Five Things to Know About China’s East-West Mega Data Center Plan
China has long been known for undertake ambitious projects seeking to move resources across the country to develop sectors essential to the economy.
A typical example is the West-East Power Transfer Project, which transports electricity produced at hydroelectric power stations in western China to its southern, central and northern regions. The project was generally considered a success, laying the foundation for China’s rapid economic expansion in the early 2000s.
Seeking to replicate its early successes, Beijing has launched a similar project to channel national resources. This time around, it is targeting data centers, which are seen by Beijing as critical infrastructure for today’s increasingly digitized economy.
FINANCE & ECONOMY
Futures contracts /
China to watch foreign firms in new futures market
Foreign companies will have to obtain regulatory approval to market, promote and sell futures products in China, according to an updated draft of the country’s first law governing the futures and derivatives market.
The Futures and Derivatives Bill was submitted Monday to the Standing Committee of the National People’s Congress, the top decision-making body of the national legislature, for a third reading by lawmakers, usually the last stage before the adoption of legislation. The new law is expected to enter into force by the end of the year.
Ant Group acquires Singaporean payment platform 2C2P
Ant Group Co. Ltd. plans to acquire a Singaporean payments platform as the Chinese fintech giant seeks to boost growth in the promising Southeast Asian market, while its efforts to get back into the good graces of national regulators are almost complete.
The agreement with 2C2P Pte. Ltd., announced on Monday, will make Ant Group its majority shareholder upon completion. No figure was given for the cost of the acquisition. 2C2P operates in Asian markets, including Singapore, Thailand and Malaysia.
Chart of the day: Foreign investment in China increased by 25.6% in the first quarter
Foreign direct investment (FDI) flows from China increased 25.6% year-on-year in the first quarter, in what the Commerce Department described as a “stable start” to the year.
The Chinese mainland attracted 380 billion yuan ($60 billion) in FDI during the period, Commerce Ministry spokesperson Shu Jueting said at a press conference on Thursday. The indicator excludes foreign investment in banking, insurance and securities.
Quick shots /
central bank of china pledges to support businesses amid Covid
Drop in Chinese GDP forecasts at UBS, Barclays and Standard Chartered
Opinion: China is still investable, but the skills needed to succeed have changed
COMPANY & TECHNOLOGY
Employees stock the shelves of a supermarket in Shanghai’s Fengxian district on April 12. Photo: The Paper
Shanghai supermarkets begin to reopen, although Covid restrictions keep many workers at home
After weeks of food shortages in one of China’s wealthiest metropolises, supermarkets and grocery stores in Shanghai are gradually resume activitieseven as pandemic controls prevent them from being properly staffed.
“As of Friday, 1,011 major grocery stores in Shanghai have resumed operations,” Liu Min, deputy director of the city’s commerce commission, said at a press conference on Saturday. Liu said the city has been advancing the resumption of operations since April 8.
The announcement came as the financial center enters its fourth week of closures. Shanghai reported more than 20,000 local infections for 12 consecutive days until the number of daily cases fell just below that threshold on Monday.
Academic Library /
China’s top science academy cancels subscription to largest research database due to high prices
Several research institutes of the Chinese Academy of Sciences (CAS) have sent internal emails saying they are suspending the use of China National Knowledge Infrastructure (CNKI), the country’s largest online academic library, Caixin learned.
The institutes instead use research databases from Wanfang Data and CQVIP instead of CNKI, according to emails seen by Caixin.
Automaker SAIC decides to resume production in Shanghai
The Shanghai-based assembly and auto parts manufacturing units of SAIC Motor Corp. ltd. began stress tests to resume production after nearly three weeks of disruption caused by a citywide Covid lockdown, the country’s largest automaker said Caixin on Monday.
SAIC Motor and its units, including SAIC Volkswagen, SAIC General Motors Corp., Huayu Automotive Systems Co. Ltd. and SAIC Anji Logistics Co. Ltd., have begun preparations for restarting operations, focusing on measures to ensure personnel and supply chains under closed-loop management. with virus control measures, SAIC Motor said.
Quick shots /
China meets Foreign Chambers as Closures Hit Business
The coal and gas boom in China can help alleviate the global energy crisis
Technology Specialist /
Ant buys Singapore fintechDidi sets date for delisting vote
Guangzhou middle school students return to school
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