though Covid curbs keep many staff at home
After weeks of food shortages in one of China’s wealthiest metropolises, supermarkets and grocery stores in Shanghai are gradually returning to business, even as pandemic controls prevent them from being properly staffed.
“As of Friday, 1,011 major grocery outlets in Shanghai have resumed operations,” Liu Min, the deputy director of the city’s commerce commission, said Saturday at a press conference. Liu said the city has been pushing forward the resumption of operations since April 8.
The announcement came as the financial hub enters its fourth week of lockdowns. Shanghai reported more than 20,000 local infections for 12 consecutive days until the daily caseload dipped just under that threshold Monday.
Academic library /
China’s top science academy scraps subscription to biggest research database over high prices
Several research institutes of the Chinese Academy of Sciences (CAS) sent internal emails saying that they’re suspending the use of China National Knowledge Infrastructure (CNKI), the country’s biggest academic online library, Caixin learned.
The institutes are instead using the research databases of Wanfang Data and CQVIP in CNKI’s place, according to the emails seen by Caixin.
Autos /
Top automaker SAIC moves to resume production in Shanghai
Shanghai-based automobile assembly and parts manufacturing units of SAIC Motor Corp. Ltd. started stress tests to resume production after nearly three weeks of disruption caused by a citywide Covid lockdown, the country’s largest automaker told Caixin Monday.
SAIC Motor and its units including SAIC Volkswagen, SAIC General Motors Corp., Huayu Automotive Systems Co. Ltd. and SAIC Anji Logistics Co. Ltd. started preparing to restart operations, focusing on measures to ensure personnel and supply chains under closed-loop management with virus-control measures, SAIC Motor said.
Quick hits /
China meets with foreign chambers as lockdowns hit business
China’s coal and gas boom may help ease global energy crisis
Tech Insider /
Ant buys Singapore fintech, Didi sets delisting vote date
