CX Daily: Why China’s Regulators Have Cough Medicine in Their Sights
Former justice minister Fu Zhenghua is handed a suspended death sentence. China and Kazakhstan set up offshore yuan clearing arrangements
Drugs /
In Depth: Why China’s regulators have cough medicine in their sights
The first time that 15-year-old Ye Lu took a dozen doses of an over-the-counter cough medicine containing DXM he felt nauseous and dizzy and lay in bed all afternoon. He took the medication after his friends told him that a few pills would make him happy when he was feeling low.
The next day, Ye took 14 more tablets. After a few more days of taking well beyond the recommended dosage of one to two at a time, he experienced the “floating” sensation described by his friends and began to spend all his spare money on buying the pills easily accessible from pharmacies.
Corruption /
Former justice minister given suspended death sentence
Former justice minister Fu Zhenghua was handed a suspended death sentence Thursday for accepting bribes and bending the law for personal gains, state media reported.
Fu was given the death penalty with a two-year reprieve under which the 67-year-old will serve a lifetime jail sentence if he does not commit a crime during the initial two-year period. Authorities emphasized that even after the two years, Fu will not be able commute the sentence or seek parole.
Ex-Shanxi police chief jailed for 14 years for corruption
FINANCE & ECONOMY
The Chinese yuan is directly convertible with the Kazakhstani Tenge.
Yuan /
China and Kazakhstan set up offshore yuan clearing
China’s central bank signed a cooperation memorandum with the central bank of the Republic of Kazakhstan to establish Chinese yuan clearing arrangements in the Central Asia country, the People’s Bank of China said Tuesday.
The move will benefit enterprises and financial institutions in China and Kazakhstan, allowing them to use yuan for cross-border transactions and further promoting bilateral trade and investment, the People's Bank of China (PBOC) said in a statement.
Yuan losses show China’s struggle to defend its currency
Pensions /
Chinese banks gear up for private pensions bonanza
Chinese banks are ramping up efforts to attract customers to open personal pension accounts as they vie for a bigger slice of what could grow into a multibillion-dollar market after the government unveiled plans to expand the sector in April.
Although banks aren’t yet able to activate individual pension accounts as no date has been set for the official launch, they are offering promotions and adding functionality to their mobile apps, including allowing customers to deposit funds in preparation for when the system goes live.
Quick hits /
Goldman cuts China’s 2023 growth forecast as ‘zero Covid’ stays
Hong Kong stocks tumble to 2011 low on Fed, geopolitical risks
BUSINESS & TECH
In 2019, Shopee surpassed Alibaba’s rival Lazada to become the largest e-commerce platform in Southeast Asia.
Shopee /
E-commerce giant Shopee cuts jobs in China, Indonesia and Singapore
Shopee, the operator of Southeast Asia’s largest e-commerce platform, started a new round of job cuts Monday in Indonesia, Singapore and China, Caixin learned from several employees of the company.
The employees wouldn’t disclose details but told Caixin that only a low single-digit percentage of employees are affected. The reductions are part of the company’s efforts to increase efficiency, and Shopee will try to help those affected with the transition, the employees said.
Iron ore /
China’s state iron ore giant sets up first subsidiary in Zhejiang
China’s newly established state mineral conglomerate set up its first subsidiary in eastern China’s Zhejiang province for iron ore reserves and trading as the country gears up efforts to secure supplies for steelmaking.
China Mineral Resources Group Zhoushan Development Co. Ltd., a wholly owned unit of China Mineral Resources Group, was registered last week with capital of 5 billion yuan ($712 million) in a free trade zone in Zhoushan in the coastal province of Zhejiang, business registration records showed. Zhoushan is one of the world’s busiest cargo ports.
Nvidia /
Nvidia has ‘alternatives’ to restricted chips for Chinese market, chief says
Nvidia Corp. played down the impact of a U.S. government order restricting the export of two prized semiconductor models, with founder and CEO Jensen Huang saying the firm can meet the needs of the “vast majority” of its Chinese customers using less advanced alternatives.
The comments come weeks after the U.S. unveiled export restrictions that will affect Nvidia’s A100 and forthcoming H100 graphics processing unit (GPU) chips, which are mainly used in data centers, supercomputing centers and cloud computing platforms. They’re also used to train autonomous driving algorithms.
Quick hits /
XPeng diversifies battery sources, reducing reliance on CATL
Car dealer Pendragon in talks to bring Chinese EVs to Britain
China Fortune Land’s debt plan meets resistance
Long Read /
Why China still needs the Asian Development Bank
GALLERY
