The Caixin-Sinica Business Brief, episode 16
This week, we hear how a recent study by the Chinese Academy of Sciences found that two in five migrant laborers returning home fail to find work because they lack skills. We examine the recent prison sentence of five tour guides who forced clients halfway through their trips to cough up more money than was originally agreed upon. We discuss how the China Construction Bank has restored the credit limits on some credit cards belonging to employees of LeEco after unilaterally cutting the limits to 1 yuan ($0.15) while it conducted credit-risk assessments on the cardholders. We look at China’s largest peer-to-peer lending platform — Hongling Capital — and how it plans to get out of the online lending business within three years, citing a poor track record of people repaying loans. We learn how Alibaba has found that internal theft is now the top cause of customer data leakage in China — the world’s largest ecommerce market. We talk to Caixin senior editor Doug Young about two big stories surrounding HNA Group’s investments, and to Caixin Global reporter Amy Ma about how one Chinese city is trying to deal with the problem of drones. In addition, we bring you four complete stories:
- How the tragic deaths of four kindergartners in buses during the recent heat wave in China have triggered a major outcry over the state of schools in rural China.
- How a new documentary released with the blessings of, if not indeed at the behest of, the state features corrupt officials confessing on camera to having taken bribes.
- How demand is booming for virtual currencies — and not just for Bitcoin, but for homegrown Chinese digital currencies.
- Why shares of Kweichow Moutai, China’s best-known baijiu distiller, are soaring on a very bullish outlook.
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