Following newly codified rules on overseas investment, it was reported over the weekend that two strategic industries are likely to get a boost in their overseas ambitions.
- The Shanghaiist notes that a long-delayed project to build high-speed rail from China to Thailand is getting a push from the Chinese embassy in Bangkok, which announced that the Chinese side will meet with Thai authorities next month and sign agreements to start construction in October. After the first $5 billion leg of the railway is completed, it may then be extended to connect with another route between China and Laos.
- The New York Times reports (paywall) that the auto industry may also be receiving encouragement from authorities to venture abroad. Great Wall Motor Company has signaled interest in acquiring the iconic American brand of sport utility and pickup truck vehicles, Jeep, which is owned by Italian automaker Fiat Chrysler. The Times says that the comments from Great Wall “signal China’s continuing interest in becoming a global force in the auto industry.”
- Both developments fit in with the new outbound investment rules, which discourage deals involving industries such as real estate, and ban investments in casinos and the sex industry, but encourage Belt and Road-related finance and any projects that “steadily advance China’s production capacity, manufacturing of high-quality equipment, and industry standards.”
China’s debt swaps surpass $100 billion / Bloomberg
- Crime – Xiu.com
Reports: China accuses luxury e-retailer of smuggling / AP
- China Unicom
China regulator says Unicom’s reform plan does not violate rules; shares surge / Reuters
Baidu is selling takeout delivery business to Alibaba-backed Ele.me / WSJ (paywall)
- On-demand services
Personal bodyguard app to launch in northeast China / BBC
- Dalian Wanda
Wanda to build tourist attractions in Gansu under strong government backing / Caixin