Welcome to the 38th installment of the Caixin-Sinica Business Brief, a weekly podcast that brings you the most important business stories of the week from China’s top source for business and financial news. Produced by Kaiser Kuo of our Sinica Podcast, it features a business news roundup, plus conversations with Caixin reporters and editors.
This week, we learn that Chinese shares posted their worst weekly performance in two years, falling nearly 10 percent, as markets in both the mainland and Hong Kong plunged following a similar correction in the U.S. and other global markets. We explore the latest trade numbers of China, which suggest that China’s imports jumped the most in 11 months in January while exports remained strong. We are surprised by Ehang Intelligence Technology, a Guangzhou-based aerial vehicle maker, which released footage showing its signature passenger-carrying drone taking several people on a ride through the skies. We note the latest move by United Airlines to pull back the thrusters on new flights between the U.S. and China, following major additions over the last two years that have led to excess capacity. We find out about a new deal made by Taiwanese electronics giant Foxconn to invest $18 million in a cryptocurrency bank being set up by a former partner at Goldman Sachs. We hear that users across the Chinese mainland, Hong Kong, and Taiwan can now use the same Didi Chuxing app to hail taxis and shared cars, as the company continues its expansion outside the mainland. We follow a new feature introduced to China’s Twitter-like platform Weibo. Named “New Era,” the new section promotes pro-government news stories on Weibo’s “trending” function — a response to government criticism of the search feature.
In addition, we talk with Doug Young, managing editor of Caixin Global, about DreamWorks Animation’s sale of its stake in its China joint venture Oriental DreamWorks, and what it tells us about the prospect of U.S.-China collaborations. We also have a conversation about baijiu (白酒 báijiǔ), the infamous Chinese liquor, and why Luzhou Laojiao 泸州老窖, a well-known baijiu-maker in China, launched its own perfume.
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