The national financial work video conference was held in Beijing. Guided by Xi Jinping’s new socialist ideology with Chinese characteristics, the conference fully implemented the spirit of the nineteen and nineteen second, third, fourth and fifth plenary sessions of China’s Communist Party, conscientiously implemented the central economic work conference, and conveyed and studied the implementation of the requirements of the leading comrades of the State Council, summing up the 2020 financial work and studying and deploying the 2021 financial work. Liu Kun, Secretary of the Party group and Minister of the Ministry of finance, made a work report.
The meeting pointed out that in 2020, the financial sector resolutely implemented the important instructions of general secretary Xi Jinping and the spirit of the instructions and the decision making arrangements of the CPC Central Committee and the State Council to tackle the difficulties and act as a whole, to co-ordinate the epidemic prevention and control and economic and social development, to successfully accomplish all tasks and effectively promote economic recovery and overall social stability. First, novel coronavirus pneumonia is the most important and urgent task. First, we should clearly put forward “two guarantees”, strengthen the protection of the fiscal and tax policies, intensify policy interpretation and propaganda, and fully support the fight against the new crown pneumonia epidemic. Second, we should increase policy hedging, timely introduce large-scale relief policies for enterprises, and creatively set up a direct mechanism for financial funds to promote economic stabilization and recovery. Third, we should strengthen the guarantee of tackling key problems, support winning the fight against poverty as scheduled, promote the obvious improvement of the ecological environment, achieve positive results in preventing and defusing risks, and run the “last mile” of building a moderately prosperous society in an all-round way. The fourth is to highlight the people’s livelihood, focus on supporting enterprises to ensure employment, do a solid job of “Three Guarantees” at the grassroots level, steadily improve the basic level of people’s livelihood, and firmly hold the bottom line of “six guarantees”. Fifth, we should further promote the supply side structural reform, vigorously support scientific and technological innovation, accelerate the transformation and upgrading of the manufacturing industry, support the development of small and micro enterprises, strengthen food and energy security, and enhance the innovation and competitiveness of the real economy. Sixth, deepen the reform and opening up, steadily promote the reform of the fiscal and taxation system, continue to deepen international financial cooperation, further consolidate the foundation of financial management, achieve actual results in the transformation of the regulatory bureau, and continuously improve the level of financial governance. Seventh, strengthen the political responsibility, actively cooperate with the central inspection, implement the responsibility of meticulous management of the party, further strengthen the construction of work style and discipline, continuously improve the political function of grass-roots party organizations, steadily promote the construction of cadre team, and promote the development of comprehensive and strict party governance.
The meeting pointed out that 2020 is the closing year of the 13th five year plan. In the past five years, the work of financial reform and development has gone through an extraordinary struggle, and has also made new major achievements. The financial strength has been further strengthened, the financial expenditure has maintained a high intensity, the intensity of tax reduction and fee reduction has been unprecedented, the investment in people’s livelihood has increased year by year, the national major strategic support has been strong, the reform of the financial and tax system has been promoted in depth, and the participation in global economic governance has been enhanced. In the great practice of building a well-off society in an all-round way and fighting against poverty, the concept, ideas and methods of financial work have been further improved, and the understanding of the regularity of financial work has been further deepened. First, we should pay more attention to “government” leading “finance”, set the direction of financial work, and earnestly plant and manage the “responsibility fields” entrusted by the Party Central Committee. Second, we should pay more attention to stimulating market vitality, improving fiscal macro-control, and strengthening cross cycle design and counter cycle regulation. Third, we should pay more attention to accuracy and effectiveness, improve the fiscal and tax policy system, and focus on short board weaknesses. Fourth, we should pay more attention to saving and enriching the people, adjust and optimize the expenditure structure, and spend money on a knife edge. Fifthly, we should pay more attention to tapping the potential, promote fiscal reform and fiscal management, and improve the efficiency of fiscal governance. Sixth, we should pay more attention to internal and external coordination, deepen international financial exchanges and cooperation, and promote a higher level of opening up.
The fourteenth five year plan is about to be completed. On the new journey of building a modern socialist country in an all-round way, financial departments should consciously undertake the historical mission entrusted by the party and the people, conscientiously perform their duties, and make positive contributions to the building of a modern socialist country in an all-round way. First, adhere to and strengthen the party’s overall leadership, and earnestly implement the “two maintenance” in all aspects of the whole process of financial work. Second, adhere to the new development concept and give full play to the leading role of Finance in building a new development pattern. Third, we should continue to strengthen the overall planning of financial resources and concentrate financial resources on major projects. Fourth, we should take the people as the center and constantly improve the level of ensuring and improving people’s livelihood. Fifthly, we should persist in hard struggle, diligence and thrift, and take the tight living of Party and government organs as a long-term policy. Sixth, adhere to the spirit of reform and the rule of law, and promote the modernization of national governance system and governance capacity better supported by finance. Seventh, adhere to the principle of overall development and security, and be highly vigilant against major risks in the financial field.
The meeting stressed that 2021 is a year of special importance in the process of China’s modernization. The 14th five year plan starts a new journey of building a modern socialist country in an all-round way. It is of great significance to do a good job in financial and economic work. The general work guideline for the 2021 fiscal work is to take Xi Jinping’s new socialist ideology with Chinese characteristics as the guide. We should fully implement the spirit of the nineteen and nineteen second, third, fourth, fifth plenary session and the central economic work conference of the party, and adhere to the general keynote of China’s steady progress, and set up a new development pattern based on the new development stage, and build a new development pattern to promote the development of high quality. With deepening the supply side structural reform as the main line, reform and innovation as the fundamental driving force, and meeting the people’s growing needs for a better life as the fundamental purpose, we should adhere to the concept of system, consolidate and expand the achievements of epidemic prevention and control and economic and social development, better coordinate development and security, do a solid job in the “six stabilities” work, fully implement the “six guarantees” task, and scientifically and accurately implement macro-economic and social development We should strive to keep the economy in a reasonable range, adhere to the strategy of expanding domestic demand, strengthen the strategic support of science and technology, and expand high-level opening to the outside world. Positive fiscal policy should improve quality, increase efficiency and be more sustainable; strengthen the overall planning of financial resources, maintain moderate expenditure intensity, increase the optimization of expenditure structure, and enhance financial support for major national strategic tasks; adhere to hard work, thrift, and careful calculation, fully implement the requirements of Party and government organs to stick to tight living; speed up the establishment of a modern fiscal and taxation system, and strengthen budget constraints and management Performance management; strengthen the debt management of local governments, effectively resolve the hidden debt risk of local governments, ensure a good start in the “14th five year plan”, and celebrate the 100th anniversary of the founding of the party with outstanding achievements.
Monthly Archive: December 2020
Yonghe Zhikong, whose stock price has plummeted by nearly 40%, has made the situation worse. On December 28, the company’s application for non-public offering of shares was not released by the SFC.
Yonghe Zhikong stock price trend chart
According to the plan released in March this year, Yonghe intelligent control originally planned to issue shares to Cao Deli, the actual controller, at the price of 10.06 yuan per share, with the raised capital of no more than 600 million yuan for repaying bank loans and replenishing working capital. Cao deli’s share subscription will be locked for 36 months.
How can the actual controller pay for “blood transfusion” to the listed company? Judging from the regulatory concerns and feedback from the company, Yonghe intelligent control has many suspicious operations in the process of changing owners and acquisition, and the major shareholders pledged all 29% of the shares of the listed company to natural persons in May this year, which shows the shortage of funds.
“Buy” after changing owners
The public information did not disclose the reason why Yonghe Zhikong dingzeng was rejected.
The reporter noted that the regulatory authorities have given feedback on the fixed increase of Yonghe intelligent control twice, and raised a number of questions in the notification letter of the meeting of the development and Examination Commission. The main focus of supervision includes: the legality and compliance of Cao deli’s acquisition of Yonghe intelligent control; whether Cao Deli is the actual controller or ultimate beneficiary of Dazhou medical, Chengdu Shanshui Hotel and Kunming Medical; whether the share subscription fund contains pledge financing; whether a series of arrangements, such as Cao deli’s acquisition of the controlling right of listed company before acquisition of medical assets, belong to In disguised form, backdoor listing, etc.
The story began a year ago. In November 2019, Chengdu Meihua added 200 million yuan to Yongjian holding, the largest shareholder of Yonghe intelligent holding, and indirectly obtained 29% of the equity of the listed company. At the same time, Xuncheng trading, Yuhuan Yonghong and Yongsheng consulting, which are actually controlled by Ying Xueqing and Chen Xianyun, the original actual controllers of Yonghe Zhikong, irrevocably give up their 39.13% voting rights corresponding to the shares of Yonghe Zhikong. After the transaction, Cao Deli became the new actual controller of the listed company.
200 million yuan for a shell? The price is more than that. At the same time, Cao Deli provided an interest free loan of 575 million yuan to the original actual controller.
After Cao Deli joined Yonghe intelligent control, he quickly locked in the medical industry as the second main business, and set up new platforms such as Chengdu yonghecheng, Xiamen Yonghe and Chongqing Huapu to implement capital operation. The listed companies have successively acquired Dazhou medical and Chengdu Shanshui Hotel with about 200 million yuan in cash, and plan to invest 100 million yuan in Kunming Medical. At the same time, the company’s debt ratio increased rapidly. By the end of June, Yonghe Zhikong had a bank loan of 270 million yuan. Among them, the acquisition loan of RMB 110 million borrowed from Minsheng Bank was used to pay for the equity acquisition of Chengdu Shanshui and Dazhou medical.
Direct suspense, reflected in the same business registration telephone number. In the process of acquisition, the intermediary agency verified that the business registration telephone number of the company mentioned above was the same as that of the enterprise controlled by Cao Deli. The regulatory authorities inquired whether Cao Deli was the actual controller or ultimate beneficiary of the three companies, whether there were entrusted shareholding, concerted action or other special interest arrangements with his shareholders, and whether the acquisition funds eventually flowed to Cao deli or his designated personnel.
In the reply, the company totally denied the above questions. However, several confirmed details can not be ignored: Yu Zhao, a natural person, participated in the establishment of Dazhou medical and Kunming Medical, and Liu Wei, Yu Zhao’s spouse, was one of the shareholders before the acquisition of Chengdu Shanshui. Cao Deli and Yu Zhao jointly invested in Dahang Guangze in October 2011, established Dongli hospital through Dahang Guangze in October 2017, and Yu Zhao transferred his share of Zhengxin Pude’s property to Cao Deli in August 2018.
It is said that the two met earlier because of their friend’s introduction to jointly participate in the investment in the medical industry. In addition to the above-mentioned joint investment and transfer of equity, there was a situation of capital turnover lending between them. As of the date of issuing the reply, Cao Deli had a personal loan of 27 million yuan to Zhao.
In addition, another “partner” of Cao Deli, Xian Zhongdong, general manager of Yonghe intelligent control, was the upper investor after the penetration of shareholders of Dazhou medical and Kunming Medical.
Although Cao Li strongly denied that the relationship between the three parties was completely shrouded.
Share price collapse
In addition to the suspicions of disguised backdoor and implicit relationship, Cao deli’s financial situation has also attracted much attention. According to the public information, Cao Deli has a long investment experience in the medical and railway industries, and the output value of Chengdu Tieshan group, which is controlled by his family, will reach 1 billion yuan in 2019.
But in reality, Yongjian holding, controlled by Cao Deli, pledged all 29% of its shares in the listed company to Donghui, a natural person, in May this year to finance Yongjian holding’s debt replacement.
According to the Shanghai Securities News reporter’s inquiry, Fang Donghui should be the son of Fang xiubao, the former actual controller of Luoxin Pharmaceutical (formerly Dongyin Co., Ltd.). In February this year, Fang xiubao agreed to transfer 5% of the shares of the listed company from the original actual controller of Yonghe Zhikong at a unit price of 10.269 yuan per share.
Interestingly, both Dongyin and Yonghe Zhikong, which are located in Taizhou, Zhejiang Province, landed on the SME board in April 2016. The stock code of Dongyin is 002793 and Yonghe Zhikong is 002795. The two companies, both of which belong to the general equipment manufacturing industry, sold their controlling shares three years after they went public. Later, Dongyin shares were listed by Luoxin pharmaceutical through backdoor, while Yonghe Zhikong changed its ownership to Cao Deli. After the change of ownership, both companies expanded or transformed to the medical sector.
On December 28, local time, the trump government took another step to blacklist 35 Chinese enterprises as “controlled by the Chinese military” and put their subsidiaries in the scope of “suppression”.
Reuters reported that on the same day, the U.S. Treasury Department strengthened its guidelines on prohibiting Americans from investing in so-called “Chinese military related” enterprises, which clarified the controversial points of the earlier administrative order, saying that the administrative order will apply to exchange traded funds, index funds and Chinese enterprise subsidiaries listed as “Chinese military owned or controlled”.
Black hands again! Trump government to “blacklist” subsidiary of Chinese enterprises also included in the scope of suppression
In November, the trump Administration issued an executive order, stipulating that from November 2021, US investors will be prohibited from purchasing the “blacklisted” Chinese enterprise securities. In response to this move, there was a heated debate within the trump administration.
Earlier, some media reported that the US Treasury Department is seeking to exclude Chinese subsidiaries from the scope of the executive order. However, the latest report by Reuters quoted a source as saying that both the US State Department and the US Department of defense have rejected the proposal to weaken the executive order.
The US Treasury Department clearly pointed out in the “frequently asked questions” on its official website on the 28th that the executive order applies to any Chinese enterprise subsidiary “controlled by the Chinese military” that is publicly listed by the Treasury Department, and intends to include companies with more than 50% shares held by “controlled by the Chinese military” on the list.
At present, the total number of Chinese enterprises on the “blacklist” of the US Department of defense has reached 35, including Huawei, Hikvision, SMIC international and other Chinese enterprises. The US Department of defense also said in a statement that it would continue to update the “blacklist” under “appropriate circumstances”.
Reuters reported earlier that being blacklisted will not trigger any “sanctions” measures, but the US president can decide whether to implement sanctions, including blocking the property of these enterprises.
Under the executive order of the US government to crack down on Chinese enterprises, some index suppliers have removed some blacklisted Chinese enterprises from their indexes.
At the press conference held at the end of this month, a spokesman for the Chinese Ministry of foreign affairs stated that China’s stance on China’s crackdown on trump had been clarified. China firmly opposes the politicization of Chinese enterprises, and hopes that the United States will provide a fair, just and non discriminatory environment for Chinese enterprises, rather than imposing sanctions or taking discriminatory restrictive measures on Chinese enterprises in the name of national security, which will set obstacles and barriers to normal exchanges and cooperation between China and the United States.
The US listed 59 Chinese enterprises on the “entity list” of export control
A reporter asked: on December 18, the US Department of Commerce announced that 59 Chinese entities would be included in the “entity list” of export control. What is the Ministry’s response?
A: the United States has once again used its national strength to suppress Chinese enterprises. China firmly opposes this and will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises.
The United States has generalized national security, continuously abused export control and other measures to continuously suppress other countries’ enterprises, institutions and individuals, seriously damaged the international economic and trade order and free trade rules, and seriously threatened the security of global industrial chain supply chain. It’s not good for China, it’s not good for the United States, it’s not good for the whole world. We once again urge the US side to stop unilateralism and bullying, give fair treatment to enterprises of all countries, including Chinese enterprises, and do more things that are conducive to Sino US economic and trade cooperation and promote the recovery and development of the global economy.
The United States has blacklisted 60 Chinese companies, including Dajiang technology and Sino German technology
As U.S. President trump increased pressure on China in the last weeks of his first term, dozens of Chinese companies were blacklisted by the United States on Friday (December 18), including SMIC international, China’s largest chipmaker, and Shenzhen Dajiang Innovation Technology Co., Ltd., China’s UAV manufacturer.
The U.S. Department of Commerce has released a so-called entity list of 77 companies and their subsidiaries, including 60 Chinese companies.
The U.S. Department of commerce also said that Dajiang, the world’s largest UAV company, will be included in the list together with Sino German technology; China national scientific instruments and materials Co., Ltd. and Guangqi group will also be included in the list.
In a statement, commerce secretary Wilbur Ross said the Department “will not allow advanced U.S. technology to help an increasingly belligerent opponent build an army.”.
Rose said the government may assume that it will refuse the license to prevent SMIC from acquiring technology to produce advanced semiconductors of 10 nanometers or less.
Speaking at the Asia Society on Friday, Chinese State Councilor and foreign minister Wang Yi pointed out that the US sanctions list is expanding and called on Washington to stop “arbitrary crackdown” on Chinese enterprises.
Wang Wenbin, spokesman of China’s foreign ministry, said that if the information you said is true, it will be another example of the United States using national power to suppress Chinese enterprises, which China firmly opposes.
Wang Wenbin pointed out that the politicization of economic and trade issues by the United States violates its consistent market economy and fair competition principle, and violates international trade rules. It not only damages the legitimate rights and interests of Chinese enterprises, but also does not conform to the interests of American enterprises. It will seriously interfere with the normal scientific and technological exchanges and trade exchanges between the two countries and even the world, and damage the global industrial chain, supply chain and value chain. “We urge the US side to stop its wrong behavior of unreasonably suppressing foreign enterprises, and China will continue to take necessary measures to safeguard the legitimate rights and interests of Chinese enterprises.”
Although the stocks of the pharmaceutical industry have been effective in 2020, for the pharmaceutical industry, this year is extremely extraordinary.
In early January, the second round of centralized drug procurement across the country ended with the largest price drop of 93%; the outbreak of the new crown epidemic brought unprecedented challenges to pharmaceutical R&D, production, distribution and various services.
In this context, the prices of centralized medicines are greatly reduced, the supply of epidemic prevention materials is in short supply, and vaccine research and development are imminent. In this context, Chinese pharmaceutical companies have fulfilled their mission and raced against time. Abundant medical supplies, advanced vaccine processes, and high-quality medical services have made people across the country feel the greatness of doctors and the hardships of medical professionals.
For Jointown, which focuses on the field of pharmaceutical circulation, in Hubei, where the epidemic is the most severe, the pressure on the distribution of medical supplies can be imagined. When the epidemic was the most severe, the company undertook the distribution of medicines and anti-epidemic materials from key anti-epidemic hospitals, Jinyintan, Leishenshan, Huoshenshan, and Fangcang shelter hospitals.
Under the background that the Wuhan Red Cross is responsible for receiving material donations from all walks of life, due to limited manpower, inexperience, and a large number of materials, there was chaos at the beginning. Later, Kyushu Tong was ordered to assist the Red Cross in the storage management of various materials and medicines. Kyushu Tong quickly applied Kyushu Yuncang logistics management system to the processes of storage, classification, storage, deployment and delivery of epidemic prevention materials. A modern and efficient logistics system was soon established in the National Expo Center.
With years of hard work in the field of pharmaceutical circulation, Jointown has broken through all difficulties and obstacles and completed a series of anti-epidemic tasks with high quality and efficiency. The defense of Wuhan and Hubei are inseparable from the silent efforts of pharmaceutical companies like Jointown.
After facing the test of the epidemic, what plans does Jointown have for the future? What are your judgments on the Chinese pharmaceutical market?
In response to these issues, Financial Headlines recently had an exclusive conversation with Liu Zhaonian, Vice Chairman of Jointown, to explore the future development direction of Jointown in the post-epidemic era and the latest thinking on the medical and medical industry.
According to EU procedures, the “EU-UK Trade and Cooperation Agreement” will then be reviewed by the European Council and the European Parliament. However, since the EU and Britain reached an agreement at the last minute, it is almost impossible for the European Council and the European Parliament to reach an agreement next year. The review was completed before January 1, and the European Commission stated in the announcement that “based on special circumstances”, it recommended that this agreement be implemented temporarily from January 1 to February 28 next year to ensure that the UK will not face a no-deal Brexit dilemma.
The conclusion of this agreement is expected by the market. In fact, for the United Kingdom and the European Union, which are deeply mired in the “new crown crisis”, having an agreement to leave the European Union has become the best option, and it can even be said to be the “only” option, because both sides are fragile. The economy of China has been unable to bear the “worse worse”. The latest World Economic Outlook report released by the Organization for Economic Cooperation and Development (OECD) in December shows that in 2020, the UK’s gross domestic product (GDP) will decline by 11.2%, and it is expected to become one of the countries with the largest decline in global GDP this year. According to the report, by the end of 2021, the size of the British economy will shrink by more than 6% compared to before the new crown pneumonia epidemic.
The EU faces the same dilemma. The measures taken to contain the epidemic have led to a severe economic downturn in the Eurozone in November, and the possibility of GDP contraction in the fourth quarter has increased. The International Monetary Fund (IMF) warned that unless there is a “significant change in the trend of the new crown epidemic” in Europe in the coming months, economic growth in the euro zone will be weaker than previously expected. In the World Economic Outlook released by the IMF in October, the Eurozone GDP would shrink by 8.3% in 2020.
Right now, Brexit has been settled, and how to restore the economy in the “post-epidemic period” has become a new challenge for both sides. As European Commission President Von der Lein said at a press conference: “Brexit has become history, and we need to look forward.”
According to a CCTV news client report, following the confirmation of a mutated new coronavirus in the UK on December 14, the British government announced on the 23rd that another more contagious mutated new coronavirus has been discovered. In order to prevent the spread of the mutated new crown virus, many countries have introduced countermeasures against entry into the UK or suspension of flights.
At the regular press conference of the Ministry of Foreign Affairs of China today (24th), spokesperson Wang Wenbin said: Recently the UK announced that it has discovered a mutated strain of the new coronavirus and has notified the World Health Organization (WHO) of the relevant information. Announced measures to close the border, suspend round-trip flights, and ban the entry of British flights to Britain.
Wang Wenbin said that taking into account the particularity of the mutant virus and the possible impact, in order to protect the healthy exchanges between Chinese and foreign personnel, after full assessment, China has referred to the practice of many countries and suspended flights between China and Britain. China will closely follow the relevant situation and dynamically adjust relevant control measures as appropriate.
According to an incomplete analysis by a reporter from China Business News, as of 19:00 on the 24th, more than 50 countries have announced the suspension or various controls on the UK.
Another variant of the new coronavirus has also been found in South Africa, which is different from the variant that appeared in the UK. Although appearing in the same period, they seem to be related to each other, but they are unrelated variants.
WHO Chief Scientist Soumya Swaminathan said in his speech that the mutation rate of the new coronavirus is much slower than that of influenza. “Influenza viruses mutate quite rapidly, and vaccines actually need to be reviewed and corrected based on the strains of influenza viruses that were circulating that year.” She said, “So far, even though we have seen some changes (of the new coronavirus), some Mutations, but none of them have a major impact on the sensitivity of any of the current treatments, drugs, or vaccines being developed. We also hope that this situation can continue.”
Wall Street Journal: Thousands of games removed from Apple’s China App Store
As the Chinese government has increased its supervision of app products, Apple has removed thousands of game apps from its App Store in China.
The Chinese government required four years ago that game apps need to be approved before they can be put on the shelves, but Apple’s app store has loopholes that allow a large number of unapproved game apps to be put on the shelves for download.
Currently, there are about 272,000 game applications in the Apple China App Store. In 2020 alone, about 94,000 applications were removed from the shelves, far exceeding the 25,000 last year.
Affected by this, Apple’s app store revenue growth in China this year is expected to slow down.
Nikkei Asian Review: TSMC’s US plant starts large-scale recruitment
TSMC’s US$12 billion 5-nanometer chip factory in the United States is hiring about 600 engineers and executives.
It is reported that about 300 existing engineers and management personnel will be deployed from TSMC’s existing staff. The United States will provide sufficient work visas for these employees.
Another 300 will be recruited from the United States. These newly recruited employees will be sent to TSMC’s factory in Tainan for about one year of training.
After TSMC’s US investment and construction plan was approved by the Taiwan authorities on the 22nd of this month, it is expected to start construction next year and start production in 2024.
Bloomberg: The Brexit Agreement is expected to be signed on Christmas Eve
On Wednesday, Britain and the European Union negotiated again overnight to determine the details of the agreement. The main framework of the agreement will ensure duty-free trade in goods between the UK and the EU and maintain cooperation between the two parties in the field of security.
Although the negotiation process began to accelerate after EU President Von der Lein and British Prime Minister Johnson personally intervened this week, this week’s negotiations still focused on fishing rights and fair competition.
According to reports, the UK’s fishing quota will likely increase from half to two-thirds before Brexit. The agreement will be announced as early as Christmas Eve morning.
The Straits Times: Singapore’s first case of COVID-19 confirmed
This morning, Singapore confirmed the first case of the new coronavirus variant (B117). Another 11 quarantined patients initially tested positive for B117.
These patients were all from Europe and began a 14-day quarantine after arriving in Singapore. Their close contacts have also been quarantined.
The Ministry of Health of Singapore stated that there is currently no evidence that B117 initially spread in Singapore.
Currently, Singapore long-term and short-term passport holders who have a record of entering the UK within 14 days are barred from entering Singapore.
Nikkei Asian Review: Japanese prosecutors decided not to prosecute Abe
On Sunday, Japanese prosecutors said they would no longer sue former Japanese Prime Minister Shinzo Abe for failing to record the income and expenses related to the dinner party.
Since the scandal broke out in November, Abe has stated that he is innocent, and then blamed others for concealing it on Monday.
But Abe may still be prosecuted for denying the incident.
In addition, Yoshihide Suga may also be affected. Suga Yoshihide served as Abe’s Chief Cabinet Secretary and defended Abe at a press conference.
On the morning of the 24th, the People’s Daily client published a comment entitled “Strengthening Anti-Monopoly Supervision Is for Better Development”. The full text is as follows:
Recently, the State Administration of Market Supervision has filed a case for suspected monopolistic behaviors such as “choose one out of two” on Alibaba Group Holdings Co., Ltd. based on previous inspections and research based on reports. This is an important measure for my country to strengthen anti-monopoly supervision in the Internet field, which is conducive to standardizing the order of the industry and promoting the long-term and healthy development of the platform economy.
In recent years, my country’s online economy has developed vigorously, and new business forms and new models have emerged one after another, which has played an important role in promoting high-quality economic development and meeting the people’s growing needs for a better life. But at the same time, the online economy is also showing a trend of increasing market concentration by virtue of its data, technology, and capital advantages. Market resources are accelerating to concentrate on leading platforms. There are increasing reports and reports on platform monopoly issues, showing that online There are some risks and hidden dangers in economic development. The recent meetings of the Political Bureau of the Central Committee and the Central Economic Work Conference both clearly requested the strengthening of anti-monopoly and the prevention of disorderly expansion of capital, which received enthusiastic response and widespread support from the society. It can be seen that antitrust has become an urgent issue related to the overall situation.
Anti-monopoly and anti-unfair competition are inherent requirements for improving the socialist market economy system and promoting high-quality development. Fair competition is the core of the market economy. Only a fair competitive environment can achieve effective resource allocation and the survival of the fittest. Monopoly hinders fair competition, distorts resource allocation, harms the interests of market entities and consumers, and stifles technological progress. Regulators have been highly vigilant. Development and safety hazards. Since the birth of the online economy, my country has always supported and encouraged Internet platform enterprises to innovate and develop and enhance their international competitiveness. In August 2019, the “Guiding Opinions on Promoting the Standardized and Healthy Development of the Platform Economy” was issued, proposing measures to increase policy guidance, support and guarantees. It should be said that my country’s platform economy and online economy are in the forefront of the world and cannot be separated from the great era of reform and opening up. They benefited from China, the world’s largest market, and benefited from the government’s policy measures to encourage development and innovation. However, encouragement and regulation should be given equal attention. The online economy must be innovative and developed in accordance with laws and regulations. If the restrictions of laws and regulations are exceeded, market monopoly, disorderly expansion, and barbaric growth will eventually make the entire industry unable to achieve healthy and sustainable development. This time, the regulatory authorities initiated investigations into Internet companies suspected of monopolistic behavior in accordance with laws and regulations, precisely in order to better regulate and develop the online economy and allow the Internet industry to move better on the track of the rule of law.
Looking at the world, anti-monopoly is an international practice, which is conducive to protecting fair market competition and innovation, and safeguarding consumer rights. Faced with the “super platform” of the Internet, anti-monopoly law enforcement agencies around the world have adopted strict regulatory attitudes and restrictive measures. Strengthening anti-monopoly supervision, protecting the legitimate rights and interests of consumers, maintaining fair competition in the market order, and stimulating market vitality have become the general trend and popular desire. The United States is the first country in the world to promulgate antitrust laws. In recent years, the United States has continuously increased its antitrust investigations against Internet technology giants, focusing on the abuse of market dominance, suppressing competitors, obstructing innovation, and harming consumers. Interest etc. On December 15, the European Union promulgated the “Digital Services Law” and the “Digital Market Law” aimed at curbing unfair competition on large online platforms. In the past four years, Google, Apple, Facebook, Amazon and other technology giants have been subject to antitrust investigations around the world. Among them, the EU has imposed antitrust penalties on Google for three consecutive years from 2017 to 2019, with a cumulative amount of more than 9 billion US dollars.
Strengthening anti-monopoly supervision will also effectively promote innovation and promote co-governance. my country is recognized as one of the leading countries in the development of the global digital economy. It is more necessary to promote the healthy development of the industry through anti-monopoly, improve the digital rules, and lay a solid foundation for building a new development pattern. In recent years, my country’s anti-monopoly rule of law in the Internet field has made great progress. The “Guidelines for Anti-monopoly in the Platform Economy Field” have been publicly solicited for comments, which will effectively enhance the operability and predictability of the anti-monopoly legal system; announced earlier this year The “Anti-Monopoly Law” Amendment Draft (Draft for Public Comment) for the first time added provisions on the basis for determining the basis for Internet operators’ market dominance. It must be noted that the “Anti-Monopoly Law” applies to all entities and treats domestic and foreign capital, state-owned and private enterprises, large and medium-sized enterprises, Internet enterprises and traditional enterprises equally and equally. The purpose is to ensure the equal participation of various market entities. market competition. Only by continuously improving the legal norms of platform enterprise monopoly identification, data collection and use management, consumer rights protection, etc., and maintaining fair market competition, can the entire industry maintain its innovative vitality and achieve healthy development.
If you don’t follow the rules, you can’t make a circle. This investigation does not mean that the country’s attitude towards the encouragement and support of the platform economy has changed. It is precisely for the purpose of better regulating and developing the platform economy, guiding and promoting its healthy development, with a view to making improvements for the high-quality development of the Chinese economy. Great contribution. I believe that by strengthening anti-monopoly supervision, obstacles that affect the healthy development of the platform economy can be eliminated, and the platform economy will also usher in a better development environment.
Bloomberg丨Financial Times: U.S. stimulus bill changes suddenly, Trump asks for more money
On Tuesday night, Trump’s video speech suddenly added a lot of uncertainty to the $900 billion stimulus bill reached by the two parties in Congress.
Trump described the bill as a shame and full of wasted and unspent money. At the same time, Trump asked to increase the money sent directly to the Americans from $600 to $2,000 per person.
Trump stated that if Congress does not modify it, the next administration will have to sign the bill. Trump still expressed his confidence that he will continue to dominate the next administration.
Trump has been scolding the Democratic Party for delaying in launching the stimulus bill in order to bring him down.
After Trump released the speech, the S&P 500 futures index fell 0.5%. The Democratic spokesman Pelosi expressed his willingness to increase the check amount to $2,000 per person.
Bloomberg丨Reuters丨Nikkei Asia Review: Apple refused to buy Tesla for $60 billion
Tesla President Musk said on Tuesday that he contacted Apple during the difficult period of Model 3 development and wanted to discuss selling Tesla to Apple.
At that time, the price proposed by Musk was only one-tenth of the current market value of Tesla, or $60 billion. But this proposal was rejected by Apple CEO Cook. An Apple spokesperson declined to comment.
In addition, for Apple’s statement that it will use lithium iron phosphate batteries that are safer than ternary lithium batteries, Musk directly responded, saying that Tesla’s Shanghai factory is already using the battery.
Musk revealed this news when Apple had just announced that it would launch the first electric car in 2024. His words were full of disdain for Apple.
Bloomberg: The China-EU Investment Agreement is about to be signed, and the United States will spoil the situation
While China and the EU are actively promoting the signing of the China-EU Comprehensive Investment Agreement before the end of the year, opposition forces within the EU are constantly putting pressure on the EU to slow down the negotiation process of the agreement before China resolves the issue of forced labor.
Sullivan, Biden’s national security adviser, said on Twitter a few days ago that he needs to negotiate with his European partners as soon as possible on China’s forced labor issue of common concern.
The head of the Mercator China Institute from Berlin said that the signing of the China-EU Comprehensive Investment Agreement will be China’s victory over Hong Kong and Xinjiang, and will also split the transatlantic partnership between Europe and the United States.
Bloomberg: Hang Seng Index or the big change
The Hang Seng Index Company is considering major revisions to the Hang Seng Index, when the weight of large companies will be diluted.
The currently published consultation paper proposes to maintain a certain number of Hong Kong companies, increase the number of shares of Hengcheng from 65 to 80, and lower the weight limit from 10% to 8%.
The consultation will end on the 24th of next month, and the results of the consultation are expected to be announced in February next year.
The Hang Seng Index was founded in 1969 and initially had only 33 constituent stocks. In 2012, it increased to 50 constituent stocks.
But with the entry of a large number of mainland companies, the index can no longer reflect the overall situation of the Hong Kong stock market.
Reuters: FTSE Russell starts again on Chinese companies
Britain’s FTSE Russell said on Tuesday that it will take US sanctions against Chinese companies and remove SMIC and Hikvision from the FTSE China 50 Index and the FTSE China A50 Index from January 7.
And said that it will continue to track US sanctions and adjust the index if necessary.
Some fund managers analyzed that due to the limited number of large Chinese companies subject to restrictions, this removal seems to have little impact on most US investors.
But if the list is expanded to large companies, the impact will be very large.
Financial Times: Coal shortage causes prices to rise
The price of coal, which was once depressed, has recently started to soar.
Previously, weak prices have caused the coal market to be undervalued, resulting in insufficient supply. However, with the economic recovery, the demand for coal in several Asian countries, such as China, Japan, India and other countries, has begun to pick up, leading to a situation in which supply exceeds demand.
In addition, due to tensions in Sino-Australian relations, China turned to Russia, South Africa and other countries to import coal, driving up coal prices in these countries.
Australia has also repositioned itself to new markets such as India and Bangladesh, leading to rising coal prices in Australia.
Nikkei Asian Review: Sina plans to delist from New York
It is reported that due to the intensification of Sino-US relations, Sina CEO Cao Guowei plans to let shareholders vote on Wednesday to decide whether to withdraw from the New York market.
This requires the approval of at least two-thirds of shareholders, and Cao Guowei alone owns 61% of the voting rights.
After the United States indicated that it would review Chinese companies, at least 14 Chinese companies listed in New York have expressed their intention to privatize this year, including 58.com and Sogou. JD.com and NetEase have also relisted in Hong Kong this year.
Last night, the stock prices of Apple and Tesla attracted the attention of global investors. Apple’s stock price rose by 2.85% as of the close, the market value rose by 400 billion yuan, and Tesla’s market value continued to evaporate…
Apple wants to build a car?
On December 22, Reuters quoted people familiar with the matter as saying that Apple is advancing self-driving car technology and plans to produce a passenger car in 2024, which may include breakthrough battery technology developed by the company itself.
Reuters reported that people who know Apple’s battery design have learned that the core of Apple’s project (automotive project) strategy is a new battery design that may “fundamentally” reduce battery costs and increase car mileage. . According to reports, Apple plans to use a unique “single battery” design to increase the volume of the single battery and release the space inside the battery pack by omitting the packaging and modules that contain battery materials. Apple’s design means that more active materials can be filled in the battery, making the car’s potential cruising range longer.
According to the timetable reported by Reuters, Apple will not officially launch the vehicle until four years later, which is consistent with previous expectations that Apple will launch the vehicle in 2023-2024.
The day before, Chinese Taiwanese media reported that Apple is expected to release Apple cars in September next year. The report also said that dozens of Apple Car’s first prototypes have been secretly tested in California, and Apple has recently requested many auto parts manufacturers in Taiwan.
We don’t know how the future will evolve, but judging from the innovative actions of the technology giants, this may be a new milestone. In the future, when we see Apple Car, it may be the same as when we first saw the iPhone.
Apple’s market value rose by 400 billion yuan overnight
The layout of new energy vehicles does not start today
As early as 2007, Jobs met with the then CEO of Volkswagen Group Martin Wendern to discuss a product called “iCar”. However, as for the development path of new energy vehicles, Apple has always been in a state of strategic uncertainty.
After the news of Apple building a car, the stock price rose 5% last night, and then the increase narrowed. As of the close, it rose by 2.85%, and the market value rose by 400 billion yuan.
Some netizens even joked that Apple’s stock price is now very cheap, with a price-earnings ratio of only 40 times, but now it is an electric vehicle company with a price-earnings ratio of 700 times. The fair price target is $2280!
Is Tesla stock scared?
From Monday to Tuesday, Tesla’s stock price fell for two consecutive days, with a cumulative decline of 7.86%, and the market value evaporated by 51.8 billion US dollars (about 340 billion yuan).
According to reports, Vitali Kalesnik, partner and head of European research at Research Affiliates, a US investment research firm, said that although Tesla is a great company, the current Tesla stock has a very strong high. Estimate signs.
On December 23, Beijing time, Tesla CEO Elon Musk tweeted that in the darkest days of the Model 3 project, he had found Apple CEO Tim Cook (Tim Cook) Discussed the possibility of Apple acquiring Tesla, but Cook refused to meet.
Apple really wants to build a car? Big bank opinions are now divided
Although Apple has not publicly acknowledged that it is developing Apple Car, the market believes that everything is possible, and the entry of technology giants is bound to become an important competitor of Tesla and have a certain impact on Tesla.
In this regard, Morgan Stanley analyst Adam Jonas said that the bank’s long-term consensus is that Apple will one day design and manufacture cars by itself. But Citi analyst Jim Suva said on Tuesday that he “quite doubt” whether Apple will actually make cars. He said that because the profit margin of the automotive industry is much lower than that of Apple’s main business, the end result may be that Apple will push its OS deeper into the consumer and enterprise markets.