CX Daily: The Double Squeeze on China’s ‘Sandwich Generation’
27 people are killed and 20 others injured when a bus taking them to a Covid quarantine facility crashes in Guizhou province
A family of three generations in Tianjin on July 6, 2016.
Sandwich generation /
Cover Story: The double squeeze on China’s ‘sandwich generation’
Yin Fan is a single mom in her late 30s. When she was pregnant with her daughter, her father living in another city was diagnosed with the nervous system disorder multiple system atrophy and quickly lost the ability to walk. As the family’s only child, she had to take care of her baby and her father alone.
Yin belongs to China’s first generation under the old one-child policy, those born between 1976 and 1985, also known as the “sandwich generation.” Now they are trapped with obligations for caring for their children and their aging parents, putting them in a financial and emotional bind.
Crash /
Covid quarantine bus crash kills 27 in Guizhou province
Twenty-seven people were killed and 20 others injured when a bus taking them to a Covid quarantine facility crashed Sunday in Southwest China’s Guizhou province, according to official statements and Caixin interviews.
The bus carrying the 47 people overturned early Sunday morning on a highway in the Sandu Shui autonomous county, police said in a statement (link in Chinese). The highway connects the provincial capital Guiyang with Libo county.
Monkeypox /
CDC expert warns of potential monkeypox outbreak as first case hits mainland
The Chinese Center for Disease Control and Prevention’s (CDC) chief epidemiologist, Wu Zunyou, cautioned about potential monkeypox outbreaks in the country as the southwestern municipality of Chongqing reported the Chinese mainland’s first case of the contagious disease.
Wu said the risk of monkeypox-infected patients entering society will increase as the disease continues to spread globally. China’s current seven-day centralized quarantine for inbound travelers is not long enough to cover monkeypox’s incubation period, which is between six and 13 days.
China lifts two-week lockdown in Chengdu, city of 21 million
FINANCE & ECONOMY
Fiscal /
China’s fiscal revenue posts first growth since March
China’s fiscal revenue in August recorded the first year-on-year growth since March, fueled by policies aimed at stabilizing economic growth and as the impact from a tax refund scheme tailed off, according to the Ministry of Finance.
The general public budget revenue in August totaled 1.3 trillion yuan ($186 billion), growing 5.6% year-on-year, according to data published by the finance ministry Friday.
Revenue from tax grew 0.6% year-on-year, and nontax revenue jumped 33.5%.
Yuan /
Russia’s Rosneft raises $2.15 billion in record yuan bond sale
Russia's largest oil producer Rosneft completed a yuan-denominated bond placement worth 15 billion yuan ($2.15 billion), the company said, making it the third Russian giant to borrow through yuan bonds.
The deal marks the biggest bond sale ever by a Russian business. The coupon rate of the 10-year bonds was set at 3.05% a year, according to bond documents. Proceeds will be used to finance the company’s investment programs.
Quick hits /
Chinese households may shift $18.1 trillion into financial investments
Editorial: China’s most vulnerable need more protection during the pandemic
BUSINESS & TECH
On July 14, Zhengzhou, Henan Province, construction of a residential building was stopped. Photo: IC Photo
Property /
Distressed Chinese developers scramble for a piece of $28.5 billion industry bailout
China’s distressed property firms are scrambling for a share of a 200 billion yuan ($28.5 billion) government loan program as industry insiders predict the cash won’t be enough to restart all the projects affected by the sector’s liquidity crunch.
The loan program planned by the central government aims to help developers resume construction of apartments that have already been bought but are unfinished due to an industrywide shortage of funds.
Shenzhen sets up platform to help cash-strapped developers finish stalled projects, sources say
Corruption /
Facing bribery accusations, former China Railway czar expelled from Communist Party
Sheng Guangzu, a former top official overseeing China’s vast railway system, was expelled from the Communist Party for serious violations of duty and alleged bribery, the country’s top graft watchdog said Monday.
An investigation found that Sheng, 73, abused his power in his former roles at the General Administration of Customs and state-owned China Railway Corp. by accepting a large amount of money and valuables in exchange for personal benefits. The gifts include banquet invitations and trips arranged by others.
Quick hits /
ByteDance to buy back $3 billion of shares after IPO stalls
Boeing diverts some 737 Max orders from China
Long Read /
Why China still needs the Asian Development Bank
GALLERY
