Welcome to the 51st 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 note that Chinese telecom company ZTE has reached a deal with the U.S. to pay a $1 billion fine to end crippling American sanctions.
- We hear the news that Foxconn Industrial Internet has become China’s most valuable tech company after its shares surged 44 percent in its trading debut last week.
- We learn that Chinese internet giant Tencent is in talks with the authorities to make its WeChat app a digital alternative for residents entering and exiting Guangdong Province, Hong Kong, and Macau.
- We analyze China’s recent release of detailed information on 50 fugitives who allegedly committed economic crimes, as authorities continue to pursue what Beijing deems dirty officials and dodgy businessmen who have fled abroad.
- We discuss General Motors’ plan to launch 10 more new-energy vehicle models in China from 2021 to 2023, doubling the 10 it has already planned currently.
- We discover that short-video app Douyin now has more daily downloads in China than any other free app, pushing it squarely ahead of rival Kuaishou.
- We explore recent scandals surrounding China’s highest-paid celebrity, actress Fan Bingbing, who is denying accusations that she evaded taxes by signing multiple contracts for the same movie roles.
- We find out that over half of the adult population in China now either has high blood pressure or is on course to develop it, but few are aware of the problem.
In addition, we talk with Liu Xiao, reporter at Caixin Global, about a series of highly anticipated guidelines released by China’s securities regulator lately, which set the scene for the country’s foreign-listed tech titans to trade shares at home. We also chat with Doug Young, managing editor of Caixin Global, about a tech story regarding memory-chip makers and a solar story regarding overcapacity and subsidies.
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