CX Daily: PBOC Isn’t Done With Fintech As Ethics Governance Regulations Loom
China detects the new omicron subvariant considered to be more infectious. Shanghai says it has achieved the goal of no community sprea
China’s central bank set out the main principles of its fintech ethics governance system in its Fintech Development Plan (2022-2025).
Fintech /
In Depth: PBOC isn’t done with fintech as ethics governance regulations loom
China’s central bank is ramping up efforts to set up an ethics governance system for the fintech sector by the end of the year that will also tighten supervision and tackle risks, suggesting regulation of the industry is far from over.
As algorithms and new technologies including blockchain, artificial intelligence and big data become increasingly embedded in financial products and services, China’s authorities want to make sure financial institutions and technology companies involved in financial services are operating in an ethical way. They also want to put a regulatory framework in place to hold businesses accountable and punish wrongdoing.
Covid-19 /
China detects new omicron subvariant considered more infectious
The Chinese mainland reported its first imported case of BA.2.12.1, a recently detected subvariant of omicron considered to be more immune-resistant and transmissible than the others in circulation.
The patient, a 27-year-old Chinese man who received at least two shots of a Covid vaccine, arrived in the southern province of Guangdong on flight KQ880 from Kenya’s capital Nairobi, according to a report published Monday by the Chinese Center for Disease Control and Prevention (China CDC).
Shanghai says it has stopped community spread of Covid
North Korea reports ‘fever cases’ in almost 5% of population
FINANCE & ECONOMY
A residential project under construction in Qingzhou, Shandong province, on May 15, 2022.
Property /
China’s developers slash investment for first time since 2020
China’s real estate industry continued a slump with investment in property development falling 2.7% in the first four months of the year, reflecting the impact of the worst Covid outbreak in two years and developers’ shaken confidence in the economic outlook.
Developers invested 3.92 trillion yuan ($577 billion) in new projects through April this year, according to the National Bureau of Statistics (NBS). That represented the first year-on-year decline since the Covid outbreak emerged in Wuhan two years ago. In the first four months of 2020, such investment fell 3.3%.
The slowdown mainly reflected a drop in land acquisition and new construction.
Climate /
Global climate collaboration needed more than ever, Davos leader says
While the pandemic and geopolitical conflicts are adding headwinds to global cooperation, they also provide a reminder of how the world is intertwined and needs to work together more than ever, the head of the World Economic Forum’s climate action taskforce said in an interview.
The effects of the pandemic and the war in Ukraine on rising food prices and supply chain disruptions have highlighted the world’s interdependence, said Gim Huay Neo, managing director of the WEF’s Center for Nature and Climate.
Quick hits /
Ant completes China tech sector’s first sustainability-linked loan deal
BUSINESS & TECH
TABLE cellspacing="0" cellpadding="0" border="0" align="center" class="ke-zeroborder">
China’s policymakers have recently tried to soothe the tech sector as part of efforts to stabilize the country’s sluggish economy after a regulatory clampdown on various internet businesses led to a collapse in the value of offshore tech stocks in 2021. Photo: IC Photo
Tech stocks /
JP Morgan upgrades Chinese tech outlook on soothing signals from Beijing
After massive sell-offs crushed their value, Chinese tech stocks seem to be gradually regaining their luster.
Analysts at American investment bank JP Morgan Chase & Co. raised their ratings on at least a dozen Chinese companies including Tencent Holdings Ltd., Alibaba Group Holding Ltd. and Baidu Inc. in a note Monday.
That came days after it became known that asset management giant Bridgewater increased its exposure to Alibaba, Baidu and a handful of Chinese electric vehicle makers including Nio Inc., even as it cashed out of Elon Musk’s Tesla Inc.
Deliveries /
Parcel deliveries continue dropping as virus restrictions persist
Parcel deliveries in April recorded a second year-on-year decline in China as restrictive measures to contain Covid-19 outbreaks continue disrupting business flows and logistics.
A total of 7.48 billion parcels were delivered in April nationwide, an 11.9% drop from the same time a year ago and 1.06 billion fewer than in March, according to the national postal service authority.
Quick hits /
Boeing’s top Chinese customer removes 737 Max from fleet plans
Tech Insider /
Tencent Music’s earnings drop, Chinese tech stocks regain ground
GALLERY
Shanghai slowly unlocks