Welcome to the 43rd 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.
- We pay attention to the return of Tiangong-1, China’s first space station, which was launched in September 2011 and has been at the center of several milestones for China’s space program.
- We delve into a recent report published by Xi’an Jiaotong-Liverpool University, which shows that Beijing’s Peking and Tsinghua universities are letting their students down in terms of helping them learn and grow on campus.
- We learn the news that Wu Xiaohui 吴小晖, the former chairman of financial giant Anbang Insurance Group, admitted to a court that he had been involved in a fundraising scheme that took in more than 723 billion yuan from illicit insurance sales.
- We hear that China will lower value-added tax rates as part of a tax cut package, saving 400 billion yuan each year for businesses in targeted sectors.
- We note that Sunac, the Chinese property giant that poured some 17 billion yuan into debt-plagued tech giant LeEco a year ago, admitted that its investment was a “failure” and has written off the losses.
- We acknowledge some new rules that put China’s $15 trillion asset-management industry under stricter scrutiny.
- We discuss the central government’s decision to set up a court in Shanghai to specifically handle financial cases, in order to plug regulatory gaps.
- We explore China’s approval of its first delivery drone license, which has been given to a subsidiary of logistics giant SF Express.
In addition, we talk with Doug Young, managing editor of Caixin Global, about why this is an interesting time for Chinese IPOs and Geely’s move to use a plant in Belgium to make its vehicles, marking the first time a Chinese car will be produced in Europe.
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