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By An Limin, Liu Yukun and Denise Jia / Sep 13, 2019 05:53 AM / Business & Tech

Photo: IC Photo

加拿大28百分百中算法Photo: IC Photo

Real estate giant China Evergrande Group plans to build a car plant and a battery factory in Qingdao, a port city in eastern China, according to sources at the city’s government.

Local media reported earlier that city government officials have been in contact with Evergrande since March. Qingdao municipal Party Secretary Wang Qingxian met with Evergrande Chairman Xu Jiayin during this year’s “two sessions,” the annual meeting of legislative delegates and political advisers held in March, and the two sides expressed interest in cooperating, local newspaper Qingdao Daily reported March 9.

The government website of Pingdu, a county-level city under Qingdao, shows that local government officials visited Evergrande’s new-energy vehicles unit in Shenzhen in March and reached an initial agreement on a new-energy vehicle cooperation project.

The Pingdu government disclosed at a meeting in July that it reserved a 400-acre parcel of land for the Evergrande project.

A local newspaper reported last month that Laixi, another county-level city under Qingdao, will host Evergrande’s electric car battery factory. The initial investment in the plant will be 10 billion yuan ($1.41 billion), the paper reported.

There has been no official announcement of agreement on either project. A person close to the Qingdao government told Caixin that Evergrande postponed the construction time. A person close to Evergrande said the projects haven’t been finalized.

Contact Reporter Denise Jia (huijuanjia@caixin.com)


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By Matthew Walsh / Sep 12, 2019 06:02 PM / Business & Tech

Photo: VCG

Photo: VCG

An advanced display-panel factory backed by politically-minded electronics mogul Terry Gou is seeking new investors as the market struggles with global oversupply and falling prices, the Nikkei Asian Review reported Wednesday, citing multiple unnamed sources.

The massive 61 billion yuan ($8.5 billion) plant, in the southern Chinese city of Guangzhou, is principally operated by the Japanese firm Sakai Display Products, of which Gou is the largest shareholder. It was originally slated to produce large, advanced liquid crystal displays (LCDs) at full capacity by the end of this year. But those plans have been delayed, leading to backlogs at several of the company’s Japanese suppliers, Nikkei said. One told the publication that it was considering its legal options.

The development comes at a tumultuous time for Gou, the man behind Taiwan-based electronics-giant Foxconn and the island’s richest man. In June, he left his position as Foxconn’s chairman to pursue a career in politics, having announced his bid to become Taiwan’s leader the month before as a candidate for the Kuomintang (KMT), the current opposition party.

That run ended after an embittered Gou came second in the KMT primary, as he claimed the selection was conducted in a way that favored the eventual winner, Han Kuo-yu. But that might not be the end of his leadership bid: On Thursday, he formally withdrew from the Kuomintang, fueling renewed speculation that he might run as an independent.

Contact reporter Matthew Walsh (matthewwalsh@caixin.com)

Related: Army of Women Earning $4 a Day Could Be Behind Your Next iPhone

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By Zheng Lichun and Tang Ziyi / Sep 12, 2019 05:14 PM / Business & Tech

Photo: VCG

Photo: VCG

China’s automated taxi industry will reach a key inflection point for commercialization next year as a number of ride-hailing companies make the pivot toward self-driving cars, said Zhong Hua, vice president of smart-mobility startup WeRide, in a Tuesday interview with Caixin.

He made his remark came after WeRide said it planned to roll out hundreds of self-driving vehicles as part of a trial service in the southern Chinese city of Guangzhou by 2020, Zhang Li, WeRide’s chief operating officer, told Caixin.

Such vehicles rely mostly on automation, but still have a driver present as a precaution.

The Guangzhou-based company first unveiled its ambition to launch such vehicles in August when it formed a joint venture with the local municipal government and Guangzhou Baiyun Taxi Group, the largest cab company in southern China.

Several other Chinese ride-hailing companies — including industry giant Didi Chuxing and internet behemoth Baidu — also plan to roll out trial services of automated taxis by the end of next year.

Read the full story on Caixin Global.

Contact reporter Tang Ziyi (ziyitang@caixin.com)

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By Bloomberg / Sep 12, 2019 03:31 PM / Business & Tech

Photo: VCG

Photo: VCG

Chinese startup Kuaishou is considering to go public in the U.S. to bankroll its expansion in short videos and fend off competition from TikTok owner ByteDance Inc., according to people familiar with the matter.

The company, backed by Tencent Holdings Ltd., plans to list next year, the people said, requesting not to be named because the matter is private. One person said Kuaishou also weighed the option of going public this year. The video startup is raising more than $1 billion at a $25 billion valuation in a pre-IPO round mostly from Tencent, one of the people said.

Kuaishou is an important part of Chinese social media giant Tencent’s strategy to compete against ByteDance, which is now the world’s most valuable startup. Tencent has devoted a lot of resources toward building a library of short and mini video offerings — key to retaining user attention and boosting advertising revenue — but has yet to catch ByteDance.

“Tencent’s biggest enemy is ByteDance right now,” said David Dai, a Hong Kong-based analyst at Bernstein. “Tencent hasn’t been very successful in short videos in the past, so resorting to investing in other companies instead is its best option.”

Tencent President Martin Lau said during an August earnings call that short and mini videos would be a key vertical for expansion.

Kuaishou or “fast hand” first established its popularity among users in China’s smaller cities and rural areas, with people streaming slices of everyday life from harvesting corn to slurping noodles. It’s also been luring users in bigger cities and expanding its content to include everything from people playing video games to teenagers lip-syncing songs.

Kuaishou was seeking funds in January last year at a valuation of $17 billion. The company was valued at $3 billion in January 2015 by CB Insights.

The eight-year-old company also counts Sequoia and Morningside Group Holdings as backers. It had 110 million daily active users as of December 2017, according to its website. Annie He, a spokeswoman for Kuaishou didn’t respond to requests for comment. Tencent declined to comment in an emailed statement.

“Kuaishou is the only one that can still counter ByteDance now,” said Dai.

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By Wang Duan, Wei Yiyang, and Liu Jiefei / Sep 12, 2019 01:50 PM / Business & Tech

Photo: VCG

Photo: VCG

It caught markets by surprise, but the Hong Kong stock exchange’s unsolicited 29.6 billion pound ($36.5 billion) bid for the London Stock Exchange Group (LSE) has actually been in the works for quite some time, HKEx’s chairwoman is Caixin.

The move is in line with a that Hong Kong Exchanges and Clearing Ltd. (HKEx) published in February, which included an aim of expanding its global connections, HKEx Chairwoman Laura Cha Shih May-lung told Caixin.

The proposition was first floated by the board of directors, and an initial framework for the offer was hammered out last September, she said.

A successful purchase would strengthen and expand the Chinese mainland’s stock markets, which are linked to Hong Kong’s via two connect programs, said Cha, who was also a previous vice chairman of China’s securities regulator from 2001 to 2004. It would also have a positive influence on China’s market opening, she added.

Investors in the LSE operator were jazzed about the deal, bidding up the company’s London-listed shares nearly 6% after on Wednesday after the initial announcement. HKEx investors were less impressed, with the company’s share price down 3.58% in Thursday morning trade.

The proposed deal would mark the HKEx’s second major overseas expansion. It previously acquired the London Metal Exchange, the world’s largest market in options and futures contracts on base and other metals, in 2012 for 1.4 billion pounds.

Additional reporting by Han Wei.

Contact reporter Liu Jiefei (jiefeiliu@caixin.com)

Related: HKEx Offers $36.5 Billion to Buy London Stock Exchange

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By Guo Yingzhe / Sep 12, 2019 01:49 PM / Politics & Law

Photo: VCG

Photo: VCG

When U.S. President Donald Trump announced Wednesday he was delaying another planned tariff hike on Chinese imports, he framed it as a “gesture of goodwill.” But Chinese investors don’t seem to be warming to him.

The Shanghai Stock Exchange Composite Index opened a paltry 0.2% up on Thursday morning after Trump that a tariff increase from 25% to 30% on 250 billion of Chinese goods, originally slated to come into effect on Oct. 1, would be postponed to Oct. 15.

The delay is “at the request of the Vice Premier of China, Liu He, and due to the fact that the People’s Republic of China will be celebrating their 70th Anniversary,” he in a separate tweet.

Also on Wednesday, China announced the exemption of 25% punitive tariffs on 16 categories of U.S. imports, which were levied last year in retaliation for similar tariffs imposed by Washington. The exemption helped boost American stock markets, nudging the Dow Jones up 0.85% or 227.6 points and the S&P 500 up 0.72% or 21.5 points at the close.

Read the full story on Caixin Global later today.

Contact reporter Guo Yingzhe (yingzheguo@caixin.com)

Related: Update: China, U.S. to Hold Trade Talks in Washington Next Month

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By Zhao Runhua / Sep 12, 2019 01:01 PM / Business & Tech

Photo: VCG

Photo: VCG

China’s premium liquor brand Kweichow Moutai is turning to gene-sequenced microbes in its pursuit of the next lip-smacking tipple.

On Wednesday, the world’s most valuable distiller formally a “long-term strategic partnership” with the China’s genome sequencing giant BGI Group, according to an official release.

Details of the tie-up remain vague, but Moutai chairman Li Baofang said the establishment of a research platform for microbes, which are used in the fermentation of alcoholic drinks, could benefit both Moutai and the wider liquor industry. Li hinted that the partnership will focus on the long-term applications of microbiology to alcohol production.

In May last year, Moutai and BGI confirmed that they were seeking to cooperate in areas including microbiology and genomics. At the time, Li said microbiology was Moutai’s most important development driver and he believed a forward-looking strategy was essential to ensure the continued quality of the company’s throat-burning liquors.

And as early as 2009, Moutai jointly launched a genomics study with BGI, which found more than 1,000 microbes are involved in the making of Moutai liquor.

Moutai is also seeking to improve its brewing technology, according to a . The distiller produced more than 45,300 tons of base liquor in the first six months of 2019.

Contact reporter Zhao Runhua (runhuazhao@caixin.com)

Related: Moutai Liquor Ups Retail Quotas to Bypass Baijiu Barons

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By Matthew Walsh / Sep 12, 2019 12:38 PM / Business & Tech

Photo: VCG

Photo: VCG

It’s supposed to be the happiest place on earth, but a longtime ban on outside food has left some visitors to Shanghai Disney Resort with a sour taste in the mouth. Now the global entertainment giant has bowed to pressure from foodies by letting them bring their own items into the park.

But not just any foods can enter the premises, according to the resort, which has issued guidelines on what is and isn’t permissible, multiple Chinese media outlets on Wednesday. The move comes days after the company said it would relax its years-long ban that drew accusations of discrimination from local Chinese customers and resulted in a lawsuit.

The new rules most types of food and beverages, but ban a number of fiddly, messy, and pungent forms of nourishment, including instant noodles, meals that require heating by the user, watermelon, durian, and fermented tofu.

In March, a law student sued Shanghai International Theme Park Co. Ltd., which co-owns Shanghai Disney Resort, after being denied entry with snacks she had obtained outside the park.

The case following its publication in a number of Chinese media outlets last month. At the time, Disney described the rules as “consistent with most theme parks in China and other Disney parks in Asia.” The company’s U.S. and European theme parks allow visitors to bring in outside food, but its two other Asia-based parks, in Hong Kong and Tokyo, have retained a food ban. Visitors have always been able to bring their own nonalcoholic bottled drinks to the park.

Disney’s volte-face came after web users shared their experiences of the ban and state media pilloried the company’s perceived double standards.

In recent years, a number of overseas companies operating in China, including electronics-makers and luxury clothing brands, have drawn a public backlash for perceived slights to the country’s territorial integrity and other forms of cultural insensitivity.

Contact reporter Matthew Walsh (matthewwalsh@caixin.com)

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By Bloomberg / Sep 12, 2019 11:16 AM / Business & Tech

Photo: VCG

Photo: VCG

Chinese researchers safely treated a man with leukemia and HIV using gene-edited stem cells, a step forward in a field that was shaken last year when another Chinese scientist used the same technology to create the world’s first genetically-edited babies.

The man’s medical case, published Wednesday in the New England Journal of Medicine, is the first detailed report in a major academic journal of how doctors are using the experimental tool Crispr to manipulate the DNA of a living patient in an effort to cure disease. But even before the earlier controversy in China, there’s been a heavy note of caution in the field about how far and fast to proceed with the technology.

The patient’s dual diseases — HIV and cancer — gave researchers at the Peking University Stem Cell Research Center in Beijing an opening. The man needed a transplant of stem cells to replace the damaged ones that were causing his blood cancer. That procedure also gave them the opportunity to re-engineer a gene called CCR5 in the donor cells to be resistant to HIV.

“This is a green light for the whole field of gene editing,” Carl June, a pioneer in the use of gene therapy to treat cancer and HIV at the University of Pennsylvania, said in an interview. He published a companion piece in the journal.

Related: Peking University Scientists Pioneer New Gene-Editing Technology

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By Bloomberg / Sep 12, 2019 04:20 AM / Business & Tech

Photo: Bloomberg

Photo: Bloomberg

Chinese electric-car sales fell for a second straight month after the government scaled back subsidies, the latest sign that one of the final pillars of strength in the world’s largest automobile market is crumbling.

Sales of new-energy vehicles — all-electric, fuel-celled autos and plug-in hybrids — declined 16% from a year earlier to 85,000 units in August, the China Association of Automobile Manufacturers said Wednesday. That followed a 4.7% drop in July.

The figures add pressure on Beijing to introduce relief measures to support a burgeoning industry that’s still heavily reliant on state support. China has gradually scaled back subsidies for new-energy vehicles since 2017 to help the industry stand on its own and avoid a bubble. That’s undermined growth, prompting top Chinese electric-car maker BYD Co. to warn that earnings will wane.

China considers electric vehicles to be a strategically important industry and is mulling a target for 60% of all automobiles sold in the country to run on electric motors by 2035, people familiar with the matter have said. With around 500 aspiring electric-vehicle makers nationwide, authorities are trying to raise the bar for entry. The Ministry of Industry and Information Technology issued a draft rule Wednesday on thresholds for applying to set up carmaker groups, including having at least 6 billion yuan ($843 million) in capital.

China accounts for about half of the world’s electric-vehicle sales, so any weakness is likely to ripple beyond its shores. In July, global EV sales fell for the first time on record because of China, according to Sanford C. Bernstein.

Separately, CAAM said passenger vehicle deliveries to dealers fell 7.7% from a year earlier to 1.65 million units, a 14th consecutive month of declines. The downward trend was in line with readings released by the China Passenger Car Association on Monday.

Chinese automobile sales have been in a prolonged slump amid a slowing economy that’s being pressured further by the trade war with the U.S.

“China is basically a healthy market, but because of the trade war, the car market is basically in a recession,” Volkswagen AG Chief Executive Officer Herbert Diess said in an interview with Bloomberg TV at the Frankfurt Auto Show this week. “So that’s a new situation. That’s scary for us.”

Related:Carmakers Post Downbeat Forecasts as Policy Changes Begin to Bite


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By Wei Yiyang and Han Wei / Sep 12, 2019 04:15 AM / Business & Tech

Photo: VCG

Photo: VCG

Shanghai Henlius Biotech, a unit of Chinese conglomerate Fosun International, started taking investor orders Wednesday for a Hong Kong initial public offering that could raise as much as HK$3.7 billion ($477 million).

Henlius plans to sell 64.5 million shares, or 12% of its enlarged equity, in a range between HK$49.60 and HK$57.80, according to terms of the deal. The offering will be the first major listing in Hong Kong since July as the city’s market has been rattled by social unrest and pressures from the China-U.S. trade war.

The pre-profit biotech startup has secured four cornerstone investors, including Qatar Investment Authority. The four will invest a combined HK$1 billion in the offering, according to the prospectus.

Henlius completed its last round of fundraising in July 2018, which valued the company at $2.96 billion. The company reported 7.4 million yuan of revenue in 2018, down 78% from the previous year. Net losses expanded 31% to 505 million yuan, according to the prospectus.

Henlius is expected to price the offering Sept. 18 and list on the Hong Kong stock exchange Sept. 25.

China International Capital Corp, Bank of America Corp., CMB International, Fosun Hani Securities and Citigroup Inc. are joint sponsors for the deal.

Contact reporter Han Wei (weihan@caixin.com)

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By Matthew Walsh / Sep 12, 2019 04:10 AM / Business & Tech

Photo: VCG

Photo: VCG

Embattled Chinese tech giant Huawei dropped a legal case against the United States government Monday after the U.S. freed telecommunications equipment it detained in 2017 amid suspicions that Huawei had flouted export regulations.

The Chinese company filed the lawsuit in June after the Department of Commerce confiscated the equipment, which included computer servers, Ethernet switches and other telecom gear, as it passed through Alaska on its way to China. Huawei, which the seizure as “prolonged and unexplained” and “unjustified” in a Tuesday press release, recovered the equipment in August after Washington confirmed that an export license was unnecessary.

Huawei remains on the U.S. government’s so-called Entity List, a status that curtails the company’s access to American suppliers. The dispute is part of an ongoing trade war between China and the U.S. that has roiled economies on both sides of the Pacific.

Washington alleges that Beijing could potentially use Huawei’s telecom equipment for espionage, a claim Huawei denies.

Contact reporter Matthew Walsh (matthewwalsh@caixin.com)

Related: U.S. Charges Chinese Professor Accused of Stealing Trade Secrets for Huawei


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By Zhao Runhua / Sep 12, 2019 04:07 AM / Business & Tech

Photo: VCG

Photo: VCG

While the frenzy among Chinese netizens on the launch of new Apple products is seemingly cooling, some have shown excitement and pride that Apple has compared the new iPhone models’ performance with that of Huawei’s products for the first time. Netizens see it showing the local favorite’s growing global technology influence.

During Apple’s product release early Wednesday morning (China time), the global smartphone maker made a GPU performance comparison among iPhone 11, the previous generation iPhone XR and some of its major rivals. While the iPhone models led the ranking, China’s Huawei P30 Pro, equipped with the self-developed Kirin 980 chip, was just behind the third-place Snapdragon 855-empowered Galaxy S10+, and outperformed Google Pixel 3, a handset backed by Snapdragon 845.

“Apple compares itself with Huawei” quickly became a trending topic on China’s Twitter-like Weibo. User and electronics blogger suggested the comparison was another marketing coup for Huawei and that Apple acknowledged Huawei as a major challenger.

Meanwhile, as Apple released no functions for 5G, Chinese netizens said Huawei would further affect Apple’s performance in China, where mainstream handset manufacturers are racing to roll out the new telecommunication technology.

At least the new iPhone 11 Pro was already famous in the country before its release. Many Chinese netizens referred to it as "a smartphone with bathroom-heating-bulb camera,” thanks to the triple-camera design which looks like an appliance Chinese people use in cold seasons in areas where central heating is not available.

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By Zhao Runhua / Sep 11, 2019 06:08 PM / Business & Tech

Photo: VCG

Photo: VCG

Recent developments seem to show that Singapore-based Huobi, the world-leading cryptocurrency exchange platform, plans to move some of its virtual currency-related projects onto Pantronics, a Hong Kong-listed affiliate.

Pantronics, an investment holding firm focusing on power electronics and electrical goods manufacturers, has appointed Huobi’s chairman and CEO Li Lin, also known as Leon Li, as its new chairman and CEO, a filing to the Hong Kong Stock Exchange (HKEx) said Tuesday.

In a separate Tuesday filing, Pantronics also proposed changing its name to Huobi Technology Holdings, ostensibly to “better reflect” its future strategic direction and “expansion into new business areas.” The proposal is currently pending approval.

As cryptocurrency trading is illegal on the Chinese mainland and the Hong Kong stock exchange has historically treated the IPO credentials of out-and-out crypto companies with skepticism, the moves have industry insiders speculating that Huobi might let Pantronics absorb its legal non-trading cryptocurrency units, such as blockchain technology projects.

Last August, Huobi spent around HK$600 million ($76.5 million) to purchase a more-than-70% stake in Pantronics and become its controlling shareholder. That deal was widely interpreted as one of the few options available to Huobi in order to raise money from public investors.

Huobi has consistently declined to comment.

Contact reporter Zhao Runhua (runhuazhao@caixin.com)

Related: China Readies for Digital Currency Launch

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By Ren Qiuyu / Sep 11, 2019 01:54 PM / Environment

Photo: VCG

Photo: VCG

The southern Chinese city of Guangzhou is known for its picturesque setting on the Pearl River Delta, the soaring Canton Tower, and now a mosquito factory.

Yes, that’s a factory that real, bloodsucking Asian tiger mosquitos. It’s located in a nondescript building in a sprawling “science park” and filled with millions of the pesky insect.

But don’t worry: The winged critters produced here are part of an experiment that aims to ease summer nuisances, not make them worse.

The factory’s male mosquitos are first infected with a strain of a bacterium called Wolbachia, developed over a number of years by Chinese scientist Zhiyong Xi. Batches of mosquitos are then released into the wild in an area on a small island 60 kilometers away. When they mate with females, the resulting eggs are sterile — halting the life cycle of the much-maligned insect.

A recently released study found that the experiment reduced the local population of Asian tiger mosquitos, officially known as “Aedes albopictus,” by up to 94%, potentially marking a huge step forward for controlling mosquito populations and combatting the diseases they carry, such as dengue fever and Zika.

Stay tuned for Caixin’s look at the factory, the experiment, and the possible future of mosquito control.

Contact reporter Ren Qiuyu (qiuyuren@caixin.com)

Related: Update: Authorities Confirm Dengue Fever Outbreak in East China

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By Lu Zhenhua / Sep 11, 2019 01:25 PM / Finance

Photo: VCG

Photo: VCG

When given a choice, investors prefer a sure thing. But for China’s multi-trillion-yuan money-market fund industry, that has become a problem.

The sector has been going through a tough transition in the last few years amid shrinking markets and a government pilot program that seeks to reduce risk by shifting the industry away from conventional funds with guaranteed values toward funds whose worth fluctuates depending on the net value of the assets in which they are invested.

At present, only a few fund firms are permitted to take part in the pilot program. It is currently unclear whether the state plans to extend the initiative to the industry as a whole.

Read the full story on Caixin Global later today.

Contact reporter Lu Zhenhua (zhenhualu@caixin.com)

Related: World’s Biggest Money-Market Fund Shrinks by $120 Dollars

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By Zhao Runhua / Sep 11, 2019 12:31 PM / Business & Tech

Photo: VCG

Photo: VCG

China’s well-known secondhand-goods trading platform Zhuanzhuan, which is controlled by New York-listed local life service platform 58.com, has raised $300 million in its latest Series B financing round, an official release Wednesday.

Several investors, including Chinese internet behemoth Tencent, have agreed to put up the funding, 58.com said. Tencent previously committed to pouring $200 million into Zhuanzhuan during the latter’s Series A funding in April 2017.

58.com said it will remain Zhuanzhuan’s controlling entity after the new financing is over. The transaction is slated for completion in the fourth quarter of this year.

It is unclear how Zhuanzhuan plans to use the capital.

Zhuanzhuan CEO Huang Wei struck a downbeat note in an open letter widely circulated on the Chinese internet Wednesday, saying he hoped the cash injection would help the company “survive” a challenging business cycle and intense competition. In 2017, Huang responded with excitement and optimism to Zhuanzhuan’s Series A funding.

Trading in secondhand goods is becoming more and more popular globally and China’s less developed areas hold a lot of industry potential, Huang added.

Contact reporter Zhao Runhua (runhuazhao@caixin.com)

Related: JD Gets Used to Resale Failure With Shutdown of Secondhand Trading Site

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By Bloomberg / Sep 11, 2019 09:28 AM / World

Photo: VCG

Photo: VCG

The U.S. government will need to hold talks with Huawei Technologies Co. for there to be a trade deal with China, a top executive at China’s largest technology company said.

“Can I imagine a trade deal where the U.S. government doesn’t agree to talk to us? No I can’t,” Huawei Chief Security Officer Andy Purdy said at a briefing in Budapest on Tuesday.

Huawei has become a focal point for U.S.-Chinese tensions and is regarded by some as a bargaining chip in the negotiations. Washington’s decision to stop the company buying American technology has cut it off from vital supplies, from Qualcomm Inc. chipsets to Google’s Android operating software.

The U.S. has urged countries and companies to reject Huawei technology in the next generation of wireless networks, telling allies it could put their citizens’ data at risk. Huawei has denied any wrongdoing and accused the U.S. of singling it out for political reasons.

Purdy said the U.S. crackdown against Huawei is hurting American companies and workers more than Huawei. He said the company spent $11 billion on U.S. supplies last year and an estimated 40,000 U.S. jobs depend on its business.

Huawei wants “transparent mechanisms” for evaluating its equipment and that of its competitors, which would build “trust through verification,” Purdy said.

“We’re not asking we should simply be allowed to sell without any scrutiny,” he said. “We believe there has to be scrutiny for everyone.”

Read all of Caixin's coverage of Huawei here.
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By Zhao Runhua and Matthew Walsh / Sep 10, 2019 06:23 PM / Economy

Photo: VCG

Photo: VCG

A top Chinese agricultural research institute has edged closer to a vaccine for deadly African swine fever that has ravaged the country’s pork industry.

Researchers at the Chinese Academy of Agricultural Sciences announced Tuesday that a potential vaccine developed by its Harbin-based veterinary science research institute has completed lab safety and efficiency tests and now awaits biosafety tests at the Ministry of Agriculture and Rural Affairs with a view to launching clinical trials in the near future.

As of July, African swine fever, which currently has no reliable vaccine or cure, had resulted in the culling of more than 1 million pigs in China and roiled the world’s largest pork market. Pork prices in China in August surged 46.7% year-on-year and helped to sustain a 17-month high in consumer inflation.

Last Monday, the ministry said that the government had approved no commercial vaccines to combat African swine fever and that the ministry itself had not yet given the go-ahead to any clinical trials.

Contact reporter Zhao Runhua (runhuazhao@caixin.com)

Related: Agriculture Ministry Rejects Claimed Swine Fever Vaccine Fix

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By Timmy Shen and Zhang Yuzhe / Sep 10, 2019 04:43 PM / Finance

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Photo: VCG

China’s central bank has appointed Mu Changchun, a deputy director of its payment and settlement department, as the new head of its digital currency research institute.

The move is widely interpreted as another sign that the People’s Bank of China (PBOC) is accelerating the release of its own digital currency.

Mu said last month that the central bank will soon release a digital currency of its own — the fruit of five years of research and development.

Mu has been quite outspoken recently. In July, he said in a Caixin commentary that Facebook’s Libra should be supervised by central banks. Last week, he started a series of online audio “open classes” to explain the PBOC’s digital currency and electronic payment project.

http://allin5one.com/2019-07-09/opinion-facebooks-libra-needs-central-bank-supervision-101437334.html

Read the full story on Caixin Global later today.

Contact reporter Timmy Shen (hongmingshen@caixin.com, Twitter: )

Related: Opinion: Facebook’s Libra Needs Central Bank Supervision

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